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EWP FINANCIAL LLC                                           5430 LBJ Freeway
                                                            Suite 1700
                                                            Dallas, TX 75240
                                                            972-450-4261
                                                            972-448-1445 (Fax)

                                  July 31, 2005

Mr. Bert E. Downing, Jr.
Chief Financial Officer
Keystone Consolidated Industries, Inc.
5430 LBJ Freeway Suite 1740
Dallas TX 75240

 Dear Mr. Downing:

With regard to the  Debtor-In-Possession  Credit Agreement between EWP Financial
LLC and Keystone  Consolidated  Industries,  Inc.  dated  February 27, 2004,  as
amended, the definition of Expiration Date, as set forth in the Second Amendment
to the Debtor-In-Possession  Agreement, is hereby amended to replace the date of
July 31, 2005 in clause (a) (i) of such definition with August 31, 2005.

 Sincerely,

/s/Bob O'Brien
------------------------------------------------------
Bob O'Brien
Vice President - Chief Financial Officer and TreasurerSUPPLEMENTAL INDENTURE NO. 1

     This Supplemental Indenture No. 1 (this "Supplemental Indenture"), dated as
of August __, 2005, is by and between  Keystone  Consolidated  Industries,  Inc.
(the  "Company")  and  U.S.  Bank  National  Association,   a  national  banking
association,  not in its  individual  capacity  but solely as trustee  under the
Original Indenture referred to below (the "Trustee").

                                   WITNESSETH:

     WHEREAS,  the Company and Trustee executed that certain  Indenture dated as
of March 15,  2002 (the " Original  Indenture"),  pursuant  to which the Company
issued those certain 8% Subordinated Secured Notes due 2009 (the "Notes");

     WHEREAS,  pursuant to the terms of the Original Indenture,  the Company and
certain of its  affiliates  executed  security  agreements and deeds of trust in
favor of the Trustee to secure the repayment of the Notes;

     WHEREAS,  on or about  February  26,  2004,  the Company and certain of its
affiliates filed voluntary  Chapter 11 petitions in the United States Bankruptcy
Court for the Eastern District of Wisconsin (the "Court"),  in the case In re FV
Steel  and  Wire  Company,   et  al(1),  Case  No.  04-22421  (the  "Chapter  11
Proceeding");

     WHEREAS,  on June 24, 2005, the Company and certain of its affiliates filed
a Third  Amended  Joint  Plan of  Reorganization  Pursuant  to Chapter 11 of the
United States Bankruptcy Code (the "Plan") in the Chapter 11 Proceeding with the
Court, but such Plan has not yet been confirmed;

     WHEREAS,  the Company and certain of its affiliates  anticipate  having the
Plan confirmed at a hearing to be held in the Court on August 10, 2005;

     WHEREAS,  Holders  of more than 90% in  aggregate  principal  amount of the
outstanding  Notes have  directed  the  Trustee to enter into this  Supplemental
Indenture  and take the  actions  contained  herein to  modify  the terms of the
Original Indenture  simultaneously  with the confirmation of the Company's Plan;
and

     WHEREAS,  pursuant to Sections 10.2 and 10.6 of the Original Indenture, the
Trustee is authorized to execute and deliver this Supplemental Indenture.

     NOW,  THEREFORE,  in  consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties
hereto  mutually  covenant  and agree for the equal and  ratable  benefit of the
Holders of the Notes as follows:

                                    Article I
                                   DEFINITIONS

Section 1.1.      Definitions.

     The Original  Indenture,  together with this  Supplemental  Indenture,  are
hereinafter  sometimes  collectively  referred  to as the  "Indenture."  For the
avoidance of doubt, references to any "Section" of the "Indenture" refer to such
Section of the  Indenture  as  supplemented  and  amended  by this  Supplemental
Indenture. All capitalized terms which are used herein and not otherwise defined
herein are defined in the Original  Indenture  and are used herein with the same
meanings as in the Original  Indenture.  If a capitalized term is defined in the
Original  Indenture  and this  Supplemental  Indenture,  the  definition in this
Supplemental Indenture shall apply to the Indenture and the Notes.

Section 1.2.      Definition of Senior Indebtedness.

     The  definition of "Senior  Indebtedness"  contained in Section 1.10 of the
Indenture shall be modified by adding the following  sentence to the end of such
definition:

          "For the avoidance of doubt and notwithstanding any other provision of
          this  Indenture,  the  "Exit  Financing"  (as such term is used in the
          Plan) shall be considered a refinancing  or refunding of  Indebtedness
          of the Company  existing as of the date of the Indenture such that the
          Exit Financing shall be considered part of the Senior Indebtedness."

Section 1.3.      Definition of Plan.

     A new  definition  for the term "Plan" shall be added to Section 1.1 of the
Indenture as follows:

          "Plan" means that certain Third  Amended Joint Plan of  Reorganization
          filed by the Company and certain of its affiliates,  as may be amended
          or  supplemented,  and as confirmed by a final order that is no longer
          subject to appeal in Case No. 04-22421 in the United States Bankruptcy
          Court for the Eastern District of Wisconsin.

                                   Article II
                          MODIFICATION OF SECTION 11.3

     The second sentence of the first paragraph of Section 11.3 of the Indenture
shall be amended and restated in its entirety to read as follows:

          "The Company shall cause TIA  ss.ss.314(d)  relating to the release of
          property  or  Liens  to be  complied  with  to the  extent  that  such
          provision is  otherwise  applicable  hereto;  provided,  however,  the
          Company's  compliance  with TIA  ss.ss.314(d)  is not  required if the
          requested  release of  property or Liens is approved by the holders of
          at least 66 2/3% in aggregate principal amount of the then outstanding
          Notes."

                                   Article III
                          RELEASE OF SECURITY DOCUMENTS

     As soon as  practicable  after the Effective Date (as defined in the Plan),
the Trustee  shall  release the lien created by, and  terminate,  the  following
documents (i) that certain Security Agreement dated as of March 15, 2002 made by
Sherman  Wire of Caldwell in favor of the  Trustee,  (ii) that  certain  Deed of
Trust,  Assignment  Security Agreement and Financing Statement dated as of March
15,  2002,  made by Sherman  Wire  Company in favor of the  Trustee  recorded at
Volume 3235 Page 417 in the Deed Records of Grayson  County,  Texas,  (iii) that
certain Deed of Trust,  Assignment  Security  Agreement and Financing  Statement
dated as of March 15,  2002,  made by Sherman  Wire of  Caldwell in favor of the
Trustee recorded as document no. 1786 in Burleson County,  Texas., and (iv) that
certain Deed of Trust,  Assignment  Security  Agreement and Financing  Statement
dated as of March 15, 2002, made by Keystone  Consolidated  Industries,  Inc. in
favor of the Trustee recorded as document no.  2002058383 in Washington  County,
Arkansas.

                                   Article IV
                    EFFECTIVE DATE OF SUPPLEMENTAL INDENTURE

     Notwithstanding  anything else contained in this Supplemental  Indenture or
in the Original Indenture,  this Supplemental Indenture shall be of no force and
effect  unless  and until an order is  entered  by the Court in the  Chapter  11
Proceeding that (i) approves the Supplemental Indenture,  (ii) provides that the
Company be bound by the terms and conditions of the  Supplemental  Indenture and
(iii) authorizes the Company to take any and all actions reasonable necessary to
carry out the Company's obligations under the Supplemental Indenture.

                                    Article V
                                  MISCELLANEOUS

Section 5.1.      Effect of Supplemental Indenture.

     (a) This Supplemental Indenture shall be effective upon execution hereof by
the Company and the Trustee and duly  approved by the Court in  connection  with
the consummation of the Plan.

     (b) This  Supplemental  Indenture is a  supplemental  indenture  within the
meaning of Article X of the Original Indenture, and the Original Indenture shall
be read together with this Supplemental Indenture and shall have the same effect
over  the  Notes,  in the  same  manner  as if the  provisions  of the  Original
Indenture and this Supplemental Indenture were contained in the same instrument.

     (c) In all other  respects,  the  Original  Indenture  is  confirmed by the
parties hereto as supplemented by the terms of this Supplemental Indenture.

     (d) In the event that  there is a conflict  or  inconsistency  between  the
Original  Indenture  and this  Supplemental  Indenture,  the  provisions of this
Supplemental Indenture shall control.

Section 5.2.      GOVERNING LAW.

     THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS
OF THE STATE OF NEW YORK,  AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SUCH STATE,  EXCEPT AS MAY  OTHERWISE  BE REQUIRED BY MANDATORY
PROVISIONS OF LAW.

Section 5.3.      Counterparts.

     The parties may sign any number of copies of this  Supplemental  Indenture.
Each signed copy shall be an original,  but all of them  together  represent the
same agreement.

Section 5.4.      Successors.

     All agreements of the Company in this Supplemental Indenture shall bind its
successors.  All agreements of the Trustee in this Supplemental  Indenture shall
bind its successors.

Section 5.5.      Severability.

     In case any  provision  in this  Supplemental  Indenture  shall be invalid,
illegal or  unenforceable,  the  validity,  legality and  enforceability  of the
remaining provisions shall not in any way be affected or impaired thereby.

Section 5.6.      Effect of Headings.

     The headings of the Articles  and Sections of this  Supplemental  Indenture
have been inserted for convenience of reference only, are not to be considered a
part  hereof,  and  shall  in no way  modify  or  restrict  any of the  terms or
provisions hereof.

Section 5.7.      Trustee.

     The Trustee shall not be  responsible  in any manner  whatsoever  for or in
respect of the validity or sufficiency of this Supplemental  Indenture or for or
in respect of the  recitals  contained  herein,  all of which  recitals are made
solely by the Company.

                                      *****

<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto  have  caused  this  Supplemental
Indenture No. 1 to be duly executed as of the date first above written.

                            KEYSTONE CONSOLIDATED INDUSTRIES, INC.,
                                         as the Company

                                   By:____________________________
                                      Name:
                                      Title:

                   U.S. BANK NATIONAL ASSOCIATION, as Trustee

                                   By:____________________________
                                      Name:
                                      Title:

(1) The Debtors are the following entities: FV Steel and Wire Company,  Keystone
Consolidated  Industries,  Inc.,  DeSoto  Environmental  Management,  Inc., J.L.
Prescott Company,  Sherman Wire Company (f/k/a DeSoto, Inc.) and Sherman Wire of
Caldwell, Inc.

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