Bethlehem Steel Corporation
For Immediate Release

BURNS HARBOR, Ind., May 11, 2001 - Bethlehem Steel Corporation today filed its Tangible Personal Property Assessment Returns for the assessed valuation of personal property located at its Burns Harbor Division in Burns Harbor, Porter County, Indiana. These returns will be used to determine the amount of personal property taxes payable in 2002.

On December 13, 2000, Bethlehem Steel filed an amended return reducing the valuation of the Division's personal property. That amended valuation remains under review and has not affected the amount of property taxes payable this year.

The assessed values for the 2001 and amended 2000 returns were established by comparing the valuation of the facilities at the Burns Harbor Division with the assessed valuation of competitor steel mills located in Northwest Indiana. Bethlehem's original assessments on personal property established in 2000 were approximately twice the value of personal property claimed by its competitors. Indiana's Constitution and laws require a uniform and equal rate of property assessment and taxation.

In 2001, the Burns Harbor Division will pay over $20 million in property taxes. This amount will decrease in 2002 as a result of the lower personal property assessed valuation. The Burns Harbor Division's property taxes payable in 2001 are about three times greater per shipped ton than any of Bethlehem's other steel production facilities.

Bethlehem continues to support policy initiatives in Indiana that would repeal or modify the personal property tax on machinery and equipment, and eliminate the personal property tax on inventories. Bethlehem joins other manufacturers in efforts to reform Indiana's tax system to make the state more competitive in the international marketplace.

The Burns Harbor Division employs approximately 5,600 people, has an annual payroll in excess of $300 million and contributes over $1.5 billion annually to the Northwest Indiana economy.

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