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News Release

Carpenter Declares Quarterly Cash Dividend

WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 16, 2006--The Board of Directors of Carpenter Technology Corporation (NYSE:CRS), at its meeting today, declared a quarterly cash dividend of $.225 per share of common stock, payable December 7, 2006, to shareholders of record on October 31, 2006. The ex-dividend date (the date the common stock trades without the dividend) is October 27, 2006.

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

SOURCE: Carpenter Technology Corporation

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