CARPENTER TECHNOLOGY CORP — Director's Dealing 2007

Mar 28, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2007-03-26

Reporting Person: WARD JR STEPHEN M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-26	Common Stock	M	4000	$10.45	Acquired	6866	Direct
2007-03-26	Common Stock	S	4000	$120.07	Disposed	2866	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-26	Director Stock Option (Right to Buy)	$10.45	M	4000	Disposed	2012-10-28	Common Stock (4000)	Direct

Footnotes

F1: The reporting person was granted an option to purchase stock as part of his director's compensation with an effective grant date of 10/28/2002.