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PENNSYLVANIA ANNOUNCES $1 MILLION IN FINANCING FOR PURCHASE OF BETHLEHEM STEEL CORP. STEELTON TRACKWORKS OPERATION

 PENNSYLVANIA ANNOUNCES $1 MILLION IN FINANCING FOR PURCHASE
 OF BETHLEHEM STEEL CORP. STEELTON TRACKWORKS OPERATION
 HARRISBURG, Pa., Aug. 26 /PRNewswire/ -- The state Commerce Department announced today that $1 million in state financing will be provided to support the sale of Bethlehem Steel Corp.'s (NYSE: BS) Trackwork Fabrications Operation in Steelton to a Memphis-based firm, preserving approximately 300 jobs.
 The announcement comes two weeks after the commonwealth announced its intent to provide another million dollars in loan financing to support the sale of Bethlehem Steel Corp.'s wire mill operation in Johnstown to TMB Industries of Chicago.
 "Pennsylvania, through the Department of Commerce, intends to provide $1 million in low-interest financing to support Bethlehem Steel Corp.'s sale of its Steelton Trackwork Fabrication Operation to Conley Frog and Switch," Commerce Secretary Andrew T. Greenberg said.
 "In addition, we will continue to work with Bethlehem Steel Corp. in trying to find buyers for various assets that the company has for sale.
 "We remain committed to an effort that began almost a year ago to work with Bethlehem Steel and the United Steelworkers Union to keep these facilities open and save Pennsylvania jobs."
 Greenberg added that he was especially pleased that Bethlehem Steel Corp., in its negotiations with Conley Frog and Switch, allowed the order book to be reopened so the Steelton operation could bid on several key contracts.
 The trackwork facility manufactures railroad switching devices and other fabricated rail products.
 Greenberg said the plan is to provide state financing through the Pennsylvania Industrial Development Authority and the Machinery and Equipment Loan Fund.
 In January, as part of a company-wide restructuring, Bethlehem Steel Corp. announced plans to sell or close the trackwork operation in Steelton and the Bar, Rod and Wire Division in Johnstown.
 In April, the Commonwealth approved a more than $24,000 grant to the United Steelworkers of America and its Local Union 1688 to determine the feasibility of an employee purchase of the Steelton operation.
 The grant, awarded through the Department of Commerce's Employee Ownership Assistance Program, was matched by a grant from the United Steelworkers of America.
 /delval/
 -0- 8/26/92
 /CONTACT: Ron Jury, press secretary of the Department of Commerce, 717-783-1132/
 (BS) CO: Pennsylvania Department of Commerce; Bethlehem Steel Corp. ST: Pennsylvania IN: MNG SU:


MJ -- PH011 -- 3374 08/26/92 10:22 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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