Exhibit 99

Carpenter Technology Reports Third Quarter Results

    WYOMISSING, Pa.--(BUSINESS WIRE)--April 25, 2005--Carpenter
Technology Corporation (NYSE:CRS) today reported record sales and net
income, which reflected favorable market conditions and a continued
focus on costs through lean and variation reduction.
    Net sales for the third fiscal quarter ended March 31, 2005 were
$342.1 million, compared with $280.4 million for the same period a
year ago.
    Net income in the third quarter was $35.3 million or $1.38 per
diluted share, compared to net income of $10.3 million or $.42 per
diluted share a year ago.
    Net income in the third quarter a year ago included non-cash
pension and retiree medical expenses (net pension expense) of $2.0
million after-tax or $.09 per diluted share. In the recent third
quarter, Carpenter's net pension expense was less than $.01 per
diluted share.
    Free cash flow in the recent third quarter was $46.1 million,
compared with free cash flow of $47.4 million in the third quarter a
year ago.
    At the end of the recent third quarter, total debt net of cash was
$116.8 million. Carpenter's net debt amount was $60.0 million lower
than at the end of the previous quarter and $148.9 million lower than
a year ago.

    Year-to-Date Results

    Net sales for the first nine months of the current fiscal year
were $951.8 million, compared with $719.9 million for the same period
a year ago.
    Net income for the first nine months of the current fiscal year
was $87.6 million or $3.48 per diluted share, compared with net income
of $18.3 million or $.75 per diluted share for the same period a year
ago.
    Free cash flow for the first nine months of fiscal 2005 was $88.7
million, compared to free cash flow of $79.0 million for the same
period a year ago.

    Third Quarter - Operating Summary

    "Favorable market conditions, strong demand for higher value
products particularly from the aerospace market and our continued
focus on operational excellence resulted in record earnings in the
third quarter," said Robert J. Torcolini, chairman, president and
chief executive officer.
    "The quarterly results reflected the continued operating leverage
created through our relentless focus on lean and variation reduction.
We also benefited from a shift in product mix to higher value
materials as a result of robust demand from the aerospace and power
generation markets. Additionally, margins improved from an intentional
reduction in the sale of marginally profitable products."
    Carpenter's sales increased 22 percent in the third quarter from a
year ago, which reflected a better product mix, increased base selling
prices and surcharges to help recover high raw material costs.
Excluding surcharge revenue, sales increased approximately 17% from
the third quarter a year ago.
    Sales increased in most major end-use markets during the third
quarter versus the same quarter a year ago. Aerospace market sales
increased 50 percent; medical market sales, 31 percent; industrial
market sales, 23 percent; power generation market sales, 13 percent;
and automotive market sales, 12 percent. Sales to the consumer market
declined 4 percent from the same quarter a year ago due primarily to
an intentional reduction in the sale of marginally profitable
products.
    Geographically, sales outside the United States increased 22
percent from a year ago and represented 28 percent of third quarter
sales. Sales outside the United States continued to benefit from the
effects of a weaker U.S. dollar, strong growth in Asia and increased
demand for aerospace and medical materials.
    Carpenter's gross profit in the third quarter increased to $85.2
million or 24.9 percent of sales from $49.3 million or 17.6 percent of
sales a year ago.
    In the third quarter a year ago, the gross profit reflected net
pension expense of $2.5 million or 0.9 percent of sales. The gross
profit in the recent third quarter included net pension expense of
$0.2 million.
    The gross profit improvement reflected a better product mix due to
growth in key markets including aerospace, power generation and
medical, higher base prices and a continued focus on lean and
variation reduction.
    Carpenter's third quarter operating income increased to $56.6
million or 16.5 percent of sales from $19.5 million or 7.0 percent of
sales a year ago. The increase reflects the improvement in gross
profit and a decline in selling and administrative expenses compared
to the quarter a year ago.

    Outlook

    "We continue to expect that our operating performance will show
year-over-year improvements as market conditions should remain
favorable," Torcolini said. "The robust activity throughout the
aerospace market is creating strong demand for our higher value
materials including specialty alloys, titanium and ceramics."
    Accordingly, the company expects that free cash flow will be in
excess of $120 million for the current fiscal year. Carpenter had
previously estimated that free cash flow would be in excess of $100
million.

    Segment Results - Third Quarter

    Specialty Metals

    Net sales for the quarter ended March 31, 2005 for the Specialty
Metals segment, which includes the Specialty Alloys Operations (SAO),
Dynamet, and Carpenter Powder Products (CPP) business units were
$311.1 million, compared to $253.2 million in the same quarter a year
ago.
    SAO sales increased 19 percent from the same quarter a year ago.
The increase was due primarily to a better product mix as a result of
strong demand from the U.S. and European aerospace markets, pricing
actions and surcharges. SAO volume decreased 14 percent from the
quarter a year ago primarily reflecting the strategy to reduce the
sale of marginally profitable products.
    Dynamet's sales increased 60 percent in the third quarter versus a
year ago, also as a result of strong demand from the aerospace
markets, continued growth in the medical market and higher base
selling prices. The sales increase also reflects the impact of a
significant rise in titanium costs. CPP's sales were 46 percent higher
than a year ago due to strong demand from the industrial and
automotive markets and increased selling prices.
    Operating income for the Specialty Metals segment was $52.6
million, compared to $19.8 million a year ago. The increase in
operating income reflected the effects of a better product mix, higher
base pricing and continued operational improvements.

    Engineered Products Segment

    Net sales for this segment, which includes sales of fabricated
metal and ceramic components were $31.9 million, compared to $28.0
million a year ago. Stronger demand from the automotive and aerospace
markets and higher base prices were the primary drivers of the sales
increase.
    Operating income for the Engineered Products segment increased to
$5.6 million in the third quarter from $3.9 million a year ago.
Operating income benefited from higher sales, increased base selling
prices and better operating efficiencies from lean and variation
reduction.

    Segment Results - Year-to-Date

    Specialty Metals

    Net sales for the first nine months of fiscal 2005 for the
Specialty Metals segment were $858.6 million, compared to $640.8
million for the same period a year ago.
    SAO sales increased 32 percent from a year ago, due to an improved
product mix, base pricing actions and surcharges. SAO volume was flat
with a year ago as strong demand for higher value materials was offset
primarily by SAO's intentional reduction in the sale of marginally
profitable products.
    Dynamet's sales increased 58 percent during the first nine months
of fiscal 2005 compared to the same period a year ago. The increase is
due primarily to stronger demand from the aerospace and medical
markets and increased prices. CPP's sales were 39 percent higher than
a year ago as a result of strong demand from the industrial,
automotive and aerospace markets and higher base selling prices.
    Operating income for the Specialty Metals segment was $125.5
million during the first nine months of fiscal 2005 as compared to
$38.8 million for the same period a year ago. The increase reflected
higher base pricing, a better product mix and continued operational
improvements.

    Engineered Products Segment

    Net sales for this segment through the first nine months of fiscal
2005 were $95.6 million as compared to $81.0 million for the same
period a year ago. This group of companies benefited from strong
demand across most major markets including automotive, aerospace,
industrial and power generation and higher base selling prices.
    Operating income for the Engineered Products segment for the first
nine months of fiscal 2005 was $16.4 million versus $10.6 million for
the same period a year ago. The increase in operating income was
largely associated with stronger demand, better pricing and a
continued focus on lean and variation reduction.

    Net Pension Expense

    In the third quarter of fiscal 2005, Carpenter had non-cash
pension and retiree medical expenses of $0.6 million, which was offset
by the favorable tax effects of Medicare Part D. As a result,
Carpenter's net pension expense was $0.1 million and did not have a
measurable impact on earnings per share. This compares to net pension
expense of $2.0 million after-tax or $.09 per diluted share for the
same quarter a year ago.
    The net pension amount is actuarially determined as of each June
30 and typically held constant throughout the fiscal year.
    The company's defined benefit pension plan remains well funded
and, as in prior years, the company is not required to make a cash
contribution to the plan.

    Other Items

    In the third quarter of fiscal 2005, selling and administrative
expenses of $28.6 million were 8.4 percent of sales compared to $29.8
million or 10.6 percent of sales in the same quarter a year ago.
Selling and administrative expenses included net pension expense of
$0.4 million in the current third quarter versus $1.2 million in the
quarter a year ago.
    For the first nine months of fiscal 2005, selling and
administrative expenses of $85.9 million were the same as a year ago.
However, as a percentage of sales, selling and administrative expenses
declined to 9.0 percent through the first nine months of fiscal 2005
from 11.9 percent of sales for the same period a year ago. For the
first nine months of the current fiscal year, net pension expense
included in selling and administrative expenses was $1.2 million
versus $3.7 million a year ago.
    Interest expense for the quarter increased to $5.9 million from
$5.6 million in the quarter a year ago due to higher interest rates.
For the first nine months of fiscal 2005, interest expense was $17.6
million or $0.4 million lower than the same period a year ago.
    The nine month period a year ago included a charge of $2.3 million
associated with the early retirement of debt.
    Other income for the third quarter was $2.4 million as compared to
$0.7 million in the third quarter a year ago. The change largely
reflects increased interest income from higher balances of invested
cash and foreign exchange gains.
    For the first nine months of fiscal 2005, other income was $7.7
million, compared to $7.0 million for the same period a year ago.
Other income primarily reflects funds received under the "Continued
Dumping and Subsidy Offset Act of 2000" and interest income from
invested cash balances.
    In the recent third quarter, net income benefited by $.03 per
diluted share primarily due to an increase in estimated tax credits.

    Cash Flow and Liquidity

    Carpenter has maintained the ability to provide cash to meet its
needs through cash flow from operations, management of working capital
and the flexibility to use outside sources of financing to supplement
internally generated funds.
    Free cash flow for the third quarter was $46.1 million, compared
to $47.4 million a year ago. Through the first nine months of fiscal
2005 free cash flow was $88.7 million, compared to $79.0 million for
the same period a year ago.
    Carpenter believes that its current financial resources, both from
internal and external sources, will be more than adequate to meet its
foreseeable needs. At the end of the third quarter, Carpenter had
approximately $185 million available under its credit facilities.

    Conference Call

    Carpenter will host a conference call and webcast today, April 25,
at 10:00 a.m., Eastern Time, to discuss the results of operations for
the third quarter.
    Please call 610-208-2800 for details of the conference call.
Access to the call will also be made available at Carpenter's web site
(www.cartech.com) and through CCBN (www.ccbn.com). A replay of the
call will be made available at www.cartech.com or at www.ccbn.com.
    Carpenter produces and distributes specialty alloys, including
stainless steels, titanium alloys and superalloys, and various
engineered products. Information about Carpenter can be found on the
Internet at www.cartech.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,
2004, its subsequent Form 10-Q and the exhibits attached to those
filings. 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, or other influences on Carpenter's business such as new
competitors, the consolidation of customers and suppliers or the
transfer of manufacturing capacity from the United States to foreign
countries; 2) the ability of Carpenter to achieve cost savings,
productivity improvements or process changes; 3) the ability to recoup
increases in the cost of energy and raw materials or other factors; 4)
domestic and foreign excess manufacturing capacity for certain metals;
5) fluctuations in currency exchange rates; 6) the degree of success
of government trade actions; 7) the valuation of the assets and
liabilities in Carpenter's pension trusts and the accounting for
pension plans; 8) possible labor disputes or work stoppages; and 9)
the potential that our customers may substitute alternate materials or
adopt different manufacturing practices that replace or limit the
suitability of our products. 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.


                   CONSOLIDATED STATEMENT OF INCOME
                 (in millions, except per share data)


                                  Three Months Ended Nine Months Ended
                                        March 31         March 31
                                    ---------------- -----------------

                                     2005     2004     2005     2004
                                    ------- -------- -------- --------

NET SALES                           $342.1   $280.4   $951.8   $719.9

Cost of sales                        256.9    231.1    728.6    597.2
                                    ------- -------- -------- --------
Gross profit                          85.2     49.3    223.2    122.7

Selling and administrative expenses   28.6     29.8     85.9     85.9
                                    ------- -------- -------- --------
Operating income                      56.6     19.5    137.3     36.8

Interest expense                       5.9      5.6     17.6     18.0
Loss on early retirement of debt        --       --       --      2.3
Other income, net                     (2.4)    (0.7)    (7.7)    (7.0)
                                    ------- -------- -------- --------

Income before income taxes            53.1     14.6    127.4     23.5
Income taxes                          17.8      4.3     39.8      5.2
                                    ------- -------- -------- --------
NET INCOME                           $35.3    $10.3    $87.6    $18.3
                                    ======= ======== ======== ========

EARNINGS PER COMMON SHARE:
   Basic                             $1.43    $0.43    $3.60    $0.76
                                    ======= ======== ======== ========
   Diluted                           $1.38    $0.42    $3.48    $0.75
                                    ======= ======== ======== ========


WEIGHTED AVERAGE COMMON
  SHARES OUTSTANDING:
   Basic                              24.4     22.6     24.0     22.4
                                    ======= ======== ======== ========
   Diluted                            25.4     23.6     25.0     23.3
                                    ======= ======== ======== ========

Cash dividends per common share      $0.10  $0.0825  $0.2825  $0.2475
                                    ======= ======== ======== ========

Certain reclassifications of prior year's amounts have been made to
conform with current year's presentation.





                             PRELIMINARY
                CONSOLIDATED STATEMENT OF CASH FLOWS
                            (in millions)

                                                     Nine months ended
                                                          March 31
                                                       --------------

                                                         2005   2004
                                                       ------- ------

OPERATIONS:
  Net income                                            $87.6  $18.3
  Adjustments to reconcile net income to
   net cash provided from operations:
    Depreciation                                         35.0   36.9
    Amortization                                          2.8    6.4
    Deferred income taxes                                17.7   (7.1)
    Net pension expense                                   1.8   12.4
    Net loss on asset disposals                           0.3    0.3
  Changes in working capital and other:
    Receivables                                         (30.3) (31.8)
    Inventories                                         (38.7)  (1.9)
    Other current assets                                 (4.0)   0.6
    Accounts payable                                     15.3   34.3
    Accrued current liabilities                          19.6   19.3
    Income tax refund                                     1.9    0.4
    Other, net                                           (4.2)   0.7
                                                       ------- ------
Net cash provided from operations                       104.8   88.8
                                                       ------- ------

INVESTING ACTIVITIES:
  Purchases of plant, equipment and software             (8.8)  (5.2)
  Proceeds from disposals of plant and equipment          0.6    2.3
  Purchases of marketable securities                   (128.2) (45.4)
  Sales of marketable securities                         68.6   26.2
                                                       ------- ------
Net cash used for investing activities                  (67.8) (22.1)
                                                       ------- ------

FINANCING ACTIVITIES:
  Net change in short-term debt                          (1.3) (15.1)
  Payments on long-term debt                               --  (20.1)
  Checks not cleared                                       --   (3.7)
  Dividends paid                                         (7.9)  (6.9)
  Proceeds from issuance of common stock                 46.1   11.0
                                                       ------- ------
Net cash provided from (used for) financing activities   36.9  (34.8)
                                                       ------- ------

Effect of exchange rate changes on cash and cash
 equivalents                                             (2.3)  (0.1)
                                                       ------- ------

INCREASE IN CASH AND CASH EQUIVALENTS                    71.6   31.8
Cash and cash equivalents at beginning of period         76.6   53.5
                                                       ------- ------
Cash and cash equivalents at end of period             $148.2  $85.3
                                                       ======= ======

Certain reclassifications of prior year's amounts have been made to
conform with current year's presentation.





                             PRELIMINARY
                      CONSOLIDATED BALANCE SHEET
                            (in millions)

                                                   March 31   June 30
                                                     2005       2004
                                                   --------- ---------

ASSETS
Current Assets:
  Cash and cash equivalents                          $148.2     $76.6
  Marketable securities                                88.3      28.8
  Accounts receivable, net                            197.7     165.2
  Inventories                                         224.5     185.0
  Other current assets                                 35.8      36.2
                                                   --------- ---------
     Total current assets                             694.5     491.8

Property, plant and equipment, net                    583.3     608.7
Prepaid pension cost                                  249.9     247.0
Goodwill                                               46.4      46.4
Trademarks and trade names, net                        21.3      24.3
Other assets                                           31.9      38.0
                                                   --------- ---------
Total assets                                       $1,627.3  $1,456.2
                                                   ========= =========

LIABILITIES
Current liabilities:
  Short-term debt                                      $1.0      $2.2
  Accounts payable                                    124.7     109.0
  Accrued compensation                                 28.4      26.1
  Accrued income taxes                                 26.7      10.3
  Accrued liabilities                                  54.7      51.4
  Deferred income taxes                                 7.4      10.9
  Current portion of long-term debt                    20.2      20.2
                                                   --------- ---------
     Total current liabilities                        263.1     230.1

Long-term debt, net of current portion                332.1     332.7
Accrued postretirement benefits                       135.3     143.5
Deferred income taxes                                 193.8     175.6
Other liabilities                                      36.5      36.3
                                                   --------- ---------
Total liabilities                                     960.8     918.2
                                                   --------- ---------


STOCKHOLDERS' EQUITY
  Convertible preferred stock                          20.0      20.8
  Common stock                                        128.2     120.7
  Capital in excess of par value - common stock       254.2     215.1
  Reinvested earnings                                 310.1     230.4
  Common stock in treasury, at cost                   (38.0)    (38.0)
  Deferred compensation                                (6.0)     (9.5)
  Accumulated other comprehensive loss                 (2.0)     (1.5)
                                                   --------- ---------
     Total stockholders' equity                       666.5     538.0
                                                   --------- ---------

Total liabilities and stockholders' equity         $1,627.3  $1,456.2
                                                   ========= =========

Certain reclassifications of prior year's amounts have been made to
conform with current year's presentation.






                             PRELIMINARY
                        SEGMENT FINANCIAL DATA
                            (in millions)


                                      Three Months     Nine Months
                                          Ended           Ended
                                        March 31        March 31
                                     --------------- ---------------

                                       2005    2004    2005    2004
                                     ------- ------- ------- -------

Net sales:
  Specialty Metals                   $311.1  $253.2  $858.6  $640.8
  Engineered Products                  31.9    28.0    95.6    81.0
  Intersegment                         (0.9)   (0.8)   (2.4)   (1.9)
                                     ------- ------- ------- -------

  Consolidated net sales             $342.1  $280.4  $951.8  $719.9
                                     ======= ======= ======= =======

Operating income:
  Specialty Metals                    $52.6   $19.8  $125.5   $38.8
  Engineered Products                   5.6     3.9    16.4    10.6
  Corporate costs                      (5.3)   (5.4)  (15.3)  (14.6)
  Pension earnings, interest &
   deferrals                            3.7     1.2    11.1     2.0
  Intersegment                           --      --    (0.4)     --
                                     ------- ------- ------- -------

   Consolidated operating income      $56.6   $19.5  $137.3   $36.8
                                     ======= ======= ======= =======

Carpenter is organized in the following business units: Specialty
Alloys Operations, Dynamet, Carpenter Powder Products and Engineered
Products. For segment reporting, the Specialty Alloys Operations,
Dynamet and Carpenter Powder Products operating segments have been
aggregated into one reportable segment, Specialty Metals, because of
the similarities in products, processes, customers, distribution
methods and economic characteristics.

The service cost component of net pension expense, which represents
the estimated cost of future pension liabilities earned associated
with active employees, is included in the operating results of the
business segments. The residual net pension expense, which is
comprised of the expected return on plan assets, interest costs on the
projected benefit obligations of the plans, and amortization of
actuarial gains and losses and prior service costs, is included under
the heading "Pension earnings, interest & deferrals."

Certain reclassifications of prior year's amounts have been made to
conform with current year's presentation.





                             PRELIMINARY
                     SELECTED FINANCIAL MEASURES
                 (in millions, except per share data)


                                        Three Months    Nine Months
                                            Ended          Ended
                                          March 31       March 31
                                       -------------- ---------------
FREE CASH FLOW                          2005    2004    2005    2004
                                       ------ ------- ------- -------

Net cash provided from operations      $52.4   $50.1  $104.8   $88.8
Purchases of plant, equipment and
 software                               (4.0)   (2.0)   (8.8)   (5.2)
Proceeds from disposals of plant and
 equipment                               0.4     1.7     0.6     2.3
Dividends paid                          (2.7)   (2.4)   (7.9)   (6.9)
                                       ------ ------- ------- -------
Free cash flow                         $46.1   $47.4   $88.7   $79.0
                                       ====== ======= ======= =======

Free cash flow is a measure of cash generated which management
evaluates for alternative uses.


                                               March  December  March
                                                 31      31      31
NET DEBT                                        2005    2004    2004
                                              ------- ------- -------

Accounts receivable purchase facility           $---    $---   $10.0
Short-term debt                                  1.0     1.7     2.6
Current portion of long-term debt               20.2    20.2     0.1
Long-term debt, net of current portion         332.1   333.6   357.5
                                              ------- ------- -------
Total debt                                     353.3   355.5   370.2
Cash                                          (148.2) (113.3)  (85.3)
Marketable securities                          (88.3)  (65.4)  (19.2)
                                              ------- ------- -------
Net debt                                      $116.8  $176.8  $265.7
                                              ======= ======= =======

Accumulated cash and marketable securities are expected to be used for
debt repayment when economically feasible until a targeted debt to
capital ratio is achieved.


                                        Three Months    Nine Months
                                            Ended          Ended
                                          March 31       March 31
                                       -------------- ---------------
NET PENSION EXPENSE                     2005    2004    2005    2004
                                       ------ ------- ------- -------

Pension plan (income) expense          ($0.6)   $2.2   ($1.8)   $6.6
Other postretirement benefits expense    1.2     1.4     3.6     5.8
                                       ------ ------- ------- -------
                                         0.6     3.6     1.8    12.4
Income tax benefit                      (0.5)   (1.6)   (1.6)   (4.9)
                                       ------ ------- ------- -------
Net pension expense                     $0.1    $2.0    $0.2    $7.5
                                       ====== ======= ======= =======

Net pension expense per share          $0.00   $0.09   $0.01   $0.33
                                       ====== ======= ======= =======

Weighted average diluted common shares  25.4    23.6    25.0    23.3
                                       ====== ======= ======= =======


    CONTACT: Carpenter Technology Corporation
             Investor and Media Inquiries:
             Jaime Vasquez, 610-208-2165
             jvasquez@cartech.com