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Carpenter Technology's CEO Discusses F3Q 2012 Results - Earnings Call Transcript

Statements made by management during this conference call that are forward-looking statements are based on current expectations. Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Carpenter’s most recent SEC filings, including the company’s June 30, 2011 10-K, September 30, and December 31, 2011 10-Q and the exhibits attached to those filings.

I will now turn the call over to Bill.

Bill Wulfsohn

Thank you, Mike and good morning, everyone. This is a very exciting time here at Carpenter. And I am very proud of what the team has accomplished this quarter. In summary, we’ve posted another quarter of strong results. We also closed on the Latrobe transaction and we took steps to increase production capacity which will enable near and long-term growth.

Before Doug gives you details about our operating results, I would like to take a few moments to comment on each of these three areas. Let me start with the results of our legacy Carpenter business. In summary, our end-market demands remain strong. Within Aerospace, we are experiencing continued strong demand for super alloys used in aerospace engines, significantly increased demand for our titanium, nickel, and stainless materials used for fasteners and we are seeing increased participation in aerospace structural applications.

More specifically we are seeing higher adoption of our proprietary customs series of stainless materials for flap track, engine mounts, landing-gear components on new platforms such as the A380, A350, 747-8, 787 and the future 737 MAX. In addition Latrobe’s portfolio broadens our participation in complementary aerospace applications such as commercial landing-gear and bearing steel.

Within Energy, there remains strong demand for our materials used in oil and gas explorations as directional drill rig activities remained high. And it is now shifting from natural gas to oil exploration. We also see increased demand in materials for industrial gas turbines. And finally, as we’ve discussed in past calls, we are diversifying our product offerings within the energy markets.

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