Carpenter Responding to Justice Department Subpoena.

WYOMISSING, Pa.--(BUSINESS WIRE)--Aug. 18, 1999--

Carpenter Technology Corporation (NYSE:CRS) said today it is responding to a subpoena from a federal grand jury in Indianapolis that is investigating antitrust compliance in the sale of nickel-based alloys.

Carpenter said it has no reason to believe that the company violated antitrust laws.

The U.S. Department of Justice issued a subpoena to Carpenter in March requesting information about the company's sales of high nickel alloys between January 1, 1993 and March 1999.

"To our knowledge, neither Carpenter nor its employees have engaged in any actions that would expose us to any liability for antitrust violations," John R. Welty, vice president, general counsel and secretary said. "Carpenter does not expect its legal costs related to the subpoena to have a material financial impact on the business," he added.

Through a combination of training and written materials, Carpenter regularly informs its employees about antitrust and other laws affecting the company, as well as providing guidelines for conducting business.

Carpenter manufactures and distributes stainless steel, titanium alloys and other specialty alloys, and various engineered products. The company had sales of $1.0 billion in fiscal 1999 (ended June 30, 1999).