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News Release

Carpenter Technology Plans Facility Expansion

WYOMISSING, Pa., May 02, 2011 (BUSINESS WIRE) --

Carpenter Technology Corporation (NYSE:CRS) today announced a significant expansion project at its Reading, Pa. facility. The expansion will allow for the installation of two additional Electroslag Remelting Furnaces (ESR) and increase capacity for Forge Finishing and Annealing operations.

"As we outlined during Investor Day in February, and again during last week's third quarter earnings conference call, we foresee growing demand for our premium alloys that requires paced capacity expansion to accommodate," said William A. Wulfsohn, President and Chief Executive Officer. "In particular, our long-term agreements with aerospace and energy customers will consume an increasing portion of our high-value products. To maximize the output of recent premium melt investment, we now are taking steps to expand capacity in downstream processes."

The expansion will affect three buildings on the Reading site, with a phased completion time of approximately two years.

"Capacity utilization rates for premium re-melting, press, and forge operations are currently increasing," said David L. Strobel, Senior Vice President - Global Operations. "While we continually explore ways to yield more product from our current processes, lead times for this capacity expansion require that we begin this project now."

About Carpenter Technology

Carpenter produces and distributes specialty alloys, including stainless steels, titanium alloys, and superalloys. Information about Carpenter can be found on the Internet at

Forward Looking Statements

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, 2010 and the quarterly reports on Form 10-Q for the quarters ended September 30, 2010 and December 31, 2010 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, or other influences on Carpenter's business such as new competitors, the consolidation of competitors, 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, raw materials, freight 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; 11) the availability of credit facilities to Carpenter, its customers or other members of the supply chain; 12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; 13) our manufacturing processes are dependent upon highly specialized equipment located primarily in one facility in Reading, Pennsylvania for which there may be limited alternatives if there are significant equipment failures or catastrophic event; and (14) our future success depends on the continued service and availability of key personnel, including members of our executive management team, management, metallurgists and other skilled personnel and the loss of these key personnel could affect our ability to perform until suitable replacements are found. 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.

SOURCE: Carpenter Technology Corporation

Carpenter Technology Corporation
William J. Rudolph, Jr., 610-208-3892

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