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Carpenter Powder Products Announces Energy Surcharge
BRIDGEVILLE, Pa.--(BUSINESS WIRE)--Oct. 18, 2005--Carpenter Powder Products Inc. (CPP), a subsidiary of Carpenter Technology Corporation (NYSE:CRS), said today that it will add an energy component to its surcharge calculation for all tool and high-speed steel products. The surcharge, effective immediately, is necessary due to the dramatic increase in natural gas prices.
CPP will calculate its energy surcharge component monthly by subtracting the base rate of $6.00 per thousand cubic feet (MCF) of natural gas from the monthly closing NYMEX settlement price, as reported in Platts Gas Daily. The calculation further considers the amount of natural gas used to produce various product forms by applying a multiplying factor.
CPP, based in Bridgeville, Pa., is a leading global manufacturer of gas atomized specialty metal powders and consolidated powder metallurgy products. Carpenter, based in Wyomissing, Pa., is a leading manufacturer and distributor of specialty alloys and engineered products. More information about Carpenter and CPP is available at www.cartech.com.
CONTACT: Carpenter Powder Products Inc. (CPP), Bridgeville
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