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., June 19, 1998 -- Bethlehem Steel Corporation announced today that it has increased the size and extended the term of its non-reducing revolving credit arrangement with a group of 14 domestic and international banks. This amendment extends the arrangement’s maturity to June 19, 2003, increases its inventory loan agreement from $225 million to $260 million, and increases its receivables purchase agreement from $300 million to $340 million, providing a total of $600 million of borrowing capacity.

J. P. Morgan, the agent, arranged the amendment and restatement. Long Term Credit Bank of Japan is co-agent.

Gary L. Millenbruch, executive vice president, chief financial officer and treasurer of Bethlehem, said, "Increasing and extending our credit agreement further enhances our liquidity and financial flexibility. This agreement is consistent with our corporate strategy of rebuilding our financial strength, and it will help us achieve our overall objective of maximizing stockholder value."