FIRST SUPPLEMENTAL INDENTURE

                           Dated as of March 15, 2002

                                       to

                                    INDENTURE

                           Dated as of August 7, 1997

                                     between

                     Keystone Consolidated Industries, Inc.

                                   as Issuer,

                                       and

                              The Bank of New York,

                                   as Trustee


                       ----------------------------------

                      9 5/8% Senior Secured Notes due 2007
                       ----------------------------------



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                          FIRST SUPPLEMENTAL INDENTURE

     FIRST   SUPPLEMENTAL   INDENTURE,   dated  as  of  March  15,   2002  (this
"Supplemental  Indenture"),  between Keystone Consolidated  Industries,  Inc., a
Delaware  corporation  (the  "Company"),  and The Bank of New  York,  a New York
banking  corporation (the  "Trustee"),  to that certain  Indenture,  dated as of
August 7, 1997 (the "Indenture"), between the Company and the Trustee.

     WHEREAS,  the parties hereto have entered into the Indenture which provides
for the issuance by the Company of up to  $100,000,000  in  aggregate  principal
amount of 9 5/8% Senior Secured Notes due 2007 (the "Notes");

     WHEREAS,  the Company  wishes to amend or supplement  the Indenture and the
Notes as hereinafter provided;

     WHEREAS, all acts necessary to constitute this Supplemental  Indenture as a
valid, binding and legal obligation of the Company have been done and performed;
and

     WHEREAS, capitalized terms used herein and not otherwise defined shall have
the meanings given them in the Indenture.

     NOW, THEREFORE, this Supplemental Indenture witnesseth:

     In order to comply  with the  requirements  of the  Indenture,  the Company
covenants and agrees with the Trustee for the equal and  proportionate  benefit,
security  and  protection  of the  respective  holders  from time to time of the
Notes, as follows:

                                   ARTICLE I.
                              RELEASE OF COLLATERAL

     The Company and the Trustee, in its capacity as Trustee under the Indenture
and as  Collateral  Agent,  hereby  agree  to do or cause to be done any and all
things  necessary  or  appropriate  to cause  the  Collateral  to be  fully  and
completely  released from the Lien of the Indenture and the Security  Documents,
or, at the option of the Company,  to be transferred to a creditor designated by
the Company,  and the Company hereby  certifies that it has obtained the written
consent  thereto of greater than 66-2/3% in  aggregate  principal  amount of the
Notes outstanding as of the date of this Supplemental  Indenture, as required by
Section 9.2 of the Indenture.

                                   ARTICLE II.
                            MISCELLANEOUS AMENDMENTS

     Section 2.1. Deletions.

     (a) The  Indenture  shall be  amended by  deleting  in their  entirety  the
following  provisions  thereof:  Section 2.9; Sections 3.8 and 3.9; Sections 4.2
and 4.3; Sections 4.7 through 4.11 (inclusive); Sections 4.13 and 4.14; Sections
4.16 through 4.22  (inclusive);  Subsections  5.1(iv) through (vi)  (inclusive);
Subsections 6.1(e) and (g); Articles X and XI; and Section 12.15.

     (b) The  Indenture  shall be  amended by  deleting  in their  entirety  the
following   definitions   contained   therein:   "Acquired   Debt";   "Affiliate
Transaction";  "Appraiser";  "Asset Sale"; "Asset Sale Offer"; "Asset Sale Offer
Period";  "Asset Sale Release Notice";  "Attributable Debt"; "Available Amount";
"Capital  Expenditures";  "Cash  Equivalents";  "Change of Control";  "Change of
Control  Offer";  "Change of Control Offer  Period";  "Collateral";  "Collateral
Account";  "Collateral Agent"; "Collateral Proceeds";  "Consolidated Cash Flow";
"Consolidated Cash Flow Ratio";  "Consolidated Interest Expense";  "Consolidated
Net Income";  "Consolidated  Net Worth";  "disposition" or "sale" or "transfer";
"Existing   Indebtedness";   "Insurance   Letters  of  Credit";   "Intercreditor
Agreement";   "Investment";   "Liquidated  Damages";   "Mortgages";   "Mortgaged
Property"; "Net Award"; "Net Proceeds"; "Net Casualty Proceeds"; "Non-Collateral
Proceeds";   "Obligations";  "Offer  Amount";  "Permitted  Holders";  "Permitted
Indebtedness";    "Permitted   Investments";   "Permitted   Liens";   "Permitted
Refinancing  Debt";  "Permitted Secured Debt";  "Prior Liens";  "Purchase Date";
"Purchase  Money  Obligations";  "Purchase  Price";  "Real  Property";  "Related
Business  Investment";  "Released  Interests";  "Registration Rights Agreement";
"Released  Trust  Moneys";   "Restricted  Investment";   "Restricted  Payments";
"Sale/leaseback";  "Security Agreements";  "Security Documents"; "Senior Secured
Notes; "Survey"; "Taking"; "Trust Moneys"; "Valuation Date"; "Voting Stock"; and
"Weighted Average Life to Maturity".

     (c)  All  references  contained  in the  Indenture  to the  provisions  and
definitions deleted therefrom pursuant to the foregoing  subsections (a) and (b)
shall be deemed  deleted for all purposes of the Indenture;  provided,  however,
that all  references  contained in the  Indenture  to the term  "Senior  Secured
Notes" shall be deemed to refer to "Subordinated  Unsecured Notes," as set forth
in Section 2.4 of this Supplemental Indenture.

     Section 2.2.  Amendment of  "Affiliate"  Definition.  The definition of the
term  "Affiliate"  set forth in the Indenture  shall be amended by deleting such
definition in its entirety and replacing it with the following:

     "Affiliate"  of any  specified  Person means any other  Person  directly or
     indirectly  controlling or controlled by or under direct or indirect common
     control  with such  specified  Person.  For  purposes  of this  definition,
     "control" (including,  with correlative meanings,  the terms "controlling,"
     "controlled by" and "under common control  with"),  as used with respect to
     any Person, shall mean the possession, directly or indirectly, of the power
     to direct or cause the  direction  of the  management  or  policies of such
     Person, whether through the ownership of voting securities, by agreement or
     otherwise;  provided that beneficial ownership of 10% or more of the voting
     securities of a Person shall be presumed to be control,  which  presumption
     may be rebutted by evidence to the contrary.

     Section 2.3. Amendment of "Fair Market Value" Definition. The definition of
the term  "Fair  Market  Value" set forth in the  Indenture  shall be amended by
deleting such definition in its entirety and replacing it with the following:

     "Fair Market Value" means, with respect to any asset, the price which could
     be negotiated in an arm's-length free market transaction, for cash, between
     a  willing  seller  and a willing  buyer,  neither  of whom is under  undue
     pressure or compulsion to complete the transaction.

     Section 2.4.  Addition of "Subordinated  Unsecured Notes"  Definition.  The
following definition shall be added to the Indenture:

     "Subordinated  Unsecured  Notes"  means the  Company's 9 5/8%  Subordinated
     Unsecured Notes due 2007.

     Section 2.5.  Amendment to Section 3.7(a).  Section 3.7(a) of the Indenture
shall be amended by deleting  such section in its entirety and replacing it with
the following:

     "(a) On and after the date hereof,  the Notes will be subject to redemption
     at the option of the  Company,  in whole or in part,  upon not less than 30
     nor more than 60 days'  notice,  at the  Redemption  Price equal to 100% of
     principal amount, plus accrued and unpaid interest,  if any, thereon to the
     applicable Redemption Date."

                                  ARTICLE III.
                            MISCELLANEOUS PROVISIONS

     Section  3.1.  Unless  otherwise  defined  herein,  or unless  the  context
otherwise  requires,  the terms used herein shall have the  respective  meanings
assigned to them in the Indenture.

     Section 3.2. The Trustee accepts the trusts in this Supplemental  Indenture
declared and provided upon the terms and  conditions set forth in the Indenture.
The Trustee shall not be responsible in any manner  whatsoever for or in respect
of the  validity  or  sufficiency  of  this  Supplemental  Indenture  or the due
execution  hereof by the  Company or for,  or in respect  of, the  recitals  and
statements  contained  herein,  all of which  recitals and  statements  are made
solely by the Company.

     Section 3.3. Upon the  effectiveness of this  Supplemental  Indenture,  all
Notes  outstanding  immediately  prior to such  effectiveness  shall  be  deemed
amended as  necessary or  appropriate  to reflect the terms and  conditions  set
forth in the Indenture as modified by this  Supplemental  Indenture,  and in the
event  of a  conflict  between  any  term or  condition  of such  Notes  and the
Indenture  as  so  modified,   the  Indenture  as  so  modified  shall  control,
notwithstanding  any  provision of such Notes or the  Indenture to the contrary.
Except as modified by this Supplemental Indenture,  the Indenture and such Notes
are in all respects ratified and confirmed and all of the terms,  conditions and
provisions thereof shall remain in full force and effect.

     Section 3.4. The recitals contained herein shall be taken as the statements
of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no  representations  as to the validity or sufficiency of this
Supplemental Indenture.

     Section 3.5. This Supplemental  Indenture shall be effective as of the date
first set forth above upon the execution hereof by both parties hereto.

     Section  3.6.  The  parties  may  sign   multiple   counterparts   of  this
Supplemental   Indenture,   each  of  which  may  be   delivered   by  facsimile
transmission.  Each signed  counterpart shall be deemed an original,  but all of
them together represent the same agreement.

     Section  3.7.  The  laws  of  the  State  of New  York  shall  govern  this
Supplemental Indenture without regard to principles of conflicts of laws.

     Section  3.8.  If  any  provision  or  subprovision  of  this  Supplemental
Indenture  or the  application  thereof to any person or  circumstance  shall be
invalid,  illegal  or  unenforceable  to  any  extent,  the  remainder  of  this
Supplemental  Indenture  and the  application  thereof shall not be affected and
shall be enforceable to the fullest extent permitted by law.


                         [Signatures on following page.]



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     IN WITNESS  WHEREOF,  the parties  hereto  have  caused  this  Supplemental
Indenture to be duly executed, all as of the date first written above.

                                  KEYSTONE CONSOLIDATED INDUSTRIES, INC.


                                  By:
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                                  Name:
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                                  Title:
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                                  THE BANK OF NEW YORK, as Trustee


                                  By:
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                                  Name:
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                                  Title:
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