Consolidated Balance Sheets - First Quarter 1997

ASSETS
		March 31				March 31
		1997		December 31		1996
		(unaudited)		1996		(unaudited)
Current Assets:
Cash and cash equivalents	$	133.9	$	136.6	$	130.5
Receivables, less allowances		331.7		311.6		335.2
Inventories:
Raw materials		315.3		332.0		332.3
Finished and semifinished		646.6		667.0		643.7
Contract work-in-progress, less billings		18.9		18.3		19.2
		980.8		1,017.3		995.2
Other current assets		11.5		22.9		11.2
Total Current Assets		1,457.9		1,488.4		1,472.1
Investments and Miscellaneous Assets		108.0		106.7		108.0
Property, Plant and Equipment,
less accumulated depreciation of
$3,971.2, $3,924.2 and $4,396.7		2,409.1		2,419.8		2,689.4
Deferred Income Tax Asset - net		927.5		935.0		885.0
Intangible Asset - Pensions		160.0		160.0		463.0

Total Assets	$	5,062.5	$	5,109.9	$	5,617.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	367.1	$	410.4	$	389.8
Accrued employment costs		298.6		313.3		313.5
Accrued taxes		61.4		67.9		63.2
Debt and capital lease obligations		47.9		49.3		82.4
Other current liabilities		117.6		116.5		121.7
Total Current Liabilities		892.6		957.4		970.6
Pension Liability		886.9		870.0		1,152.6
Postretirement Benefits Other Than Pensions		1,450.7		1,445.0		1,418.4
Long-term Debt and Capital Lease Obligations		473.1		497.4		521.1
Other Long-term Liabilities		363.8		374.1		326.2
Stockholders' Equity:
Preferred Stock		11.6		11.6		11.6
Preference Stock		2.5		2.5		2.5
Common Stock		114.1		113.9		112.9
Common Stock held in treasury at cost		(59.9)		(59.7)		(59.4)
Additional paid-in capital		1,877.3		1,886.3		1,840.7
Accumulated deficit		(950.2)		(988.6)		(679.7)
Total Stockholders' Equity		995.4		966.0		1,228.6
Total Liabilities and Stockholders' Equity	$	5,062.5	$	5,109.9	$	5,617.5

The accompanying Notes are an integral part of the Consolidated Financial Statements.