
                                                       Exhibit 99.1

                            [Allegheny Ludlum Corporation Logo]
                            Executive and General Offices
                            Six PPG Place, Pittsburgh, PA 15222-5479
          
                            CONTACT:  Bert Delano
                                      412/394-2813
                                      Dan Greenfield
                                      412/394-3004

          FOR RELEASE:  July 23, 1996


          Pittsburgh, PA - Allegheny Ludlum Corporation today reported 1996
          second quarter net  income of $22,151,000  or $ .34 per  share of
          common  stock from steelmaking operations before initial one-time
          charges  of  $ .03  per share  related  to the  pending strategic
          merger with Teledyne, Inc.  For  the quarter which ended June 30,
          1996, sales were $338,553,000.

          In an exceptionally strong  1995 second quarter, Allegheny Ludlum
          reported net  income of $34,470,000, or $ .49 per share on record
          sales of $390,468,000.

          "Despite  continuing   market  pressure  on  selling  prices  for
          commodity stainless  steels,  our 1996  second  quarter  earnings
          topped  this year's  first  quarter  earnings  by  7  percent  on
          somewhat  lower sales  revenues,"  Arthur H.  Aronson,  Allegheny
          Ludlum's President and Chief  Executive Officer, said.   He noted
          that  the  first quarter  was  impacted  by additional  operating
          expenses  of $  .03 per  share  for unplanned  equipment outages.
          "Our unique  range of  engineered high value  specialty materials
          helped  mitigate  the effect  of  price  reductions of  commodity
          stainless steels in this quarter."   Aronson added, "Our  average
          price per  ton for all products  dropped only 5 percent  from the
          first quarter.   The quarter also benefitted from continuing cost
          controls and more favorable raw material prices."

          Assets  held for  sale contributed  $ .01  per share to  the 1996
          second quarter  earnings  versus $  .04  in the  comparable  1995
          period.

          United States consumption of stainless steel sheet and strip, the
          industry's largest product line, increased 5 percent in the four-
          month  period ended April 30.  However, in this relatively strong
          market compared to those  of other nations, a surge  of commodity
          stainless steels entered the  U.S. at depressed prices.   Imports
          accounted for 21 percent  of the U.S. market for  stainless steel
          sheet  and strip products, versus a 19 percent penetration in the
          four-month period last year.

          PAGE 1 of 4
<PAGE>
          On a  trailing twelve-month  basis, Allegheny Ludlum's  Return on
          Capital  Employed  and Return  on  Shareholders'  Equity were  18
          percent and 24 percent respectively.  In addition, cash generated
          from  operations  was  $46,099,000  for  the  six  month  period,
          bringing  total  cash to  $92,585,000 at  the  end of  the second
          quarter.  

          As  previously   announced,  Allegheny  Ludlum   Corporation  and
          Teledyne,  Inc.  have  entered  into a  definitive  agreement  to
          combine  the businesses of the two companies making each a wholly
          owned   subsidiary   of  a   new   company,  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.  The offering  of the Allegheny Teledyne shares
          is  being made only pursuant  to its prospectus  contained in the
          joint proxy materials which were mailed beginning July 18,  1996.
          Special shareholder  meetings of  each Company are  scheduled for
          August 15, 1996, as announced.

          Allegheny  Ludlum  is  a leading  producer  of  a  wide range  of
          specialty  materials  including   stainless  steels,   electrical
          steels,  tool steels, and high  technology alloys.  The company's
          common  stock trades  on  the New  York  Stock Exchange  (Symbol:
          ALS).


























          PAGE 2 of 4
<PAGE>
        Allegheny Ludlum Corporation and Subsidiaries

        Consolidated Statement of Income
        (Unaudited-In thousands of dollars except per share amounts)

                               Fiscal Quarter Ended    Fiscal    Six    Months
        Ended
                               6/30/96     7/02/95        6/30/96    7/02/95
                               -------     -------        -------    -------

        Net Sales              $338,553    $390,468       $691,655   $785,800

        Cost of products sold   266,147     301,306        552,254    615,048
        Research, development 
         and technology          10,682      12,067         21,574     23,284
        Commercial and 
         administrative          14,579      14,323         27,158     28,356
        Depreciation and 
         amortization            11,380       9,630         22,843     19,496
                               --------    --------       --------   --------
        Income from steel 
         operations              35,765      53,142         67,826     99,616

          Operating earnings 
             from assets held 
             for sale               700       4,254          1,876      7,268

          Interest expense-
             net                 (1,783)       (119)        (3,116)          
        (876)

          Other income-net        1,094         860          1,690      1,153
                               --------    --------       --------   --------

        Income before 
          income taxes           35,776      58,137         68,276    107,161

        Income taxes             15,315      23,667         28,716     43,837
                               --------    --------       --------   --------
        Net Income              $20,461     $34,470        $39,560    $63,324
                               --------    --------       --------   --------

        Average Shares 
          of Common Stock 
          Outstanding        66,009,201  69,959,030      6 6 , 3 0 0 , 7 8 6
        70,263,501
                             ----------  ----------     ----------   ---------
        -
        Per Common Share:
          Primary              $ .31       $ .49          $ .60      $ .90
                               -----       -----          -----      -----
          Fully Diluted         --         $ .47            --       $ .86

          PAGE 3 of 4
<PAGE>
                                          -----                     -----
        Dividends Declared 
         per Share             $ .13       $ .12          $ .26      $ .24
                               -----       -----          -----      -----
        ----------------------------------------------------------------------
        -
        Net Tons                135,851     145,176       270,376     310,559
        ----------------------------------------------------------------------
        -


        Consolidated Balance Sheets
        (Unaudited-In thousands of dollars)

                                  June 30, 1996        December 31, 1995
                                  -------------        -----------------

        Net Working Capital          $306,316             $270,787

        Properties-Net                442,102              451,623
        Assets Held for Sale           21,546               46,477
        Other Assets                  197,471              191,898
                                     --------             --------
                                      967,435              960,785

        Long-Term Debt                179,847              181,157
        Other Long-Term Obligations   410,932              404,180
                                     --------             --------

        Shareholders' Equity         $376,656             $375,448
                                     ========             ========


        Detailed balance sheet available on request.




        Consolidated Statement of Cash Flows
        (Unaudited-In thousands of dollars)

        Fiscal Six Months Ended         June 30, 1996     July 2, 1995
        ------------------------------  -------------     ------------

        Cash from operating activities     $46,099           $107,782

        Cash from (used by) investing 
          activities                         8,661             (9,893)

        Cash used by financing activities  (33,088)           (39,519)
                                           -------           --------


          PAGE 4 of 4
<PAGE>
        Increase in cash and 
          cash equivalents                  21,672             58,370

        Balance of cash and cash
          equivalents at beginning 
          of period                         70,913             11,185
                                           -------           --------

        Cash and cash equivalents          $92,585            $69,555
                                           -------           --------


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