Carpenter Technology Announces Expansion of Titanium Facility to Support Growing Aerospace Fastener Wire Demand

Carpenter Technology Corporation (NYSE:CRS) today announced an expansion of its Dynamet titanium wire and bar facility in Clearwater, Florida. Dynamet, a wholly-owned subsidiary of Carpenter Technology Corporation, is a leading producer of titanium wire feedstock for the aerospace fastener industry.

“This investment will include construction of a new building and installation of proprietary manufacturing facilities to produce close tolerance, high performance wire for manufacturing titanium aerospace fasteners,” said William Kent, Vice President, Dynamet & CPP. “The capacity increase will address our customers’ increasing demand for titanium aerospace fastener wire, which is projected to escalate with the introduction of new airframes and the increase in wide-body aircraft production during the next decade.”

The facility expansion is expected to cost in excess of $5M.

About Carpenter Technology

Carpenter produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels and superalloys. Information about Carpenter can be found on the Internet at http://www.cartech.com.

Forward-Looking Statements

Statements in this news release which are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risk factors 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, 2010 and the exhibits attached to that filing. Further, factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, the following: our ability to successfully complete the expansion of our Dynamet titanium wire and bar facility in Clearwater, Florida, our ability to increase capacity to address an increase in demand from our customers for titanium aerospace fastener wire, compliance with government regulations, changes in the competitive environment or the effects of competition in our markets, and general economic conditions affecting the industries we serve. Any of these factors could have an adverse and/or fluctuating effect on Carpenter's results of operations. 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.

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