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EARNINGS UP AT ALLEGHENY LUDLUM, BUT RECESSION LINGERS

 EARNINGS UP AT ALLEGHENY LUDLUM, BUT RECESSION LINGERS
 PITTSBURGH, Jan. 28 /PRNewswire/ -- Allegheny Ludlum Corporation (NYSE: ALS) today reported substantially improved earnings in the 1991 fourth quarter, compared with the year-ago quarter.
 For the quarter ending Dec. 29, 1991, net income was $13,037,000, or $.40 per share of common stock, based on 32,898,480 weighted average number of shares outstanding. For the 1990 quarter, net income was $6,079,000, or $.19 per share based on 32,872,100 weighted average number of shares outstanding. Sales revenues in the 1991 fourth quarter were $231,869,000 vs. $238,724,000 in the prior year.
 "Despite the lingering recession, lower raw material costs and continued tight cost controls, along with the efficiencies we are beginning to realize at our new Vandergrift plant, enabled Allegheny Ludlum to substantially improve fourth quarter earnings over the previous and year-ago quarters," Robert P. Bozzone, president and chief executive officer, said. "While we project continued cyclical growth of our markets, we have yet to see any real vigor in the economy and in demand for specialty materials," he said. Also, Bozzone noted some recent further price weakening in stainless steel. "Selling prices should really recognize the better value of stainless steel vs. other materials," according to Bozzone.
 Allegheny Ludlum's earnings for the full year 1991 declined, reflecting the sustained recessionary environment, stubbornly high raw material costs through most of the year, product mix and lower selling prices, along with increased tax expense to reflect new Pennsylvania tax legislation. Net income in 1991 was $41,110,000, or $1.25 per share based on 32,903,095 weighted average number of shares outstanding. In 1990, net income was $68,936,000, or $2.07 per share based on 33,300,677 weighted average number of shares outstanding. Sales in 1991 were $1,004,622,000, compared with $1,084,908,000 the previous year.
 Bozzone said also that 1991 benefitted from record exports of $112 million, up 51 percent over the prior year. In its program to expand global markets, Allegheny Ludlum served customers in more than 30 nations during the year.
 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 stock trades on the New York Stock Exchange (symbol: ALS).
 ALLEGHENY LUDLUM CORPORATION
 Statement of Income
 (Unaudited)
 (000's except per share amounts and tons shipped)
 Period Fiscal Quarter Fiscal Year
 Ended 12/29/91 12/30/90 12/29/91 12/30/90
 Net sales $231,869 $238,724 $1,004,622 $1,084,908
 Cost & expenses:
 Cost of
 products sold 182,588 206,679 828,516 876,159
 Research, development
 & technology 8,580 8,665 35,538 37,101
 Commercial & adm. 10,352 10,589 40,677 37,893
 Depreciation
 and amortization 6,569 5,876 26,224 22,728
 208,089 231,809 930,955 973,881
 Inc. from opers. 23,780 6,915 73,667 111,027
 Other expense (income):
 Interest expense 1,074 1,558 5,424 6,214
 Other - net 644 (1,948) (4,148) (5,031)
 1,718 (390) 1,276 1,183
 Income before
 income taxes 22,062 7,305 72,391 109,844
 Income taxes 9,025 1,226 31,281 40,908
 Net income 13,037 6,079 41,110 68,936
 Net income per
 common share $.40 $.19 $1.25 $2.07
 Dividends declared
 per common share $.22 $.22 $.88 $.86
 Tons shipped 110,305 108,968 478,900 497,592
 Summarized Balance Sheet Data
 (Unaudited)
 12/29/91 12/30/90
 Net working capital $192,933 $198,187
 Properties - net 364,766 354,757
 Other assets 14,851 11,213
 572,550 564,157
 Long-term debt 48,524 52,845
 Other long-term obligations 159,537 159,046
 Shareholders' equity 364,489 352,266
 /delval/
 -0- 1/28/92
 /CONTACT: Bert Delano of Allegheny Ludlum, 412-394-2813/
 (ALS) CO: Allegheny Ludlum Corporation ST: Pennsylvania IN: MNG SU: ERN


DM -- PG010 -- 4318 01/28/92 14:35 EST
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Date:Jan 28, 1992
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