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BETHLEHEM STEEL AND BRITISH STEEL AGREE TO TERMINATE DISCUSSIONS

    BETHLEHEM STEEL AND BRITISH STEEL AGREE TO TERMINATE DISCUSSIONS
    BETHLEHEM, Pa., Nov. 11 /PRNewswire/ -- Walter F. Williams, chairman of Bethlehem Steel Corporation (NYSE: BS), said today that Bethlehem Steel and British Steel (NYSE: BST) have agreed to terminate further discussions concerning a proposed joint venture.
    In January, Bethlehem Steel and British Steel signed a letter of intent to complete a feasibility study on forming an equally owned joint venture in the United States to produce and market structural and rail products.  The joint venture would have involved restructuring and modernizing Bethlehem's structural steel production facilities in Bethlehem and its rail production facilities in Steelton, Pa.
    In August, Bethlehem Steel and British Steel determined that the joint venture was feasible subject to resolving various corporate and other aspects of the venture, and the negotiation of an internationally cost competitive labor agreement with the United Steelworkers of America.
    While certain corporate and other aspects of the venture were still under consideration, the parties have not been able to reach a mutually satisfactory labor agreement with the United Steelworkers.  Further consideration of the venture has therefore been ended.
    As previously announced, existing iron and steelmaking operations at Bethlehem involving the blast furnaces, basic oxygen furnaces and related facilities will be discontinued over the next few years.
    Williams said he was very disappointed that a labor agreement could not be reached and, that Bethlehem would now consider other strategic alternatives for structural and rail products.
    /delval/
    -0-                     11/11/91
    /CONTACT:  Corporate Communications of Bethlehem Steel, 215-694-3711/
    (BS BST) CO:  Bethlehem Steel Corporation; British Steel ST:  Pennsylvania IN:  MNG SU:  JVN MK-LJ -- PH012 -- 3106 11/11/91 14:51 EST
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Publication:PR Newswire
Date:Nov 11, 1991
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