Allegheny Teledyne to Acquire Stainless Steel Assets from Bethlehem Steel

Business Wire, Nov 15, 1999

PITTSBURGH--(BUSINESS WIRE)--Nov. 12, 1999--

Allegheny Teledyne Incorporated (NYSE:ALT) today announced that its subsidiary, Allegheny Ludlum Corporation, has entered into a definitive agreement with Bethlehem Steel Corporation (NYSE:BS) in which Allegheny Ludlum will acquire the Washington, PA plant of Lukens' Washington Steel Division for approximately $20 million in cash. Bethlehem has owned the plant since it acquired Lukens in 1998. The plant has been idle since April, 1999 and was formerly used to cold roll and finish stainless steel sheet and strip.

"We have identified significant operating synergies that will help lower our costs of producing stainless steel," said Jack W. Shilling, president of Allegheny Ludlum, an Allegheny Teledyne company. "In addition, the Sendzimir mills and anneal and pickle lines provide incremental sheet capacity to help us meet strong demand in our highly competitive global markets."

The agreement is subject to customary regulatory approval and closing conditions.

Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne's goal is to be the low cost, high quality supplier to global markets. Allegheny Teledyne's website can be found at http://www.alleghenyteledyne.com.