Carpenter Calls $23.2 Million of Outstanding Debt.

READING, Pa.--(BUSINESS WIRE)--Sept. 21, 1998--Carpenter Technology Corp. (NYSE:CRS) announced Monday that its Talley subsidiaries have elected to redeem all of its outstanding Senior Discount Debentures and Senior Notes as of Oct. 15, 1998.

The Trustee for the debt and the paying agent is Bank One of Columbus,

Ohio.

The debt consists of approximately $21 million of Senior Notes due in 2003, which will be redeemed at a price of 105.375%, and $2.2 million of Senior Debentures due in 2005, which will be redeemed at a price of 106.125%. The redemption will be financed by Carpenter through its revolving credit agreement or line of credit.

The redemption will not have an impact on the results of operations of Carpenter, but future cash flows should benefit since less interest will be paid.

Carpenter, headquartered in Reading, manufactures and distributes high-performance alloys consisting primarily of specialty steel and titanium products for automotive, aerospace, electronics and other industries worldwide.

Carpenter also manufactures engineered products such as ceramic cores for the casting industry and metal injection molded parts for many other applications. Carpenter has approximately 6,000 employees throughout the world. Additional information on Carpenter can be obtained by accessing its world wide web site: www.cartech.com.