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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)
-----------
BETHLEHEM STEEL CORPORATION
(Name of Issuer)
-----------
Common Stock, $1.00 par value per share 087509105
(Title of class of securities) (CUSIP number)
Gary K. Duberstein, Esq.
Greenway Partners, L.P.
277 Park Avenue, 27th Floor
New York, New York 10172
(212) 350-5100
(Name, address and telephone number of person authorized
to receive notices and communications)
August 4, 1999
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 15 pages)
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#790978 v4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------- -------------------------------------------------------
CUSIP No. 087509105 13D Page 2 of 15 Pages
- ----------------------------------------------------- -------------------------------------------------------
- ---------------------- -----------------------------------------------------------------------------------------------------------
<S> <C>
1 NAME OF REPORTING PERSON GREENWAY PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3714238
OF ABOVE PERSON
- ---------------------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, 00
- ---------------------- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------- ------------------ ------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,725,600
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,725,600
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,725,600
- ---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.3%
- ---------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ---------------------- -----------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------- --------------------------------------------------------
CUSIP No. 087509105 13D Page 3 of 15 Pages
- ----------------------------------------------------- --------------------------------------------------------
- ---------------------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENTREE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3752875
OF ABOVE PERSON
- ---------------------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- ------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, 00
- ---------------------- ------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------- ------------------ -------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 126,000
SHARES
- ------------------ -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------ -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 126,000
REPORTING
- ------------------ -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ---------------------- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 126,000
- ---------------------- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11): less than 0.1%
- ---------------------- ------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ---------------------- ------------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------- --------------------------------------------------------
CUSIP No. 087509105 13D Page 4 of 15 Pages
- ----------------------------------------------------- --------------------------------------------------------
- ---------------------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHOUSE PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793447
OF ABOVE PERSON
- ---------------------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- ------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, 00
- ---------------------- ------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------- ------------------ -------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
- ------------------ -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,725,600
OWNED BY
- ------------------ -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------ -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,725,600
- ---------------------- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,725,600
- ---------------------- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.3%
- ---------------------- ------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ---------------------- ------------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------- -------------------------------------------------------
CUSIP No. 087509105 13D Page 5 of 15 Pages
- ----------------------------------------------------- -------------------------------------------------------
- ---------------------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3793450
OF ABOVE PERSON
- ---------------------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, 00
- ---------------------- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------- ------------------ ------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 126,000
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 126,000
- ---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 126,000
- ---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11): less than 0.1%
- ---------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ---------------------- -----------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------- -------------------------------------------------------
CUSIP No. 087509105 13D Page 6 of 15 Pages
- ----------------------------------------------------- -------------------------------------------------------
- ---------------------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENBELT CORP.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3791931
OF ABOVE PERSON
- ---------------------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- ------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: 00
- ---------------------- ------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------- ------------------ -------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 3,404,200
SHARES
- ------------------ -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------ -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 3,404,200
REPORTING
- ------------------ -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ---------------------- ------------------ -------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 3,404,200
- ---------------------- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.6%
- ---------------------- ------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- ---------------------- ------------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------- -------------------------------------------------------
CUSIP No. 087509105 13D Page 7 of 15 Pages
- ----------------------------------------------------- -------------------------------------------------------
- ---------------------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENSEA OFFSHORE, L.P.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ---------------------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, 00
- ---------------------- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Islands
- ----------------------- ------------------ ------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 1,445,000
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,445,000
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- ---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,445,000
- ---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.1%
- ---------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ---------------------- -----------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------- -------------------------------------------------------
CUSIP No. 087509105 13D Page 8 of 15 Pages
- ----------------------------------------------------- -------------------------------------------------------
- ---------------------- ------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GREENHUT OVERSEAS, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. 13-3868906
OF ABOVE PERSON
- ---------------------- ------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- ------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, AF, 00
- ---------------------- ------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ----------------------- ------------------ -------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
- ------------------ -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 1,445,000
OWNED BY
- ------------------ -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------ -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,445,000
- ---------------------- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,445,000
- ---------------------- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.1%
- ---------------------- ------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ---------------------- ------------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------- -------------------------------------------------------
CUSIP No. 087509105 13D Page 9 of 15 Pages
- ----------------------------------------------------- -------------------------------------------------------
- ---------------------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON ALFRED D. KINGSLEY
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ---------------------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, 00
- ---------------------- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- ----------------------- ------------------ ------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 527,000
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 6,700,800
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 527,000
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 6,700,800
- ---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 7,227,800
- ---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.5%
- ---------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ---------------------- -----------------------------------------------------------------------------------------------------------
<PAGE>
- ----------------------------------------------------- -------------------------------------------------------
CUSIP No.087509195 13D Page 10 of 15 Pages
- ----------------------------------------------------- -------------------------------------------------------
- ---------------------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON GARY K. DUBERSTEIN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
- ---------------------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, AF, 00
- ---------------------- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- ----------------------- ------------------ ------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 75,000
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 6,700,800
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 75,000
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 6,700,800
- ---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 6,775,800
- ---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
- ---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 5.2%
- ---------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ---------------------- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (this "Statement") relates
to the common stock, par value $1.00 per share (the "Shares"), of Bethlehem
Steel Corporation, a Delaware corporation (the "Company"). The principal
executive offices of the Company are located at 1170 Eighth Avenue, Bethlehem,
Pennsylvania 18016.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is being filed by and on behalf of Greenway
Partners, L.P. ("Greenway"), Greentree Partners, L.P. ("Greentree"), Greenhouse
Partners, L.P. ("Greenhouse"), Greenhut, L.L.C. ("Greenhut"), Greenbelt Corp.
("Greenbelt"), Greensea Offshore, L.P. ("Greensea"), Greenhut Overseas, L.L.C.
("Greenhut Overseas"), Alfred D. Kingsley and Gary K. Duberstein (collectively,
the "Reporting Persons"). Each of Greenway, Greentree and Greenhouse is a
Delaware limited partnership. Each of Greenhut and Greenhut Overseas is a
Delaware limited liability company. Greenbelt is a Delaware corporation.
Greensea is an exempted limited partnership formed under the laws of the Cayman
Islands. The principal business of Greenway, Greentree and Greensea is investing
in securities. The principal business of Greenhouse is being the general partner
of Greenway. The principal business of Greenhut is being the general partner of
Greentree. The principal business of Greenhut Overseas is being the investment
general partner of Greensea. The principal business of Greenbelt is managing a
small number of accounts containing securities for which Greenbelt has voting
and dispositive power, and, consequently, is the beneficial owner. The present
principal occupation of each of Messrs. Kingsley and Duberstein is serving as
the general partners of Greenhouse and members of both Greenhut and Greenhut
Overseas. In addition, Mr. Kingsley is senior managing director, and Mr.
Duberstein is managing director, of both Greenway and Greentree. Also, Mr.
Kingsley is president, and Mr. Duberstein is vice president, secretary and
treasurer of Greenbelt. During the last five years, none of the Reporting
Persons has (i) been convicted in a criminal proceeding or (ii) been a party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws. The business address of each of the
Reporting Persons (other than Greensea) is 277 Park Avenue, 27th Floor, New
York, New York 10017. The business address of Greensea is P.O. Box 1561, Mary
Street, Grand Cayman, Cayman Islands, British West Indies.
Messrs. Kingsley and Duberstein are both citizens of the
United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Greenway purchased an aggregate of 1,725,600 Shares for
total consideration (including brokerage commissions) of $17,501,797 derived
from the capital of Greenway and margin indebtedness from Bear Stearns & Co.
Inc., Smith Barney and Daiwa Securities America Inc.
Greentree purchased an aggregate of 126,000 Shares for
total consideration (including brokerage commissions) of $1,029,862 derived from
the capital of Greentree and margin indebtedness from Bear Stearns & Co. Inc.
Greensea purchased an aggregate of 1,445,000 Shares for
total consideration (including brokerage commissions) of $15,533,738 derived
from the capital of Greensea and margin indebtedness from Bear Stearns & Co.
Inc.
11
<PAGE>
Accounts managed by Greenbelt purchased an aggregate of
3,099,200 Shares for total consideration (including brokerage commissions) of
$33,531,958 derived from capital in the managed accounts and margin indebtedness
from Bear, Stearns & Co. Inc., Fahnestock & Co. Inc. and Lehman Brothers.
Kingsley purchased an aggregate of 527,000 Shares for total
consideration (including brokerage commissions) of $4,999,093 and margin
indebtedness from Bear Stearns & Co., Inc. and CS First Boston.
Duberstein purchased an aggregate of 75,000 Shares for
total consideration (including brokerage commissions) of $715,823.
ITEM 4. PURPOSE OF THE TRANSACTION
The Reporting Persons have acquired the Shares because, in
their opinion, such Shares are undervalued by the market at the present time
under the present circumstances.
The Reporting Persons may communicate with other
shareholders and interested parties concerning the Company. The Reporting
Persons have had discussions with members of management of the Company
concerning the Company in general and intend to communicate with members of
management and their advisers in the future.
The Reporting Persons believe that management has done a
commendable job so far in restructuring the Company. In addition, the Company
has recently entered into a five-year labor accord that, in the Reporting
Persons' view, will benefit the Company and its shareholders and employees. The
Reporting Persons also believe that further consolidation in the domestic steel
industry is desirable and should occur at an accelerated pace as is happening
among foreign steel producers and very recently, among aluminum producers.
The Reporting Persons may from time-to-time (i) acquire
additional Shares (subject to availability at prices deemed favorable) in the
open market, in privately negotiated transactions or otherwise, or (ii) dispose
of Shares at prices deemed favorable in the open market, in privately negotiated
transactions or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 7,302,800 Shares constituting 5.6% of the
outstanding Shares (the percentage of Shares owned being based upon 130,839,939
Shares outstanding at July 30, 1999, as set forth in the Company's Quarterly
Report on Form 10-Q for the quarter ended June 30, 1999). The Reporting Persons
may be deemed to have direct beneficial ownership of Shares as follows:
Approximate
Number of Percentage of
Name Shares Outstanding Shares
- ---- ------ ------------------
Greenway 1,725,600 1.3%
Greentree 126,000 less than 0.1%
Greenbelt 3,404,200 2.6%
Greensea 1,445,000 1.1%
Kingsley 527,000 0.4%
Duberstein 75,000 less than 0.1%
12
<PAGE>
Greenhouse, as the general partner of Greenway, may be
deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) Shares that Greenway may be deemed to possess
direct beneficial ownership. Each of Kingsley and Duberstein, as general
partners of Greenhouse, may be deemed to beneficially own Shares which
Greenhouse may be deemed to beneficially own. Each of Kingsley and Duberstein
disclaims beneficial ownership of such Shares for all other purposes.
Greenhut, as the general partner of Greentree, may be
deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) Shares which Greentree may be deemed to possess
direct beneficial ownership. Each of Kingsley and Duberstein, as members of
Greenhut, may be deemed to beneficially own Shares that Greenhut may be deemed
to beneficially own. Each of Kingsley and Duberstein disclaims beneficial
ownership of such Shares for all other purposes.
Greenhut Overseas, as the investment general partner of
Greensea, may be deemed to own beneficially (as that term is defined in Rule
13d-3 under the Securities Exchange Act of 1934) Shares which Greensea may be
deemed to possess direct beneficial ownership. Each of Kingsley and Duberstein,
as members of Greenhut Overseas, may be deemed to beneficially own Shares that
Greenhut Overseas may be deemed to beneficially own. Each of Kingsley and
Duberstein disclaims beneficial ownership of such Shares for all other purposes.
Greenbelt has direct beneficial ownership of the Shares in
the accounts which it manages. In addition, Greenbelt is the investment advisor
for Greenland Investment Company Limited, a Cayman Islands company
("Greenland"). In such capacity, Greenbelt has the right to vote and direct the
disposition of Shares held by Greenland and, consequently, has direct beneficial
ownership of such Shares. Each of Kingsley and Duberstein, as executive officers
and directors of Greenbelt, may be deemed to beneficially own Shares that
Greenbelt beneficially owns. Each of Kingsley and Duberstein hereby disclaims
beneficial ownership of such Shares for all other purposes.
(b) Greenway has the sole power to vote or direct the vote
of 1,725,600 Shares and the sole power to dispose or to direct the disposition
of such Shares. Greenhouse and Kingsley and Duberstein may be deemed to share
with Greenway the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.
Greentree has the sole power to vote or direct the vote of
126,000 Shares and the sole power to dispose or direct the disposition of such
Shares. Greenhut and Kingsley and Duberstein may be deemed to share with
Greentree the power to vote or to direct the vote and to dispose or to direct
the disposition of such Shares.
Greensea has the sole power to vote or direct the vote of
1,445,000 Shares and the sole power to dispose or direct the disposition of such
Shares. Greenhut Overseas and Kingsley and Duberstein may be deemed to share
with Greensea the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.
Greenbelt has the sole power to vote or direct the vote of
3,404,200 Shares and the sole power to dispose or direct the disposition of such
13
<PAGE>
Shares. Kingsley and Duberstein may be deemed to share with Greenbelt the power
to vote or to direct the vote and to dispose or to direct the disposition of
such Shares.
Kingsley has the sole power to vote or direct the vote of
527,000 Shares and the sole power to dispose or direct
the disposition of such Shares.
Duberstein has the sole power to vote or direct the vote of
75,000 Shares and the sole power to dispose or direct the disposition of such
Shares.
(c) Information concerning transactions in the Shares by
the Reporting Persons during the past 60 days is set forth in Exhibit 1 attached
hereto, which is incorporated herein by reference.
(d) No other person is known to have the right to receive
or the power to direct the receipt of dividends from, or the proceeds from the
sale of, the Shares, except the dividends from, or proceeds from the sale of
Shares in each respective account managed by Greenbelt or held by Greenland will
be delivered into each such respective account or Greenland, as the case may be.
Neither any such individual account nor Greenland has an interest in more than
five percent of the class of outstanding Shares.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
To the best of the knowledge of the Reporting Persons,
there are no contracts, arrangements, understandings or relationships (legal or
otherwise) among the Reporting Persons or between the Reporting Persons and any
other person with respect to any securities of the Company, including but not
limited to transfer or voting of any of the securities, finder's fees, joint
ventures, loan or option arrangements, puts or calls, guarantees of profits,
division of profits or loss, or the giving or withholding of proxies, except as
follows: the respective partnership agreements of Greenway and Greentree each
contains provisions whereby its general partner (i.e., Greenhouse in the case of
Greenway and Greenhut in the case of Greentree) will receive annually a certain
percentage of realized and unrealized profits, if any, derived from the
partnership's investments. The agreements governing Greensea provide that
Greenhut Overseas, as investment general partner, will receive annually a
certain percentage of realized and unrealized profits, if any, derived from
Greensea's investments. The Memorandum of Association of Greenland contains
provisions whereby Greenbelt, as its investment advisor, will receive annually a
percentage of realized and unrealized profits, if any, derived from Greenland's
investments. Greenbelt also receives annually a certain percentage of realized
and unrealized profits, if any, resulting from the investments in each of its
managed accounts.
14
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibit is filed herewith:
1. Information concerning transactions in the Shares
effected by the Reporting Persons in the last sixty
days.
2. Joint Filing Agreement.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
15
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information contained in this
Statement is true, complete and correct.
Dated: August 16, 1999
GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P., its
By: /s/ Gary K. Duberstein general partner
------------------------------
Gary K. Duberstein, general
partner By: /s/ Gary K. Duberstein
---------------------------------
Gary K. Duberstein, general
partner
GREENHUT, L.L.C. GREENTREE PARTNERS, L.P.
By: Greenhut, L.L.C., its general
By: /s/ Gary K. Duberstein partner
------------------------------
Gary K. Duberstein, Member
By: /s/ Gary K. Duberstein
---------------------------------
Gary K. Duberstein, Member
GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P.
By: Greenhut Overseas, L.L.C., its
By: /s/ Gary K. Duberstein investment general partner
------------------------------
Gary K. Duberstein, Member
By: /s/ Gary K. Duberstein
---------------------------------
Gary K. Duberstein, Member
GREENBELT CORP.
By: /s/ Alfred D. Kingsley
-------------------------------------
Alfred D. Kingsley, President
/s/ Alfred D. Kingsley
-------------------------------------
Alfred D. Kingsley
/s/ Gary K. Duberstein
-------------------------------------
Gary K. Duberstein
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
----------- -----------
1. Information concerning transactions in the Shares effected by
the Reporting Persons in the last sixty days.
2. Joint Filing Agreement.
Exhibit 1
TRANSACTION IN SHARES OF THE COMPANY
The Reporting Persons engaged in the following transactions
in Shares of the Company during the past 60 days or
since the most recent filing on Schedule 13D, whichever is less. All
transactions involved purchases of Shares on the New York Stock Exchange.
<TABLE>
<CAPTION>
Reporting Person
With Direct
Beneficial Date of Number of Price Per Share
Ownership Transaction Shares (Excluding Commission)
--------- ----------- ------ ----------------------
<S> <C> <C> <C>
Greenway Partners, L.P. 7/1/99 75,000 7.475
Greenway Partners, L.P. 8/4/99 40,000 7.346
Greenway Partners, L.P. 8/6/99 28,500 7.500
Greenway Partners, L.P. 8/10/99 50,000 7.625
Greenway Partners, L.P. 8/12/99 65,000 7.951
Greenway Partners, L.P. 8/13/99 67,100 7.975
Greentree Partners, L.P. 7/1/99 25,000 7.475
Greensea Offshore, L.P. 7/1/99 75,000 7.475
Greensea Offshore, L.P. 8/4/99 40,000 7.346
Greensea Offshore, L.P. 8/10/99 50,000 7.625
Greensea Offshore, L.P. 8/12/99 60,000 7.951
Greensea Offshore, L.P. 8/13/99 70,000 7.975
Greenbelt Corp. 8/4/99 40,000 7.346
Greenbelt Corp. 8/10/99 60,000 7.625
Greenbelt Corp. 8/12/99 100,000 7.951
Greenbelt Corp. 8/13/99 145,000 7.975
</TABLE>
Exhibit 2
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of them of a statement on Schedule 13D (including amendments
thereto) with respect to the common stock, par value $1.00 per share, of
Bethlehem Steel Corporation; and further agree that this Joint Filing Agreement
be included as an Exhibit to such joint filing. In evidence thereof, the
undersigned hereby execute this Agreement this 16th day of August, 1999.
GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P.
By: Greenhouse Partners, L.P., its
By: /s/ Gary K. Duberstein general partner
------------------------------
Gary K. Duberstein, general
partner By: /s/ Gary K. Duberstein
---------------------------------
Gary K. Duberstein, general
partner
GREENHUT, L.L.C. GREENTREE PARTNERS, L.P.
By: Greenhut, L.L.C., its general
By: /s/ Gary K. Duberstein partner
------------------------------
Gary K. Duberstein, Member
By: /s/ Gary K. Duberstein
---------------------------------
Gary K. Duberstein, Member
GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P.
By: Greenhut Overseas, L.L.C., its
By: /s/ Gary K. Duberstein investment general partner
------------------------------
Gary K. Duberstein, Member
By: /s/ Gary K. Duberstein
---------------------------------
Gary K. Duberstein, Member
GREENBELT CORP.
By: /s/ Alfred D. Kinglsey
-------------------------------------
Alfred D. Kingsley, President
/s/ Alfred D. Kinglsey
-------------------------------------
Alfred D. Kingsley
/s/ Gary K. Duberstein
-------------------------------------
Gary K. Duberstein
