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                                                                    EXHIBIT 10.4


                             AMENDMENT NO. 3 TO THE
                        GENEVA STEEL MANAGEMENT EMPLOYEE
                            SAVINGS AND PENSION PLAN


        The Geneva Steel Management Employee Savings and Pension Plan (the
"Plan"), as amended and restated generally effective January 1, 1994, is hereby
amended effective February 1, 1999 as follows:

        Supplement A shall be added in the form attached hereto.

        IN WITNESS WHEREOF, the Company hereby adopts this Third Amendment this
16 day of March, 1999.

                                       GENEVA STEEL



                                       By:       /s/ Carl E. Ramnitz
                                          --------------------------------------
                                       As Its: Vice President Human Resources


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                               SUPPLEMENT A TO THE
                                  GENEVA STEEL
                  MANAGEMENT EMPLOYEE SAVINGS AND PENSION PLAN

                       SUSPENSION OF GENEVA STOCK ACTIVITY


        The Plan provides that all or a portion of the Company's Matching
Contributions may, at the Company's discretion, be made in cash or in shares of
Geneva Stock for deposit to Participants' Geneva Stock Accounts and investment
in the Geneva Stock Fund. The Geneva Stock Fund is intended to be invested
primarily in Geneva Stock. The Geneva Stock Fund is not otherwise offered as an
Investment Fund under the Plan. Effective February 1, 1999, the Company filed
for protection under Chapter 11 of the Federal Bankruptcy Code and Geneva Stock
ceased being readily tradable on an established securities market.

        Notwithstanding any provision of the Plan to the contrary, during any
period the Company determines that Geneva Stock is not readily tradable on an
established securities market and is not able to be reasonably valued through an
appraisal (the "Suspension Period"), Geneva Stock transactions under the Plan
shall be suspended in accordance with the special rules set forth below.

                SPECIAL RULES IN EFFECT DURING SUSPENSION PERIOD

(a)     Geneva Stock Trading. The Plan shall not purchase or sell Geneva Stock.

(b)     Matching Contributions. Matching Contributions shall be made entirely in
        the form of cash for deposit to Participants' Matching Contribution
        Accounts and investment in the Investment Funds as directed by the
        Participants.

(c)     Investment Transfers. A Participant shall be prohibited from
        transferring any portion of his or her Geneva Stock Account balance to
        one or more of the other Investment Funds.

(d)     Determination of Maximum Loan Amount. A Participant's vested Geneva
        Stock Account balance shall be excluded in the determination of the
        maximum amount a Participant may borrow from his or her Accounts.

(e)     Distributions Following Termination of Employment. A terminated
        Participant may elect to have his or her entire Plan Benefit distributed
        (a "Full Distribution") during the Suspension Period or may elect to
        have all but the portion of his or her Plan Benefit attributable


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        to his or her Geneva Stock Account balance distributed (a "Partial
        Distribution") during the Suspension Period and his or her Geneva Stock
        Account balance distributed following the expiration of the Suspension
        Period. If a Participant elects a Full Distribution, his or her Geneva
        Stock Account balance shall be distributed in the form of whole shares
        of Geneva Stock; any fractional share shall not be paid and shall be
        treated as a forfeiture. If a Participant elects a Partial Distribution,
        his or her Geneva Stock Account balance shall be distributed as elected
        by the Participant in cash or in the form of whole shares of Geneva
        Stock and cash in lieu of any fractional share following the expiration
        of the Suspension Period.

        Mandatory cash-outs shall not be made with regard to a Participant whose
        Account includes a Geneva Stock Account balance. Such a Participant may
        receive a Full Distribution or a Partial Distribution upon request as
        described above.

(f)     Other Geneva Stock Transactions. If in the normal course of the
        administration of the Plan prior to the Suspension Period, a Geneva
        Stock value has been utilized to perform a Plan transaction not
        described above, such transaction shall be modified or suspended by the
        Company as may be reasonably required to continue to administer the Plan
        during the Suspension Period.

        Capitalized terms used in this Supplement A that are not defined herein
shall have the same meaning as those terms do in the Plan.