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@vannen
I've had a similar problem with my seatpost (1985 Pug frame and original seatpost) - tried WD40, clamping it and moving the bike (was very surprised when turning the entire bike resulted in twisting the seatpost out of the vice and zero movement out of frame!) hammering...
I'd never heard about the caustic soda treatment, well done on getting it working. I'm using my bike now on a weekly basis, so I might just leave it as it is for the moment.. =)