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Bethlehem Steel Sells Its Iron Ore Interest in Mineracoes Brasileiras Reunidas (MBR)

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    Bethlehem Steel Corporation
    For Immediate Release

    BETHLEHEM, Pa., September 27, 2001 - Bethlehem Steel Corporation announced today that it has completed the sale of its 5% interest in Mineracoes Brasileiras Reunidas (MBR) to Companhia Vale do Rio Doce (CVRD), of Rio de Janeiro, the world's largest iron ore producer. The transaction is valued at $25 million comprised of $4.4 million in cash that was received at closing and credits which will be applied against future ore purchases all of which are expected to be realized within the next nine months.

    For More Information Contact:

    Robert W. Bilheimer - (610) 694-3711
    Bethlehem Steel Corporation
    Public Affairs Department

    Jeff Faloba - (610) 694-2206
    Bethlehem Steel Corporation
    Investor Relations

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