CARPENTER TECHNOLOGY CORP — Director's Dealing 2003

Oct 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2003-10-27

Reporting Person: STEPHANS PETER N (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-27	Stock Units	$	A	781.56	Acquired		Common Stock (781.56)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	168782	Direct
Common Stock	168782	Indirect
Common Stock	54422	Indirect
Common Stock	54422	Indirect
Common Stock	23500	Indirect
Common Stock	23500	Indirect

Footnotes

F1: These shares are held in the Irrevocable Deed of Trust of Peter C. Rossin and Ada E. Rossin, dated July 12, 1989, Ada E. Rossin and Joan Elizabeth Rossin Stephans, Trustees, for the benefit of the reporting person's children. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16, or for any other purpose.

F2: These shares are held in the Peter C. Rossin 1997 Deed of Trust, dated November 21, 1997, Joan Rossin Stephans, Trustee, for the benefit of the reporting person's children. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16, or for any other purpose.

F3: Converts to common stock on a 1-for-1 basis

F4: Payable in cash upon retirement