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: 2004-07-27

Reporting Person: LODGE ROBERT W (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-27	Common Stock	M	6200	$33.00	Acquired	30356	Direct
2004-07-27	Common Stock	S	6200	$38.67	Disposed	24156	Direct
2004-07-27	Common Stock	M	12400	$28.4375	Acquired	36556	Direct
2004-07-27	Common Stock	S	12400	$38.20	Disposed	24156	Direct
2004-07-27	Common Stock	M	8000	$30.05	Acquired	32156	Direct
2004-07-27	Common Stock	S	8000	$38.06	Disposed	24156	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-27	Employee Stock Option (Right to Buy)	$33.00	M	6200	Disposed	2006-06-27	Common Stock (6200)	Direct
2004-07-27	Employee Stock Option (Right to Buy)	$28.4375	M	12400	Disposed	2009-06-24	Common Stock (12400)	Direct
2004-07-27	Employee Stock Option (Right to Buy)	$30.05	M	8000	Disposed	2011-06-21	Common Stock (8000)	Direct

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.