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News Release

Carpenter Announces 25% Dividend Increase

WYOMISSING, Pa.--(BUSINESS WIRE)--April 29, 2005--The Board of Directors of Carpenter Technology Corporation (NYSE:CRS), at its meeting on April 28, declared a regular dividend of $.125 per share of common stock, up from $.10 per share. The dividend represents a 25 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 business outlook and operating performance," said Robert J. Torcolini, chairman, president and chief executive officer. "The dividend increase is based on Carpenter's sound financial position and our intent to provide shareholders with a competitive dividend return."

The common stock dividend is payable June 2, 2005, to shareholders of record on May 10, 2005. The ex-dividend date (the date the common stock trades without the dividend) is May 6, 2005.

CONTACT: Carpenter Technology Corporation
Jaime Vasquez, 610-208-2165

SOURCE: Carpenter Technology Corporation

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