CARPENTER TECHNOLOGY CORP — Director's Dealing 2007

May 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2007-05-14

Reporting Person: SHOR MICHAEL L (Sr. VP-Engineered Products Op.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-14	Common Stock	M	167	$16.12	Acquired	27304.345	Direct
2007-05-14	Common Stock	S	167	$135.254	Disposed	27137.345	Direct
2007-05-15	Common Stock	S	2890	$136.918	Disposed	24247.345	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-14	Employee Stock Option (Right to Buy)	$16.12	M	167	Disposed	2013-06-26	Common Stock (167)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	362.7779	Indirect

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.