Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., May 31, 2001 - In response to inquiries concerning a letter that was sent to Bethlehem employees on May 25, 2001, Bethlehem confirmed that it had sent such a letter to employees outlining a series of steps that it was taking to improve its financial performance.

Bethlehem said that these steps include obtaining advice and assistance from external advisors with steel industry expertise, placing increased control on spending throughout the Corporation and implementing various other actions to reduce costs, including additional reductions in salaried forces.

Bethlehem said that in addition to the steps it announced in its letter of May 25 to employees, it is supporting government action that could impose quantitative restraints on steel imports to provide needed relief to help stabilize the domestic steel market. Bethlehem has called upon President Bush to initiate a Section 201 action to limit steel imports and to take other actions to help solve the legacy cost burden from prior and future restructurings of the industry.

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