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CONTINUED EARNINGS GAINS REPORTED AT ALLEGHENY LUDLUM

 PITTSBURGH, Oct. 19 /PRNewswire/ -- Allegheny Ludlum Corporation (NYSE: ALS) today reported a 30 percent gain in net income for the 1993 third quarter compared to last year's period.
 For the quarter ending Oct. 3, 1993, Allegheny Ludlum reported net income of $16,559,000 or $.25 per share of stock. Sales were $262,323,000. In the 1992 third quarter net income was $12,760,000 or $.19 per share on sales of $254,337,000.
 Comparing the nine month 1993 period with last year, net income was up 50 percent to $53,432,000 or $.81 per share, on a 7 percent increase in sales to $831,812,000.
 Robert P. Bozzone, Allegheny Ludlum's president and chief executive officer, noted that "the 1993 third quarter was burdened with costs of approximately $.06 per share related to major production outages to upgrade certain melting and hot rolling equipment. Excluding these outage charges, third quarter margins were better than in the first half of this year and better than the comparable period last year, primarily due to attractively priced raw materials and operating efficiencies."
 Bozzone noted that the reported third quarter earnings were enhanced by $.04 per share from the favorable settlement of Allegheny Ludlum's patent infringement lawsuit against Nippon Steel Corporation, as well as by $.03 per share from a higher valuation of an investment in a limited partnership fund. Net income for the 1992 third quarter included $.07 per share of net valuation gains from investments.
 Bozzone noted also that the stockholders of Athlone Industries, Inc. (NYSE: ATH) are scheduled to meet on Nov. 8, 1993 to consider and vote on the previously announced acquisition of Athlone by Allegheny Ludlum. "The proposed transaction will make Allegheny Ludlum a cost-competitive producer of stainless steel plate mill plate and a wide range of tool steel and high nickel alloy plate products for 'niche' markets," he said.
 Allegheny Ludlum is a leading producer of a wide range of specialty materials including stainless steels, electrical steels and high technology alloys. The company's common stock trades on the New York Stock Exchange (symbol: ALS).
 Statement of income and summarized balance sheet data follow.
 ALLEGHENY LUDLUM CORPORATION
 Statement of Income (Unaudited)
 (000's except per share amounts and tons shipped)
 Fiscal Quarter Ended Fiscal 9 Months Ended
 Oct. 3 Sept. 27 Oct. 3 Sept. 27
 1993 1992 1993 1992
 (A) (A)
 Net Sales $262,323 $254,337 $831,812 $779,399
 Cost and Expenses:
 Cost of
 products sold 211,432 212,371 660,967 643,287
 Research,
 development &
 technology 10,410 9,827 31,722 28,171
 Commercial and
 administrative 10,593 9,794 34,138 30,452
 Depreciation
 and amortization 7,386 6,960 22,059 20,672
 239,821 238,952 748,886 722,582
 INCOME FROM
 OPERATIONS 22,502 15,385 82,926 56,817
 Other income (expense):
 Interest expense (2,050) (2,184) (6,320) (5,713)
 Unrealized gain
 from limited
 partnership 2,942 8,109 6,013 8,109
 Other -- net 5,178 196 7,193 839
 6,070 6,121 6,886 3,235
 Income Before
 Income Taxes and
 Cumulative Effect
 of Accounting
 Change 28,572 21,506 89,812 60,052
 Income Taxes 12,013 8,746 36,380 24,420
 Income Before
 Cumulative Effect
 of Accounting
 Change 16,559 12,760 53,432 35,632
 Cumulative Effect on prior
 years of
 Accounting Change -- -- -- (125,231)
 NET INCOME
 (LOSS) $16,559 $12,760 $53,432 $(89,599)
 Per common share: (B)
 Income Before Cumulative
 Effect of
 Accounting Change $.25 $.19 $.81 $.54
 Cumulative Effect on prior
 years of Accounting
 Change -- -- -- $(1.90)
 Accounting Change
 NET INCOME (LOSS) $.25 $.19 $.81 $(1.36)
 Dividends declared
 per common share $.12 $.11 $.35 $.33
 Weighted Average
 Common
 Shares 65,834,659 65,852,806 65,845,960 65,837,848
 Tons shipped 124,566 116,997 394,699 357,843
 (A) Reclassified to conform to 1993 presentation.
 (B) Restated for 2-for-1 common stock split effective July 1, 1993.
 Summarized Balance Sheet Data (Unaudited)
 Oct. 3, Jan. 3,
 1993 1993
 Net working capital $316,903 $299,356
 Properties - net 366,382 362,136
 Other assets 60,783 49,539
 744,068 711,031
 Long-term debt 135,542 138,070
 Other long-term obligations 320,506 316,017
 Shareholders' equity $288,020 $256,944
 /delval/
 -0- 10/19/93
 /CONTACT: Bert Delano of Allegheny Ludlum Corporation, 412-394-2813/
 (ALS ATH)


CO: Allegheny Ludlum Corporation ST: Pennsylvania IN: MNG SU: ERN

CD -- PG003 -- 3774 10/19/93 09:03 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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