CARPENTER TECHNOLOGY CORP — Director's Dealing 2007

Mar 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2007-03-19

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-19	Common Stock	M	362.7779	—	Acquired	362.7779	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-19	Series A Convertible Preferred Stock Units	$0	M	362.7779	Disposed		Common Stock (362.7779)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	27137.345	Direct

Footnotes

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

F2: Series A Convertible Preferred Stock units were allocated to Participants under the Carpenter Technology Corporation Employee Stock Ownership Plan. Units, which are convertible into shares of common stock, vest after the completion of five years of employment, subject to certain conditions. The Employee Stock Ownership Plan was, in relevant part, merged into The Savings Plan of Carpenter Technology Corporation. The stock units were converted into common stock and transferred directly into Participant's account under The Savings Plan of Carpenter Technology Corporation.