Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., June 11, 2001 - Bethlehem Steel Corporation (NYSE:BS) announced today that it has successfully completed a consent solicitation with respect to its 10-3/8% Senior Notes due 2003 amending certain provisions of its Indenture dated as of September 1, 1993, under which the Notes are outstanding.

The amendment permits Bethlehem to incur bank financing secured by inventory and receivables in an amount up to $740 million. Prior to this amendment, the Indenture permitted bank financing in an amount up to $500 million. The amendment allows Bethlehem to optimize the use of its accounts receivable and inventory as collateral for borrowings, thereby increasing its financial flexibility. #

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