
                                                               EXHIBIT 99.1

                                   CONTACT:  Bert Delano
                                             Allegheny Ludlum 
                                             412/394-2813

                                             Rosanne O'Brien
                                             Teledyne
                                             310/551-4265



          FOR IMMEDIATE RELEASE

                        ALLEGHENY LUDLUM AND TELEDYNE ANNOUNCE
                  CONCLUSION OF JUSTICE DEPARTMENT ANTITRUST REVIEW;
                  SHAREHOLDER MEETINGS TARGETED FOR MID-AUGUST 1996


          Pittsburgh, PA and Los Angeles, CA, June 27, 1996 - Allegheny
          Ludlum Corporation (NYSE:ALS) and Teledyne, Inc. (NYSE:TDY)
          announced today that the U.S. Department of Justice has closed
          its antitrust review of the proposed strategic merger of
          Allegheny Ludlum and Teledyne.  The Companies have been advised
          that there will be no further action by the Department.

          The Companies also announced that they each intend to hold
          Special Meetings of Shareholders in mid-August 1996 to vote on
          the proposed combination, and that Monday, July 8, 1996 has been
          established as the record date for the determination of
          shareholders entitled to vote at the Meetings.  Both Companies
          expect to mail proxy materials in the coming weeks.

          As previously announced, Allegheny Ludlum and Teledyne entered
          into a definitive agreement to combine the businesses of the two
          Companies pursuant to which each Company will become a wholly
          owned subsidiary of Allegheny Teledyne Incorporated.  Under the
          terms of the definitive agreement, Teledyne shareholders will
          receive 1.925 shares of common stock in Allegheny Teledyne for
          each of their Teledyne common shares, while Allegheny Ludlum
          shareholders will receive one share of common stock in the new
          company for each of their shares in Allegheny Ludlum.

          Allegheny Ludlum is a leading producer of a wide range of
          specialty materials including stainless steels, tool steels, high
          technology alloys and grain-oriented silicon steel.

          Teledyne, Inc. is a federation of technology-based manufacturing
          businesses serving worldwide customers with commercial and
          government-related aviation and electronics products; specialty
          metals for consumer, industrial and aerospace applications; and
          industrial and consumer products.

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