KENNAMETAL INC — Director's Dealing 2004

Dec 15, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KENNAMETAL INC (KMT)
CIK: 0000055242
Period of Report: 2004-12-14

Reporting Person: GRASBERGER F NICHOLAS III (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-14	Common Stock	M	5000	$38.435	Acquired	50132.7813	Direct
2004-12-14	Common Stock	S	5000	$49.75	Disposed	45132.7813	Direct
2004-12-14	Common Stock	M	3355	$29.805	Acquired	48487.7813	Direct
2004-12-14	Common Stock	S	3355	$49.75	Disposed	45132.7813	Direct
2004-12-14	Common Stock	M	1645	$29.805	Acquired	46777.7813	Direct
2004-12-14	Common Stock	S	1645	$49.75	Disposed	45132.7813	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-14	Incentive Stock Option (right to buy)	$29.805	M	3355	Disposed	2012-07-22	Common Stock (3355)	Direct
2004-12-14	Non-Qualified Stock Option (right to buy)	$29.805	M	1645	Disposed	2012-07-22	Common Stock (1645)	Direct
2004-12-14	Non-Qualified Stock Option (right to buy)	$38.435	M	5000	Disposed	2011-07-30	Common Stock (5000)	Direct

Footnotes

F1: The option vested in full on August 26, 2004.

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

F3: The option vested in three annual installments on July 31, 2002, July 31, 2003 and July 31, 2004.