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                                                                   Exhibit 10.22

                       GULF STATES STEEL, INC. OF ALABAMA
                  Preferred Supplier Continuous Credit Program

Each supplier listed on the attached schedule who offers the Debtor
post-petition credit terms at least equal to the lesser of (i) twice the number
of days that are listed on the schedule as "Current Trade Term Days," (but not
less than 30 days) or (ii) 45 days, or any supplier not listed on the attached
schedule who offers the Debtor post-petition credit terms of at least 45 days,
in all cases for a continuous period of at least 6 months ("Continuous Credit"),
shall receive the following treatment:

1.    Such supplier's post-petition claim for Continuous Credit shall be
      entitled to priority administrative expense status subordinate to all
      claims of DIP lenders granted under Bankruptcy Code Section 364(c)(1).

2.    Such supplier's post-petition claim for Continuous Credit shall be secured
      by a collection lien as described below on all of Gulf States' assets that
      are subject to the pre-petition security interest of the indenture trustee
      with respect to Gulf States' 13 1/2% First Mortgage Notes and shall be
      senior to such lien but shall be subordinate and junior to all liens of
      any entities having claims for money borrowed under Bankruptcy Code
      Section 364(d)(1).

3.    After 6 months of Continuous Credit, and assuming Continuous Credit
      continues to exist at the date each payment is due, the supplier shall
      receive, at the Debtor's sole discretion, a credit extension fee in an
      amount not to exceed the following percentages: the lower of (i) such
      supplier's pre-petition debt or (ii) such supplier's cumulative average
      monthly balance of post-petition debt, beginning the second month after
      the supplier enters the Preferred Supplier Continuous Credit Program.

                                                     Maximum
            Month                 Amount        Cumulative Amount
            -----                 ------        -----------------
            7-12                   1.25%                7.5%
            13-18                  1.00%               13.5%
            19-35                  2.00%               47.5%
            36                     2.50%               50.0%

4.    The maximum aggregate amount of the debtor's pre-petition debt eligible to
      receive a credit extension fee as described in number 3 above is $15
      million and the maximum amount payable as a credit extension fee is $7.5
      million.
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5.    Such supplier's pre-petition claim shall be entitled to the same recovery,
      if any, as is subsequently negotiated for all similarly situated unsecured
      trade creditors with respect to pre-petition debt.

If a supplier ceases Continuous Credit before 6 months have elapsed, then
measurement of the 6 month period restarts from the time that the supplier next
begins to offer Continuous Credit.

If a supplier ceases Continuous Credit after the payments have begun as
described in Number 3 above, then the remaining payments shall resume at the
option of the Debtor after Continuous Credit resumes for a period of at least 3
months. During the cessation period, the supplier will not be entitled to status
as a secured creditor.

If a supplier never provides Continuous Credit, then that supplier shall be
entitled to (i) administrative expense claim status as statutorily provided with
respect to post-petition debt and, (ii) recovery, if any, as is subsequently
negotiated for all similarly situated unsecured trade creditors with respect to
pre-petition debt.

The "DIP Lenders" shall include any party to whom the Debtor becomes indebted
for money borrowed in any amount approved by the Court during the Debtor's
Chapter 11 case.

The collection lien provided to suppliers of Continuous Credit under the Program
shall entitle them to any collateral proceeds remaining after enforcement of
prior liens, but shall not entitle them to any right to accelerate, to commence
foreclosure or other enforcement proceedings, to demand marshalling, to receive
adequate protection or to any other rights or remedies, including, without
limitation to contest, object to or otherwise dispute the valuation of
collateral subject to the collection lien or any other action that holders of
senior liens may take with respect to such collateral, it being understood that
the collection lien provides for and pertains only to a right of a collection of
any remaining proceeds of such collateral.

The Debtor shall develop such rules and procedures as are necessary to carry out
the provisions of this Continuous Credit arrangement for suppliers.