May 25, 2005

Mode Merge - Close proximity to key markets - Easy access to interstate highways - Interchanges with multiple Class 1 Railroads. Facilities at Bethlehem, PA and Johnston, PA.

December 31, 2003

Lehigh Valley Rail Management LLC announces the purchase of three railroads and BethIntermodal LLC, from ISG Railways, Inc., a subsidiary of International Steel Group, Inc. (ISG). The assets purchased include three (3) shortline railroads in Bethlehem, Johnstown and Cambria County, Pennsylvania. These railroads had previously been owned by Bethlehem Steel Corporation, and operated for many years as the Philadelphia, Bethlehem and New England Railroad Company (PBNE), Conemaugh & Black Lick Railroad Company (CBL) and Cambria and Indiana Railroad Company (C&I). In addition Lehigh Valley Rail Management LLC, also purchased BethIntermodal LLC, a leading transportation and logistics provider serving the Northeast.

Lehigh Valley Rail Management's Bethlehem shortline railroad currently provides service to customers in the Bethlehem Commerce Center as well as serving the BethIntermodal and Triple Crown Services Terminals on that site. The Bethlehem shortline will provide rail service to the future property owners and tenants of the Bethlehem Commerce Center.

Lehigh Valley Rail Management's Johnstown shortline serves numerous customers in and around Johnstown, Cambria County, PA.

BethIntermodal provides transload and storage capabilities that allow shippers to use multiple modes of transportation in their supply chains, thereby lowering their costs and making them more competitive in the global marketplace. BethIntermodal also owns and operates a large intermodal facility at Bethlehem in northeast Pennsylvania.

Contact:

Patrick R. Loughlin 610-694-5937 610-694-3316 fax

Patrick A. Sabatino 610-694-3484 610-694-3316 fax