Standard and Poor's upgrade of
Bethlehem Steel's corporate credit rating

For Immediate Release

Public Relations Division
Public Affairs Department
1170 Eighth Avenue
Bethlehem, PA 18016-7699
(610) 694-3711 - Phone
(610) 694-1509 - Fax

BETHLEHEM, Pa., June 2, 1998 -- In response to media requests for comment on the announcement of Standard and Poor's upgrade of Bethlehem Steel's corporate credit ratings for its public debt and preferred stock, the following statement is attributable to Curtis H. Barnette, Bethlehem's chairman and chief executive officer:

"We are pleased to learn that Standard and Poor's has upgraded Bethlehem's corporate credit rating for our public debt and preferred stock.

"This action, along with the recent upgrade by Moody's Investors Service, recognizes the significant progress we've made in improving our operating performance and in strengthening our financial condition. The upgrade follows the successful completion of Bethlehem's acquisition of Lukens Inc. on May 29, 1998."

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