KENNAMETAL INC — Director's Dealing 2003

Nov 26, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KENNAMETAL INC (KMT)
CIK: 0000055242
Period of Report: 2003-11-25

Reporting Person: YOST LARRY D (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-25	stock credits	$0	A	355.105	Acquired		common stock (355.105)	Direct

Footnotes

F1: The stock credits become payable, in cash or common stock, at the election of the reporting person, in the event of any change in control of the company, or upon the reporting person's termination of service as a director.

F2: Includes 1.1391 of stock credits acquired pursuant to a dividend reinvestment feature of the Kennametal Inc. Stock and Incentive Plan of 2002 and 42.0799 of stock credits acquired pursuant to a dividend reinvestment feature of the Kennametal Inc. Directors Stock Incentive Plan, as amended. The Company maintains a separate Dividend Reinvestment Plan available to its shareholders that satisfies the requirements of Rule 16a-11 of the Securities Exchange Act of 1934, as amended.