Carpenter & United States Steel Enter into Agreement for Development of Lighter High-Strength Steel

  Carpenter & United States Steel Enter into Agreement for Development of
  Lighter High-Strength Steel

Fuel Economy and Passenger Safety at Core of Collaboration

Business Wire

WYOMISSING, Pa. -- January 30, 2013

Carpenter Technology Corporation (NYSE: CRS) has finalized the completion of a
formal cooperation agreement with United States Steel Corporation (NYSE: X),
located in Pittsburgh, Pa., which allows for the development of a new
“lightweighting” steel for automotive applications.

Carpenter’s patented alloy, TEMPER TOUGH™ specialized steel alloy, is designed
for use in flat-roll automotive applications, as well as other demanding
applications. Originally designed for the aerospace industry, the new alloy
may help automotive manufacturers meet recently mandated Corporate Average
Fuel Requirement (CAFÉ) standards by lightweighting vehicles through mass
reduction. TEMPER TOUGH™ specialized steel alloy also offers extraordinarily
high-strength and ductility attributes that support ever-increasing safety
requirements to be designed into critical automotive support end-uses.

U.S. Steel, a steelmaking leader with decades of experience meeting the needs
of automotive customers and their ever-increasing demand for advanced
high-strength steels, will develop the grade through its operational
footprint.

About Carpenter Technology Corporation

Carpenter Technology Corporation, 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 United States Steel Corporation

United States Steel Corporation, headquartered in Pittsburgh, Pa., is an
integrated steel producer focused on high value-added flat-rolled and tubular
steel products with complex chemistries and attributes that are required by
manufacturers in the automotive, appliance, container, construction,
industrial machinery, and oil and gas industries. U. S. Steel has major
production operations in the United States, Canada and Slovakia and has an
annual raw steelmaking capability of 29.3 million net tons. The company is
also engaged in several other business activities including the production of
iron ore pellets from taconite (rock containing iron) in the United States and
the production of coke in both the United States and Central Europe;
transportation services (railroad and barge operations); and real estate
operations.

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 quarters
ended September 30, 2012, and the exhibits attached to those filings. They
also include, but are not limited to, the successful development of new
lightweighting steel for automotive applications. 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