CARPENTER TECHNOLOGY CORP — Director's Dealing 2004

Jul 29, 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: TORCOLINI ROBERT J (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-27	Common Stock	M	20000	$16.12	Acquired	89800.84	Direct
2004-07-27	Common Stock	F	3301	$38.25	Disposed	86499.84	Direct
2004-07-27	Common Stock	F	3301	$38.33	Disposed	83198.84	Direct
2004-07-27	Common Stock	F	3266	$38.67	Disposed	79932.84	Direct
2004-07-27	Common Stock	F	3233	$39.00	Disposed	76699.84	Direct
2004-07-28	Common Stock	M	10000	$16.12	Acquired	86699.84	Direct
2004-07-28	Common Stock	F	3234	$39.12	Disposed	83465.84	Direct
2004-07-28	Common Stock	F	3234	$39.00	Disposed	80231.84	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-27	Employee Stock Option (Right to Buy)	$16.12	M	20000	Disposed	2013-06-26	Common Stock (20000)	Direct
2004-07-28	Employee Stock Option (Right to Buy)	$16.12	M	10000	Disposed	2013-06-26	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2421	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.