Allegheny Technologies

Financial Strength

Strong Operating Cash Flow

Cash provided by operating activities was $227 million.

High Liquidity And Capitalization

The company had a market capitalization of about $4 billion at year-end 1996. Common shares outstanding at year-end numbered over 174 million.

Low Cost of Debt

About 33% of the company's long-term debt has a maturity of 29 years with a fixed rate of 6.95%. The revolving credit agreement has a five-year maturity, which gives significant stability to near-term debt arrangements.

Fully Funded Retiree Liabilities

The company's pension plan had an initial surplus of more than $690 million, with assets equal to 142% of the accumulated benefit obligation.

High Director and Officer Stake

All directors and executive officers as a group own beneficially 23% of the outstanding shares of Allegheny Teledyne common stock.

1996 Annual Report