CARPENTER TECHNOLOGY CORP — Director's Dealing 2004

Feb 19, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2004-02-17

Reporting Person: CHAMBERLAIN RICHARD (VP and Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-17	Common Stock	M	640	$30.19	Acquired	1058.6	Direct
2004-02-17	Common Stock	F	587	$34.75	Disposed	471.6	Direct
2004-02-17	Common Stock	M	1800	$19.69	Acquired	2271.6	Direct
2004-02-17	Common Stock	F	1307	$34.75	Disposed	946.01	Direct
2004-02-17	Common Stock	M	6000	$23.21	Acquired	6964.6	Direct
2004-02-17	Common Stock	F	4678	$34.75	Disposed	2286.6	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-17	Employee Stock Option (Right to Buy)	$30.1875	M	640	Disposed	2004-06-29	Common Stock (640)	Direct
2004-02-17	Employee Stock Option (Right to Buy)	$19.6875	M	1800	Disposed	2010-06-22	Common Stock (1800)	Direct
2004-02-17	Employee Stock Option (Right to Buy)	$23.21	M	6000	Disposed	2012-01-28	Common Stock (6000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3600	Indirect

Footnotes

F1: Includes shares acquired under the Carpenter Technology Corporation Dividend Reinvestment Program

F2: Includes shares acquired under the Savings Plan of Carpenter Technology Corporation. The share balance under the Savings Plan of Carpenter Technology Corporation fluctuates due to rounding differences produced by the Plan's method of estimating shares.

F3: 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