Exhibit 99.2

ab                                                   NEWS RELEASE

THE CARBIDE/GRAPHITE GROUP, INC.                     HTTP://WWW.CGGI.COM
One Gateway Center, 19th Floor
Pittsburgh, PA  15222-1416
412-562-3700


FOR IMMEDIATE RELEASE

            THE CARBIDE/GRAPHITE GROUP, INC. ENTERS INTO A DEFINITIVE
             PURCHASE AGREEMENT WITH CARBIDE ACQUISITION LLC FOR THE
           ASSETS ASSOCIATED WITH C/G'S CARBIDE PRODUCTS BUSINESS UNIT

         PITTSBURGH, PENNSYLVANIA - OCTOBER 1, 2002 - THE CARBIDE/GRAPHITE
GROUP, INC. ("C/G") TODAY ANNOUNCED THAT AS PART OF ITS EFFORTS TO EMERGE FROM
CHAPTER 11 BANKRUPTCY, IT HAS SIGNED A DEFINITIVE PURCHASE AGREEMENT WITH
CARBIDE ACQUISITION LLC FOR THE ASSETS ASSOCIATED WITH C/G'S CARBIDE PRODUCTS
BUSINESS UNIT. THE TERMS OF THE SECTION 363 ASSET SALE WERE FILED WITH THE
WESTERN DISTRICT OF PENNSYLVANIA BANKRUPTCY COURT ON SEPTEMBER 20, 2002. CARBIDE
ACQUISITION LLC WAS FORMED BETWEEN JP INDUSTRIES, INC., A PRIVATE INVESTMENT
COMPANY HEADQUARTERED IN CLEVELAND, OHIO, AND CARBIDE PRODUCTS MANAGEMENT. THE
NEW ENTITY WILL CONTINUE TO OPERATE THE CARBIDE PRODUCTS BUSINESS IN LOUISVILLE
AND CALVERT CITY, KY. WALTER FOWLER, C/G'S CEO, COMMENTED, "THE SALE OF OUR
CARBIDE BUSINESS TO JP IS AN IMPORTANT STEP TO ENSURE UNINTERRUPTED PRODUCT
SUPPLY TO OUR CUSTOMERS. THE NEW COMPANY WILL CONTINUE OPERATIONS IN LOUISVILLE
AND CALVERT CITY UNDER THE DIRECTION OF THE EXISTING, EXPERIENCED MANAGEMENT
TEAM. THIS TRANSACTION IS AN IMPORTANT FURTHER STEP TO BRINGING ALL OF THE
ASSETS OF C/G OUT OF BANKRUPTCY." CONSUMMATION OF TRANSACTION IS SUBJECT TO AN
AUCTION TO BE CONDUCTED BY THE BANKRUPTCY COURT ON OCTOBER 16, 2002.


         Note: This release contains forward-looking statements that are based
on current expectations, estimates and projections about the industries in which
the Company operates, management's beliefs and assumptions made by management.
Words such as "expects," "anticipates," "intends," "plans," "believes,"
"estimates" and variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, and are subject to the safe harbor created thereby. These
statements are based on a number of assumptions that could ultimately prove
inaccurate and, therefore, there can be no assurance that such statements will
prove to be accurate. Other risks and uncertainties are detailed in the
Company's filings with the Securities and Exchange Commission. The Company does
not undertake to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise.

                                       ###