Bethlehem Steel Announces Restructuring Initiatives
July 10, 2002
Bethlehem Steel Corp., Bethlehem, Pa., is accelerating efforts toward restructuring operations to emerge from bankruptcy court protection and to ensure the long-term competitiveness of its steel mills as the company pursues partnerships with other global companies. Steps under consideration include a new labor agreement with United Steelworkers of America, revised employee and retiree benefits, a leaner organizational structure to lower costs and speed decision-making, review of actions necessary to deal with under-performing assets, possible acquisitions of selected assets to enhance competitiveness, and a capital expenditure plan with sufficient resources to ensure facilities can keep up with ever more stringent customer demands. The company's board of directors will review specific actions and alternatives related to these steps in late July, and implementation and commencement of labor negotiations are expected to follow shortly thereafter.