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Carpenter Technology Raises Prices on Stainless and Premium Melted Alloys; Adds Copper to Surcharge
WYOMISSING, Pa.--(BUSINESS WIRE)--May 31, 2006--The Specialty Alloys Operations unit of Carpenter Technology Corporation (NYSE:CRS) announced that effective immediately it is increasing prices 5 percent on all air melted stainless products and 5-8 percent per pound on all premium melted products.
Additionally, the company is announcing that it will begin to include copper in its raw material surcharge formula for certain copper bearing grades. The change in the surcharge will go into effect with shipments beginning June 1, 2006.
The copper element of the surcharge will be based on the monthly average Comex price, using a base price of $1.00 per pound. June's surcharge will be based on May's average Comex price of $3.76 per pound. The company said that the surcharge is necessary to offset the unprecedented increase in copper prices, which is used in the manufacture of some of its specialty alloy products.
Carpenter Technology, based in Wyomissing, Pa., is a leading manufacturer and distributor of specialty alloys and various engineered products. More information about Carpenter Technology is available at www.cartech.com.
CONTACT: Carpenter Technology Corporation
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