CARPENTER TECHNOLOGY CORP — Director's Dealing 2005

May 12, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2005-05-10

Reporting Person: STEPHANS PETER N (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-10	Common Stock	S	300	$56.24	Disposed	129582	Direct
2005-05-10	Common Stock	S	300	$56.24	Disposed	129582	Indirect
2005-05-10	Common Stock	S	200	$56.24	Disposed	5300	Indirect
2005-05-10	Common Stock	S	300	$56.24	Disposed	5074	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	54422	Indirect
Common Stock	54422	Indirect

Footnotes

F1: These shares are held in the Peter N. Stephans Revocable Trust, dated March 15, 2004, Peter N. Stephans and Joan R. Stephans, Trustees

F2: These shares are held in the Joan R. Stephans Revocable Trust, dated March 15, 2004, Peter N. Stephans and Joan R. Stephans, Trustees

F3: These shares are held in the Peter C. Rossin 1997 Deed of Trust, dated November 21, 1997, Joan Rossin Stephans, Trustee, for the benefit of the reporting person's children. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16, or for any other purpose.

F4: These shares are held in the Irrevocable Deed of Trust of Peter C. Rossin and Ada E. Rossin, dated July 12, 1989, Ada E. Rossin and Joan Elizabeth Rossin Stephans, Trustees, for the benefit of the reporting person's children. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16, or for any other purpose.