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

For Immediate Release

BETHLEHEM and PITTSBURGH, Pa., March 13, 1998 -- In response to inquiries concerning the status of the Hart-Scott-Rodino filing relating to three agreements between Bethlehem Steel Corporation (NYSE:BS) and Allegheny Teledyne Incorporated (NYSE:ALT), the two companies jointly issued the following statement:

On January 28, 1998, Bethlehem and Allegheny Teledyne jointly announced they entered into three agreements that would become effective after Bethlehem closes its previously announced merger with Lukens Inc. (NYSE:LUC).

On February 10, 1998, Bethlehem and Allegheny Teledyne filed appropriate notices to satisfy the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The waiting period under Hart-Scott-Rodino relating to these agreements expired March 12, 1998.