Carpenter manufactures and sells specialty metal alloys, including nickel-based superalloys, cobalt, titanium, and stainless steels. Aerospace, medical, and defense customers use these materials in critical components where failure is not an option, such as jet engine discs and implants. The company operates through two segments: Specialty Alloys Operations and Performance Engineered Products. Specialty Alloys Operations produces premium alloys at domestic mills and serves as the primary business driver. Performance Engineered Products includes the Dynamet titanium business, which serves the medical and aerospace markets, and an additive manufacturing unit for 3D printing. Carpenter sells products through long-term agreements and transactional orders. The rigorous qualification process required by customers creates significant switching costs and high barriers to entry. Carpenter argues it is often the only qualified supplier for certain applications, and the company uses surcharge mechanisms to pass through volatile raw material costs. The company's strategy focuses on capturing volume growth as aerospace production rates increase and expanding manufacturing capacity. To support this growth, Carpenter is investing in a brownfield expansion at its Alabama facility to increase primary melt capacity, with completion expected in FY28.