Carpenter Technology Announces Pricing Actions for Stainless Steels, Certain Specialty Alloys.Business Editors WYOMISSING, Pa.--(BUSINESS WIRE)--Jan. 21, 2004 The Specialty Alloys Operations (SAO Sa´o n. 1. (Zool.) Any marine annelid of the genus Hyalinæcia, especially H. tubicola of Europe, which inhabits a transparent movable tube resembling a quill in color and texture. ) unit of Carpenter Technology Corp. (NYSE NYSE See: New York Stock Exchange :CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist ) announced today that it was taking certain pricing actions on its billet, coil and bar products, effective Feb. 1. Carpenter is changing its surcharge mechanism on stainless steels; corrosion-resistant alloys; magnetic, controlled expansion and electronic alloys, and many other special purpose grades. Carpenter's surcharge calculation for these products will now incorporate an $.18/lb. premium over the LME See London Metal Exchange. LME See London Metal Exchange (LME). price for nickel. In addition, effective with all new orders, the company will increase base prices on these products 3-8 percent. These changes reflect the significant escalation in raw material, energy and other supply costs and rising nickel premiums. It also is intended to recover price deterioration that has occurred in the past three years. Carpenter SAO said it would continue to monitor raw material prices and other costs, making additional adjustments as necessary. Carpenter announced pricing actions on its nickel- and cobalt-base high temperature alloys earlier this week (Jan. 19). Carpenter, based in Wyomissing, Pa., is a leading manufacturer and distributor of specialty alloys and various engineered products. Carpenter had sales of $871.1 million in fiscal 2003 (ended June 30, 2003). More information about Carpenter is available at www.cartech.com, with selected products available online at www.carpenterdirect.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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2003, its quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended Sept. 30, 2003, and its most recent registration statement on Form S-4, filed Sept. 16, 2003, as amended Oct. 3, 2003. The forward-looking statements in this document are intended to be subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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. |
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