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Carpenter Technology's CEO Discusses F4Q2012 Results - Earnings Call Transcript

In addition, the plant will enable us to improve customer satisfaction by offering dramatically reduced lead time. We monitor the progress of the plant’s construction weekly, and I am pleased to report that the project is on schedule and on budget.

Third, this year, we expanded our Dynamet facility in Clearwater, Florida. We believe this project which will eventually lead to the doubling of our Titanium wire capacity is essential, as we work to meet rapidly growing demand for our Titanium aerospace fastener wire products.

And fourth, this year, we expanded Amega West footprint to better support international market for oil and glass exploration, with acquisitions in Canada, Singapore and Dubai.

Looking forward, as we move into fiscal year ’13, our business remains strong and our backlog is high. We are coming off a record quarter in terms of volume in our premium forged bar and billet business. In addition, we have worked hard over the last several years to strengthen customer relationships. As a result of these efforts, we have seen increased and expanded long-term supply agreement.

In addition, I would like to highlight three important and unique factors driving Carpenter’s strong customer demand and profitability in the context of various global pressures at this time. First, to limit the impact of raw material price changes on profits, we have implemented pricing mechanism and hedging policies.

Second, we have focused our strategy on the design qualification and manufacturer of high-value differentiated in this product. Note, only a small percentage of our products are sold through distribution or service centers. And Carpenter doesn’t participate in the flat rolled stainless market. These areas, while attractive at specific points of an economic cycle, can experience higher levels of cyclicality and pricing pressure in the context of weak demand.

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