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ATHLONE SCHEDULES STOCKHOLDERS VOTE ON ACQUISITION BY ALLEGHENY LUDLUM

 PITTSBURGH, Oct. 4 /PRNewswire/ -- Athlone Industries (NYSE: ATH) and Allegheny Ludlum Corporation (NYSE: ALS) announced today that Athlone has scheduled a special meeting of stockholders of Athlone to consider the previously announced acquisition of Athlone by Allegheny Ludlum.
 The meeting is scheduled to be held on Nov. 8, 1993. Athlone will begin distributing proxy materials shortly to its stockholders of record as of Sept. 20, 1993. Athlone and Allegheny Ludlum further stated that the registration statement covering the Allegheny Ludlum shares to be issued to Athlone stockholders in the proposed merger was declared effective on Oct. 1 by the Securities and Exchange Commission.
 "All of us at Allegheny Ludlum will be glad to wrap up the proposed transaction with Athlone, making Allegheny Ludlum a fully integrated, cost competitive producer of stainless steel plate mill plate and an extensive range of tool steel and high nickel alloy plate products," Robert P. Bozzone, Allegheny Ludlum's president and chief executive officer, said.
 Harold J. Miller, chairman of the board and president of Athlone, said, "We at Athlone are pleased that our merger with Allegheny Ludlum is nearing fruition. This transaction will allow the Athlone stockholders to participate as stockholders in the new larger and stronger combined company."
 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- 10/4/93
 /CONTACT: Bert Delano of Allegheny Ludlum, 412-391-2813/
 (ATH ALS)


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

KC -- PG006 -- 8221 10/04/93 09:48 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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