General Security Agreement



 Exhibit 10.4 
 Execution Copy 
 RYERSON CANADA, INC. 
 as Grantor 
 - and - 

BANK OF AMERICA, N.A. (acting through its Canada branch) 
 as Canadian Agent 
  
  
 GENERAL SECURITY AGREEMENT 
  
  
 Dated as of October 19, 2007 







 Execution Copy 
 GENERAL SECURITY AGREEMENT 
 General security agreement dated as of October 19, 2007 between Ryerson Canada,
Inc. (the “Grantor”) and Bank of America, NA. (acting through its Canada branch), in its capacity as Canadian Agent for the benefit of the Canadian Secured Parties (in such capacity together with any successor in such capacity, the
“Canadian Agent”). 
 WHEREAS the Lenders have agreed to make certain Loans available to the Grantor upon the terms
and conditions contained in a credit agreement among, inter alia, the Grantor, as Canadian Borrower, Rhombus Merger Corporation (to be merged with and into Ryerson Inc.) and Joseph T. Ryerson & Son, Inc., as U.S. Borrowers, the
financial institutions party thereto, as Lenders, Bank of America, NA., as Administrative Agent and the Canadian Agent dated as of the date hereof (such credit agreement as it may at any time or from time to time, be amended, supplemented, restated
or replaced, the “Credit Agreement”); 
 AND WHEREAS the Grantor has agreed to execute and deliver this security
agreement to and in favour of the Canadian Agent as security for the payment and performance of the Grantor’s obligations to the Canadian Agent and the other Canadian Secured Parties under or in connection with the Credit Agreement and the
other Credit Documents to which the Grantor is a party; 
 NOW THEREFORE, in consideration of the foregoing premises and for other
good and valuable consideration, the receipt and sufficiency of which are acknowledged by the parties, the parties agree as follows: 
 ARTICLE 1 
 SECURITY 
 Section 1.01 Terms Incorporated by Reference. 
 In this security agreement, “PPSA” shall mean the
Personal Property Security Act as in effect from time to time in the Province of Ontario; provided that, if validity, perfection or the effect of perfection or non-perfection or the priority of the security interest granted by the Grantor in
any collateral and the rights and remedies of the Canadian Agent are governed by the PPSA or other similar legislation as in effect in a jurisdiction other than Ontario, then “PPSA” shall mean the Personal Property Security
Act or other similar legislation as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such validity, perfection, effect of perfection or non-perfection or priority and to such rights and
remedies. As used herein the following term shall have the meaning specified in the section of the PPSA set forth in the column beside it below: 
  

			
	 Term
	  	 PPSA

	Control	  	1(2)








 Other terms defined in the PPSA and used in this security agreement shall, unless otherwise defined herein, have the same
meaning as ascribed to such terms in the PPSA. 
 The Canadian Agent and each Canadian Secured Party agree that the Perfection Certificate and all
descriptions of Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this security agreement. For the purposes hereof; “Perfection Certificate” shall mean that certain perfection
certificate dated on or about the date hereof executed and delivered by the Grantor in favour of the Canadian Agent for the benefit of the Canadian Secured Parties. 
 Section 1.02 Grant of Security. 
 Subject to Section 1.05, as collateral security for the
payment and performance in full of its Obligations (as hereinafter defined), the Grantor hereby pledges and grants to the Canadian Agent for the benefit of the Canadian Secured Parties, a lien on and security interest in all of its right, title and
interest in, to and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Collateral”): 
  

	 	(1)	(a) all accounts and (b) other rights to payment for inventory or related services to the extent evidenced by chattel paper or instruments; 

  

	 	(ii)	all inventory or documents of title for any inventory; 

  

	 	(iii)	all money and all deposit accounts; 

  

	 	(iv)	all intangibles pertaining to the items referred to in clauses (i) through (iii) above, including, without limitation, all contingent rights with respect to warranties on
inventory or accounts; 

  

	 	(v)	all records, supporting obligations and related Letters of Credit and rights under Letters of Credit, pertaining to the items referred to in clauses (i) through
(iv) above, commercial tort claims (including commercial tort claims described on Schedule 12 of the Perfection Certificate) or other claims and causes of action, in each case, pertaining to the items referred to in clauses (i) through
(iv) above; 

  

	 	(vi)	all books and records relating to the Collateral referred to in clauses (i) through (v) above; and 

  

	 	(vii)	substitutions, replacements, accessions, products and proceeds (including, without limitation, insurance proceeds, licenses, royalties, income, payments, claims, damages and
proceeds of suit) of any or all of the foregoing, only to the extent any of the foregoing would constitute property of the type described in clauses (i) through (vi) above. 

 Section 1.03 Obligations Secured. 
 (1) The security interest granted hereby (the “Security Interest”) secures the payment and performance of all of the Canadian Obligations (as such term is defined in the Credit Agreement) of the Grantor (collectively, the
“Obligations”). 
  

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 Section 1.04 Attachment. 
 (1) The Grantor acknowledges that (i) value has been given, (ii) it has rights in the Collateral (other than after-acquired
Collateral) or the power to transfer rights in the Collateral (other than after-acquired Collateral) to the Canadian Agent, (iii) it has not agreed to postpone the time of attachment of the Security Interest, and (iv) it has received a
duplicate original copy of this security agreement. 
 Section 1.05 Scope of Security Interest. 
 (1) Notwithstanding anything to the contrary contained in Section 1.02, the Security Interest created hereunder shall not extend to,
and the term “Collateral” shall not include, the following assets (collectively, the “Excluded Assets” and each, an “Excluded Asset”): 
 (a) any permit, license, contract or other asset issued by a Governmental Authority to the Grantor or any contract or other agreement to
which the Grantor is a party, in each case, only to the extent and for so long as the terms of such permit, license, contract or other asset issued by a Governmental Authority to the Grantor of such contract or other agreement or any provision of
law applicable thereto, validly prohibit the creation by the Grantor of a security interest in such permit, license or agreement in favour of the Canadian Agent (after giving effect to the PPSA, any other applicable law (including the Bankruptcy
and Insolvency Act (Canada)) or principles of equity); and 
 (b) all accounts resulting from the sale or disposition of
all property of the Grantor other than the Collateral and all supporting obligations and books and records relating thereto, 
 provided,
however, that Excluded Assets shall not include any proceeds, substitutions or replacements of any Excluded Assets referred to in clauses (a) and (b) (unless such proceeds, substitutions or replacements would constitute an Excluded
Asset referred to in clauses (a) and (b). 
 (2) The Security Interest shall not extend to consumer goods. 
 (3) The Security Interest shall not extend or apply to the last day of the term of any lease or sublease or any agreement for a lease or
sublease, now held or hereafter acquired by the Grantor in respect of real property, but the Grantor shall stand possessed of any such last day upon trust to assign and dispose of it as the Canadian Agent may direct. 
 Section 1.06 Care and Custody of Collateral. 
 (1) The Canadian Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is treated substantially equivalent to that which the
Canadian Agent, its individual capacity, accords its own property consisting of similar instruments, it being understood that neither the Canadian Agent nor any of the Canadian Secured Parties shall have responsibility for taking any necessary steps
to preserve rights against any person with respect to any Collateral. 
  

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 (2) The Canadian Agent may, after the Security Interest shall have become enforceable,
(i) notify any person obligated on an account or on chattel paper or any obligor on an instrument to make payments to the Canadian Agent whether or not the Grantor was previously making collections on such accounts, chattel paper or
instruments, and (ii) assume control of any proceeds arising from the Collateral. 
 Section 1.07 Perfection; Other Actions 
 (1) Financing Statements and Other Filings: Maintenance of Perfected Security Interest. The Grantor represents and warrants that
all financing statements, agreements, instruments and other documents necessary to perfect the Security Interest granted by it to the Canadian Agent in respect of the Collateral have been delivered to the Canadian Agent in completed and, to the
extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate. The Grantor agrees that at the sole cost and expense of the Grantor, the
Grantor will maintain the Security Interest created hereunder in the Collateral as a perfected first priority security interest subject only to Permitted Liens. Notwithstanding anything contained herein to the contrary, perfection of the Canadian
Agent’s security interest in money shall not be required other than to the extent it is (1) perfected as proceeds of collateral or (ii) deposited in a deposit account subject to a Control of the Canadian Agent. 
 (2) Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Canadian Agent to
enforce, the Canadian Agent’s Security Interest in the Collateral, the Grantor represents and warrants as follows and agrees, at the Grantor’s own expense, to take the following actions with respect to the following Collateral: 

 

	 	(a)	Instruments and Tangible Chattel Paper. As of the date hereof, no amounts payable under or in connection with any of the Collateral are evidenced by any instrument or
tangible chattel paper other than such instruments and tangible chattel paper listed in Schedule 10 to the Perfection Certificate. Each instrument and each item of tangible chattel paper evidencing any of the Collateral listed in Schedule
10 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Canadian Agent, accompanied by instruments of transfer or assignment duly executed in blank. If any amount then payable under or in connection with any of
the Collateral shall be evidenced by any instrument or tangible chattel paper, and such amount, together with all amounts payable evidenced by any instrument or tangible chattel paper evidencing any of the Collateral not previously delivered to the
Canadian Agent exceeds $5,000,000 individually or $10,000,000 in the aggregate for the Grantor and all Canadian Subsidiary Guarantors, the Grantor acquiring such instrument or tangible chattel paper shall on or before the first date of delivery of
quarterly financial statements pursuant to Section 10.1.3(iii) of the Credit Agreement (the “Quarterly Update Date”) following the receipt thereof by the Grantor endorse, assign and deliver the same to the Canadian Agent,
accompanied by such instruments of transfer or assignment duly executed in blank as the Canadian Agent may from time to time specify. 

  

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	 	(b)	Deposit Accounts. As of the date hereof, the Grantor does not have any deposit accounts other than the accounts listed in Schedule 13 to the Perfection Certificate.
The Canadian Agent has a first priority security interest in each such deposit account subject as to priority only to Permitted Liens. The Grantor shall not hereafter establish and maintain any deposit account unless (1) it shall give the
Canadian Agent prompt written notice that such new deposit account has been established with a bank and (2) such bank, the Grantor and the Canadian Agent shall within thirty (30) days of the date of acquisition of such deposit account have
duly executed and delivered to the Canadian Agent a deposit account control agreement or a blocked account agreement with respect to such deposit account, such time to be extended in the Canadian Agent’s reasonable sole discretion. The Canadian
Agent agrees with the Grantor that the Canadian Agent shall not give any instructions directing the disposition of finds from time to time credited to any deposit account or withhold any withdrawal rights from the Grantor with respect to funds from
time to time credited to any deposit account unless a Cash Dominion Event or an Event of Default has occurred and is continuing. The provisions of this Section 1.07(2)(b) shall not apply to deposit accounts (i) for which the Canadian Agent
is the bank, (ii) for which all of the funds on deposit are used for funding (w) payroll, (x) retirement plans and employee benefits, including rabbi trusts for deferred compensation, (y) health care benefits and (z) escrow
arrangements (e.g., environmental indemnity accounts), (iii) (not already subject to the provisions of this paragraph) with an aggregate avenge daily balance of all funds in all such other deposit accounts for the Grantor and all
Canadian Subsidiary Guarantors not in excess of $10,000,000 at any time and (iv) located outside of Canada. The Grantor shall not grant Control of any deposit account to any person other than the Canadian Agent. 

  

	 	(c)	Electronic Chattel Paper and Transferable Records. As of the date hereof, no amount under or in connection with any of the Collateral is evidenced by any electronic chattel
paper other than such electronic chattel paper and transferable records listed in Schedule 10 to the Perfection Certificate. If any amount payable under or in connection with any of the Collateral shall be evidenced by any electronic chattel
paper or transferable record, the Grantor shall on or before the first Quarterly Update Date following the receipt thereof by the Grantor notify the Canadian Agent thereof and shall take such action as the Canadian Agent may reasonably request to
vest in the Canadian Agent Control of such electronic chattel paper or transferable record under the PPSA. The requirement in the preceding sentence shall not apply to the extent that such amount, together with all amounts payable evidenced by
electronic chattel paper or transferable record in which the Canadian Agent has not been vested Control within the meaning of the PPSA, does not exceed $5,000,000 individually or $10,000,000 in the aggregate for the Grantor and all Canadian
Subsidiary Guarantors. The Canadian Agent agrees with the Grantor that the Canadian Agent will arrange, pursuant to procedures satisfactory to the Canadian Agent and so long as such procedures will not result in the Canadian Agent’s loss of
Control, for the Grantor to make alterations to the electronic chattel paper or transferable record permitted under the PPSA for a party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would
occur after taking into account any action by the Grantor with respect to such electronic chattel paper or transferable record. 

  

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	 	(d)	Letter-of-Credit Rights. If the Grantor is at any time a beneficiary under a letter of credit relating to the Collateral now or hereafter issued, the Grantor shall on or
before the first Quarterly Update Date following the receipt thereof by the Grantor notify the Canadian Agent thereof and the Grantor shall, at the request of the Canadian Agent, pursuant to an agreement in form and substance reasonably satisfactory
to the Canadian Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Canadian Agent of the proceeds of any drawing under the letter of credit relating to the Collateral or
(ii) arrange for the Canadian Agent to become the transferee beneficiary of such letter of credit, with the Canadian Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be applied as provided in the
Credit Agreement. The actions in the preceding sentence shall not be required to the extent that the amount of any such letter of credit, together with the aggregate amount of all other letters of credit relating to the Collateral for which the
actions described above in clause (i) and (ii) have not been taken, does not exceed $5,000,000 individually or $10,000,000 in the aggregate for the Grantor and all Canadian Subsidiary Guarantors. 

  

	 	(e)	Commercial Tort Claims. As of the date hereof, the Grantor hereby represents and warrants that it holds no commercial tort claims other than those listed in Schedule
12 to the Perfection Certificate. If the Grantor shall at any time hold or acquire a commercial tort claim relating to the Collateral, the Grantor shall immediately notify the Canadian Agent in writing signed by the Grantor of the brief details
thereof and grant to the Canadian Agent in such writing a security interest therein and in the proceeds thereof, all upon the terms of this security agreement, with such writing to be in form and substance reasonably satisfactory to the Canadian
Agent The requirement in the preceding sentence shall not apply to the extent that the amount of such commercial tort claim, together with the amount of all other commercial tort claims relating to the Collateral held by the Grantor and the Canadian
Subsidiary Guarantors in which the Canadian Agent does not have a security interest, does not exceed $10,000,000 in the aggregate for the Grantor and all Canadian Subsidiary Guarantors. 

 Section 1.08 Representations and Covenants. 
 The
Grantor represents and warrants to the Canadian Agent, acknowledging and confirming that the Canadian Agent is relying thereon without independent inquiry, that: 
 (1) Title. Except for the security interest granted to the Canadian Agent for the benefit of the Canadian Secured Parties pursuant
to this security agreement and Permitted Liens, the Grantor owns and has rights and, as to Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Collateral pledged by it hereunder, free and clear
of any and all Liens or claims of others. 
 (2) Validity of Security Interest. The Security Interest in and Lien on
the Collateral granted to the Canadian Agent for the benefit of the Canadian Secured Parties 

  

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hereunder constitutes (a) a legal and valid security interest in all the Collateral securing the payment and performance of the Obligations, and
(b) subject to the filings and other actions described in Schedule 6 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed
made) being duly made, a perfected security interest in all the Collateral, except as otherwise provided herein. The Security Interest and Lien granted to the Canadian Agent for the benefit of the Canadian Secured Parties pursuant to this security
agreement in and on the Collateral will at all times constitute a perfected, continuing security interest therein, prior to all other Liens on the Collateral except for Permitted Liens. 
 (3) Defense of Claims: Transferability of Collateral. The Grantor shall, at its own cost and expense, defend title to the
Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Canadian Agent and the priority thereof against all material claims and demands of all persons, at its own cost and expense, at any time claiming
any interest therein adverse to the Canadian Agent or any other Canadian Secured Party other than Permitted Liens. There is no agreement, order, judgment or decree, and the Grantor shall not enter into any agreement or take any other action, that
would restrict the transferability of any of the Collateral or otherwise impair or conflict with the Grantor’s obligations or the rights of the Canadian Agent hereunder to the extent reasonably likely to have a Material Adverse Effect and after
giving effect to the PPSA, any other applicable law (including the Bankruptcy and Insolvency Act (Canada)) or principles of equity. 
 (4) Other Financing Statements. The Grantor has not filed, nor authorized any third party to file (nor will there be), any valid or effective financing statement (or similar statement, instrument of
registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Collateral, except such as have been filed in favour of the Canadian Agent pursuant to this security agreement or in
favour of any holder of a Permitted Lien with respect to such Permitted Lien or financing statements or public notices relating to the termination statements listed on Schedule 8 to the Perfection Certificate. The Grantor shall not execute,
authorize or permit to be filed in any public office any financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) relating to any Collateral, except financing statements and other
statements and instruments filed or to be filed in respect of and covering the security interests granted by the Grantor to the Canadian Agent and the holders of the Permitted Liens. 
 (5) Location of Inventory. In no event shall any inventory of the Grantor be moved to any location except in accordance with the
Credit Agreement and in particular, Section 8.1.1 thereof. 
 (6) Consents. In the event that the Canadian Agent
desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this security agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor,
then, upon the reasonable request of the Canadian Agent, the Grantor agrees to use its best efforts to assist and aid the Canadian Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies,
rights and powers. 
  

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 (7) Collateral. All information set forth herein, including the schedules hereto,
and all information contained in any documents, schedules and lists heretofore delivered to any Canadian Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this security agreement, in each case,
relating to the Collateral, is accurate and complete in all material respects. 
 (8) Insurance. In the event that the
proceeds of any insurance claim with respect to any of the Collateral are paid to the Grantor after the Canadian Agent has exercised its right to foreclose after an Event of Default, such net cash proceeds shall be held in trust for the benefit of
the Canadian Agent and immediately after receipt thereof shall be paid to the Canadian Agent in the amount and for application in accordance with the Credit Agreement. 
 (9) Chief Executive Office; Change of Name; Jurisdiction of Organization. The Grantor will not effect any change (i) to its
legal name, (ii) in its identity or organizational structure, (iii) in its organizational identification number, if any, or (iv) in its jurisdiction of organization (in each case, including by merging with or into any other entity,
reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), unless (A) it shall have given the Canadian Agent promptly but in any event within 30 days after such change, written notice clearly describing such
change and providing such other information in connection therewith as the Canadian Agent may reasonably request and (B) it shall have taken or will promptly take all action necessary to maintain the perfection and priority of the Security
Interest of the Canadian Agent for the benefit of the Canadian Secured Parties in the Collateral. The Canadian Agent shall have no duty to inquire about any of the changes described in clauses (i) through (iv) inclusively, the parties
acknowledging and agreeing that the Grantor is solely responsible to take all action described in Section 1.08(9)(B) above. 
 (10) Transfer of Collateral. The Grantor shall not sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral pledged or charged by it hereunder except as permitted by the Credit
Agreement. 
 ARTICLE 2 
 ENFORCEMENT 
 Section 2.01 Enforcement. 
 (1) The Security Interest shall be and become enforceable against the Grantor upon the occurrence and during the continuance of an Event
of Default. 
 Section 2.02 Remedies. 
 Whenever the Security Interest has become enforceable, the Canadian Agent, for the benefit of the Canadian Secured Parties, may realize upon the Collateral and enforce the rights of the Canadian Agent by: 
  

	 	(a)	entry onto any premises where the Collateral consisting of tangible personal property may be located; 

  

	 	(b)	entry into possession of the Collateral by any method permitted by law; 

  

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	 	(c)	sale or lease of all or any part of the Collateral; 

  

	 	(d)	collection of any proceeds arising in respect of the Collateral; 

  

	 	(e)	collection, realization or sale of; or other dealing with, the accounts; 

  

	 	(f)	appointment by instrument in writing of a receiver (which term as used in this security agreement includes a receiver and manager) or agent of all or any part of the Collateral and
removal or replacement from time to time of any receiver or agent; 

  

	 	(g)	institution of proceedings in any court of competent jurisdiction for the appointment of a receiver of all or any part of the Collateral; 

  

	 	(h)	institution of proceedings in any court of competent jurisdiction for sale or foreclosure of all or any part of the Collateral; 

  

	 	(i)	filing of proofs of claim and other documents to establish claims to the Collateral in any proceeding relating to the Grantor; and 

  

	 	(j)	any other remedy or proceeding authorized or permitted under the PPSA or otherwise by law or equity. 

 Such remedies may be exercised from time to time separately or in combination and are in addition to, and not in substitution for, any other rights of the Canadian Agent however created. The Canadian Agent shall not
be bound to exercise any right or remedy, and the exercise of rights and remedies shall be without prejudice to any other rights of the Canadian Agent in respect of the Obligations including the right to claim for any deficiency. The taking of any
action or proceeding or refraining from doing so, or any other dealings with any other security for the Obligations secured by this security agreement shall not release or affect the Collateral or the Security Interest. 
 Section 2.03 Additional Rights. 
 In addition to
the remedies set forth in Section 2.02, the Canadian Agent, for the benefit of the Canadian Secured Parties, may, whenever the Security Interest has become enforceable: 
  

	 	(a)	require the Grantor, at the Grantor’s expense, to assemble the Collateral at a place or places designated by notice in writing and the Grantor agrees to so assemble the
Collateral; 

  

	 	(b)	require the Grantor, by notice in writing, to disclose to the Canadian Agent the location or locations of the Collateral and the Grantor agrees to make such disclosure when so
required; 

  

	 	(c)	repair, process, modify, complete or otherwise deal with the Collateral and prepare for the disposition of the Collateral, whether on the premises of the Grantor or otherwise;


  

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	 	(d)	carry on all or any part of the business of the Grantor and, to the exclusion of all others including the Grantor, enter upon, occupy and use all or any of the premises, buildings,
and other property of or used by the Grantor for such time as the Canadian Agent sees fit, free of charge, and the Canadian Agent shall not be liable to the Grantor for any act, omission or negligence in so doing or for any rent charges,
depreciation or damages incurred in connection with or resulting from such action; 

  

	 	(e)	borrow for the purpose of carrying on the business of the Grantor or for the maintenance, preservation or protection of the Collateral and mortgage, grant or charge a security
interest in the Collateral, whether or not in priority to the Security interest, to secure repayment; and 

  

	 	(f)	commence, continue or defend any judicial or administrative proceedings for the purpose of protecting, seizing, collecting, realizing or obtaining possession or payment of the
Collateral, and give good and valid receipts and discharges in respect of the Collateral and compromise or give time for the payment or performance of all or any part of the accounts or any other obligation of any third party to the Grantor.


 Section 2.04 Concerning the Receiver. 
 (1) Any receiver appointed by the Canadian Agent shall be vested with the rights and remedies which could have been exercised by the
Canadian Agent in respect of the Grantor or the Collateral and such other powers and discretions as are granted in the instrument of appointment and any supplemental instruments. The identity of the receiver, its replacement and its remuneration
shall be within the sole and unfettered discretion of the Canadian Agent. 
 (2) Any receiver appointed by the Canadian Agent
shall act as agent for the Canadian Agent for the purposes of taking possession of the Collateral, but otherwise and for all other purposes (except as provided below), as agent for the Grantor. The receiver may sell, lease, or otherwise dispose of
Collateral as agent for the Grantor or as agent for the Canadian Agent as the Canadian Agent may determine in its discretion. The Grantor agrees to ratify and confirm all actions of the receiver acting as agent for the. Grantor, and to release and
indemnify the receiver in respect of all such actions. 
 (3) The Canadian Agent, in appointing or refraining from appointing
any receiver, shall not incur liability to the receiver, the Grantor or otherwise and shall not be responsible for any misconduct or negligence of such receiver. 
 Section 2.05 Appointment of Attorney. 
 The Grantor irrevocably appoints the Canadian Agent (and any of its officers) as
attorney of the Grantor (with full power of substitution), whenever the Security Interest has become enforceable, to do, make and execute, in the name of and on behalf of the Grantor, all such further acts, documents, matters and things which the
Canadian Agent may deem necessary or advisable to accomplish the purposes of this security agreement including the execution, endorsement and delivery of documents and any notices, receipts, assignments or verifications of 

  

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the accounts and the delivery and transfer of any Collateral to the Canadian Agent to its nominees or transferees. The powers of attorney herein granted is
in addition to, and not in substitution for any transfer power of attorney delivered by the Grantor and such power of attorney may be relied upon by the Canadian Agent severally or in combination. All acts of the attorney are ratified and approved,
and the attorney shall not be liable for any act, failure to act or any other matter or thing, except for its own gross negligence or wilful misconduct. 
 Section 2.06 Dealing with the Collateral. 
 (1) The Canadian Agent shall not be obliged to exhaust its
recourse against the Grantor or any other Person or against any other security it may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Canadian Agent may consider desirable.

 (2) The Canadian Agent may grant extensions or other indulgences, take and give up securities, accept compositions, grant
releases and discharges and otherwise deal with the Grantor and with other Persons, sureties or securities as it may see fit without prejudice to the Obligations, the liability of the Grantor or the rights of the Canadian Agent in respect of the
Collateral. 
 (3) The Canadian Agent shall not be (i) liable or accountable for any failure to collect realize or obtain
payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of the
Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from
depreciating in value or becoming worthless. 
 Section 2.07 Standards of Sale. 
 Without prejudice to the ability of the Canadian Agent to dispose of the Collateral in any manner which is commercially reasonable, the Grantor
acknowledges that a disposition of Collateral by the Canadian Agent which takes place substantially in accordance with the following provisions shall be deemed to be commercially reasonable: 
  

	 	(a)	the Collateral may be disposed of in whole or in part; 

  

	 	(b)	the Collateral may be disposed of by public auction, public tender or private contract, with or without advertising and without any other formality; 

  

	 	(c)	any assignee of such Collateral may be the Canadian Agent or a customer of the Canadian Agent; 

  

	 	(d)	any sale conducted by the Canadian Agent shall be at such time and place, on such notice and in accordance with such procedures as the Canadian Agent, in its sole discretion, may
deem advantageous; 

  

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	 	(e)	a disposition of Collateral may be on such terms and conditions as to credit or otherwise as the Canadian Agent in its sole discretion, may deem advantageous; and


  

	 	(f)	the Canadian Agent may establish an upset or reserve bid or price in respect of any Collateral. 

 Section 2.08 Application of Proceeds. 
 The proceeds received by the Canadian Agent in respect of
any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Canadian Agent of its remedies shall be applied, together with any other sums then held by the Canadian Agent pursuant to this
security agreement, in accordance with the Credit Agreement. 
 Section 2.09 Dealings by Third Parties. 
 (1) No Person dealing with the Canadian Agent or an agent or receiver shall be required to determine (i) whether the Security
Interest has become enforceable, (ii) whether the powers which such Person is purporting to exercise have become exercisable, (iii) whether any money remains due to the Canadian Agent by the Grantor, (iv) the necessity or expediency
of the stipulations and conditions subject to which any sale or lease is made, (v) the propriety or regularity of any sale or other dealing by the Canadian Agent with the Collateral, or (vi) how any money paid to the Canadian Agent has
been applied. 
 ARTICLE 3 
 GENERAL 
 Section 3.01 Notices, etc. 
 Any notice, direction, demand or other communication required or permitted to be given under this security agreement shall be given in the same manner as provided in the Credit Agreement. 
 Section 3.02 Defined Terms. 
 Capitalized terms
used in this security agreement and not otherwise defined shall have the respective meanings attributed to them in the Credit Agreement. 
 Section 3.03 Discharge. 
 When all the Obligations have been paid in full and no commitments remain under the Credit
Agreement, this security agreement shall terminate. Upon termination of this security agreement the Collateral shall be released from the Lien of this security agreement. In addition, the Collateral or any portion thereof shall be released from the
Lien of this security agreement pursuant to the Credit Agreement. Upon such release, the Canadian Agent shall, upon the request and at the sole cost and expense of the Grantor, assign, transfer and deliver to the Grantor, against receipt and without
recourse to or warranty by the Canadian Agent except as to the fact that the Canadian Agent has not encumbered the released assets, such of the Collateral or any part thereof to be released (in the case of a release) as may be in possession of the
Canadian 

  

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Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Collateral proper documents and
instruments (including termination financing statements or releases, terminations of deposit account control agreements acknowledging the termination hereof or the release of such Collateral as the case may be). 
 Section 3.04 No Merger. 
 This security agreement
shall not operate by way of merger of any of the Obligations and no judgment recovered by the Canadian Agent shall operate by way of merger of, or in any way affect, the Security Interest, which is in addition to, and not in substitution for, any
other security now or hereafter held by the Canadian Agent in respect of the Obligations. 
 Section 3.05 Further Assurances. 
 The Grantor shall take such further actions, and execute and/or deliver to the Canadian Agent such additional financing statements, amendments,
assignments, agreements, supplements, powers and instruments, as the Canadian Agent may in its reasonable judgment deem necessary or appropriate in order to create, perfect, preserve and protect the Security Interest in the Collateral as provided
herein and the rights and interests granted to the Canadian Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority of the Canadian Agent’s Security Interest in the
Collateral or permit the Canadian Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Collateral, including the filing of financing statements, continuation statements and other documents (including this
security agreement) under the Personal Property Security Act (Ontario) or other similar laws in effect in any jurisdiction with respect to the Security Interest created hereby and the execution and delivery of deposit account control
agreements, all in form reasonably satisfactory to the Canadian Agent and in such offices wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Collateral as provided
herein and to preserve the other rights and interests granted to the Canadian Agent hereunder, as against third parties, with respect to the Collateral. Without limiting the generality of the foregoing, the Grantor shall make, execute, endorse,
acknowledge, file or refile and/or deliver to the Canadian Agent from time to time upon reasonable request by the Canadian Agent such lists, schedules, descriptions and designations of the Collateral, copies of warehouse receipts, receipts in the
nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer endorsements, powers of attorney,
certificates, reports and other assurances or instruments as the Canadian Agent shall reasonably request. If an Event of Default has occurred and is continuing, the Canadian Agent may institute and maintain, in its own name or in the name of the
Grantor, such suits and proceedings as the Canadian Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the Security Interest in or the perfection thereof in the Collateral, All of the foregoing shall be at
the sole cost and expense of the Grantor. 
 Section 3.06 Supplemental Security. 
 This security agreement is in addition to and without prejudice to all other security now held or which may hereafter be held by the Canadian Agent.

  

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 Section 3.07 Successors and Assigns. 
 This security agreement shall be binding upon the Grantor, its successors and assigns, and shall enure to the benefit of the Canadian Agent and its
successors and assigns. All rights of the Canadian Agent shall be assignable and in any action brought by an assignee to enforce any of those rights. 
 Section 3.08 Headings, etc. 
 The division of this security agreement into articles, sections and subsections and the
insertion of headings are for convenience of reference only and shall not affect the meaning or construction of this security agreement. 
 Section 3.09 Gender and Number. 
 Any reference in this security agreement to gender shall include all genders and words
importing the singular number only shall include the plural and vice versa. 
 Section 3.10 Severability. 
 If any provision of this security agreement shall be deemed by any court of competent jurisdiction to be invalid or void, the remaining provisions shall
remain in full force and effect. 
 Section 3.11 Governing Law. 
 (1) This security agreement shall be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and
the laws of Canada applicable therein. 
 (2) The Grantor hereby (i) irrevocably submits to the non-exclusive
jurisdiction of any court sitting in the Province of Ontario over any suit, action or proceeding arising out of or relating to this security agreement; (ii) irrevocably agrees that all claims in respect of any suit, action or proceeding may be
heard and determined in such court; and (iii) irrevocably waives, to the fullest extent permitted by law, any objection which it may have or hereafter have to the laying of the venue of any such suit, action or proceeding brought in such a
court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. The Grantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in any
other manner provided by law. Nothing in this section shall affect the right of the Canadian Agent to serve process in any manner permitted by law or limit the rights of the Canadian Agent to bring proceedings against the Grantor in the courts of
any other jurisdiction. 
 (3) The Grantor hereby consents generally in respect of any legal action or proceedings arising out
of or in connection with this security agreement to the giving of any relief or the issue of any process in connection with such action or proceedings, including, without limitation, the making, enforcement or execution against the Grantor of any
order or judgment which may be made or given in such action or proceedings. 
  

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 (4) To the extent that the Grantor has or hereafter may acquire any immunity from the
jurisdiction of any court or from any legal process (whether service of notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) with respect to itself or its assets, the Grantor hereby irrevocably waives, to
the fullest extent permitted by law, such immunity in respect of its obligations under this security agreement. 
 Section 3.12 Counterparts. 

 This security agreement may be executed in counterparts (including by way of facsimile) and all such counterparts taken together shall be
deemed to constitute one and the same instrument. 
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 IN WITNESS WHEREOF the parties have caused this security agreement to be executed by their
respective duly authorized officers as of the date first above written. 
  

			
	RYERSON CANADA, INC.,
	as Grantor
		
	Per:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President & Secretary
	
	 BANK OF AMERICA, N.A. (acting through its Canada branch),
 as Canadian Agent

		
	Per:	 	 /s/ Medina Sales De Andrade

	Name:	 	MEDINA SALES DE ANDRADE
	Title:	 	VICE PRESIDENT


 Signature Page- General Security Agreement (Ryerson Canada, Inc.)