BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1997
RESULTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
- 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 resulted in recognizing
a pretax gain of $135 million in the second quarter of
1997.
- Segment Results (dollars in millions):
| |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
| |
|
|
1997 |
1996 |
| |
|
|
|
Second |
First |
|
Fourth |
|
Third |
|
Second |
| |
|
|
|
Quarter |
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
| Net
Sales: |
|
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
$ |
1,188.7 |
$ |
1,174.3 |
$ |
1,126.4 |
$ |
1,142.6 |
$ |
1,216.4 |
| Steel Related Operations |
|
|
26.8 |
|
27.0 |
|
32.6 |
|
42.8 |
|
32.8 |
| Eliminations |
|
|
(8.6) |
|
(8.8) |
|
(10.0) |
|
(10.8) |
|
(12.3) |
| |
|
Total |
$ |
1,206.9 |
$ |
1,192.5 |
$ |
1,149.0 |
$ |
1,174.6 |
$ |
1,236.9 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
212.1 |
$ |
63.8 |
$ |
(193.0) |
$ |
31.8 |
$ |
52.5 |
| Steel Related Operations |
|
|
(10.1) |
|
(7.5) |
|
(217.5) |
|
(7.0) |
|
(7.8) |
| |
|
Total |
$ |
202.0 |
$ |
56.3 |
$ |
(410.5) |
$ |
24.8 |
$ |
44.7 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Shipments |
|
|
|
|
|
|
|
|
|
|
|
| (thousands
of net tons): |
|
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
|
2,238 |
|
2,220 |
|
2,146 |
|
2,200 |
|
2,315 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Raw
Steel Production |
|
|
|
|
|
|
|
|
|
|
|
| (thousands
of net tons): |
|
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
|
2,462 |
|
2,317 |
|
2,412 |
|
2,359 |
|
2,417 |
- On June 5, 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
agreement from $200 million to $225 million. The
facility's receivables purchase agreement remains at $300
million, for a total of $525 million.
- The Consolidated Financial Statements
as of and for the three month and six month periods ended
June 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.
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