Carpenter Technology Seeks to Recover Increased Costs for Raw Materials in Nickel-Bearing Alloys.Business Editors WYOMISSING, Pa.--(BUSINESS WIRE)--Feb. 5, 2003 The Specialty Alloys Operations 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 ) said today that it is immediately raising prices for its nickel-bearing specialty materials due to rising raw material costs. The company intends to recover increasing raw material costs through transactional price increases or surcharges, as applicable. The nickel-bearing materials affected include the company's high-temperature alloys and stainless steels stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. . Raw material prices, particularly for nickel, have increased significantly in recent months. Recently the price of nickel surged to $3.90 per pound, a level not seen since September 2000. This news release contains various "forward-looking statements" relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements represent Carpenter's expectations or beliefs concerning various future events. They are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter's filings with the Securities and Exchange Commission. Carpenter undertakes no obligation to update or revise any forward-looking statements. Carpenter, based in Wyomissing, Pa., is a leading manufacturer and distributor of specialty alloys and various engineered products. Carpenter had sales of $977 million in fiscal 2002 (ended June 30, 2002). More information about Carpenter is available at www.cartech.com, with selected alloys for sale at carpenterdirect.com. |
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