CARPENTER TECHNOLOGY CORP — Director's Dealing 2006

Feb 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2006-02-15

Reporting Person: STEPHANS PETER N (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-30	Common Stock	G	12500	—	Disposed	78682	Direct
2006-01-30	Common Stock	G	12500	—	Acquired	12500	Indirect
2006-01-30	Common Stock	G	12500	—	Disposed	78682	Indirect
2006-01-30	Common Stock	G	12500	—	Acquired	25000	Indirect
2006-02-15	Common Stock	S	3500	$80.71	Disposed	30922	Indirect
2006-02-15	Common Stock	S	3500	$80.71	Disposed	30922	Indirect
2006-02-16	Common Stock	S	5900	$80.13	Disposed	25022	Indirect
2006-02-16	Common Stock	S	5900	$80.13	Disposed	25022	Indirect

Footnotes

F1: This is a gift to The Peter N. and Joan R. Stephans CRUT, dated March 15, 2004, Peter Stephans, Joan Stephans and PNC Bank, Trustees

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: This is a gift from The Peter N. Stephans Revocable Trust, dated March 15, 2004, Peter N. Stephans and Joan R. Stephans, Trustees.

F4: These shares are held in the Peter N. and Joan R. Stephans CRUT, dated March 15, 2004, Peter Stephans, Joan Stephans and PNC Bank, Trustees

F5: These shares are held in the Joan R. Stephans Revocable Trust, dated March 15, 2004, Peter N. Stephans and Joan R. Stephans, Trustees

F6: This is a gift from The Joan R. Stephans Revocable Trust, dated March 15, 2004, Peter N. Stephans and Joan R. Stephans, Trustees

F7: This transaction is also being reported on a Form 4 being filed for Ada E. Rossin

F8: The price reported is an average of the total transactions executed for the day, with the individual transactions ranging from a low of $80.00 per share to a high of $81.75 per share.

F9: 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.

F10: The price reported is an average of the total transactions executed for the day, with the individual transactions ranging from a low of $80.00 per share to a high of $80.61 per share.