Carpenter Announces Pricing Actions for High-Temperature Alloy Products WYOMISSING, Pa.--(BUSINESS WIRE)--Jan. 19, 2004--The Specialty
Alloys Operations (SAO) unit of Carpenter Technology Corp. (NYSE:CRS)
announced today that it was taking certain pricing actions on its
nickel- and cobalt-base high-temperature alloys, effective
Carpenter will increase transactional prices for all new orders
and will use a different surcharge calculation for high temperature
alloys than it uses for other stainless steels and specialty alloys it
Raw material surcharges and price quotations made will be based on
nickel at $4/lb., cobalt at $10/lb., chrome at $4.15/lb. and
molybdenum at $6/lb. Carpenter will adjust all prices quoted at the
time of order to reflect current raw material prices. In addition, the
surcharge calculation and price adjustment for high-temperature alloys
will now include an $.18/lb. premium over the LME price for nickel to
recover additional costs incurred.
The cost of raw materials and energy used to produce
high-temperature alloys have escalated and exhibited significant
volatility. Carpenter must recover these cost increases, as well as
recover price deterioration that has occurred on these products in the
past few years.
Carpenter SAO said it would continue to monitor raw material
prices and other inputs, making additional adjustments as necessary.
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 sold 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 PRODUCT
SOURCE: Carpenter Technology Corp.