Keystone Consolidated Industries Inc. (NASDAQOTCBB:KYCN.OB)

They just reported Q1 results: $4.4M operating loss including a $510M 2008 loss in their pension, which is now slightly underfunded instead of massively overfunded.

They do steel wire products for construction, agriculture and industrial. Solid balance sheet and should take off when the construction industry gets rolling again.

Of course looking at my current score on KYCN, I was pretty wrong and I may still be.

EPS of $6 for the price of $9? No-brainer.

Magic Formula pick....trading at 0.23 book value and a P/E of under 2. With a pre-tax earnings yield of 49%, it will just be a matter of time before the street wakes up to this deep value play.