<PAGE>
                                                                    EXHIBIT 10.E


                           AMENDMENT NO. 4 dated as of March 5, 2003 (this
                  "Amendment"), to the CREDIT AGREEMENT dated as of July 16,
                  1998 (as amended as of September 30, 1999, March 30, 2001 and
                  March 1, 2002, the "Credit Agreement"), among ISPAT INLAND,
                  L.P., a Delaware limited partnership (the "Borrower"), ISPAT
                  INLAND INC., a Delaware corporation formerly named Inland
                  Steel Company ("Inland"), BURNHAM TRUCKING COMPANY, INC., a
                  Delaware corporation ("Burnham"), INCOAL COMPANY, a Delaware
                  corporation ("Incoal"), the Lenders (as defined in Article I),
                  and CREDIT SUISSE FIRST BOSTON, as issuing bank (in such
                  capacity, the "Issuing Bank"), and as administrative agent (in
                  such capacity, the "Administrative Agent") and as collateral
                  agent (in such capacity, the "Collateral Agent") for the
                  Lenders.

         A. Pursuant to the Credit Agreement, the Lenders and the Issuing Bank
have extended credit to the Borrower.

         B. The Borrower and Inland have informed the Administrative Agent that
(i) they intend to replace Inland's existing inventory securitization facility
with a new senior secured credit facility containing terms no less favorable to
Inland than those set forth on Exhibit A hereto (the "Working Capital Facility")
and (ii) Inland has proposed to issue PBGC Subordinated Mortgage Bonds.

         C. The Borrower has requested that the Required Lenders agree to amend
the Credit Agreement and to enter into certain other agreements with respect to
certain matters under the Indenture as provided herein.

         D. The Required Lenders are willing so to amend the Credit Agreement
and to enter into such agreements, pursuant to the terms and subject to the
conditions set forth herein.

         E. Capitalized terms used but not defined herein shall have the
meanings assigned to them in the Credit Agreement, as amended hereby.

         Accordingly, in consideration of the mutual agreements herein contained
and other good and valuable consideration, the sufficiency and receipt of which
are hereby acknowledged, the parties hereto agree as follows:

                  SECTION 1. Amendments to Section 1.01 of the Credit Agreement.
Section 1.01 of the Credit Agreement is hereby amended as follows:

         (a) The last sentence of the definition of the term "Capital
Expenditures" set forth in Section 1.01 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

         "Notwithstanding the foregoing, and solely for purposes of determining
         compliance with Section 6.11, amounts expended during 2003 to reline
         and repair Inland's blast furnace #7 shall not constitute Capital
         Expenditures to the extent such amounts do not exceed $90,000,000."



<PAGE>
                                                                               2



         (b) The definition of the term "Excess Cash Flow" set forth in Section
1.01 of the Credit Agreement is hereby amended by deleting the phrase "by Inland
under its receivables and inventory securitization facilities" from clause (g),
and substituting therefor the phrase "of the types described in Section
6.02(b)(viii) and Section 6.02(b)(ix)."

         (c) The definition of the term "Total Debt" set forth in Section 1.01
of the Credit Agreement is hereby amended by (i) deleting the words "and (v)
Indebtedness consisting of borrowings under Inland's receivables and inventory
securitization facilities" and substituting therefor the following:

                  ",(v) Indebtedness of a Securitization Subsidiary Incurred
         under Section 6.02(b)(viii) or 6.02(b)(ix)(A) and (vi) Indebtedness
         consisting of any series of mortgage bonds issued under the Indenture
         or the Subordinated Indenture as collateral and not in respect of
         borrowed money, to the extent that the holders thereof do not at the
         date of such determination have the right to demand payment thereof"

         (d) Section 1.01 of the Credit Agreement is hereby further amended by
inserting the following in the appropriate alphabetical order therein:

                  "Amendment No. 4" shall mean Amendment No. 4 dated as of March
         5, 2003, to this Agreement.

                  "PBGC Subordinated Mortgage Bonds" shall mean subordinated
         mortgage bonds issued under the Subordinated Indenture for the purpose
         of satisfying the security requirements of the PBGC.

                  "Subordinated Indenture" shall mean an indenture made by
         Inland to the trustee thereunder and providing for the issuance
         thereunder of the PBGC Subordinated Mortgage Bonds; provided that (a)
         such indenture does not encumber any property or assets that are not
         also encumbered by the Indenture in favor of the holders of the First
         Mortgage Bonds and (b) the Lien of such indenture, and the obligation
         to pay the PBGC Subordinated Mortgage Bonds issued thereunder, shall be
         subordinated to the Lien of the Indenture and the prior payment in full
         of the First Mortgage Bonds issued thereunder on terms acceptable to
         the Administrative Agent.

                  "Working Capital Collateral" shall mean (a) the inventory,
         spare parts and mobile equipment of Inland and the Restricted
         Subsidiaries, whether now owned or hereafter acquired (and the proceeds
         thereof and the related books, records and other property incidental
         thereto), and (b) the Capital Stock of Ispat Inland Administrative
         Service Company and all notes receivable and accounts receivable by
         Inland from Ispat Inland Administrative Service Company (and the
         proceeds thereof), in each case to the extent pledged under and as more
         fully described in the Working Capital Security Documents.

                  "Working Capital Facility" shall have the meaning assigned to
         such term in Amendment No. 4, or any replacement facility Incurred
         under Section 6.02(b)(ix)(B) that provides for financing to Inland on
         terms that are no less favorable to Inland than those set forth on
         Exhibit A to Amendment No. 4.


<PAGE>
                                                                               3



                  "Working Capital Security Documents" shall mean the security
         agreement, pledge agreement, intercreditor agreement, including any
         letter of direction to the Trustee necessary or desirable, in the
         reasonable judgment of the Collateral Agent, to effectuate the
         provisions of any intercreditor arrangements, and other agreements or
         instruments, if any, entered into in connection with the Working
         Capital Facility or any other Indebtedness Incurred pursuant to Section
         6.02(b)(ix)(B) and creating, or setting forth the priorities with
         respect to, Liens in any or all of the Working Capital Collateral. Any
         Working Capital Security Document that creates a Lien in favor of the
         Collateral Agent for the benefit of the Secured Parties shall be a
         "Security Document" for all purposes of this Agreement and the other
         Loan Documents.

                  SECTION 2. Amendments to Section 5.05 of the Credit Agreement.
Section 5.05 of the Credit Agreement is hereby amended by (i) deleting the word
"and" at the end of paragraph (b) thereof, (ii) deleting the period at the end
of paragraph (c) thereof and substituting "; and" therefor and (iii) adding the
following new paragraph (d):

                  "(d) the effectiveness of the Working Capital Facility or any
                  other agreement pursuant to which Indebtedness is Incurred
                  under Section 6.02(b)(ix)(B) and any amendment of, supplement
                  to, modification of or replacement or refinancing of the
                  Working Capital Facility or such other agreement or
                  Indebtedness, in each case that reduces the advance rates or
                  the availability thereunder, or increases the interest rates
                  or fees payable thereunder, or is otherwise adverse to the
                  interests of Inland or the Lenders."

                  SECTION 3. Amendments to Section 6.01 of the Credit Agreement.
Section 6.01 of the Credit Agreement is hereby amended as follows:

         (a) Section 6.01(j) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(j) Liens on Working Capital Collateral to secure obligations
                  under or in respect of Indebtedness under a Working Capital
                  Facility Incurred under Section 6.02(b)(ix)(B), and Liens on
                  spare parts and mobile equipment constituting Working Capital
                  Collateral to secure other obligations under or in respect of
                  other Indebtedness Incurred under Section 6.02(b)(ix)(B);
                  provided that none of the foregoing Liens shall be permitted
                  unless (i) there is no outstanding Indebtedness under Section
                  6.02(b)(ix)(A); (ii) the Obligations are secured by a Lien on
                  the same Working Capital Collateral which shall be
                  subordinated to the Lien which secures such Indebtedness on
                  terms and pursuant to documentation reasonably satisfactory to
                  the Administrative Agent; (iii) in the case of such
                  Indebtedness (other than Indebtedness under a Working Capital
                  Facility), the aggregate amount of the Indebtedness so secured
                  does not exceed $25,000,000, and the terms of such
                  Indebtedness are no less favorable to Inland than those set
                  forth on Exhibit B to Amendment No. 4; and (iv) in the case of
                  such Indebtedness (other than Indebtedness under a Working
                  Capital Facility and other than Indebtedness described in
                  subsection (iii) above), the terms and conditions or such
                  Indebtedness are, in the reasonable judgment of the
                  Administrative Agent, not materially less



<PAGE>
                                                                               4



                  favorable to the Lenders than those set forth on Exhibit B to
                  Amendment No. 4."

         (b) Section 6.01 is hereby amended by (i) deleting the word "and" at
the end of paragraph (n), (ii) deleting the period at the end of paragraph (o)
and substituting"; and" therefor and (iii) adding the following new paragraph
(p):

                  "(p) Liens securing the PBGC Subordinated Mortgage Bonds to
                  the extent that such Liens exist or arise pursuant to the
                  Subordinated Indenture."

                  SECTION 4. Amendments to Section 6.02 of the Credit Agreement.
Section 6.02 of the Credit Agreement is hereby amended as follows:

         (a) Section 6.02(b)(ix) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(ix) either (A) Indebtedness of an Inventory Subsidiary, the
                  proceeds of which are used solely to purchase inventory of
                  Inland or any of its subsidiaries and to pay related fees and
                  expenses; provided that such Indebtedness shall be nonrecourse
                  to the Borrower, Inland and their respective Restricted
                  Subsidiaries (other than such Inventory Subsidiary) or (B)
                  Indebtedness of Inland (which may be Guaranteed by any
                  Restricted Domestic Subsidiary acquired or organized after the
                  effective date of Amendment No. 4, provided that such
                  Restricted Domestic Subsidiary also Guarantees the
                  Obligations) Incurred for working capital purposes and other
                  general corporate purposes and in an aggregate principal
                  amount outstanding at any time not to exceed $200,000,000;
                  provided that such Indebtedness is secured solely by Liens
                  permitted by Section 6.01(j);"

         (b) Section 6.02(b) of the Credit Agreement is hereby further amended
by (i) deleting the word "and" at the end of clause (x) thereof, (ii) deleting
the period at the end of clause (xi) thereof and substituting "; and" therefor
and (iii) adding the following new subsection (xii) at the end of Section
6.02(b):

                  "(xii) Indebtedness consisting of PBGC Subordinated Mortgage
                  Bonds issued under the Subordinated Indenture."

         (c) Section 6.02(e) of the Credit Agreement is hereby amended by
inserting immediately after the words "other than Section 6.02(b)(i)" contained
in the first parenthetical therein the words "or 6.02(b)(xii)".

                  SECTION 5. Amendment to Section 6.03 of the Credit Agreement.
Section 6.03(c) of the Credit Agreement is hereby amended by deleting the phrase
"under its receivables and inventory securitization facilities" from clause
(iii) and substituting therefor the phrase "under facilities of the types
described in Section 6.02(b)(viii) and Section 6.02(b)(ix)."




<PAGE>
                                                                               5


                SECTION 6. Amendment to Section 6.10 of the Credit Agreement.
Section 6.10 of the Credit Agreement is hereby amended by (i) inserting at the
beginning thereof the following words:

                "Except for such supplements as are necessary to effectuate the
                issuance of mortgage bonds the issuance of which is permitted
                under this Agreement,"

and (ii) deleting the word "Enter" and substituting the word "enter" therefor.

                SECTION 7. Amendments to Article VII of the Credit Agreement.
Article VII of the Credit Agreement is hereby amended by (i) deleting the word
"or" at the end of paragraphs (j) and (k), (ii) inserting immediately after the
semicolon at the end of paragraph (l) thereof the word "or" and (iii) adding the
following new paragraph (m):

                "(m) the Working Capital Facility shall (i) terminate prior to
                December 31, 2003 (other than as a result of a refinancing
                thereof on terms that provide for substantially similar working
                capital financing to Inland) or (ii) be modified in any way if
                the effect of such modification is to reduce availability
                thereunder at any time during 2003 by more than 20% of the
                availability thereunder on the effective date of such Working
                Capital Facility;"

                SECTION 8. Agreement Regarding Indenture. The Required Lenders
hereby acknowledge and agree that for so long as the Obligations are secured by
a Lien on the Working Capital Collateral to the extent contemplated by this
Amendment, anything in the Indenture to the contrary notwithstanding, the
Lenders shall not be entitled to the benefit of, nor shall they have any rights
with respect to, the provisions of Article Six, Section 4 of the Indenture
insofar as the term "physical property" as used therein could be interpreted to
include Working Capital Collateral.

                SECTION 9. Working Capital Security Documents. The Required
Lenders hereby authorize the Administrative Agent and the Collateral Agent to
enter into such documents and agreements, including such of the Working Capital
Security Documents, as they may deem necessary or advisable for effectuating the
transactions contemplated by this Amendment (including any such agreements as
shall be necessary to subordinate the Lien of the Secured Parties in the Working
Capital Collateral to the Lien therein of the lenders under any Working Capital
Facility or other Indebtedness Incurred under Section 6.02(b)(ix)(B) and
permitted by the Credit Agreement) and agree that each of the other parties to
such documents and agreements may conclusively rely as to the authority of the
Administrative Agent and the Collateral Agent on the authorization contained
herein.

                SECTION 10. Effectiveness. This Amendment shall become effective
as of the date first written above on the date on which the Administrative Agent
shall have received (i) counterparts of this Amendment that, when taken
together, bear the signatures of the Borrower, the Guarantors and the Required
Lenders and (ii) the Amendment Fee referred to in Section 11 below.

                SECTION 11. Amendment Fee. The Borrower agrees to pay to the
Administrative Agent for the account of each Lender (including Credit Suisse
First



<PAGE>
                                                                               6


Boston in its capacity as a Lender) that delivers an executed counterpart of
this Amendment to the Administrative Agent (or its counsel) on or prior to 12:00
(noon), New York City time, on March 5, 2003 (the "Effective Date"), as
consideration for entering into this Amendment, an amendment fee equal to 0.05%
of the aggregate amount of such Lender's outstanding Loans and L/C Exposure
under the Credit Agreement calculated as of the Effective Date. Such amendment
fee shall be payable in immediately available funds on and subject to the
occurrence of the Effective Date.

                SECTION 12. Effect of Amendment. Except as expressly set forth
herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of the
Lenders, the Issuing Bank, the Collateral Agent or the Administrative Agent
under the Credit Agreement or any other Loan Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan
Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall he deemed to entitle any
Loan Party to a consent to, or a waiver, amendment, modification or other change
of, any of the terms, conditions, obligations, covenants or agreements contained
in the Credit Agreement or any other Loan Document in similar or different
circumstances. This Amendment shall apply and be effective only with respect to
the provisions of the Credit Agreement specifically referred to herein. After
the date hereof, any reference to the Credit Agreement shall mean the Credit
Agreement, as modified hereby. This Amendment shall constitute a "Loan Document"
for all purposes of the Credit Agreement and the other Loan Documents.

                SECTION 13. Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all such counterparts together shall constitute but one and the same contract.
Delivery of an executed counterpart of a signature page of this Amendment by
facsimile transmission shall be as effective as delivery of a manually executed
counterpart hereof.

                SECTION 14. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                SECTION 15. Headings. The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

                SECTION 16. Expenses. The Borrower agrees to reimburse the
Administrative Agent for all out-of-pocket expenses in connection with this
Amendment, including the fees, charges and disbursements of Cravath, Swaine &
Moore, counsel for the Administrative Agent.



<PAGE>
                                                                               7


                IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their duly authorized officers, all as of the
date and year first above written.

                                 ISPAT INLAND, L.P.
                                 by 9064-4816 QUEBEC, INC. its general partner.

                                    by  /s/ R. Leblanc
                                       -----------------------------------------
                                       Name:
                                       Title:


                                 ISPAT INLAND INC.,

                                    by  /s/ T A MCCUE
                                       -----------------------------------------
                                       Name:  T A McCue
                                       Title: Treasurer

                                 BURNHAM TRUCKING COMPANY, INC.

                                    by  /s/ T A MCCUE
                                       -----------------------------------------
                                       Name:  T A McCue
                                       Title: Treasurer

                                 INCOAL COMPANY

                                    by  /s/ T A MCCUE
                                       -----------------------------------------
                                       Name:  T A McCue
                                       Title: Treasurer

                                 ISPAT INTERNATIONAL N.V.,

                                    by  /s/ BHIKAM C. AGARWAL
                                       -----------------------------------------
                                       Name:  Bhikam C. Agarwal
                                       Title: CFO