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News Release

Carpenter Announces Dividend Increase

WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 25, 2004--Carpenter Technology Corporation (NYSE:CRS) today announced that its Board of Directors declared a regular dividend of $.10 per share of common stock up from $.0825 per share. The dividend represents a 21 percent increase in the company's quarterly cash dividend on its common stock.

"The dividend increase reflects management's and the Board's confidence in Carpenter's outlook and its sound financial position," said Robert J. Torcolini, Chairman, President and Chief Executive Officer. "The increase is part of our intent to continue to provide shareholders with competitive dividend returns while maintaining an appropriate dividend payout rate."

The common stock dividend is payable on December 2, 2004, to shareholders of record on November 9, 2004. The ex-dividend date (the date that the common stock trades without the dividend) is November 5, 2004.


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

    SOURCE: Carpenter Technology Corporation

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