Exhibit 99

          Positive Non-Operating Items and Improved Operating
     Performance Expected to Impact Carpenter Technology Earnings

   WYOMISSING, Pa.--(BUSINESS WIRE)--xx--Carpenter Technology
Corporation (NYSE:CRS) today reported that certain non-operating
items, in addition to the continued improvement in its operating
performance, are expected to have a positive impact on earnings for
the second fiscal quarter ending December 31, 2003.
   In the current second quarter, the company received $5.2 million,
or the equivalent of $.14 per diluted share, from U.S. Customs under
the "Continued Dumping and Subsidy Offset Act of 2000."
   Last year in the second quarter, Carpenter received $2.5 million,
or the equivalent of $.07 per diluted share, under the Act.
   Also in the quarter, Carpenter resolved an outstanding state tax
matter. As a result of this and other tax valuation adjustments, the
company will reverse certain income tax reserves totaling at least
$2.4 million or the equivalent of $.10 per diluted share.
   In addition to these non-operating items, Carpenter expects that
its second quarter income before other income and expense (net sales
less cost of sales and selling and administrative expenses), will show
continued year-over-year improvement as demonstrated during the last
several quarters, after adjusting for the effects of non-cash pension
and retiree medical benefits.
   Carpenter will provide details of its second quarter results in
its earnings release and quarterly conference call tentatively
scheduled for January 23, 2004. Details of the call will be provided
during the week of January 5.
   Carpenter produces and distributes specialty materials and various
engineered products. Information about Carpenter can be found on the
Internet at www.cartech.com, with selected products sold online at
www.carpenterdirect.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,
2003, its form 10-Q for the first quarter, and its most recent
registration statement on Form S-4, filed on September 16, 2003, as
amended on October 3, 2003. They include but are not limited to: 1)
the cyclical nature of the specialty materials business and certain
end-use markets, including aerospace, power generation, automotive,
industrial and consumer, all of which are subject to changes in
general economic and financial market conditions; 2) the ability of
Carpenter to ensure adequate supplies of raw materials and to recoup
increased costs of electricity, natural gas, and raw materials, such
as nickel, through increased prices and surcharges; 3) domestic and
foreign excess manufacturing capacity for certain metals that
Carpenter produces; 4) fluctuations in currency exchange rates,
resulting in increased competition and downward pricing pressure on
certain Carpenter products; 5) the degree of success of government
trade actions; 6) fluctuations in stock markets, which could impact
the valuation of the assets in Carpenter's pension trusts and the
accounting for pension assets; 7) the potential cost advantages that
new competitors or competitors who have reorganized through bankruptcy
may have; 8) the transfer of manufacturing capacity from the United
States to foreign countries; and 9) the consolidation of customers and
suppliers. 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.

    CONTACT: Carpenter Technology Corporation
             Investors:
             Jaime Vasquez, 610-208-2165
             jvasquez@cartech.com
                 or
             Media:
             Katharine B. Marshall, 610-208-3034
             kmarshall@cartech.com