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                                                                   EXHIBIT 10(D)


                        REVOLVING CREDIT PROMISSORY NOTE


$2,500,000.00                                              Stamford, Connecticut
                                                                    July 9, 1997

     FOR VALUE RECEIVED,  ASTREX INC., a Delaware  corporation (the "Borrower"),
hereby unconditionally  promises to pay to the order of Fleet National Bank (the
"Lender" or "Bank"), at the office of the Lender located at One Landmark Square,
Stamford,  Connecticut, or such other office as the holder hereof may designate,
in lawful money of the United States and in  immediately  available  funds,  the
principal sum of Two Million Five Hundred Thousand Dollars  ($2,500,000.00)  or,
if less, the aggregate  unpaid amount of all Revolving  Credit Loans (as defined
in the Credit and  Security  Agreement  referred to below) made by the Lender to
the  Borrower  pursuant  to the Credit and  Security  Agreement,  together  with
interest  thereon as provided for below.  All  capitalized  terms unless defined
herein  shall have the  meanings  assigned  to them in the  Credit and  Security
Agreement.

     1.  PAYMENT OF  PRINCIPAL.  Borrower  shall pay the  outstanding  principal
balance of each Revolving  Credit Loan in full on the Revolving  Credit Maturity
Date.

     2. INTEREST RATE;  PAYMENT OF INTEREST.  Borrower shall pay interest on the
aggregate  unpaid principal  balance of the Revolving  Credit Loans  outstanding
from  time to time at the  applicable  rate or rates  set  forth in  Credit  and
Security  Agreement,  dated of even date  herewith  between the  Borrower,  T.F.
Cushing, Inc. and the Lender, as same may be amended,  supplemented or otherwise
modified from time to time (the "Credit and Security Agreement"). Interest shall
be payable,  in arrears,  and on each Revolving Credit Interest Payment Date and
shall also be payable on the Revolving Credit Maturity Date.  Anything contained
in this Note to the  contrary  notwithstanding,  during  any  period in which an
Event of Default is continuing, the interest rate hereunder shall, at the option
of the Lender,  be increased  to the  Revolving  Credit  Default  Rate,  and all
interest accruing at such rate shall be payable upon demand by the Lender.

     Interest  shall commence to accrue on the date hereof and shall continue to
accrue  until  all  principal  hereof is paid in full  (whether  before or after
maturity or judgment).  Interest  under this Note shall be computed on the basis
of a year of three  hundred  sixty  (360)  days and the  actual  number  of days
elapsed.

     3. OPTIONAL AND MANDATORY  PREPAYMENTS.  Optional and mandatory prepayments
of the Revolving  Credit Loans shall be made in  accordance  with Section 1.7 of
the Credit and Security Agreement.

     4. EXPENSES. Borrower shall pay or reimburse the Lender, on demand, for all
costs and  expenses,  including,  but not  limited to, the  reasonable  fees and
disbursements  of legal  counsel,  appraisers,  accountants  and  other  experts
employed by the Lender, incurred in the administration,  

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preservation,  defense,  protection,  or collection or other enforcement of this
Note or in foreclosing or otherwise enforcing any security interest securing the
payment of this Note or in sustaining or protecting  the lien or priority of any
such security interest, or in attempting to do any of the foregoing.

     5. CREDIT AND SECURITY  AGREEMENT;  LENDER'S  RECORDS.  This Note evidences
Revolving  Credit  Loans  under,  and has been  executed  and  delivered  by the
Borrower in accordance with, the terms and conditions of the Credit and Security
Agreement,  which Credit and Security  Agreement,  among other things,  contains
provisions  with  respect  to  prepayment  (optional  and  mandatory),  and  the
acceleration of the unpaid  principal of, and accrued and unpaid interest on the
Revolving  Credit  Loans  upon  the  occurrence  and  at  any  time  during  the
continuance  of any Event of Default.  The Lender is entitled to the benefits of
the Credit and Security  Agreement  and the other  Financing  Documents  and may
enforce the covenants and other  agreements of the Borrower  contained  therein,
and the Lender may exercise the respective rights,  remedies and powers provided
for thereby or otherwise  available in respect  thereof,  all in accordance with
the respective terms thereof.

     The records of the Lender  shall be prima facie  evidence of the  Revolving
Credit  Loans,  any accrued  interest  thereon and all  principal  and  interest
payments  made in respect  thereof;  provided,  that no failure of the Lender to
timely record any transaction,  or any error therein, shall in any way affect or
impair any liability or other obligation of the Borrower to the Lender.

     6. CERTAIN  WAIVERS.  Borrower  and any indorser  hereof or any other party
hereto or any guarantor hereof  (collectively,  the "Obligors") and each of them
(i) waive(s) presentment,  diligence,  protest, demand, notice of demand, notice
of acceptance or reliance, notice of non-payment,  notice of dishonor, notice of
protest  and all other  notices  to  parties in  connection  with the  delivery,
acceptance, performance, default or enforcement of this Note, any indorsement or
guaranty of this Note, or any collateral or other  security;  (ii) consent(s) to
any and all delays,  extensions,  renewals or other  modifications of this Note,
any other Financing  Document or the debt(s) or collateral  evidenced  hereby or
thereby or any waivers of any term hereof or thereof,  any  release,  surrender,
taking of additional,  substitution,  exchange, failure to perfect or record any
interest in,  failure to preserve or realize upon,  failure to lawfully  dispose
of, or any other  impairment of, any collateral or other security,  or any other
failure to act by the Lender or any other forbearance or indulgence shown by the
Lender,  from time to time and in one or more  instances  (without  notice to or
assent from any of the Obligors)  and agree(s) that none of the foregoing  shall
release, discharge or otherwise impair any of their liabilities;  (iii) agree(s)
that the full or  partial  release  or  discharge  of any  Obligor(s)  shall not
release,  discharge or otherwise impair the liabilities of any other Obligor(s);
and (iv) waive(s) any defenses based on suretyship or impairment of collateral.

     7 COMMERCIAL  TRANSACTION;  JURY WAIVER. (a) THE BORROWER ACKNOWLEDGES THAT
THE  TRANSACTION  OF WHICH  THIS  NOTE IS A PART IS A  "COMMERCIAL  TRANSACTION"
WITHIN THE  MEANING OF CHAPTER  903a OF THE  CONNECTICUT  GENERAL  STATUTES,  AS
AMENDED, AND THAT ANY MONIES, PROPERTY OR SERVICES WHICH ARE THE SUBJECT OF SUCH
TRANSACTION  ARE NOT FOR PERSONAL,  FAMILY OR HOUSEHOLD  PURPOSES.  THE BORROWER
HEREBY  

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WAIVES ANY RIGHT  WHICH  BORROWER  MIGHT  HAVE TO A NOTICE AND A HEARING,  UNDER
SECTIONS  52-278a-52-278g,  INCLUSIVE,  OF THE CONNECTICUT GENERAL STATUTES,  AS
AMENDED,  OR OTHER APPLICABLE  FEDERAL OR STATE LAW, IN THE EVENT THE LENDER (OR
ITS SUCCESSORS OR ASSIGNS) SEEKS ANY PREJUDGMENT  REMEDY IN CONNECTION WITH THIS
NOTE, THE CREDIT AND SECURITY AGREEMENT OR ANY OTHER FINANCING DOCUMENT.

     (b) THE BORROWER HEREBY KNOWINGLY AND VOLUNTARILY  WAIVES TRIAL BY JURY AND
THE RIGHT THERETO IN ANY ACTION OR PROCEEDING OF ANY KIND,  ARISING UNDER OR OUT
OF, OR OTHERWISE  RELATED TO OR OTHERWISE  CONNECTED WITH THIS NOTE OR ANY OTHER
FINANCING DOCUMENT.

     8.  BINDING  NATURE.  This Note  shall  bind the  Borrower  and  Borrower's
successors  and  assigns  and shall  inure to the  benefit of the Lender and its
successors  and  assigns.  The term  "Lender" as used herein shall  include,  in
addition to the Lender, any successors,  indorsees, or other assignees of Lender
and shall also include any other  holder of this Note.  Any  transferee  of this
Note  shall have the  rights of a holder in due  course  under  Article 3 of the
Connecticut  Uniform  Commercial  Code if the transferee  took rights under this
Note in good faith for value and without notice of a claim or defense.

     9.  GOVERNING  LAW.  This Note  shall be  governed  by, and  construed  and
interpreted in accordance with the laws the State of Connecticut, without regard
to its rules pertaining to conflicts of laws thereunder.

     IN WITNESS WHEREOF, the Borrower has executed and delivered this Note as of
the day and year first written above.


WITNESS:                                    ASTREX, INC.



BY: /S/ EDWARD A. WEISS                     BY: /S/ IRENE S. MARCIC
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Name:  Edward A. Weiss                      Name:  Irene S. Marcic
                                            Title:   Vice President