KENNAMETAL INC — Director's Dealing 2004

Dec 10, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KENNAMETAL INC (KMT)
CIK: 0000055242
Period of Report: 2004-12-09

Reporting Person: GRASBERGER F NICHOLAS III (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-09	Common Stock	M	6800	$38.435	Acquired	51932.7813	Direct
2004-12-09	Common Stock	S	6800	$49.85	Disposed	45132.7813	Direct
2004-12-09	Common Stock	M	200	$38.435	Acquired	45332.7813	Direct
2004-12-09	Common Stock	S	200	$49.89	Disposed	45132.7813	Direct
2004-12-09	Common Stock	M	400	$38.435	Acquired	45532.7813	Direct
2004-12-09	Common Stock	S	400	$49.9	Disposed	45132.7813	Direct
2004-12-09	Common Stock	M	2600	$38.435	Acquired	47732.7813	Direct
2004-12-09	Common Stock	S	2600	$49.9	Disposed	45132.7813	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-09	Incentive Stock Option (right to buy)	$38.435	M	2600	Disposed	2011-07-30	Common Stock (2600)	Direct
2004-12-09	Non-Qualified Stock Option (right to buy)	$38.435	M	6800	Disposed	2011-07-30	Common Stock (6800)	Direct
2004-12-09	Non-Qualified Stock Option (right to buy)	$38.435	M	200	Disposed	2011-07-30	Common Stock (200)	Direct
2004-12-09	Non-Qualified Stock Option (right to buy)	$38.435	M	400	Disposed	2011-07-30	Common Stock (400)	Direct

Footnotes

F1: Includes 35.528 shares acquired pursuant to the Kennametal Inc. Thrift Plan (a tax-conditioned plan exempt under Rule 16b-3(c)).

F2: The option vested in full on July 31, 2004.

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