Bethlehem Steel Corporation
Announces
The Sale Of Its Interest In Presque Isle Corporation
Bethlehem Steel Corporation
For Immediate Release
Bethlehem, PA, July 5, 2000 - Bethlehem Steel Corporation today announced the sale of its 16.5% interest in Presque Isle Corporation to Lafarge Corporation, North America's largest diversified supplier of construction materials for slightly more than $9 million. As part of the transaction, LTV Steel Company, Inc has sold its 53.5% stake in Presque Isle, and National Steel its 30% share.
Presque Isle, located in Alpena, Michigan, produces about 8 million tons of limestone annually for sale to the metallurgical and construction markets. The company employs 170.
The sale of Presque Isle is consistent with Bethlehem's strategy of concentrating on its core steel business. As part of the transaction, Bethlehem has agreed to continue limestone purchases from Presque Isle for the next three years at market prices. Bethlehem will record a second quarter gain of about $8 million on the sale.