Talley Metals Raises Prices on All Premium Bar Products

Talley Metals Technology Inc. today announced that it will increase base prices by approximately 5% on all premium bar products. The increase will be effective on all shipments beginning on Monday, April 2, 2012. Current monthly surcharges will remain in effect.

Talley Metals, a wholly owned subsidiary of Carpenter Technology Corporation (NYSE:CRS), produces and distributes stainless steel bar and wire. Information about Talley Metals can be found on 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, 2011 and the quarterly reports on Form 10-Q for the quarters ended September 30, 2011, December 31, 2011 and the exhibits attached to those filings. They include, but are not limited to, statements regarding announced base price increases. Carpenter undertakes no obligation to update or revise any forward-looking statements.