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BETHLEHEM STEEL SAYS UNDERWRITERS HAVE EXERCISED OPTION TO PURCHASE 1.8 MILLION ADDITIONAL SHARES OF COMMON STOCK

 BETHLEHEM STEEL SAYS UNDERWRITERS HAVE EXERCISED OPTION
 TO PURCHASE 1.8 MILLION ADDITIONAL SHARES OF COMMON STOCK
 BETHLEHEM, Pa., Aug. 10 /PRNewswire/ -- Bethlehem Steel Corporation (NYSE: BS) announced today that, in response to strong demand from investors, the underwriters of Bethlehem's common stock offering have exercised in full their over-allotment option to purchase 1.8 million additional shares.
 The underwriters for the offering are Salomon Brothers Inc. and J.P. Morgan Securities Inc.
 On Aug. 4, Bethlehem sold 12 million shares of its common stock at a price of $13 per share, with the underwriters having the option of purchasing up to 1.8 million additional shares at that price.
 The sale of the additional shares brings Bethlehem's net proceeds from the sale of 13.8 million shares of stock to a total of approximately $172 million. Bethlehem will use all of the net proceeds of the offering to repay bank borrowings under its revolving credit agreements.
 As of June 30, 1992, Bethlehem had 76.6 million shares of common stock outstanding.
 /delval/
 -0- 8/10/92
 /CONTACT: Henry Von Spreckelsen of Bethlehem Steel, 215-694-3711/
 (BS) CO: Bethlehem Steel Corporation ST: Pennsylvania IN: MNG SU:


MP-MJ -- PH006 -- 8430 08/10/92 10:35 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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