TENTH AMENDMENT TO
                              AMENDED AND RESTATED
                            EWP BRIDGE LOAN AGREEMENT

     This  TENTH   AMENDMENT  TO  AMENDED  AND  RESTATED  LOAN  AGREEMENT  (this
"Amendment")  is made and entered into as of January 15, 2004  between  KEYSTONE
CONSOLIDATED  INDUSTRIES,  INC., a Delaware  corporation  ("Keystone"),  and the
lenders listed in Annex I hereto (individually a "Lender" and collectively,  the
"Lenders").

                                    Recitals

     A.  Keystone and the Lenders  have  entered  into that certain  Amended and
Restated EWP Bridge Loan  Agreement  dated as of November 1, 2001, as amended by
various  amendments,  the last of which is the Ninth  Amendment  to Amended  and
Restated  EWP Bridge  Loan  Agreement  dated as of  December  15,  2003  between
Keystone and the Lenders (collectively, the "Loan Agreement").

     B.  Keystone and the Lenders  wish to amend the Loan  Agreement as provided
herein.

     C. Capitalized  terms used but not otherwise  defined herein shall have the
same meanings given to such terms in the Loan Agreement.

                                    Agreement

     In  consideration  of the foregoing and the mutual covenants and agreements
herein, the parties hereto do hereby agree as follows.

     Section 1. Amendment to Loan  Agreement.  Section 3.3 of the Loan Agreement
shall be amended by deleting  such section in its entirety and replacing it with
the following:

                  3.3. Maturity Date. Unless the same shall become due earlier
         as a result of acceleration of the maturity, the Loans shall mature on
         February 29, 2004 (the "Maturity Date"), at which time the outstanding
         principal balance of the Loans and all accrued and unpaid interest and
         commitment fees shall become due and payable.

     Section 2. Effect on Loan Agreement and Notes.  Upon the  effectiveness  of
this Amendment,  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 Loan Agreement as modified by this Amendment, and in
the event of a conflict between any term or condition of such Notes and the Loan
Agreement  as so modified,  the Loan  Agreement  as so modified  shall  control,
notwithstanding  any  provision  of such  Notes  or the  Loan  Agreement  to the
contrary.  Except as modified by this  Amendment,  the Loan  Agreement  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.  Lender
hereby reserves all of its rights under the Loan Agreement,  and Keystone hereby
acknowledges and agrees that neither this Amendment or any previous amendment to
the Loan Agreement nor the failure of Lender to exercise any of its rights under
the Loan Agreement,  including,  without limitation, those arising under Section
3.7 thereof,  shall constitute (or be deemed to constitute) a waiver of Lender's
rights thereunder,  including,  without  limitation,  the conditions to Lender's
obligations to extend credit to Keystone thereunder.

     Section 3. Governing Law. This Amendment shall be governed by and construed
in accordance  with the laws of the state of Texas without  giving effect to any
choice or conflict of law  provision  or rule  (whether of the state of Texas or
any other  jurisdiction)  that would  cause the  application  of the laws of any
jurisdiction other than the state of Texas.

     Section 4. Headings.  The section headings  contained in this Amendment are
for  reference  purposes  only and will not  affect  in any way the  meaning  or
interpretation of this Amendment.

     Section  5.  Counterparts;  Facsimile.  This  Amendment  may be  separately
executed  in  counterparts  and by the  different  parties  hereto  in  separate
counterparts,  each of which when so executed  shall be deemed to constitute one
and the same Amendment. This Amendment when executed may be validly delivered by
facsimile or other electronic transmission.

I         Section 6. Severability. Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction, shall as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

     The  parties  hereto  have  caused  this  Amendment  to be  executed by the
undersigned thereunto duly authorized as of the date first written above.

                KEYSTONE:

                KEYSTONE CONSOLIDATED INDUSTRIES, INC.




                By:
                     ----------------------------------------------------
                     Bert  E.  Downing,   Jr.,  Vice   President,   Chief
                     Financial   Officer,    Corporate   Controller   and
                     Treasurer




                THE LENDERS:

                EWP FINANCIAL LLC




                By:
                     ----------------------------------------------------
                     Bobby D. O'Brien,  Vice  President,  Chief Financial
                     Officer and Treasurer



<PAGE>







                                     ANNEX I



<TABLE>
<CAPTION>
                                                                                                  % of Total
       Name of Lender                 Address of Lender               Commitment                   Commitment

<S>                             <C>                                    <C>                            <C>
EWP Financial LLC               Three Lincoln Centre                   $6,000,000                     100%
                                5430 LBJ Freeway
                                Suite 1700
                                Dallas, Texas   75240


Total Commitment Amount:................................               $6,000,000
</TABLE>