Exhibit 12

Carpenter Technology Corporation

Computation of Ratios of Earnings to Fixed Charges — unaudited

Five Years ended June 30, 2007

(dollars in millions)

	2007			2006			2005			2004			2003
Fixed charges:
Interest costs(a)	$	23.3		$	23.6		$	23.1		$	23.8		$	31.1
Interest component of non-capitalized lease rental expense (b)		3.0			1.8			2.6			2.7			3.8
Total fixed charges	$	26.3		$	25.4		$	25.7		$	26.5		$	34.9
Earnings as defined:
Income (loss) before income taxes	$	331.0		$	309.1		$	190.0		$	49.7		$	(22.9	)
Less income from less-than-fifty-percent owned entities, and loss on sale of partial interest in less-than-fifty percent owned entities		(1.2	)		(1.6	)		(0.9	)		(1.0	)		(0.6	)
Fixed charges less interest capitalized		25.8			25.1			25.6			26.4			34.8
Amortization of capitalized interest		2.5			2.5			2.5			2.5			2.6
Earnings as defined	$	358.1		$	335.1		$	217.2		$	77.6		$	13.9
Ratio of earnings to fixed charges		13.6	x		13.2	x		8.5	x		2.9	x		0.4	x

^(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.