Investor Relations

	September 30 1996 (unaudited)	December 31 1995	September 30 1995 (unaudited)
Current Assets:
Cash and cash equivalents	$ 106.3	$ 180.0	$ 102.4
Receivables, less allowances	327.9	374.6	523.3
Inventories:
Raw Materials	307.3	335.5	321.3
Finished and semifinished	623.3	604.9	568.4
Contract work-in-progress, less billings	19.0	17.8	21.1
	949.6	958.2	910.8
Other current assets	9.4	13.0	14.2
Total Current Assets	1,393.2	1,525.8	1,550.7
Investments and Miscellaneous Assets	113.3	112.3	121.0
Property, Plant and Equipment,
less accumulated depreciation of $4,456.5, $4,329.5 and $4,252.9	2,670.0	2,714.2	2,732.0
Deferred Income Tax Asset - net	875.0	885.0	873.7
Intangible Asset - Pensions	463.0	463.0	391.3
Total Assets	$ 5,514.5	$ 5,700.3	$ 5,668.7

Current Liabilities:
Accounts payable	$ 394.0	$ 381.4	$ 388.8
Accrued employment costs	313.7	358.0	334.7
Accrued taxes	62.3	72.4	65.1
Debt and capital lease obligations	61.5	91.5	94.1
Other current liabilities	98.6	146.3	126.4
Total Current Liabilities	930.1	1,049.6	1,009.1

Pension Liability	1,101.7	1,115.0	1,020.9
Postretirement Benefits Other Than Pensions	1,419.5	1,415.0	1,422.9
Long-term Debt and Capital Lease Obligations	499.5	546.8	585.2
Other Long-term Liabilities	310.1	335.6	350.1

Stockholders' Equity:
Preferred Stock	11.6	11.6	11.6
Preference Stock	2.6	2.6	2.6
Common Stock	113.6	112.7	112.5
Common Stock held in treasury at cost	(59.4)	(59.4)	(59.4)
Additional paid-in capital	1,827.3	1,850.6	1,925.4
Accumulated deficit	(642.1)	(679.8)	(712.2)
Total Stockholders' Equity	1,253.6	1,238.3	1,280.5
Total Liabilites and Stockholders' Equity	$ 5,514.5	$ 5,700.3	$ 5,668.7

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

Bethlehem Steel Corporation