CARPENTER TECHNOLOGY CORP — Director's Dealing 2004

Sep 3, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2004-09-01

Reporting Person: CHAMBERLAIN RICHARD (VP and Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-01	Common Stock	M	4300	$28.4375	Acquired	4300	Direct
2004-09-01	Common Stock	S	4300	$44.672	Disposed	0	Direct
2004-09-01	Common Stock	M	7000	$30.05	Acquired	7000	Direct
2004-09-01	Common Stock	S	7000	$44.68	Disposed	0	Direct
2004-09-01	Common Stock	M	2334	$16.12	Acquired	2334	Direct
2004-09-01	Common Stock	S	2334	$44.603	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-01	Employee Stock Option (Right to Buy)	$28.4375	M	4300	Disposed	2009-06-24	Common Stock (4300)	Direct
2004-09-01	Employee Stock Option (Right to Buy)	$30.05	M	7000	Disposed	2011-06-21	Common Stock (7000)	Direct
2004-09-01	Employee Stock Option (Right to Buy)	$16.12	M	2334	Disposed	2013-06-26	Common Stock (2334)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	361.84	Indirect

Footnotes

F1: The reporting person was granted an option to buy shares of common stock under the Carpenter Technology Corporation Stock-Based Compensation Plan for Officers and Key Employees.