CARPENTER TECHNOLOGY CORP — Director's Dealing 2007

Mar 22, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2007-03-21

Reporting Person: TURNER KATHRYN C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-21	Common Stock	M	1300	$50.375	Acquired	2802.15	Direct
2007-03-21	Common Stock	S	1300	$119.00	Disposed	1502.15	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-21	Stock Option (Right to Buy)	$50.375	M	1300	Disposed	2007-10-20	Common Stock (1300)	Direct

Footnotes

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

F2: The reporting person was granted an option to purchase stock as part of her director's compensation with an effective grant date of 10/20/1997.