P.M. BRIEFING : Bethlehem Steel Earnings Drop
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BETHLEHEM, Pa. — Bethlehem Steel Corp. said today that weakening steel markets helped cut its third-quarter earnings by more than half to $46.9 million, or 53 cents per share.
In the 1988 third quarter, Bethlehem earned $101.4 million, or $1.18 per share. Sales fell 7.9% from $1.32 billion to $1.22 billion in the comparable three-month periods.
“We anticipate that steel market conditions will exhibit a further moderate decline in the fourth quarter as the automotive sector remains weak and customers continue to adjust inventories,” said Walter F. Williams, chairman of the nation’s second-largest steelmaker.
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