Carpenter Technology and TIMET Form Co-Operative Agreements

Carpenter Technology Corporation and Titanium Metals Corporation today announced joint agreements under which Carpenter will provide specialized titanium conversion processing to TIMET and TIMET will supply Carpenter with titanium and scrap melting services.

Under terms of the processing agreement, Carpenter will provide TIMET with forging and related processing services at agreed upon prices for TIMET's titanium products for a minimum of 12 years and a maximum of 20 years. Under the supply agreement covering the same period, TIMET will supply Carpenter with titanium metal and toll melting services for Carpenter's titanium scrap at agreed upon prices. Financial terms of the two agreements were not disclosed.

"These agreements provide considerable benefits to both companies and to our customers," said Anne L. Stevens, Chairman and Chief executive Officer of Carpenter. "We are excited about the opportunity to work jointly with TIMET which is one of the premier companies within the titanium industry."

"Together, these agreements help to utilize capacity and increase the operating efficiency of Carpenter's processing operations in Reading, Pennsylvania and represent a long-term source of titanium for our Dynamet subsidiary. The agreements leverage the capabilities of Carpenter and Timet and set an example of the productive collaborations Carpenter will pursue as part of its strategic growth plan," said Stevens.

Steven L. Watson, Vice Chairman and Chief Executive Officer of TIMET, said "We are very pleased to expand our relationship with Carpenter by entering into these mutually beneficial agreements. TIMET will gain access to significant forging capacity that will allow us to continue to serve the expanding needs of our customers under long-term agreements. These strategic agreements further demonstrate TIMET's commitment to achieve profitable growth for our shareholders by adding production capacity in a cost efficient manner and enhancing our position as a leading producer of titanium mill and melted products."

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