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Carpenter Technology melts, forges and rolls nickel, cobalt and titanium into the high-temperature superalloys that jet engines, medical implants and rockets are made of. It buys volatile raw metals, passes the cost through as a surcharge, and sells premium alloy on multi-year contracts — over 60% of it into aerospace & defense, which is why S&P moved it into the Aerospace & Defense GICS sector in 2025.

In simple terms

Carpenter sits in the middle of the metals chain. Miners dig up nickel, cobalt and titanium; Carpenter melts and forges them into premium alloy; and jet-engine makers, implant makers and rocket builders turn that alloy into finished parts. It is one of only a handful of mills in the world qualified to make aerospace-grade superalloy.

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