Bethlehem Steel Corp. Files Chapter 11 Bankruptcy Petition

BETHLEHEM, Pa. - Bethlehem Steel Corp., the nation's second-largest integrated steel manufacturer, announced Oct. 15 that it had filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Southern District of New York.

Although the steel manufacturer has been involved in asbestos litigation, a spokeswoman for the company said that the litigation had no bearing on their petition.

Workers at the company's Bethlehem, Pa., plant have filed numerous asbestos claims across the country, including thousands filed recently in Northampton County Court of Common Pleas in Pennsylvania.

The decision to file for Chapter 11 protection, however, was …