Consolidated Statements of Income

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

	Three Months Ended March 31
	1996	1995
Net Sales	$ 1,118.5	$ 1,240.7

Costs and Expenses:
Cost of sales	1,009.9	1,068.9
Depreciation	69.9	71.0
Selling, administration and general expense	26.1	26.6

Total Costs and Expenses	1,105.9	1,166.5

Income from Operations	12.6	74.2

Financing Income (Expense):
Interest and other financing costs	(14.0)	(13.2)
Interest income	1.5	2.5

Income before Income Taxes	.01	63.5

Provision for Income Taxes	0.0	(11.0)

Net Income	0.1	52.5

Dividents on Preferred and Preference Stock	10.5	10.6

Net Income (Loss) Applicable to Common Stock	$ (10.4)	$ 41.9

Net Income (Loss) per Common Share	$ (0.09)	$ 0.38

Average Primary Shares Outstanding	110.8	110.0

The accompanying Notes are an integral part of the Consolidated Financial Statements.

Bethlehem Steel Corporation