

                                                            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 24, 1996


          Pittsburgh, PA - The Board of Directors of Allegheny Ludlum
          Corporation today declared a regular quarterly cash dividend of
          $.16 per share of Common Stock.  The dividend is payable August
          23, 1996, to shareholders of record at the close of business
          August 8, 1996.

          The $.16 amount reflects the proposed combination of Allegheny
          Ludlum and Teledyne.  As previously announced, Allegheny Ludlum
          has scheduled a special meeting of shareholders for August 15,
          1996 to vote on the proposed combination.  July 8, 1996 is the
          record date for determination of shareholders entitled to vote at
          the meeting.

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


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