Carpenter estimates the recent legislation will reduce cash taxes by approximately $90-$100 million over the next five years and will use the savings to increase its base level of capital investment in U.S. manufacturing operations over the same timeframe. The new mill announced today will increase overall capacity and offer greater flexibility in processing alloys for highly specialized soft magnetics applications in the aerospace, consumer electronics and electric vehicle markets. Soft magnetics are materials that can be easily magnetized and de-magnetized and are indispensable in modern electrical engineering and electronics applications. Sophisticated equipment, special processes, and highly controlled atmospheric conditions are required to produce soft magnetic alloys to meet extremely stringent specifications.About Carpenter Technology Carpenter Technology Corporation is a leading producer and distributor of premium specialty alloys, including titanium alloys, nickel and cobalt based superalloys, stainless steels, alloy steels and tool steels. Carpenter's high-performance materials and advanced process solutions are an integral part of critical applications used within the aerospace, transportation, medical and energy markets, among other markets. Building on its history of innovation, Carpenter's powder technology capabilities support a range of next-generation products and manufacturing techniques, including additive manufacturing and 3D Printing. 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, 2017, the quarterly reports on Form 10-Q for the quarters ended September 30, 2017 and December 31, 2017, and the exhibits attached to those filings. They include, but are not limited to, statements regarding expected tax savings and expectations for improving market demand conditions for certain products. Carpenter undertakes no obligation to update or revise any forward-looking statements.
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