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News Release

Carpenter Technology Increases Cash Dividend By 33%

WYOMISSING, Pa.--(BUSINESS WIRE)--April 27, 2007--The Board of Directors of Carpenter Technology Corporation (NYSE:CRS), on April 26, declared an increase in the quarterly dividend on its common shares from $0.225 to $0.30 per share, or an increase of 33 percent.

"Our efforts to continually improve the operating performance of Carpenter and strengthen its financial position have allowed us to make another significant increase in the dividend," said Anne Stevens, chairman, president and chief executive officer. "The increase is a direct reflection of the Board's confidence in our ability to sustain and further improve the operating performance of our Company.

"The dividend is an important component of our strategy to returning value to shareholders. The dividend increase, along with our share repurchase program and significant re-investment in our business reflects our commitment to creating long term value for shareholders."

The Company believes that the new annualized dividend of $1.20 per share provides shareholders with a return that is competitive with other materials stocks and relevant indices. The Company has now increased its dividend by 100 percent since announcing its Strategic Initiatives in September 2006.

The dividend is payable on June 7, 2007, to shareholders of record on May 8, 2007. The ex-dividend date (the date the common stock trades without the dividend) is May 4, 2007.

Carpenter Technology produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products. Detailed information about Carpenter Technology can be accessed at our website:

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the year ended June 30, 2006, its subsequent Form 10-Q, and the exhibits attached to those filings. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter undertakes no obligation to update or revise any forward-looking statements.

Carpenter Technology Corporation
Investor and Media Inquiries:
Jaime Vasquez, 610-208-2165

Carpenter Technology Corporation

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