8-K

                        UNITED STATES
              SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549

                          FORM 8-K

                        CURRENT REPORT

             Pursuant to Section 13 or 15(d) of
             The Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported):
                        May 19, 2003

                CARPENTER TECHNOLOGY CORPORATION
      ------------------------------------------------------
      (Exact name of registrant as specified in its charter)

 Delaware                 1-5828               23-0458500
- ---------------          ------------         --------------
(State or other          (Commission          (IRS Employer
jurisdiction of          File Number)           Ident. No.)
incorporation)

1047 North Park Road, Wyomissing, Pennsylvania        19610-1339
- ----------------------------------------------        ----------
(Address of principal executive offices)              (Zip Code)

(610) 208-2000
- --------------------------------------------------
Registrant's telephone number, including area code

N/A
- -------------------------------------------------------------
(Former name or former address, if changed since last report.

- -------------------------------------------------------------

- -------------------------------------------------------------

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Item 7.  Financial Statements and Exhibits.

     (a)  Exhibits.

          The following exhibits are filed herewith:

          99.1  Press Release, dated May 20, 2003, of
                Carpenter Technology Corporation

Item 9.  Regulation FD Disclosure

      The Company's press release dated May 20, 2003, is attached hereto
as Exhibit 99.1 and incorporated by reference.

                          SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

                               CARPENTER TECHNOLOGY CORPORATION

Dated:  May 20, 2003           /s/ Jaime Vasquez
                               --------------------------------
                               Jaime Vasquez
                               Vice President and Treasurer


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                        EXHIBIT INDEX

Exhibit
Number
- -------

99.1   Press Release, dated May 20, 2003, of Carpenter
       Technology Corporation.







                              3

EX-99.1

                                           Investor Contact:
                                           Jaime Vasquez
                                           (610) 208-2165
                                           jvasquez@cartech.com




IMMEDIATE RELEASE

                 CARPENTER TECHNOLOGY ISSUES
             $100 MILLION SENIOR UNSECURED NOTES


     Wyomissing, Pa. (May 20, 2003) - Carpenter Technology Corporation
(NYSE:CRS) announced that it has priced the private placement of $100
million of 10-year senior unsecured notes with a coupon of 6.625%. The
settlement date for the issuance is expected to be May 22, 2003.  These
notes have not been registered under the Securities Act and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration under the Securities Act.

     Proceeds from the sale of the notes will be used to redeem the
company's 9% debentures due 2022, which had a mandatory sinking fund
requirement of $5 million annually between 2003 and 2021.  The debentures
are callable at a price of 103.82% plus accrued interest through the
redemption date.  Currently, there are approximately $90 million of the 9%
debentures outstanding.  The balance of the proceeds from the private
placement will be used for general corporate purposes.

     The company will take a charge of approximately $4.5 million related
to the redemption of the 9% debentures in its current fourth fiscal
quarter, ending June 30, 2003.

     Carpenter produces and distributes specialty materials, including
stainless steels, titanium alloys, superalloys and various engineered
products.  Information about Carpenter can be found on the Internet at
www.cartech.com, with selected products sold online at
www.carpenterdirect.com.

     This release may contain various "Forward-looking Statements"
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements, which represent
Carpenter's expectations or beliefs concerning various future events,
include statements concerning future revenues and continued growth or
decline in various market segments. These forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ from those projected, anticipated or implied. The most significant
of these uncertainties are described in Carpenter's filings with the
Securities and Exchange Commission, including its Form 10-K for the year
ended June 30, 2002, its Form 10-Q for quarter ended March 31, 2003, and
Carpenter's most recent registration statement on Form S-4 filed on
October 12, 2001, as amended on November 29, 2001.  Such risks include but
are not limited to: 1) the cyclical nature of the specialty materials
business and certain end-use markets, including aerospace, power
generation, automotive, industrial and consumer durables, all of which are
subject to changes in general economic and financial market conditions; 2)
the ability of Carpenter to recoup increased costs of electricity, natural
gas, and raw materials, such as nickel, through increased prices and
surcharges; 3) domestic and foreign excess manufacturing capacity for
certain alloys that Carpenter produces; 4) fluctuations in currency
exchange rates, resulting in increased competition and downward pricing
pressure on certain Carpenter products; 5) the degree of success of
government trade actions; 6) fluctuations in stock markets which could
impact the valuation of the assets in Carpenter's pension trusts and the
accounting for pension assets; 7) the potential cost advantages that new
competitors or competitors who have reorganized through bankruptcy may
have; 8) the transfer of manufacturing capacity from the United States to
foreign countries; and 9) the consolidation of customers and suppliers.
Any of these factors could have an adverse and/or fluctuating effect on
Carpenter's results of operations.  The forward-looking statements in this
document are intended to be subject to the safe harbor protection provided
by Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Carpenter undertakes
no obligation to update or revise any forward-looking statements.