For Immediate Release

BETHLEHEM, Pa., October 23, 2001 - Bethlehem Steel Corporation has received awards from the American Short Line and Regional Railroad Association and Railway Age magazine on behalf of its subsidiary railroads.

The Philadelphia, Bethlehem and New England Railroad (PB≠), which serves various businesses on the 1,800-acre site of the former Bethlehem, Pa., steel plant, received the shortline association's top marketing award for the railroad's plan to create new opportunities to replace revenues lost by the closing of the steel plant.

"This award recognizes the creativity that is making the PB≠ a financially successful enterprise," said J. Michael Zaia, president of Bethlehem Steel's eight subsidiary railroads.

The PB≠ has capitalized on the strategic location relative to the busy Northeast corridor for rail traffic. In addition to location, the marketing program, led by BethIntermodal, Inc., stressed the availability of space, connections to two Class 1 railroads and the experience of employees.

"The establishment in 1999 of BethIntermodal on the site and the availability of PB≠ service to the Class 1 railroads helps market the Bethlehem Commerce Center property to new businesses," said Mr. Zaia. BethIntermodal is the marketing arm for Bethlehem's subsidiary railroads. Bethlehem Commerce Center is the development of 1,600 acres on the site of the former steel plant for manufacturing, warehousing, industrial and distribution uses.

The second award received by Bethlehem Steel was on behalf of its former South Buffalo Railway, which was named Shortline Railroad of the Year by Railway Age magazine. The railroad, located in Lackawanna, N.Y., was recognized for its innovative efforts to recapture 160,000 tons of limestone shipping business that had been lost to trucks as a result of the breakup of Conrail. Bethlehem Steel recently sold the South Buffalo Railway to Genesee & Wyoming, Inc.

"Successful execution of the agreement takes a great deal of coordination and planning," said Robert S. Robine, director of marketing for the South Buffalo Railway. "I am pleased to say that we have met the schedule every time. The South Buffalo has demonstrated once again that shortline railroads provide an invaluable service and fill an important niche in this nation's transportation system.

Bethlehem Steel operates eight subsidiary railroads that serve the corporation's plants in Indiana, Maryland and Pennsylvania as well as other customers located on or near Bethlehem Steel property.

The American Short Line and Regional Railroad Association, with headquarters in Washington, D.C., is the national trade association for independent railroads. Railway Age is one of the nation's leading magazines for rail management personnel.

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