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Twentieth-Century Business Archives

Bethlehem Steel Corp. Deal - Lehman Brothers Collection

Bethlehem Steel Corp.

Company Deal$250,000,000 8.45% debentures due March 1, 2005
Transaction TypeDebentures
Deal DescriptionBethlehem Steel Corporation added the net proceeds from this transaction to its general funds, to be used for general corporate purposes, including meeting the cost of additions and improvements to property. No specific allocations had been made at the time of the deal. In the years 1970 to 1974, the company made additions and improvements to its property, including a second coke oven battery, a sinter plant, a second large blast furnace and supporting facilities, a continuous slab caster and additional hot rolled finishing facilities at the Burns Harbor plant, a sinter plant and an ore pier and computerized materials handling complex at the Sparrows Point plant, a shipbuilding basin at the Sparrows Point shipyard, and an ore carrier on the Great Lakes. Authorized additions and improvements anticipated to follow the deal included a 110 inch plate mill and supporting facilities, a third vessel for the basic oxygen furnace shop and expansion of the light flat rolled facilities at the Burns Harbor plant, a two-vessel basic oxygen steelmaking complex, a 13-inch bar mill, a large blast furnace, coal reserves and coal mines and related facilities at various locations, a taconite mine and pellet plant, and two ore carriers on the Great Lakes.
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