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EARNINGS UP AT ALLEGHENY LUDLUM

 EARNINGS UP AT ALLEGHENY LUDLUM
 PITTSBURGH, July 20 /PRNewswire/ -- Allegheny Ludlum Corporation


(NYSE: ALS) reported today a sharp increase in 1992 second quarter earnings over the same period last year.
 In the quarter ending June 28, 1992, Allegheny Ludlum sales were $260,665,000 with net income of $13,444,000 or $.41 per share of common stock, based on 32,920,430 weighted average shares outstanding.
 Sales in the 1991 second quarter were $264,774,000 and earnings were $10,823,000 or $.33 per share, based on 32,911,055 weighted average shares outstanding. The 1991 period included $.08 per share in after-tax earnings from a favorable settlement of a patent infringement suit.
 "While second quarter stainless steel selling prices were under year-ago levels, market demand continues to grow for stainless steel and other specialty materials," said Robert P. Bozzone, president and chief executive officer of Allegheny Ludlum Corporation.
 Looking forward, Bozzone said, "The summer period, which typically reflects a business slowdown, is developing quite well this year. We expect our third quarter earnings will be significantly better than last year reflecting strong automotive demand, improved selling prices for most stainless steel products effective June 1, and operating efficiencies flowing from record investments in our plant and equipment during recent years." The company reported earnings of $.14 per share in the 1991 third quarter after a $.10 per share one-time charge for tax expense to reflect a change in the Pennsylvania tax law.
 Since the beginning of the year the company's work-in-process inventory reduction program has generated $51 million in additional cash flow, according to Bozzone. While the program is continuing, the company does not expect significant inventory reductions over the remainder of the year.
 Bozzone also noted that Allegheny Ludlum has received a contract valued at approximately $4 million to supply AL-6XN alloy, an advanced corrosion-resistant stainless steel, for the world's largest tension- leg offshore oil platform to be located off the coast of Norway. The export shipments are planned to begin in September.
 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 Ended Fiscal Quarter Fiscal Six Months
 6/28/92 6/30/91 6/28/92 6/30/91
 Net sales $260,665 $264,774 $525,062 $531,320
 Cost and expenses:
 Cost of products sold 210,657 225,569 425,275 444,877
 Research, development
 & technology 8,938 8,739 18,105 17,753
 Commercial and admin. 10,120 9,827 20,187 19,629
 Deprec. & amort. 6,822 6,443 13,712 12,951
 236,537 250,578 477,279 495,210
 Income from operations 24,128 14,196 47,783 36,110
 Other expense (income):
 Interest expense 2,270 1,421 3,529 3,031
 Other - net (775) (4,544) (643) (4,674)
 1,495 (3,123) 2,886 (1,643)
 Income before income
 taxes 22,633 17,319 44,897 37,753
 Income taxes 9,189 6,496 18,227 14,421
 Net income 13,444 10,823 26,670 23,332
 Net income per common
 share $.41 $.33 $.81 $.71
 Dividends declared per
 common share $.22 $.22 $.44 $.44
 Tons shipped 120,130 129,648 240,846 252,236
 Summarized Balance Sheet Data
 (Unaudited)
 6/28/92 12/29/91
 Net working capital $296,960 $192,933
 Properties - net 362,520 364,766
 Other assets 21,328 14,851
 680,808 572,550
 Long-term debt 146,781 48,524
 Other long-term obligations 155,884 159,537
 Shareholders' equity 378,143 364,489
 /delval/
 -0- 7/20/92
 /CONTACT: Bert Delano of Allegheny Ludlum 412-394-2813/
 (ALS) CO: Allegheny Ludlum Corporation ST: Pennsylvania IN: MNG SU: ERN


CD-LJ -- PG003 -- 0688 07/20/92 11:21 EDT
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Date:Jul 20, 1992
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