Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., December 31, 1999 - In response to media inquiries about the procedures being used by Bethlehem Steel Corporation to ensure Y2K compliance, the following statement was issued:

Bethlehem Steel Corporation has been preparing for the Y2K transition since 1994. Over the past five years, Bethlehem Steel information technology and operations employees along with information services providers have developed and tested compliance procedures to ensure a smooth transition.

Some Bethlehem Steel facilities are not scheduled to operate during the New Year�s holiday weekend. Other facilities, primarily at the corporation�s fully integrated steelmaking facilities, are operating on regular schedules. Some of these facilities will be idled shortly before midnight on December 31 while all systems are checked. It is expected that normal operations will resume several minutes after the start of the year 2000. Facilities that were idle due to the holiday will return to operation as scheduled on January 1 through January 4.

A command center will be staffed at Bethlehem�s corporate offices in Bethlehem and at each business unit. Each command center will be staffed with a cross-functional group of employees who will monitor all operations. Each command center will monitor system validation and startup on January 1 - 4 and take appropriate actions if needed.

Updates on Bethlehem�s Y2K transition will be available at about noon on January 1, 2000, in the news release category on the corporation�s web site at www.bethsteel.com.

Additional updates will be posted as needed.

Bethlehem encourages all interested customers, suppliers, stockholders and employees to visit the website for information on the corporation�s Y2K status.