J.P. MorganAviation, Transportation & Defense

Conference

Mark Donegan

Chairman & CEO March 9, 2010

Forward-Looking Statements Information included within this presentation describing projected growth and future results and events

constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act

of 1995. Actual results in future periods may differ materially from the forward-looking statements

because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace,

power generation, and general industrial cycles; the relative success of the Company’s entry into new

markets; competitive pricing; the financial viability of the Company’s significant customers; the impact on

the Company of customer labor disputes; demand, timing, and market acceptance of new commercial and

military programs; the availability and cost of energy, materials, supplies, and insurance; the cost of

pension benefits and post-retirement medical benefits; equipment failures; relations with the Company’s

employees; the Company’s ability to manage its operating costs and to integrate acquired businesses in an

effective manner; governmental regulations and environmental matters; risks associated with international

operations and world economies; the relative stability of certain foreign currencies; the impact of adverse

weather or natural disasters; the availability and cost of financing; and implementation of new technologies

and process improvement. Any forward-looking statements should be considered in light of these factors.

The Company undertakes no obligation to publicly release any forward-looking information to reflect

anticipated or unanticipated events or circumstances after the date of this document.

Baseline → Wyman-Gordon interconnect pipe

Building Strength In Power Markets

Coal-Fired Plant Schematic

BOILER

Feed Water

Pumps

Feed Water Pipes STEAM

TURBINEMain Steam Pipes

Hot Reheat Steam Pipes

Boiler Island Turbine Island

Interconnecting Pipe Schematic

Dominant market position worldwide

Advantages of inner diameter controlled pipe

Better predictability of pressure drops/flow in system

Reduced weight and pipe hanger loads

Reduced welding costs

Advanced alloys → P91/P92 high chrome carbon steel

Higher temperatures → greater efficiencies

Niche market

One of the three manufacturers for 600MW plants

~ $5M interconnect pipe per plant

One of two manufacturers for 1,000MW plants

~ $9M interconnect pipe per plant

Baseline → Wyman-Gordon interconnect pipe

Building Strength In Power Markets

Recognized leader in Ultra Supercritical power plants

Higher efficiencies

Lower CO2 emissions

Additional market opportunities

Nuclear projects

Qualified with Westinghouse and Areva

Large refineries

Petrochemical projects

Cont’d

Solid Market Position

BUT

Walking Away From $1 Billion Boiler Pipe Market

Baseline → Wyman-Gordon interconnect pipe

Building Strength In Power Markets

Building Strength In Power Markets

Green field operation

Massive capital investment

Extensive construction time

Rigorous, long-term qualifications

Partnership with existing manufacturer

Strong market position

Solid production capabilities

Well-developed skill set

Strategic Options

Building Strength In Power Markets

One of the largest boiler pipe manufacturers in China

Significant share of Chinese boiler market ~ $2.5M boiler pipe per 600MW plant ~ $6.0M boiler pipe per 1,000MW plant

Focus on smaller diameters/shorter lengths/lower alloys

Specific cut lengths required for boiler applications

Expertise in carbon steel and low chromes (P11/P22)

Capacity to manufacture larger diameters

Modern, well-run facility

Proprietary manufacturing processes

Significant cost advantages

Extensive product portfolio

Good customer relationships

Additional benefits

Cold drawing bench Final process required for 9 ⅝” downhole pipe Special Metals access to $200M oil & gas market over next two years

Further upside in out years

Cost-effective source for Hackney Ladish input stock

Chengde Boiler Pipe

Building Strength in Power Markets

PCC Contributions

Wyman-Gordon worldwide name recognition

Access to export markets

Quality control

Shared best practices

Productivity

Process control

Inventory

Scrap and rework

Complete package of interconnect pipe, boiler pipe, and fittings to marketplace

Chengde Boiler Pipe

$3-3.5 Billion Market Opportunity Over Next Five Years7-10% Annual Market Growth

Current End Market Activity

Aerospace

Slow OEM recovery Q4 FY10 through Q2 FY11

Large structural castings

Cannon-Muskegon aerospace alloy

Wyman-Gordon aerospace forgings (non-aftermarket)

Aerospace airfoils (non-aftermarket)

Fastener OEM direct ~ 50% of aerospace sales

Continued mismatch with aircraft build rates

Alignment by Q3 FY11

Flat aftermarket orders

Zero growth through Q2 FY11 Airfoils Wyman-Gordon

Accelerated order rate expected in second half of FY11

Using Q3 FY10 as a Baseline

Current End Market Activity, cont’d

Aerospace

Flat fastener distribution sales

No growth through Q2 FY11

~ 50% of aerospace sales

Anticipated schedule recovery in second half of FY11

787 activity

Inventory already in place for initial production aircraft Estimate of 15-20 aircraft/engine shipsets

Production ramp-up by Q3 FY11 Schedules currently being loaded in to support higher rates

Continued progress at Carlton Forge

Using Q3 FY10 as a Baseline

Carlton Forge Progress Report Aerospace market share opportunities clearly identified

Currently only 25-30% of $1B aerospace market

Penetration of low pressure turbine disc market

Plan of attack to further penetrate power market

Continued integration of new operational tools/methods

Daily focus on cost reductions

Rich revert stream

On track for:

Target synergies

► 12-16 months → $15-20M

► 22-26 months → $35-40M

10%+ CAGR

Current End Market Activity, cont’d

Aerospace

Flat fastener distribution sales

No growth through Q2 FY11

~ 50% of aerospace sales

Significant schedule recovery anticipated in second half of FY11

787 activity

Inventory already in place for initial production aircraft Estimate of 15-20 aircraft/engine shipsets

Production ramp-up by Q3 FY11 Schedules currently being loaded in to support higher rates

Continued progress at Carlton Forge

Growing position on the right aircraft programs

Using Q3 FY10 as a Baseline

Continued Major Presence in Aerospace Markets

A320

A330

767

747-8

777

A380

A340

747-400

787

737

$0 $1 $2 $3 $4 $5 $6 $7 $8$ Millions

PCC $ Content Per Aircraft Platform

Data points represent average dollar content

F-35

F-18

C-17

$0 $1 $2 $3 $4 $5$ Millions

PCC $ Content Per Military Aircraft Platform

Data points represent average dollar content

Continued Major Presence in Aerospace Markets

Future Share Gains On All Fronts

Sales Upside – Areas of Opportunity

Active development programs

A350

Airframe

Trent XWB

Next generation engines

CFM56 LEAP

Geared turbofan

V2500 select

F136 engine

KC-X tanker (airframe/engine)

Current End Market ActivityUsing Q3 FY10 as a Baseline

Power

IGT

Destocking at European customers holding steady

Aftermarket still a “wild card”

Growing presence on high-tech platforms

Data points represent average dollar content

$0

$1

$2

$3

$4

Older Generation Current Generation Next Generation

70-275MW50/60Hz

50Hz

Middle East

China

Russia

Africa

Europe

Japan

60Hz

Middle East

South America

North America

Japan

235-330MW50/60Hz

38-190MW50/60Hz

Ave

rag

e S

ale

s P

er

Tu

rbin

e($

Mil

lio

ns

)

Continued Major Presence in IGT Markets

PCC Casting $ Content Per IGT Class

9 Production Engines

~ $16K ~ $1.4M

14 Production Engines~ $160K ~ $3.5M

4 Production Engines~ $350K ~ $5M+

IGT Technology

Current End Market ActivityUsing Q3 FY10 as a Baseline

Power

IGT

Destocking at European customers holding steady

Aftermarket still a “wild card”

Growing presence on high-tech platforms

Seamless Pipe

China Current realignment to new power plant strategy

• Movement away from smaller coal plants• 300MW plant → ~ $2M interconnect pipe opportunity

Burning through inventory on hand Three+ quarters of slower order rates at Wyman-Gordon

Strategic transition to Super Critical power plants by Q3 FY11 Greater interconnect pipe opportunity

• 600MW plant → ~ $5M • 1,000MW plant → ~ $9M

Current End Market Activity, cont’d

Power

Seamless Pipe India

Significant quoting activity• 20 projects in 600MW range

Orders anticipated in second half FY11

Oil & Gas

Order books filling up going forward 1-2% sequential growth

Substantial pickup in order activity Projects scheduled for second half FY11

General Industrial

Continued upward trend → 1-2% sequentially

Steckel mill back in production → mid-February

Using Q3 FY10 as a Baseline

Summary

Slow recovery through Q2 FY11

Major catalysts for second half FY11 growth

Realignment with current aircraft build rates

787 production ramp-up

Accelerated aerospace aftermarket and fastener distribution schedules

Stabilized IGT order rates

Seamless pipe upside in China and India

Increased oil & gas project activity

Positioning the Company for Strong Second Half FY11 Sales Growth and Continued Upside in Operational Performance

Questions

Mark DoneganChairman & CEO