Located at Sparrows Point, Maryland, Bethlehem Shipbuilding has been producing iron and steel since 1889. Its annual revenues of $5 billion and shipments of nine million tons of steel annually make it the second largest steel manufacturer in the United States. The company chose to sell off their sister operations BethShip, BethForge, and CENTEC, but the companies continued to do business while they were being sold in late 1996. The choice to break with these segments of the company came after they suffered a loss of $241 million in 1996 after deserting their steel production operations. In 1997, Bethlehem responded through a settlement with the EPA regarding environmental charges of air pollution, wastewater discharges, and solid waste management. The pollution was said to have occurred between 1990 and 1995.
In Oct. 1997, Veritas Capital Fund, a New York based merchant banking and investment firm, chose to buy BethShip. The shipyard included a repair yard that serviced ships in addition to fabricated industrial products, a graving dock, a floating drydock with lifting capacity of up to 40,000 tons, and two full-service outfitting piers.Sources