Anne Stevens Appointed Chairman, President and Chief Executive Officer of Carpenter Technology

WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 18, 2006--Carpenter Technology Corporation (NYSE:CRS) announced today the appointment of Anne Stevens as Chairman, President and Chief Executive Officer, effective November 1, 2006. Ms. Stevens will succeed Robert J. Torcolini, who previously announced his retirement from the Company. He will be a special advisor to Ms. Stevens and the Board until January 1, 2007.

Ms. Stevens, 57, held management positions of increasing responsibility at Ford Motor Company during the past 16 years. She most recently served as Executive Vice President of Ford Motor Company and Chief Operating Officer of Ford in The Americas, with responsibility for Ford's North and South American product development, vehicle launch, manufacturing and material purchasing activities.

Mr. Torcolini commented, "Anne is a proven leader who brings extensive experience in the management of global operations, manufacturing facilities and new product development. Today Carpenter is in the best business and financial health in its 117-year history. Through the collective efforts of our employees, we have just completed another year of record sales and net income in fiscal 2006. Anne has the right combination of skills and experience to build on Carpenter's strengths to deliver profitable growth and long-term shareholder value."

Anne Stevens said, "I am excited to have the opportunity to lead Carpenter through its next stages of growth. Bob's tenure was marked by outstanding leadership and a culture of performance. I look forward to working with Carpenter's talented team, leveraging my experience to continue the excellent progress made in improving Carpenter's business fundamentals and to achieve strong global growth."

Ms. Stevens joined Ford in 1990 as a marketing specialist in the Plastics Products division in Dearborn, Michigan. Among her positions at the Company, she served as Group Vice President for business operations in Canada, Mexico and South America, where she grew market share while improving profitability. As Vice President of North American Vehicle Operations, she was responsible for nearly thirty plants in Canada, Mexico and the United States where she delivered record improvements in quality and productivity. She is a nationally recognized expert in operational excellence and lean manufacturing.

Before joining Ford, Ms. Stevens held engineering, manufacturing and marketing positions for over ten years at Exxon Corporation. She earned a B.S. in Mechanical and Materials Engineering from Drexel University and did post graduate work at Rutgers University. She also received an honorary Ph.D. in Communication Sciences from Central Michigan University.

Ms. Stevens is a member of the Board of Directors of Lockheed Martin since 2002. She is a member of the National Academy of Engineering and received a distinguished service citation from the Automotive Hall of Fame. She has been named four times to Fortune magazine's list of "50 Most Powerful Women in Business" and was named by Automotive News as a 2005 "Leading Woman in the North American Automotive Industry."

Carpenter Technology, based in Wyomissing, PA, produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products. Information about Carpenter Technology can be found on the Internet at

CONTACT: Carpenter Technology Corporation
Jaime Vasquez, 610-208-2165

SOURCE: Carpenter Technology Corporation

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