CARPENTER TECHNOLOGY CORP — Director's Dealing 2006

Jan 27, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2006-01-25

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-25	Common Stock	M	11300	$49.75	Acquired	80831.2	Direct
2006-01-25	Common Stock	S	2000	$82.61	Disposed	78831.2	Direct
2006-01-25	Common Stock	S	2000	$82.60	Disposed	76831.2	Direct
2006-01-25	Common Stock	S	7300	$82.00	Disposed	69531.2	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-25	Employee Stock Option (Right to Buy)	$49.75	M	11300	Disposed	2008-06-25	Common Stock (11300)	Direct

Footnotes

F1: Includes shares acquired under the Carpenter Technology Corporation Dividend Reinvestment Program.

F2: 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.