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                                                                EXHIBIT 10.14(c)

                                  LEASE SUMMARY
                          Wheeling Corrugating Company
                                 FALLON, NEVADA

Lessor:                  FBW Leasecorp, Inc.
                         c/o Ferris, Baker Watts, Inc.
                         629 East Main Street
                         Richmond, VA 23219        (Attn: Bill Carter)

Lessee:                  Wheeling-Pittsburgh Steel Corporation
                         1134 Market Street
                         Wheeling, WV 26003

Location:                8090 Woolery Way
                         Fallon, NV 89406

Premises:                Approximately 10 acres of land, upon which an
                         approximately 18,550 square foot building with related
                         parking areas, roadways and amenities is to be
                         constructed.

Purpose:                 Manufacturing plant

Date of initial Lease:   August 1, 1999

Term:                    15 years from commencement date; bonds were issued on
                         September 1, 1999.

Option to purchase:      Lessee has the option to purchase during
                         Lease Term, or upon termination unless written notice
                         not to purchase is provided no fewer than 4 full
                         months prior to such termination date.

Termination:             By either party upon default of the other by giving
                         30 days' written notice, unless such default is cured
                         within such 30-day period or is in the process of
                         being cured.

Base rent:

<TABLE>
<S>                                   <C>            <C>
October 1999 to September 2000        $22,083        per month
October 2000 to September 2001        $34,367        "      "
October 2001 to September 2002        $34,019        "      "
October 2002 to September 2003        $34,000        "      "
October 2003 to September 2004        $34,183        "      "
October 2004 to September 2005        $34,267        "      "
October 2005 to September 2006        $34,250        "      "
October 2006 to September 2007        $34,550        "      "
October 2007 to September 2008        $34,300        "      "
October 2008 to September 2009        $33,950        "      "
October 2009 to September 2010        $34,333        "      "
October 2010 to September 2011        $34,550        "      "
October 2011 to September 2012        $34,600 "      "      "
October 2012 to September 2013        $34,483        "      "
October 2013 to September 2014        $34,200 "      "      "
</TABLE>

Insurance:               Lessee's responsibility.

Maintenance/repair:      Lessee's responsibility.

Utilities:               Lessee's responsibility.

Taxes/assessments:       Lessee's responsibility.

Assignment/subletting:   With Lessor's prior written consent, which Lessor may
                         not unreasonably withhold. Lessor's consent is not
                         required for Lessee to assign or sublet to any
                         corporation which controls, is controlled by or is
                         under common control with Lessee, or any corporation
                         resulting from merger or consolidation.

Alterations:             With Lessor's written consent.

<PAGE>

                                 LEASE AGREEMENT

This Lease Agreement (the "Lease") dated as of the 1st day of August, 1999, by
and between WHEELING-PITTSBURGH STEEL CORPORATION, A Delaware corporation,
(hereafter "Lessee"), and FBW LEASECORP, INC., A Maryland corporation (hereafter
"Lessor").

RECITALS:

         Lessor owns a parcel of land which consists of approximately 10 acres
(said unimproved real property hereinafter referred to as the "Property") and
which is further described in the attachment hereto entitled "Property
Description." Lessor has agreed to cause, or facilitate, construction of an
approximately 18,550 square foot building on the Property. The parties have
agreed that the improved Property shall be leased to Lessee, and that Lessee
shall also have an option to purchase the Property. Lessee has provided
information indicating its requirements for such a building, and its
requirements for improvements to the remainder of the Property (said building,
together with any and all other improvements to the Property, hereinafter
referred to collectively as the "Improvements"). The Property and the
Improvements are hereinafter referred to collectively as the "Premises" or the
"Project." Lessor and Lessee enter into this Agreement to evidence the terms and
conditions which have been agreed to between them.

         WITNESSETH: That for and in consideration of the reciprocal benefits
inuring to the parties hereunder, and in further consideration of the duties
imposed upon the parties hereby, the parties hereby covenant and agree as
follows:

1.       PREMISES

         1.1      LEASE OF PREMISES. Lessor (or, at its option, Lessee) shall
enter into a construction contract (the "Construction Contract") with a
contractor selected and approved by Lessee. The Construction Contract shall
provide, among other things, for all labor and materials necessary to construct
on the Property an approximately 18,550 square foot building and related parking
areas, roadways for ingress and egress and related amenities, all in accordance
with the "Plans and Specifications" attached hereto as Exhibit A and made a part
hereof. The obligations of the parties under this Agreement shall be subject to
the execution of the Construction Contract and Lessee's written approval
thereof. During the construction of the Improvements, the parties shall
coordinate their efforts and cooperate with each other and the contractor to
ensure that the Improvements are constructed in the most economical manner
reasonably possible. All material decisions relating to the contractor's
performance under the Construction Contract shall be reviewed with both parties.
All change orders to the Construction Contract shall be approved in writing by
both parties; provided, however, that neither party shall unreasonably withhold
its approval of any such change orders. Lessor (or Lessee, as appropriate) shall
include in the Construction Contract the earliest reasonable completion date as
determined by Lessee, and if Lessee so requests, Lessor shall include in the
Construction Contract a provision for the contractor to pay liquidated damages
if the Improvements are not substantially completed by said completion date.
Lessee acknowledges that inclusion of a liquidated damages clause might cause
the contract price to increase.

         1.2      CONDITION OF THE IMPROVEMENTS. Lessor shall secure Lessee's
approval as to the condition of the Improvements before accepting the
Improvements from the contractor. If the Improvements are not in compliance with
the Plans and Specifications, including but not limited to, the structure of the
building, the plumbing, lighting, air conditioning, heating and loading doors,
if any, Lessor shall require the contractor to bring the condition of the
Premises into compliance with the Construction Contract. During the term of the
Lease, if it is discovered that the Improvements were not constructed in
substantial compliance with the Plans and Specifications, Lessor shall assert
any claims which may be asserted against the contractor, whether under warranty
or contract. The foregoing shall not

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be construed as constituting a guaranty or warranty by Lessor as to the
condition of the Improvements, as Lessor shall have no liability to Lessee
arising from the condition of the Improvements.

2.       TERM.

         2.1      TERM. The term of this lease shall be for fifteen (15) years,
beginning on the date hereof (the "Commencement Date") and extending for fifteen
(15) consecutive years and one month thereafter (the "Lease Term"). The parties
may change the Commencement Date by executing a written document.

         2.2      HOLDING OVER. If Lessee remains in possession of the Premises
after the expiration of the Lease Term, Lessee shall be deemed to be a tenant
from month to month only, subject to all of the terms and provisions of this
Lease except as to the duration of the Lease Term and either party to this Lease
may terminate it by giving the other party thirty (30) days' written notice of
termination of such tenancy from month to month.

3.       FINANCING.

         3.1      TERMS. Lessee shall secure tax-exempt revenue bond financing
for the acquisition, construction and equipping of the Premises, repayment of
which shall be secured by a security interest in the real and personal property
which is acquired and improved in connection with the project, and also secured
by a pledge of that portion of the monthly rental due from Lessee equal to
Lessor's monthly debt service payments (but which assignment of rent shall not
include the other elements of monthly rent due from Lessee). The bonds issued
shall be nonrecourse, and Lessor shall have no duty to accept any financing
which would afford to the bondholders recourse against Lessor. Repayment of the
bonds shall be amortized over a term of fifteen (15) years. Any financing costs
(e.g., underwriter's fee, legal fees, issuance fee) which can be paid from the
proceeds of the bond issue shall be paid therefrom, and repaid as a part of
long-term debt service. Any financing costs which are not permitted to be paid
from the bond proceeds shall be paid, in full, by Lessee when due.

         3.2      LESSEE'S COVENANTS. In connection with the issuance of the
bonds, Lessee agrees to (a) upon not less than ten (10) days prior request by
Lessor, deliver to Lessor a statement in writing certifying (i) that this Lease
is in full force and effect (or if there have been modifications, that this
Lease as modified is in full force and effect), (ii) the dates to which rents
and other charges have been paid, (iii) that Lessor is not in default under any
provisions of this Lease, or, if Lessor is in default, the nature thereof in
detail and (iv) such other information pertaining to this Lease as Lessor may
reasonably request; (b) cooperate in providing sufficient information regarding
Wheeling-Pittsburgh Corporation, both financial and otherwise, to enable the
Lessor to successfully market the bonds; (c) provide the Lessor with annual and
quarterly financial statements, which have been certified by the treasurer of
Wheeling-Pittsburgh Corporation as being prepared in accordance with Generally
Accepted Accounting Principles, to be included in an offering statement for the
bonds; (d) provide such updated financial information as is reasonably requested
from time to time by Lessor while the bonds are outstanding, as required by
potential investors; (e) provide an opinion of Lessee's corporate counsel
regarding the enforceability of this Lease against the Lessee; (f) provide an
opinion of Lessee's corporate counsel and certifications of Lessee regarding the
accuracy of the information regarding the Lessee in the offering statement; (g)
execute a tax compliance agreement designed to insure the continued tax-exempt
status of interest on the bonds and comply at all times with the terms thereof;
and (h) if Lessee determines that its interests require compliance with FASB
requirements, then Lessee agrees to bear sole responsibility for insuring that
the lease complies with FASB requirements, and indemnify and save harmless
Lessor and the Director of the State of Nevada Department of Business and
Industry (the "Director") from any loss, liability or responsibility in the
event that this Lease in any way fails to comply with said FASB requirements.

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4.       RENT.

         4.1      MONTHLY RENT. The monthly rental shall equal the sum of the
following:

                  (a)      The monthly payments of Lessor to service debt
incurred for all elements of the Project (including, although not exclusively,
all amounts due the Director under the Financing Agreement (the "Financing
Agreement") dated as of August 1, 1999 between the Director and the Lessor,
construction costs incurred under the primary construction contract and under
any duly approved change orders, costs incurred for constructing a rail spur,
construction loan interest, design and engineering fees, reasonable
administration and overhead costs, grading and other site preparation costs,
legal expenses, insurance premiums, permit fees, provision of utilities, all
costs incurred in connection with the bond issue which were not paid when due by
Lessee), PLUS,

                  (b)      One-twelfth (1/12) of Lessor's current annual
premiums, if any, for all insurance procured by Lessor in connection with the
Premises, PLUS

                  (c)      If Lessor is required to expend any funds for
repairs, improvements and/or maintenance of the Property and Improvements, as
provided for in paragraph 6.1 hereof, then Lessee shall reimburse Lessor for all
amounts so expended by Lessor during the preceding months.

5.       USE.

         5.1      USE. The Premises shall be used and occupied for manufacturing
purposes, namely, as a steel corrugating facility and for purposes associated
therewith and for other similar or related purposes. The Premises shall not be
used in any manner which would cause interest paid on the financing bonds to
constitute taxable income to the recipient. Lessee shall not use or permit the
use of the Premises in any manner that creates waste or a nuisance or that
disturbs owners and/or occupants of, or causes damage to, neighboring premises
or properties. Lessee shall secure Lessor's consent to any proposed modification
of the Premises, as provided for in Section 6.2 (b) hereof.

         5.2      LESSOR'S OWNERSHIP WARRANTY. Lessor represents and warrants
that it owns the Premises free and clear of all liens and encumbrances, except
those which will not affect Lessee's use of the Premises, and has the right to
lease the Premises to Lessee and execute this Lease.

6.       IMPROVEMENTS, ALTERATIONS, REPAIRS, MAINTENANCE.

         6.1      MAINTENANCE OF PREMISES BY LESSEE. Lessee shall bear sole
responsibility for maintaining the Property and all Improvements in as good a
condition as existed upon the Commencement Date, normal wear and tear excepted,
and including the Improvements as the construction thereof progresses, and
Lessee shall bear sole responsibility for payment of all costs incurred in
connection therewith. If Lessor determines that Lessee is not properly
maintaining the Premises, Lessor shall have the right and privilege, but neither
the duty nor obligation, to effect all necessary repairs and maintenance
following notice to Lessee. Lessee shall reimburse Lessor for any and all costs
so incurred by Lessor, payable monthly as provided for in Section 4 hereof.

         6.2      TENANT IMPROVEMENTS; CONSENT THEREFOR.

                  (a)      Definition: Consent Required. The term "Tenant
Improvements" as used in this Lease shall include any overhead cranes located at
the Premises, regardless of whether they were purchased with the proceeds of the
tax exempt revenue bond financing, and all carpeting, window coverings, air
lines, power panels, electrical distribution, machinery and equipment that can
be removed

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<PAGE>

without doing material damage to the Premises. The term "Alterations" shall mean
any structural modification to the Premises, or any Tenant Improvements which
cause material damage to the Premises. Lessee shall not make any Alterations to
the Premises without Lessor's prior written consent. Lessee may, however, make
Tenant Improvements without Lessor's prior written consent if all of the
following conditions are satisfied: such Tenant Improvements are made to the
interior of the building (excluding the roof); and, such Tenant Improvements are
not visible from outside the building; and, such Tenant Improvements do not
involve puncturing, relocating or removing the roof or any existing walls; and,
the cost of such Tenant Improvements does not exceed TWENTY-FIVE THOUSAND &
NO/100 ($25,000.00) DOLLARS per Alteration (i.e., not an aggregate of $25,000.00
for Alterations).

                  (b)      Consent. No Alterations shall be made by Lessee
without first securing written consent from Lessor. Lessee shall provide written
notice to Lessor of any proposed Alterations. Lessor shall, without unreasonable
delay, respond to each request from Lessee for such consent. All consents given
by Lessor shall be deemed conditional upon: (i) Lessee's acquiring all
applicable permits required by governmental authorities; (ii) Lessee's
furnishing copies of such permits, together with a copy of the plans and
specifications for the Alterations, to Lessor prior to the commencement of the
work, and (iii) the compliance by Lessee with all conditions of said permits in
a prompt and expeditious manner. Any Alterations by Lessee shall be done in a
good and workmanlike manner, with good and sufficient materials and in
compliance with all applicable laws. Lessee shall promptly, upon completion of
the Alterations, furnish Lessor with copies of the plans and specifications.

                  (c)      Indemnification. Lessee shall pay, when due, all
claims for labor or materials furnished or alleged to have been furnished to or
for Lessee at or for use on the Premises which claims are or may be secured by
any mechanics or materialmen's lien against the Premises or any interest
therein. Lessee shall give Lessor not less than ten (10) days notice prior to
the commencement of any work in, on or about the Premises, and Lessor shall have
the right to post notices of nonresponsibility in or on the Premises as provided
by law. If Lessee shall, in good faith, contest the validity of any such lien,
claim or demand, then Lessee shall, at its sole cost and expense, defend and
protect itself, Lessor and the Premises against the same and shall pay and
satisfy any such adverse judgment that may be rendered thereon before the
enforcement thereof against Lessor or the Premises.

         6.3      OWNERSHIP AND REMOVAL OF TENANT IMPROVEMENTS; SURRENDER AND
RESTORATION OF THE PREMISES.

                  (a)      Ownership and Removal of Tenant Improvements. To the
extent permitted by property law, all Tenant Improvements made to the Premises
by Lessee shall remain the property of, and owned by, Lessee. Upon expiration of
the Lease, such Tenant Improvements shall be removed by the Lessee, unless the
parties agree that any or all of such Tenant Improvements may remain. Upon such
removal, Lessee shall restore the Premises to the condition which existed prior
to any such Tenant Improvements.

                  (b)      Surrender and Restoration of the Premises. Lessee
shall surrender the Premises by the end of the last day of the Lease Term, the
last day of any renewal term, or any earlier termination date. Upon such
surrender, the Premises shall be clean and free of debris and in good operating
order, condition and state of repair, ordinary wear and tear excepted. The
obligation of Lessee shall include the repair of any damage occasioned by the
installation, maintenance or removal of Lessee's trade fixtures, furnishings,
equipment and other Alterations. The Lessee's trade fixtures, equipment,
machinery, furniture, fixtures and other mixed or personal property, shall
remain the property of Lessee and shall be removed by Lessee at the end of the
Lease Term subject to its obligations to repair and restore the Premises as
provided in this subparagraph.

                                       4

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7.       PROPERTY INSURANCE/BUILDINGS AND IMPROVEMENTS.

         7.1      ALL RISKS INSURANCE. Lessee shall keep the Premises, the
Buildings and the Improvements thereon insured for the benefit of Lessor and
Lessee in an amount of the actual replacement value of the Premises or in an
amount that will be sufficient to prevent Lessee from becoming a co-insurer of
any loss, against all perils included within the classification of fire,
extended coverage, vandalism, malicious mischief and special extended perils,
"all risks" as such term is used in the insurance industry. Said insurance shall
provide for payment of the loss thereunder to Lessor or to the holders of
mortgages or deeds of trust on the Premises, the Buildings or the improvements
thereon. If such insurance coverage has a deductible clause, the deductible
amounts shall not exceed FIFTY THOUSAND & NO/100 ($50,000.00) DOLLARS per
occurrence and Lessor shall be liable for such deductible amount in the event of
an insured loss.

         7.2      GENERAL LIABILITY INSURANCE. Lessee shall obtain and keep in
force, throughout the entire Lease Term, a commercial general liability policy
of combined, single limit, bodily injury and property damage insurance insuring
Lessor, to the extent of Lessee's obligations hereunder to indemnify, insure and
protect Lessor from loss, and Lessee against any liability arising out of the
ownership, use, occupancy or maintenance of the Premises and all areas
appurtenant thereto by Lessee. Such insurance shall be a combined single limit
in the amount of FIVE MILLION & NO/100 ($5,000,000.00) DOLLARS for bodily injury
per occurrence, and TWO HUNDRED FIFTY THOUSAND & NO/100 ($250,000.00) DOLLARS
per claim for property damage, with an annual aggregate of FIVE MILLION & NO/100
($5,000,000.00) DOLLARS.

         7.3      ENVIRONMENTAL INSURANCE. The obligations of the parties under
this Agreement shall be subject to the procurement of a mutually satisfactory
policy of insurance to protect Lessor against any loss or costs incurred as a
result of pollution or other environmental contamination to the Property and
Improvements, whether occurring prior to the Commencement Date or occurring
during the Lease Term. The coverage afforded by such policy shall be broad form
coverage and provide comprehensive protection; however, the parties shall use
their best efforts to secure such coverage for the lowest premium which is
reasonably obtainable. Such insurance shall provide "tail coverage" to Lessor,
and, if possible, shall insure Lessor on an "occurrence basis" rather than one a
"claims-made basis". All premiums paid by Lessor for such coverages shall be
divided into twelve equal parts, which shall be added to the next consecutive
twelve (12) months' rent due from Lessee, as provided in paragraph 4.1(h)
hereof.

         7.4      LESSEE'S PERSONAL PROPERTY INSURANCE. Lessee, at its cost and
expense, shall either by separate policy or at Lessee's option by endorsement to
a policy already carried, maintain insurance coverage on all of Lessee's
personal property and the Tenant Improvements similar in coverage to that of the
Lessor under subparagraph 7.1. Lessee indemnifies and saves harmless Lessor for
any loss of, or damage to, the personal property of Lessee, except to the extent
such loss or damage is caused by the negligence of Lessor.

         7.5      INSURANCE POLICIES. Insurance required pursuant to this
paragraph shall be procured from companies duly licensed to transact business in
the State of Nevada and maintaining a "general policyholder's rating" of at
least B+, V or a similar rating, as set forth in the most current issue of "Best
Insurance Guide." Lessor or Lessee shall not do or permit to be done anything
which shall invalidate the insurance policies described in this paragraph.
Lessor and Lessee shall cause to be delivered to the other certificates
evidencing the existence and amounts of such insurance with the other party as a
named insured. No such policy shall be cancelable or subject to modification
except after thirty (30) days prior written notice to Lessor or Lessee. Lessor
and Lessee shall at least thirty (30) days prior to the expiration of such
policies furnish Lessor or Lessee with evidence of renewals or "insurance
binders" evidencing

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renewal thereof, or evidence that renewal is being responsibly pursued. In the
absence of such evidence, Lessor or Lessee may order such insurance and charge
the costs thereof to the other party, which amounts shall be payable by Lessor
or Lessee upon demand. If the insuring party shall fail to procure and maintain
the insurance required by this paragraph, the other party may, but shall not be
required to, procure and maintain the same, at the expense of Lessee.

         7.6      INDEMNITY.

                  (a)      Lessee's Indemnity. Except for any and all claims
caused by Lessor or its employees, agents or representatives, Lessee shall
indemnify and hold harmless Lessor from and against any and all claims arising
from Lessee's use or occupancy of the Premises, or from the conduct of Lessee's
business or from any activity, work or things done, permitted or suffered by
Lessee in or about the Premises, including (but not exclusively), environmental
contamination, and shall further indemnify and hold harmless Lessor from and
against any and all claims arising from any breach or default in the performance
of any obligation on Lessee's part to be performed under the terms of this
Lease, or arising from any negligence of Lessee, or any of Lessee's agents,
contractors, or employees, and from and against all costs, attorney's fees,
expenses and liabilities incurred in the defense of any such claim or any action
or proceeding brought thereon; and in case any such action or proceeding be
brought against Lessor by reason of any such claim, Lessee, upon notice from
Lessor, shall defend the same at Lessee's expense by counsel selected by
Lessee's insurance carrier, or if such counsel is selected by Lessee, such
counsel shall be selected subject to the approval of Lessor, which approval
shall not be unreasonably withheld.

                  (b)      Lessor's Indemnity. Lessor shall, to the extent
permitted by state and federal law, indemnify and hold harmless Lessee from and
against any and all claims caused by Lessor or its employees, but not claims
arising from any negligence of Lessor's contractors or subcontractors, or any
other third party. Lessor shall, to the extent permitted by state and federal
law, indemnify and hold harmless Lessee from and against any and all claims
caused by any breach or default in the performance of any obligation on Lessor's
part to be performed under the terms of this lease.

8.       PAYMENTS OF REAL AND PERSONAL PROPERTY TAXES, AND OTHER LOCAL TAXES.
Lessee shall pay when due all real and personal property taxes and other local
taxes assessed in connection with the Premises.

9.       UTILITIES. Lessee shall pay all costs incurred for the provision of
water, heat, light, power, telephone and other utilities and services supplied
to the Premises, together with any taxes thereon, and arrange to have these
utilities listed in its account and billed directly to Lessee. Any service
laterals required shall be a part of the construction project, and accordingly,
Lessor makes no warranty or representation concerning what utilities are
available at the Premises, nor does Lessor guarantee the provision of any
utility service to the Premises.

10.      ASSIGNMENT AND SUBLETTING.

         10.1     LESSOR'S CONSENT REQUIRED. Lessee shall not voluntarily or by
operation of law assign, transfer, mortgage, sublet, or otherwise transfer or
encumber all or any part of Lessee's interest in this Lease or in the Premises,
without Lessor's prior written consent, which Lessor may not unreasonably
withhold and in compliance with all relevant terms of the Financing Agreement.
Lessor shall respond to Lessee's request for consent hereunder in a timely
manner and any attempted assignment, transfer, mortgage, encumbrance or
subletting without such consent shall be void.

         10.2     LESSEE AFFILIATES. Notwithstanding the provisions of Paragraph
10.1 hereof, Lessee may assign or sublet the Premises, or any portion thereof,
without Lessor's consent, to any corporation which

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controls, is controlled by or is under common control with Lessee, or to any
corporation resulting from the merger or consolidation with Lessee, or to any
person or entity which acquires substantially all of the assets of Lessee,
provided that said assignee assumes, in full, the obligations of Lessee under
this Lease. In the event of such assignment or sublease by Lessee, Lessee shall
remain fully obligated hereunder notwithstanding sub-Lessee or assignee becoming
obligated hereunder, unless Lessor affords prior written consent to a release of
Lessee. Lessor shall not unreasonably withhold its consent to any such request
by Lessee for an assignment or sublet. However, if the bondholders, or the bond
trustee, refuses to consent to a request of Lessee for an assignment or sublet,
such refusal shall constitute a reasonable basis for Lessor to likewise deny
such consent.

         10.3     SUBLESSEE'S PERMITTED ACTIVITIES. The activities of any
sublessee shall be limited to those which do not jeopardize the tax-exempt
status of the bond issue, and in the event that the activity of Lessee or any
sublessee causes the issue to become taxable, Lessee shall be liable for all
damages which arise therefrom, whether direct or indirect, and whether to
Lessor, the Director, the bond trustee, the bondholders or any other party in
interest, and including liability for legal fees and re-financing costs, if any.

11.      DEFAULTS; REMEDIES.

         11.1     DEFAULT OF LESSEE. A default shall occur if:

                  (a)      Lessee fails to make any rent payment within ten (10)
days after the due date thereof.

                  (b)      Lessee fails to perform any obligation imposed by
this Lease Agreement and does not correct, if possible, such failure within (i)
ninety (90) days after receipt of notice from Lessor specifying the manner in
which Lessee is in default, or, (ii) thirty (30) days from the date on which
Lessee has actual notice of a material default. If the nature of Lessee's
default is such that more than thirty (30) days are reasonably required for its
cure, then it shall not be deemed to be a breach of this lease by Lessee if
Lessee commences such cure within said thirty (30) day period, and thereafter
diligently pursues such cure to completion.

                  (c)      Permanently vacating the Premises, or abandoning
occupancy of the Premises for thirty (30) consecutive days, or more.

                  (d)      The occurrence of any of the following events: (i)
making by Lessee of any general assignment for the benefit of creditors; (ii)
Lessee becoming a debtor as defined in Section 11 U.S.C. Section 101 or any
successor statute thereto (unless, in the case of a petition filed against
Lessee, the same is dismissed within sixty (60) days); (iii) the appointment of
a trustee or receiver who takes possession of substantially all of Lessee's
assets located at the Premises or of Lessee's interest in this Lease, where
possession is not restored to Lessee within thirty (30) days; or (iv) the
attachment, execution or other judicial seizure of substantially all of Lessee's
assets located at the Premises or of Lessee's interest in this Lease, where such
seizure is not discharged within thirty (30) days.

         11.2     REMEDIES OF LESSOR. In the event of a default by Lessee,
Lessor shall have the rights granted by law, including but not limited to the
following rights:

                  (a)      To terminate this Lease Agreement by giving thirty
(30) days' written notice, unless such default is cured within such 30-day
period or Lessee is in the process of curing such default. In the event of
termination of the Lease Term by Lessor pursuant to this provision, Lessor shall
have the right to re-enter and take possession of the Premises.

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<PAGE>

                  (b)      To sue Lessee for any sums that may be due, plus
interest thereon, which interest shall accrue at the rate of nine percent (9%)
per annum.

                  (c)      To sue Lessee in equity to compel the specific
performance of this Lease Agreement.

                  (d)      To exercise any and all other actions available to
Lessor, at law or in equity, which shall be in addition to, but not in lieu of,
the remedies set forth above.

         11.3     DEFAULT OF LESSOR. Lessor shall be in default if Lessor fails
to perform the obligations required of Lessor without any unreasonable delay.

         11.4     REMEDIES OF LESSEE.

                  (a)      To terminate this Lease Agreement by giving thirty
(30) days' written notice, unless such default is cured within such 30-day
period or Lessor is in the process of curing such default.

                  (b)      To sue Lessor for any sums that may be due, plus
interest thereon, which interest shall accrue at the rate of nine percent (9%)
per annum.

                  (c)      To sue Lessor in equity to compel the specific
performance of this Lease Agreement.

                  (d)      To exercise any and all other actions available to
Lessee, at law or in equity, which shall be in addition to, but not in lieu of,
the remedies set forth above.

12.      CONDEMNATION. If the Premises or any portion thereof are taken under
the power of eminent domain, or sold under the threat of the exercise of said
power (all of which are herein called "Condemnation"), this Lease shall
terminate as to the part so taken as of the date the condemning authority takes
title or possession, whichever first occurs. If more than ten percent (10%) of
the floor area of the Buildings, or more than twenty-five percent (25%) of the
land area of the Premises, which is not occupied by any Buildings, is taken by
Condemnation, Lessee may, at Lessee's option, to be exercised in writing within
thirty (30) days after Lessor shall have given Lessee written notice of such
taking (or in the absence of such notice, within (30) days after the condemning
authority shall have taken possession), terminate this Lease as of the date the
condemning authority takes such possession. If Lessee does not terminate this
Lease in accordance with the foregoing sentence, this Lease shall remain in full
force and effect as to the portion of the Premises remaining, except that the
rent shall be reduced in the proportion that the floor area of the Buildings
taken bears to the total floor area of the Buildings. Any award for the taking
of all or any part of the Premises under the power of Condemnation or any
payment made under threat of the exercise of such power shall be divided as
provided by law or in the award of damages. In the event that this Lease is not
terminated by reason of such Condemnation, Lessor shall to the extent of
severance damages received by Lessor in connection with such condemnation,
repair any damage to the Premises caused by such Condemnation, except to the
extent that Lessee has been reimbursed therefor by the condemning authority.

13.      COMPLIANCE WITH ORDERS, ORDINANCES, ETC.

         During the Lease Term, Lessee covenants, at its sole cost and expense,
to promptly comply with all laws and ordinances or the orders, rules,
regulations and requirements, related to Lessee's use and occupation of the
Premises and those of general application to facilities or buildings of similar

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construction or use located in the county and state where the Premises are
located, with all federal, state and municipal governments or other governmental
or quasi-governmental authorities having jurisdiction over either the Premises
or Lessee and appropriate departments, commissions, board and officers thereof,
which may be applicable to the Premises, or Lessee's use of the Premises.

14.      HAZARDOUS SUBSTANCES.

                  (a)      Definitions. Lessor and Lessee hereby covenant and
agree that the following terms shall have the following meanings:

                  (i)      "Environmental Laws" means all federal, state, and
local laws, statues, ordinances, regulations and codes relating to the use,
storage, treatment, generation, transportation, processing, handling,
production, or disposal of any Hazardous Substance and the rules, regulations,
policies, guidelines, interpretations, decisions, orders, and directives with
respect thereto.

                  (ii)     "Hazardous Substance" means, without limitation, any
flammable explosives, radioactive materials, asbestos, urea formaldehyde foam
insulation, polychlorinated biphenyls, petroleum and petroleum based products,
methane, hazardous materials, hazardous wastes hazardous or toxic substances, or
related materials, as defined in the Comprehensive Environmental Response,
Compensation and Liability Act of 1080, as amended (42 U.S.C. Sections 9001, et
seq.), the Hazardous Materials Transportation Act as amended (40 U.S.C. Sections
1902, et seq.), the Toxic Substances Control Act, as amended (15 U.S.C. Sections
2601, et seq.), or any other applicable Environmental Law.

                  (iii)    "Release" has the same meaning as given to that term
in the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended (42 U.S.C. Sections 9601, et seq.), and the regulations
promulgated thereunder.

                  (b)      Lessee's Obligations and Responsibilities. Lessee
covenants and agrees with Lessor as follows:

                  (i)      Lessee shall keep the Premises free of all Hazardous
Substances, except for Hazardous Substances stored, treated, generated,
transported, processed, handled, produced, or disposed of in the normal
operation of the Premises by Lessee for the use described herein, which shall be
in accordance with all Environmental Laws.

                  (ii)     Lessee shall comply with all Environmental Laws.

                  (iii)    Lessee shall promptly provide Lessor with a copy of
all notifications which it gives or receives with respect to any past or present
Release of any Hazardous Substance or the threat of such a Release on, at, or
from the Premises or any property adjacent to or within the immediate vicinity
of the Premises.

                  (iv)     Lessee covenants and agrees, at its sole cost and
expense, to indemnify, defend, and save harmless Lessor from and against any and
all damages, losses, liabilities, obligations, penalties, claims, litigation,
demands, defenses, judgments, suits, actions, proceedings, costs, disbursements,
and/or expenses (including without limitation, reasonable attorneys' and
experts' fees and expenses) of any kind or nature whatsoever which may at any
time be imposed upon, incurred by, asserted, or awarded against Lessor arising
out of the actions or inactions of the Lessee, from (i) the storage, treatment,
generation, transportation, processing, handling, production, or disposal of any
Hazardous Substance on the Premises, (ii) the presence of any Hazardous
Substance or a Release of any Hazardous Substance or the threat of such a
Release on the Premises, (iii) human exposure to any Hazardous Substance, (iv) a
violation of any

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<PAGE>

Environmental Law on the Premises, and (v) a material misrepresentation or
inaccuracy in any representation or warranty or material breach of or failure to
perform any covenant made by Lessee in this subparagraph (c). If Lessee does not
purchase the Property, it shall nevertheless remain liable to Lessor, after
termination of the Lease, for any degradation to the environmental condition to
the Property occasioned during the Lease Term by Lessee, or by any invitee,
licensee, guest or other person, firm or corporation which was on the Premises
during the Lease Term by the authority, whether explicit or implicit, of Lessee.
In the event of a dispute, there shall be a presumption that the environmental
contamination was caused by Lessee, or by a person, firm or corporation acting
pursuant to the authority of Lessee, which presumption Lessee shall have the
right to rebut.

                  (v)      If Lessee does not purchase the Property, then prior
to termination of the lease Lessee shall procure, at its expense, a Phase I
Environmental Assessment. At its own expense, Lessee shall take all actions
necessary to restore the environmental condition of the Property to as "clean"
an environmental condition as existed on the Commencement Date hereof. The
actions required of Lessee may include, although not exclusively, procuring a
Phase II Environmental Assessment and taking any and all remediation action
indicated by either of said environmental assessments.

15.      QUIET ENJOYMENT. Upon Lessee paying the rent for the Premises and
observing and performing all of the covenants, conditions and provisions on
Lessee's part to be observed and performed hereunder, Lessee shall have quiet
possession of the Premises for the entire term hereof subject to all of the
provisions of this Lease.

16.      MISCELLANEOUS

         16.1     SEVERABILITY. The invalidity of any provision of this Lease as
determined by a court of competent jurisdiction, shall in no way affect the
validity of any other provision hereof.

         16.2     TIME OF ESSENCE. Time is of the essence with respect to the
performance of all obligations to be performed or observed by the parties under
this Lease.

         16.3     INCORPORATION OF PRIOR AGREEMENTS; AMENDMENTS. This Lease
contains all agreements of the parties with respect to any matter mentioned
herein. No prior agreement or understanding pertaining to any such matter shall
be effective. This Lease may be modified in writing only, signed by the parties
in interest at the time of the modification.

         16.4     NOTICES. All payments of rent and other payments, if any,
required to be made by Lessee or Lessor under the provisions of this Lease
Agreement, and all notices and other communications required or permitted to be
given or delivered under this Lease Agreement to Lessor or to Lessee, which
notices or communications must be in writing, shall either be (i) delivered
personally; (ii) faxed; or (iii) placed in the United States mail, certified
mail, return receipt requested, addressed as follows;

         (a)      If to the Lessor, to:    FBW Leasecorp, Inc.
                                           c/o Ferris, Baker Watts, Inc.
                                           629 East Main Street
                                           Richmond, Virginia 23219
                                           (Attn: Bill Carter)

         (b)      If to the Lessee, to:    Director, Corporate and Real Estate
                                           Wheeling Pittsburgh Steel Corporation
                                           1134 Market Street
                                           Wheeling, West Virginia 26003

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<PAGE>

         Any payment or notice delivered personally shall be deemed to have been
given and delivered when personally delivered. Any fax shall be deemed delivered
when the initiating party receives written confirmation of receipt from the
recipient. Any notice by certified mail shall be deemed received when the return
receipt is signed by the addressee or service is refused. Lessor and Lessee, by
notice received by the other party from time to time and at any time, may
designate a different address for the making of payments or the giving of
notices or other communications required or permitted to be given to the party
designating such new address.

         16.5     WAIVERS. No waiver by Lessor or Lessee of any provision hereof
shall be deemed a waiver of any other provision hereof or of any subsequent
breach by Lessee or Lessor of the same or any other provision. Lessor's or
Lessee's consent to, or approval of, any act shall not be deemed to render
unnecessary the obtaining of Lessor's or Lessee's consent to or approval of any
subsequent act by Lessee or Lessor.

         16.6     RECORDING. Either Lessor or Lessee shall, upon request of the
other, execute, acknowledge and deliver to the other a "short form" memorandum
of this Lease for recording purposes.

         16.7     CUMULATIVE REMEDIES. No remedy or election hereunder shall be
deemed exclusive but shall, wherever possible, be cumulative with all other
remedies at law or in equity.

         16.8     SUCCESSORS IN TITLE: The terms and conditions hereof shall be
binding upon the parties hereto, and upon their heirs, assigns, devises,
personal representatives, or any other successors in title.

         16.9     ATTORNEY'S FEES. If either party brings an action to enforce
the terms hereof or declare rights hereunder, the prevailing party in any such
action, on trial or appeal, shall be entitled to its reasonable attorney's fees
to be paid, by the losing party as fixed by the court.

         16.10    LESSOR'S ACCESS. Lessor and Lessor's agents shall have the
right to enter the Premises at reasonable times with reasonable written notice
for the purpose of inspecting the same, showing the same to prospective
purchasers, lenders, or lessees.

         16.11    INCORPORATED BY REFERENCE. All of the exhibits attached hereto
are incorporated herein by this reference as is fully rewritten herein.

         16.12    FORCE MAJEURE. Except for Lessee's duty to pay rent, which
shall not be abated, in the event Lessor or Lessee shall be delayed or hindered
or prevented in the performance of any obligations required under the Lease by
reasons of strike, lockouts, inability to procure labor or materials, failure of
power, fire or other acts of God, restrictive governmental laws or regulations,
riots, insurrection, war or any other reason not within the reasonable control
of Lessor or Lessee, then the performance of such obligations shall be excused
for a period of such delay and the period for the performance of any such act
shall be extended for a period equivalent to the period of any such delay.

         16.13    SUBORDINATION ATTORNMENT; NONDISTURBANCE.

         (a)      Subordination. This Lease shall be subject and subordinate to
any ground lease, mortgage, deed of trust or other hypothecation or security
device (collectively the "Security Device"), now or hereafter placed by Lessor
upon the real property of which the Premises are a part and to any renewals,
modifications, consolidations, replacements and extensions thereof. If any
lender shall elect to have this Lease superior to the lien of this Security
Advice and shall give written notice thereof to Lessee,

                                       11

<PAGE>

this Lease shall be deemed prior to such Security Device, notwithstanding the
relative dates of the documentation or recordation thereof.

         (b)      Attornment. Subject to the nondisturbance provisions of
subparagraph (c), Lessee agrees to attorn to a lender or any other party who
acquires ownership of the Premises by reason of a foreclosure of a Security
Device.

         (c)      Lessee's subordination of this Lease shall be subject to
receiving assurance (a "Nondisturbance Agreement") from the Lender that Lessee's
possession of this Lease, including any options to extend the term hereof, will
not be disturbed so long as Lessee is not in breach hereof and attorns to the
record owner of the Premises.

         (d)      Self-Executing. The agreements contained in this Section 17.13
shall be effective without the execution of any further documents; provided,
however, that upon written request from Lessor or a lender in connection with a
sale, financing or refinancing of the Premises, Lessee and Lessor shall execute
such further writing as may be reasonably required to separately document any
such subordination or nonsubordination, attornment and/or nondisturbance
agreement as is provided for herein.

         16.14    CONSENTS. Wherever in this Lease the consent of a party is
required, such consent shall not be unreasonably withheld or delayed.

         16.15    GOVERNING LAW. In the event that litigation is initiated by
either party hereto, such litigation shall be initiated in Federal District
Court for the Eastern District of Virginia, which Court shall have exclusive
jurisdiction, excluding appeals. In the event that resolution of any dispute
hereunder requires an application of case law or statutory law, the laws of the
Commonwealth of Virginia shall control.

         16.16    AMENDMENTS. This Lease may be modified only in writing, signed
by the parties in interest at the time of the modification.

         16.17    COMPLETE AGREEMENT: The terms and conditions hereof represent
the entire and complete agreement among the parties, and the parties expressly
provide that any modification hereto must be effected in writing, and signed by
the parties hereto.

17.      LESSEE'S PURCHASE OPTIONS.

         17.1     OPTION TO PURCHASE THE PREMISES.

                  (a)      Lessee shall have the option of purchasing the
Premises during the Lease Term, or upon termination of this lease. To exercise
its purchase option during the Lease Term, Lessee shall provide written notice
of its exercise to Lessor, and closing shall occur as quickly thereafter as
possible. If Lessee has not purchased the Premises during the Lease Term, it
shall purchase the Premises upon termination of this Lease, unless no fewer than
four (4) full months prior to such termination date, Lessee has provided written
notice to Lessor that it will not be purchasing the Premises upon termination.
If Lessee exercises its purchase option during the Lease Term, the purchase
price shall be the sum of all remaining debt service payments for the tax exempt
revenue bond financing, plus accrued interest and plus all other charges owed
from Lessee to Lessor in accordance with the terms and conditions hereof, plus
one dollar ($1.00), plus any lawful charges which may be levied upon Lessor by
its bondholders (and Lessor shall make a reasonable effort to minimize the costs
so levied). If Lessee exercises its purchase option upon termination of this
Lease, the purchase price shall be one dollar ($1.00) plus all other charges
owed from Lessee to Lessor in accordance with the terms and conditions hereof.

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<PAGE>

                  (b)      Closing Date. If the Option is exercised by Lessee,
the transaction for the purchase and sale of the Premises shall be closed (the
"Closing") on the date specified by Lessee in its written notification. Lessee
may specify any closing date it prefers during the final year of this Lease. For
a closing prior to the final year of this Lease, the closing date shall be no
more than ninety days after the date Lessee affords written notification that it
exercises its purchase option.

                  (c)      Special Warranty Deed and Payment. At the Closing,
Lessor shall convey to Lessee the fee simple title to the Premises as described
in the preceding paragraph by a special warranty deed, free and clear of all
defects, liens, encumbrances, easements and restrictions, reservations,
conditions, agreements and encroachments, except: (i) those which existed upon
the Commencement Date; and (ii) those created during the term of this lease with
the knowledge of Lessee. Lessor shall also execute and deliver to Lessee such
documents as are customary in the community where the property is being
conveyed. Lessee shall pay the Purchase Price, together with the amount of Rent
and other charges due under this Lease prorated to the Closing Date in cash or
its equivalent.

LESSOR AND LESSEE HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND
PROVISION CONTAINED HEREIN AND, BY EXECUTION OF THIS LEASE, SHOW THEIR INFORMED
AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS
LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND
EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE
PREMISES.

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<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officer to execute this Lease to be effective the date first above
written.

WHEELING-PITTSBURGH                                  FBW LEASECORP., INC.
STEEL CORPORATION

By: /s/ John W. Testa                                By: /s/ William P. Carter
    -------------------------                            -----------------------
Authorized Officer                                   Authorized Officer

State of West Virginia
City/County of Ohio, to-wit:

         The foregoing instrument was acknowledged before me this 11 day of
August, 1999 by John W. Testa on behalf of Wheeling Pittsburgh Steel
Corporation.

                                                     /s/ Diane Y. Duncan
                                                     ---------------------------
                                                     Notary Public

(SEAL)
My commission expires: 10/28/07

State of Virginia
City/County of Richmond, to-wit:

         The foregoing instrument was acknowledged before me this 12th day of
August, 1999 by William P. Carter on behalf of FBW Leasecorp., Inc.

                                                     /s/ Sherry B. Jones
                                                     ---------------------------
                                                     Notary Public

(SEAL)
My commission expires: June 30, 2000

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