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News Release

Carpenter Technology Announces 2-for-1 Stock Split

Declares Quarterly Dividend

WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 16, 2007--Carpenter Technology Corporation (NYSE:CRS) today announced that its Board of Directors approved a two-for-one split of the Company's common stock in the form of a stock dividend. The stock dividend to effect the stock split will be payable on November 15, 2007, to shareholders of record at the close of business on November 6, 2007.

The Board of Directors also declared a pre-split regular quarterly dividend of $0.30 per common share to the shareholders of record at the close of business on October 30, 2007.

"The decision to split the stock reflects our confidence in the sustainability of the Company's growth," said K. Douglas Ralph, Senior Vice President-Finance and Chief Financial Officer. "By splitting the shares, we make investing in Carpenter more accessible to a greater number of investors."

Carpenter shareholders will be issued one additional common share for each common share held in the Company as of the record date. The Company anticipates that its common stock will begin trading on a split-adjusted basis (the so-called deferred "ex" date) at the start of trading on November 16. Carpenter, which had about 24,779,521 shares of common stock outstanding as of September 30, 2007, will have about 49,559,042 shares outstanding after the split is completed.

The quarterly dividend of $0.30 is payable on December 6, 2007, to shareholders of record as of the close of business on October 30, 2007. The ex-dividend date (the date the common stock trades without the dividend) is October 26, 2007.

Carpenter Technology produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products. Detailed information about Carpenter Technology can be accessed at our website:

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, 2006, its subsequent Form 10-Q, and the exhibits attached to those filings. They include but are not limited to: 1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, industrial, automotive, consumer, medical, and energy including power generation, or other influences on Carpenter's business such as new competitors, the consolidation of customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; 2) the ability of Carpenter to achieve cost savings, productivity improvements or process changes; 3) the ability to recoup increases in the cost of energy and raw materials or other factors; 4) domestic and foreign excess manufacturing capacity for certain metals; 5) fluctuations in currency exchange rates; 6) the degree of success of government trade actions; 7) the valuation of the assets and liabilities in Carpenter's pension trusts and the accounting for pension plans; 8) possible labor disputes or work stoppages; 9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; 10) the ability to successfully acquire and integrate acquisitions; and 11) the ability of Carpenter to implement and manage material capital expansion projects in a timely and efficient manner. Any of these factors could have an adverse and/or fluctuating effect on Carpenter's results of operations. 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 Corporation
Investor and Media Inquiries:
Jaime Vasquez, 610-208-2165

SOURCE: Carpenter Technology Corporation

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