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CARPENTER TECHNOLOGY WELL POSITIONED, DESPITE GLOBAL ECONOMY AND EFFECT OF ELECTION

 CARPENTER TECHNOLOGY WELL POSITIONED,
 DESPITE GLOBAL ECONOMY AND EFFECT OF ELECTION
 READING, Pa., Oct. 27 /PRNewswire/ -- "Pre-election paralysis" is adding to the uncertain recovery of the U.S. economy, impacting cyclical companies such as Carpenter Technology, Robert W. Cardy, Carpenter's chairman, president and CEO said today in his annual address to stockholders.
 The global economy is further affecting business activity, he said. "The countries of the world are in various degrees of economic recession, with the major economies trying hard to adjust to some of the most staggering, unexpected socio-political changes ever seen," Cardy said. "As strong as the U.S. economy is, when compared to the rest of the world, we are significantly connected to the world -- and global economic events have a greater influence on our country today than they ever have before."
 Cardy said he believed that the United States would "cycle out" of its current recessionary period, "and that slow, moderate and continuing growth in economic activity will resume." When economic growth comes, Carpenter Technology will be "well positioned" to benefit, Cardy said.
 "Meanwhile, we are actively pursuing what business is available and having significant success."
 Carpenter is strengthening its Steel Division through continuous improvement activities and working to expand the market for those products globally, Cardy said. "We are actively involved in discussions now that could increase our market size and our business presence in the United States, Europe, Mexico and Taiwan. If they develop, these discussions could open up additional markets for the Reading, Pa.-based Steel Division. They could also provide for broadening our product line and, in some cases, bring additional foreign-based manufacturing facilities to our corporation."
 At the same time, Cardy said that Carpenter was "alert" to other materials, technologies and processes, "where we can leverage our product and industry knowledge into growth opportunities." He cited the company's current R&D project in structural ceramics as an example of a new business for Carpenter.
 In its last fiscal year (ended June 30), Cardy said Carpenter was impacted by a weaker than anticipated economy. Performance was below expectations as a result. During the year, however, Carpenter gained "operating strength and market share."
 In other business:
 -- Six directors were elected to the board of directors: Cardy, Arthur E. Humphrey, Edward W. Kay, Frederick C. Langenberg, for terms to expire at the time of the 1995 annual meeting; William J. Hudson Jr., whose term will expire at the 1994 annual meeting; and Dennis M. Draeger, whose term will expire at next year's annual meeting.
 -- Frank Palmer, a former chairman of Carpenter, was honored posthumously for his contributions to the company. Palmer had been a pioneer in fostering the growth of specialty steel usage with his invention in 1931 of the world's first free-machining grade of stainless steel, his concept of the matched set method for selecting tool steels, and a publication he wrote called "Tool Steel Simplified."
 -- Coopers & Lybrand was appointed as independent public accountants for the corporation for fiscal 1993.
 Carpenter, a Fortune 500 company based in southeastern Pa., is a leading manufacturer and marketer of speciality steels and metals used in high-performance products.
 /delval/
 -0- 10/27/92
 /CONTACT: Katherine Marshall, manager-communications of Carpenter Technology, 215-208-3034/
 (CRS) CO: Carpenter Technology Corporation ST: Pennsylvania IN: MNG SU:


JS-EF -- PH054 -- 5676 10/27/92 17:40 EST
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Publication:PR Newswire
Date:Oct 27, 1992
Words:553
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