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                                                                EXHIBIT 10.14(e)

                                  LEASE SUMMARY
                          WHEELING CORRUGATING COMPANY
                                EMPORIA, VIRGINIA

Lessor:                 Industrial Development Authority of Greensville County,
                        Virginia
                        c/o County Administrator
                        1750 East Atlantic Street
                        Emporia, VA 23847

Lessee:                 Wheeling Corrugating, an unincorporated
                        division of Wheeling-Pittsburgh Steel Corporation
                        1134 Market Street
                        Wheeling, WV 26003

Location:               20 Three Creek Road
                        Emporia, VA 23847

Premises:               14.786 acres, being all of lots 6, 7 and 8 within the
                        Greensville County Industrial Park; Lessor to cause or
                        facilitate construction of a 78,250 square foot building
                        thereon.

Purpose:                Manufacturing plant

Date of initial Lease:  August 17, 1998

Date of current Lease   n/a
or Amendment:

Term:                   15 years beginning on the Commencement Date
                        (Feb. 19, 1999 to Feb. 28, 2014)

Renewal:                None.

Option                  Lessee has the option to purchase the
to purchase:            Premises during the Lease Term or upon termination
                        of the Lease.

Termination:            Upon default of the other party, with 30 days'
                        written notice, unless such default is cured within
                        30 days or the other party is in the process of
                        curing such default.

Base rent:              To be determined.

Insurance:              Lessee shall maintain insurance for the benefit of
                        Lessor and Lessee.

Maintenance/repair:     Lessee's responsibility.

Utilities:              Lessee's responsibility (except for connection fees,
                        which is Lessor's responsibility).

Taxes/assessments:      Lessee's responsibility

Assignment/subletting:  With Lessor's prior written consent, except in instances
                        involving Lessee's affiliates.

Inspection:             Lessor has the right to enter at reasonable times with
                        reasonable written notice.

Alterations:            With written consent from Lessor, unless all of the
                        following conditions are satisfied: Tenant Improvements
                        (a) are made to the interior of the building (excluding
                        roof), (b) are not visible from the outside, and (c) do
                        not exceed a cost of $25,000 per alteration.

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                                 LEASE AGREEMENT

         This Lease Agreement (the "Lease") dated this 17th day of August, 1998,
by and between WHEELING CORRUGATING, AN UNINCORPORATED DIVISION OF
WHEELING-PITTSBURGH STEEL CORPORATION, a Delaware corporation, (hereafter
"Lessee), and the INDUSTRIAL DEVELOPMENT AUTHORITY OF GREENSVILLE COUNTY,
VIRGINIA (hereafter "Lessor).

RECITALS:

         Lessor owns a parcel of land which consists of 14.786 acres, and which
is all of lots 6, 7 and 8 within the Greensville County Industrial Park (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 a 78,250 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". 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 shall enter into a construction
contract (the "Construction Contract") with a contractor selected by Lessor in
compliance with the Virginia Public Procurement Act and approved by Lessee,
whose approval shall not be unreasonably withheld. The Construction Contract
shall provide, among other things, for all labor and materials necessary to
construct on the Property a seventy-eight thousand two hundred fifty (78,250)
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 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 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

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asserted against the Contractor, whether under warranty or contract. The
foregoing shall not 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 on which a Certificate of Occupancy is issued for the
buildings (the "Commencement Date") and extending for fifteen (15) consecutive
years thereafter (the "Lease Term"). If the Commencement Date is other than the
first day of the month, the Lease Term shall end at the end of the month which
is fifteen (15) years from the date of the end of the first month of the Lease.
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. Lessor shall secure tax-exempt revenue bond financing
for the "permanent loan", and Lessor shall secure the best interim financing
available for construction of the Improvements, 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
the Lessee, 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 Lessee 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
(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 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,
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)      TWO HUNDRED & NO/100 ($200.00) DOLLARS, which shall
be paid to Lessor to offset administrative costs, PLUS

                  (d)      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, PLUS

                  (e)      If Lessee is required under the terms of paragraph 8
hereof to make any payments in lieu of local taxes to Lessor, then Lessee shall
pay to Lessor one-twelfth (1/12) of any and all such amounts which are so due
from Lessee to Lessor.

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.

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         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 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 Improvements; 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 non responsibility 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

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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.

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 Virginia 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

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 of such policies furnish Lessor or Lessee with evidence of renewals or
"insurance binders" evidencing 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 IN LIEU OF REAL AND PERSONAL PROPERTY TAXES, AND OTHER LOCAL
TAXES. In the event that ownership of the Premises by Lessor results in an
exemption from any local real estate taxes and/or any local personal property
taxes and/or any other local taxes which would have been assessed by Greensville
County if the Premises were owned by a "taxable entity", then Lessee shall pay
to Lessor the total of any and all such taxes which would have been assessed by
Greensville County if the Premises were owned by a "taxable entity". The amounts
so owed shall be paid in twelve (12) equal monthly installments, as provided for
in paragraph 4.1 (e) hereof.

9.       UTILITIES. Lessor shall either secure a waiver of any fees normally
imposed as "connection fees" for connecting service laterals to public water and
sewer systems, or alternatively, Lessor shall make payment of such connection
fees on behalf of Lessee. Except for payment of connection fees for water and
sewer service, 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. 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 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 bondholders or any other party in interest, and including liability
for legal fees and re-financing costs, if any.

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11.     DEFAULTS; REMEDIES.

         11.1     DEFAULT OF LESSEE. A default shall occur if:

                  (a)    Lessee falls 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.

                  (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

                                      7
<PAGE>

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
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)      Lessor's Responsibility and Liability. Lessee
acknowledges that Lessor has heretofore delivered to Lessee a "Phase I"
Environmental Assessment of the Property. Lessee acknowledges that it has
completed a review of that Environmental Assessment. Accordingly, before Lessee
can hold Lessor liable for any environmental contamination which it claims to
have been present at the Premises upon the Commencement Date, Lessee must prove
that such environmental contamination was present upon the Commencement Date
(i.e., in the absence of such proof by Lessee there shall be a

                                       8

<PAGE>

presumption in favor of Lessor that such environmental contamination was not
present on the Commencement Date).

                  (c)      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 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 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.

                  (vi)     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.

                                       9

<PAGE>

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. The individuals executing this Lease on behalf of
Lessor represent and warrant to Lessee that (i) they are fully authorized and
legally capable of executing this Lease on behalf of Lessor, (ii) such execution
is binding upon all parties holding an ownership interest in the Premises, and
(iii) they own the Premises free and clear of any liens or encumbrances of any
kind, except those which will not interfere with Lessee's use of the Premises.

16.      SIGNS. With Lessor's prior written consent, which shall not be
unreasonably withheld, Lessee shall have the right to place a monument sign
adjacent to the Premises and to place signs on the Buildings, which are visible
from the surrounding public streets and highways. The size, location and color
of signs shall be compatible with Lessor's overall plan for the Industrial Park,
and must comply with state and local law, including (but not exclusively), the
Greensvlle County Zoning Ordinance.

17.      MISCELLANEOUS

         17.1     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.

         17.2     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.

         17.3     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. Exception: Notwithstanding the
foregoing language of this paragraph, Lessor shall provide Lessee with letters
confirming that use of the Premises for the intended purposes is permitted by
the Greensville County Zoning Ordinance, and confirming that Lessee shall
receive those tax benefits available to new industries which locate within
Greensville County's Enterprise Zone.

         17.4     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:  County Administrator Industrial
                                         Development Authority of
                                         Greensville County, Virginia
                                         1750 East Atlantic Street
                                         Emporia, Virginia 23847

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

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

                                       10

<PAGE>

payments or the giving of notices or other communications required or permitted
to be given to the party designating such new address.

         17.5     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.

         17.6     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.

         17.7     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.

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

         17.9     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.

         17.10    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.

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

         17.12    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.

         17.13    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, 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

                                       11

<PAGE>

options to extend the term hereof, will not be disturbed so long as Lessee is
not in breach hereof and attoms 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.

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

         17.15    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.

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

         17.17    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.

18.      LESSEE'S PURCHASE OPTIONS.

         18.1     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 the
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.

                  (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 the lease. For
a closing prior to the final year of the 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

                                       12

<PAGE>

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.

         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 CORRUGATING, division of            INDUSTRIAL DEVELOPMENT
WHEELING-PITTSBURGH STEEL                    AUTHORITY OF GREENSVILLE COUNTY,
CORPORATION                                  VIRGINIA
By: :/s/ Tom Patrick                         By: /s/ Donati R. Hugh
     -------------------------------             -------------------------------
     Authorized Officer                          Director

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

         The foregoing instrument was acknowledged before me this 3rd day of
September, 1998, by Donati R. Hugh, on behalf of the Industrial Development
Authority of Greensville County, Virginia.

                                             [signature illegible]
(SEAL)                                       -----------------------------------
My commission expires: 12/31/98              Notary Public

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

         The foregoing instrument was acknowledged before me this 31st day of
August, 1998, by Tom Patrick on behalf of Wheeling-Pittsburgh Steel Corporation.

                                             /s/ Diane Y. Duncan
(SEAL)                                       -----------------------------------
My commission expires: 10/28/07              Notary Public

                                       13

<PAGE>

                              PROPERTY DESCRIPTION

                      LEASE AGREEMENT DATED AUGUST 17, 1998

                                     BETWEEN

                        INDUSTRIAL DEVELOPMENT AUTHORITY

                         OF GREENSVILLE COUNTY, VIRGINIA

                                       AND

                              WHEELING CORRUGATING

All that certain tract or parcel of land situate in Belfield Magisterial
District, Greensville County, Virginia, shown as containing 14.786 acres
(644,061 square feet), and designated as Parcel 2A, on a certain plat thereof
made by George T. McFarland, CLS, dated August 15, 1998, which plat is attached
to, and recorded with, the deed mentioned below, whereon said property is shown
as being bounded as follows: on the north by Sussex Drive (U. S. Route No. 301);
on the east by CSX Railroad; on the south by lands of the Greensville County
Industrial Park (remainder of parcel #2); and on the west by an eighty foot
access easement entitled "80' Road R/W".

The property described above is in all respects the identical property conveyed
unto the Industrial Development Authority of Greensville County, Virginia, by
deed from Greensville County, Virginia, dated August 17, 1998, of record in the
Clerk's Office of the Circuit Court for Greensville County, Virginia.