Carpenter Technology to Increase Base Prices on Specialty Alloy Portfolio

Rhea-AI Summary

Carpenter Technology Corporation (NYSE: CRS) has announced a price increase of 6% to 9% on new, non-contract orders for all specialty alloy products, effective from May 24, 2021. This decision reflects the company's strategy to adjust pricing in response to market conditions. All applicable surcharges will remain in effect. Carpenter Technology is a leader in high-performance specialty alloys used across various sectors, including aerospace and medical industries.

Positive

• Implementation of a price increase of 6% to 9% may enhance revenue.
• Maintaining all applicable surcharges suggests pricing power in the market.

Negative

• None.

PHILADELPHIA, May 24, 2021 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) announced today that it will increase base prices six percent (6%) to nine percent (9%) on new, non-contract orders across all specialty alloy products. The increases will be effective with new orders placed after May 24, 2021. All applicable surcharges will remain in effect.

About Carpenter Technology
Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, transportation, energy, industrial, medical, and consumer electronics markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing (AM) processes and soft magnetics applications. Carpenter Technology has expanded its AM capabilities to provide a complete “end-to-end” solution to accelerate materials innovation and streamline parts production. More information about Carpenter Technology can be found at www.carpentertechnology.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and are subject to risks, uncertainties and other factors 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, 2020, the quarterly reports on Form 10-Q for the quarters ended September 30, 2020, December 31, 2020 and March 31, 2021 and the exhibits attached to those filings. They include, but are not limited to, statements regarding announced base price increases. Carpenter undertakes no obligation to update or revise any forward-looking statements.

Media Inquiries:	Investor Inquiries:
Heather Beardsley	The Plunkett Group
+1 610-208-2278	Brad Edwards
hbeardsley@cartech.com	+1 914 582-4187
	brad@theplunkettgroup.com

FAQ

What is Carpenter Technology's recent price adjustment for CRS stock?

Carpenter Technology announced a price increase of 6% to 9% on new, non-contract orders for specialty alloys, effective May 24, 2021.

How will the price increase affect Carpenter Technology's financial performance?

The price increase is expected to positively impact revenue, reflecting the company's ability to adjust to market conditions.

When will the new prices for CRS specialty alloys take effect?

The new prices will take effect on May 24, 2021, for all new orders.

What products are affected by the price increase at Carpenter Technology?

The price increase applies to all specialty alloy products offered by Carpenter Technology.