Carpenter Technology Announces 10b5-1 Share Repurchase Plan and Provides Update on Shares Purchased.

WYOMISSING, Pa. -- Carpenter Technology Corporation (NYSE:CRS) today announced that it has entered into a Rule 10b5-1 Plan under the Securities Exchange Act of 1934, as amended (the "Plan"), to facilitate the repurchase of up to $115 million of its common stock. The Company anticipates that it will complete these purchases under the Plan by the end of its third fiscal quarter ending March 31, 2008. The shares will be purchased under the Company's currently authorized $250 million share repurchase program.

Since the end of the Company's fiscal year-end on June 30, 2007, Carpenter has purchased 894,868 shares for $102,630,329 or an average of $114.69 per share as of September 7, 2007. Under the current $250 million share repurchase authorization, prior to commencing the Rule 10b5-1 Plan the Company has repurchased a total of 1,129,940 shares for $131,473,638 or an average of $116.38 per share.

Carpenter produces and distributes specialty alloys, including stainless steels, titanium alloys, and superalloys, and various engineered products. Information about Carpenter can be found on the Internet at www.cartech.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 filings with the Securities and Exchange Commission including its annual report on Form 10-K for the year ended June 30, 2007, its subsequent Form 10-Q, and the exhibits attached to those filings. They include but are not limited to: 1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, industrial, automotive, consumer, medical, and energy including power generation, or other influences on Carpenter's business such as new competitors, the consolidation of customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; 2) the ability of Carpenter to achieve cost savings, productivity improvements or process changes; 3) the ability to recoup increases in the cost of energy and raw materials or other factors; 4) domestic and foreign excess manufacturing capacity for certain metals; 5) fluctuations in currency exchange rates; 6) the degree of success of government trade actions; 7) the valuation of the assets and liabilities in Carpenter's pension trusts and the accounting for pension plans; 8) possible labor disputes or work stoppages; 9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; 10) the ability to successfully acquire and integrate acquisitions; and 11) the ability of Carpenter to implement and manage material capital expansion projects in a timely and efficient manner. Any of these factors could have an adverse and/or fluctuating effect on Carpenter's results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter undertakes no obligation to update or revise any forward-looking statements.