Keystone Consolidated Industries, Inc. and the Independent Steel Workers Alliance jointly announced that the ISWA membership has overwhelmingly approved revisions to the existing collective bargaining agreement at Keystone's Bartonville Plant.

The revised agreement provides for certain concessions related primarily to healthcare coverage as well as new rights for ISWA members. Keystone and the ISWA leadership had previously come to a tentative agreement relative to the revisions that required ratification by the general membership of the ISWA. Revisions were ratified by a margin of 483 to 125. Revisions to the collective bargaining agreement must still be approved by the Bankruptcy Court in Milwaukee before they become effective.

Randy Beck, President of the ISWA, said: "The ISWA members have worked hard to keep the Bartonville Plant open and operating efficiently despite Keystone's financial difficulties during the past months. The ratification vote sends a clear message to Keystone's customers that the ISWA intends to do whatever it can to keep the Bartonville Plant open and products delivered on time."

Vic Stirnaman, Director of Human Resources for Keystone, said: "We are extremely pleased with ratification of the agreement's revisions by the ISWA membership. The revised collective bargaining agreement is a major step forward in the process of formulating a reorganization plan that Keystone intends to file with the Bankruptcy Court in the near future. If ultimately confirmed by the Bankruptcy Court, such a plan would enable the company to complete a successful reorganization and meet its goal to emerge from bankruptcy by the end of the year."

Keystone expects the motion, which was jointly filed by Keystone and the ISWA, to be heard by the Bankruptcy Court on August 12, 2004.

Headquartered in Dallas, Texas, Keystone Consolidated Industries, Inc. is a leading manufacturer and distributor of fencing and wire products, wire rod, industrial wire, nails and construction products for the agricultural, industrial, construction, original equipment markets and the retail consumer.