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: 2004-07-28

Reporting Person: GEREMSKI TERRENCE E (Sr. VP-Finance and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-28	Common Stock	M	30000	$23.21	Acquired	66376.36	Direct
2004-07-28	Common Stock	S	8500	$39.70	Disposed	57876.36	Direct
2004-07-28	Common Stock	S	1100	$39.96	Disposed	56776.36	Direct
2004-07-28	Common Stock	S	1000	$39.95	Disposed	55776.36	Direct
2004-07-28	Common Stock	S	200	$39.93	Disposed	55576.36	Direct
2004-07-28	Common Stock	S	1600	$39.92	Disposed	53976.36	Direct
2004-07-28	Common Stock	S	200	$39.91	Disposed	53776.36	Direct
2004-07-28	Common Stock	S	800	$39.90	Disposed	52976.36	Direct
2004-07-28	Common Stock	S	800	$39.89	Disposed	52176.36	Direct
2004-07-28	Common Stock	S	100	$39.87	Disposed	52076.36	Direct
2004-07-28	Common Stock	S	200	$39.86	Disposed	51876.36	Direct
2004-07-28	Common Stock	P	600	$39.85	Disposed	51276.36	Direct
2004-07-28	Common Stock	S	600	$39.84	Disposed	50676.36	Direct
2004-07-28	Common Stock	S	500	$39.83	Disposed	50176.36	Direct
2004-07-28	Common Stock	P	700	$39.82	Disposed	49476.36	Direct
2004-07-28	Common Stock	S	600	$39.81	Disposed	48876.36	Direct
2004-07-28	Common Stock	S	3500	$39.80	Disposed	45376.36	Direct
2004-07-28	Common Stock	S	200	$39.79	Disposed	45176.36	Direct
2004-07-28	Common Stock	S	800	$39.78	Disposed	44376.36	Direct
2004-07-28	Common Stock	S	300	$39.77	Disposed	44076.36	Direct
2004-07-28	Common Stock	S	2400	$39.76	Disposed	41676.36	Direct
2004-07-28	Common Stock	S	2000	$39.75	Disposed	39676.36	Direct
2004-07-28	Common Stock	S	1000	$39.74	Disposed	38676.36	Direct
2004-07-28	Common Stock	S	1000	$39.73	Disposed	37676.36	Direct
2004-07-28	Common Stock	S	500	$39.72	Disposed	37176.36	Direct
2004-07-28	Common Stock	S	800	$39.71	Disposed	36376.36	Direct
2004-07-28	Common Stock	S	1376	$39.11	Disposed	35000.36	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-28	Employee Stock Option (Right to Buy)	$23.21	M	30000	Disposed	2012-01-28	Common Stock (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	23.62	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.