Investor Relations

CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in millions, except per share data)
(unaudited)

Three Months Ended			Six Months Ended
September 30			September 30
1996	1995		1996	1995
$ 1,174.6	$ 1,224.7	Net Sales	$ 3,530.0	$ 3,715.6

		Costs and Expenses:
1,043.3	1,069.6	Cost of sales	3,146.1	3,715.6
65.5	70.1	Depreciation	208.6	213.2
26	28.9	Selling, administration and general expense	78.2	84.7
15.0	0.0	Estimated restructuring loss	15.0	0.0
1,149.8	1,168.6	Total Costs and Expenses	3,447.9	3,498.0

24.8	56.1	Income from Operations	82.1	217.6
		Financing Income (Expense):
(13.1)	(15.8)	Interest and other financing costs	(41.2)	(45.6)
1.5	1.6	Interest and other income	4.5	5.7
13.2	41.9	Income before Income Taxes	45.4	177.7
(2.2)	(7.5)	Provision for Income Taxes	(7.7)	(30.5)

11	34.4	Net Income	37.7	147.2
10.5	10.6	Dividends on Preferred and Preference Stock	31.5	31.9

$ 0.5	$ 23.8	Net Income Applicable to Common Stock	$ 6.2	$ 115.3

$ 0.00	$ 0.22	Net Income per Common Share	$ 0.06	$ 1.05
111.5	110.5	Average Primary Shares Outstanding	111.1	110.2

Bethlehem Steel Corporation