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                                                                    Exhibit 4(j)

                                 AMENDMENT NO. 7
                                       TO
                          THE LINCOLN ELECTRIC COMPANY
                              EMPLOYEE SAVINGS PLAN
                          (EFFECTIVE NOVEMBER 1, 1994)

                  The Lincoln Electric Company, an Ohio corporation, hereby
adopts this Amendment No. 7 to the Lincoln Electric Company Employee Savings
Plan (Effective November 1, 1994) (the "Plan"). The provisions of this Amendment
shall be effective as of January 1, 1998.

                                       I.

                  Section 5.5 of the Plan is hereby amended in its entirety to
read as follows:

                  "5.5 Investment of Contributions. Each Member may, pursuant to
         rules and procedures adopted by the Administrative Committee, direct
         that Before-Tax Contributions, Rollover Contributions, Employer
         Contributions and ESOP Contributions made by or for him shall be
         invested in any or all of the Investment Funds. An investment option
         selected by a Member shall remain in effect and be applicable to all
         subsequent such Contributions made by or for him unless and until an
         investment change is made by him and becomes effective pursuant to
         rules and procedures adopted by the Administrative Committee. Each
         member may, pursuant to rules and procedures adopted by the
         Administrative Committee, make a change in the investment options
         selected by the Member with respect to amounts then held in his
         Account. In the absence of an effective investment direction and/or an
         effective investment change, Before-Tax, Rollover, and Employer
         Contributions (other than Matching Employer Contributions) shall be
         invested in such Investment Fund or Funds, and in such proportions, as
         is designated by the Investment Committee from time to time for such
         purpose, Matching Employer Contributions shall be invested in the
         Company Non-Voting Stock Fund (or in such other Investment Fund as the
         Investment Committee shall designate for such purpose), and ESOP
         Contributions shall be invested in the Company Voting Stock Fund and
         the Company Non-Voting Stock Fund, as applicable."

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                                       II.

                  Article XI of the Plan is hereby amended by adding the
following new Section at the end thereof:

                  "11.7 Correction of Errors Notwithstanding anything herein to
         the contrary, the Plan Administrator or the Administrative Committee
         may take such actions or permit such actions to be taken as are
         necessary and reasonably calculated to correct an administrative error
         made by an Employer, the Plan Administrator, the Committee, the Trustee
         or any other Fiduciary or administrator."

                  EXECUTED at Cleveland, Ohio, this 11th day of June, 1998.

                          THE LINCOLN ELECTRIC COMPANY

                          By: /s/ Frederick G. Stueber
                              --------------------------------------------------
                              Title: Senior Vice President, General Counsel
                                     and Secretary

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