Fuel Economy and Passenger Safety at Core of Collaboration
WYOMISSING, Pa.--(BUSINESS WIRE)--Jan. 30, 2013--
Carpenter Technology Corporation (NYSE: CRS) has finalized the
completion of a formal cooperation agreement with United States Steel
Corporation (NYSE: X), located in Pittsburgh, Pa., which allows for the
development of a new “lightweighting” steel for automotive applications.
Carpenter’s patented alloy, TEMPER TOUGH™ specialized steel alloy, is
designed for use in flat-roll automotive applications, as well as other
demanding applications. Originally designed for the aerospace industry,
the new alloy may help automotive manufacturers meet recently mandated
Corporate Average Fuel Requirement (CAFÉ) standards by lightweighting
vehicles through mass reduction. TEMPER TOUGH™ specialized steel alloy
also offers extraordinarily high-strength and ductility attributes that
support ever-increasing safety requirements to be designed into critical
automotive support end-uses.
U.S. Steel, a steelmaking leader with decades of experience meeting the
needs of automotive customers and their ever-increasing demand for
advanced high-strength steels, will develop the grade through its
operational footprint.
About Carpenter Technology Corporation
Carpenter Technology Corporation, based in Wyomissing, Pa., produces and
distributes specialty alloys, including stainless steels, titanium
alloys and superalloys, and various engineered products. Information
about Carpenter can be found at www.cartech.com.
About United States Steel Corporation
United States Steel Corporation, headquartered in Pittsburgh, Pa., is an
integrated steel producer focused on high value-added flat-rolled and
tubular steel products with complex chemistries and attributes that are
required by manufacturers in the automotive, appliance, container,
construction, industrial machinery, and oil and gas industries. U. S.
Steel has major production operations in the United States, Canada and
Slovakia and has an annual raw steelmaking capability of 29.3 million
net tons. The company is also engaged in several other business
activities including the production of iron ore pellets from taconite
(rock containing iron) in the United States and the production of coke
in both the United States and Central Europe; transportation services
(railroad and barge operations); and real estate operations.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations and are subject to risks, uncertainties and other factors
that could cause actual results to differ from those projected,
anticipated or implied. The most significant of these uncertainties are
described in Carpenter's filings with the Securities and Exchange
Commission including its annual report on Form 10-K for the year ended
June 30, 2012 and the quarterly report on Form 10-Q for the quarters
ended September 30, 2012, and the exhibits attached to those filings.
They also include, but are not limited to, the successful development of
new lightweighting steel for automotive applications. Carpenter
undertakes no obligation to update or revise any forward-looking
statements.
Source: Carpenter Technology Corporation
Carpenter Technology Corporation
Media Inquiries:
William J.
Rudolph, Jr., 610-208-3892
wrudolph@cartech.com
or
Investor
Inquiries:
Michael A. Hajost, 610-208-3476
mhajost@cartech.com