June 20, 2006 — Carpenter Technology Corp. announced that, during the normal course of CEO succession planning, Robert J. Torcolini, Chairman, President and CEO advised the Board of Directors of his desired time horizon for retirement.

Although Mr. Torcolini has not set a specific retirement date, the Carpenter Board has formed a selection committee and will begin a search process for a successor. As part of the search process, KornFerry has been retained to assist with the search, and will evaluate both internal and external candidates.

Mr. Torcolini will remain Chairman, President and CEO until a successor is named and is in place. The Board and Mr. Torcolini are committed to assuring a smooth transition process, and have agreed to determine the precise timing of Mr. Torcolini's retirement based on the transition progresses and according to the needs of the company.

Mr. Torcolini, 55, has been with the company for 33 years and has served in his current role since 2003.

Based in Wyomissing, Pa., Carpenter Technology is a leading manufacturer and distributor of specialty alloys and engineered products.