Carpenter Technology's First Quarter Financial Performance On Target.

Business Writers

WYOMISSING, Pa.--(BUSINESS WIRE)--Sept. 22, 2000

Carpenter Technology Corporation's (NYSE:CRS) financial performance for the first quarter of fiscal year 2001, ending September 30, should reflect the guidance provided in its July 27, 2000 news release and conference call, the Company said today.

Analysts' current mean estimates for the quarter of $.44 per diluted share are in line with Carpenter's previous guidance.

Robert W. Cardy, chairman and CEO, said, "Carpenter is positioned to benefit from strong demand in certain end-use markets, such as aerospace engines, land-based industrial gas turbines, orthopedic devices and electronic strip products. We are focused on taking advantage of those opportunities by managing our production mix toward higher-margin materials. The strength in key markets, our mix management efforts and our continuing cost reduction programs are expected to offset the impact of other factors, including the weak Euro, increasing energy costs and pricing pressure resulting from high levels of stainless imports. I am pleased with Carpenter's performance to date for this first quarter of fiscal 2001."

Carpenter plans to release its earnings and hold a conference call on the results for the first quarter of fiscal 2001 on October 20. Carpenter's outlook beyond the first quarter also will be updated on October 20.

Carpenter produces and distributes stainless steels, specialty metals, titanium and various engineered products. Information about Carpenter can be found on the Internet at www.cartech.com, www.dynamet.com and www.carpenterepg.com.

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied.

The most significant of these uncertainties are described in Carpenter's Form 10-K and Form 10-Q reports and exhibits to those reports, and include (but are not limited to): 1) the cyclical nature of the specialty materials business and certain end-use markets, including, but not limited to, aerospace, automotive and consumer durables, all of which are subject to changes in general economic and financial market conditions; 2) the ability of Carpenter to recoup increased costs of fuel and raw materials, such as nickel, through increased prices and surcharges; 3) excess inventory and the impact of inventory adjustments in Carpenter's aerospace customer base; and 4) worldwide excess capacity for certain alloys which Carpenter produces, resulting in increased competition and downward pricing pressure on Carpenter products. Carpenter undertakes no obligation to update or revise any forward-looking statements.