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 17, 1999 – Bethlehem Steel Corporation announced today that it has increased the size of its non-reducing Revolving Credit Arrangement from $600 million to $660 million. This amendment increases its Inventory Credit Agreement from $260 million to $320 million and maintains the size of its Receivables Purchase Agreement at $340 million. Two banks were added to Bethlehem’s bank group, increasing the total to 15 domestic and international institutions. This arrangement’s maturity of June 19, 2003, will remain unchanged.

Gary L. Millenbruch, Executive Vice President, Chief Financial Officer and Treasurer of Bethlehem, said, "Increasing the size of our credit arrangement further enhances our liquidity and financial flexibility. This amendment to our credit arrangement is consistent with our corporate strategy of rebuilding our financial strength, and it will help us achieve our overall objective of maximizing stockholder value."