UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported
1. Name and Address of Reporting Person(s)
Barnette, Curtis H.
1170 Eighth Avenue, Rm. 1760
Bethlehem, PA 18016-7699
2. Issuer Name and Ticker or Trading Symbol
Bethlehem Steel Corporation (BS)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
4. Statement for Month/Year
12/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Chairman & CEO
7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code Amount D Price End of Year I
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<S> <C> <C> <C> <C><C> <C> <C><C>
Common Stock 04/29/98 A 65,000 (1) A 160,673 D Direct
Common Stock 4,694 I 401(k) Plan
Common Stock 2,304 I by Spouse
<CAPTION>
Table II (PART 1) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code A D Exercisable Expiration
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<S> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option (right to$15.2500 04/29/98 A 75,000 (3) 04/29/08
buy) (2)
SAR (2) $15.2500 04/29/98 A 75,000 (3) 04/29/08
<CAPTION>
Table II (PART 2) Derivative Securitites Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Year
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<S> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option (right to04/29/98 Common Stock 75,000 75,000 D Direct
buy) (2)
SAR (2) 04/29/98 Common Stock 75,000 75,000 D Direct
<FN>
Explanation of Responses:
(1)
These shares are subject to certain restrictions.
(2)
In tandem with tax withholding right
(3)
The options become exercisable in increments: 25 percent on April 29, 1999, 25 percent on April 29, 2000, 25 percent on April 29,
2001 and 25 percent on April 29, 2002.
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Each share of Common Stock includes a right to purchase preference stock under Bethlehem's Stockholder Rights Agreement.
- -
I specifically disclaim that I am the beneficial owner of the 2,304 shares held by my spouse.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Barnette, Curtis H.
DATE
