BETHLEHEM STEEL ANNOUNCES THIRD QUARTER 1997
RESULTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
- Segment Results (dollars in millions):
| |
|
|
(unaudited) |
| |
|
|
1997 |
1996 |
| |
|
|
Third |
|
Second |
First |
|
Fourth |
|
Third |
| |
|
|
Quarter |
|
Quarter |
Quarter |
|
Quarter |
|
Quarter |
| Net
Sales: |
|
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
$ |
1,109.4 |
$ |
1,188.7 |
$ |
1,174.3 |
$ |
1,126.4 |
$ |
1,142.6 |
| Steel Related Operations |
|
|
10.0 |
|
26.8 |
|
27.0 |
|
32.6 |
|
42.8 |
| Eliminations |
|
|
(6.0) |
|
(8.6) |
|
(8.8) |
|
(10.0) |
|
(10.8) |
| |
|
Total |
$ |
1,113.4 |
$ |
1,206.9 |
$ |
1,192.5 |
$ |
1,149.0 |
$ |
1,174.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
66.0 |
$ |
212.1 |
$ |
63.8 |
$ |
(193.0) |
$ |
31.8 |
| Steel Related Operations |
|
|
(7.5) |
|
(10.1) |
|
(7.5) |
|
(217.5) |
|
(7.0) |
| |
|
Total |
$ |
58.5 |
$ |
202.0 |
$ |
56.3 |
$ |
(410.5) |
$ |
24.8 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Shipments |
|
|
|
|
|
|
|
|
|
|
|
| (thousands
of net tons): |
|
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
|
2,183 |
|
2,238 |
|
2,220 |
|
2,146 |
|
2,200 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Raw
Steel Production |
|
|
|
|
|
|
|
|
|
|
|
| (thousands
of net tons): |
|
|
|
|
|
|
|
|
|
|
|
| Basic Steel Operations |
|
|
2,417 |
|
2,462 |
|
2,317 |
|
2,412 |
|
2,359 |
- We sold our 37.57 percent interest in the Iron Ore
Company of Canada for about $145 million. This sales
resulted in recognizing a pretax gain of $135 million in
the second quarter of 1997.
We completed the sales of our BethForge and CENTEC
businesses to West Homestead Engineering and Machinery
Company (WHEMCO) during the third quarter of 1997. We
also sold BethShip Sparrows Point Yard to Veritas in the
fourth quarter of 1997. These actions complete the
implementation of our comprehensive restructuring plan
announces last October.
Additionally, our HPM coal operation was sold to Power
Mountain Coal Company in the fourth quarter of 1997.
- In the second quarter of 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
arrangement from $200 million to $225 million. The
facility's receivable purchase agreement remains at $300
million, for a total of $525 million.
- The Consolidated Financial Statements as of and for the
three month and nine month periods ended September 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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