CARPENTER TECHNOLOGY CORP — Director's Dealing 2005

Nov 23, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2005-11-21

Reporting Person: TORCOLINI ROBERT J (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-21	Common Stock	M	4000	$45.5625	Acquired	93145.7	Direct
2005-11-21	Common Stock	S	2000	$65.01	Disposed	91145.7	Direct
2005-11-21	Common Stock	S	2000	$65.20	Disposed	89145.7	Direct
2005-11-23	Common Stock	M	3600	$45.5625	Acquired	92745.7	Direct
2005-11-23	Common Stock	S	2000	$65.20	Disposed	90745.7	Direct
2005-11-23	Common Stock	S	1600	$65.45	Disposed	89145.7	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-11-21	Employee Stock Option (Right to Buy)	$45.5625	M	4000	Disposed	2007-06-26	Common Stock (4000)	Direct
2005-11-23	Employee Stock Option (Right to Buy)	$45.5625	M	3600	Disposed	2007-06-26	Common Stock (3600)	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.