CARPENTER TECHNOLOGY CORP — Director's Dealing 2006

May 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2006-05-03

Reporting Person: STEPHANS PETER N (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-03	Common Stock	S	500	$127.2365	Disposed	49500	Direct
2006-05-03	Common Stock	S	500	$127.2365	Disposed	49500	Indirect
2006-05-03	Common Stock	S	300	$127.2365	Disposed	9700	Indirect
2006-05-03	Common Stock	S	300	$127.2365	Disposed	9700	Indirect

Footnotes

F1: The price reported is an average of the total transactions executed for the day, with the individual transactions ranging from a low of $127.02 per share to a high of $127.40 per share.

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

F3: These shares are held in the Joan R. Stephans Revocable Trust, dated March 15, 2004, Peter N. Stephans and Joan R. Stephans, Trustees

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.