Arcelor Announces J&L Specialty Steel's Sale of Assets.

Business Editors

LUXEMBOURG--(BUSINESS WIRE)--Feb. 17, 2004

Arcelor (CELR.PA)(LOR FP)(Sicovam:5786)

Arcelor (Paris Exchange:CELR.PA) announced today that its subsidiary J&L Specialty Steel, LLC, has agreed to sell substantially all of J&L's assets to a wholly-owned subsidiary of Allegheny Technologies Incorporated (NYSE:ATI).

The transaction, which is targeted for closing on May 3, 2004, is conditioned upon completion of due diligence, successful negotiation of new collective bargaining agreements with the USWA at both Allegheny Ludlum and J&L, approval by Allegheny Technologies' secured lenders, and customary regulatory approvals.

Although several closing conditions must be satisfied, the parties are working diligently towards completion of a successful transaction.

J&L Specialty Steel is a leading manufacturer of flat-rolled stainless steel products. The company is headquartered in Coraopolis, PA, with plants located in Midland, PA and Louisville, OH. J&L is a wholly-owned subsidiary of Arcelor.

With approximately 100,000 employees in over 60 countries, Arcelor is the world's largest steel producer. In 2002, on a pro forma basis, production was approximately 44 million tons of steel with a turnover of 26.6 billion euros. Arcelor is a major player in all its main markets: automotive, construction, household appliances and packaging, as well as general industry. Arcelor's website can be found at www.arcelor.com.

Allegheny Technologies Incorporated (NYSE: ATI) is one of the largest and most diversified specialty materials producers in the world, with revenues of approximately $1.9 billion in 2003. The Company has approximately 8,800 employees world-wide. The Allegheny Technologies website can be found at www.alleghenytechnologies.com.

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.

This news release contains forward-looking statements that are based on management's current expectations and are subject to uncertainties and changes in circumstances. Actual results may differ materially from those expressed or implied in the forward-looking statements.