|Print Page Close Window|
Carpenter Technology Announces Pricing Actions for Stainless Steels, Certain Specialty Alloys WYOMISSING, Pa.--(BUSINESS WIRE)--Jan. 21, 2004--The Specialty Alloys Operations (SAO) unit of Carpenter Technology Corp. (NYSE:CRS) announced today that it was taking certain pricing actions on its billet, coil and bar products, effective Feb. 1.
Carpenter is changing its surcharge mechanism on stainless steels; corrosion-resistant alloys; magnetic, controlled expansion and electronic alloys, and many other special purpose grades. Carpenter's surcharge calculation for these products will now incorporate an $.18/lb. premium over the LME price for nickel. In addition, effective with all new orders, the company will increase base prices on these products 3-8 percent.
These changes reflect the significant escalation in raw material, energy and other supply costs and rising nickel premiums. It also is intended to recover price deterioration that has occurred in the past three years.
Carpenter SAO said it would continue to monitor raw material prices and other costs, making additional adjustments as necessary.
Carpenter announced pricing actions on its nickel- and cobalt-base high temperature alloys earlier this week (Jan. 19).
Carpenter, based in Wyomissing, Pa., is a leading manufacturer and distributor of specialty alloys and various engineered products. Carpenter had sales of $871.1 million in fiscal 2003 (ended June 30, 2003). More information about Carpenter is available at www.cartech.com, with selected products available online at www.carpenterdirect.com.
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, 2003, its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2003, and its most recent registration statement on Form S-4, filed Sept. 16, 2003, as amended Oct. 3, 2003.
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.
--30--JM/ph* CONTACT: Carpenter Technology Corp., Wyomissing Katharine Marshall, 610-208-3034 firstname.lastname@example.org KEYWORD: PENNSYLVANIA INDUSTRY KEYWORD: MINING/METALS MANUFACTURING SOURCE: Carpenter Technology Corp.
Copyright © CRS Holdings Inc. All rights reserved.