Exhibit 12

Carpenter Technology Corporation

Computation of Ratios of Earnings to Fixed Charges – unaudited

Five Years ended June 30, 2009

(dollars in millions)

	Year Ended June 30,
	2009		2008			2007			2006			2005
Fixed charges:
Interest costs(a)	$	20.1	$	22.8		$	23.3		$	23.6		$	23.1
Interest component of non-capitalized lease rental expense (b)		2.1		2.2			3.0			1.8			2.6
Total fixed charges	$	22.2	$	25.0		$	26.3		$	25.4		$	25.7
Earnings as defined:
Income before income taxes	$	63.0	$	297.3		$	312.0		$	291.4		$	190.0
Less income from less-than-fifty-percent owned entities, and loss on sale of partial interest in less-than-fifty percent owned entities		0.1		(1.1	)		(1.2	)		(1.6	)		(0.9	)
Fixed charges less interest capitalized		18.2		22.7			25.8			25.1			25.6
Amortization of capitalized interest		2.5		2.5			2.5			2.5			2.5
Earnings as defined	$	83.8	$	321.4		$	339.1		$	317.4		$	217.2
Ratio of earnings to fixed charges		3.8x		12.9x			12.9x			12.5x			8.5x

^(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.