<PAGE>   1
                                                                   EXHIBIT 10.47


                          WAIVER AND AMENDMENT NO. 1 TO
                           LOAN AND SECURITY AGREEMENT

         THIS WAIVER AND AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT (this
"Amendment") is dated as of June 24, 1999 and is entered into by and among the
financial institutions listed on the signature pages hereof (individually, a
"Lender" and collectively, the "Lenders"), Bank of America National Trust and
Savings Association, successor-in-interest to BankAmerica Business Credit, Inc.,
as agent for the Lenders (in its capacity as agent, the "Agent"), and McInnes
Steel Company, McInnes International, Inc., Taylor Forge Company, Erie Bronze &
Aluminum Company, American Handling, Inc., Northern Steel Company, Micafil, Inc.
and Eballoy Glass Products Company (individually, a "Borrower" and collectively,
the "Borrowers"). All capitalized terms used herein but not otherwise defined
shall have the meanings ascribed to them in the Agreement (as hereinafter
defined).

                                   WITNESSETH:

         WHEREAS, the Lenders, the Agent and the Borrowers have entered into
that certain Loan and Security Agreement dated as of February 25, 1999 (the
"Agreement");

         WHEREAS, certain Events of Default, as more particularly described
herein, have occurred under the Agreement; and

         WHEREAS, the Borrowers desire to have the Events of Default waived and
to amend the Agreement and the Lenders and the Agent are willing to do so,
subject to the terms and conditions stated herein;

         NOW, THEREFORE, in consideration of the premises herein contained and
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Borrowers, the Lenders and the Agent hereby agree as
follows:

         SECTION 1. Waiver of Default. The Agent and the Lenders hereby waive
the Events of Default and any remedies available to the Agent and Lenders
arising from the following: (a) the Consolidated Adjusted Tangible Net Worth of
Centrum and its Subsidiaries determined as of March 31, 1999, was less than
$6,500,000, the minimum amount required under Section 9.26 of the Agreement,
provided, however, that such waiver shall be subject to the condition that the
final calculation of the Consolidated Adjusted Tangible Net Worth of Centrum and
its Subsidiaries as of March 31, 1999 shall not be less than $4,000,000; and (b)
the Fixed Charge Coverage Ratio of Centrum and its Subsidiaries for the period
of four consecutive fiscal quarters ended on March 31, 1999, was less than 1.10
to 1.0, the minimum ratio required under Section 9.27 of the Agreement,
provided, however, that such waiver shall be subject to the condition that the
final calculation of the net loss (before taxes) of Centrum and its Subsidiaries
for the period of four consecutive fiscal quarters ended on March 31, 1999 shall
not be greater than ($5,815,000). This waiver is only applicable and shall only
be effective for the specific instances, for the specific purposes, and for the
specific periods for which given. Such waiver is expressly limited to the facts
and circumstances



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referred to herein and shall not operate (a) as a waiver of or consent to
non-compliance with any other section of the Agreement or any other Loan
Document, (b) as a waiver of, or a restriction on or prejudice with respect to,
any right, power or remedy of the Agent or any Lender under the Agreement or any
other Loan Document, or (c) as a waiver of or consent to any other Event of
Default or Default under the Agreement or any other Loan Document.

         SECTION 2. Amendment to the Agreement. The Agent, the Lenders and the
Borrowers agree that the Agreement shall be amended, effective as of the date
hereof (unless otherwise expressly provided) as follows:

                  (a) Effective as of June 1, 1999, clauses (a), (b) and (c) of
         Section 3.1(a) of the Agreement are hereby amended and restated to read
         in their entirety as follows:

                           "(a) with respect to Base Rate Capital Expenditure
                  Loans, Base Rate Term Loans, Acquisition Line advances based
                  on the Base Rate, and all other Obligations (other than the
                  Base Rate Revolving Loans and LIBOR Rate Loans), 0.75% per
                  annum (the `First Base Rate Margin'), provided, however, that
                  the First Base Rate Margin shall be reduced to 0.50% per annum
                  at such time (if ever) as both of the following conditions
                  shall have been met to the satisfaction of the Agent: (i)
                  Centrum and its Subsidiaries shall have maintained a Fixed
                  Charge Coverage Ratio of at least 1.1 to 1.0 (A) for the
                  fiscal quarter ending June 30, 1999, for the period of the one
                  fiscal quarter ended on such date, (B) for the fiscal quarter
                  ending September 30, 1999, for the period of the two
                  consecutive fiscal quarters ended on such date, or (C) for the
                  fiscal quarter ending December 31, 1999, for the period of the
                  three consecutive fiscal quarters ended on such date; and (ii)
                  no Default or Event of Default shall have occurred and be
                  continuing at the time of such proposed reduction of the First
                  Base Rate Margin; provided further, however, that after any
                  such reduction of the First Base Rate Margin, if Centrum and
                  its Subsidiaries shall not continue to maintain a Fixed Charge
                  Coverage Ratio of at least 1.1 to 1.0 in any succeeding fiscal
                  quarter, for the respective periods stated in clause (i) of
                  the preceding proviso, prior to the fiscal quarter ending
                  March 31, 2000, the First Base Rate Margin shall be increased
                  to 0.75% per annum;

                           (b) with respect to Base Rate Revolving Loans, 0.25%
                  per annum (the `Second Base Rate Margin'), provided, however,
                  that the Second Base Rate Margin shall be reduced to 0% per
                  annum at such time (if ever) as both of the following
                  conditions shall have been met to the satisfaction of the
                  Agent: (i) Centrum and its Subsidiaries shall have maintained
                  a Fixed Charge Coverage Ratio of at least 1.1 to 1.0 (A) for
                  the fiscal quarter ending June 30, 1999, for the period of the
                  one fiscal quarter ended on such date, (B) for the fiscal
                  quarter ending September 30, 1999, for the period of the two
                  consecutive fiscal quarters ended on such date, or (C) for the
                  fiscal quarter ending December 31, 1999, for the period of the
                  three consecutive fiscal quarters ended on such date; and (ii)
                  no Default or Event of Default shall have occurred and be
                  continuing at the time of such proposed reduction of the
                  Second Base Rate Margin; provided further, however, that after
                  any such reduction of the Second Base Rate Margin, if Centrum
                  and its Subsidiaries shall not continue to maintain a


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<PAGE>   3



                  Fixed Charge Coverage Ratio of at least 1.1 to 1.0 in any
                  succeeding fiscal quarter, for the respective periods stated
                  in clause (i) of the preceding proviso, prior to the fiscal
                  quarter ending March 31, 2000, the Second Base Rate Margin
                  shall be increased to 0.25% per annum; and

                           (c) with respect to LIBOR Revolving Loans, 2.50% per
                  annum (the `First LIBOR Rate Margin'), and with respect to
                  LIBOR Term Loans, LIBOR Capital Expenditure Loans and
                  Acquisition Line advances based on the LIBOR Rate, 3.0% per
                  annum (the `Second LIBOR Rate Margin'), provided, however,
                  that the First LIBOR Rate Margin shall be reduced to 2.25% per
                  annum and the Second LIBOR Rate Margin shall be reduced to
                  2.75% per annum at such time (if ever) as both of the
                  following conditions shall have been met to the satisfaction
                  of the Agent: (i) Centrum and its Subsidiaries shall have
                  maintained a Fixed Charge Coverage Ratio of at least 1.1 to
                  1.0 (A) for the fiscal quarter ending June 30, 1999, for the
                  period of the one fiscal quarter ended on such date, (B) for
                  the fiscal quarter ending September 30, 1999, for the period
                  of the two consecutive fiscal quarters ended on such date, or
                  (C) for the fiscal quarter ending December 31, 1999, for the
                  period of the three consecutive fiscal quarters ended on such
                  date; and (ii) no Default or Event of Default shall have
                  occurred and be continuing at the time of such proposed
                  reduction of the First LIBOR Rate Margin and the Second LIBOR
                  Rate Margin; provided further, however, that after any such
                  reduction of the First LIBOR Rate Margin and the Second LIBOR
                  Rate Margin, if Centrum and its Subsidiaries shall not
                  continue to maintain a Fixed Charge Coverage Ratio of at least
                  1.1 to 1.0 in any succeeding fiscal quarter, for the
                  respective periods stated in clause (i) of the preceding
                  proviso, prior to the fiscal quarter ending March 31, 2000,
                  the First LIBOR Rate Margin shall be increased to 2.50% per
                  annum and the Second LIBOR Rate Margin shall be increased to
                  3.00% per annum;"

                  (b)   Section 6.9(c) of the Agreement is hereby amended and
         restated to read in its entirety as follows:

                           "(c) All payments, including immediately available
                  funds received by the Agent at a bank designated by it,
                  received by the Agent on account of Accounts or as proceeds of
                  other Collateral will be the Agent's sole property for its
                  benefit and the benefit of the Lenders and will be credited to
                  the Borrower's Loan Account (conditional upon final
                  collection) after allowing one (1) Business Day for
                  collection; provided, however, that such payments shall be
                  deemed to be credited to the Borrower's Loan Account
                  immediately upon receipt for purposes of (i) determining
                  Availability, (ii) calculating the Unused Line Fee pursuant to
                  Section 3.5, and (iii) calculating the amount of interest
                  accrued thereon solely for purposes of determining the amount
                  of interest to be distributed by the Agent to the Lenders (but
                  not the amount of interest payable by the Borrower). At the
                  discretion of Agent, all such payments that are received by
                  the Agent on account of Accounts shall also be deemed to have
                  been applied to the payment of such Accounts, and also applied
                  to the reduction of the aggregate amount of the Net Amount of
                  Eligible Accounts and any corresponding reduction of the
                  Availability, immediately upon receipt."


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                  (c)   Section 9.26 of the Agreement is hereby amended and
         restated to read in its entirety as follows:

                           "9.26 Adjusted Tangible Net Worth. Centrum and its
                  Subsidiaries will maintain Consolidated Adjusted Tangible Net
                  Worth, determined as of the last day of each fiscal quarter,
                  of not less than $4,000,000, plus an amount equal to 90% of
                  Centrum's and its Subsidiaries' consolidated net income
                  (without regard to any loss) from each fiscal year of Centrum
                  and its Subsidiaries commending with the fiscal year ending
                  March 31, 1999, provided that commencing at such time as the
                  Consolidated Adjusted Tangible Net Worth of Centrum and its
                  Subsidiaries shall equal or exceed $6,500,000 as of the last
                  day of any fiscal quarter, the amount to be added to the
                  minimum Consolidated Adjusted Tangible Net Worth requirement
                  under this Section 9.26 shall be 50%, rather than 90%, of
                  Centrum's and its Subsidiaries' consolidated net income
                  (without regard to any loss) from each fiscal year of Centrum
                  and its Subsidiaries occurring thereafter."

                  (d)   Section 9.27 of the Agreement is hereby amended and
         restated to read in its entirety as follows:

                           "9.27 Fixed Charge Coverage Ratio. Centrum and its
                  Subsidiaries will maintain a Fixed Charge Coverage Ratio for
                  each period of four consecutive fiscal quarters ended at the
                  end of the fiscal quarter set forth below (except that (i) for
                  the fiscal quarter ending June 30, 1999, the ratio shall be
                  determined for the period of the one fiscal quarter ended on
                  such date, (ii) for the fiscal quarter ending September 30,
                  1999, the ratio shall be determined for the period of the two
                  consecutive fiscal quarters ended on such date, and (iii) for
                  the fiscal quarter ending December 31, 1999, the ratio shall
                  be determined for the period of the three consecutive fiscal
                  quarters ended on such date) of not less than the ratio set
                  forth below opposite such fiscal quarter:

<TABLE>
<CAPTION>

               Fiscal Quarter                                      Ratio
<S>                                                             <C>
               June 30, 1999                                       1.0 to 1.0
               September 30, 1999                                  1.0 to 1.0
               December 31, 1999                                   1.0 to 1.0
               March 31, 2000                                      1.1 to 1.0
               June 30, 2000                                       1.1 to 1.0
               September 30, 2000                                  1.1 to 1.0
               December 31, 2000                                   1.1 to 1.0
               March 31, 2001                                      1.1 to 1.0
               June 30, 2001 and
                each fiscal quarter thereafter                     1.25 to 1.0"

</TABLE>


          SECTION 3. Conditions. The effectiveness of this Amendment is subject
to the satisfaction of the following conditions precedent:


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                  (a) Amendment. Fully executed copies of this Amendment signed
         by the Borrowers, the Lenders and the Agent and ratifications signed by
         the Corporate Guarantors shall be delivered to the Agent.

                  (b) Resolutions from the Borrowers. A certificate executed by
         the Secretary or Assistant Secretary of each Borrower certifying that
         such Borrower's Board of Directors has adopted resolutions authorizing
         the execution, delivery and performance by such Borrower of this
         Amendment shall be delivered to the Agent.

                  (c) Resolutions from the Corporate Guarantors. A certificate
         executed by the Secretary or Assistant Secretary of each Corporate
         Guarantor certifying that such Corporate Guarantor's Board of Directors
         has adopted resolutions authorizing the execution, delivery and
         performance by such Corporate Guarantor of the ratification of this
         Amendment shall be delivered to the Agent.

                  (d) Fee. The Borrowers shall have paid the Agent, for the
         account of the Lenders, a waiver and amendment fee in the amount of
         $25,000, which fee shall be earned upon execution of this Amendment and
         shall be non-refundable upon such payment to the Agent. The Agent, the
         Lenders and the Borrowers agree that such fee shall be financed by the
         Lenders as a Revolving Loan.

                  (e) Other Documents. The Borrower shall have executed and
         delivered to the Agent such other documents and instruments as the
         Agent may request.

         SECTION 4. Miscellaneous.

                  (a) Survival of Representations and Warranties. All
         representations and warranties made in the Agreement or any other
         document or documents relating thereto, including, without limitation,
         any Loan Document furnished in connection with this Amendment, shall
         survive the execution and delivery of this Amendment and the other Loan
         Documents, and no investigation by the Agent or any Lender or any
         closing shall affect the representations and warranties or the right of
         the Agent or such Lender to rely thereon.

                  (b) Reference to Agreement. The Agreement, each of the Loan
         Documents, and any and all other agreements, documents or instruments
         now or hereafter executed and delivered pursuant to the terms hereof,
         or pursuant to the terms of the Agreement as amended hereby, are hereby
         amended so that any reference therein to the Agreement shall mean a
         reference to the Agreement as amended hereby.

                  (c) Agreement Remains in Effect. The Agreement and the Loan
         Documents remain in full force and effect, and each Borrower ratifies
         and confirms its agreements and covenants contained therein. Each
         Borrower hereby confirms that, after giving effect to this Amendment,
         no Event of Default or Default exists as of such date.

                  (d) Severability. Any provision of this Amendment held by a
         court of competent jurisdiction to be invalid or unenforceable shall
         not impair or invalidate the remainder of this


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         Amendment and the effect thereof shall be confined to the provision so
         held to be invalid or unenforceable.

                  (e) APPLICABLE LAW. THIS AMENDMENT AND ALL OTHER LOAN
         DOCUMENTS EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE
         AND TO BE PERFORMABLE IN THE STATE OF ILLINOIS AND SHALL BE GOVERNED BY
         AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.

                  (f) Successors and Assigns. This Amendment is binding upon and
         shall inure to the benefit of the Agent, the Lenders and the Borrowers
         and their respective successors and assigns; provided, however, that no
         Borrower may assign or transfer any of its rights or obligations
         hereunder without the prior written consent of the Agent and the
         Lenders.

                  (g) Counterparts. This Amendment may be executed in one or
         more counterparts, each of which when so executed shall be deemed to be
         an original, but all of which when taken together shall constitute one
         and the same instrument.

                  (h) Headings. The headings, captions and arrangements used in
         this Amendment are for convenience only and shall not affect the
         interpretation of this Amendment.

                  (i) Expenses of the Agent. The Borrowers jointly and severally
         agree to pay on demand all costs and expenses incurred by the Agent in
         connection with the preparation, negotiation and execution of this
         Amendment and the other Loan Documents executed pursuant hereto and any
         and all subsequent amendments, modifications, and supplements hereto or
         thereto, including, without limitation, the costs and fees of the
         Agent's legal counsel and the allocated cost of the Agent's in-house
         counsel.

                    [signatures continued on following pages]



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         IN WITNESS WHEREOF, the parties have executed this Amendment on the
date first written above.

                                     "BORROWERS":

                                     MCINNES STEEL COMPANY

                                     By:   /s/  Timothy M. Hunter
                                        -----------------------------
                                     Name:      Timothy M. Hunter
                                        -----------------------------
                                     Title:  Chief Financial Officer/Treasurer
                                           -----------------------------------

                                     MCINNES INTERNATIONAL, INC.

                                     By:   /s/  Timothy M. Hunter
                                        -----------------------------
                                     Name:      Timothy M. Hunter
                                          ---------------------------
                                     Title:  Treasurer
                                           -----------------------------

                                     TAYLOR FORGE COMPANY

                                     By:   /s/  Timothy M. Hunter
                                        -----------------------------
                                     Name:      Timothy M. Hunter
                                          ---------------------------
                                     Title:  Vice President/Treasurer
                                           -----------------------------

                                     ERIE BRONZE & ALUMINUM COMPANY

                                     By:   /s/  Timothy M. Hunter
                                        -----------------------------
                                     Name:      Timothy M. Hunter
                                          ---------------------------
                                     Title:  Treasurer
                                           -----------------------------

                                     AMERICAN HANDLING, INC.

                                     By:   /s/  Timothy M. Hunter
                                        -----------------------------
                                     Name:      Timothy M. Hunter
                                          ---------------------------
                                     Title:  Vice President
                                           -----------------------------

                                     NORTHERN STEEL COMPANY

                                     By:   /s/  Timothy M. Hunter
                                        -----------------------------
                                     Name:      Timothy M. Hunter
                                          ---------------------------
                                     Title:  Treasurer
                                           -----------------------------

                                     MICAFIL, INC.

                                     By:   /s/  Timothy M. Hunter
                                        -----------------------------
                                     Name:      Timothy M. Hunter
                                          ---------------------------
                                     Title:  Treasurer
                                           -----------------------------

                                     EBALLOY GLASS PRODUCTS COMPANY

                                     By:   /s/  Timothy M. Hunter
                                        -----------------------------
                                     Name:      Timothy M. Hunter
                                          ---------------------------
                                     Title:  Treasurer
                                          -----------------------------

                                     "AGENT":

                                     BANK OF AMERICA NATIONAL TRUST
                                      AND SAVINGS ASSOCIATION, as the Agent

                                     By:   /s/ Beverly J. Gray
                                        -----------------------------
                                     Name:     Beverly J. Gray
                                          ---------------------------
                                     Title:  V.P./Sr. Account Executive
                                           -----------------------------

                                     "LENDERS":

                                     BANK OF AMERICA NATIONAL TRUST
                                      AND SAVINGS ASSOCIATION, as a Lender

                                     By:   /s/ Beverly J. Gray
                                        -----------------------------
                                     Name:     Beverly J. Gray
                                          ---------------------------
                                     Title:   V.P./Sr. Account Executive
                                           -----------------------------

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<PAGE>   8


                           CONSENTS AND REAFFIRMATIONS

         The undersigned hereby consent to the terms and conditions of that
Waiver and Amendment No. 1 to Loan and Security Agreement dated as of February
25, 1999, among the financial institutions listed on the signature pages thereto
(individually, a "Lender" and collectively, the "Lenders"), Bank of America
National Trust and Savings Association, successor-in-interest to BankAmerica
Business Credit, Inc., as agent for the Lenders (in its capacity as agent, the
"Agent"), and McInnes Steel Company, McInnes International, Inc., Taylor Forge
Company, Erie Bronze & Aluminum Company, American Handling, Inc., Northern Steel
Company, Micafil, Inc. and Eballoy Glass Products Company, and reaffirm their
obligations under those certain Guaranty of Payment Agreements each dated as of
February 25, 1999 (collectively, the "Corporate Guaranties") made by the
undersigned in favor of the Agent and the Lenders, and acknowledge and agree
that the Corporate Guaranties and all other Loan Documents remain in full force
and effect.

         Dated as of June 24, 1999

                                        CENTRUM INDUSTRIES, INC.

                                        By:  /s/  Timothy M. Hunter
                                           ----------------------------
                                        Name:     Timothy M. Hunter
                                             --------------------------
                                        Title:  Chief Financial Officer
                                              -------------------------

                                        MCINNES SERVICES, INC.

                                        By:  /s/  Timothy M. Hunter
                                           -----------------------------
                                        Name:     Timothy M. Hunter
                                             ---------------------------
                                        Title:  Secretary/Treasurer
                                              --------------------------

                                        LASALLE EXPLORATION, INC.

                                        By:  /s/  Timothy M. Hunter
                                           -----------------------------
                                        Name:     Timothy M. Hunter
                                             ---------------------------
                                        Title:  Treasurer/Assistant Secretary
                                              -------------------------------




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