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BETHLEHEM STEEL REPORTS NET LOSS FOR SECOND QUARTER OF 1992

 BETHLEHEM STEEL REPORTS NET LOSS FOR SECOND QUARTER OF 1992
 BETHLEHEM, Pa., July 14 /PRNewswire/ -- Bethlehem Steel Corporation (NYSE: BS) today reported a net loss of $64 million for the second quarter of 1992.
 These results include a $25 million charge to increase Bethlehem's reserve for loss contingencies in connection with litigation discussed below. Excluding the effects of this charge, Bethlehem's net loss for the second quarter of 1992 was $39 million, slightly better than the $45 million net loss reported for the first quarter of 1992. Steel production costs were lower in the second quarter than the previous quarter, but average realized steel prices were also lower for most of Bethlehem's products.
 With respect to the $25 million litigation charge, on June 4, 1992, the Supreme Court of Kentucky filed a 4-3 opinion adverse to Bethlehem in a case involving a dispute concerning title to coal previously mined by Bethlehem. The opinion reversed a 3-0 appellate decision favorable to Bethlehem and would reinstate a trial court judgment against Bethlehem.
 Bethlehem said it continues to believe that the decision is in error and, on June 24, 1992, petitioned the Kentucky Supreme Court to reconsider its ruling. Bethlehem believes the Kentucky Supreme Court should grant its motion. Nevertheless, Bethlehem has increased its reserve for loss contingencies by $25 million and will thereafter revise the reserve in the event the Kentucky Supreme Court grants the relief Bethlehem has requested and believes is warranted.
 For the balance of 1992, Bethlehem expects a moderate improvement in steel demand and currently estimates that 1992 industry shipments will be about 81 million tons compared to the 79 million tons shipped in 1991. Bethlehem expects that its prices will improve later this year and in 1993 if the economy improves.
 As previously announced, Bethlehem filed a registration statement with the Securities and Exchange Commission for a proposed stock offering of 10 million shares of common stock. Bethlehem expects to release its complete results for the second quarter and first six months of 1992 on July 29, 1992.
 /delval/
 -0- 7/14/92
 /CONTACT: H.H. Von Spreckelsen of Bethlehem Steel, 215-694-3711/
 (BS) CO: Bethlehem Steel Corporation ST: Pennsylvania IN: MNG SU: ERN


LJ -- PH008 -- 8946 07/14/92 08:54 EDT
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Publication:PR Newswire
Date:Jul 14, 1992
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