SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  FORM 10-K/A-1

 X    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
---
            ACT OF 1934 - For the fiscal year ended December 31, 2001

                         Commission file number 1-3919

                     Keystone Consolidated Industries, Inc.
             (Exact name of registrant as specified in its charter)

             Delaware                                       37-0364250
---------------------------------                    ---------------------------
(State or other jurisdiction of                           (IRS Employer
incorporation or organization)                           identification No.)

5430 LBJ Freeway, Suite 1740
Three Lincoln Centre, Dallas, TX                           75240-2697
----------------------------------------      ---------------------------------
(Address of principal executive offices)                  (Zip Code)

Registrant's telephone number, including area code:           (972) 458-0028
                                                     ---------------------------

           Securities registered pursuant to Section 12(b) of the Act:

                                                     Name of each exchange
            Title of each class                       on which registered

         Common Stock, $1 par value                          None

           Securities registered pursuant to Section 12(g) of the Act:

                                      None.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days.
Yes   X       No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

As of April 8, 2002,  10,068,450  shares of common stock were  outstanding.  The
aggregate  market  value  of the  5,077,977  shares  of  voting  stock  held  by
nonaffiliates  of the  Registrant,  as of  such  date,  was  approximately  $5.8
million.

                       Documents incorporated by reference

The  information  required by Part III is  incorporated  by  reference  from the
Registrant's  definitive  proxy  statement to be filed with the  Securities  and
Exchange Commission pursuant to Regulation 14A not later than 120 days after the
end of the fiscal year covered by this report.


<PAGE>




The  undersigned   Registrant  hereby  amends  the  following  items,  financial
statements, exhibits or other portions of its Annual Report on Form 10-K for the
year  ended  December  31,  2001 as set forth  below  and in the pages  attached
hereto:

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

Exhibit No.

99.1 --   Annual Report of the Keystone Consolidated  Industries,  Inc. Deferred
          Incentive Plan (Form 11-K) for the year ended December 31, 2001 (filed
          as an amendment to the Registrant's Annual Report on Form 10-K for the
          year ended December 31, 2001).




<PAGE>


                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  amendment  to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                      KEYSTONE CONSOLIDATED INDUSTRIES, INC.
                                      --------------------------------------
                                                   (Registrant)


Date: June 26, 2002                   By: /s/ Bert E. Downing, Jr.
                                          ---------------------------
                                          Bert E. Downing, Jr.
                                          Vice President, Treasurer and
                                          Corporate Controller
                                          (Principal Financial and Accounting
                                          Officer)


<PAGE>



                                                                   EXHIBIT 99.1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                   For the fiscal year ended December 31, 2001

                          Commission file number 1-3919


A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:

         Keystone Consolidated Industries, Inc. Deferred Incentive Plan

B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:

                     Keystone Consolidated Industries, Inc.
                          5430 LBJ Freeway, Suite 1740
                               Dallas, Texas 75240


<PAGE>

         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

                                    FORM 11-K

                                      Index




                                                                        Page

Signature Page.... .......................................................2

Financial Statements

  Report of Independent Accountants.......................................3

  Financial Statements
    Statements of Net Assets Available for Benefits -
      December 31, 2000 and 2001..........................................4

    Statement of Changes in Net Assets Available for Benefits -
      Year ended December 31, 2001........................................5

    Notes to Financial Statements........................................6-8

Supplemental Schedule

  Schedule H, Line 4i -  Schedule of Assets Held for Investment
    Purposes - December 31, 2001..........................................9

  Exhibit I - Consent of Independent Accountants..........................10



<PAGE>

                                    SIGNATURE


Pursuant to the  requirements  of the Securities Act of 1934, the  Administrator
has duly  caused this Annual  Report to be signed by the  undersigned  thereunto
duly authorized.

                                     KEYSTONE CONSOLIDATED INDUSTRIES, INC.
                                           DEFERRED INCENTIVE PLAN

                                By:      ADMINISTRATIVE COMMITTEE OF THE
                                         KEYSTONE CONSOLIDATED INDUSTRIES, INC.
                                            DEFERRED INCENTIVE PLAN


                                By:  /s/ Bert E. Downing, Jr.
                                     -----------------------------------
                                     Bert E. Downing, Jr.
                                     Committee Member


June 26, 2002









<PAGE>









Report of Independent Accountants

To the Participants and Administrator of
Keystone Consolidated Industries, Inc. Deferred Incentive Plan


In our opinion, the accompanying statements of net assets available for benefits
and the  related  statement  of  changes in net assets  available  for  benefits
present fairly, in all material respects,  the net assets available for benefits
of Keystone Consolidated  Industries,  Inc. Deferred Incentive Plan (the "Plan")
at December  31,  2000 and 2001,  and the  changes in net assets  available  for
benefits for the year ended  December  31, 2001 in  conformity  with  accounting
principles  generally accepted in the United States of America.  These financial
statements are the responsibility of the Plan's  management;  our responsibility
is to express an opinion on these financial  statements based on our audits.  We
conducted our audits of these  statements in accordance with auditing  standards
generally  accepted in the United States of America,  which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements,  assessing the accounting  principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion  expressed
above.

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental  schedule of Schedule of
Assets Held For  Investment  Purposes is presented for the purpose of additional
analysis and is not a required  part of the basic  financial  statements  but is
supplementary  information  required  by the  Department  of  Labor's  Rules and
Regulations for Reporting and Disclosure  under the Employee  Retirement  Income
Security Act of 1974. This  supplemental  schedule is the  responsibility of the
Plan's management.  The supplemental schedule has been subjected to the auditing
procedures  applied in the audit of the basic  financial  statements and, in our
opinion,  is fairly  stated in all  material  respects  in relation to the basic
financial statements taken as a whole.





                                                   PricewaterhouseCoopers LLP



Dallas, Texas
June 26, 2002




<PAGE>


         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

                 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

                           December 31, 2000 and 2001



<TABLE>
<CAPTION>
                                                      2000                2001
                                                      ----                ----

Net assets available for benefits:

<S>                                                 <C>              <C>
Investments ..................................      $39,402,355      $26,520,639
Employer contribution receivable .............          362,209           23,600
Participant contributions receivable .........           85,236           38,349
                                                    -----------      -----------

                                                    $39,849,800      $26,582,588
                                                    ===========      ===========
</TABLE>




<PAGE>


         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

            STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

                          Year ended December 31, 2001



<TABLE>
<CAPTION>
Additions:
<S>                                                                  <C>
  Investment income - Interest and dividends .................       $ 1,057,069
                                                                     -----------

  Contributions:
    Employer .................................................            23,600
    Participants .............................................         1,261,225
                                                                     -----------
                                                                       1,284,825

      Total additions ........................................         2,341,894
                                                                     -----------

Deductions:
  Investment loss - Net depreciation in fair
   value of investments ......................................         7,427,954
  Benefits to participants ...................................         8,180,180
  Administrative expenses ....................................               972
                                                                     -----------

      Total deductions .......................................        15,609,106
                                                                     -----------

Net decrease in net assets available for benefits ............        13,267,212

Net assets available for benefits:
  December 31, 2000 ..........................................        39,849,800
                                                                     -----------

  December 31, 2001 ..........................................       $26,582,588
                                                                     ===========
</TABLE>







<PAGE>

         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

                          NOTES TO FINANCIAL STATEMENTS



Note 1 - Description of Plan and significant accounting policies

     General. The following description of the Keystone Consolidated Industries,
Inc.  Deferred  Incentive Plan (the "Plan")  provides only general  information.
Participants should refer to the Plan agreement for a more complete  description
of the Plan's provisions.

     The Plan is a defined  contribution  plan in which  eligible  employees  of
Keystone  Consolidated   Industries,   Inc.  and  certain  of  its  subsidiaries
("Keystone" or the  "Employer")  who have at least one year of eligible  service
and are at least 21 years old may elect to participate.  The Plan is a qualified
cash or deferred  profit-sharing  plan under  Sections  401(a) and 401(k) of the
Internal  Revenue Code of 1986, as amended (the  "Code"),  and is subject to the
provisions of the Employee  Retirement  Income  Security Act of 1974, as amended
("ERISA").

     Contran Corporation ("Contran") and other entities related to Mr. Harold C.
Simmons  beneficially own  approximately  50% of Keystone.  Substantially all of
Contran's outstanding voting stock is held by trusts established for the benefit
of certain children and  grandchildren  of Mr. Simmons,  of which Mr. Simmons is
sole  trustee.  Keystone  may be  deemed to be  controlled  by  Contran  and Mr.
Simmons.

     Contributions.  The Plan permits  participants  to defer 3% to 15% of their
pre-tax annual  compensation as contributions,  not to exceed an annual deferral
of $10,500 (subject to adjustment in future years),  through payroll deductions.
At its discretion, the Employer may contribute cash or shares of Keystone common
stock to the Plan based on a matching  or other  formula.  The  Employer's  cash
contributions  are  allocated  to  participants'  accounts  on a  percentage  or
matching basis  relative to the  participants'  contributions  for the year. The
Employer's   contributions  of  Keystone  common  stock  are  allocated  to  the
respective  participants'  accounts in the Keystone  Restricted  Stock Fund. The
Employer's  contribution  is  reduced,  as provided  by the Plan,  by  nonvested
amounts  forfeited by  participants  who withdraw from the Plan. At December 31,
2000 and 2001, unallocated forfeited nonvested accounts were $20,990 and $24,872
respectively.  The  Employer  may use  forfeited  nonvested  accounts  to reduce
Employer  contributions in the fifth year following the plan year of forfeiture.
There was no allocation of forfeited nonvested accounts to participant  accounts
during the year ended December 31, 2001.

     Vesting and benefits.  Salary deferrals  (including  earnings  thereon) are
immediately  vested while Employer  contributions  (including  earnings thereon)
vest at the rate of 20% per year of service, as defined.

     Upon  termination  of  employment,   retirement,  death  or  disability,  a
participant  (or  beneficiary,  if applicable) may elect to receive either (i) a
lump sum amount equal to the vested value of the participant's  accounts or (ii)
installments  over a period of not more than 30 years.  With the  consent of the
Plan  administrators,  participants can borrow amounts from their vested account
balances, subject to certain limitations under the Plan.

     Participants'  accounts.  The Plan  currently  provides  participants  with
options to invest  account  balances in 11 different  publicly-traded  mutual or
pooled  funds  administered  by  Putnam  Investments,   as  well  as  two  other
publicly-traded  mutual  funds  administered  by  companies  other  than  Putnam
Investments.  Participants can direct the Plan  administrator to invest,  in 10%
increments,  such account balances in any of the Plan's investment fund options.
Employer  contributions  of shares of Keystone  common  stock are  allocated  to
participant  accounts through the "Keystone Restricted Stock Fund." Participants
are not  permitted to redirect  Keystone  Restricted  Stock to other  investment
options.

     During 1988, in  connection  with a rights  offering of  Keystone's  common
stock,  certain  participants  were  permitted  to direct part of their  account
balance  into  an  investment  in   Keystone's   common  stock  (the   "Keystone
Unrestricted Stock Fund").

     In  addition  to the  Plan's  investment  fund  options,  a "Loan  Fund" is
maintained to account for loans to participants, as permitted by the Plan. These
loans, with interest rates ranging from 5.75% to 10.50%, mature through 2031.

     Plan termination.  The Employer has the right under the Plan to discontinue
its  contributions at any time and to terminate the Plan, in compliance with the
provisions of ERISA.  In the event the Plan is  terminated,  the accounts of all
participants would become fully vested.

     Basis of accounting.  The financial  statements of the Plan are prepared in
accordance with accounting principles generally accepted in the United States of
America. Valuation of investments is more fully described in Note 2.

     Expenses of administering the Plan. To the extent not paid by the Employer,
administrative  expenses are paid by the Plan.  The Employer  paid a significant
portion of 2001 administrative expenses.

     Management estimates. The preparation of the Plan's financial statements in
conformity with accounting principles generally accepted in the United States of
America  requires  the plan  administrator  to make  significant  estimates  and
assumptions  that  affect  the  reported  amounts of net  assets  available  for
benefits at the date of the financial  statements  and the changes in net assets
available for benefits during the reporting period and disclosures of contingent
assets and liabilities at the date of the financial  statements.  Actual results
could differ from those estimates.

     Risks and  uncertainties.  The Plan provides for various investment options
in a variety of stocks, bonds, fixed income securities,  mutual funds, and other
investment securities.  Investment securities are exposed to various risks, such
as interest rate,  market, and credit risks. Due to the level of risk associated
with certain  investment  securities,  it is at least  reasonably  possible that
changes in the values of investment  securities  will occur in the near term and
that such changes could materially affect participants' account balances and the
amounts reported in the Plan's statement of net assets available for benefits.

     Tax status. Effective January 1, 2001, the Plan was amended and restated to
comply with new  Internal  Revenue  Service  ("IRS")  regulations.  The Plan has
requested a determination letter from the IRS. The Employer believes the Plan is
a qualified  plan under Section  401(a) and Section  401(k) of the Code,  and is
therefore exempt from federal income taxes under provisions of Section 501(a) of
the Code.



<PAGE>


Note 2 - Investments

     General.  The  assets  of the  Plan are  held  and the  related  investment
transactions  are  executed by Putnam  Fiduciary  Trust  Company as trustee (the
"Trustee")  of the  Keystone  Master  Deferred  Incentive  Trust (the  "Keystone
Trust"). The Keystone Trust currently invests in eleven  publicly-traded  mutual
or  pooled  funds  administered  by  Putnam  Investments  as well  as two  other
publicly-traded  mutual  funds  administered  by  companies  other  than  Putman
Investments (see Note 1). The Plan's  investments are stated at fair value based
on quoted  market prices and net  appreciation  for the year is reflected in the
Plan's statement of changes in net assets available for plan benefits.

     Investments that individually represent 5% or more of the Plan's net assets
at year end are as follows:

<TABLE>
<CAPTION>
                                                           December 31,
                                                      2000               2001
                                                      ----               ----

Putnam Funds:
<S>                                               <C>                 <C>
Voyager .................................         $13,136,753         $7,976,060
Stable Value ............................         $ 6,586,692         $5,845,961
Vista ...................................         $11,039,816         $5,641,942
PIMCO Total Return ......................         $      --           $2,149,065
Diversified Income Trust ................         $ 2,394,523         $     --
</TABLE>


Note 3 -  Non-participant-directed investments

     Information  about the net assets,  and the  significant  components of the
changes in such net assets, relating to non-participant-directed  investments is
as follows:

<TABLE>
<CAPTION>
                                                              December 31,
                                                         2000             2001
                                                         ----             ----

Net assets available for benefits
<S>                                                    <C>              <C>
- Keystone Restricted Stock ..................         $547,413         $214,984
                                                       ========         ========
</TABLE>

<TABLE>
<CAPTION>
                                                                     Year ended
                                                                  December 31, 2001

Changes in net assets available for benefits
- Keystone Restricted Stock

<S>                                                                   <C>
Net depreciation in fair value of investments ................        $(205,118)
Benefits to participants .....................................         (127,311)
                                                                      ---------

Net decrease in net assets available for
  benefits ...................................................        $(332,429)
                                                                      =========
</TABLE>



<PAGE>


         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

      Schedule H, Line 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES

                                December 31, 2001



<TABLE>
<CAPTION>
                                                                           Fair
                                                     Shares      Cost      value
                                                                    ($000s)

*Putnam Funds:
<S>                                                  <C>       <C>       <C>
  Voyager .....................................      448,850   $13,394   $ 7,976
  Stable Value ................................    5,845,961     5,846     5,846
  Vista .......................................      633,926    11,415     5,642
  George Putnam Fund of Boston ................       63,947     1,072     1,073
  Equity Income ...............................       50,987       760       750
  OTC and Emerging Growth .....................       76,269     1,371       584
  International Growth ........................       29,145       645       581
  S&P 500 Index ...............................       12,990       387       362
  Asset Allocation - Conservative Portfolio ...       40,468       412       352
  Asset Allocation - Balanced Portfolio .......       20,259       241       199
  Asset Allocation - Growth Portfolio .........        5,430        68        52
*PIMCO Total Return ...........................      205,456     2,191     2,149
*UAM ICM Small Company Portfolio ..............        2,971        76        77
*Keystone Restricted Stock ....................      330,745     2,866       215
*Keystone Unrestricted Stock Fund .............       28,303        70        18
*Loans to participants (5.75% - 10.50%;
   mature through 2031) .......................                   --         645
                                                               -------   -------

                                                               $40,814   $26,521
                                                               =======   =======
</TABLE>




*    Party in interest.






<PAGE>


















                                                                     Exhibit I


                       CONSENT OF INDEPENDENT ACCOUNTANTS


We  hereby  consent  to the  incorporation  by  reference  in  the  Registration
Statement on Form S-8 (File No. 333-71441) of Keystone Consolidated  Industries,
Inc. of our report dated June 26, 2002, relating to the financial  statements of
the Keystone  Consolidated  Industries,  Inc.  Deferred  Incentive  Plan,  which
appears in this Form 11-K.


PricewaterhouseCoopers LLP




June 26, 2002