BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1997 RESULTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Segment Results (dollars in millions):

	(unaudited)
		1997	1996
		First		Fourth		Third		Second		First
		Quarter		Quarter		Quarter		Quarter		Quarter
Net Sales:
Basic Steel Operations	$	1,174.3	$	1,126.4	$	1,142.6	$	1,216.4	$	1,095.4
Steel Related Operations		27.0		32.6		42.8		32.8		32.2
Eliminations		(8.8)		(10.0)		(10.8)		(12.3)		(9.1)
Total	$	1,192.5	$	1,149.0	$	1,174.6	$	1,236.9	$	1,118.5
Estimated Restructuring Loss:
Basic Steel Operations	$	-	$	240.0	$	15.0	$	-	$	-
Steel Related Operations		-		210.0		-		-		-
Total	$	-	$	450.0	$	15.0	$	-	$	-
Operating Income (Loss):
Basic Steel Operations	$	63.8	$	(193.0)	$	31.8	$	52.5	$	21.4
Steel Related Operations		(7.5)		(217.5)		(7.0)		(7.8)		(8.8)
Total	$	56.3	$	(410.5)	$	24.8	$	44.7	$	12.6
Shipments
(thousands of net tons):
Basic Steel Operations		2,220		2,146		2,200		2,315		2,103
Raw Steel Production
(thousands of net tons):
Basic Steel Operations		2,317		2,412		2,359		2,417		2,259

2. On April 1, 1997, we sold our 37.57 percent equity interest in the Iron Ore Company of Canada for about $145 million. This sale will result in recognizing a pretax gain of about $135 million in the second quarter of 1997.

3. The Consolidated Financial Statements as of and for the three month periods ended March 31, 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.

4. 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.

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