For Immediate Release

Public Relations Division
Public Affairs Department
1170 Eighth Avenue
Bethlehem, PA 18016-7699
(610) 694-3711 - Phone
(610) 694-1509 - Fax

BETHLEHEM, Pa., January 21, 1998 -- In response to media inquiries concerning the status of the merger of Bethlehem Steel and Lukens Inc., Bethlehem said:

"On January 6, Bethlehem Steel and Lukens filed pre-merger notices to satisfy the requirements of the Hart-Scott-Rodino Anti-Trust Act.

"Later in January, Bethlehem Steel and Lukens will file with the Securities and Exchange Commission a proxy statement in preparation for a special meeting of Lukens' shareholders that will be held in April to vote on the merger. In addition, Bethlehem will file a prospectus for Bethlehem common stock to be issued in accordance with the terms of the merger agreement.

"After the proxy and prospectus have been approved by the SEC, Bethlehem and Lukens will then finalize the registration statement and mail a notice of the special shareholders' meeting to all Lukens' shareholders. Shareholder approval and antitrust clearance are required to complete the merger."