Exhibit 23




                CONSENT OF INDEPENDENT ACCOUNTANTS


We hereby consent to the incorporation by reference in the
Registration Statements on Form S-8 (Nos. 2-83780, 2-81019, 
2-60469, 33-42536, 33-65077, 33-54045, 33-40991) and Form S-3
(No. 33-51613) of Carpenter Technology Corporation of our report
dated February 17, 1997 relating to the financial statements of
Talley Industries, Inc., which appears in the Current Report on
Form 8-K/A of Carpenter Technology Corporation dated January 22,
1998.





PRICE WATERHOUSE LLP


Phoenix, Arizona
January 21, 1998