Carpenter Technology Elects Philip Anderson and Robert McMaster Directors

Carpenter Technology Corporation (NYSE:CRS) today announced the election of Robert R. McMaster, a former partner at KPMG and former CEO of Westward Communications, and Dr. Philip M. Anderson, professor of physics and consultant on technology and intellectual property, as directors of the Company. "Robert McMaster brings to the board years of success in accounting and management, and Dr. Anderson provides invaluable expertise and insight into advanced technology applications, including the fields of aerospace and energy,” said Anne Stevens, chairman, president and chief executive officer. "On behalf of the board of directors, senior management and the entire organization, we are pleased to welcome Bob and Phil to Carpenter Technology.” The additions of McMaster and Dr. Anderson expand the Company’s board to 10 members, all but one of which are outside directors. McMaster, age 58, held various positions at KPMG from May 1970 to June 1997, including Ohio Valley Area Managing Partner. As such, he served from 1992 to 1997 as a member of KPMG’s Management Committee. From June 1997 to February 2005, McMaster was chairman and chief executive officer of Westward Communications, and president and chief executive officer of its successor company, ASP Westward Holdings, publishers of community newspapers in Texas and Colorado. McMaster also is a director of Sally Beauty Holdings (chairman, Audit Committee; member, Finance Committee); Dominion Homes Inc., (member, Audit and Compensation Committees), and Minimally Invasive Devices, LLC. He also is a former board member of American Eagle Outfitters, Inc. He is active in a wide variety of community affairs organizations in the Columbus, Ohio, region. He received his B.S., magna cum laude, in accounting from Miami University, Oxford, Ohio, in 1970, and is the recipient of the Haskins & Sells Foundation Award for excellence in accounting. Dr. Anderson, age 58, is a professor of physics at Ramapo College of New Jersey, where he has taught since 1990 courses ranging from introductory to advanced physics and electronics, as well as invention and entrepreneurship. He holds more than 100 foreign and 34 U.S. patents, and was named Inventor of the Year by the New Jersey Inventor’s Hall of Fame in 2001. He also is a respected consultant on technical and intellectual property on new technology and product development for Fortune 100 companies, with particular emphasis on security systems, medical devices, sensors, magnetics, acoustics and materials. Prior to teaching, he was founder, president and chief executive officer of Identitech Corp., 1986-1988; and new venture manager and senior research physicist at Allied Corp. (now Honeywell Corp.), 1979-1986. Dr. Anderson received his B.A. in physics in 1970 from Widener University, M.S. degrees in both physics and electrical engineering from Drexel University in June 1977, and a Ph.D. in physics from Drexel in 1979. He served as a pilot in the U.S. Air Force and Air National Guard from 1970-1975. He currently is a director of Aerco International, and is a former director of Sigma-Netics. From 1997-2001, he was a member of the Peer Review Board of the U.S. Army’s ARDEC, Picatinny Arsenal. Carpenter Technology produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products. Detailed information about Carpenter Technology can be accessed at our website: 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, 2006, 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.