Investor Relations

CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in millions, except per share data)
(unaudited)

Three Months Ended			Year Ended
December 31			December 31
1996 (unaudited)	1995 (unaudited)		1996 (unaudited)	1995
$ 1,149.0	1,151.9	Net Sales	$ 4,679.0	$ 4,867.5

		Costs and Expenses:
1,022.1	1,002.7	Cost of sales	4,168.2	4,202.8
60.1	70.8	Depreciation	268.7	284.0
27.3	27.1	Selling, administration and general expense	105.5	111.8
450.0	0.0	Estimated restructuring loss	465.0	0.0
1,559.5	1,100.6	Total Costs and Expenses	5,007.4	4,598.6

(410.5)	51.3	Income (Loss) from Operations	(328.4)	268.9
		Financing Income (Expense):
(12.1)	(14.4)	Interest and other financing costs	(53.3)	(60.0)
1.4	2.0	Interest and other income	5.9	7.7
(421.2)	38.9	Income (Loss) before Income Taxes	(375.8)	216.6
74.7	(6.5)	Benefit (Provision) for Income Taxes	67.0	(37.0)

(346.5)	32.4	Net Income (Loss)	(308.8)	179.6
10.4	10.5	Dividends on Preferred and Preference Stock	41.9	42.4

$ (356.9)	$ 21.9	Net Income (Loss) Applicable to Common Stock	$ (350.7)	$ 137.2

$ (3.19)	$ 0.20	Net Income (Loss) per Common Share	$ (3.15)	$ 1.24
111.7	110.6	Average Primary Shares Outstanding	111.3	110.3

Bethlehem Steel Corporation