Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., August 17, 1999 -- In response to inquiries, Bethlehem Steel Corporation confirmed today that Greenway Partners has been a large holder of Bethlehem's common stock for several years, and that such holdings have been increased over the past couple of months which has caused them to make a required 13D filing with the Securities and Exchange Commission.

Bethlehem said that it has regular communications with its stockholders by telephone, electronically and in personal meetings, and that it has met and will continue to meet with stockholders, including Greenway Partners, to discuss appropriate matters relating to Bethlehem's business activities. Bethlehem said that it values the views of its stockholders, and it is continuing to focus on its strategy of concentrating on steel, rebuilding its financial strength and improving continuously in order to increase the long-term value of Bethlehem for its stockholders.