BETHLEHEM STEEL ANNOUNCES THIRD QUARTER 1997 RESULTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
- Segment Results (dollars in millions):
|
(unaudited) |
|
1997 |
1996 |
|
|
|
|
 |
Third
Quarter |
Second
Quarter |
First
Quarter |
|
Fourth
Quarter |
Third
Quarter |
|
|
|
|
|
|
|
| Net Sales: |
|
|
|
|
|
|
|
|
|
Basic Steel Operations |
$1,109.4 |
$1,188.7 |
$1,174.3 |
|
$1,126.4 |
$1,142.6 |
Steel Related Operations |
|
10.0 |
|
26.8 |
|
27.0 |
|
32.6 |
|
42.8 |
Eliminations |
|
(6.0) |
|
(8.6) |
|
(8.8) |
|
(10.0) |
|
(10.8) |
|
|
|
|
|
|
|
| Total |
$1,113.4 |
$1,206.9 |
$1,192.5 |
|
$1,149.0 |
$1,174.6 |
|
|
|
|
|
|
|
Estimated Gain (Loss) on
Exiting Businesses: |
|
|
|
|
|
|
Basic Steel Operations |
|
- |
$135.0 |
|
- |
|
$(240.0) |
$(15.0) |
Steel Related Operations |
|
- |
|
- |
|
- |
|
(210.0) |
|
- |
|
|
|
|
|
|
|
| Total |
|
- |
$135.0 |
|
- |
|
$(450.0) |
$(15.0) |
|
|
|
|
|
|
|
| Operating Income (Loss): |
|
|
|
|
|
|
|
|
Basic Steel Operations |
|
$66.0 |
$212.1 |
|
$63.8 |
|
$(193.0) |
|
$31.8 |
Steel Related Operations |
|
(7.5) |
|
(10.1) |
|
(7.5) |
|
(217.5) |
|
(7.0) |
|
|
|
|
|
|
|
| Total |
|
$58.5 |
$202.0 |
|
$56.3 |
|
$(410.5) |
|
$24.8 |
|
|
|
|
|
|
|
| Shipments |
|
|
|
|
|
|
|
|
|
|
| (thousands of net tons): |
|
|
|
|
|
|
|
|
|
|
Basic Steel Operations |
|
2,183 |
|
2,238 |
|
2,220 |
|
2,146 |
|
2,200 |
|
|
|
|
|
|
|
| Raw Steel Production |
|
|
|
|
|
|
|
|
|
|
| (thousands of net tons): |
|
|
|
|
|
|
|
|
|
|
Basic Steel Operations |
|
2,417 |
|
2,462 |
|
2,317 |
|
2,412 |
|
2,359 |
|
|
|
|
|
|
|
- We sold our 37.57 percent interest in the Iron Ore Company of Canada for about $145
million. This sales resulted in recognizing a pretax gain of $135 million in the second
quarter of 1997.
We completed the sales of our BethForge and CENTEC businesses to West Homestead
Engineering and Machinery Company (WHEMCO) during the third quarter of 1997. We also sold
BethShip Sparrows Point Yard to Veritas in the fourth quarter of 1997. These actions
complete the implementation of our comprehensive restructuring plan announces last
October.
Additionally, our HPM coal operation was sold to Power Mountain Coal Company in the fourth
quarter of 1997.
- In the second quarter of 1997, Bethlehem, through its wholly owned special purpose
subsidiary, amended its existing non-reducing credit facility with 13 domestic and
international banks. The amendment extends the term of the arrangement by about two years,
through September 12, 2002, and increases the facility's inventory credit arrangement from
$200 million to $225 million. The facility's receivable purchase agreement remains at $300
million, for a total of $525 million.
- The Consolidated Financial Statements as of and for the three month and nine month
periods ended September 30, 1997 and 1996 have not been audited. However, the information
reflects all adjustments which, in the opinion of management, are necessary to present
fairly the results shown for the periods indicated. Management believes all adjustments
were of a normal recurring nature.
- These Consolidated Financial Statements should be read together with the 1996 audited
financial statements set forth in Bethlehem's Annual Report on Form 10-K filed with the
Securities and Exchange Commission.
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation
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