Carpenter Powder Products Raises Prices on All Micro-Melt® Powder High Speed and Tool Steel Products

Carpenter Powder Products announced today that it will increase base prices by seven percent (7%) on all bar, plate, and finished Micro-Melt® (PM) tool steel products. The increase is effective for orders shipped on or after February 1, 2013. Current monthly surcharges will remain in effect.

Carpenter Powder Products, a division of Carpenter Technology Corporation (NYSE:CRS), produces and distributes powder metal and wrought high speed and tool steel products. Information about Carpenter Powder Products can be found on the Internet at www.cartech.com.

About Carpenter

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 quarterly reports on Form 10-Q for the quarter ended September 30, 2012,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.