Carpenter & Sandvik Dissolve Joint Ventures; Supply Agreement Reached

  Carpenter & Sandvik Dissolve Joint Ventures; Supply Agreement Reached

New Agreement Already Implemented as JVs Dissolve

Business Wire

WYOMISSING, Pa. -- November 20, 2012

Carpenter Technology Corporation (NYSE:CRS) and Sandvik Materials Technology
announced today that they will dissolve their two-year old joint ventures –
Powdermet AB in Surahammar, Sweden and Carpenter Powder Products AB in
Torshälla, Sweden. Instead, the two companies have agreed that the growth of
their respective powder metal businesses would be better served in the form of
a supply agreement, by which Carpenter will supply Sandvik. Joint development
activities within near-net shape (NNS) will continue within the new set-up of
cooperation.

In October 2010, Carpenter acquired a 40 percent interest in Sandvik Powdermet
AB, while Sandvik AB acquired a 40 percent interest in Sweden-based Carpenter
Powder Products (CPP) AB.

The two joint ventures will be fully dissolved by the end of the calendar
year.

About Carpenter Technology Corporation

Carpenter Technology, based in Wyomissing, PA, produces and distributes
specialty alloys, including stainless steels, titanium alloys and superalloys,
and various engineered products. Information about Carpenter can be found at
www.cartech.com.

About Sandvik Materials Technology

Sandvik Materials Technology is a world-leading developer and manufacturer of
products in advanced stainless steels and special alloys for the most
demanding environments, as well as products and systems for industrial
heating.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on management’s current expectations and are subject to
risks, uncertainties and other factors 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, 2012, and the quarterly report on Form 10-Q for the quarter
ended September 30, 2012, and the exhibits attached to those filings. They
include, but are not limited to, statements regarding the joint venture with
Sandvik Materials Technology. Carpenter undertakes no obligation to update or
revise any forward-looking statements.

Contact:

Carpenter Technology Corporation
Media Inquiries:
William J. Rudolph, Jr., 610-208-3892
wrudolph@cartech.com
or
Investor Inquiries:
Michael A. Hajost, 610-208-3476
mhajost@cartech.com
 
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