For Immediate Release

BETHLEHEM, Pa., November 4, 2002 - In response to an inquiry concerning plans being made to preserve Bethlehem Steel Corporation's steelmaking and finishing assets, the corporation said:

"Bethlehem and the United Steelworkers of America have made steady progress on a new labor agreement that is essential to the company emerging from bankruptcy as a stand-alone company. Although meaningful progress has been made in negotiations, prudent contingency planning calls for Bethlehem to be prepared for all possible scenarios concerning the viability of its physical assets.

"As part of the planning process and to maintain its customer base, Bethlehem Steel Corporation is developing a contingency plan to protect its physical assets. The plan would enable Bethlehem to prolong its steelmaking and finishing operations even if an unexpected interruption should occur. Bethlehem has invested billions in its operations in the past several years, and the plan would allow the corporation to preserve its position in the marketplace.

Said Robert S. Miller, Bethlehem's chairman and chief executive officer: "We have been continually maintaining and enhancing our facilities to deliver the best quality steel to our customers. We are ensuring that the value of our considerable assets will be preserved to support the markets serve. Our contingency planning is similar to purchasing home owners' insurance for your house. Do you expect a fire? Absolutely not. But you also don't want to be without insurance in the event of a problem that damages your home," he said.

"The assets of Bethlehem Steel - most notably its steelmaking and finishing operations in Indiana, Maryland and Pennsylvania as well as its numerous joint ventures - are well maintained and highly regarded for the products they produce for their customers."

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