Allegheny Ludlum Announces Price Increases and Raw Material Surcharge Changes.

PITTSBURGH--(BUSINESS WIRE)--Aug. 12, 1999--

Allegheny Ludlum Corporation, an Allegheny Teledyne company (NYSE:ALT), today announced that it is increasing prices for stainless steel hot rolled and cold rolled sheet and strip and coiled plate by approximately 6 to 7 percent, effective with shipments August 23, 1999.

The company also announced that it is increasing prices for all nickel alloy hot rolled and cold rolled sheet and strip, plate mill plate and coiled plate by 10 percent, effective with shipments August 12, 1999.

In addition, Allegheny Ludlum will change the raw material surcharge base levels for both nickel and chromium. Effective with shipments October 4, 1999, the surcharge base level for nickel will be $2.75 per pound, compared to the current $3.50 per pound, and the surcharge base level for chromium will be $0.40 per pound, compared to the current $0.45 per pound. The surcharge base level for molybdenum will remain unchanged at $3.00 per pound. The updated surcharges will apply to all stainless steel sheet, strip, continuous mill plate, plate mill plate, and tool steels.

"Over the past three years, stainless steel prices have fallen substantially due to severe pressure from unfairly traded imports," said Robert W. Rutherford, senior vice president, commercial for Allegheny Ludlum. "This price increase is being implemented to continue to improve profitability for capital expenditures and growth, along with addressing the substantial increases in raw material costs."

The price increase on stainless steel products covers 200, 300 and 400 series grades of sheet and strip and all coiled plate.

Allegheny Ludlum is a world leader in the production and marketing of sheet, plate and strip specialty materials including stainless steel, nickel-based alloys, titanium and titanium-based alloys. The company also produces grain-oriented silicon electrical steel products and tool steel plate. Allegheny Ludlum's website can be found at http://www.alleghenyludlum.com.

Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. Allegheny Teledyne's goal is to be the low cost, high quality supplier to global markets. Allegheny Teledyne's website can be found at http://www.alleghenyteledyne.com.