Bethlehem Steel Has Mixed Results

Bethlehem Steel on Wednesday reported a $34-million profit for the fourth quarter of 1986, its first such profit since the second quarter of 1985.

Bethlehem, the nation’s third-largest steelmaker, cited improved operating results in its steel business and accounting changes for the profit.

The Bethlehem, Pa., company posted a net loss of $78 million in the fourth quarter of 1985.

Fourth-quarter revenue fell to $1.02 billion from $1.3 billion a year earlier.

Steel operations improved at Bethlehem while top-ranked USX Corp. was out of production due to a strike by the United Steelworkers union.

Bethlehem said it had a net loss of $153 million in 1986, compared to a $196-million loss in 1985. Annual revenue fell to $4.3 billion from $5.1 billion a year earlier.

The company blamed the annual loss on depressed prices for its steel, iron ore and coal and on losses in its marine construction business.

The steel segment reported operating income of $73 million for the latest quarter but an operating loss of $21 million for the year. In 1985, the unit lost $48 million in the fourth quarter and $101 million for the year.

Bethlehem has reported losses of more than $2 billion since 1982, when it reported a $1.46-billion deficit.