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ALLEGHENY LUDLUM ANNOUNCES CLOSING OF ACQUISITION OF ATHLONE INDUSTRIES

 PITTSBURGH, Nov. 10 /PRNewswire/ -- Allegheny Ludlum Corporation (NYSE: ALS) today announced the closing of its acquisition of Athlone Industries, Inc. (NYSE: ATH) effective Nov. 10, 1993.
 In the transaction, Athlone shareholders will receive .84726 of a share of Allegheny Ludlum common stock for each share of Athlone common stock. The exchange ratio was determined, as specified in the acquisition agreement, by dividing $17.50 by the average of the closing prices of Allegheny Ludlum stock on the New York Stock Exchange for the 15-day trading period ended Nov. 8, 1993. Letters of transmittal and instructions for converting Athlone stock into Allegheny Ludlum stock will be sent to Athlone shareholders within the near future.
 A total of approximately 5,155,000 shares of Allegheny Ludlum stock will be issued in the transaction. On Nov. 9, 1993, Allegheny Ludlum stock closed at $21.875 per share.
 "This acquisition provides Allegheny Ludlum with good opportunities to add to our earnings very quickly. As previously stated, we expect to achieve attractive operating efficiencies and synergies. Also, of course, Jessop stainless steel and high technology alloy plate, along with the addition of their tool steel plate products, add strength to our line of specialty steels, enabling us to better serve and expand our markets," Robert P. Bozzone, Allegheny Ludlum's president and chief executive officer, said.
 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, through its Jessop operations, is primarily a manufacturer of specialty steels in plate form. Athlone reported 1992 sales of $207 million.
 -0- 11/10/93
 /CONTACT: Bert Delano of Allegheny Ludlum, 412-394-2813/
 (ALS ATH)


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

KC -- PG003 -- 2912 11/10/93 16:27 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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