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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
-----------
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)
November 9, 2000
(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. Seess. 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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NY2:\981390\06\l18%06!.DOC\56392.0003
<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: 2,491,900
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 2,491,900
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 2,491,900
---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.9%
---------------------- -----------------------------------------------------------------------------------------------------------
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: 635,100
SHARES
- ------------------ -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------ -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 635,100
REPORTING
- ------------------ -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
---------------------- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 635,100
---------------------- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11): 0.5%
---------------------- ------------------------------------------------------------------------------------------------------------
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: 2,491,900
OWNED BY
- ------------------ -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------ -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,491,900
---------------------- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 2,491,900
---------------------- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.9%
---------------------- ------------------------------------------------------------------------------------------------------------
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: 635,100
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 635,100
---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 635,100
---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11): 0.5%
---------------------- -----------------------------------------------------------------------------------------------------------
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: 3,340,000
SHARES
- ------------------ -------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------ -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 3,340,000
REPORTING
- ------------------ -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
---------------------- ------------------ -------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 3,340,000
---------------------- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 2.5%
---------------------- ------------------------------------------------------------------------------------------------------------
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: 1,800,000
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,800,000
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,800,000
---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.4%
---------------------- -----------------------------------------------------------------------------------------------------------
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: 1,800,000
OWNED BY
- ------------------ -------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
- ------------------ -------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,800,000
---------------------- ------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 1,800,000
---------------------- ------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- ------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.4%
---------------------- ------------------------------------------------------------------------------------------------------------
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: 821,900
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 8,267,000
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 821,900
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 8,267,000
---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 9,088,900
---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.9%
---------------------- -----------------------------------------------------------------------------------------------------------
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: 5,000
SHARES
- ------------------ ------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 8,267,000
OWNED BY
- ------------------ ------------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 5,000
REPORTING
- ------------------ ------------------------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 8,267,000
---------------------- -----------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
PERSON: 8,272,000
---------------------- -----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: [_]
---------------------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.2%
---------------------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
---------------------- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
This Amendment No. 1 (this "Amendment No. 1") amends the Statement on
Schedule 13D (the "Schedule 13D") filed on August 16, 1999 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 ("Kingsley") and Gary
K. Duberstein ("Duberstein"; and together with the foregoing persons, the
"Reporting Persons"). Capatalized terms used herein and not defined herein have
the meanings ascribed thereto in the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Since the filing of the Schedule 13D:
Greenway purchased an aggregate of 766,300 Shares for total
consideration (including brokerage commissions) of $3,131,596 derived from the
capital of Greenway and indebtedness from Bear Stearns & Co. Inc. and Spear,
Leeds & Kellogg.
Greentree purchased an aggregate of 279,100 Shares for total
consideration (including brokerage commissions) of $1,061,983 derived from the
capital of Greentree and indebtedness from Bear Stearns & Co. Inc. and Spear,
Leeds & Kellogg.
Greensea purchased an aggregate of 355,000 Shares for total
consideration (including brokerage commissions) of $2,296,453 derived from the
capital of Greensea and indebtedness from Bear Stearns & Co. Inc. and Spear,
Leeds & Kellogg.
Accounts managed by Greenbelt purchased an aggregate of 590,300
Shares for total consideration (including brokerage commissions) of $2,839,553
derived from capital in the managed accounts and indebtedness from Bear, Stearns
& Co. Inc. and Spear, Leeds & Kellogg.
Kingsley purchased an aggregate of 354,900 Shares for total
consideration (including brokerage commissions) of $1,206,391 and indebtedness
from Bear Stearns & Co., Inc. and Spear, Leeds & Kellogg.
ITEM 4. PURPOSE OF THE TRANSACTION
On November 9, 2000, Greenway notified Bethlehem Steel Corporation
(the "Company") pursuant to Rule 14a-8 under the Securities Exchange Act of
1934, as amended, of its intention to present a proposal for action at the
annual meeting of the Company's shareholders to be held in 2001 and requested
that the Company include Greenway's proposal and a supporting statement in its
proxy materials.
Greenway proposed that the Company purchase a substantial number of
Shares in an issuer self-tender. Greenway, in its supporting statement, outlined
its belief that the decline in the Share price simultaneously with an
industry-wide downturn presents an attractive investment opportunity for the
Company. As a result of repurchasing Shares, Greenway believes that, upon
industry-wide improvement, the Company's remaining Shares will receive the
benefit of both increased earnings and fewer Shares outstanding, leading to a
substantial increase in the market price of Shares. In addition, Greenway also
called for the Board to cut expenses deeper and faster than the Board planned
and to lead the industry in consolidation. Greenway also suggested that the
Company could raise several hundred million dollars through asset sales that
could be used for the issuer self-tender and for debt repayments.
11
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 9,093,900 Shares constituting 6.9% of the
outstanding Shares (the percentage of Shares owned being based upon 132,470,653
Shares outstanding at September 30, 2000, as set forth in the Company's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2000). 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 2,491,900 1.9%
Greentree 635,100 0.5%
Greenbelt 3,340,000 2.5%
Greensea 1,800,000 1.4%
Kingsley 821,900 0.6%
Duberstein 5,000 less than 0.1%
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. 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
2,491,900 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.
12
<PAGE>
Greentree has the sole power to vote or direct the vote of 635,100
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 1,800,000
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 3,340,000
Shares and the sole power to dispose or direct the disposition of such 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 821,900
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 5,000
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 3 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 will be delivered into each such
respective account. None of such individual managed accounts has an interest in
more than five percent of the class of outstanding Shares.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibit is filed herewith:
3. Information concerning transactions in the Shares effected by the
Reporting Persons in the last sixty days.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
13
<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: November 10, 2000
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
14
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
----------- -----------
3. Information concerning transactions in the Shares
effected by the Reporting Persons in the last sixty
days.
15
