Carpenter Names McElwee President of Talley Metals.

READING, Pa.--(BUSINESS WIRE)--June 3, 1998--Carpenter Technology Corp. (NYSE:CRS) has named veteran sales and manufacturing executive Andrew McElwee president of Talley Metals Technology, a stainless steel subsidiary recently acquired by the company.

His appointment is effective July 1. McElwee succeeds president and chief executive officer Donald Bailey, who retires at the end of June. Bailey is responsible for establishing the Talley stainless steel company in Hartsville, S.C., and is credited with leading the company to its current successful position during his 13-year tenure.

In his 10 years at Carpenter, McElwee, of Irmo, S.C., has worked in a number of senior management positions, most recently as general manager of Carpenter Specialty Wire Products in Orangeburg, S.C., which processes small diameter and specialty wire products.

In addition to serving as president of Talley Metals, he also will be responsible for Amcan, a master distributor of stainless steel products with six service centers around the United States.

McElwee joined Carpenter from Penn Iron, where he served as vice president of sales and marketing. A native of Broomall, Pa., he received a bachelor of science degree in business administration from West Chester University. He is a member of the American Wire Producers Association, Wire Association International and American Society for Materials.

Bailey, of Hartsville, joined Talley in 1985 after serving as president of the Flinchbaugh Division of General Defense Corp., a manufacturer of tank and artillery ammunition. A native of Meadville, Pa., he received a bachelor of arts degree in economics from Allegheny College.

He serves on the board of the Specialty Steel Industry of North America, a trade association that represents virtually all specialty metals producers on the continent, and also is a member of the American Wire Producers Association. On May 28, he was recognized as a 1998 South Carolina Ambassador for Economic Development.

Carpenter acquired Talley Industries in February as a way to expand the company's metals manufacturing capacity. Talley's modern mini-mill produces more than 50 grades of stainless steel and specialty alloys; Carpenter recently announced investments designed to almost double the mill's annual capacity.

Carpenter, headquartered in Reading, manufactures and distributes stainless steel, titanium and other specialty alloys, and various engineered products. Due to acquisitions and internal growth, the company has grown from $570 million in sales in fiscal year 1992 to $939 million in fiscal 1997 (ended June 30, 1997).

   CONTACT:  Carpenter Technology Corp.
              Stephanie Zercher:  610/208-2132