Carpenter Technology Announces Pricing Actions for Stainless Steels, Certain Specialty Alloys WYOMISSING, Pa.--(BUSINESS WIRE)--Jan. 21, 2004--The Specialty
Alloys Operations (SAO) unit of Carpenter Technology Corp. (NYSE:CRS)
announced today that it was taking certain pricing actions on its
billet, coil and bar products, effective Feb. 1.
Carpenter is changing its surcharge mechanism on stainless steels;
corrosion-resistant alloys; magnetic, controlled expansion and
electronic alloys, and many other special purpose grades. Carpenter's
surcharge calculation for these products will now incorporate an
$.18/lb. premium over the LME price for nickel. In addition, effective
with all new orders, the company will increase base prices on these
products 3-8 percent.
These changes reflect the significant escalation in raw material,
energy and other supply costs and rising nickel premiums. It also is
intended to recover price deterioration that has occurred in the past
Carpenter SAO said it would continue to monitor raw material
prices and other costs, making additional adjustments as necessary.
Carpenter announced pricing actions on its nickel- and cobalt-base
high temperature alloys earlier this week (Jan. 19).
Carpenter, based in Wyomissing, Pa., is a leading manufacturer and
distributor of specialty alloys and various engineered products.
Carpenter had sales of $871.1 million in fiscal 2003 (ended June 30,
2003). More information about Carpenter is available at
www.cartech.com, with selected products available online at
Except for historical information, all other information in this
news release consists of forward-looking statements within the meaning
of the Private Securities Litigation Act of 1995. These
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ from those projected, anticipated
or implied. The most significant of these uncertainties are described
in Carpenter's filings with the Securities and Exchange Commission,
including its annual report on Form 10-K for the year ended June 30,
2003, its quarterly report on Form 10-Q for the quarter ended Sept.
30, 2003, and its most recent registration statement on Form S-4,
filed Sept. 16, 2003, as amended Oct. 3, 2003.
The forward-looking statements in this document are intended to be
subject to the safe harbor protection provided by Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Carpenter undertakes no obligation
to update or revise any forward-looking statements.
CONTACT: Carpenter Technology Corp., Wyomissing
Katharine Marshall, 610-208-3034
INDUSTRY KEYWORD: MINING/METALS MANUFACTURING
SOURCE: Carpenter Technology Corp.