Carpenter Technology Introduces New Alloy That Combines High Strength and Toughness Properties at a Reasonable Cost

Carpenter Technology Corporation (NYSE:CRS) has developed a new ultra high-strength steel (UHSS) alloy that is a lower cost alternative to many cobalt-containing precipitation hardenable alloys. TEMPER TOUGH™ alloy is an air-melted, cobalt-free quench and tempered alloy that has a unique combination of high strength and high toughness attributes that may allow designers and engineers to achieve an extended cycle life where components are under high loads with constant stress of intense, repetitive motion.

This alloy is a readily available, lower cost alternative to cobalt-containing precipitation hardenable alloys for a variety of general purpose tooling, industrial and automotive applications, especially those in which designers may be seeking to lighten the weight and increase the longevity of their products.

TEMPER TOUGH alloy is able to attain both a typical strength of 290 ksi ultimate tensile strength (UTS) and a typical range of toughness between 60 and 65 ksi√in. TEMPER TOUGH alloy has also demonstrated superior fatigue resistance properties (axial-axial) of 120 ksi (827 MPa) compared to traditional quench-and-temper alloy steels averaging 79-85 ksi (545-586 MPa).

The attributes of TEMPER TOUGH alloy make it a candidate for applications in high-demand crank cases, drive trains, power trains, structural members, suspensions, and industrial tooling, especially when designers are looking for affordable solutions to reduce the weight of parts and/or components without sacrificing performance.

Carpenter Technology’s development of TEMPER TOUGH alloy is an example of the company’s commitment to technical leadership in specialty metals. Carpenter has experienced technical service engineers and technicians, metallurgists and market specialists who are available to assist its customers with material development selection, specifications, properties and fabrication characteristics.

Carpenter Technology currently offers TEMPER TOUGH alloy in bar product forms.

For more information about TEMPER TOUGH alloy or other alloys visit Carpenter’s website at www.cartech.com or send an e-mail to service@cartech.com or telephone (610) 208-2000 or (800) 654-6543.

About Carpenter Technology

Carpenter Technology produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels and superalloys. Information about Carpenter can be found at www.cartech.com.

Forward-Looking Statements

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, 2010 and the quarterly reports on Form 10-Q for the quarters ended September 30, 2010 and December 31, 2010 and the exhibits attached to those filings. They include but are not limited to: the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, industrial, automotive, consumer, medical, and energy, or other influences on Carpenter's business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; the ability of Carpenter to achieve cost savings, productivity improvements or process changes; the ability to recoup increases in the cost of energy, raw materials, freight or other factors; domestic and foreign excess manufacturing capacity for certain metals; fluctuations in currency exchange rates; the degree of success of government trade actions; the valuation of the assets and liabilities in Carpenter's pension trusts and the accounting for pension plans; possible labor disputes or work stoppages; the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; the availability of credit facilities to Carpenter, its customers or other members of the supply chain; the ability to obtain energy or raw materials; our manufacturing processes are dependent upon highly specialized equipment located primarily in one facility in Reading, Pennsylvania for which there may be limited alternatives if there are significant equipment failures or catastrophic event; our future success depends on the continued service and availability of key personnel, including members of our executive management team, management, metallurgists and other skilled personnel and the loss of these key personnel could affect our ability to perform until suitable replacements are found; the ability to successfully integrate the Amega West Services, LLC acquisition; the ability to achieve additional opportunities for selling specialty alloys into the oil & gas market; and the ability to expand Amega West’s manufacturing capacity, rental fleet and service centers. 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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