Exhibit 12

Carpenter Technology Corporation

Computations of Ratios of Earnings to Fixed Charges — unaudited

Five years ended June 30, 2006

(dollars in millions)

	2006			2005			2004			2003			2002
Fixed charges:
Interest costs(a)	$	23.6		$	23.1		$	23.8		$	31.1		$	34.9
Interest component of non-capitalized lease rental expense(b)		1.8			2.6			2.7			3.8			4.0
Total fixed charges	$	25.4		$	25.7		$	26.5		$	34.9		$	38.9
Earnings as defined:
Income (loss) before income taxes and cumulative effect of accounting change	$	309.1		$	190.0		$	49.7		$	(22.9	)	$	(13.3	)
Less income from less-than-fifty- percent-owned entities, and add loss on sale of partial interest in less-than-fifty-percent owned entities		(1.6	)		(0.9	)		(1.0	)		(0.6	)		(0.4	)
Fixed charges less interest capitalized		25.1			25.6			26.4			34.8			38.6
Amortization of capitalized interest		2.5			2.5			2.5			2.6			2.6
Earnings as defined	$	335.1		$	217.2		$	77.6		$	13.9		$	27.5
Ratio of earnings to fixed charges		13.2x			8.5x			2.9x			0.4x			0.7x

^(a) Includes interest capitalized relating to significant construction projects, and amortization of debt discount and debt issue costs.

^(b) One-third of rental expense which approximates the interest component of non-capitalized leases.