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ALLEGHENY LUDLUM AND ATHLONE MERGER CLEARS WAITING PERIOD

 PARSIPPANY, N.J., Aug. 19 /PRNewswire/ -- Allegheny Ludlum Corporation (NYSE: ALS) and Athlone Industries, Inc. (NYSE: ATH) announced today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for their proposed merger expired yesterday.
 Robert P. Bazzone, Allegheny Ludlum's president and chief executive officer, noted, "We are very pleased to be able to move ahead with the proposed merger to combine our resources to achieve significant operating synergies and expand customer service and market opportunities. With this merger, we will become a cost competitive producer rather than a marketer of stainless steel plate, and also benefit from new `niche' markets for tool steels, heat resisting nickel alloys and other specialty products."
 Harold J. Miller, chairman of the board and president of Athlone, said, "The satisfaction of this condition to the proposed transaction moves us closer to the completion of the merger which will allow Athlone shareholders to participate in the near-term and long-term favorable prospects of the combined company."
 The merger transaction is subject to a number of conditions, including approval by Athlone's shareholders at a special meeting. The record date for the special meeting of Athlone shareholders will be Monday, Sept. 20, 1993. The date of the special meeting has not been determined but the meeting is now expected to be held in October 1993.
 Allegheny Ludlum is a major producer of stainless steels, silicon electrical steels and other high technology alloys. The company reported 1992 sales of $1.04 billion.
 Athlone, primarily a manufacturer of specialty steels in plate form, reported 1992 sales of $207 million.
 -0- 8/19/93
 /CONTACT: Alan Shaw, vice president and general counsel of Athlone Industries, 201-887-9100 or 212-425-6550/
 (ATH ALS)


CO: Athlone Industries, Inc.; Allegheny Ludlum Corporation ST: New Jersey, Pennsylvania IN: MNG SU: TNM

SM-SH -- NY025 -- 4283 08/19/93 11:28 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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