Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., February 8, 2000 - In response to media inquiries concerning various statements being made by employees about Bethlehem's financial condition and discussions with employees, the company said: Consistent with its objective to rebuild its financial strength, Bethlehem has taken and will continue to take actions that it believes will improve its competitive position and its future profitability.

As stated in Bethlehem's fourth quarter 1999 report released on January 26, 2000, Bethlehem expects to maintain an adequate level of liquidity during 2000, primarily with cash provided from operations, further reductions in inventory, additional asset sales and available funds under our bank and other financing arrangements.

Overall steel market conditions are continuing to improve, and our order entry has recently been strengthening. Additionally, we began to realize some modest price restorations in the fourth quarter of 1999, and other price restorations are expected early this year.

Bethlehem will continue its strategy of concentrating on steel and rebuilding our financial strength, and will take all necessary actions to accelerate our cost reduction efforts, improve the use of our assets, advance further growth initiatives and enhance our overall competitiveness. The corporation recently announced a reduction in its salaried workforce of 15 percent to be accomplished by January 31, 2001. In addition, discussions are ongoing with the leadership of the United Steelworkers of America, which represents most Bethlehem employees at the corporation's business units, to jointly find ways to lower Bethlehem's overall cost structure.

At all Bethlehem business units, division management meets with union leadership on a regular basis to discuss a number of issues. Among the issues currently being discussed are Bethlehem Steel's corporate-wide efforts to improve its competitive position, and ways in which the divisions' union-represented workforce can contribute toward those efforts. The corporation will not comment on any specific issues being discussed at any Bethlehem business unit.