CARPENTER TECHNOLOGY CORP
424B3, 1998-06-12
STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
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Pricing Supplement No. 25 Dated June 11, 1998     Rule 424 (b) (3)
(To Prospectus dated February 13, 1998 and     File No. 333-44757
Prospectus Supplement dated March 31, 1998)
                 CARPENTER TECHNOLOGY CORPORATION
                 Medium-Term Notes  -  Fixed Rate
- -------------------------------------------------------------------------------
Principal Amount: $4,000,000  Interest Rate: 6.52%   Issued Price: $4MM(100%)

Agent's Discount Commission:  $24,000 (.6%) Original Issue Date:  6/15/98
Stated Maturity Date:  6/16/2008

Net Proceeds to Issuer:  $3,976,000 (99.4%)
- -------------------------------------------------------------------------------

Interest Payment Dates:  April 15 and October 15

Redemption:

  X  The Notes cannot be redeemed prior to the Stated Maturity Date.
 ---
     The Notes may be redeemed prior to the Stated Maturity Date.
 ---
     Initial Redemption Date:
     Initial Redemption Percentage:
     Annual Redemption Percentage Reduction:           % until Redemption
                                               -------
     percentage is 100% of the principal amount.

Optional Repayment:
  X  The Notes cannot be repaid prior to the Stated Maturity Date.
 ---
     The Notes can be repaid prior to the Stated Maturity Date at the option of
 ---
     the Holder of the Notes.
     Optional Repayment Dates:
     Repayment Price:         %

Currency:
     Specified Currency:
     (If other than U.S. Dollars, see attached)
     Minimum Denominations:
     (Applicable only if Specified Currency is other than U.S. Dollars)

Original Issue Discount ("OID"):        Yes        X    No
                                    ---           ---
     Total Amount of OID:
     Yield to Maturity:
     Initial Accrual Period:

Form:      X   Book-Entry          Certificated
          ---                  ---

Agent:     X   J. P. Morgan Securities Inc.
          ---
               Credit Suisse First Boston Corporation
          ---

Agent acting in the capacity as indicated below:
      X   Agent               Principal
     ---                  ---

If as principal:
          The Notes are being offered at varying prices related to prevailing
     ---
          market prices at the time of resale.

          The Notes are being offered at a fixed initial public offering price
     ---
          of         % of principal amount.
             --------

If as Agent:
     The Notes are being offered at a fixed initial public offering price of
     100% of Principal Amount.
     ---

Exchange Rate Agent:

Other Provisions:  See attached Addendum


                ADDENDUM TO PRICING SUPPLEMENT FOR

                 CARPENTER TECHNOLOGY CORPORATION

            6.52% MEDIUM TERM NOTES, DUE JUNE 16, 2008


CUSIP No. 14428TBJ9

Interest payable to:

     The Depository Trust Company
     P.O. Box 20
     Bowling Green Station
     New York, N.Y.  10004

Deliver Notes to:

     The Depository Trust Company
     55 Water Street
     Interface/Underwriting Department
     1st Floor South
     New York, N.Y.  10041

Registered Owner:

     Cede & Company
     P.O. Box 20
     Bowling Green Station
     New York, N.Y.  10004

     Taxpayer ID No.

           13-2555119


Confirmed for Carpenter Technology Corporation


By:  s/G. Walton Cottrell
     -----------------------------------
     G. Walton Cottrell
     Senior Vice President - Finance and
     Chief Financial Officer



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