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BETHLEHEM STEEL SIGNS LETTER OF INTENT TO SELL JOHNSTOWN ROLLING MILLS UNIT

 BETHLEHEM STEEL SIGNS LETTER OF INTENT
 TO SELL JOHNSTOWN ROLLING MILLS UNIT
 JOHNSTOWN, Pa., Aug. 26 /PRNewswire/ -- Bethlehem Steel Corporation (NYSE: BS) said today that it has signed a letter of intent to sell the Gautier rolling mills department of the Bar, Rod and Wire division to a Pittsburgh-based firm.
 The tentative agreement is with J-Pitt Steel, Inc., a firm owned principally by Michael Pitterich, who also controls Moltrup Steel Products of Beaver Falls, Pa., a cold steel drawer and customer of the Gautier mills.
 BRW's Gautier department produces special rolled steel sections used in a variety of applications, ranging from truck wheel rims to lifter bars for forklifts, from jail bars to wrench jaws, and from frames for farm tractors to bridge decking. The mills also supply steel stock to cold drawing customers and steel product finishing operations.
 The Gautier complex contains 14-inch, 12-inch and No. 2 9-inch rolling mills and a shop that prepares steel replacement rolls for rolling mills. Total employment in the mills is approximately 350.
 The sale to J-Pitt is targeted for completion in the next few months under Bethlehem's previously announced plan to exit the bar, rod and wire business. Bethlehem said the sale of the Gautier mills, like the recently announced expected sale of BRW's wire mill, will not interfere with the company's effort to sell other assets of the division such as the electric furnace meltshop and the remaining mills.
 /delval/
 -0- 8/26/92
 /CONTACT: Gary W. Graham of Bethlehem Steel, 215-694-5350/
 (BS) CO: Bethlehem Steel Corporation; J-Pitt Steel, Inc. ST: Pennsylvania IN: MNG SU:


MJ-MK -- PH032 -- 3555 08/26/92 14:54 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
Words:273
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