EXHIBIT
14.1


Keystone
Consolidated Industries, Inc.


CODE
OF BUSINESS CONDUCT AND ETHICS


Amended
August 14, 2007








I.           OVERVIEW





This Code
of Business Conduct and Ethics (“Code”) sets forth the guiding
principles by which we operate our company and conduct our daily business with
our stockholders, customers, suppliers and with each other.  These
principles apply to all of the directors, officers and employees of Keystone
Consolidated Industries, Inc. and each of its subsidiaries (referred to herein
as the “Company” or
“Keystone”).  Unless
the context indicates otherwise, the term “employee” as used in this
Code includes Keystone’s officers and directors.





All
employees are required to adhere to the principles and guidelines contained in
this Code in all material respects.  Failure to uphold the standards
of this Code may result in disciplinary action, up to and including termination
of employment, and if warranted, legal proceedings.  If you have
questions about the applicability of this Code, please consult your supervisor
or manager or the officer in charge of your department.  If you have
knowledge of or suspect a situation that you believe may violate or lead to a
violation of this Code, please follow the reporting guidelines described in
Section III of this
Code.





From time
to time Keystone engages in transactions with affiliated
companies.  In addition, certain executive officers and directors of
Keystone serve as executive officers and directors of affiliated
companies.  With respect to transactions between or involving Keystone
and one or more of its affiliates, it shall not be a violation of this Code if
the transaction, in the opinion of Keystone, is no less favorable to Keystone
than could be obtained from unrelated parties, or the transaction, in the
absence of stockholder ratification or approval by disinterested directors, is
fair to all companies involved.





II.           PRINCIPLES





Conflicts
of Interest.





All
employees of the Company should be careful to avoid any action or interest that
conflicts with or gives the appearance of a conflict with Keystone’s
interests.  A “conflict of interest” may
exist whenever an individual’s private interests interfere or conflict (or even
appear to interfere or conflict) with the interests of Keystone.  A
conflict of interest may arise when an employee takes actions or has interests
that may make it difficult to perform his or her work for Keystone objectively
or effectively.  Conflicts of interest also may arise when an employee
or a member of his or her family receives in an improper manner personal
benefits as a result of his or her position with the Company, whether from a
third party or from Keystone.





Conflicts
of interest are prohibited as a matter of Keystone policy.  If you
have a question about a potential conflict, consult your supervisor or manager
or the officer in charge of your department.  If you become aware of a
conflict of interest, you must bring it to the attention of your supervisor or
manager, the officer in charge of your department or the General
Counsel.





Corporate
Opportunities.





Employees
owe a duty to the Company to advance Keystone’s legitimate interests when the
opportunity to do so arises.  Employees are prohibited from (a) taking
for themselves personally opportunities that properly belong to Keystone or are
discovered through the use of corporate property, information or position; (b)
using corporate property, information or position for improper personal gain;
and (c) competing with the interests of Keystone.





Confidentiality.





Employees
must maintain the confidentiality of confidential information entrusted or made
accessible to them by the Company or its customers, except when disclosure is
authorized by an officer of the Company or required by laws and
regulations.  Confidential information includes all non-public
information that might be of use to competitors, or harmful to the Company or
its customers, if disclosed.  It also includes information that
customers and suppliers have entrusted to us in confidence.  This
obligation not to disclose confidential information continues even after
employment ends.










keystone consolidated industries, inc. - 10k 2007 logo
              Keystone
      consolidated industries, Inc.
                Code
      of Business Conduct and Ethics
                Adopted  august
      14, 2007






Protection
and Proper Use of Company Assets.





All
employees must protect the Company’s assets and ensure their efficient
use.  Theft, carelessness and waste have a direct impact on the
Company’s profitability.  All Company assets may be used only for
legitimate business purposes.





Competition
and Fair Dealing.





The
Company seeks to outperform its competition in a fair and honest
manner.  The Company seeks competitive advantages through superior
performance, never through unethical or illegal business
practices.  Stealing proprietary information, possessing trade secret
information that was obtained without the owner’s consent or inducing such
disclosures by past or present employees of other companies is
prohibited.  Each employee should endeavor to respect the rights of
and deal fairly with the Company’s customers, suppliers, competitors and
employees.  No employee should take unfair advantage of anyone through
manipulation, concealment, abuse of privileged information, misrepresentation of
material facts or any other intentional unfair-dealing practice.





Compliance
with Laws, Rules and Regulations.





All
employees are expected to understand, respect and comply with all of the laws,
rules and regulations, including insider trading laws, that apply to them in
their position with Keystone.  Although not all employees are expected
to know the details of each of these laws, it is important that all employees
know enough about the laws applicable to their position with the Company in
order to know when to seek advice from supervisors, managers or other
appropriate personnel.





Public
Company Reporting.





As a
public company, the Company’s filings with the Securities and Exchange
Commission must be full, fair, accurate, timely and
understandable.  Depending on your position with the Company, you may
be called upon to provide necessary information to assure that the Company’s
public reports satisfy these requirements.  The Company expects
employees to take this responsibility very seriously and to provide prompt,
accurate and complete answers to inquiries related to these public disclosure
requirements.





Financial
Statements and Other Records.





All of
the Company’s books, records, accounts and financial statements must be
maintained in reasonable detail, must appropriately reflect the Company’s
transactions and must conform both to applicable legal requirements and to the
Company’s system of internal controls.





Records
should always be retained or destroyed according to the Company’s record
retention policies.  In accordance with those policies, in the event
of pending or anticipated litigation or governmental investigation, please
consult the General Counsel.





III.           REPORTING
VIOLATIONS OF THIS CODE





Illegal
or Unethical Behavior.





Employees
who suspect or know of a situation that may violate or lead to a violation of
this Code have an obligation to report such information to the
Company.  Employees may report such information on a confidential,
anonymous basis using the Company’s compliance reporting line by calling
800.461.9330 in the US, 720.514.4400 outside the US, or going to
www.mysafeworkplace.com/rptOrgSearch.msw.  In the alternative,
employees may report such information to their supervisor or manager or the
officer in charge of their department.  If the individual to whom such
information is reported is not responsive, or if there is a reasonable basis to
believe that reporting to such individual is inappropriate in a particular case,
then the employee should contact the Company’s General Counsel.  All
such communications will be kept confidential to the extent feasible, subject to
applicable law.











keystone consolidated industries, inc. - 10k 2007 logo
              Keystone
      consolidated industries, Inc.
                Code
      of Business Conduct and Ethics
                Adopted  august
      14, 2007




Accounting
Concerns or Complaints.





The
Company’s policy is to comply with all applicable financial reporting and
accounting regulations.  Employees of the Company who have unresolved
concerns or complaints regarding questionable accounting or auditing matters of
the Company, are encouraged to report those concerns or complaints to the
Company.  Employees may report such concerns or complaints on a
confidential, anonymous basis using the Company’s compliance reporting line by
calling 800.461.9330 in the US, 720.514.4400 outside the US, or going to
www.mysafeworkplace.com/rptOrgSearch.msw.  In the alternative,
employees may report such information to their supervisor or manager or the
officer in charge of their department.  If the individual to whom such
information is reported is not responsive, or if there is a reasonable basis to
believe that reporting to such individual is inappropriate in a particular case,
then the employee should report his or her concerns to the Company’s Chief
Financial Officer with a copy to the General Counsel.  All such
communications will be kept confidential to the extent feasible, subject to
applicable law.





Non-Retaliation.





The
Company prohibits retaliation of any kind against individuals who have made good
faith reports or complaints of violations or suspected violations of this
Code.  No action will be taken or threatened against employees who
submit such report or complaint unless (1) the reports or complaints were made
with the knowledge that they were false or with willful disregard for their
truth or accuracy, or (2) the employee was involved in the improper
activity.





IV.           AMENDMENT,
MODIFICATION AND WAIVER





This Code
may be amended or modified only by the Board of Directors of
Keystone.  Any waiver of this Code may be granted only by the Audit
Committee of the Board of Directors of Keystone or other committee of the Board
of Directors with specific delegated authority.  Waivers will be
disclosed as required by the Securities Exchange Act of 1934, and the rules
thereunder, and the applicable rules of any stock exchange or national
securities association on which the corporation’s securities trade.











ADOPTED
BY THE BOARD OF DIRECTORS OF


KEYSTONE
CONSOLIDATED INDUSTRIES, INC. ON AUGUST 14, 2007.














/s/ Sandra K.
Myers


Sandra
K. Myers, Secretary