CARPENTER TECHNOLOGY CORP — Director's Dealing 2004

Jul 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2004-07-29

Reporting Person: SHOR MICHAEL L (Sr. VP-Engineered Products Op.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-29	Common Stock	M	1800	$32.5625	Acquired	40564.41	Direct
2004-07-29	Common Stock	S	1800	$40.31	Disposed	38764.41	Direct
2004-07-29	Common Stock	M	12200	$24.00	Acquired	50964.41	Direct
2004-07-29	Common Stock	S	6100	$40.30	Disposed	44864.41	Direct
2004-07-29	Common Stock	S	6100	$40.10	Disposed	38764.41	Direct
2004-07-29	Common Stock	M	12000	$19.6875	Acquired	50764.41	Direct
2004-07-29	Common Stock	S	6000	$39.74	Disposed	44764.41	Direct
2004-07-29	Common Stock	S	6000	$40.00	Disposed	38764.41	Direct
2004-07-29	Common Stock	M	8333	$16.12	Acquired	47097.41	Direct
2004-07-29	Common Stock	S	8333	$39.50	Disposed	38764.41	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-29	Employee Stock Option (Right to Buy)	$32.5625	M	1800	Disposed	2005-06-28	Common Stock (1800)	Direct
2004-07-29	Employee Stock Option (Right to Buy)	$24.00	M	12200	Disposed	2010-01-27	Common Stock (12200)	Direct
2004-07-29	Employee Stock Option (Right to Buy)	$19.6875	M	12000	Disposed	2010-06-22	Common Stock (12000)	Direct
2004-07-29	Employee Stock Option (Right to Buy)	$16.12	M	8333	Disposed	2013-06-26	Common Stock (8333)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7486.73	Indirect

Footnotes

F1: Includes shares acquired under the Savings Plan of Carpenter Technology Corporation. The share balance under the Savings Plan of Carpenter Technology fluctuates due to rounding differences produced by the Plan's method of estimating shares.

F2: 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.