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News Release

Carpenter Completes Sale of Metal Shapes Business

WYOMISSING, Pa.--(BUSINESS WIRE)--July 8, 2008--Carpenter Technology Corporation (NYSE:CRS), today announced the completion of the sale of its Rathbone Precision Metals business to Treci S.r.l., controlling company of Calvi Holdings, S.r.l. The sale occurred on June 30, 2008 on a cash and debt-free basis for a price of $17.5 million. Rathbone is engaged in the business of designing, manufacturing and selling precision formed shaped components in a variety of alloys in the United States and certain other countries.

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, 2007, its subsequent Forms 10-Q, and the exhibits attached to those filings. 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
             David A. Christiansen, 610-208-3065

    SOURCE: Carpenter Technology Corporation

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