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Carpenter Technology Prices Debt Offering

Carpenter Technology Corporation (NYSE: CRS) today announced that it has priced an underwritten public offering of $300 million in aggregate principal amount of its 4.450% senior notes due 2023. Carpenter Technology Corporation expects to use the net proceeds from the issuance of the senior notes to repay in full $100 million in aggregate principal amount of Carpenter Technology Corporation’s 6.625% senior unsecured notes due May 2013, including any interest due thereon. Carpenter Technology Corporation intends to use the remaining net proceeds from the offering for general corporate purposes, which may include pension contributions of up to $165 million, additions to working capital, capital expenditures, repayment of debt, the financing of acquisitions, joint ventures and other business combination opportunities or stock repurchases.

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers of the offering.

Carpenter Technology Corporation has filed a registration statement (including a prospectus) with the SEC for the offering to which this press release relates. Before you invest in the notes, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about Carpenter Technology Corporation and this offering. You may get these documents for free by visiting EDGAR on the SEC Web Site at www.sec.gov. Alternatively, Carpenter Technology Corporation, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus if you request by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attention: High Grade Syndicate Desk, 3rd Floor, telephone collect at 1-212-834-4533 or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, or email dg.prospectus_requests@baml.com. Phone: 1-800-294-1322.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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