P.M. BRIEFING : Steel Firm Studies 2,000 Layoffs
Bethlehem Steel Corp. said today it is considering a restructuring and modernization that would result in 2,000 layoffs and a $550-million charge to fourth-quarter earnings.
On the table is a joint venture with British Steel PLC, Britain’s largest steelmaker, involving Bethlehem’s plants at Bethlehem and Steelton, Pa. The Bethlehem plant makes structural products, while the Steelton plant makes rail and related equipment.
Bethlehem is the nation’s third-largest steelmaker behind No. 1 USX Corp. of Pittsburgh and LTV Corp. of Dallas. The company made the steel for such national landmarks as Rockefeller Center, the Golden Gate Bridge and the U.S. Supreme Court Building.
The company, which has spent $4 billion since 1980 on plant modernizations, said most of the anticipated layoffs would occur at its Bethlehem operation at the end of a modernization program expected to last two to three years.
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