Bethlehem Steel Corporation comments
on raised Moody's 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
"We are pleased to learn that Moody's has upgraded our public debt and preferred stock ratings. It recognizes the significant progress Bethlehem has made in improving its operating performance and in strengthening its financial condition.
"Today, Bethlehem Steel is a far more competitive, profitable, and stronger company than at the time Moody's last changed our ratings. We've reorganized our company by establishing strong business units responsible for their own marketing, production and financial performances. We've strengthened the competitiveness of our core businesses, exited six underperforming businesses, substantially rebuilt our financial strength, and we're taking actions to profitably grow our business such as our combination with Lukens, Inc., which we completed earlier today. We believe we're well positioned to achieve our vision to be the premier steel company."