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, Pa., March 17, 1998 — In response to inquiries on the status of the merger of Bethlehem Steel Corporation and Lukens Inc., Bethlehem issued the following statement: On December 15, 1997, Bethlehem Steel Corporation and Lukens Inc. announced that they had signed a definitive merger agreement in which Bethlehem would acquire Lukens, and on January 4, 1998, Bethlehem and Lukens signed an amended definitive merger agreement.

On January 6, 1998, Bethlehem Steel and Lukens filed pre-merger notices to satisfy the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The waiting period under Hart-Scott-Rodino relating to the merger between Bethlehem and Lukens expired on February 5.

On January 28, 1998, Bethlehem and Allegheny Teledyne Incorporated jointly announced that they had entered into three Agreements that would become effective after Bethlehem closes its previously announced merger with Lukens. On February 10, 1998, Bethlehem and Allegheny filed appropriate notices to satisfy the requirements of the Hart-Scott-Rodino Act. The waiting period under Hart-Scott-Rodino relating to these agreements expired on March 12.

It is expected that a Lukens’ stockholder meeting will be held to consider the merger early in the second quarter. Lukens stockholders’ approval is required to complete the merger.

Hank Barnette, chairman and chief executive officer of Bethlehem, said, "The expiration of the Hart-Scott-Rodino waiting period related to the Bethlehem-Allegheny agreements is another significant step in the progress toward implementing the merger agreement with Lukens. We expect to close with Allegheny as soon as possible after the merger with Lukens is completed. We are continuing with our merger plans with the full expectation that this combination of Bethlehem and Lukens will be completed as soon as possible and that it will add value for our stockholders and will create a more globally competitive and customer-focused plate business, which we believe will be the premier carbon and alloy plate business."