Bethlehem Steel Corp. said improved business conditions...

Bethlehem Steel Corp. said improved business conditions and its rejuvenated finances will allow it to pay more than $24 million in arrearages and current second-quarter dividends on three classes of preferred stock. The nation’s third-largest steelmaker also said it has sought approval from federal regulators to sell 8 million shares of common stock and apply the proceeds to its $1.7-billion unfunded pension liability. The arrearages include dividends that had been omitted for the second half of 1986 and the first half of 1987. The dividend payments do not cover common stock dividends, which have not been paid since 1985.