Exhibit 10

# AMENDMENT NO. 1 TOSECOND
AMENDED AND RESTATED CREDIT AGREEMENT

THIS
AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 31,
2009, amends and supplements the Second Amended and Restated Credit Agreement dated as of
April 10, 2009 (as so amended, the Credit Agreement), among LADISH CO., INC.,
a Wisconsin corporation (the Company), the financial institutions parties
hereto (individually a Lender and collectively the Lenders) and
U.S. BANK NATIONAL ASSOCIATION, as agent for the Lenders (in such capacity, the
Agent).

# RECITAL

The
Company, the Lenders and the Agent desire to amend the Credit Agreement as provided below.

# AGREEMENTS

In
consideration of the promises and agreements contained in the Credit Agreement, as amended
hereby, the Company, the Lenders and the Agent agree as follows:

1.       Definitions
and References. Capitalized terms not defined herein have the           meanings
assigned in the Credit Agreement. Upon the satisfaction of the           conditions set
forth in section 3 below, all references to the Credit Agreement           contained in
the Loan Documents shall mean the Credit Agreement as amended by           this Amendment
No. 1 to Second Amended and Restated Credit Agreement           (Amendment No. 1).
This Amendment No. 1 is a Loan Document.

2.       Amendments
to Credit Agreement. The Credit Agreement is amended as           follows:

(a)                 The
following defined term is inserted into section 1 of the Credit Agreement to
          appear in proper alphabetical order therein:

| | EBITDAmeans,
for any period, the sum of (a) Earnings Before Taxes, (b) Interest Expense, (c)
Depreciation Expense, (d) Amortization Expense and (e) non-cash expenses of the Company
and its Consolidated Subsidiaries, as reported on the consolidated statement of income
for such period of the Company and its Consolidated Subsidiaries.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(b)                 The
defined term Fixed Charge Coverage Ratio in section 1 of the           Credit
Agreement is amended in its entirety to read as follows:

---

| | Fixed
Charge Coverage Ratio means, as to any Person, the relationship, expressed as a
numerical ratio, between:
| | -----------------------------------------------------------------------------------------------------------------

| | (a)                 the
sum of (i) EBITDA and (ii) Lease Obligations,
| | ---------------------------------------------------------------------

| | minus(iii)
Restricted Payments, minus (iv) income taxes paid;
| | -------------------------------------------------------------

| | and
| | ---

| | (b)                 the
sum of (i) interest expense, (ii) principal   payments made with respect to
Indebtedness and (iii) Lease Obligations;
| | ---------------------------------------------------------------------------------------------------------------------------------------------

| | all
as determined, without duplication, for such Person and its Consolidated Subsidiaries for
the 12-month period preceding the date of determination.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------

(c)                 The
defined term Indebtedness to EBITDA Ratio in section 1 of the
          Credit Agreement is deleted in its entirety.

(d)                 Section
6.14 is amended in its entirety to read as follows:

| | 6.14
Minimum EBITDA. Permit the Companys EBITDA (calculated for the four fiscal
quarter period ending on the date of determination) to be less than the following amounts
as of the following dates:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Date               | Amount     
|------------------ | -----------
|September 30, 2009 | $30,000,000
|December 31, 2009  | $25,000,000
|March 31, 2010     | $23,000,000

3.       Closing
Conditions. This Amendment No. 1 shall become effective upon its           execution
and delivery by the parties hereto and receipt by the Agent of:

(a)       Amendment
Fee. A non-refundable amendment fee for the account of the           Lenders equal to
$35,000.

(b)       Secretarys
Certificate. A certificate of the Secretary of the           Company to the effect
that there have been no amendments to the Articles of           Incorporation or By-Laws
of the Company or to the resolutions of the Board of           Directors of the Company
related to the financing under the Agreement since the           most recent date on
which copies thereof were furnished to the Agent; and

2

---

(c)       Other
Documents. Such other documents relating to the transactions           contemplated
by this Amendment No. 1 as the Agent shall reasonably request.

4.       Representations
and Warranties. The Company represents and warrants that:

(a)       Corporate
Power, Authority, Etc. The execution and delivery by the           Company of this
Amendment No. 1 and the performance by the Company under           the Credit
Agreement, as amended hereby, (i) are within its corporate power,           (ii) have
been duly authorized by all necessary corporate action on the part of           the
Company, (iii) do not violate any provision of the Articles of Incorporation           or
By-Laws of the Company, (iv) do not violate any provision of or           constitute
a default under any existing law, rule or regulation of any           governmental
authority or agency, any order or decision of any court binding           upon the
Company or the terms of any agreement, restriction or undertaking to           which the
Company is a party or by which it is bound or (v) require the approval           or
consent of the shareholders of the Company, any governmental body or           authority
or any other person or entity other than those which have been           obtained and are
in full force and effect; and

(b)       Representations
and Warranties in Loan Documents. The representation and           warranties
contained in the Loan Documents are true and correct in all material           respects
as of the date hereof and no Default or Event of Default exists as of           the date
hereof.

5.       Costs
and Expenses. The Company agrees to pay, on demand, all costs and           expenses
(including reasonable attorneys fees and disbursements) paid or           incurred
by the Agent in connection with the negotiation, execution and delivery           of this
Amendment No. 1.

6.       Governing
Law. This Amendment No. 1 shall be governed by the laws of the           State of
Wisconsin.

7.       Full
Force and Effect. The Credit Agreement, as amended by this Amendment           No. 1,
remains in full force and effect.

# [Signature Page
Follows]

3

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IN
WITNESS WHEREOF, the undersigned have executed this Amendment No. 1 as of the date first
written above.

| | LADISH CO., INC.                                         
| | ---------------------------------------------------------
| | BY:  /s/ Wayne E. Larsen                                 
| | Its:  Vice President                                     
| | U.S. BANK NATIONAL ASSOCIATION, as the Agent and a Lender
| | BY:  /s/ Matthew J. Schulz                               
| | Its:  Vice President                                     
| | JPMORGAN CHASE BANK, N.A., as a Lender                   
| | BY:  /s/ Glenn M. Margraff                               
| | Its:  Vice President                                     

# [Signature Page to
Amendment No. 1]