IodaF s PBrlormanre. Tolllcrt(tr{ s Breakthroug}s @c*ryrHrymR Rachelle Thompson Vice President and Chief Human Resources Officer Via E-Mail Carpenter Technology Corporation 1735 Market Steet. 15h Floor Philadelphia, PA 19103 Email: rachelleihompson@cartech.com February 18,2022 MarshallAkit-rs 724 Conestoga Road Bryn Marvr, PA 19010 makins(@cartech.com Dear Marshal1: We are pleased to extend you a promotion rvith Carpenter Technology Corporation ("Carpenter" or ,.Company',). Should you u.."pt this offer. your position will be VP & Chief Commercial Officer (Grade 2s) at philadelphia, pA, reporting to Tony 1'hene, President and Chief Executive oftlcer' Flighlights of your new position are below. the payroll period, you can expect your first paycheck approximately two to three rT'eeks after tlte date of hire. plan or suclr successor arrangement (if any) as the Board may from time to time establish. Your target annual bonus opportuniq for the fiscal year ending Jutre 30, 2022 for your new role is 55oZ ofyour annual base salary pro-rated based on earnings received during the fiscal year. Thus, your target annual bonus is 50% for your prior position July I * February 20,2022, and 55% for your new position February 21 - June 30, 2022. Zero to 200% of target will be earned based on achievement of the releyant corporafe performance olrjectives as detemrined by the Board or its Human Capital Management Committee. terms of these arvards are determined b-v the Human Capital Management Contmittee of Carpenter Technology's Board of Directors. You will be eligible to receive an annual award at the time these grants are rnade to all entployees in similar positions. The next anticipated grant will be made in August 2022. The current value of the annual equity incentive for your position is $250,000. for your use at the beginning of each calendar year. However. it accrues based upon each full month of continuous service cornpleted in each calendar year. All other benefits will remain the same. Exhibit 10(W)

Iodar s PerJormance lcmorror+ s Breaklhrouglts " @cg'TfgryrEn In Vour role, yor.t will be exposed to the Cornpany's most sensitive and proprietarV infotmation and teclnology. and you u.ill be provided *it1, u".""'to tl''e Co'npuny's most valuabli and carefully cultivated business relationships. Accorclingly, your pro**iun is condiiioned upon your execution of the Intellectual properfy- Agreemenr and Non-coinp"iiriori Agr".ment (bolh of which are included)' Reimbursement by the company of any expense will be subject to company poiicies and practices in etfect fiom time ro time and will be fwther subjectio,t-,. r*qri."."nt, of'Tieas. Reg 1/409A-3(iXlXivXA)(3)' i4) and (5). Any payment of transfer of p.op*rty ,o you will be subject to tax withholding t0 the extent required by aPPlicable law' This letter constitutes our entire agreement and understanding regarding the matters addressed herein' and merges and supersedes all prior or contemporaneous discussions. agreellents, and Understandings ofevery nature betwe.n u, ."g*ding th"re nTatters. This letter is goverred by, and enforced in accordance with' the laws of rlre Comnronwealtiof pennsyivania, without."g-d to the appiication of the principles of conflicts of lalv. On behalf of Carpenter Technology Corporation, we are delighted to extend this promotion offer to you' We are confident you will frnd this opportunify at Carpenter Technology Corporation to be challenging as well as rewarding. To acknowledge your consent and agreement to with the foregoing, please execute and date this letter in the space provicled betow and retufft an executed copy to me' This tetter may be signed in 'rultiple counterparts, "uih of *hi.h will be deerned an original, and all of which together will constitute a single instrument. Sincerely, ! ,t,:;::., -:' i. i.,.. Rachelle H.'Ihompson Vice Presidenr and Chief Human Resources Officer By execution oJ'this offer letter, yott agree that this off'er by Carpenter Technolog' is an olfer af ernplayment at will and does not express or imply a contrdet of employmenl "for anv sel duratiort. ACCEPTED: ,4f"*rr."*"t fuy Marshall Akins DATE: zl pizz- Exhibit 10(W)