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Carpenter Announces New Executive Assignments    READING, Pa.--(BUSINESS WIRE)--June 25, 2004--Carpenter Technology Corp. (NYSE:CRS) announced today new assignments for its two key operational executive officers.
    Effective July 1, Dennis M. Oates, 51, will become senior vice president - Specialty Alloys Operations (SAO) at the engineered materials company. Michael L. Shor, 44, will become senior vice president - Engineered Products Operations (EPO). Both will continue to report to Robert J. Torcolini, chairman, president and chief executive officer (CEO) of Carpenter and be based in Reading.
    The changes are intended to broaden and strengthen the top leadership team, the company said.
    Oates will now be responsible for improving the operational effectiveness and profitability of Carpenter's stainless steel and specialty alloys manufacturing, sales and distribution operations worldwide. He joined Carpenter last fall as senior vice president of Engineered Products Operations, having previously served as president and CEO of TW Metals, Philadelphia, and president and chief operating officer (COO) of the Boston-based Connell Limited Partnership, both private metals companies.
    Most of Oates' career was spent at the former Lukens, Inc., in Coatesville, Pa., where he ultimately served as president and COO of the Lukens Steel Co., a carbon and specialty steel manufacturer. He holds a bachelor's degree in economics from the University of Pennsylvania and an MBA from Temple University.
    Shor will now be responsible for revenue growth, profitability and operational effectiveness for Carpenter's titanium, metal powder and engineered products companies, many of which have global operations. He had served as senior vice president - SAO for Carpenter since 2000, after serving as vice president - Manufacturing Operations for the organization.
    A career-long employee at Carpenter, Shor joined the company in 1981 as an assistant metallurgist. He was promoted to increasingly responsible positions in Technical Services, Sales and Marketing and Manufacturing. He holds a bachelor's degree in metallurgical engineering from Lafayette College and an MBA from St. Joseph's University.
    Carpenter is a leading manufacturer and distributor of specialty alloys and various ceramic and metallic engineered products. Carpenter had sales of $871 million in fiscal 2003 (ended June 30, 2003). More information about Carpenter is available at


    CONTACT: Carpenter Technology Corp.
             Jaime Vasquez, 610-208-2165

    SOURCE: Carpenter Technology Corp.

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