Carpenter Announces Stainless Price Increase

Business Wire, March 30, 1999

READING, Pa.--(BUSINESS WIRE)--March 30, 1999--Carpenter Technology Corp. (NYSE: CRS) has announced that, effective April 1, selling prices for the company's 18-8 series stainless steels, such as Type 303 and Type 316, will increase 7 cents per pound.

Selling prices for other stainless grades, including precipitation hardening grades and 400 series grades, will increase 5 cents per pound.

The price increases will affect all product forms. They represent transaction price increases of 3 to 6 percent.

Stainless bar and wire rod prices have been artificially depressed since last year, mainly due to unfairly priced imports, Carpenter said. Price increases are needed to support the significant capital investments Carpenter has made to lower costs, improve quality and increase manufacturing capacity. They also will cover cost increases of raw materials such as nickel, which has risen recently from $1.85 per pound to $2.30 per pound.

Carpenter is a manufacturer and distributor of stainless steels, specialty alloys including titanium alloys, and various engineered products.