PORTLAND, Oregon – May 22, 2006 – Precision Castparts Corp. (NYSE: PCP) has received clearance from the Federal Trade Commission (FTC) on its Hart-Scott-Rodino filing for the purchase of Special Metals Corporation (SMC), a world leader in the production of high-performance nickel-based alloys and super alloys.

“We are very pleased that the FTC has cleared our filing, and that we can pursue the SMC acquisition in its entirety,” said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. (PCC).  “Our expectations for the business continue to be high.  We are confident that both our customers and our shareholders will realize major benefits going forward as we drive aggressively for cost reductions and market share gains.”

The deal is expected to close within the next two weeks.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products.  It serves the aerospace, power generation, automotive, and general industrial and other markets.  PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines.  The Company is also a leading producer of highly engineered, critical fasteners for aerospace, automotive, and other markets.

Information included within this press release 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, automotive, and other 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 availability and cost of energy, materials, supplies, insurance, and pension 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; 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.