Exhibit 99.1

NEWS RELEASE                                                      [LOGO]
                                                      1000 Six PPG Place
                                              Pittsburgh, PA  15222-5479

                             Contact:  Bill Acton (media)
                                       412/394-2872
                                       Dan Greenfield (financial)
                                       412/394-3004
                                       Gary Stechmesser (financial)
                                       412/394-2861

                 ALLEGHENY TELEDYNE COMMENTS ON EARNINGS OUTLOOK

Pittsburgh,  PA,  March 13, 1998 - Allegheny  Teledyne  Incorporated  (NYSE:ALT)
announced  today that earnings before special items for the quarter ending March
31, 1998 are unlikely to reach analysts' estimates that average $0.45 per share.

Continuing  weakness in commodity  stainless steel prices despite steady demand,
combined with a shortfall in  aerospace-related  metals shipments largely caused
by a major equipment outage at an important customer, will hold earnings back in
the first quarter.

In the quarter the company also expects non-recurring  restructuring charges and
transaction costs from its recently announced acquisitions. The acquisitions are
expected to add annualized revenues in excess of $750 million.

This news release  contains  forward-looking  statements  related to anticipated
revenues,  earnings and costs. Actual results could differ materially from those
projected in the forward-looking  statements.  Additional information concerning
factors  that  could  cause  actual  results  to differ  materially  from  those
projected  in the  forward-looking  statements  is  contained  in the  company's
filings with the  Securities  and Exchange  Commission,  including its report on
Form 10-K for the year ended December 31, 1996.

                                Page 5 of 6 Pages


Allegheny  Teledyne  Incorporated is a group of  technology-based  manufacturing
companies with significant  concentration in specialty  metals,  complemented by
aerospace  and  electronics,   industrial,  and  consumer  products.   Allegheny
Teledyne's website can be found at http://www.alleghenyteledyne.com.

                                      # # #


                                Page 6 of 6 Pages