SIXTH AMENDMENT

     SIXTH AMENDMENT (this "Amendment"), dated as of January 30, 1996, among
EARLE M. JORGENSEN HOLDING COMPANY, INC., a Delaware corporation 
("Holding"), EARLE M. JORGENSEN COMPANY, a Delaware corporation (the 
"Borrower"), the financial institutions party to the Credit Agreement 
referred to below (the "Lenders") and BT COMMERCIAL CORPORATION and CHEMICAL 
BANK, as Agents.  All capitalized terms used herein and not otherwise 
defined herein shall have the respective meanings provided such terms in the 
Credit Agreement referred to below.

WITNESSETH:

     WHEREAS, Holding, the Borrower, the Agents and the Lenders are parties 
to a Credit Agreement, dated as of March 3, 1993, as amended, modified and 
supplemented to the date hereof (as so amended, modified and supplemented, 
the "Credit Agreement"); and

     WHEREAS, the parties to the Credit Agreement wish to amend the Credit 
Agreement as herein provided;

     NOW, THEREFORE, it is agreed:


     1.  Section 1.1 of the Credit Agreement is hereby amended by inserting 
the following new definitions in appropriate alphabetical order:

     Insurance Sub shall mean a Wholly-Owned Subsidiary of the Borrower 
organized under the laws of Bermuda.

     2.  The definition "Permitted Transactions" contained Section 1.1 of 
the Credit Agreement is hereby amended by (a) deleting the word "and" 
appearing at the end of clause (iv) contained therein and (b) inserting the 
following immediately after clause (v) contained therein:

     "; and (vi) transactions between Holding, the Borrower or its 
     Subsidiaries (other than Insurance Sub) and Insurance Sub in connection 
     with compliance by the Borrower with Section 7.10".

     3.  Section 7.10 of the Credit Agreement is hereby amended by inserting 
the phrase "and/or Insurance Sub" immediately after the phrase "insurance 
companies" appearing in said Section 7.10.

     4.  Section 8.1 of the Credit Agreement is hereby amended by inserting 
the phrase "(other than Insurance Sub)" immediately after the word 
"Subsidiary" each time such word appears in clause (c) contained therein.

     5.  Section 8.5 of the Credit Agreement is hereby amended by (a) 
Inserting the phrase "(other than Insurance Sub)" immediately after the word 
"Subsidiary" the first time such word appears in clause (e) contained 
therein, (b) deleting the word "and" appearing at the end of clause (j) 
contained therein, (c) deleting clause (k) contained therein in its entirety 
and (d) inserting the following new clauses (k) and (l) immediately after 
clause (j) contained therein:

     "(k) the Borrower may make capital contributions to Insurance Sub in an 
     aggregate amount not to exceed $1,000,000; and

     "(l) any Investments in addition to those contemplated by the foregoing 
     clauses (a) through (k), provided that all Investments made pursuant to 
     this clause (l) shall be permitted by the Senior Notes and shall not 
     exceed $5,000,000 at any time outstanding.".

     6.  Section 8.8 of the Credit Agreement is hereby amended by (a) 
inserting the phrase "and clause (c) of this Section 8.8: immediately after 
the phrase "and 8.1" appearing in clause (a) contained therein and (b) 
inserting the following new clause (c):

     (c)  Insurance Sub shall not engage in any business other than the 
     performance of insurance services for Holding, the Borrower and its 
     Subsidiaries and the investment of its assets in cash and/or Cash 
     Equivalents.".

     7.  Section 8.15 of the Credit Agreement is hereby amended by inserting 
the phrase "(other than Insurance Sub)" immediately after the word 
"Subsidiaries" contained therein.

     8.  Section 8.16 of the Credit Agreement is hereby amended by inserting 
the phrase "(other than Insurance Sub)" immediately after the word 
"Subsidiaries" each time such word appears therein.

     9.  In order to induce the Lenders to enter into this Amendment each 
Credit Party hereby:

     (a) makes each of the representations, warranties and agreements
     contained in Section 6 of the Credit Agreement on the Sixth Amendment 
     Effective Date (as defined in Section 13 below), both before and after 
     giving effect to this Amendment; and

     (b) represents and warrants that no Default or Event of Default is in 
     existence on the Sixth Amendment Effective Date, both before and after 
     giving effect to this Amendment.

     10.  This Amendment is limited as specified and shall not constitute a 
modification, acceptance or waiver of any other provision of the Credit 
Agreement or any other Credit Document.

     11.  This Amendment may be executed in any number of counterparts and 
by the different parties hereto on separate counterparts, each of which 
counterparts when executed and delivered shall be an original, but all of 
which shall together constitute one and the same instrument.  A complete set 
of counterparts shall be lodged with Holding and the Payments Administrator.

12.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER 
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE 
OF NEW YORK.

     13.  This Amendment shall become effective on the date (the "Sixth
 Amendment Effective Date") when Holding, the Borrower, the Agents, the 
Issuing Bank and all the Lenders shall have signed a copy hereof (whether 
the same or different copies) and shall have delivered (including by way of 
facsimile transmission) the same to the Payments Administrator at the 
Payment Office.

     14.  From and after the Sixth Amendment Effective Date, all references 
in the Credit Agreement and each of the credit Documents to the Credit 
Agreement shall be deemed to be references to such Credit Agreement as 
amended hereby.

     IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart 
of this Amendment to be duly executed and delivered as of the date first 
above written.

EARLE M. JORGENSEN HOLDING COMPANY, INC.

By /s/Charles P. Gallopo
   ---------------------
   Title: Vice President & CFO

EARLE M. JORGENSEN COMPANY

By /s/Charles P. Gallopo
   ---------------------
   Title: Vice President & CFO