Carpenter Technology Corporation Announces Appointment of J. Michael Fitzpatrick as Vice Chairman

Fitzpatrick will work closely with Carpenter's Chief ExecutiveOfficer and the Company's senior management team on further developingand executing a strategic growth plan for Carpenter. Fitzpatrickbrings extensive experience in strategic planning, operations andtechnology management, international business and mergers andacquisitions. He was formerly President and Chief Operating Officer ofPhiladelphia-based Rohm and Haas Company.

Mr. Torcolini commented, "Carpenter is extremely fortunate to haveMike become an integral part of our management team. The Companycontinues to perform very well and is positioned for further growthand diversification. Mike's perspective as a Board member, combinedwith his business background and experience, will be an asset as weleverage the Company's strengths, take advantage of marketopportunities, and deliver superior business results in the yearsahead."

Fitzpatrick, 59, holds a PhD in Chemistry from Rice University andjoined Rohm and Haas, a specialty chemical company, in 1975 shortlyafter completing his post-doctoral studies at Harvard. While at Rohmand Haas, he held positions in research and marketing and had generalmanagement responsibilities for 13 years in Brazil, Italy, Mexico, andthe United Kingdom. After returning to the U.S., he later becamePresident and COO.

Carpenter Technology Corporation (NYSE:CRS) based in Wyomissing,PA, is a leading manufacturer and distributor of specialty alloys andengineered products. For more information about Carpenter TechnologyCorporation please visit the Company's website at www.cartech.com.

Except for historical information, all other information in thisnews release consists of forward-looking statements within the meaningof the Private Securities Litigation Act of 1995. Theseforward-looking statements are subject to risks and uncertainties thatcould cause actual results to differ from those projected, anticipatedor implied. The most significant of these uncertainties are describedin Carpenter's filings with the Securities and Exchange Commissionincluding its annual report on Form 10-K for the year ended June 30,2005, its subsequent Form 10-Q and the exhibits attached to thosefilings. They include but are not limited to: 1) the cyclical natureof the specialty materials business and certain end-use markets,including aerospace, power generation, automotive, industrial andconsumer, or other influences on Carpenter's business such as newcompetitors, the consolidation of customers and suppliers or thetransfer of manufacturing capacity from the United States to foreigncountries; 2) the ability of Carpenter to achieve cost savings,productivity improvements or process changes; 3) the ability to recoupincreases in the cost of energy and raw materials or other factors; 4)domestic and foreign excess manufacturing capacity for certain metals;5) fluctuations in currency exchange rates; 6) the degree of successof government trade actions; 7) the valuation of the assets andliabilities in Carpenter's pension trusts and the accounting forpension plans; 8) possible labor disputes or work stoppages; and 9)the potential that our customers may substitute alternate materials oradopt different manufacturing practices that replace or limit thesuitability of our products. Any of these factors could have anadverse and/or fluctuating effect on Carpenter's results ofoperations. The forward-looking statements in this document areintended to be subject to the safe harbor protection provided bySection 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended. Carpenterundertakes no obligation to update or revise any forward-lookingstatements.