Exhibit 99.1

Carpenter Technology Corporation Announces Appointment of J. Michael Fitzpatrick
as Vice Chairman

    WYOMISSING, Pa.--(BUSINESS WIRE)--Feb. 13, 2006--Carpenter
Technology Corporation (NYSE:CRS) announced today that it has
appointed Dr. J. Michael Fitzpatrick as Vice Chairman, an executive
position reporting directly to Robert J. Torcolini, Chairman,
President and Chief Executive Officer, effective February 14, 2006. In
addition to his new role at the Company, Dr. Fitzpatrick will continue
as a member of the Board, on which he has served since 1997.
    Fitzpatrick will work closely with Carpenter's Chief Executive
Officer and the Company's senior management team on further developing
and executing a strategic growth plan for Carpenter. Fitzpatrick
brings extensive experience in strategic planning, operations and
technology management, international business and mergers and
acquisitions. He was formerly President and Chief Operating Officer of
Philadelphia-based Rohm and Haas Company.
    Mr. Torcolini commented, "Carpenter is extremely fortunate to have
Mike become an integral part of our management team. The Company
continues to perform very well and is positioned for further growth
and diversification. Mike's perspective as a Board member, combined
with his business background and experience, will be an asset as we
leverage the Company's strengths, take advantage of market
opportunities, and deliver superior business results in the years
ahead."
    Fitzpatrick, 59, holds a PhD in Chemistry from Rice University and
joined Rohm and Haas, a specialty chemical company, in 1975 shortly
after completing his post-doctoral studies at Harvard. While at Rohm
and Haas, he held positions in research and marketing and had general
management responsibilities for 13 years in Brazil, Italy, Mexico, and
the United Kingdom. After returning to the U.S., he later became
President and COO.
    Carpenter Technology Corporation (NYSE:CRS) based in Wyomissing,
PA, is a leading manufacturer and distributor of specialty alloys and
engineered products. For more information about Carpenter Technology
Corporation please visit the Company's website 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,
2005, 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.

    CONTACT: Carpenter Technology Corporation
             Jaime Vasquez, 610-208-2165
             Jvasquez@cartech.com