Carpenter Technology (CRS) 8-K Other Events

Exhibit 12.1

Carpenter Technology Corporation

Computation of Ratios of Earnings to Fixed Charges — unaudited

(dollars in millions)

	Six Months Ended December 31,			Year Ended June 30,
	2012			2012			2011			2010			2009		2008
Fixed charges:
Interest costs(a)	$	11.9		$	25.0		$	17.6		$	18.8		$	20.1	$	22.8
Interest component of non-capitalized lease rental expense(b)		2.0			3.3			2.4			2.3			2.1		2.2
Total fixed charges	$	13.9		$	28.3		$	20.0		$	21.1		$	22.2	$	25.0
Earnings as defined:
Income before income taxes	$	72.7		$	188.6		$	87.8		$	4.7		$	63.0	$	297.3
Less income from less-than-fifty-percent owned entities, and gain on sale of partial interest in less-than-fifty percent owned enities		(1.3	)		(0.6	)		(2.6	)		(1.0	)		0.1		(1.1	)
Noncontrolling interest in the income of subsidiary with fixed charges		(0.5	)		(0.4	)		(0.7	)		—			—		—
Fixed charges less interest capitalized		11.6			27.1			19.5			20.1			18.2		22.7
Amortization of capitalized interest		0.7			1.8			2.6			2.8			2.5		2.5
Earnings as defined	$	83.2		$	216.5		$	106.6		$	26.6		$	83.8	$	321.4
Ratio of earnings to fixed charges		6.0x			7.7x			5.3x			1.3x			3.8x		12.9x

^(a)  Includes interest capitalized relating to significant construction projects, and amortization of debt discount and debt issue costs.

^(b)  One-third of rental expense which approximates the interest component of non-capitalized leases.