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Bethlehem Steel Announces Its Expectation to Complete New Financing and Asset Sales in the Third Quarter 2001

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    Bethlehem Steel Corporation
    FOR RELEASE UPON INQUIRY

    BETHLEHEM, Pa., August 30, 2001 - In response to inquiries about Bethlehem Steel Corporation, the following statement was provided:

    Gary L. Millenbruch, Bethlehem Steel vice chairman and chief financial officer, said today that, "Bethlehem expects to complete a new $750 million senior secured financing and also complete the sales of an iron ore property and a shortline railroad in the third quarter of 2001." At the time of its second quarter release of earnings, Bethlehem had previously said that it was in the process of completing these transactions by the end of the third quarter. "The completion of this financing and these asset sales are important parts Bethlehem's plan to enhance its liquidity and financial flexibility," said Mr. Millenbruch.

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    For More Information Contact: Robert W. Bilheimer - (610) 694-3711 Bethlehem Steel Corporation Public Affairs Department

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