CARPENTER TECHNOLOGY CORP — Director's Dealing 2007

Aug 15, 2007

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2007-06-30

Reporting Person: STEPHANS PETER N (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	24500	Direct
Common Stock	24500	Indirect
Common Stock	3700	Indirect
Common Stock	3700	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Units	$		Common Stock (2957.35)	2957.35	Direct

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: Converts to common stock on a 1-for-1 basis

F5: Payable upon retirement

F6: Includes dividend equivalents