Carpenter & United States Steel Enter into Agreement for Development of Lighter High-Strength Steel
January 30 2013 - 7:00AM
Business Wire
Carpenter Technology Corporation (NYSE: CRS) has finalized the
completion of a formal cooperation agreement with United States
Steel Corporation (NYSE: X), located in Pittsburgh, Pa., which
allows for the development of a new “lightweighting” steel for
automotive applications.
Carpenter’s patented alloy, TEMPER TOUGH™ specialized steel
alloy, is designed for use in flat-roll automotive applications, as
well as other demanding applications. Originally designed for the
aerospace industry, the new alloy may help automotive manufacturers
meet recently mandated Corporate Average Fuel Requirement (CAFÉ)
standards by lightweighting vehicles through mass reduction. TEMPER
TOUGH™ specialized steel alloy also offers extraordinarily
high-strength and ductility attributes that support ever-increasing
safety requirements to be designed into critical automotive support
end-uses.
U.S. Steel, a steelmaking leader with decades of experience
meeting the needs of automotive customers and their ever-increasing
demand for advanced high-strength steels, will develop the grade
through its operational footprint.
About Carpenter Technology
Corporation
Carpenter Technology Corporation, based in Wyomissing, Pa.,
produces and distributes specialty alloys, including stainless
steels, titanium alloys and superalloys, and various engineered
products. Information about Carpenter can be found at
www.cartech.com.
About United States Steel
Corporation
United States Steel Corporation, headquartered in Pittsburgh,
Pa., is an integrated steel producer focused on high value-added
flat-rolled and tubular steel products with complex chemistries and
attributes that are required by manufacturers in the automotive,
appliance, container, construction, industrial machinery, and oil
and gas industries. U. S. Steel has major production operations in
the United States, Canada and Slovakia and has an annual raw
steelmaking capability of 29.3 million net tons. The company is
also engaged in several other business activities including the
production of iron ore pellets from taconite (rock containing iron)
in the United States and the production of coke in both the United
States and Central Europe; transportation services (railroad and
barge operations); and real estate operations.
Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management’s current
expectations and are subject to risks, uncertainties and other
factors 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, 2012 and the quarterly report
on Form 10-Q for the quarters ended September 30, 2012, and the
exhibits attached to those filings. They also include, but are not
limited to, the successful development of new lightweighting steel
for automotive applications. Carpenter undertakes no obligation to
update or revise any forward-looking statements.
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