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Financial Highlights

(Dollars in millions, except per share data) 1997 1996

For The Year
Net Sales $4,631.2 $4,679.0
Estimated gain (loss) on exiting businesses 135.0 (465.0)
Income from operations before gain (loss) on exiting businesses 239.0 136.6
Net income(loss) 280.7 (308.8)
Net income (loss) per Common share
-basic 2.13 (3.15)
-diluted 2.03 (3.15)
Cash provided from operating activities 550.9 340.8
Capital expenditures 228.2 259.0
Pension funding 425.0 170.0
Depreciation 231.0 268.7

Raw steel production capability
(net tons in thousands)
10,500 10,500
Raw steel production (net tons in thousands) 9,599 9,447
Steel products shipped (net tons in thousands) 8,802 8,782
Average number of employees receiving pay 16,400 17,800

At Year End
Cash and cash equivalents $252.4 $136.6
Available borrowings under bank commitments 359.4 309.9
Total debt and capital lease obligations 493.4 546.7
Stockholders' equity 1,215.0 966.0
Total debt as a percent of invested capital 29% 36%



Financial Highlights Chairman's Letter
Bethlehem's Businesses Financial Review and Operating Analysis
Financial Statements   Notes
Report of  Independent Auditors Management Statement
Five-Year Financial and Operating Summaries
Directors/Corporate Officers and Business Unit Presidents
General Stockholder Information


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