Exhibit 99.1 J A N U A R Y 2 8 , 2 0 2 1 CARPENTER TECHNOLOGY CORPORATION nd 2 Quarter Fiscal Year 2021 Earnings CallExhibit 99.1 J A N U A R Y 2 8 , 2 0 2 1 CARPENTER TECHNOLOGY CORPORATION nd 2 Quarter Fiscal Year 2021 Earnings Call

Cautionary Statement Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter Technology’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2020, Form 10-Q for the quarter ended September 30, 2020 and the exhibits attached to those filings. They include but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, medical, transportation, energy, industrial and consumer, or other influences on Carpenter Technology’s business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; (2) the ability of Carpenter Technology to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and foreign excess manufacturing capacity for certain metals; (5) fluctuations in currency exchange rates; (6) the effect of government trade actions; (7) the valuation of the assets and liabilities in Carpenter Technology’s pension trusts and the accounting for pension plans; (8) possible labor disputes or work stoppages; (9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; (10) the ability to successfully acquire and integrate acquisitions; (11) the availability of credit facilities to Carpenter Technology, its customers or other members of the supply chain; (12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; (13) Carpenter Technology’s manufacturing processes are dependent upon highly specialized equipment located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may be limited alternatives if there are significant equipment failures or a catastrophic event; (14) the ability to hire and retain key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; (15) fluctuations in oil and gas prices and production; (16) uncertainty regarding the return to service of the Boeing 737 MAX aircraft and the related supply chain disruption; (17) potential impacts of the COVID- 19 pandemic on our operations, financial results and financial position; (18) our efforts and efforts by governmental authorities to mitigate the COVID-19 pandemic, such as travel bans, shelter in place orders and business closures, and the related impact on resource allocations and manufacturing and supply chains; (19) our status as a “critical”, “essential” or “life-sustaining” business in light of COVID-19 business closure laws, orders and guidance being challenged by a governmental body or other applicable authority; (20) our ability to execute our business continuity, operational, budget and fiscal plans in light of the COVID-19 pandemic; and (21) our ability to successfully carry out restructuring and business exit activities on the expected terms and timelines. Any of these factors could have an adverse and/or fluctuating effect on Carpenter Technology’s results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter Technology undertakes no obligation to update or revise any forward-looking statements. Non-GAAP financial measures Some of the information included in this presentation is derived from Carpenter Technology's consolidated financial information but is not presented in Carpenter Technology's financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the Appendix to this presentation. © 2021 CRS Holdings Inc. All rights reserved. 2Cautionary Statement Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter Technology’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2020, Form 10-Q for the quarter ended September 30, 2020 and the exhibits attached to those filings. They include but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, medical, transportation, energy, industrial and consumer, or other influences on Carpenter Technology’s business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; (2) the ability of Carpenter Technology to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and foreign excess manufacturing capacity for certain metals; (5) fluctuations in currency exchange rates; (6) the effect of government trade actions; (7) the valuation of the assets and liabilities in Carpenter Technology’s pension trusts and the accounting for pension plans; (8) possible labor disputes or work stoppages; (9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; (10) the ability to successfully acquire and integrate acquisitions; (11) the availability of credit facilities to Carpenter Technology, its customers or other members of the supply chain; (12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; (13) Carpenter Technology’s manufacturing processes are dependent upon highly specialized equipment located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may be limited alternatives if there are significant equipment failures or a catastrophic event; (14) the ability to hire and retain key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; (15) fluctuations in oil and gas prices and production; (16) uncertainty regarding the return to service of the Boeing 737 MAX aircraft and the related supply chain disruption; (17) potential impacts of the COVID- 19 pandemic on our operations, financial results and financial position; (18) our efforts and efforts by governmental authorities to mitigate the COVID-19 pandemic, such as travel bans, shelter in place orders and business closures, and the related impact on resource allocations and manufacturing and supply chains; (19) our status as a “critical”, “essential” or “life-sustaining” business in light of COVID-19 business closure laws, orders and guidance being challenged by a governmental body or other applicable authority; (20) our ability to execute our business continuity, operational, budget and fiscal plans in light of the COVID-19 pandemic; and (21) our ability to successfully carry out restructuring and business exit activities on the expected terms and timelines. Any of these factors could have an adverse and/or fluctuating effect on Carpenter Technology’s results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter Technology undertakes no obligation to update or revise any forward-looking statements. Non-GAAP financial measures Some of the information included in this presentation is derived from Carpenter Technology's consolidated financial information but is not presented in Carpenter Technology's financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the Appendix to this presentation. © 2021 CRS Holdings Inc. All rights reserved. 2

2ND QUARTER FISCAL YEAR 2021 Tony Thene | President and Chief Executive Officer 32ND QUARTER FISCAL YEAR 2021 Tony Thene | President and Chief Executive Officer 3

Safety is Our Highest Value Total Case Incident Rate (TCIR) 4 3.9 3.7 3.5 3.3 3 2.5 2.2 2.1 2.0 2 1.5 1.3 1.2 1.1 1 0.5 0.5 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 YTD © 2021 CRS Holdings Inc. All rights reserved. 4Safety is Our Highest Value Total Case Incident Rate (TCIR) 4 3.9 3.7 3.5 3.3 3 2.5 2.2 2.1 2.0 2 1.5 1.3 1.2 1.1 1 0.5 0.5 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 YTD © 2021 CRS Holdings Inc. All rights reserved. 4

2nd Quarter Summary • Results impacted by ongoing targeted inventory reduction as well as COVID-19 related volume headwinds Continuing to Navigate Near- • Generated $84 million in cash provided from operating activities; $51 Term Market Disruption While million of free cash flow generation Driving Increased Liquidity; • Total liquidity of $665 million including $271 million of cash Long-Term Sustainable Growth Profile Supported by Established • Critical supply chain position in Aerospace and Defense end-use market Supply Chain Position and supported by extension of multiple long-term agreements Mission-Critical Solutions • Remain well-positioned across attractive end-use markets with attractive Portfolio long-term growth opportunities • Commissioning of hot strip mill progressing and near completion; significantly enhances capabilities to capitalize on electrification megatrend © 2021 CRS Holdings Inc. All rights reserved. 52nd Quarter Summary • Results impacted by ongoing targeted inventory reduction as well as COVID-19 related volume headwinds Continuing to Navigate Near- • Generated $84 million in cash provided from operating activities; $51 Term Market Disruption While million of free cash flow generation Driving Increased Liquidity; • Total liquidity of $665 million including $271 million of cash Long-Term Sustainable Growth Profile Supported by Established • Critical supply chain position in Aerospace and Defense end-use market Supply Chain Position and supported by extension of multiple long-term agreements Mission-Critical Solutions • Remain well-positioned across attractive end-use markets with attractive Portfolio long-term growth opportunities • Commissioning of hot strip mill progressing and near completion; significantly enhances capabilities to capitalize on electrification megatrend © 2021 CRS Holdings Inc. All rights reserved. 5

2nd Quarter End-Use Market Highlights Sales ex-surcharge down 36% year-over-year; down 3% sequentially Q2-21 NET SALES MARKET EX. SURCHARGE % VS. Q2-20 VS. Q1-21 COMMENTS ($M)* • Forecasted needs and timing vary widely by program and customer • Sentiment becoming more optimistic, though near-term shape of recovery unclear $148.5 50% • Extended multiple long-term supply agreements with key customers -47% +1%• Defense activity remains strong with increased demand in some programs AEROSPACE & DEFENSE • Large OEMs and distributors closely managing inventory levels and taking advantage of short lead-times for critical items $29.0 10% • Gradual recovery expected to begin in Q3 FY21 but will be impacted by hospital capacity concerns and patient sentiment from current rising virus outbreaks -33% -3% MEDICAL • Global light vehicle conditions strengthening as pent-up demand continues to drive a recovery $25.8 9%• North American light-vehicle market remains on track to further improve during calendar 2021 • Global heavy-duty truck demand steady as recovery off historic lows continues -16% +5% TRANSPORTATION • Conditions in North America remain largely challenging $17.7 6%• International project activity improving but activity levels remain subdued • Capitalizing on overdue maintenance cycle in power generation sub-market -34% -17% ENERGY • Industrial sales down but demand remains strong for fluid control and semiconductor applications $56.3 19% • Consumer sales up due to strong demand signal across all applications -12% -11% INDUSTRIAL & CONSUMER *Excludes sales through Carpenter’s Distribution businesses. © 2021 CRS Holdings Inc. All rights reserved. 62nd Quarter End-Use Market Highlights Sales ex-surcharge down 36% year-over-year; down 3% sequentially Q2-21 NET SALES MARKET EX. SURCHARGE % VS. Q2-20 VS. Q1-21 COMMENTS ($M)* • Forecasted needs and timing vary widely by program and customer • Sentiment becoming more optimistic, though near-term shape of recovery unclear $148.5 50% • Extended multiple long-term supply agreements with key customers -47% +1%• Defense activity remains strong with increased demand in some programs AEROSPACE & DEFENSE • Large OEMs and distributors closely managing inventory levels and taking advantage of short lead-times for critical items $29.0 10% • Gradual recovery expected to begin in Q3 FY21 but will be impacted by hospital capacity concerns and patient sentiment from current rising virus outbreaks -33% -3% MEDICAL • Global light vehicle conditions strengthening as pent-up demand continues to drive a recovery $25.8 9%• North American light-vehicle market remains on track to further improve during calendar 2021 • Global heavy-duty truck demand steady as recovery off historic lows continues -16% +5% TRANSPORTATION • Conditions in North America remain largely challenging $17.7 6%• International project activity improving but activity levels remain subdued • Capitalizing on overdue maintenance cycle in power generation sub-market -34% -17% ENERGY • Industrial sales down but demand remains strong for fluid control and semiconductor applications $56.3 19% • Consumer sales up due to strong demand signal across all applications -12% -11% INDUSTRIAL & CONSUMER *Excludes sales through Carpenter’s Distribution businesses. © 2021 CRS Holdings Inc. All rights reserved. 6

Positioned to emerge even stronger as markets recover Capitalizing on markets that are recovering faster • Best in class semiconductor portfolio supporting 5G, Cloud and IoT infrastructure buildout • Globally qualified Transportation business enabling rapid light and heavy-duty vehicle recovery Aerospace Medical Strengthening leadership positions with strong macro fundamentals • Vital content on multiple applications and practically all aircraft platforms • Strong relationships and increasing share across global Aerospace supply chain Defense Electrification • Participation in next generation Defense and commercial Aerospace needs with advanced solutions Strategic Growth Prioritizing high value offerings Industrial & Transportation Consumer • Medical sales growth consistently ahead of broader industry growth rates • Solutions portfolio aligned with growth and industry focus on improving patient outcomes • Direct Medical OEM relationships strengthening position and increasing global share Additive Energy Mfg Investing in critical emerging technologies • Soft magnetics investment supports leading positions and increasing electrification demand • Proprietary processing solutions for expanding Electric Vehicle (EV) market • Additive manufacturing (AM) digital platform enabling scalable value chain data opportunities © 2021 CRS Holdings Inc. All rights reserved. 7Positioned to emerge even stronger as markets recover Capitalizing on markets that are recovering faster • Best in class semiconductor portfolio supporting 5G, Cloud and IoT infrastructure buildout • Globally qualified Transportation business enabling rapid light and heavy-duty vehicle recovery Aerospace Medical Strengthening leadership positions with strong macro fundamentals • Vital content on multiple applications and practically all aircraft platforms • Strong relationships and increasing share across global Aerospace supply chain Defense Electrification • Participation in next generation Defense and commercial Aerospace needs with advanced solutions Strategic Growth Prioritizing high value offerings Industrial & Transportation Consumer • Medical sales growth consistently ahead of broader industry growth rates • Solutions portfolio aligned with growth and industry focus on improving patient outcomes • Direct Medical OEM relationships strengthening position and increasing global share Additive Energy Mfg Investing in critical emerging technologies • Soft magnetics investment supports leading positions and increasing electrification demand • Proprietary processing solutions for expanding Electric Vehicle (EV) market • Additive manufacturing (AM) digital platform enabling scalable value chain data opportunities © 2021 CRS Holdings Inc. All rights reserved. 7

2ND QUARTER FISCAL YEAR 2021 FINANCIAL OVERVIEW AND BUSINESS UPDATE Tim Lain | Senior Vice President and Chief Financial Officer 82ND QUARTER FISCAL YEAR 2021 FINANCIAL OVERVIEW AND BUSINESS UPDATE Tim Lain | Senior Vice President and Chief Financial Officer 8

Income Statement Summary Near-term market headwinds drove similar sequential volume combined with ongoing targeted inventory reduction to bolster liquidity SEQUENTIAL YEAR-OVER- $ in Millions, except pounds and per-share amounts Q2-20 Q1-21 Q2-21 CHANGE YEAR CHANGE Pounds ('000) 59,298 44,348 39,620 (4,728) (19,678) Net Sales 573.0 353.3 348.8 (4.5) (224.2) Net Sales ex. Surcharge Revenue* 471.2 307.2 299.4 (7.8) (171.8) Gross Profit 112.6 3.5 6.0 2.5 (106.6) Selling, General and Administrative Expenses 55.3 42.3 42.2 (0.1) (13.1) Goodwill impairment - - 52.8 52.8 52.8 Restructuring and asset impairment charges 2.3 10.0 - (10.0) (2.3) Operating Income (Loss) 55.0 (48.8) (89.0) (40.2) (144.0) Operating Income (Loss) ex. Special Items* 57.3 (30.9) (32.3) (1.4) (89.6) % of Net Sales ex. Surcharge Revenue* 12.2% -10.1% -10.8% -0.7 pts -23.0 pts Effective Tax Rate 23.2% 28.6% 11.2% -17.4 pts -12.0 pts Net Income (Loss) 38.8 (47.1) (84.9) (37.8) (123.7) Diluted Earnings (Loss) per Share $0.79 ($0.98) ($1.76) ($0.78) ($2.55) Adjusted Diluted Earnings (Loss) per Share* $0.83 ($0.58) ($0.61) ($0.03) ($1.44) © 2021 CRS Holdings Inc. All rights reserved. *Detailed schedule included in Non-GAAP Schedules in Appendix. 9Income Statement Summary Near-term market headwinds drove similar sequential volume combined with ongoing targeted inventory reduction to bolster liquidity SEQUENTIAL YEAR-OVER- $ in Millions, except pounds and per-share amounts Q2-20 Q1-21 Q2-21 CHANGE YEAR CHANGE Pounds ('000) 59,298 44,348 39,620 (4,728) (19,678) Net Sales 573.0 353.3 348.8 (4.5) (224.2) Net Sales ex. Surcharge Revenue* 471.2 307.2 299.4 (7.8) (171.8) Gross Profit 112.6 3.5 6.0 2.5 (106.6) Selling, General and Administrative Expenses 55.3 42.3 42.2 (0.1) (13.1) Goodwill impairment - - 52.8 52.8 52.8 Restructuring and asset impairment charges 2.3 10.0 - (10.0) (2.3) Operating Income (Loss) 55.0 (48.8) (89.0) (40.2) (144.0) Operating Income (Loss) ex. Special Items* 57.3 (30.9) (32.3) (1.4) (89.6) % of Net Sales ex. Surcharge Revenue* 12.2% -10.1% -10.8% -0.7 pts -23.0 pts Effective Tax Rate 23.2% 28.6% 11.2% -17.4 pts -12.0 pts Net Income (Loss) 38.8 (47.1) (84.9) (37.8) (123.7) Diluted Earnings (Loss) per Share $0.79 ($0.98) ($1.76) ($0.78) ($2.55) Adjusted Diluted Earnings (Loss) per Share* $0.83 ($0.58) ($0.61) ($0.03) ($1.44) © 2021 CRS Holdings Inc. All rights reserved. *Detailed schedule included in Non-GAAP Schedules in Appendix. 9

SAO Segment Summary Q2 OPERATING RESULTS Q2-20 Q1-21 Q2-21 vs Q2-20 vs Q1-21 Pounds ('000) 56,564 43,368 38,602 (17,962) (4,766) Net Sales ($M) 483.0 300.7 300.4 (182.6) (0.3) Sales ex. Surcharge ($M) 382.5 254.8 251.6 (130.9) (3.2) Operating Income (Loss) ($M) 76.3 (18.6) (11.6) (87.9) 7.0 % of Net Sales 15.8% -6.2% -3.9% -19.7 pts +2.3 pts % of Sales ex. Surcharge 19.9% -7.3% -4.6% -24.5 pts +2.7 pts Q2 business results Q3-21 outlook • Sales flat sequentially on 11% lower volumes; continued to manage • Demand conditions to remain challenged in key end-use markets costs closely to address near term market conditions • Ongoing actions to date to generate incremental operating cost • Focused efforts to improve working capital resulted in $58 million savings combined with less pronounced impact of inventory reduction in inventory; $131 million of inventory reductions year-to- reductions to be partially offset by higher depreciation costs as ERP date system and hot strip mill investments come on line • $3.2 million of COVID-19 related costs incurred in Q2-21 ($7.3 • Operating loss expected to be $8 to $11 million in Q3-21 million in Q1-21) © 2021 CRS Holdings Inc. All rights reserved. 10SAO Segment Summary Q2 OPERATING RESULTS Q2-20 Q1-21 Q2-21 vs Q2-20 vs Q1-21 Pounds ('000) 56,564 43,368 38,602 (17,962) (4,766) Net Sales ($M) 483.0 300.7 300.4 (182.6) (0.3) Sales ex. Surcharge ($M) 382.5 254.8 251.6 (130.9) (3.2) Operating Income (Loss) ($M) 76.3 (18.6) (11.6) (87.9) 7.0 % of Net Sales 15.8% -6.2% -3.9% -19.7 pts +2.3 pts % of Sales ex. Surcharge 19.9% -7.3% -4.6% -24.5 pts +2.7 pts Q2 business results Q3-21 outlook • Sales flat sequentially on 11% lower volumes; continued to manage • Demand conditions to remain challenged in key end-use markets costs closely to address near term market conditions • Ongoing actions to date to generate incremental operating cost • Focused efforts to improve working capital resulted in $58 million savings combined with less pronounced impact of inventory reduction in inventory; $131 million of inventory reductions year-to- reductions to be partially offset by higher depreciation costs as ERP date system and hot strip mill investments come on line • $3.2 million of COVID-19 related costs incurred in Q2-21 ($7.3 • Operating loss expected to be $8 to $11 million in Q3-21 million in Q1-21) © 2021 CRS Holdings Inc. All rights reserved. 10

PEP Segment Summary Q2 OPERATING RESULTS Q2-20 Q1-21 Q2-21 vs Q2-20 vs Q1-21 Pounds* ('000) 3,424 1,466 1,534 (1,890) 68 Net Sales ($M) 106.0 61.8 54.8 (51.2) (7.0) Sales ex. Surcharge ($M) 104.1 61.2 54.1 (50.0) (7.1) Operating Income (Loss) ($M) 0.4 (3.6) (7.2) (7.6) (3.6) % of Net Sales 0.4% -5.8% -13.1% -13.5 pts -7.3 pts % of Sales ex. Surcharge 0.4% -5.9% -13.3% -13.7 pts -7.4 pts Q2 business results Q3-21 outlook • Sales declined 11% sequentially primarily due to lower demand for:• Focus remains on cost control and working capital management; • Titanium products used in Aerospace fasteners driven by OEM executing actions to reduce costs while maintaining ability to meet build rates demand levels expected longer-term • Titanium products used in Medical applications as OEMs and distributors managed supply chain inventory closely • Recovery in volumes anticipated to begin in fourth quarter of fiscal year 2021 • Continued to realize benefits of cost and portfolio actions taken in recent quarters • Operating loss expected to be $3 to $5 million in Q3-21 © 2021 CRS Holdings Inc. All rights reserved. 11 * Pounds includes only Dynamet and Additive businessesPEP Segment Summary Q2 OPERATING RESULTS Q2-20 Q1-21 Q2-21 vs Q2-20 vs Q1-21 Pounds* ('000) 3,424 1,466 1,534 (1,890) 68 Net Sales ($M) 106.0 61.8 54.8 (51.2) (7.0) Sales ex. Surcharge ($M) 104.1 61.2 54.1 (50.0) (7.1) Operating Income (Loss) ($M) 0.4 (3.6) (7.2) (7.6) (3.6) % of Net Sales 0.4% -5.8% -13.1% -13.5 pts -7.3 pts % of Sales ex. Surcharge 0.4% -5.9% -13.3% -13.7 pts -7.4 pts Q2 business results Q3-21 outlook • Sales declined 11% sequentially primarily due to lower demand for:• Focus remains on cost control and working capital management; • Titanium products used in Aerospace fasteners driven by OEM executing actions to reduce costs while maintaining ability to meet build rates demand levels expected longer-term • Titanium products used in Medical applications as OEMs and distributors managed supply chain inventory closely • Recovery in volumes anticipated to begin in fourth quarter of fiscal year 2021 • Continued to realize benefits of cost and portfolio actions taken in recent quarters • Operating loss expected to be $3 to $5 million in Q3-21 © 2021 CRS Holdings Inc. All rights reserved. 11 * Pounds includes only Dynamet and Additive businesses

Free Cash Flow Summary Continued focus on targeted inventory reduction to reflect near-term market disruption and further enhance total liquidity $ MILLIONS YTD FY20 Q1-21 Q2-21 YTD FY21 Net Income (Loss) + Non-Cash Items 164 4 ( 3) 1 Inventory (108) 85 71 156 Working Capital / Other (29) 2 18 20 Total Net Working Capital / Other (137) 87 89 176 Pension Plan Contributions (4) ( 3) ( 2) ( 5) Net Cash Provided from Operating Activities 23 88 84 172 Purchases of Property, Plant, Equipment and Software (94) (33) (27) (60) Proceeds from disposals of property, plant and equipment and assets held for sale - - 2 2 Proceeds from divestiture of business - 18 2 20 Dividends Paid (20) (10) (10) (20) Free Cash Flow * (91) 63 51 114 Cash 30 219 271 Available Borrowing Under Credit Facility 275 394 394 Total Liquidity 305 613 665 The clerical accuracy of certain amounts may be impacted due to rounding. *Detailed schedule included in Non-GAAP Schedules in Appendix. © 2021 CRS Holdings Inc. All rights reserved. 12Free Cash Flow Summary Continued focus on targeted inventory reduction to reflect near-term market disruption and further enhance total liquidity $ MILLIONS YTD FY20 Q1-21 Q2-21 YTD FY21 Net Income (Loss) + Non-Cash Items 164 4 ( 3) 1 Inventory (108) 85 71 156 Working Capital / Other (29) 2 18 20 Total Net Working Capital / Other (137) 87 89 176 Pension Plan Contributions (4) ( 3) ( 2) ( 5) Net Cash Provided from Operating Activities 23 88 84 172 Purchases of Property, Plant, Equipment and Software (94) (33) (27) (60) Proceeds from disposals of property, plant and equipment and assets held for sale - - 2 2 Proceeds from divestiture of business - 18 2 20 Dividends Paid (20) (10) (10) (20) Free Cash Flow * (91) 63 51 114 Cash 30 219 271 Available Borrowing Under Credit Facility 275 394 394 Total Liquidity 305 613 665 The clerical accuracy of certain amounts may be impacted due to rounding. *Detailed schedule included in Non-GAAP Schedules in Appendix. © 2021 CRS Holdings Inc. All rights reserved. 12

2ND QUARTER FISCAL YEAR 2021 CLOSING COMMENTS Tony Thene | President and Chief Executive Officer 132ND QUARTER FISCAL YEAR 2021 CLOSING COMMENTS Tony Thene | President and Chief Executive Officer 13

Electrification - enhancing strong position to support growing megatrends Soft magnetics alloy State of the art hot Capabilities needed to enable Stack building and electrification growth processing strip mill performance + + = • Processing knowhow refined • Leading combination of • Expert processing from strip to • Balancing motor power, over decades with scale, capability and throughput stacks critical to enable full efficiency and size with weight capacity and cleanliness performance and space saving requirements • Improved efficiency, industry • Expertise in growth control leading capacity and digitized • Integration helps to enhance • Better materials needed to get and compensation platform for continuous and launch with fast lead times more magnetic flux in motor improvement • Materials with the highest • Predictively linking strip, stack, • Advanced soft magnetic solutions magnetic saturation and • Enhanced capabilities align with and end motor output key to like Hiperco stacks key for power permeability growth opportunities optimized performance dense motors © 2021 CRS Holdings Inc. All rights reserved. 14Electrification - enhancing strong position to support growing megatrends Soft magnetics alloy State of the art hot Capabilities needed to enable Stack building and electrification growth processing strip mill performance + + = • Processing knowhow refined • Leading combination of • Expert processing from strip to • Balancing motor power, over decades with scale, capability and throughput stacks critical to enable full efficiency and size with weight capacity and cleanliness performance and space saving requirements • Improved efficiency, industry • Expertise in growth control leading capacity and digitized • Integration helps to enhance • Better materials needed to get and compensation platform for continuous and launch with fast lead times more magnetic flux in motor improvement • Materials with the highest • Predictively linking strip, stack, • Advanced soft magnetic solutions magnetic saturation and • Enhanced capabilities align with and end motor output key to like Hiperco stacks key for power permeability growth opportunities optimized performance dense motors © 2021 CRS Holdings Inc. All rights reserved. 14

Solid foundation for long-term growth • Leveraged safety culture to continuously operate manufacturing facilities during pandemic while ensuring the safety of our employees • Executed targeted portfolio restructurings and cost reduction initiatives expected Near-Term Focus Centered on to generate significant cost savings Driving Liquidity and Safeguarding Employees and • Generated $114 million of free cash flow year to date through targeted inventory reduction program and working capital initiatives Facilities; Positioned for Long- Term Sustainable Growth Due • $665 million of total liquidity as of Q2-21 including $271 million in cash to Critical Supply Chain Position • Enhanced supply chain position in key end-use markets with recent contract and Leadership in Emerging awards Technologies • Leading capabilities in critical emerging technologies including electrification and additive manufacturing • Execution against targeted actions to deliver additional free cash flow in the second half of fiscal year 2021 © 2021 CRS Holdings Inc. All rights reserved. 15Solid foundation for long-term growth • Leveraged safety culture to continuously operate manufacturing facilities during pandemic while ensuring the safety of our employees • Executed targeted portfolio restructurings and cost reduction initiatives expected Near-Term Focus Centered on to generate significant cost savings Driving Liquidity and Safeguarding Employees and • Generated $114 million of free cash flow year to date through targeted inventory reduction program and working capital initiatives Facilities; Positioned for Long- Term Sustainable Growth Due • $665 million of total liquidity as of Q2-21 including $271 million in cash to Critical Supply Chain Position • Enhanced supply chain position in key end-use markets with recent contract and Leadership in Emerging awards Technologies • Leading capabilities in critical emerging technologies including electrification and additive manufacturing • Execution against targeted actions to deliver additional free cash flow in the second half of fiscal year 2021 © 2021 CRS Holdings Inc. All rights reserved. 15

APPENDIX OF NON-GAAP SCHEDULES 16APPENDIX OF NON-GAAP SCHEDULES 16

Non-GAAP Schedules (Unaudited) Adjusted diluted earnings (loss) per share $ MILLIONS, EXCEPT PER-SHARE AMOUNTS Q2-20 Q1-21 Q2-21 Diluted Earnings (Loss) per Share $0.79 ($0.98) ($1.76) Net Income (Loss) 38.8 (47.1) (84.9) Special Items, net of tax: - 6.2 - Loss on debt extinguishment, net 1.8 7.6 - Restructuring and asset impairment charges Goodwill impairment - - 52.7 COVID-19 costs - 5.3 3.0 Special Items, net of tax: 1.8 19.1 55.7 Net Income (Loss) Excluding Special Items 40.6 (28.0) (29.2) Adjusted Diluted Earnings (Loss) per Share $0.83 ($0.58) ($0.61) Management believes that earnings (loss) per share adjusted to exclude the impact of special items is helpful in analyzing the operating performance of the Company, as these items are not indicative of ongoing operating performance. Management uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company's board of directors and others. © 2021 CRS Holdings Inc. All rights reserved. 17Non-GAAP Schedules (Unaudited) Adjusted diluted earnings (loss) per share $ MILLIONS, EXCEPT PER-SHARE AMOUNTS Q2-20 Q1-21 Q2-21 Diluted Earnings (Loss) per Share $0.79 ($0.98) ($1.76) Net Income (Loss) 38.8 (47.1) (84.9) Special Items, net of tax: - 6.2 - Loss on debt extinguishment, net 1.8 7.6 - Restructuring and asset impairment charges Goodwill impairment - - 52.7 COVID-19 costs - 5.3 3.0 Special Items, net of tax: 1.8 19.1 55.7 Net Income (Loss) Excluding Special Items 40.6 (28.0) (29.2) Adjusted Diluted Earnings (Loss) per Share $0.83 ($0.58) ($0.61) Management believes that earnings (loss) per share adjusted to exclude the impact of special items is helpful in analyzing the operating performance of the Company, as these items are not indicative of ongoing operating performance. Management uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company's board of directors and others. © 2021 CRS Holdings Inc. All rights reserved. 17

Non-GAAP Schedules (Unaudited) Adjusted operating margin, excluding surcharge revenue and special items $ MILLIONS Q2-20 Q1-21 Q2-21 Net Sales 573.0 353.3 348.8 Less: Surcharge Revenue 101.8 46.1 49.4 Net Sales Excluding Surcharge Revenue 471.2 307.2 299.4 Operating Income (Loss) 55.0 ( 48.8) (89.0) Special Items: Restructuring and asset impairment charges 2.3 10.0 - Goodwill impairment - - 52.8 COVID-19 costs - 7.9 3.9 Special Items 2.3 17.9 56.7 Operating Income (Loss) Excluding Special Items 57.3 ( 30.9) ( 32.3) Operating Margin 9.6% -13.8% -25.5% Adjusted Operating Margin Excluding Surcharge Revenue and Special Items 12.2% -10.1% -10.8% Management believes that removing the impacts of raw material surcharge from operating margin provides a more consistent basis for comparing results of operations from period to period, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company. In addition, management believes that excluding the impact of special items from operating margin is helpful in analyzing the operating performance of the Company, as these items are not indicative of ongoing operating performance. Management uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company's board of directors and others. © 2021 CRS Holdings Inc. All rights reserved. 18Non-GAAP Schedules (Unaudited) Adjusted operating margin, excluding surcharge revenue and special items $ MILLIONS Q2-20 Q1-21 Q2-21 Net Sales 573.0 353.3 348.8 Less: Surcharge Revenue 101.8 46.1 49.4 Net Sales Excluding Surcharge Revenue 471.2 307.2 299.4 Operating Income (Loss) 55.0 ( 48.8) (89.0) Special Items: Restructuring and asset impairment charges 2.3 10.0 - Goodwill impairment - - 52.8 COVID-19 costs - 7.9 3.9 Special Items 2.3 17.9 56.7 Operating Income (Loss) Excluding Special Items 57.3 ( 30.9) ( 32.3) Operating Margin 9.6% -13.8% -25.5% Adjusted Operating Margin Excluding Surcharge Revenue and Special Items 12.2% -10.1% -10.8% Management believes that removing the impacts of raw material surcharge from operating margin provides a more consistent basis for comparing results of operations from period to period, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company. In addition, management believes that excluding the impact of special items from operating margin is helpful in analyzing the operating performance of the Company, as these items are not indicative of ongoing operating performance. Management uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company's board of directors and others. © 2021 CRS Holdings Inc. All rights reserved. 18

Non-GAAP Schedules (Unaudited) Free cash flow $ MILLIONS YTD FY20 Q1-21 Q2-21 YTD FY21 Net cash provided from operating activities 22.6 88.0 83.6 171.6 Purchases of property, plant, equipment and software (94.3) ( 33.3) ( 26.6) (59.9) Proceeds from disposals of property and equipment and assets held for sale 0.1 - 1.5 1.5 Proceeds from divestiture of business - 17.6 2.4 20.0 Dividends paid (19.4) ( 9.7) (9.9) ( 19.5) Free Cash Flow (91.0) 62.6 51.0 113.7 Management believes that the free cash flow measure provides useful information to investors regarding our financial condition because it is a measure of cash generated, which management evaluates for alternative uses. © 2021 CRS Holdings Inc. All rights reserved. 19Non-GAAP Schedules (Unaudited) Free cash flow $ MILLIONS YTD FY20 Q1-21 Q2-21 YTD FY21 Net cash provided from operating activities 22.6 88.0 83.6 171.6 Purchases of property, plant, equipment and software (94.3) ( 33.3) ( 26.6) (59.9) Proceeds from disposals of property and equipment and assets held for sale 0.1 - 1.5 1.5 Proceeds from divestiture of business - 17.6 2.4 20.0 Dividends paid (19.4) ( 9.7) (9.9) ( 19.5) Free Cash Flow (91.0) 62.6 51.0 113.7 Management believes that the free cash flow measure provides useful information to investors regarding our financial condition because it is a measure of cash generated, which management evaluates for alternative uses. © 2021 CRS Holdings Inc. All rights reserved. 19

Your trusted partner in innovation. Carpenter Technology Corporation (NYSE: CRS) is a global leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, medical, transportation, energy, industrial and consumer electronics markets. For additional information, please contact your nearest sales office: info@cartech.com | 610 208 2000 20 carpentertechnology.comYour trusted partner in innovation. Carpenter Technology Corporation (NYSE: CRS) is a global leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, medical, transportation, energy, industrial and consumer electronics markets. For additional information, please contact your nearest sales office: info@cartech.com | 610 208 2000 20 carpentertechnology.com