UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                Pursuant to Section 13 OR 15(d) of the Securities
                              Exchange Act of 1934

              Date of Report (Date of the earliest event reported)
                                 March 30, 2006
                                ----------------

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

     Delaware                         1-3919                     37-0364250
------------------               ------------------           -----------------
 (State or other                    (Commission                 (IRS Employer
 jurisdiction of                    File Number)                Identification
  incorporation)                                                      No.)

5430 LBJ Freeway, Suite 1740, Dallas, Texas                        75240-2697
-------------------------------------------                       ------------
  (Address of principal executive offices)                         (Zip Code)

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

         (Former name or former address, if changed since last report.)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2):

[   ]     Written  communications  pursuant to Rule 425 under the Securities Act
          (17 CFR 230.425)

[   ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
          CFR 240.14a-12)

[   ]     Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
          Exchange Act (17 CFR 240.14d-2(b))

[   ]     Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
          Exchange Act (17 CFR 240.13e-4(c))

Item 4.02 Non-Reliance on Previously  Issued  Financial  Statements or a Related
          Audit Report or Completed Interim Review.


(a) In connection with finalizing the preparation of the Company's  consolidated
financial  statements  for  the  year  ended  December  31,  2005,  the  Company
determined that cash overdrafts, which currently would be financed by borrowings
under the Company's revolving credit facility,  and cash receipts which would be
applied against the revolving  credit  facility,  were improperly  classified as
part of accounts payable.  Under accounting principles generally accepted in the
United  States of  America  ("GAAP"),  such  cash  overdrafts  should  have been
classified as part of the current  portion of long-term  debt. In addition,  the
relative  changes  in such  cash  overdrafts  were  improperly  included  in the
determination of cash flows from operating activities, while under GAAP relative
changes in such cash overdrafts  should have been included in the  determination
of cash flows from financing activities.

As a result, the Company's  consolidated financial statements as of December 31,
2003 and 2004, and for the years ended December 31, 2002, 2003 and 2004, in each
case as reflected in the  Company's  2004 Annual  Report on Form 10-K filed with
the Commission on February 13, 2006  ("Original  Form 10-K"),  were misstated as
follows:
     o    Accounts payable and the current portion of long-term debt at December
          31, 2003 were each misstated by $1.2 million.
     o    Accounts payable and the current portion of long-term debt at December
          31, 2004 were each  misstated  by $2.7 million  ($3.8  million of cash
          receipts net of $1.1 million of cash overdrafts).
     o    Cash flows from operating and financing  activities for the year ended
          December 31, 2002 were each misstated by $63,000.
     o    Cash flows from operating and financing  activities for the year ended
          December 31, 2003 were each misstated by $221,000.
     o    Cash flows from operating and financing  activities for the year ended
          December 31, 2004 were each misstated by $3.9 million.

As a result of these misstatements, on March 30, 2006, management of the Company
and the Company's  audit  committee  determined the Company's  previously-issued
consolidated  financial  statements as of December 31, 2003 and 2004 and for the
years ended December 31, 2002,  2003 and 2004 included in the Original Form 10-K
should no longer be relied upon. The Company will include restated  consolidated
financial  statements  as of December 31, 2004 and for the years ended  December
31, 2003 and 2004 in its 2005 Annual Report on Form 10-K ("2005 Form 10-K"),  to
be filed with the Commission concurrently with the filing of this Current Report
on Form 8-K. The Company has not previously  issued any  consolidated  financial
statements for its 2004 or 2005 interim periods.  The Company will file its 2005
Quarterly  Reports  on Form  10-Q for its 2005 and  corresponding  2004  interim
periods concurrently with the filing of this Current Report on Form 8-K.

Attached hereto as Exhibit 99.1 are selected  consolidated balance sheet data of
the  Company  as of  December  31,  2003 and  2004,  and  selected  consolidated
statement  of cash flow data of the  Company for the years  ended  December  31,
2002,  2003 and 2004, in each case as  previously  reported in the Original Form
10-K, (ii) adjustments to such consolidated  financial statement data to reflect
the effect of this restatement and (iii) such consolidated  financial  statement
data, as restated.


As of December 31, 2005,  the Company did not maintain  effective  controls over
the presentation and classification of cash overdrafts.  Specifically, effective
controls  were not  designed  and in place to ensure that cash  overdrafts  were
properly classified as indebtedness in the Company's consolidated balance sheet,
and  that  changes  in  its  cash  overdrafts  were  properly  included  in  the
determination of cash flows from financing  activities.  This control deficiency
resulted  in the  restatement  of the  Company's  2002,  2003  and  2004  annual
consolidated financial statements and audit adjustments to both its 2004 interim
consolidated  financial  statements and its annual and interim 2005 consolidated
financial statements.  This control deficiency could result in a misstatement of
the aforementioned  accounts that would result in a material misstatement to the
Company's annual or interim consolidated  financial statements that would not be
prevented or detected.

Accordingly,  management of the Company  determined that this control deficiency
constitutes a material weakness.

As a result of the material weakness  described above, the Company will conclude
that its disclosure  controls and  procedures as defined by Rules  13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934, as amended, were not effective
as of December 31, 2005.

In order to remediate this material weakness,  in March 2006 the Company revised
the  recurring  reclassification  journal entry used in the  preparation  of its
consolidated  balance  sheet  to  properly  classify  the  amount  of  any  cash
overdrafts as part of the current  portion of long-term  debt. In addition,  the
Company  intends to  institute  quarterly  and annual  close  procedures,  to be
implemented  for the first time for the quarter ending March 31, 2006, to ensure
(i) that an adequate review of the Company's balance sheet and statement of cash
flow consolidation occurs each period and (ii) the continued  appropriateness of
the  reclassification  journal entry to classify bank  overdrafts as part of the
current portion of long-term debt.

The  Company's  management  and  audit  committee  have  discussed  the  matters
disclosed  in this Form 8-K with the  Company's  independent  registered  public
accounting firm, PricewaterhouseCoopers LLP.

Item 9.01         Financial Statements and Exhibits.

          (c)      Exhibits.

  Item No.                Exhibit Index
 ----------    ----------------------------------------

   99.1*       Unaudited selected consolidated balance sheet data of the Company
               as of  December  31,  2003 and 2004,  and  selected  consolidated
               statement  of cash flow data of the  Company  for the years ended
               December 31, 2002, 2003 and 2004.

-----------
*  Filed herewith.



                                    SIGNATURE


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                         Keystone Consolidated Industries, Inc.
                                    (Registrant)




                         By:    /s/ Bert E. Downing, Jr.
                                ----------------------------
                                Bert E. Downing, Jr.
                                Vice President,  Chief  Financial  Officer,
                                Corporate  Controller and Treasurer



Date:  March 31, 2006

                                INDEX TO EXHIBITS


Exhibit No.                         Description
-----------         --------------------------------------------------

  99.1*        Unaudited selected consolidated balance sheet data of the Company
               as of  December  31,  2003 and 2004,  and  selected  consolidated
               statement  of cash flow data of the  Company  for the years ended
               December 31, 2002, 2003 and 2004.
[{"type": "8-K", "sequence": "1", "filename": "kci8k0330.txt", "secsgml_size_bytes": 9940}]
{"company-data": {"conformed-name": "KEYSTONE CONSOLIDATED INDUSTRIES INC", "cik": "0000055604", "assigned-sic": "3312", "irs-number": "370364250", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-03919", "film-number": "06730536"}, "business-address": {"street1": "5430 LBJ FWY STE 1740", "street2": "THREE LINCOLN CENTRE", "city": "DALLAS", "state": "TX", "zip": "75240", "phone": "2144580028"}, "mail-address": {"street1": "5430 LBJ FWY STE 1740", "street2": "THREE LINCOLN CENTRE", "city": "DALLAS", "state": "TX", "zip": "75240"}, "former-company": {"former-conformed-name": "KEYSTONE STEEL & WIRE CO", "date-changed": "19710506"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                Pursuant to Section 13 OR 15(d) of the Securities
                              Exchange Act of 1934

              Date of Report (Date of the earliest event reported)
                                 March 30, 2006
                                ----------------

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

     Delaware                         1-3919                     37-0364250
------------------               ------------------           -----------------
 (State or other                    (Commission                 (IRS Employer
 jurisdiction of                    File Number)                Identification
  incorporation)                                                      No.)

5430 LBJ Freeway, Suite 1740, Dallas, Texas                        75240-2697
-------------------------------------------                       ------------
  (Address of principal executive offices)                         (Zip Code)

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

         (Former name or former address, if changed since last report.)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2):

[   ]     Written  communications  pursuant to Rule 425 under the Securities Act
          (17 CFR 230.425)

[   ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
          CFR 240.14a-12)

[   ]     Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
          Exchange Act (17 CFR 240.14d-2(b))

[   ]     Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
          Exchange Act (17 CFR 240.13e-4(c))

Item 4.02 Non-Reliance on Previously  Issued  Financial  Statements or a Related
          Audit Report or Completed Interim Review.

(a) In connection with finalizing the preparation of the Company's  consolidated
financial  statements  for  the  year  ended  December  31,  2005,  the  Company
determined that cash overdrafts, which currently would be financed by borrowings
under the Company's revolving credit facility,  and cash receipts which would be
applied against the revolving  credit  facility,  were improperly  classified as
part of accounts payable.  Under accounting principles generally accepted in the
United  States of  America  ("GAAP"),  such  cash  overdrafts  should  have been
classified as part of the current  portion of long-term  debt. In addition,  the
relative  changes  in such  cash  overdrafts  were  improperly  included  in the
determination of cash flows from operating activities, while under GAAP relative
changes in such cash overdrafts  should have been included in the  determination
of cash flows from financing activities.

As a result, the Company's  consolidated financial statements as of December 31,
2003 and 2004, and for the years ended December 31, 2002, 2003 and 2004, in each
case as reflected in the  Company's  2004 Annual  Report on Form 10-K filed with
the Commission on February 13, 2006  ("Original  Form 10-K"),  were misstated as
follows:
     o    Accounts payable and the current portion of long-term debt at December
          31, 2003 were each misstated by $1.2 million.
     o    Accounts payable and the current portion of long-term debt at December
          31, 2004 were each  misstated  by $2.7 million  ($3.8  million of cash
          receipts net of $1.1 million of cash overdrafts).
     o    Cash flows from operating and financing  activities for the year ended
          December 31, 2002 were each misstated by $63,000.
     o    Cash flows from operating and financing  activities for the year ended
          December 31, 2003 were each misstated by $221,000.
     o    Cash flows from operating and financing  activities for the year ended
          December 31, 2004 were each misstated by $3.9 million.

As a result of these misstatements, on March 30, 2006, management of the Company
and the Company's  audit  committee  determined the Company's  previously-issued
consolidated  financial  statements as of December 31, 2003 and 2004 and for the
years ended December 31, 2002,  2003 and 2004 included in the Original Form 10-K
should no longer be relied upon. The Company will include restated  consolidated
financial  statements  as of December 31, 2004 and for the years ended  December
31, 2003 and 2004 in its 2005 Annual Report on Form 10-K ("2005 Form 10-K"),  to
be filed with the Commission concurrently with the filing of this Current Report
on Form 8-K. The Company has not previously  issued any  consolidated  financial
statements for its 2004 or 2005 interim periods.  The Company will file its 2005
Quarterly  Reports  on Form  10-Q for its 2005 and  corresponding  2004  interim
periods concurrently with the filing of this Current Report on Form 8-K.

Attached hereto as Exhibit 99.1 are selected  consolidated balance sheet data of
the  Company  as of  December  31,  2003 and  2004,  and  selected  consolidated
statement  of cash flow data of the  Company for the years  ended  December  31,
2002,  2003 and 2004, in each case as  previously  reported in the Original Form
10-K, (ii) adjustments to such consolidated  financial statement data to reflect
the effect of this restatement and (iii) such consolidated  financial  statement
data, as restated.

As of December 31, 2005,  the Company did not maintain  effective  controls over
the presentation and classification of cash overdrafts.  Specifically, effective
controls  were not  designed  and in place to ensure that cash  overdrafts  were
properly classified as indebtedness in the Company's consolidated balance sheet,
and  that  changes  in  its  cash  overdrafts  were  properly  included  in  the
determination of cash flows from financing  activities.  This control deficiency
resulted  in the  restatement  of the  Company's  2002,  2003  and  2004  annual
consolidated financial statements and audit adjustments to both its 2004 interim
consolidated  financial  statements and its annual and interim 2005 consolidated
financial statements.  This control deficiency could result in a misstatement of
the aforementioned  accounts that would result in a material misstatement to the
Company's annual or interim consolidated  financial statements that would not be
prevented or detected.

Accordingly,  management of the Company  determined that this control deficiency
constitutes a material weakness.

As a result of the material weakness  described above, the Company will conclude
that its disclosure  controls and  procedures as defined by Rules  13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934, as amended, were not effective
as of December 31, 2005.

In order to remediate this material weakness,  in March 2006 the Company revised
the  recurring  reclassification  journal entry used in the  preparation  of its
consolidated  balance  sheet  to  properly  classify  the  amount  of  any  cash
overdrafts as part of the current  portion of long-term  debt. In addition,  the
Company  intends to  institute  quarterly  and annual  close  procedures,  to be
implemented  for the first time for the quarter ending March 31, 2006, to ensure
(i) that an adequate review of the Company's balance sheet and statement of cash
flow consolidation occurs each period and (ii) the continued  appropriateness of
the  reclassification  journal entry to classify bank  overdrafts as part of the
current portion of long-term debt.

The  Company's  management  and  audit  committee  have  discussed  the  matters
disclosed  in this Form 8-K with the  Company's  independent  registered  public
accounting firm, PricewaterhouseCoopers LLP.

Item 9.01         Financial Statements and Exhibits.

          (c)      Exhibits.

  Item No.                Exhibit Index
 ----------    ----------------------------------------

   99.1*       Unaudited selected consolidated balance sheet data of the Company
               as of  December  31,  2003 and 2004,  and  selected  consolidated
               statement  of cash flow data of the  Company  for the years ended
               December 31, 2002, 2003 and 2004.

-----------
*  Filed herewith.

                                    SIGNATURE

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                         Keystone Consolidated Industries, Inc.
                                    (Registrant)

                         By:    /s/ Bert E. Downing, Jr.
                                ----------------------------
                                Bert E. Downing, Jr.
                                Vice President,  Chief  Financial  Officer,
                                Corporate  Controller and Treasurer

Date:  March 31, 2006

                                INDEX TO EXHIBITS

Exhibit No.                         Description
-----------         --------------------------------------------------

  99.1*        Unaudited selected consolidated balance sheet data of the Company
               as of  December  31,  2003 and 2004,  and  selected  consolidated
               statement  of cash flow data of the  Company  for the years ended
               December 31, 2002, 2003 and 2004.