KENNAMETAL INC — Director's Dealing 2004

Dec 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KENNAMETAL INC (KMT)
CIK: 0000055242
Period of Report: 2004-12-16

Reporting Person: GRASBERGER F NICHOLAS III (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-16	Common Stock	M	3334	$38.48	Acquired	48466.7813	Direct
2004-12-16	Common Stock	S	3334	$50.3	Disposed	45132.7813	Direct
2004-12-16	Common Stock	M	2000	$29.805	Acquired	47132.7813	Direct
2004-12-16	Common Stock	M	2000	$29.805	Acquired	49132.7813	Direct
2004-12-16	Common Stock	S	2000	$50.3	Disposed	47132.7813	Direct
2004-12-16	Common Stock	M	6000	$29.805	Acquired	53132.7813	Direct
2004-12-16	Common Stock	S	6000	$50.25	Disposed	47132.7813	Direct
2004-12-16	Common Stock	S	2000	$50.45	Disposed	45132.7813	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-16	Employee Stock Option (right to buy)	$38.48	M	3334	Disposed	2013-12-10	Common Stock (3334)	Direct
2004-12-16	Non-Qualified Stock Option (right to buy)	$29.805	M	2000	Disposed	2012-07-22	Common Stock (2000)	Direct
2004-12-16	Non-Qualified Stock Option (right to buy)	$29.805	M	2000	Disposed	2012-07-22	Common Stock (2000)	Direct
2004-12-16	Non-Qualified Stock Option (right to buy)	$29.805	M	6000	Disposed	2012-07-22	Common Stock (6000)	Direct

Footnotes

F1: The option vests in three annual installments on December 11, 2004, December 11, 2005 and December 11, 2006.

F2: The option vested in three installments on July 23, 2003, July 23, 2004 and August 26, 2004.