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News Release

Carpenter Technology Raises Prices on Stainless Steels, Premium-Melted Specialty Alloys

WYOMISSING, Pa.--(BUSINESS WIRE)--July 21, 2004--The Specialty Alloys Operations unit of Carpenter Technology Corp. (NYSE:CRS) has announced that it will increase base prices 3-10 percent on stainless steel bar products, effective immediately on new orders and with August 1st shipments. Carpenter also will increase base prices 7-10 percent on all premium-melted alloys effective immediately on new orders.

Carpenter also said that it would begin imposing a cancellation charge of 50 percent of order value on all premium melted products, which includes stainless alloys, magnetic alloys and super alloys. This charge will apply to all orders cancelled or deferred prior to processing. No cancellations or deferrals will be permitted once order processing has begun.

Carpenter said that the price increases are intended to partially offset the price erosion that has occurred over the last few years and to recover higher energy, supply, insurance and other administrative costs. Cancellation charges are intended to assure that Carpenter is best positioned to serve true market demand.

Additionally, Carpenter is further refining its surcharge mechanism. Carpenter's premium over the LME price for nickel will be increased by $.05/lb. to $.23/lb., effective August 1st.

Carpenter, based in Wyomissing, Pa., is a leading manufacturer and distributor of specialty alloys and various engineered products. More information about Carpenter is available at, with selected products available online at

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

    SOURCE: Carpenter Technology Corp.

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