Exhibit 12

Carpenter Technology Corporation

Computations of Ratios of Earnings to Fixed Charges — unaudited

Five years ended June 30, 2004

(dollars in millions)

	2004			2003			2002			2001			2000
Fixed charges:
Interest costs(a)	$	23.8		$	31.1		$	34.9		$	41.1		$	39.4
Interest component of non-capitalized lease rental expense(b)		2.7			3.8			4.0			4.2			3.5
Total fixed charges	$	26.5		$	34.9		$	38.9		$	45.3		$	42.9
Earnings as defined:
Income (loss) before income taxes and cumulative effect of accounting change	$	49.7		$	(22.9	)	$	(13.3	)	$	58.4		$	79.9
Less income from less-than-fifty-percent-owned entities, and add loss on sale of partial interest in less-than-fifty-percent owned entities		(1.0	)		(0.6	)		(0.4	)		(0.3	)		(1.1	)
Fixed charges less interest capitalized		26.4			34.8			38.6			44.5			36.9
Amortization of capitalized interest		2.5			2.6			2.6			2.5			2.8
Earnings as defined	$	77.6		$	13.9		$	27.5		$	105.1		$	118.5
Ratio of earnings to fixed charges		2.9x			0.4x			0.7x			2.3x			2.8x

^(a) Includes interest capitalized relating to significant construction projects, and amortization of debt discount and debt issue costs.

^(b) One-third of rental expense which approximates the interest component of non-capitalized leases.