KENNAMETAL INC — Director's Dealing 2004

Dec 22, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KENNAMETAL INC (KMT)
CIK: 0000055242
Period of Report: 2004-12-21

Reporting Person: MORRISON JAMES E (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-21	Common Stock	M	1300	$24.4688	Acquired	11785.519	Direct
2004-12-21	Common Stock	S	1300	$50.22	Disposed	10485.519	Direct
2004-12-21	Common Stock	M	1034	$24.4688	Acquired	11519.519	Direct
2004-12-21	Common Stock	S	1034	$50.3	Disposed	10485.519	Direct
2004-12-21	Common Stock	M	4000	$37.0625	Acquired	14485.519	Direct
2004-12-21	Common Stock	S	3600	$50.22	Disposed	10885.519	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-21	Non-Qualified Stock Option (right to buy)	$24.4688	M	1300	Disposed	2010-07-21	Common Stock (1300)	Direct
2004-12-21	Non-Qualified Stock Option (right to buy)	$24.4688	M	1034	Disposed	2010-07-21	Common Stock (1034)	Direct
2004-12-21	Non-Qualified Stock Option (right to buy)	$37.0625	M	4000	Disposed	2005-07-29	Common Stock (4000)	Direct

Footnotes

F1: Includes 37.806 shares acquired pursuant to the Kennametal Inc. Thrift Plan (a tax-conditioned plan exempt under Rule 16b-3(c)).