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BETHLEHEM STEEL SIGNS LETTER OF INTENT TO SELL WIRE MILL IN JOHNSTOWN TO TMB INDUSTRIES

 BETHLEHEM STEEL SIGNS LETTER OF INTENT
 TO SELL WIRE MILL IN JOHNSTOWN TO TMB INDUSTRIES
 BETHLEHEM, Pa., Aug. 6 /PRNewswire/ -- Bethlehem Steel Corporation (NYSE: BS) announced today that it has signed a letter of intent to sell its Johnstown, Pa., wire mill to TMB Industries of Chicago.
 TMB last year purchased Bethlehem's former Johnstown freight car division, now known as Johnstown America Corp., which has a current work force of more than 1,000 persons, nearly all of whom are former Bethlehem Steel employees.
 The sale of the wire mill is contingent upon completion of negotiations of the final terms of a purchase and sale agreement and is expected to be completed in the next several months.
 The expected sale of the wire mill follows Bethlehem's decision earlier this year to exit the business of its Bar, Rod and Wire Division (BRW). In addition to steelmaking and rolling mill facilities in Johnstown, BRW facilities include a 13-inch bar mill at Lackawanna, N.Y., and a rod mill at Sparrows Point, Md.
 In announcing the sale, Andrew M. Weller, Bethlehem's vice president and treasurer, said efforts are continuing to sell the remainder of the BRW Division. Discussions are ongoing with a number of potential buyers who have expressed interest in the division or its various assets.
 Weller pointed out: "It is our intention to see as little disruption of wire-making operations as possible, while we finalize our agreement with TMB," and that new orders are being solicited from customers immediately.
 The Johnstown wire mill, a stand-alone operation located on the west end of BRW, currently employs approximately 250 persons. The mill produces a variety of wire products which are used in the manufacture of fasteners, electrical transmission lines, automotive applications and even toys, such as the popular Slinky toys.
 Bethlehem Steel's announcement was followed by a statement from Pennsylvania Gov. Robert Pe to help complete the sale of the wire mill.
 This assistance is part of the commonwealth's ongoing efforts to assist Bethlehem Steel in marketing the BRW Division.
 Casey said: "I want to commend Bethlehem Steel for finding a buyer for the wire mill which is part of the Bar, Rod and Wire Division in
Johnstown. This will preserve approximately 250 jobs.
 "The commonwealth will continue to work with Bethlehem Steel and the local community in finding a buyer for the remaining operation or the individual assets of the division."
 /delval/
 -0- 8/6/92
 /CONTACT: Gary Graham of Bethlehem Steel, 215-694-5350/
 (BS) CO: Bethlehem Steel Corporation; TMB Industries ST: Pennsylvania, Illinois IN: MNG SU:


JS-MJ -- PH012 -- 7591 08/06/92 12:17 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
Words:434
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