Keystone reaches deal with three retiree groups

By Jeff Pines

Washington, Oct. 25 - Keystone Consolidated Industries Inc. said it has reached an agreement with three retiree groups over non-pension benefits.

The three retiree groups are the Independent Steel Workers Alliance Post May 1993 retirees, the Metalcrafters hourly retirees, and the Keystone Management Pre November 1982 retirees.

After the reorganization plan is confirmed, Keystone will give the retirees a lump sum, keep paying life insurance premiums and Medicare Part B premiums, start making monthly specified payments to retirees, spouses and dependents whose health care benefits were adversely affected by the interim relief, and provide those whose health care was affected with the opportunity to participate in the company's health plans with retirees paying the premiums.

The agreement is subject to the approval of the U.S. Bankruptcy Court for the Eastern District of Wisconsin.

Keystone, a Dallas-based fencing and wiring company, filed for bankruptcy on Feb. 26, 2004. Its Chapter 11 case number is 04-22422.

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