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, 1999

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                  New York Stock Exchange

           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 March 20, 2000,  10,060,186 shares of common stock were  outstanding.  The
aggregate  market  value  of the  5,069,713  shares  of  voting  stock  held  by
nonaffiliates  of the  Registrant,  as of such  date,  was  approximately  $24.4
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,  1999 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, 1999 (filed
         as an amendment to the Registrant's  Annual Report on Form 10-K for the
         year ended December 31, 1999).




<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 19, 2000                    By:    /s/ Harold M. Curdy
                                               Harold M. Curdy
                                               Vice President-Finance/Treasurer
                                               (Principal Financial Officer)


Date: June 19, 2000                       By:    /s/ Bert E. Downing, Jr.
                                               Bert E. Downing, Jr.
                                               Vice President and Corporate
                                                 Controller
                                               (Principal 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, 1999

                          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, 1998 and 1999...............................................4

    Statement of Changes in Net Assets Available for Benefits -
      Year ended December 31, 1999.............................................5

    Notes to Financial Statements............................................6-9

Supplemental Schedule

  Schedule G, Part 3 - Schedule of Nonexempt Transactions -
    Year ended December 31, 1999....................................... ......10

  Schedule H, Line 4i -  Schedule of Assets Held for Investment
    Purposes - December 31, 1999..............................................11

  Exhibit I - Consent of Independent Accountants..............................12



<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 19, 2000









<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,  1998 and  December  31,  1999,  and the changes in net assets
available for benefits for the year ended  December 31, 1999 in conformity  with
accounting  principles  generally accepted in the United States. 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 audit. We
conducted our audit of these  statements in accordance  with auditing  standards
generally accepted in the United States,  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 audit  provides a reasonable  basis for the opinion  expressed
above.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets Held
For Investment Purposes and Nonexempt Transactions are presented for the purpose
of  additional  analysis  and are not a  required  part of the  basic  financial
statements  but are  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.  These  supplemental  schedules are the
responsibility of the Plan's  management.  The supplemental  schedules have been
subjected to the auditing procedures applied in the audit of the basic financial
statements  and, in our opinion,  are fairly stated in all material  respects in
relation to the basic financial statements taken as a whole.




June 16, 2000




<PAGE>



         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

                 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

                           December 31, 1998 and 1999


<TABLE>
<CAPTION>

                                                       1998            1999
                                                       ----            ----

Net assets available for benefits:

<S>                                                  <C>           <C>
  Investments ....................................   $38,932,706   $48,484,370
  Employer contribution receivable ...............       747,305       803,390
  Participant contributions receivable ...........          --          43,038
                                                     -----------   -----------

                                                     $39,680,011   $49,330,798
                                                     ===========   ===========
</TABLE>



<PAGE>


         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

            STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

                          Year ended December 31, 1999

<TABLE>
<CAPTION>


Additions:
  Investment income:
<S>                                                            <C>
    Net appreciation in fair value of investments ..........   $ 8,498,100
    Interest and dividends .................................     4,108,063
                                                               -----------
                                                                12,606,163

  Contributions:
    Employer ...............................................       803,390
    Participants ...........................................     1,258,734
                                                               -----------
                                                                 2,062,124
                                                               -----------

  Other income .............................................           469
                                                               -----------

      Total additions ......................................    14,668,756
                                                               -----------

Deductions:
  Benefits to participants .................................     5,016,496
  Administrative expenses ..................................         1,473
                                                                ----------

      Total deductions .....................................     5,017,969
                                                                ----------

Net increase in net assets available for benefits ..........     9,650,787

Net assets available for benefits:
  December 31, 1998 ........................................    39,680,011
                                                               -----------

  December 31, 1999 ........................................   $49,330,798
                                                               ===========

</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  non-bargaining
employees  of  Keystone  Consolidated   Industries,   Inc.  ("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 own 50% of Keystone.  Substantially all of Contran's  outstanding voting
stock is held either by trusts  established for the benefit of certain  children
and  grandchildren of Mr. Simmons,  of which Mr. Simmons is sole trustee,  or by
Mr. Simmons directly. Keystone may be deemed to be controlled by Contran and Mr.
Simmons.

     Financial  statement  presentation.  On September  15,  1999,  the American
Institute of Certified  Public  Accountants  issued  Statement of Position 99-3,
Accounting for and Reporting of Certain Defined  Contribution  Plan  Investments
and Other Disclosure Matters ("SOP 99-3") which, among other things,  eliminated
previous requirements for defined contribution plans to present plan investments
by general  type for  participant-directed  investment  programs and to disclose
participant-directed  investment  programs.  SOP 99-3 is effective for financial
statements for plan years ending after December 15, 1999. Accordingly,  the Plan
has adopted SOP 99-3 and the  accompanying  financial  statements do not include
details of the Plan's participant-directed investment programs.

     Contributions.  The Plan permits  participants  to defer 3% to 15% of their
pre-tax  annual  compensation  as  contributions,  not to exceed a  deferral  of
$10,000, (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 or
stock  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,
1998 and 1999, unallocated forfeited nonvested accounts were $6,655 and $15,137,
respectively.  The  Employer  may use  forfeited  nonvested  accounts  to reduce
Employer  contributions in the fifth year following the plan year of forfeiture.
There were no  forfeitures  allocated to  participant  accounts  during the year
ended December 31, 1999.

     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 participants'  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  provides  participants  with options to
generally  invest account balances in certain  publicly-traded  mutual or pooled
funds  administered  by 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.

     In addition to the Putnam Funds, a "Loan Fund" is maintained to account for
loans to  participants,  as permitted by the Plan.  These loans,  with  interest
rates ranging from 7.0% to 10.37%, mature through 2021.

     During 1988, in connection  with  Keystone's  rights offering of its 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").

     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.
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 1999 administrative expenses.

     Management estimates. The preparation of the Plan's financial statements in
conformity  with  generally  accepted  accounting  principles  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.



<PAGE>


     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. The Plan has been notified by the Internal Revenue Service that
it 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.

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 invests in certain  publicly-traded mutual or pooled
funds  administered by Putnam  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,
                                                     -------------------------
                                                        1998           1999
                                                        ----           ----

Putnam Funds:
<S>                                                  <C>           <C>
  Voyager ........................................   $14,690,589   $19,036,924
  Vista ..........................................   $ 9,385,260   $11,979,588
  Stable Value ...................................   $ 5,313,522   $ 6,347,986
  Diversified Income Trust .......................   $ 3,097,262   $ 2,549,514

</TABLE>




<PAGE>


Note 3 -  Nonparticipant-directed investments

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

<TABLE>
<CAPTION>
                                                             December 31,
                                                       ------------------------
                                                         1998           1999

Net assets available for benefits
<S>                                                    <C>           <C>
- Keystone Restricted Stock                            $2,609,345    $2,573,222
                                                       ==========    ==========

</TABLE>

<TABLE>
<CAPTION>
                                                               Year ended
                                                            December 31, 1999
                                                       ------------------------

Changes in net assets available for benefits
- Keystone Restricted Stock

<S>                                                            <C>
  Employer contributions ...................................   $ 793,574
  Net depreciation in fair value of investments ............    (691,459)
  Benefits to participants .................................    (138,238)
                                                               ----------

  Net decrease in net assets available for
    benefits ...............................................   $ (36,123)
                                                               =========
</TABLE>


Note 4 - Deposit of participant contributions

     ERISA requires employers to transfer  participant elective deferrals to the
plan's trust account  within a specified  period of time. In 1999,  the employer
did not  transfer  certain  contributions  within  the time  required  by ERISA.
However,  all contributions plus earnings have been subsequently  transferred to
the plan's trust account.



<PAGE>


         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

                   SCHEDULE G, PART 3 - NONEXEMPT TRANSACTIONS

                                December 31, 1999

<TABLE>
<CAPTION>
                                                                                  Expenses
                                                                                 Incurred in
                                         Description                Net gain     Connection
                            Relationship     of          Loan         on           with
   Party Involved            to Plan     Transaction     Amount   Transactions  Transactions
   --------------           ------------ -----------     ------   ------------  ------------

<S>                         <C>          <C>             <C>         <C>             <C>

                                         Loan - late
Keystone Consolidated ...                deposit of
  Industries, Inc. ......   Sponsor      contribution    $46,857     $4,121          $--

                                         Loan - late
Keystone Consolidated ...                deposit of
  Industries, Inc. ......   Sponsor      contribution    $10,474     $  276          $--


</TABLE>









<PAGE>


         KEYSTONE CONSOLIDATED INDUSTRIES, INC. DEFERRED INCENTIVE PLAN

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

                                December 31, 1999

<TABLE>
<CAPTION>


                                                                            Fair
                                                   Shares     Cost     value
                                                   ------     ------   ------
                                                         (In thousands)

*Putnam Funds:
<S>                                                <C>       <C>       <C>
  Voyager ...................................      614,888   $ 9,707   $19,037
  Vista .....................................      686,116     6,788    11,980
  Stable Value ..............................    6,347,986     6,348     6,348
  Diversified Income Trust ..................      236,724     2,800     2,550
  George Putnam Fund of Boston ..............       97,993     1,705     1,595
  OTC and Emerging Growth ...................       36,716       704     1,359
  Global Growth .............................       57,955       727     1,077
  Asset Allocation - Conservative Portfolio .       47,787       497       504
  S&P 500 Index .............................       12,282       384       429
  International Growth ......................       14,231       393       422
  High Yield Advantage ......................       35,103       296       273
  Equity Income .............................        8,858       140       123
  Asset Allocation - Balanced Portfolio .....        5,235        64        68
  Asset Allocation - Growth Portfolio .......        1,907        26        29
*Keystone Restricted Stock ..................      299,730     3,004     1,780
*Keystone Unrestricted Stock Fund ...........        9,631        70        57
*Loans to participants (7.0% - 10.37%;
   mature through 2021) .....................                   -          853
                                                             -------   -------

                                                             $33,653   $48,484
                                                             =======   =======

</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 16, 2000, relating to the financial  statements of
the Keystone  Consolidated  Industries,  Inc.  Deferred  Incentive  Plan,  which
appears in this Form 11-K.


PricewaterhouseCoopers LLP




June 16, 2000