<PAGE>

                                                                         Exhibit
                                                                         -------
                                                                        10.S.(2)



                                 RYERSON TULL
                           NONQUALIFIED SAVINGS PLAN
                           -------------------------
                          (Effective January 1, 1998)


     Ryerson Tull, Inc. hereby establishes this Ryerson Tull Nonqualified
Savings Plan, effective as of January 1, 1998, in order to continue to enable
employees of the Company and the other Employers to obtain the same level of
benefits they would have been able to receive under the Ryerson Tull Savings
Plan but for the limits imposed by Sections 401(a)(17) or 415 of the Internal
Revenue Code of 1986, as amended, on the amounts that can be contributed to the
Savings Plan. The Plan is intended to be an "excess benefit plan" described in
Section 3(36) of the Employee Retirement Income Security Act of 1974, as
amended; provided, however, that, to the extent, if any, that the Plan provides
benefits which cannot be provided by an excess benefit plan, the Plan shall
constitute an unfunded plan maintained primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated
employees.

                                   ARTICLE I

                                  DEFINITIONS
                                  -----------

     1.01 "Account" means the record of a Participant's interest in the Plan
attributable to Company Contributions and Participant Contributions made on
behalf of such Participant.

     1.02 "Base Compensation" means Base Compensation as defined in the Savings
Plan.

<PAGE>

     1.03 "Beneficiary" means, with respect to a Participant, the Participant's
Beneficiary under the Savings Plan.

     1.04 "Board" means the Board of Directors of the Company.

     1.05 "Code" means the Internal Revenue Code of 1986, as from time to time
amended.

     1.06 "Company" means Ryerson Tull, Inc.

     1.07 "Distributable Event" means a Distributable Event as defined in the
Savings Plan.

     1.08 "Effective Date" means January 1, 1998.

     1.09 "Eligible Employee" means an employee of an Employer who is eligible
to participate in the Savings Plan and whose Base Compensation exceeds the
limits set forth in Section 401(a)(17) of the Code or whose contributions under
the Savings Plan are limited by Section 415 of the Code.

     1.10 "Employer" means an Employer as defined in the Savings Plan.

     1.11 "Employer Contributions" means the contributions to the Plan by the
Employers pursuant to Section 3.03.

     1.12 "Enrollment Date" means the Effective Date and the first day of each
month thereafter.

     1.13 "ERISA" means the Employee Retirement Income Security Act of 1974, as
from time to time amended.

     1.14 "Nonqualified Thrift Plan" means the Inland Steel Industries, Inc.
Nonqualified Thrift Plan.

                                      -2-
<PAGE>

     1.15 "Participant" means each Eligible Employee who has met the
requirements of Article II for participation in the Plan.

     1.16 "Participant Contributions" means the contributions to the Plan by the
Employers on behalf of a Participant pursuant to Section 3.01.

     1.17 "Permanent Incapacity" means Permanent Incapacity as defined in the
Savings Plan.

     1.18 "Plan" means the Ryerson Tull Inc. Nonqualified Savings Plan, as from
time to time amended.

     1.19 "Plan Administrator" means the Plan Administrator appointed under the
Savings Plan or any other individual as may be appointed by the Chairman of the
Board, the President, the Vice President-Human Resources or the Treasurer of the
Company to administer the Plan. To the extent consistent with the purposes of
the Plan and the authority delegated to the Assistant Plan Administrator
pursuant to Section 6.03(h), the term Plan Administrator shall include the
Assistant Plan Administrator.

     1.20 "Plan Year" means the calendar year.

     1.21 "Related Company" means a Related Company as defined in the Savings
Plan.

     1.22 "Retirement" means Retirement as defined in the Savings Plan.

     1.23 "Savings Plan" means the Ryerson Tull Savings Plan, as from time to
time amended.

     1.24 "Valuation Date" means the last day of each month.

                                      -3-
<PAGE>

     1.25 "Years of Vesting Service" means Years of Vesting Service as defined
in the Savings Plan.

                                  ARTICLE II

                                 PARTICIPATION
                                 -------------

     2.01 Eligibility. An Eligible Employee shall become a Participant on the
Enrollment Date next following the filing with the Plan Administrator of an
instrument in a form prescribed by the Plan Administrator evidencing his or her
acceptance of the provisions of the Plan. Notwithstanding the foregoing, any
person who is an Eligible Employee and who, immediately prior to becoming an
Eligible Employee, was a participant in the Nonqualified Thrift Plan shall
automatically become a Participant in the Plan as of the date on which he or she
becomes an Eligible Employee.

     2.02 Restricted Participation. Notwithstanding any other provision of the
Plan to the contrary, if the Plan Administrator determines that participation by
one or more Participants or Beneficiaries shall cause the Plan as applied to any
Employer to be subject to Part 2, 3 or 4 of Title I of ERISA, the entire
interest of such Participant or Beneficiary under the Plan shall, in the
discretion of the Plan Administrator, be immediately paid to such Participant or
Beneficiary, as applicable, by the applicable Employer or Employers, or shall
otherwise be segregated from the Plan, and such Participant(s) or
Beneficiary(ies) shall cease to have any interest under the Plan.

                                      -4-
<PAGE>

                                  ARTICLE III

                                 CONTRIBUTIONS
                                 -------------

     3.01 Participant Contributions. For any payroll period, each Participant
who is an Eligible Employee for such payroll period may elect for his or her
Employer to make contributions ("Participant Contributions") under the Plan
equal to not less than one (1) percent (1%) and not more than ten percent (10%)
of the Participant's Base Compensation. Contributions made to the Plan on a
Participant's behalf for any payroll period shall be treated as a salary
reduction and shall reduce the amount of current cash compensation otherwise
payable to such Participant for such payroll period.

     3.02 Designation of Participant Contributions. Each Participant shall
designate the percentage of his or her Base Compensation to be deferred as a
contribution under the Plan in the same instrument by which he or she evidences
his or her acceptance of the provisions of the Plan pursuant to Article II.
Thereafter (but not retroactively), a Participant may, on a form prescribed by
the Plan Administrator, change the percentage of his or her Base Compensation to
be deferred as a contribution under the Plan, subject to the limitations of this
Article III. Notwithstanding the foregoing, in the case of any person who
becomes a Participant and who immediately prior thereto was a participant in the
Nonqualified Thrift Plan, any election made by such individual under the
Nonqualified Thrift Plan that was effective immediately prior to the date on
which he or she becomes a Participant shall be considered an election under the
foregoing provisions of this Article III effective as of the date on which he or
she becomes a Participant without any other action being required on the part of
the individual.

                                      -5-
<PAGE>

     3.03 Employer Contributions. For each payroll period, each Employer shall
make a contribution to the Plan ("Employer Contributions") in respect of each
Participant who is employed by such Employer as of the last day of the payroll
period in an amount equal to 100% of the amount of the Participant Contributions
made on behalf of such Participant during such payroll period pursuant to
Section 3.01 that do not exceed four percent (4%) of the Participant's Base
Compensation for such payroll period.

     3.04 Nature of Contributions. Any amounts contributed to the Plan pursuant
to this Article III shall be retained by the Employers as general assets of the
Employers, and contributions shall be reflected on the books of the Employers
solely for the purpose of computing Participants' benefits from the Plan.

                                  ARTICLE IV

                                   ACCOUNTS
                                   --------

     4.01 Maintenance of Accounts. The Plan Administrator shall establish and
maintain in the records of the Plan an Account for each Participant reflecting
each Participant's interest in the Plan attributable to Participant
Contributions and Employer Contributions made on his or her behalf, increased by
earnings attributable thereto.

     4.02 Valuation of Accounts. As of each Valuation Date, the Account of each
Participant shall be (a) credited with earnings for the period since the next
preceding Valuation Date as set forth in Section 4.03, and (b) increased by
Participant Contributions and Employer Contributions to the Plan with respect to
such Participant relating to payroll periods since the next preceding Valuation
Date.

                                      -6-
<PAGE>

     4.03 Earnings. During a Plan Year, Participants' Accounts shall be credited
with earnings at a rate of interest earned by assets in the Stable Value Fixed
Income Fund established under the Savings Plan for the relevant period.

                                   ARTICLE V

                           DISTRIBUTION OF BENEFITS
                           ------------------------

     5.01 Distribution Upon Termination of Employment. (a) Upon termination of a
Participant's employment with the Employers and Related Companies other than by
reason of a Distributable Event and prior to (i) the completion of 5 Years of
Vesting Service, (ii) the date on which he or she has a fully vested and
nonforfeitable interest in his or her account balance under the Savings Plan, or
(iii) the date on which his or her benefits under the Plan would otherwise be
fully vested and nonforfeitable, the Participant shall be entitled to
distribution of his or her entire vested Account balance, payable to the
Participant in a single lump sum payment no later than 60 days after the first
anniversary of the Participant's termination of employment.

     (b)  Upon termination of a Participant's employment with the Employers and
Related Companies by reason of a Distributable Event or after (i) the completion
of 5 Years of Vesting Service, (ii) the date on which he or she has a fully
vested and nonforfeitable interest in his or her account balance under the
Savings Plan, or (iii) the date on which his or her benefits under the Plan
would otherwise be fully vested and nonforfeitable, the Participant shall be
entitled to distribution of his or her entire Account balance, payable to the
Participant in a single lump sum

                                      -7-
<PAGE>

payment no later than 60 days after the first anniversary of the Participant's
termination of employment.

     (c)  Upon termination of a Participant's employment with the Employers and
Related Companies by reason of Permanent Incapacity or Retirement, and where the
amount payable to the Participant is at least $10,000, the Participant shall be
entitled to a distribution of his or her entire Account balance, payable to the
Participant in either of the following ways, as irrevocably elected by the
Participant in accordance with rules established by the Plan Administrator:

          (1)  In a single lump sum payment representing the full amount
               distributable to the Participant, payable on a date elected by
               the Participant which is not later than the end of the calendar
               year in which the Participant attains age 75; or

          (2)  In substantially equal installments, payable annually, over a
               period not extending beyond the end of the calendar year in which
               the Participant attains age 75. Each installment payment shall be
               equal to that amount determined by multiplying the then remaining
               balance in the Participant's Account as of the Valuation Date
               used for purposes of calculating the payment by a fraction having
               a numerator of one and a denominator equal to the number of
               installments remaining to be paid.

     5.02 Distribution Upon Death. Upon the death of a Participant, the total
value of the Participant's Account as of the Valuation Date preceding the date
of death shall be distributed to the Participant's Beneficiary in a single lump
sum payment as soon as practicable after satisfactory proof of death shall have
been submitted to the Plan Administrator.

     5.03 Hardship Distributions. Upon a showing of hardship by a Participant,
such Participant shall be entitled to a distribution of such portion (or all) of
his or her Account balance as shall be necessary to meet such hardship. This
Section 5.03 shall be administered in a manner

                                      -8-
<PAGE>

consistent with the hardship withdrawal provisions of the Savings Plan. The Plan
Administrator's determination of a Participant's hardship hereunder shall be
final.

     5.04 Liability for Benefit Payments. The amount of any benefit payable
under the Plan shall be paid from the general revenues of the Employer that last
employs the Participant. An Employer's obligation under the Plan shall be
reduced to the extent that any amounts due under the Plan are paid from one or
more trusts, the assets of which are subject to the claims of general creditors
of the Employer or any affiliate thereof; provided, however, that nothing in the
Plan shall require the Company or any Employer to establish any trust to provide
benefits under the Plan.

                                  ARTICLE VI

                              PLAN ADMINISTRATION
                              -------------------

     6.01 Administration of Plan. The Employers shall have the sole
responsibility for making salary reductions and contributions hereunder as
provided under Article III and the Company shall have the sole authority to
amend or terminate, in whole or in part, this Plan at any time. The Plan
Administrator shall have the sole responsibility for the administration of the
Plan. The Employers do not guarantee to any Participant in any manner the effect
under any tax law or Federal or state statute of the Participant's participation
in this Plan.

     6.02 Claims Procedure. The Plan Administrator shall make all determinations
as to the right of any person to a benefit under this Plan. Any denial by the
Plan Administrator of a claim for benefits under the Plan by a Participant shall
be stated in writing by the Plan Administrator and shall set forth the specific
reasons for the denial. In addition, the Plan Administrator shall

                                      -9-
<PAGE>

afford a reasonable opportunity to any Participant whose claim for benefits has
been denied for a review of the decision denying the claim.

     6.03 Powers and Duties of Plan Administrator.  The Plan Administrator
shall have such duties and powers as may be necessary to discharge its duties
hereunder, including, but not by way of limitation, the following:

     (a)  to conclusively construe and interpret the Plan, decide all questions
          of eligibility and determine the amount, manner and time of payment of
          any benefits hereunder;

     (b)  to prescribe procedures to be followed by Participants in filing
          elections or revocations thereof;

     (c)  to prepare and distribute, in such manner as the Plan Administrator
          determines to be appropriate, information explaining the Plan;

     (d)  to receive from the Employers and from Participants such information
          as shall be necessary for the proper administration of the Plan;

     (e)  to furnish the Employers, upon request, such reports with respect to
          the administration of the Plan as are reasonable and appropriate;

     (f)  to receive, review and keep on file (as it deems convenient and
          proper) reports of benefit payments by the Employers and reports of
          disbursements for expenses directed by the Plan Administrator;

     (g)  to appoint individuals to assist in the administration of the Plan and
          any other agents it deems advisable, including legal counsel; and

     (h)  to name as an Assistant Plan Administrator any individual or
          individuals and to delegate such authority and duties to such
          individual as the Plan Administrator in its discretion deems
          advisable. Each Assistant Plan Administrator, if any, named pursuant
          to this paragraph shall have such authority to act with respect to the
          administration of the Plan as the Plan Administrator may prescribe.
          The incumbency of any Assistant Plan Administrator may be terminated
          by action of the Plan Administrator at any time, with or without
          cause. Notwithstanding the foregoing, in the absence of a formal
          designation of any Assistant Plan Administrator by the Plan
          Administrator, no provision of this paragraph shall

                                     -10-
<PAGE>

          prevent the Plan Administrator from delegating authority to employees
          or other agents of the Employers in executing the duties of
          administering the Plan.

     The Plan Administrator shall have no power to add to, subtract from or
modify any of the terms of the Plan, or to change or add to any benefits
provided by the Plan, or to waive or fail to apply any requirements of
eligibility for a benefit under the Plan.

     6.04  Rules and Decisions. The Plan Administrator may adopt such rules as
it deems necessary, desirable or appropriate. All rules and decisions of the
Plan Administrator shall be uniformly and consistently applied to all
Participants in similar circumstances. When making a determination or
calculation, the Plan Administrator shall be entitled to rely upon information
furnished by a Participant, the Employers or the legal counsel of the Employers.

     6.05  Authorization of Benefit Payments. The Plan Administrator shall issue
directions to the Employers concerning all benefits which are to be paid from
the Company's general assets pursuant to the provisions of the Plan.

     6.06  Indemnification of Plan Administrator. The Plan Administrator shall
be indemnified by the Employers against any and all liabilities arising by
reason of any act or failure to act made in good faith pursuant to the
provisions of the Plan, including expenses reasonably incurred in the defense of
any claim relating thereto.

                                  ARTICLE VII

                                 MISCELLANEOUS
                                 -------------

     7.01  No Right to Employment, etc. Neither the creation of this Plan nor
anything contained herein shall be construed as giving any Participant hereunder
or other employees of the


                                     -11-
<PAGE>

Employers or any Related Company any right to remain in the employ of the
Employers or any Related Company.

     7.02  Successors and Assigns. All rights and obligations of this Plan shall
inure to, and be binding upon the successors and assigns of the Employers.

     7.03  Inalienability. Except so far as may be contrary to the laws of any
state having jurisdiction in the premises, a Participant or Beneficiary shall
have no right to assign, transfer, hypothecate, encumber, commute or anticipate
his or her interest in any payments under this Plan and such payments shall not
in any way be subject to any legal process to levy upon or attach the same for
payment of any claim against any Participant or Beneficiary.

     7.04  Incompetency. If any Participant or Beneficiary is, in the opinion of
the Plan Administrator, legally incapable of giving a valid receipt and
discharge for any payment, the Plan Administrator may, at its option, direct
that such payment or any part thereof be made to such person or persons who in
the opinion of the Plan Administrator are caring for and supporting such
Participant or Beneficiary, unless it has received due notice of claim from a
duly appointed guardian or conservator of the estate of the Participant or
Beneficiary. A payment so made will be a complete discharge of the obligations
under this Plan to the extent of and as to that payment, and neither the Plan
Administrator nor the Employers will have any obligation regarding the
application of payment.

     7.05  Controlling Law. To the extent not preempted by the laws of the
United States of America, the laws of the State of Illinois shall be the
controlling state law in all matters relating to this Plan.


                                     -12-
<PAGE>

     7.06  Severability. If any provisions of this Plan shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the
remaining parts of this Plan, but this Plan shall be construed and enforced as
if the illegal and invalid provisions never had been included herein.

     7.07  Limitations on Provisions. The provisions of this Plan and any
benefits hereunder shall be limited as described herein. Any benefit payable
under the Savings Plan shall be paid solely in accordance with the terms and
provisions of the Savings Plan, as appropriate, and nothing in this Plan shall
operate or be construed in any way to modify, amend, or affect the terms and
provisions of the Savings Plan.

     7.08  Gender and Number. Whenever the context requires or permits, the
gender and number of words shall be interchangeable.

                                 ARTICLE VIII

                           AMENDMENT AND TERMINATION
                           -------------------------

     8.01  Amendment to Conform with Law. The Plan may be amended to take effect
retroactively or otherwise, as deemed necessary or advisable for the purpose of
conforming the Plan to any present or future law relating to plans of this or a
similar nature, and to the administrative regulations and rulings promulgated
thereunder.

     8.02  Other Amendments and Termination. The Plan may be amended at any
time, without the consent of any Participant or Beneficiary. Notwithstanding the
foregoing, the Plan shall not be amended or terminated so as to reduce or cancel
the benefits which have accrued to a Participant or Beneficiary prior to the
later of the date of adoption of the amendment or


                                     -13-
<PAGE>


termination or the effective date thereof, and in the event of such amendment or
termination, any such accrued benefit hereunder shall not be reduced or
canceled.

     8.03 Effect of Change in Control.

          (a) In the event of a Change in Control (as defined below), all
benefits accrued as of the date of such Change in Control hereunder shall become
fully (i.e., 100%) and irrevocably vested, and shall become distributable to
Participants (and Beneficiaries) at such time and in such manner provided herein
pursuant to the provisions of the Plan as in effect on the day immediately
preceding the date of such Change in Control. The Plan Administrator shall, in
its sole discretion, determine whether assets equal in value to the aggregate of
all accrued benefits under the Plan as of the date of such Change in Control
shall be deposited by the Employers with a bank trustee pursuant to one or more
"rabbi trusts".

          (b) For purposes of this Section 8.03, a "Change in Control" means the
          happening of any of the following:

               (1)  any "person" (as such term is used in Sections 13(d) and
                    14(d) of the Securities Exchange Act of 1934, as amended
                    (the "Exchange Act")), other than (w) the Company and its
                    affiliates (collectively referred to herein as "RTI"), (x) a
                    trustee or other fiduciary holding security under an
                    employee benefit plan of RTI, (y) an underwriter temporarily
                    holding security pursuant to an offering of such securities,
                    or (z) a corporation owned, directly or indirectly, by the
                    stockholders of the Company in substantially the same
                    proportions as their ownership of stock of the Company, is
                    or becomes the "beneficial owner" (as defined in Rule 13d-3
                    under the Exchange Act), directly or indirectly, of security
                    of the Company (not including in the securities beneficially
                    owned by such person any security acquired directly from the
                    Company or its affiliates) representing 40% or more of the
                    combined voting power of the Company's then outstanding
                    securities;

                                     -14-
<PAGE>


               (2)  during any period of two consecutive years, individuals who
                    at the beginning of such period constitute the Board and any
                    new director (other than a director designated by a person
                    who has entered into an agreement with the Company to effect
                    a transaction described in clauses (1), (3) or (4) of this
                    paragraph) whose election by the Board or nomination for
                    election by the Company's stockholders was approved by a
                    vote of at least two-thirds (2/3) of the directors then
                    still in office who either were directors at the beginning
                    of the period or whose election or nomination for election
                    was previously so approved, cease for any reason to
                    constitute a majority thereof;

               (3)  the stockholders of the Company approve a merger or
                    consolidation of the Company with any other corporation,
                    other than a merger or consolidation which would result in
                    the voting security of the Company outstanding immediately
                    prior thereto continuing to represent (either by remaining
                    outstanding or by being converted into voting securities of
                    the surviving entity), in combination with the ownership of
                    any trustee or other fiduciary holding securities under an
                    employee benefit plan of RTI, at least 60% of the combined
                    voting power of the voting securities of the Company or such
                    surviving entity outstanding immediately after such merger
                    or consolidation, or a merger or consolidation effected to
                    implement a recapitalization of the Company (or similar
                    transaction) in which no person acquires more than 50% of
                    the combined voting power of the Company's then outstanding
                    securities; or

               (4)  the stockholders of the Company approve a plan of complete
                    liquidation of the Company or an agreement for the sale or
                    disposition by the Company of all or substantially all of
                    the Company's assets.

     A Change in Control shall also be deemed to occur with respect to any
Participant for purposes of the Plan if there occurs:

               (I)  a sale or disposition, directly or indirectly, other than to
                    a person described in subclause (w), (x) or (z) of clause
                    (b) (1) above, of securities of the Participant's employer,
                    any direct or indirect parent company of the Participant's
                    employer or any company that is a subsidiary of the
                    Participant's employer and is also a

                                     -15-
<PAGE>


                     significant subsidiary (as defined below) of the Company
                     (the Participant's employer and such a parent or subsidiary
                     being an "Affiliated Company"), representing 50% or more of
                     the combined voting power of the securities of such
                     Affiliated Company then outstanding;

               (II)  a merger or consolidation of an Affiliated Company with any
                     other corporation, other than a merger or consolidation
                     which would result in 50% or more of the combined voting
                     power of the surviving company being beneficially owned by
                     the Company or by majority owned direct or indirect
                     subsidiary of the Company; or

               (III) the sale or disposition of all or substantially all the
                     assets of an Affiliated Company to a person other than the
                     Company or a majority owned direct or indirect subsidiary
                     of the Company.

          (c) The provisions of this Section 8.03 may not be amended after the
date of a Change in Control without the written consent of a majority in both
number and interest of the Participants in this Plan, other than those
Participants who are both (i) not employed by the Company or a subsidiary as of
the date of the Change in Control, and (ii) not receiving nor could have
commenced receiving benefits under the Plan as of the date of the Change in
Control, both immediately prior to the Change in Control and at the date of such
amendment.

     8.04 Manner and Form of Amendment or Termination. Any amendment or
termination of this Plan shall be made by action of the Board; provided,
however, that the Vice President-Human Resources of the Company and the
Treasurer of the Company (or such other person as designated by the Chairman of
the Board) are jointly authorized, by written action signed by both such
individuals:

     (a)  to adopt and place in effect such amendments to the Plan and any
          related documents as they jointly deem necessary or advisable;

                                     -16-
<PAGE>


     (a)  to maintain the Plan and any related documents in compliance with
          applicable law;

     (b)  to relieve administrative burdens with respect to those documents; or

     (c)  to provide for other changes in the best interests of Plan
          Participants and Beneficiaries

without the necessity for further action by the Board or subsequent
ratification; provided, however, that any action or amendment that would have
the effect of:

          (i)   terminating the Plan;

          (ii)  materially changing the benefits under the Plan; or

          (iii) increasing anticipated costs associated with the Plan by more
                than $5 million, except for changes to comply with applicable
                law;

may not be made without approval or ratification by the Board.

     8.05 Notice of Amendment or Termination. The Plan Administrator shall
notify Participants or Beneficiaries who are affected by any amendment or
termination of this Plan within a reasonable time thereof.


                                       By
                                          ----------------------------------
                                              William C. Korda
                                              Vice President-Human Resources

                                       By
                                          ----------------------------------
                                              Vicki L. Avril
                                              Treasurer


                                     -17-