CARPENTER TECHNOLOGY CORP — Director's Dealing 2005

May 20, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2005-05-18

Reporting Person: OATES DENNIS M (Sr. VP-Specialty Alloys Oper.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-18	Common Stock	M	3000	$21.44	Acquired	38000	Direct
2005-05-18	Common Stock	S	3000	$56.92	Disposed	35000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-18	Employee Stock Option (Right to Buy)	$21.44	M	3000	Disposed	2013-09-30	Common Stock (3000)	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.