Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., June 5, 2001 - Bethlehem Steel Corporation Chairman, President and Chief Executive Officer, Duane R. Dunham, commended President Bush today for his prompt action to stop the assault on the domestic steel industry.

"President Bush's decision to take significant action to solve the steel crisis is welcome news to an industry beleaguered by the unfair and illegal flood of steel imports over the last several years. It is clear that President Bush recognizes that steel imports were the substantial cause of the serious injury that Bethlehem Steel and the domestic industry have suffered since the steel crisis began in 1998.

"Bethlehem applauds and supports the President for initiating a Section 201 action. We are confident that this action will result in appropriate relief measures to allow the domestic steel industry to recover from this unprecedented injury, and to implement changes that will restore the vitality of this basic industry that is so critical to our national security.

"Today's announcement is very good news for the industry, our employees and our communities whose economic well-being depends on a strong and prosperous steel industry.

"We, as an industry, have suffered through a three-year tidal wave of dumped, subsidized and disruptive steel imports into this country. The crisis has resulted in a record number of bankruptcies, record low steel prices, scores of facility shutdowns, the loss of thousands of good jobs, reduced shipments, large financial losses, a lack of access to capital and unprecedented market instability."

Bethlehem recently announced that it was implementing a series of additional cost reduction measures, including force reductions, to improve its overall financial performance.

Mr. Dunham added, "Bethlehem Steel pledges our full cooperation to the Bush Administration as the Section 201 investigation proceeds, and we will work closely with the president and his team for a successful outcome of this important trade action."

Bethlehem also commended members of the Steel Caucuses who worked to advance its cause, particularly Senators Specter, Santorum, Rockefeller, Byrd, Sarbanes and Bayh and Congressmen English, Regula, Murtha, Toomey, Visclosky, Quinn, Cardin and Ehrlich. Bethlehem pointed to other members of Congress from Pennsylvania, Indiana, and Maryland, and a number of governors, especially Tom Ridge of Pennsylvania, Frank O'Bannon of Indiana and Parris Glendening of Maryland, who supported the industry with the Bush Administration.

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