Trying to pull itself out of a flood of red ink, Bethlehem Steel Corp. announced today that it will eliminate its dividend, cut its total work force by 6,500 and dispose of its bar, rod and wire division -- a move that will affect about 350 workers at the company's Sparrows Point steel mill in Baltimore County.
The steel maker lost $638.1 million, or $8.47 a share, during the fourth quarter of 1991, compared to a loss of $516.8 million, or $6.91 per share, for the 1990 fourth quarter. Revenues for the quarter were $1 billion compared to $1.2 billion for the comparable quarter of 1990.
Much of the loss was from the $575 million restructuring charge.
Because of the continuing losses, the company said it was eliminating its 10-cent a share quarterly dividend.
For the year, the company lost $767 million, or $10.41 per share, compared to a loss of $463.5 million, or $6.45 a share, for 1990. Sales during 1991 were $4.3 billion compared to $4.9 billion for 1990.