Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., January 31, 2001 - Bethlehem Steel Corporation is in the initial stages of marketing its ownership interest in the Hibbing Taconite Company located in Hibbing, Minn.

Bethlehem said it is selling its share as part of its strategy of concentrating on its core steel business.

Hibbing Taconite is a joint venture of Bethlehem Steel, Cleveland-Cliffs and Stelco, Inc. The company owns and operates open pit iron ore mines, ore reserves and a pelletizing plant. Current annual production capacity is 8.3 million gross tons of iron ore pellets. Cleveland-Cliffs is the manager of the facility and employer of the workforce.

Bethlehem owns 70.3 percent of Hibbing Taconite and uses most of its share of the output in two blast furnaces at its Burns Harbor, Ind., Division. A small percentage of the output received from Hibbing Taconite is offered for sale by Bethlehem to other companies.

Bethlehem has engaged JP Morgan as financial adviser for the sale. Bethlehem said it expects to complete the transaction in the second half of 2001. As part of the sale, Bethlehem expects to enter into a supply contract to continue to receive pellets from Hibbing Taconite.

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