For Immediate Release

BETHLEHEM, Pa., June 12, 2002 - As previously announced, the New York Stock Exchange, Inc. has suspended trading of Bethlehem Steel Corporation's common stock, $5.00 cumulative convertible preferred stock, $2.50 cumulative convertible preferred stock and 8.45% debentures due March 1, 2005.

Effective today, Bethlehem's common stock is being quoted on the OTC Bulletin Board ("OTCBB") under the new ticker symbol "BHMS." While the OTCBB has assigned ticker symbols for Bethlehem's $5.00 cumulative convertible preferred stock (BHMSO) and $2.50 cumulative convertible preferred stock (BHMSN), the preferred issues are not currently being quoted on the OTCBB. Bethlehem expects the preferred issues to be quoted on the OTCBB and the 8.45% debentures to be quoted on the National Quotation Service's "Yellow Sheets," provided market makers file the appropriate applications with the OTCBB and "Yellow Sheets," respectively.

Forward-Looking Statements:

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated in forward-looking statements due to a number of factors, including changes arising from our chapter 11 filing. If market makers do not file applications with the OTCBB or the "Yellow Sheets," our preferred stock or debentures may not be quoted on the OTCBB or "Yellow Sheets," respectively. Due to material uncertainties, it is not possible to predict the length of time we will operate under chapter 11 protection, the outcome of the proceedings in general, whether we will continue to operate under our current organizational structure, whether there will be a major steel industry consolidation effort, the effect of the chapter 11 cases on Bethlehem's businesses, including customer and supplier reactions and the interests of various creditors and security holders. Additional factors that may affect our business and financial results are changes in customer spending patterns, supplier choices and demand for steel products; the effect of planned and unplanned outages on our operations; the potential impact of strikes or work stoppages at facilities of our customers and suppliers; the sensitivity of our results to relatively small changes in the prices we obtain for our products; intense competition due to excess global steel capacity, low-cost electric furnace facilities, imports (especially unfairly-traded imports) and substitute materials; the consolidation of many of our customers and suppliers; the high capital requirements associated with integrated steel facilities; the significant costs associated with environmental controls and remediation expenditures and the uncertainty of future environmental control requirements; availability, prices and terms associated with raw materials, supplies, utilities and other services and items required by Bethlehem's operations; employment matters, including costs and uncertainties associated with our collective bargaining agreements, and employee postretirement obligations; the effect of possible future closure or exit of businesses; our highly leveraged capital structure and our ability to obtain new capital at reasonable costs and terms; financial difficulties encountered by joint venture partners; and the effect of existing and possible future lawsuits against us. The forward-looking statements included in this document are based on information available to us as of the date of this release, and we assume no obligation to update any of these statements.

Media Contact:
Bette Kovach
610-694-6308
Public Affairs Department
Bethlehem Steel Corporation

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