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News Release

Carpenter Declares Quarterly Cash Dividend

WYOMISSING, Pa.--(BUSINESS WIRE)--Jan. 27, 2006--The Board of Directors of Carpenter Technology Corporation (NYSE:CRS), at its meeting yesterday, declared a quarterly cash dividend of $.15 per share of common stock, payable March 2, 2006, to shareholders of record on February 7, 2006. The ex-dividend date (the date the common stock trades without the dividend) is February 3, 2006.

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

SOURCE: Carpenter Technology Corporation

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