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                                                                    EXHIBIT 10.1
                                                                [Execution Copy]

                       AMENDMENT NO. 1 TO CREDIT AGREEMENT

         THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this "Amendment") is entered
into as of March 30, 2001 among GENEVA STEEL LLC, a Delaware limited liability
company ("Borrower"), each Lender signatory hereto (each, together with its
successors and permitted assigns, a "Lender"), and CITICORP USA, INC., acting as
agent for itself and the other Lenders (in such capacity, "Agent"). Unless
otherwise specified herein, all capitalized terms used in this Amendment shall
have the meaning ascribed to them in the Credit Agreement (as hereinafter
defined).

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, the Borrower, the Agent, the Issuer and the Lenders are party
to a Credit Agreement dated as of January 3, 2001 (as amended, supplemented,
restated or otherwise modified from time to time, the "Credit Agreement"), and

         WHEREAS, the parties to the Credit Agreement desire to amend the Credit
Agreement as herein set forth;

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE I

                        AMENDMENT TO THE CREDIT AGREEMENT

                  SECTION 1.01. AMENDMENT TO THE CREDIT AGREEMENT. Subject to
         the satisfaction of the conditions precedent set forth in Article II
         hereof, the Credit Agreement shall be amended by deleting in its
         entirety Section 7.12 of the Credit Agreement and inserting the
         following new Section 7.12 in its place:

                  SECTION 7.12 INTEREST RATE CONTRACTS. The Borrower shall, no
         later than December 31, 2001, enter into an Interest Rate Contract or
         Contracts, on terms and with counterparties satisfactory to the Agent,
         to provide protection against interest rates exceeding 8.8% per annum
         on Indebtedness bearing floating interest rates for a period of four
         years with respect to a notional amount of at least $50,000,000 or such
         greater amount up to $75,000,000 as the Agent may require in its sole
         discretion by written notice not later than December 1, 2001.

                                   ARTICLE II

                        CONDITIONS PRECEDENT TO AMENDMENT

         The amendment to the Credit Agreement set forth in Article I hereof
shall become effective on the date that each of the following conditions
precedent are satisfied:

                  SECTION 2.01. The Agent shall have received counterparts of
         this Amendment duly executed by the Agent, the Requisite Lenders and
         the Borrower.




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                  SECTION 2.02. The Agent shall have received, dated the date of
         receipt thereof by the Agent, in form and substance satisfactory to the
         Agent, a certificate signed by a duly authorized officer of the
         Borrower stating that:

                  (a) The representations and warranties contained in Article
         III hereof are correct on and as of the date of such certificate as
         though made on and as of such date, and

                  (b) After giving effect to this Amendment, no event has
         occurred and is continuing which constitutes a Default or an Event of
         Default.

                                  ARTICLE III

                   REPRESENTATIONS AND WARRANTIES OF BORROWER

         The Borrower represents and warrants to the Agent and the Lenders that:

                  Section 3.01. Authorization. The execution, delivery and
         performance by the Borrower of this Amendment have been authorized by
         all necessary limited liability company action and the Credit
         Agreement, as amended by this Amendment is a legal, valid and binding
         obligation of the Borrower enforceable against it with its terms,
         except as the enforcement thereof may be subject to (a) the effect of
         any applicable bankruptcy, insolvency, reorganization, moratorium or
         similar law affecting creditors' rights generally and (b) general
         principles of equity (regardless of whether such enforcement is sought
         in a proceeding in equity or at law).

                  Section 3.02. No Conflict. Neither the execution, delivery and
         performance of this Amendment nor the consummation of the transactions
         contemplated hereby does or shall contravene, result in a breach of, or
         violate (a) any provision of the Borrower's certificate of formation or
         agreement of limited liability company, (b) any law or regulation, or
         any order or decree of any court or government agency or
         instrumentality, or (c) any indenture, mortgage, deed of trust, lease,
         agreement or other instrument to which the Borrower or any of its
         Subsidiaries is a party or by which the Borrower or any of its
         Subsidiaries or any of their property is bound.

                  Section 3.03. Representations and Warranties in the Credit
         Agreement. The representations and warranties set forth in Article IV
         of the Credit Agreement and in each other Loan Document are true and
         correct in all material respects on and as of the date hereof, except
         to the extent such representations and warranties expressly relate only
         to an earlier date.

                  Section 3.04. No Default. After giving effect to this
         Amendment, no Default or Event of Default has occurred and is
         continuing under the Credit Agreement.

                                   ARTICLE IV

                            MISCELLANEOUS PROVISIONS

                  Section 4.01. Reference to and Effect Upon the Credit
         Agreement; No Waiver

                  (a) Except as specifically amended above, the Credit Agreement
         and the other Loan Documents shall remain in full force and effect and
         are hereby ratified and confirmed.


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                  (b) The execution, delivery and effectiveness of this
         Amendment shall not operate as a waiver of any Default or Event of
         Default or any right, power, privilege or remedy of the Agent or any
         Lender under the Credit Agreement or any Loan Document, or constitute a
         waiver of any provision of the Credit Agreement or any Loan Document,
         except as specifically set forth herein. Upon the effectiveness of this
         Amendment, each reference in the Credit Agreement to this "this
         Agreement", "hereunder", "hereof", "herein" or words of similar import
         shall mean and be a reference to the Credit Agreement as amended
         hereby.

                  Section 4.02. Costs and Expenses. As provided in Section 11.3
         of the Credit Agreement, the Borrower agrees to reimburse the Agent and
         the Lenders for all reasonable fees, costs and expenses, including the
         reasonable fees, costs and expenses of counsel or other advisors for
         advice, assistance, or other representation in connection with this
         Amendment.

                  Section 4.03. Releases. In further consideration of the
         Lenders' execution of this Amendment, the Borrower and hereby releases
         each of the Agent, each Lender and the Issuer and their respective
         affiliates, officers, employees, directors, agents and attorneys
         (collectively, the "Releasees") from any and all claims, demands,
         liabilities, responsibilities, disputes, causes of action (whether at
         law or equity) and obligations of every nature whatsoever, whether
         liquidated or unliquidated, known or unknown, matured or unmatured,
         fixed or contingent that the Borrower may have against Releasees which
         arise from or relate to the Obligations, any Collateral, any Loan
         Document, any documents, agreements, dealings or other matters in
         connection with any of the Loan Documents, and any third parties liable
         in whole or in part for the Obligations, in each case to the extent
         arising (x) on or prior to the date hereof or (y) out of, or relating
         to, actions, dealings or matters occurring on or prior to the date
         hereof (including, without limitation, any actions or inactions which
         Releasees may have taken or omitted to take prior to the date hereof).

                  Section 4.04. Governing Law. THIS AMENDMENT SHALL BE GOVERNED
         BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

                  Section 4.05. Headings. Section headings in this Amendment are
         included herein for convenience of reference only and shall not
         constitute a part of this Amendment for any other purposes.

                  Section 4.06. Counterparts. This Amendment may be executed in
         any number of counterparts and by facsimile, each of which counterpart
         when so executed shall be deemed an original, but all such counterparts
         shall constitute one and the same instrument.

                            [SIGNATURE PAGES FOLLOW]


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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their proper and duly authorized officers as of the
date set forth above.

BORROWER:

GENEVA STEEL LLC


By:      /s/ DENNIS L. WANLASS
         --------------------------------------------
Name:    Dennis L. Wanlass
         --------------------------------------------
Title:   Vice President
         --------------------------------------------


AGENT AND LENDER:

CITICORP USA, INC.,
as Agent and a Lender


By:      /s/ DAVID JAFFE
         --------------------------------------------
Name:    David Jaffe
         --------------------------------------------
Title:   Vice President
         --------------------------------------------


LENDERS:

FOOTHILL CAPITAL CORPORATION,
as a Lender


By:      /s/ MIKE BARANOWSKI
         --------------------------------------------
Name:    Mike Baranowski
         --------------------------------------------
Title:   Vice President
         --------------------------------------------


IBJ WHITEHALL BUSINESS CREDIT CORPORATION,
as a Lender


By:      /s/ TOD R. ANGUS
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Name:    Tod R. Angus
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Title:   Vice President
         --------------------------------------------


HELLER FINANCIAL, INC., as a Lender


By:
         --------------------------------------------
Name:
         --------------------------------------------
Title:
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                       [Signature Page to Amendment No. 1]


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GMAC BUSINESS CREDIT, LLC, as a Lender


By:      /s/ JOHN BUFF
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Name:    John Buff
         --------------------------------------------
Title:   Director
         --------------------------------------------


                       [Signature Page to Amendment No. 1]