CARPENTER TECHNOLOGY CORP — Director's Dealing 2008

Aug 14, 2008

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: CARPENTER TECHNOLOGY CORP (CRS)
CIK: 0000017843
Period of Report: 2008-06-30

Reporting Person: STEPHANS PETER N (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-15	Common Stock	G	115	$140.28	Disposed	39670	Direct
2007-11-15	Common Stock	G	115	$140.28	Disposed	39670	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7400	Indirect
Common Stock	7400	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Units	$		Common Stock (6693.75)	6693.75	Direct
Stock Option (right to buy)	$53.87	2016-10-30	Common Stock (4000)	4000	Direct
Stock Option (right to buy)	$63.54	2017-10-15	Common Stock (3614)	3614	Direct

Footnotes

F1: The share balance reflects an increase in shares resulting from a 2-for-1 stock split in the form of a 100% stock dividend, with the distribution having been made on November 15, 2007.

F2: These shares are held in the Peter N. Stephans Revocable Trust, dated March 15, 2004, Peter N. Stephans and Joan R. Stephans, Trustees

F3: These shares are held in the Joan R. Stephans Revocable Trust, dated March 15, 2004, Peter N. Stephans and Joan R. Stephans, Trustees

F4: These shares are held in the Irrevocable Deed of Trust of Peter C. Rossin and Ada E. Rossin, dated July 12, 1989, Ada E. Rossin and Joan Elizabeth Rossin Stephans, Trustees, for the benefit of the reporting person's children. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16, or for any other purpose.

F5: Converts to common stock on a 1-for-1 basis

F6: Payable upon retirement

F7: Includes dividend equivalents

F8: The balance reflects the increase in derivative securities resulting from a 2-for-1 stock split in the form of a 100% dividend, with the distribution having been made on November 15, 2007.

F9: The exercise price reflects the adjusted price resulting from a 2-for-1 stock split in the form of a 100% dividend, with the distribution having been made on November 15, 2007.

F10: The balance reflects the increase in derivative securities resulting from a 2-for-1 stock split in the form of a 100% dividend, with the distribution having been made on November 15, 2007.