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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: November 16, 2000
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BETHLEHEM STEEL CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 1-1941 24-0526133
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
1170 Eighth Avenue
Bethlehem, Pennsylvania 18016-7699
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (610) 694-2424
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 9. Regulation FD Disclosure.
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As a result of recent changes to Bethlehem Steel Corporation's ("Bethlehem")
outlook for the fourth quarter 2000 and the announcement it made yesterday
relating to the permanent closing of ingot teeming and slab mill operations at
its Burns Harbor Division, Bethlehem is making this filing. This filing
modifies certain key assumptions relative to Bethlehem's fourth quarter outlook
that it communicated publicly through its telephone / web-cast conference call
following the release of its third quarter earnings on October 24, 2000.
During its third quarter conference call, Bethlehem said that with respect to
"our key assumptions for the 4th quarter, we believe that our shipments and
product mix will probably be about the same as the 3rd quarter. We believe
that our steel prices, on a constant mix basis, will be lower--down by perhaps
2 to 3 percent or so.
"But, we expect that our costs will be somewhat better -- by perhaps a percent
or so, -- primarily as a result of not having the fire expense that we had in
the third quarter. We also expect continued improvement as our new Sparrows
Point Cold Mill ramps up but, we're assuming that improvement will be largely
offset by higher energy costs and seasonal factors".
With respect to key assumptions for the fourth quarter 2000 compared to the
third quarter 2000, Bethlehem now believes that relative to its aforementioned
previously communicated assumptions:
1. Shipments will be somewhat lower,
2. Product mix will be about the same,
3. Steel prices, on an index basis, will be down about at the high
end of the 2 to 3% range, and
4. Costs will be higher than its costs in the third quarter.
Additionally, Bethlehem announced yesterday that it would permanently close the
ingot teeming and slab mill operations at its Burns Harbor Division. Bethlehem
said that it would record a pre-tax restructuring charge of $6 million in the
fourth quarter 2000 in connection with this decision.
Forward-looking Statements
This filing contains forward-looking statements. Our use of the
words "expects", "believe", "intent", "should", "plan" and similar words are
intended to identify these statements as forward-looking. In accordance with
the provisions of the Private Securities Litigation Reform Act of 1995,
reference is made to "Item 1 - Business - Forward-Looking Statements" of
Bethlehem's 1999 Annual Report on Form 10-K and to "Cautionary Statement" of
Bethlehem's Registration Statement on Form S-4 filed with the Securities and
Exchange Commission on April 24, 1998 for important factors that could cause
actual results to differ materially from those projected.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BETHLEHEM STEEL CORPORATION
(Registrant)
By: /s/ L.A. Arnett
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L. A. Arnett
Vice President and Controller
(principal accounting officer)
Date: November 16, 2000
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