Mr. John A. Schuler
                                            Treasurer
                                            Phone:  (215) 208-2165
IMMEDIATE RELEASE             



                    CARPENTER TECHNOLOGY TO REDEEM DEBT


     Reading, PA (January 25, 1994) -- Carpenter Technology Corporation
today announced that it will redeem $55.3 million of 
high-coupon debt.  
     The debt to be redeemed will consist of the entire outstanding
principal amount of its 12 7/8% sinking fund debentures due 2014.  The
redemption date for the debentures will be March 1, 1994.  Notice of
redemption of the debentures is being mailed today to holders of record
of the debentures.
     The redemption price for the 12 7/8% debentures will be
$1,061.62 per $1,000 of principal amount of the debentures to be
redeemed, consisting of the principal amount and a redemption
premium.  The premium paid for the redemption will result in an 
extraordinary charge of $1.9 million after taxes ($.24 per share)
in the Company's third fiscal year quarter ending March 31, 1994. 
The debentures are being redeemed to reduce future interest costs. 

     Funding for the redemption will come from the Company's
current credit facilities or through the issuance of Medium-Term 




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Carpenter Technology Corporation                           January 25, 1994
Reading, PA                                                          Page 2




Notes.  The Company recently filed a shelf registration statement
with the Securities and Exchange Commission for the issuance of up
to $100 million of Medium-Term Notes.
     The redemption agent for the debentures is Morgan Guaranty
Trust Company of New York, 60 Wall Street, New York, New York
10260.  

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