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News Release

Carpenter Declares Quarterly Cash Dividend

WYOMISSING, Pa.--(BUSINESS WIRE)--Aug. 22, 2007--The Board of Directors of Carpenter Technology Corporation (NYSE:CRS), at its meeting yesterday, declared a quarterly cash dividend of $.30 per share of common stock, payable September 7, 2007, to shareholders of record on September 4, 2007. The ex-dividend date (the date the common stock trades without the dividend) is August 30, 2007.

CONTACT:
Carpenter Technology Corporation
Mr. Jaime Vasquez
Vice President and Treasurer
Phone: 610-208-2165
jvasquez@cartech.com


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