CARPENTER TECHNOLOGY CORP — Director's Dealing 2007

May 22, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2007-05-21

Reporting Person: WARD JR STEPHEN M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-21	Common Stock	M	4000	$23.23	Acquired	6866	Direct
2007-05-21	Common Stock	S	4000	$136.88	Disposed	2866	Direct
2007-05-21	Common Stock	M	4000	$25.59	Acquired	6866	Direct
2007-05-21	Common Stock	S	4000	$136.88	Disposed	2866	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-21	Director Stock Option (Right to Buy)	$23.23	M	4000	Disposed	2011-10-22	Common Stock (4000)	Direct
2007-05-21	Director Stock Option (Right to Buy)	$25.59	M	4000	Disposed	2013-10-27	Common Stock (4000)	Direct

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 $136.72 per share to a high of $137.05 per share.

F2: The reporting person was granted an option to purchase stock as part of his director's compensation with an effective grant date of 10/22/2001.

F3: The reporting person was granted an option to purchase stock as part of his director's compensation with an effective grant date of 10/27/2003.