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News Release

Carpenter Announces 20% Dividend Increase

WYOMISSING, Pa., Aug 19, 2005 (BUSINESS WIRE) -- The Board of Directors of Carpenter Technology Corporation (NYSE:CRS), at its meeting on August 18, declared an increase in the regular dividend from $.125 per share of common stock to $.15 per share. The dividend represents a 20 percent increase in the company's quarterly cash dividend on its common stock.

"The dividend increase reflects management's and the Board's continued confidence in Carpenter's business outlook and operating performance," said Robert J. Torcolini, chairman, president and chief executive officer. "The increase reflects our intent to provide shareholders with a competitive dividend return, and Carpenter's sound financial position."

The common stock dividend is payable September 2, 2005, to shareholders of record on August 30, 2005. The ex-dividend date (the date the common stock trades without the dividend) is August 26, 2005.

SOURCE: Carpenter Technology

Carpenter Technology
Mr. Jaime Vasquez, 610-208-2165

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