CARPENTER TECHNOLOGY CORP, 424B2, 1994-08-09

CARPENTER TECHNOLOGY CORP
424B2, 1994-08-09
STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)

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                                       Filed under Rule 424(b)(2)
                                       Registration No. 33-51613

PRICING SUPPLEMENT NO. 1  DATED August 8, 1994               
(To Prospectus Dated June 14, 1994 and Prospectus Supplement
Dated June 14, 1994)




                    U.S. $ 7,500,000  Principal Amount

                     CARPENTER TECHNOLOGY CORPORATION

                        Medium-Term Notes, Series A

            Due from Nine Months to 30 Years from Date of Issue




Issue Date: August 15, 1994   

Maturity Date: August 16, 1999


By Agency Transaction:

     Public Offering Price (%): U.S. $ 7,500,000 (100%)

     Proceeds to Company (%): U.S. $ 7,462,500 (99.500%)

     Distributor's Commission (%): U.S. $ 37,500 (.500%)


Original Issue Discount Security:  Yes_____  No:  X  


Fixed Rate of Interest: Seven and 43/100 percent (7.43%) per
annum


Interest Payment Date(s): January 15 and July 15


Regular Record Date(s):  January 1 and July 1


Name of Distributors:    CS First Boston Corporation