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Carpenter Technology's CEO Hosts Investor & Analyst Conference Call (Transcript)

And we targeted to get a return to our prior EBITDA levels by fiscal year 2014. And I am very pleased to say that, we're well on path to make sure that, that happens in fiscal year 2013. And as you will see on the next page 14, that’s really as we account for without the impact of Latrobe, okay. Latrobe does add to that, but you can see that we expect we will be above the prior peak on the Legacy business.

When you factor in Latrobe, we will be roughly 20% higher. We expect in fiscal year 2013 than the previous peak, so a lot of progress in that area. Mark Kamon, Sanjay Guglani, also Dave Strobel will be talking about how we've been able to achieve that through the market gains. But I will tell you as we focused heavily on enhancing our mix and selling value and going with our limited capacity into areas that ultimately value the kind of technology and quality standards that we can meet.

At the same time, back in the area of optimizing the core, we’ve taken actions, which will flush out as we move to the discussions to double the capacity in our premium metal space. And this is very important, because what we are going to talk about as we go on is that this is an industry that even at this point in time when things are a little bit uncertain, the economy is a little bit unsettled, we are finding that our demand is greater than our ability to supply.

And we think with the demand patterns coming up, but this is actually going to be a challenge for the industry. And so we’ve been very proactive about making the types of investments that will allow us to leverage the demand growth and really bring some value to our shareholders.

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