Investor Relations

	December 31 1996 (unaudited)	December 31 1995
Current Assets:
Cash and cash equivalents	$ 136.6	$ 180.0
Receivables, less allowances	311.6	374.6
Inventories:
Raw Materials	332.0	335.5
Finished and semifinished	667.0	604.9
Contract work-in-progress, less billings	18.3	17.8
	1,017.3	958.2
Other current assets	22.9	13.0
Total Current Assets	1,488.4	1,525.8
Investments and Miscellaneous Assets	106.7	112.3
Property, Plant and Equipment,
less accumulated depreciation of $3,924.3 and $4,329.5	2,419.8	2,714.2
Deferred Income Tax Asset - net	935.0	885.0
Intangible Asset - Pensions	160.0	463.0
Total Assets	$ 5,109.9	$ 5,700.3

Current Liabilities:
Accounts payable	$ 410.4	$ 381.4
Accrued employment costs	313.3	358.0
Accrued taxes	67.9	72.4
Debt and capital lease obligations	49.3	91.5
Other current liabilities	116.5	146.3
Total Current Liabilities	957.4	1,049.6

Pension Liability	870.0	1,115.0
Postretirement Benefits Other Than Pensions	1,445.0	1,415.0
Long-term Debt and Capital Lease Obligations	497.4	546.8
Other Long-term Liabilities	374.1	335.6

Stockholders' Equity:
Preferred Stock	11.6	11.6
Preference Stock	2.5	2.6
Common Stock	113.9	112.7
Common Stock held in treasury at cost	(59.7)	(59.4)
Additional paid-in capital	1,886.3	1,850.6
Accumulated deficit	(988.6)	(679.8)
Total Stockholders' Equity	966.0	1,238.3
Total Liabilites and Stockholders' Equity	$ 5,109.9	$ 5,700.3

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

Bethlehem Steel Corporation