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Bethlehem Steel Corporation
For Immediate Release
BETHLEHEM, Pa., December 29, 2000 -- Bethlehem Steel Corporation announced today that it completed a sale and leaseback of the M/V Stewart J. Cort, a 1,000-foot Great Lakes ore carrying vessel, with a group of investors arranged by and including General Electric Capital Corporation (GECC). The transaction will provide approximately $30 million of additional liquidity to Bethlehem Steel.
Built by the Erie Marine Division of Litton Industries, Erie, Pa., the M/V Stewart J. Cort is a self-unloading vessel used by Bethlehem to transport iron ore pellets from Superior, Wis. to the company's Burns Harbor Division in Burns Harbor, Ind. Bethlehem also operates the M/V Burns Harbor, another 1,000-foot Great Lakes iron ore-carrying vessel.
Bethlehem Steel Corporation is the nation's second largest integrated steel company with revenues of about $4 billion and shipments of about nine million tons. Its 14,500 employees work primarily in three major divisions - Burns Harbor, Ind., Sparrows Point, Md. (with plate mills in Coatesville and Conshohocken, Pa.), and Pennsylvania Steel Technologies, Steelton, Pa., and at its corporate headquarters in Bethlehem, Pa. The corporation is a leading supplier to the North American automotive and construction industries, and is the largest supplier of plate products on the continent.
