<PAGE>   1
                                                                     EXHIBIT 4.1

NUMBER                         [GENEVA STEEL LOGO]                     SHARES

GS

                                       SEE REVERSE FOR CERTAIN DEFINITIONS AND
                                      A STATEMENT AS TO THE RIGHTS, PREFERENCES,
                                        PRIVILEGES AND RESTRICTIONS OF SHARES.

                                                  CUSIP 372257 10 5


                          GENEVA STEEL HOLDINGS CORP.

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                                  COMMON STOCK

THIS CERTIFIES THAT


IS THE RECORD HOLDER OF


  FULLY PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK, $0.01 PAR VALUE, OF

Geneva Steel Holdings Corp., transferable on the books of the Corporation by
the holder hereof in person or by duly authorized attorney upon surrender of
this certificate properly endorsed. This certificate is not valid until
countersigned and registered by the Transfer Agent and Registrar.

        Witness the facsimile seal of the Corporation and the facsimile
signature of the duly authorized officers.

                              CERTIFICATE OF STOCK

Dated:


COUNTERSIGNED AND REGISTERED:

FIRST UNION NATIONAL BANK
(Charlotte, North Carolina)
                                  [GENEVA STEEL HOLDINGS CORPORATE SEAL]
TRANSFER AGENT                                 NOV. 22, 2000
AND REGISTRAR

BY
                            /s/ [Signature Illegible]  /s/ [Signature Illegible]

  AUTHORIZED SIGNATURE            SECRETARY                    PRESIDENT





<PAGE>   2

                          GENEVA STEEL HOLDINGS CORP.

        A statement of the designations, preferences, limitations and relative
rights granted to or imposed upon the respective classes or series of shares of
stock of the Corporation, and upon the holders thereof as established by the
Amended and Restated Certificate of Incorporation, or by any statement of
determination of preferences, and the number of shares constituting each series
or class, may be obtained by any shareholder of the Corporation upon request in
writing and without charge from the Secretary of the Corporation at the
principal office of the Corporation.

        The following abbreviations, when used in the inscription on the face
of this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
        <S>                                            <C>
        TEN COM   --  as tenants in common              UNIF GIFT MIN ACT -- ...................Custodian...............
        TEN ENT   --  as tenants by the entireties                                 (Cust)                    (Minor)
        JT TEN    --  as joint tenants with right of                         under Uniform Gifts to Minors
                      survivorship and not as tenants                        Act........................................
                      in common                                                                 (State)


</TABLE>


    Additional abbreviations may also be used though not in the above list.


        For Value Received,___________________________hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------

--------------------------------------


_______________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

_______________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________ Shares
of the common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

______________________________________________________________________ Attorney
to transfer the said shares on the Books of the within named Corporation
with full power of substitution in the premises.

Dated________________________



                        ________________________________________________________
                        NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
                                WITH THE NAME AS WRITTEN UPON THE FACE OF THE
                                CERTIFICATE IN EVERY PARTICULAR, WITHOUT
                                ALTERATION OR ENLARGEMENT OR ANY CHANGE
                                WHATSOEVER.

Signature(s) Guaranteed:




By

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
S.E.C. RULE 17Ad-15.