Abstract: In accordance with the present invention, a grain dryer having a heat exchange assembly is provided. The grain dryer comprises a housing and a generally vertical granular-material conduit for conducting granular material through the housing. The heat exchange assembly of the dryer comprises heat exchange means having a gas passageway and at least one tubular radiator element disposed in the passageway. Means is provided for causing hot combustion gas to flow through the hollow interior of the radiator element to heat the element, with the temperature of the discharged combustion gas being reduced. A gas conduit directs the flow of discharged combustion gas from the tubular radiator element through the passageway of the heat exchange means externally of the tubular radiator element to increase the temperature of the discharged combustion gas.