Bethlehem Steel Statement on Lukens'
Shareholders Approval of Merger Agreement
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., May 28, 1998 -- In response to media inquiries concerning the approval by shareholders of Lukens Inc. of the merger agreement with Bethlehem Steel Corporation, the following statement is attributable to Curtis H. Barnette, chairman and chief executive officer of Bethlehem:
"We are pleased that the Lukens shareholders voted to adopt the merger agreement with Bethlehem. We believe that this transaction has significant strategic benefits and that the combination will result in establishing the premier plate business.
"We are proceeding immediately to finalize the merger, which we expect will be completed tomorrow, May 29. Bethlehem Lukens Plate, a Division of Bethlehem Steel Corporation, will be in operation immediately thereafter. The transition will be responsive to our customers and the marketplace. We believe that this new core business will result in significant synergies and overall lower costs, and will enhance Bethlehem's stockholder value."