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Carpenter Technology to Raise Prices
on Stainless and Specialty Steels

March 3, 2004 — The Specialty Alloys Operations unit of Carpenter Technology Corp. has announced that later this month it will increase base prices 3 to 5% on stainless steel and most specialty alloy billet, coil and bar products. Stainless rod products will increase 5 to 7%.

Price increases take effect with all new orders received after March 15.

Carpenter said that the changes are intended to partially offset the price erosion that has occurred over the last few years and to offset non-material related inflationary costs. Carpenter also said it would continue to monitor market conditions and other costs, making additional pricing adjustments as necessary.

Carpenter, based in Wyomissing, Pa., is a leading manufacturer and distributor of specialty alloys and various engineered products. Carpenter had sales of $871.1 million in fiscal 2003, which ended June 30, 2003.

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