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News Release

Carpenter Technology Enters into Agreements on Former Dana Property

WYOMISSING, Pa.--(BUSINESS WIRE)--Feb. 24, 2012-- Carpenter Technology Corporation (NYSE: CRS) announced today that it has entered into contractual agreements with Reading Industrial Complex that gives Carpenter the ability to purchase approximately 50 acres of land, including four buildings, on the former site of Dana Corporation’s Reading operations for a total consideration of approximately $6 million.

The site is located at W. Robeson and Weiser Streets, adjacent to Carpenter’s East Shore property. The vast majority of the property is land. There are four existing buildings on the site with overall square footage exceeding 355,000 square feet. The two largest buildings are 174,311 sq. ft and 122,914 sq. ft. The remaining land (approximately 40 acres) provides opportunity for future growth. As Carpenter prepares to develop the property, much emphasis will be placed on improved plant flow and continued investment in current capabilities.

Today’s announcement reinforces Carpenter’s ongoing commitment to the City of Reading and Reading manufacturing operations. Current Reading-based investment projects total approximately $125 million.

About Carpenter Technology

Carpenter Technology produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels, and superalloys. Information about Carpenter can be found at

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and are subject to risks, uncertainties and other factors 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, 2011 and the quarterly reports on Form 10-Q for the quarters ended September 30, 2011, December 31, 2011 and the exhibits attached to those filings. They include, but are not limited to, statements regarding announced base price increases. Carpenter undertakes no obligation to update or revise any forward-looking statements.

Source: Carpenter Technology Corporation

Carpenter Technology Corporation
Media Inquiries:
William J. Rudolph, Jr., 610-208-3892
Investor Inquiries:
Michael A. Hajost, 610-208-3476

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