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ATHLONE SHAREHOLDERS APPROVE ACQUISITION

 PARSIPPANY, N.J., Nov. 8 /PRNewswire/ -- Athlone Industries, Inc. (NYSE: ATH), and Allegheny Ludlum Corporation (NYSE: ALS) today announced that shareholders of Athlone approved the acquisition of Athlone by Allegheny Ludlum.
 Under the terms of the acquisition agreement, Athlone shareholders will receive an amount of Allegheny Ludlum common stock determined by dividing $17.50 by the average of the closing prices per share of Allegheny Ludlum common stock on the New York Stock Exchange for the fifteen trading days ending on the second trading day prior to the closing of the acquisition; provided, that under no circumstances will Allegheny Ludlum issue less than .84726 of a share of Allegheny Ludlum common stock per share of Athlone common stock.
 The closing of the acquisition is expected to occur later this week. After the closing, Athlone shareholders will receive letters of transmittal and instructions for converting their shares of Athlone stock into Allegheny Ludlum stock.
 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- 11/8/93
 /CONTACT: Michael P. Trolman, assistant secretary of Athlone Industries, 201-887-9100 or 212-425-6550/
 (ATH ALS)


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

SH-MP -- NY085 -- 1876 11/08/93 15:30 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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