CARPENTER TECHNOLOGY CORP — Director's Dealing 2007

Feb 22, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2007-02-20

Reporting Person: OATES DENNIS M (Sr. VP-Specialty Alloys Oper.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-20	Common Stock	M	5000	$21.44	Acquired	53484.9	Direct
2007-02-20	Common Stock	S	5000	$119.416	Disposed	48484.9	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-20	Employee Stock Option (Right to Buy)	$21.44	M	5000	Disposed	2013-09-30	Common Stock (5000)	Direct

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.