**Exhibit        10.3**

**KEYSTONE        CONSOLIDATED INDUSTRIES, INC.**

**MASTER        RETIREMENT TRUST I**

**(As        Amended and Restated Effective as of January 1, 2006)**

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**KEYSTONE          CONSOLIDATED INDUSTRIES, INC.**

**MASTER          RETIREMENT TRUST I**

**TABLE          OF CONTENTS**

|                                                                                                        | **PAGE** |
|-------------------------------------------------------------------------------------------------------------|----------|
| **SECTION                    1** **GENERAL**                                                      | **2**    |
| 1.1 Definitions                                                                                        | 2        |
| 1.2 Compliance                    With Law                                                             | 2        |
|                                                                                                        |     |
| **SECTION                    2** **ESTABLISHMENT                    OF MASTER TRUST**             | **3**    |
| 2.1 Appointment                    and Acceptance of Master Trustee                                    | 3        |
| 2.2 Master                    Trustee Responsibilities                                                 | 3        |
| 2.3 Contributions                                                                                      | 3        |
| 2.4 Exclusive                    Benefit                                                               | 3        |
| 2.5 Return                    of Contributions                                                         | 3        |
| 2.6 Distributions                                                                                      | 4        |
| 2.7 Commingling                                                                                        | 4        |
| 2.8 Ancillary                    Trusts                                                                | 5        |
|                                                                                                        |     |
| **SECTION                    3** **AUTHORITIES**                                                  | **6**    |
| 3.1 Authorized                    Parties                                                              | 6        |
| 3.2 Authorized                    Instructions                                                         | 6        |
|                                                                                                        |     |
| **SECTION                    4** **POWERS                    AND DUTIES**                              | **6**    |
| 4.1                     General                    Powers and Duties of Master Trustee                 | 6        |
| 4.2                     Power                    of Attorney                                           | 8        |
| 4.3 Contractual                    Income and Settlement                                               | 8        |
|                                                                                                        |     |
| **SECTION                    5** **INVESTMENT                    OF THE FUND**                    | **9**    |
| 5.1 Appointment                    of Investment Managers                                              | 9        |
| 5.2 Directed                    Powers of Master Trustee                                               | 9        |
| 5.3 Standard                    of Care                                                                | 12       |
| 5.4 Force                    Majeure                                                                   | 12       |
| 5.5 Accounting                                                                                         | 12       |
|                                                                                                        |     |
| **SECTION                    6** **REPORTING                    AND RECORDKEEPING**               | **13**   |
| 6.1 Review                    of Reports                                                               | 13       |
| 6.2 Non-Fund                    Assets                                                                 | 13       |
|                                                                                                        |     |
| **SECTION                    7** **COMPENSATION,                    EXPENSES, TAXES, INDEMNIFICATION** | **13**   |
| 7.1 Compensation                    and Expenses                                                       | 13       |
| 7.2 Tax                    Obligations                                                                 | 14       |
| 7.3 Indemnification                                                                                    | 14       |
| 7.4 Damages                                                                                            | 15       |
| 7.5 Compensation                    and Expenses                                                       | 15       |

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|                                                                                                      |   |
|-----------------------------------------------------------------------------------------------------------|--------|
| **SECTION                    8** **AMENDMENT,                    TERMINATION, RESIGNATION, REMOVAL** | **15** |
| 8.1 Amendment                                                                                        | 15     |
| 8.2 Removal                    or Resignation of Master Trustee                                      | 15     |
| 8.3 Plan                    Termination                                                              | 15     |
| 8.4 Property                    Not Transferred                                                      | 16     |
|                                                                                                      |   |
| **SECTION                    9** **PARTICIPATION                    AND SEGREGATION**                | **16** |
| 9.1 Adoption                    of Master Trust by Subsidiaries and Affiliates                       | 16     |
| 9.2 Segregation                    from Further Participation                                        | 16     |
| 9.3 Loss                    of Qualification                                                         | 17     |
|                                                                                                      |   |
| **SECTION                    10** **ADDITIONAL                    PROVISIONS**                  | **17** |
| 10.1 Assignment                    or Alienation                                                     | 17     |
| 10.2 Successors                    and Assigns                                                       | 17     |
| 10.3 Governing                    Law                                                                | 17     |
| 10.4 Necessary                    Parties                                                            | 17     |
| 10.5 No                    Third Party Beneficiaries                                                 | 18     |
| 10.6 Representations                                                                                 | 18     |
| 10.7 Execution                    in Counterparts                                                    | 18     |
| 10.8 Action                    by the Company                                                        | 18     |
| 10.9 Provisions                    to Comply With Revenue Ruling 81-100                              | 18     |

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**KEYSTONE        CONSOLIDATED INDUSTRIES, INC.**

**MASTER        RETIREMENT TRUST I**

**THIS        MASTER TRUST AGREEMENT**
**U.S.        BANK NATIONAL ASSOCIATION**

**WITNESSETH:**

**WHEREAS**

**WHEREAS**

**WHEREAS**

**WHEREAS**

**NOW,        THEREFORE**

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**SECTION        1- GENERAL**

**1.1**
**Definitions**
**.**

**Agreement**

**Authorized        Instructions**

**Authorized        Party**

**Code**

**ERISA**

**Fund**

**Investment        Manager**

**Real        Estate**

**Tax        Obligations**

**1.2**
**Compliance        With Law**

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**SECTION        2 - ESTABLISHMENT OF MASTER TRUST**

**2.1**
**Appointment        and Acceptance of Master Trustee**
**.**
**U.S.        BANK NATIONAL ASSOCIATION**
**.**

**2.2**
**Master        Trustee Responsibilities**
**.        **

**2.3**
**Contributions**
**.**

**2.4**
**Exclusive        Benefit**
**.**

**2.5**
**Return        of Contributions**
**.        **

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**2.6**
**Distributions**
**.**

**2.7**
**Commingling**

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**2.8**
**Ancillary        Trusts**
**.**

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**SECTION        3 - AUTHORITIES**

**3.1**
**Authorized        Parties**
**.**

**3.2**
**Authorized        Instructions**
**.**

**SECTION 4        - POWERS AND DUTIES**

**4.1**
**General        Powers and Duties of Master Trustee**
**.        **

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**4.2**
**Power        of Attorney**

**4.3**
**Contractual        Income and Settlement**

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**SECTION        5 - INVESTMENT OF THE FUND**

**5.1**
**Appointment        of Investment Managers**
**.        **

**5.2**
**Directed        Powers of Master Trustee**
**.        **

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**5.3**
**Standard        of Care**
**.**

**5.4**
**Force        Majeure**

**5.5**
**Accounting**
**.        **

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**SECTION        6 - REPORTING AND RECORDKEEPING**

**6.1**
**Review        of Reports**
**.**

**6.2**
**Non-Fund        Assets**
**.        **

**SECTION        7 - COMPENSATION, EXPENSES, TAXES, INDEMNIFICATION**

**7.1**
**Compensation and Expenses**
**.**

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**7.2**
**Tax        Obligations**
**.        **

** **

**7.3**
**Indemnification**
**.**

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**7.4**
**Damages**

**7.5**
**Compensations        and Expenses**

**SECTION        8 - AMENDMENT, TERMINATION, RESIGNATION, REMOVAL**

**8.1**
**Amendment**
**.**

**8.2**
**Removal        or Resignation of Master Trustee**
**.**

**8.3**
**Plan        Termination**
**.**

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**8.4**
**Property        Not Transferred**
**.**

**SECTION        9 - PARTICIPATION AND SEGREGATION**

**9.1**
**Adoption        of Master Trust by Subsidiaries and Affiliates**
**.**

**9.2**
**Segregation        from Further Participation**

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**9.3**
**Loss        of Qualification.**

**SECTION        10 - ADDITIONAL PROVISIONS**

**10.1**
**Assignment        or Alienation**
**.**

**10.2**
**Successors        and Assigns**
**.**

**10.3**
**Governing        Law**
**.**

**10.4**
**Necessary        Parties**
**.**
** **

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**10.5**
**No        Third Party Beneficiaries**
**.**

**10.6**
**Representations**

**10.7**
**Execution        in Counterparts**
**.**

**10.8**
**Action        by the Company**
**.**

**10.9**
**Provisions        to Comply With Revenue Ruling 81-100**
**.**

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**IN        WITNESS WHEREOF**

| **Authorized                  Officer of:**                                                                                                                                                                                                                                                                                                                                            | **Authorized                  Officer of:**                                                                                                                                                                                                                                                                                             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **KEYSTONE                  CONSOLIDATED INDUSTRIES, INC.**                                                                                                                                                                                                                                                                                                                            | **U.S.                  BANK NATIONAL ASSOCIATION**                                                                                                                                                                                                                                                                                     |
| By:                  /s/ David L.                  Cheek                                                      | By:                  /s/                  Ann                  Roemer                                                           |
| Name: David                  L. Cheek                                                                                                                                                                                                                                                                                                                                             | Name: Ann                  Roemer                                                                                                                                                                                                                                                                                                  |
| Title: President                  and Chief Executive Officer                                                                                                                                                                                                                                                                                                                     | Title: Vice                  President                                                                                                                                                                                                                                                                                             |
| Date: September                  14, 2006                                                                                                                                                                                                                                                                                                                                         | Date: 10/18/06                                                                                                                                                                                                                                                                                                                     |

**Fiscal        Year of Master Trust**

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