<PAGE>

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D. C.   20549

                                   FORM 10-Q

(MARK ONE)

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
      OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JULY 31, 2000


                                       OR


[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
     OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ________ TO __________

COMMISSION FILE NUMBER:   33-67532

                          SHEFFIELD STEEL CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 Delaware                               74-2191557
 (State or other                        (I.R.S. Employer
 jurisdiction of incorporation)         identification No.)

                           220 NORTH JEFFERSON STREET
                             SAND SPRINGS, OK 74063
                    (Address of principal executive offices)
                                 (918) 245-1335
              (Registrant's telephone number, including area code)


   Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes  X   No
    ---     ---



   At the date of this filing, there were 3,527,688 shares of the Registrant's
$.01 par value Common Stock outstanding.  The aggregate market value of voting
stock held by nonaffiliates is unknown as the Registrant's stock is not traded
on an established public trading market.
<PAGE>

                          SHEFFIELD STEEL CORPORATION
                                   FORM 10-Q

                                     INDEX

                                                                       PAGE
                                                                       ----
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements
         Consolidated Condensed Balance Sheets -
         July 31, 2000 and April 30, 2000                                3

         Consolidated Condensed Statements of Operations -
         Three months ended July 31, 2000 and 1999                       4

         Consolidated Condensed Statements of Cash Flows -
         Three months ended July 31, 2000 and 1999                       5

         Notes to Consolidated Condensed Financial Statements          6-7

Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations                8-11

Item 3.  Quantitative and Qualitative Disclosures about Market Risk  11-12


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                              12

Item 4.  Submission of Matters to a Vote of Security Holders            12

Item 6.  Exhibits and Reports on Form 8-K                               12

Signature                                                               13


                                       2
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

                     CONSOLIDATED CONDENSED BALANCE SHEETS
                                 (IN THOUSANDS)
<TABLE>
<CAPTION>                                                                         July 31,
                                                                                   2000              April 30,
     ASSETS                                                                      Unaudited             2000
     ------                                                                    --------------        --------
<S>                                                                           <C>              <C>
Current assets:
 Cash and cash equivalents                                                          $     80         $     79
 Accounts receivable, less allowance for doubtful accounts of $568
     at July 31, 2000 and $541 at April 30, 2000                                      22,078           25,320
 Inventories                                                                          49,163           49,333
 Other current assets                                                                  4,362            4,727
                                                                                    --------         --------

       Total current assets                                                           75,683           79,459

Property, plant and equipment, net                                                    65,946           66,245
Intangible assets, net                                                                 9,094            9,346
Other assets                                                                           3,253            3,560
Deferred income tax asset, net                                                         1,843            1,843
                                                                                    --------         --------

                                                                                    $155,819          160,453
                                                                                    ========         ========

      LIABILITIES AND STOCKHOLDERS' DEFICIT
      -------------------------------------

Current liabilities:
 Current portion of long-term debt                                                  $  2,607         $  2,607
 Accounts payable                                                                     13,594           20,722
 Accrued interest payable                                                              2,291            5,385
 Accrued liabilities                                                                   6,873            6,701
                                                                                    --------         --------

       Total current liabilities                                                      25,365           35,415

Long-term debt, excluding current portion                                            138,671          130,135
Accrued post-retirement benefit costs                                                 13,770           13,374
Other liabilities                                                                      1,171              742
                                                                                    --------         --------

       Total liabilities                                                             178,977          179,666
                                                                                    --------         --------
Stockholders' deficit:
 Common stock                                                                             36               35
 Additional paid-in capital                                                                -                -
 Accumulated deficit                                                                 (20,951)         (18,141)
                                                                                    --------         --------

                                                                                     (20,915)         (18,106)
 Less loans to stockholders                                                            2,243            1,107
                                                                                    --------         --------

       Total stockholders' deficit                                                   (23,158)         (19,213)
                                                                                    --------         --------

                                                                                    $155,819         $160,453
                                                                                    ========         ========
</TABLE>

     See accompanying notes to consolidated condensed financial statements.

                                       3
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

                CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                 (IN THOUSANDS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                           Three Months Ended
                                                                                 July 31,
                                                                     -------------------------------
<S>                                                                  <C>              <C>
                                                                             2000             1999
                                                                          -------          -------

Sales                                                                     $45,775          $42,939
Cost of sales                                                              36,223           31,821
                                                                          -------          -------

        Gross profit                                                        9,052           11,118

Selling, general and administrative expense                                 3,688            4,098
Depreciation and amortization expense                                       2,104            2,084
Postretirement benefit expense other than pensions                            646              646
Litigation settlement                                                           -           (2,326)
                                                                          -------          -------

        Operating income                                                    3,114            6,616

Other expense:
  Interest expense, net                                                     4,113            3,698
  Other                                                                         -              133
                                                                          -------          -------
                                                                            4,113            3,831
                                                                          -------          -------
        Income (loss) from operations before
            income taxes                                                     (999)           2,785

Income tax expense                                                              -                -
                                                                          -------          -------

        Net income (loss)                                                 $  (999)         $ 2,785
                                                                          =======          =======

</TABLE>

     See accompanying notes to consolidated condensed financial statements.

                                       4
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

                CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                  (UNAUDITED)
<TABLE>
<CAPTION>
                                                                            Three Months Ended
                                                                                  July 31,
                                                                 --------------------------------------
<S>                                                                    <C>               <C>
                                                                              2000               1999
                                                                             ------             -------
Cash flows from operating activities:
 Net income (loss)                                                            $  (999)          $ 2,785
 Adjustments to reconcile net income (loss) to net cash
   used in operating activities:
      Depreciation and amortization                                             2,185             2,163
      Loss on sale of assets held for sale                                          -               118
      Accrual of postretirement benefits other than pensions,
          net of cash paid                                                        396               395
      Changes in assets and liabilities                                        (5,537)           (8,890)
                                                                              -------           -------

      Net cash used in operating activities                                    (3,955)           (3,429)
                                                                              -------           -------

Cash flows from investing activities:
 Capital expenditures                                                          (1,646)           (1,797)
 Proceeds from sale assets held for sale                                            -               182
                                                                              -------           -------

      Net cash used in investing activities                                    (1,646)           (1,615)
                                                                              -------           -------

Cash flows from financing activities:
 Net increase in long-term debt                                                 8,536             5,253
 Other                                                                         (2,934)                -
                                                                              -------           -------

      Net cash provided by financing activities                                 5,602             5,253
                                                                              -------           -------

Net increase in cash                                                                1               209

Cash and cash equivalents at beginning of period                                   79                86
                                                                              -------           -------

Cash and cash equivalents at end of period                                    $    80           $   295
                                                                              =======           =======

Supplemental disclosure of cash flow information
------------------------------------------------
Cash paid during the period for interest                                      $ 7,126           $ 6,743
                                                                              =======           =======
Cash paid during the period for income taxes                                  $     -           $    30
                                                                              =======           =======

Noncash item:
 Increase in loans to stockholders                                            $ 1,123           $     -
                                                                              =======           =======
</TABLE>


     See accompanying notes to consolidated condensed financial statements.

                                       5
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                             JULY 31, 2000 AND 1999
                                 (IN THOUSANDS)
                                  (UNAUDITED)

1)  BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES

The consolidated financial statements of Sheffield Steel Corporation (the
Company, which may be referred to as we, us or our) include the accounts of its
divisions, Sheffield Steel-Sand Springs (Sand Springs), Sheffield Steel-Kansas
City (Kansas City), and Sheffield Steel-Joliet (Joliet) and its wholly owned
subsidiaries, Waddell's Rebar Fabricators, Inc. (Waddell), Wellington
Industries, Inc. (Wellington) and Sand Springs Railway Company (the Railway).
HMK Enterprises, Inc. (HMK) owns approximately 91% of our currently issued and
outstanding common stock.  All material intercompany transactions and balances
have been eliminated in consolidation.  Our primary business is the production
of concrete reinforcing bar, fence posts, and a range of hot rolled bar products
including rounds, flats and squares.  Our products are sold throughout the
continental United States.  We operate in a single operating segment providing
steel products and services to the steel manufacturing and fabricating industry.

These condensed consolidated interim financial statements have been prepared by
us without audit, according to the rules and regulations of the Securities and
Exchange Commission and reflect all adjustments that we believe were necessary
for a fair statement of the results for the interim periods.  All adjustments
made were normal recurring accruals.  We suggest that these interim financial
statements are read in conjunction with the financial statements and notes
contained in our Form 10-K for the year ended April 30, 2000.  Operating results
for the three months ended July 31, 2000 are not necessarily indicative of the
results that we expect for the year ending April 30, 2001.

2)   INVENTORIES

The components of inventories are as follows:

<TABLE>
<CAPTION>
                                                 July 31,
                                                   2000            April 30,
                                                (Unaudited)          2000
                                                -----------          ----

<S>                                               <C>               <C>
Raw materials and storeroom supplies              $11,136          $11,419
Work in process                                    16,899           16,357
Finished goods                                     21,128           21,557
                                                  -------          -------

                                                  $49,163          $49,333
                                                  =======          =======
</TABLE>

                                       6
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

        NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS, CONTINUED

3)    LONG-TERM DEBT

Long-term debt is comprised of the following:
---------------------------------------------

<TABLE>
<CAPTION>
                                            July 31,
                                              2000           April 30,
                                           (Unaudited)          2000
                                          -------------      ---------
<S>                                       <C>               <C>
First mortgage notes                           $110,000       $110,000
Revolving credit agreement                       24,189         15,380
Railway term loan                                 2,000          2,000
Railway revolving credit agreement                  148             92
Equipment notes                                   3,340          3,543
Notes payable                                     1,601          1,727
                                               --------       --------
                                                141,278        132,742
Less current portion                              2,607          2,607
                                               --------       --------

                                               $138,671       $130,135
                                               ========       ========
</TABLE>
On April 29, 2000, we amended our revolving credit agreement. The amendment
eliminates certain covenants if we maintain availability of above $10,000 and in
the event that availability falls below $10,000, it limits capital expenditures
and acquisitions and increases our interest rate 0.5%. The amendment also
extends the agreement until July 31, 2003.

4)   LITIGATION SETTLEMENT

We were party to a lawsuit with several other steel manufacturers against
certain manufacturers of graphite electrodes related to price fixing within the
electrode industry.  We recognized approximately $2,326 in the first quarter of
fiscal 2000 related to settlements reached with certain of the defendents.

                                       7
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

 ITEM 2   Management's Discussion and Analysis of
          Financial Condition and Results of Operations
          ---------------------------------------------

   The following discussion should be read in conjunction with our consolidated
condensed financial statements and notes included in this Form 10-Q.

Results of Operations

  The results of operations are dependent on the level of construction,
infrastructure spending, oil and gas, agribusiness, and general economic
activity in the U.S.  Our sales are seasonal with the third fiscal quarter
generally being weaker than the rest of the year.  The major cost components of
our products are steel scrap and other raw materials, energy, labor, warehousing
and handling, and freight costs.

  The following table provides information regarding the historical results of
operations (in thousands):

<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED JULY 31,
                                    ---------------------------------------------------------------------
                                                   2000                              1999
                                                 -------                             ------
Operating Results:                     Net Sales         % of Sales        Net Sales       % of Sales
                                    ----------------   --------------    --------------   -------------
<S>                                 <C>                <C>               <C>              <C>
Sales                                        $45,775            100.0%          $42,939           100.0%
Cost of sales                                 36,223             79.1%           31,821            74.1%
                                             -------                            -------

     Gross Profit                              9,052             19.8%           11,118            25.9%

Selling and administrative                     3,688              8.1%            4,098             9.5%
Depreciation and amortization                  2,104              4.6%            2,084             4.9%
Postretirement benefit expense                   646              1.4%              646             1.5%
Litigation settlement                              -                -            (2,326)           (5.4%)
                                             -------                            -------

     Operating income                          3,114              6.8%            6,616            15.4%

Interest expense, net                          4,113              9.0%            3,698             8.6%
Other                                              -              0.0%              133             0.3%
                                             -------                             ------
     Income (loss) from
      operations before income                  (999)            (2.2%)           2,785             6.5%
      taxes


Income tax benefit                                 -                -                 -               -
                                             -------                            -------

     Net income (loss)                       $  (999)            (2.2%)         $ 2,785             6.5%
                                             =======                            =======

</TABLE>


                                       8
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

  The following table provides information regarding the historical shipment
levels and average selling prices per ton:
<TABLE>
<CAPTION>

                                           Three Months Ended July  31,
                                     ----------------------------------------
<S>                                  <C>                  <C>
                                                    2000                 1999
                                                --------             --------
Tons shipped:
Hot Rolled Bars                                   45,078               38,452
Rebar                                             48,387               50,898
Fabricated Products                               18,941               17,573
                                                --------             --------
Total finished products                          112,406              106,923
Billets                                           12,093                8,393
                                                --------             --------
Total tons shipped                               124,499              115,316
                                                ========             ========

Average price per ton shipped                       $368                 $372
Average production cost per ton                     $290                 $276
</TABLE>

THREE MONTHS ENDED JULY 31, 2000 AS COMPARED TO THREE MONTHS ENDED JULY 31, 1999

  SALES.  Sales for the first quarter of fiscal 2001 were $45.8 million.
Shipments increased in comparison to the same quarter in the prior year, while
pricing generally decreased as summarized below:

 .  In comparison to the first quarter of fiscal 2000, shipments of our hot
   rolled bar products out of Sand Springs increased 70%. The Sand Springs
   Rolling Mill's productivity rates increased over the prior year contributing
   to increased sales volume. Joliet shipments decreased 5% due to market
   conditions in the agricultural equipment industry. Pricing of hot rolled bar
   products decreased approximately 3% due primarily to product mix.

 .  Rebar shipments decreased approximately 5% due to weather in our region which
   postponed sales during the quarter. Rebar demand continues to be strong,
   however pricing on twenty-foot and no-grade rebar is down slightly in
   comparison to the prior year due to the continued impact of imports.

 .  Billet shipments increased due to favorable market conditions affecting our
   primary billet customers.

 .  Steel scrap raw material costs have increased in comparison to the first
   quarter of fiscal 2000 affecting cost of sales and billet pricing.

  COST OF SALES AND EXPENSES.  Average product costs increased to $290 in the
first quarter of fiscal 2001 from $276 in the first quarter of fiscal 2000 due
to increases in steel scrap raw material costs and higher costs associated with
finished goods product mix.  Although not material in the first quarter, due to
natural gas costs increasing, we expect our gas and electric utility costs to
increase approximately $0.3 million per month for the foreseeable future.  Lower
scrap steel costs should  partially offset this added expense.

                                       9
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

  Selling, general and administrative expenses decreased approximately $0.4
million over the first quarter of fiscal 2000, due to recruiting and severance
costs incurred in fiscal 2000.

  During fiscal 1999, we were parties in a lawsuit with several other steel
manufacturers against certain graphite electrodes manufacturers related to price
fixing within the electrode industry.  In the first quarter of fiscal 2000, we
recorded settlements of $2.3 million from different defendants.

  Interest expense increased in comparison to the first fiscal quarter of the
prior year due to higher interest rates and the level of outstanding debt during
the quarter.  In the past year, additions to debt were due to working capital
requirements, capital expenditures, and purchases of common stock.

  Adding to the Sand Springs and Joliet certifications, during July 2000,
Wellington received ISO 9002 quality certification.

LIQUIDITY AND CAPITAL RESOURCES

  As of July 31, 2000, we had long-term indebtedness of $141.3 million and
approximately $19.8 million of additional borrowing availability under our
revolving credit agreements.  We continue to comply with all of our loan
agreements. Borrowings under our revolving credit agreements bear interest at a
floating rate.  To the extent that interest rates increase, and to the extent
that amounts outstanding under the revolving credit agreements increase, there
will be corresponding increases in our interest obligations.  In addition to
borrowings under the revolving credit agreements, we have historically used cash
flow from operations and equipment financing agreements to fund our investing
activities, including capital expenditures.

  Cash flow used by operating activities was approximately $4.0 million for the
three month period ended July 31, 2000, as compared with cash flow used in
operating activities of approximately $3.4 million for the three month period
ended July 31, 1999. Cash used in operating activities was due to a decrease in
accounts payable partially offset by decreases in accounts receivable. In
addition, operating performance was unfavorable compared to the first quarter of
fiscal 2000 due to lower gross profit in the first quarter of fiscal 2001 and
$2.3 million of income related to the litigation settlement in fiscal 2000. Cash
used in investing activities in the three months ended July 31, 2000 was
approximately $1.6 million, consisting of capital expenditures to sustain or
improve existing operations, including improvements to the melt shop casting
machine in Sand Springs and preliminary engineering for a ladle arc furnace. For
the three month period ended July 31, 2000, cash provided by financing
activities consisted primarily of draws on the Revolving Credit Facility to fund
decreases in accounts payable and payments to repurchase common stock.

  Earnings before interest and taxes (EBIT) ($3.1 million), depreciation and
amortization ($2.1 million), and the non-cash portion of the post-retirement
expense ($0.4 million) (EBITDA) was approximately $5.6 million for the quarter
ended July 31, 2000, compared to approximately $6.8 million for the same quarter
in the prior year, excluding the electrode settlement.  We believe that EBITDA
is a valuable measure of our operating cash flow and we consider it an indicator
of our ability to meet interest payments and fund capital expenditures.  EBITDA
does not represent and should not be considered as an alternative to net income
or cash flow from operations as determined by generally accepted accounting
principles and EBITDA does not necessarily indicate whether cash flow will be
sufficient for cash requirements.

                                       10
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES

  Our cash flow from operating activities and borrowings under our revolving
credit facilities are expected to be sufficient to fund capital improvements and
meet any near-term working capital requirements. We estimate that our annual
level of necessary maintenance capital expenditures are approximately $3
million.  On a long-term basis, we have significant future debt service
obligations. Our ability to satisfy these obligations and to secure adequate
capital resources in the future will be dependent on our ability to generate
adequate operating cash flow.  We expect that our cash flow from operations,
borrowing availability under the revolving credit facilities, and potential
refinancing of our First Mortgage Notes will be sufficient to fund the First
Mortgage Notes and other investing activities. This will be dependent on our
overall operating performance and is subject to general business, financial and
other factors affecting us and others in the domestic steel industry, as well as
prevailing economic conditions, certain of which are beyond our control. The
leveraged position we are in and the restrictive covenants we have in our bond
Indenture and the revolving credit facilities could significantly limit our
ability to withstand competitive pressures or adverse economic conditions.

NEW ACCOUNTING PRONOUNCEMENTS

  In March 2000, the FASB issued Interpretation No. 44, ACCOUNTING FOR CERTAIN
TRANSACTIONS INVOLVING STOCK COMPENSATION: AN INTERPRETATION OF APB OPINION NO.
25.  Among other issues, Interpretation No. 44 clarifies the application of
Accounting Principles Board Opinion No. 25 (APB No. 25) regarding (a) the
definition of employee for purposes of applying APB No. 25, (b) the criteria for
determining whether a plan qualifies as a noncompensatory plan, (c) the
accounting consequence of various modifications to the terms of a previously
fixed stock option or award, and (d) the accounting for an exchange of stock
options in a business combination.  The provisions of Interpretation No. 44
affecting us have been applied on a prospective basis effective July1, 2000.
There was no impact from the adoption of this interpretation in the quarter
ended July 31, 2000.

  SEC Staff Accounting Bulletin No. 101, Revenue Recognition and Staff
Accounting Bulletin No. 101A.  This guidance adds new Topic 13, Revenue
Recognition, to the SEC Codification of Staff Accounting Bulletins. We
understand that the SEC staff is preparing a document to address significant
implementation issues related to SAB 101. To the extent that SAB 101 ultimately
changes revenue recognition practices, we will adopt SAB 101 no later than the
fourth quarter of fiscal 2001 through a cumulative effect adjustment. We do not
anticipate that the adoption of this Bulletin will have a material impact on our
financial position and results of operations.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

  Our earnings are affected by changes in interest rates (primarily the prime
rate).  At July 31, 2000, we had approximately $31.3 million of long-term debt
with variable rates.  Therefore, we may have changes in interest expense due to
fluctuations of interest rates in the markets.  Interest risk can be estimated
by measuring the impact of a 10% increase in interest rates.  We would incur an
additional $280 thousand of interest expense per year on our variable rate
borrowing if our debt levels remained

                                       11
<PAGE>

approximately the same as at July 31, 2000. Because we experience changes in our
debt levels due to operating requirements or changes in the general economic
environment that we are unable to predict, this estimate assumes no changes in
our financial structure. The fair value of our First Mortgage Notes at July 31,
2000, based on the currently offered market price was $73.7 million versus a
carrying value of approximately $110 million.

PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

  We are not a party to any significant pending legal proceedings other than
litigation incidental to our business that we believe will not materially affect
our financial position or results of operations.  Such claims against us are
ordinarily covered by insurance.  We can give no assurance, however, that
insurance will be available in the future at reasonable rates.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLERS

Not applicable.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

A.   Exhibits

See exhibit index.

B.   Reports on Form 8-K

No reports on Form 8-K were filed during the first quarter ended July 31, 2000.

                                       12
<PAGE>

                  SHEFFIELD STEEL CORPORATION AND SUBSIDIARIES


                                   SIGNATURES

 Pursuant to the requirements of the Securities Exchange Act of 1934, the
 Registrant has duly caused this report on Form 10-Q to be signed on its behalf
 by the undersigned thereunto duly authorized.

                                 SHEFFIELD STEEL CORPORATION


 Date:  September 8, 2000        /s/ James P. Nolan
        ---------------------    -------------------
                                 James P. Nolan, President
                                 and Chief Operating Officer



 Date:  September 8, 2000        /s/ Stephen R. Johnson
        ---------------------    -----------------------
                                 Stephen R. Johnson, Vice President
                                 and Chief Financial Officer

                                       13
<PAGE>

                                 EXHIBIT INDEX

Exhibit No.    Description                                      Page No.
-------------  -----------                                      --------

4.22           Tenth Amendment to Receivable and Inventory
               Financing Agreement, dated April 29, 2000
               between Sheffield Steel Corporation and Bank
               of America, N.A.                                    15




                                       14