Bethlehem Steel Corporation
For Immediate Release

BETHLEHEM, Pa., October 1, 2001 - The retirement, effective October 31, 2001, of Gary L. Millenbruch as Vice Chairman, Chief Financial Officer, and a director of Bethlehem Steel Corporation, was announced today by Robert S. Miller, Jr., Chairman and Chief Executive Officer.

In announcing Mr. Millenbruch's retirement, Mr. Miller said: "The Board of Directors and I deeply appreciate the outstanding job that Gary has done as the senior officer in charge of Bethlehem's financial management activities for the past 15 years and in representing Bethlehem before investors, analysts, and the financial community during this period. His professional expertise, dedication, and commitment are recognized and respected throughout the company and our industry."

A native of Marysville, Kansas, Mr. Millenbruch graduated from Kansas State University in 1959 with a Bachelor of Science degree in accounting. In 1983, he completed the Advanced Management Program at the Harvard University Graduate School of Business Administration. Mr. Millenbruch joined Bethlehem in 1959 as a member of the corporation's Loop Course management training program and was assigned to the Steelton Plant. He subsequently advanced through various levels of responsibility in Bethlehem's Financial Office. He was elected Assistant Controller in 1977, Controller in 1980, and to the additional position of Vice President, Accounting, in 1982.

In 1985, Mr. Millenbruch was elected Senior Vice President and Group Executive, Steel-Related Group, and assumed responsibility for Manufactured Products, Marine Construction, Natural Resources, and Information Services. In March 1986, he was elected Senior Vice President and Chief Financial Officer, and continued to serve as Group Executive of the Steel-Related Group. He was elected to the Board of Directors in June 1991. He was elected Executive Vice President and Chief Financial Officer, effective November 1, 1992, and to the additional position of Treasurer, effective September 1, 1994. Mr. Millenbruch was named Vice Chairman and Chief Financial Officer on August 1, 1999. In this capacity, he has had the overall responsibility for Bethlehem's financial activities and has participated in the development and implementation of strategic initiatives.

Mr. Millenbruch is a member of the American Iron and Steel Institute and is past Chairman of its Committee on Accounting. He is also a member of the Financial Executives Institute and a past member of its Committee on Corporate Reporting and the Board of Trustees of its Financial Executives Research Foundation. He serves on the Chief Financial Officers' Advisory Council of the Metropolitan Area of New York City and is a member of the Delaware Valley Financial Executives Group. He is a member of the Saucon Valley Country Club and a former member of its Board of Governors and Chairman of its Audit Committee. He is a member of the Advisory Board of the Minsi Trails Council of the Boy Scouts of America and a former Treasurer and member of the Executive Committee of the Board. He currently serves as a member of the Board of the National Museum of Industrial History, as Vice President of the Board of Trustees of the Allentown Art Museum, as a member of the Executive Committee of the Board of Associates of Muhlenberg College, and is a member of the Financial Advisory Board of Kansas State University where he has previously served as President of the Board.

Mr. Millenbruch and his wife, Mary Ann, will continue to reside in the Lehigh Valley.

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