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News Release

Carpenter Declares Quarterly Cash Dividend    WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 27, 2003--The Board of Directors of Carpenter Technology Corporation (NYSE:CRS), at its meeting today, declared a quarterly cash dividend of $.0825 per share of common stock, payable December 4, 2003, to shareholders of record on November 7, 2003. The ex-dividend date (the date the common stock trades without the dividend) is November 5, 2003.

    --30--RM/ph*

    CONTACT: Carpenter Technology Corporation 
             Mr. Jaime Vasquez, 610-208-2165
             jvasquez@cartech.com

    KEYWORD: PENNSYLVANIA
    INDUSTRY KEYWORD: MINING/METALS MANUFACTURING DIVIDEND
    SOURCE: Carpenter Technology Corporation


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