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	March 31 1996 (unaudited)	December 31 1995	March 31 1995 (unaudited)
Current Assets:
Cash and cash equivalents	$ 130.5	$ 180.0	$ 125.0
Receivables, less allowances	335.2	374.6	504.3
Inventories:
Raw Materials	332.3	335.5	321.2
Finished and semifinished	643.7	604.9	573.6
Contract work-in-progress, less billings	19.2	17.8	17.4
	995.2	958.2	912.2
Other current assets	11.2	13.0	11.2
Total Current Assets	1,472.1	1,525.8	1,552.7
Investments and Miscellaneous Assets	108.0	112.3	119.7
Property, Plant and Equipment,
less accumulated depreciation of $4,396.7, $4,329.5 and $4,190.4	2,689.4	2,714.2	2,739.6
Deferred Income Tax Asset - net	885.0	885.0	892.7
Intangible Asset - Pensions	463.0	463.0	412.0
Total Assets	5,617.5	5,700.3	5,716.7

Current Liabilities:
Accounts payable	$ 389.8	$ 381.4	$ 418.6
Accrued employment costs	313.5	358.0	296.6
Accrued taxes	63.2	72.4	64.6
Debt and capital lease obligations	82.4	91.5	94.6
Other current liabilities	121.7	146.3	120.3
Total Current Liabilities	970.6	1,049.6	994.7

Pension Liability	1,152.6	1,115.0	1,085.0
Postretirement Benefits Other Than Pensions	1,418.4	1,415.0	1,435.6
Long-term Debt and Capital Lease Obligations	521.1	546.8	633.8
Other Long-term Liabilities	326.2	335.6	369.2

Stockholders' Equity:
Preferred Stock	11.6	11.6	11.6
Preference Stock	2.5	2.6	2.6
Common Stock	112.9	112.7	112.0
Common Stock held in treasury at cost	(59.4)	(59.4)	(59.4)
Additional paid-in capital	1,840.7	1,850.6	1,938.5
Accumulated deficit	`	(679.7)	(679.8)	(806.9)
Total Stockholders' Equity	1,228.6	1,238.3	1,198.4
Total Liabilites and Stockholders' Equity	$ 5,617.5	$ 5,700.3	$ 5,716.7

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

Bethlehem Steel Corporation