Aerospace Market Continues Testing New Landing Gear Application Using CUSTOM 465® Stainless Steel

Carpenter Technology Corporation (NYSE:CRS) is participating in a multi-year program to qualify CUSTOM 465 ® stainless steel for landing gear components where ultra-high strength steel is used. This program has recently passed a key development milestone that will lead to the production of prototypes which are expected to undergo flight testing sometime in 2014. Joining Carpenter in this development program are Airbus, Messier-Bugatti-Dowty, and The Advanced Manufacturing Research Center (AMRC) of the University of Sheffield.

The program is supported by the Technology Strategy Board (TSB) of the British Government.

The development of a stainless steel landing gear solution eliminates the need for cadmium plating and the environmental issues associated with the plating process. Overall production costs would be reduced, time between service intervals would be increased, and the service life of the landing gear would be extended with the use of CUSTOM 465 ® stainless steel.

For more information about CUSTOM 465 ® or other alloys, visit Carpenter’s website at www.cartech.com, send an e-mail to service@cartech.com or call (610) 208-2000 or (800) 654-6543.

About Carpenter Technology

Carpenter Technology, 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.

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 exhibits attached to those filings. They include, but are not limited to, statements regarding the development, use and qualification of Custom 465 ® stainless steel for landing gear components. Carpenter undertakes no obligation to update or revise any forward-looking statements.

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