For Immediate Release

BETHLEHEM, Pa., February 14, 2002 - In response to media inquiries concerning the approval today by the U.S. Bankruptcy Court in New York City of a retention program for key Bethlehem Steel Corporation employees, the following information was provided:

The court approved a plan that will provide retention payments to about 200 employees whose jobs are critical to a successful reorganization or merger. Employees receiving the payments will be from a broader range of salaried non-represented job classifications than the original program that was more oriented toward 87 higher-level employees.

The revised plan will generally make payments of 30 percent of a participant's salary instead of the original proposal that would have paid in the range of 30 to 80 percent of salary. Payments will be made to recipients in three equal installments over a maximum of 24 months from February 2002 with the first payment being made on July 1, 2002. Employees who will receive the payments will be notified by their management in the next few weeks.

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