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News Release

Carpenter Announces Pricing Actions for High-Temperature Alloy Products    WYOMISSING, Pa.--(BUSINESS WIRE)--Jan. 19, 2004--The Specialty Alloys Operations (SAO) unit of Carpenter Technology Corp. (NYSE:CRS) announced today that it was taking certain pricing actions on its nickel- and cobalt-base high-temperature alloys, effective immediately.
    Carpenter will increase transactional prices for all new orders and will use a different surcharge calculation for high temperature alloys than it uses for other stainless steels and specialty alloys it produces.
    Raw material surcharges and price quotations made will be based on nickel at $4/lb., cobalt at $10/lb., chrome at $4.15/lb. and molybdenum at $6/lb. Carpenter will adjust all prices quoted at the time of order to reflect current raw material prices. In addition, the surcharge calculation and price adjustment for high-temperature alloys will now include an $.18/lb. premium over the LME price for nickel to recover additional costs incurred.
    The cost of raw materials and energy used to produce high-temperature alloys have escalated and exhibited significant volatility. Carpenter must recover these cost increases, as well as recover price deterioration that has occurred on these products in the past few years.
    Carpenter SAO said it would continue to monitor raw material prices and other inputs, making additional adjustments as necessary.
    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 sold 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--SF/ph*

    CONTACT: Carpenter Technology Corp., Wyomissing
             Katharine Marshall, 610-208-3034
             kmarshall@cartech.com

    KEYWORD: PENNSYLVANIA
    INDUSTRY KEYWORD: MINING/METALS MANUFACTURING PRODUCT
    SOURCE: Carpenter Technology Corp.


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