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                              EMPLOYMENT AGREEMENT


                  This Agreement (the  "Agreement"),  dated as of April 7, 1998,
will confirm that Handy & Harman, a New York corporation (the "Company") and WHX
Corporation, a Delaware corporation (the "Parent Company") have offered, and you
have  accepted,  the position of President  and Chief  Executive  Officer of the
Company and Executive Vice President of the Parent Company.

                  1. The initial term of your employment  shall be from April 7,
1998  through  April 7, 2001,  subject to earlier  termination  pursuant  to the
provisions set forth below,  and shall  automatically be extended for successive
one-year  terms unless either you or the Company shall advise the other upon not
more than 60 days nor less  than 30 days  notice  that  such  term  shall not be
renewed; provided that if the Agreement shall not be renewed by the Company, you
shall be entitled to the  benefits  set forth in Section  8(c) hereof as if your
employment had been terminated pursuant to Section 7(c) hereof.

                  2. You agree to use your best  efforts to promote the interest
of the Company and the Parent,  and devote your full  business time and energies
to the business and affairs of the Company and the Parent.  You agree to perform
such  services as are  customary to your position and as shall from time to time
be assigned to you by the Board of Directors of the Parent Company.

                  3. Your  annual base  salary  shall be no less than  $400,000,
less applicable federal,  state and local tax deductions,  payable in accordance
with the Company's and the Parent Company's  customary  payroll  practices.  Any
increases in your annual  salary shall be in the sole  discretion  of the Parent
Company's Board of Directors.


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                  4. (a) You shall be eligible to  participate  in the following
compensation  plans that may be  offered  from time to time by the  Company,  in
accordance with the terms and provisions of such plans and their  successors and
assigns and  subject to the  discretion  of the  Compensation  Committee  of the
Parent  Company's  Board of  Directors  (the  "Committee"):  the  Handy & Harman
Management  Incentive  Plan (the  "Bonus  Plan"),  the Handy & Harman  Long-Term
Incentive Plan (the "Incentive  Plan"),  and the Parent Company's 1991 Incentive
and  Non-Qualified  Stock  Option  Plan  (the  "Option  Plan")  in each  case as
described below.

                     (b) You shall be eligible to  participate in the Bonus Plan
beginning in respect of the 1998 plan year;  provided,  however,  that any bonus
amounts  payable  thereunder  are  contingent  upon the Company's  attainment of
performance goals established by the Committee in its sole discretion.

                     (c) You shall continue to be eligible and to participate in
the  Incentive  Plan in respect of the  1997-through-1999  cycle and  subsequent
cycles;  provided,  however,  that any awards  granted and any  amounts  payable
thereunder are  contingent  upon the Company's  attainment of performance  goals
established by the Committee.

                     (d) You shall be granted,  effective  as of April 23, 1998,
options (the "Options") to purchase 260,000 shares of common stock of the Parent
Company pursuant to the Option Plan. The Options shall (i) be granted under, and
subject  to the  terms  of,  the  Option  Plan,  (ii)  have a ten (10) year term
(subject to earlier  termination  as provided in the Option Plan and the form of
grant agreement  thereunder),  (iii) vest and become exercisable with respect to
one-third  of the shares of common  stock  subject  thereto on each of the first
three (3) anniversaries of the date of


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grant and (iv) have an  exercise  price per share of common  stock  equal to the
fair market value of the common stock as of April 23, 1998.

                  5. (a) You shall be eligible to participate in all Company and
Parent  Company  employee  benefit plans and programs  which are made  generally
available  to  salaried  employees  of the Company  and the Parent  Company,  in
accordance with the terms and provisions of such plans.

                     (b) You shall be  eligible  to  participate  in the Handy &
Harman Supplemental  Executive  Retirement Plan and the Handy & Harman Executive
Life  Insurance and  Post-Retirement  Life  Insurance  Program,  in each case in
accordance with the terms and provisions of such plans.

                     (c) The Company and the Parent Company shall  reimburse you
for annual financial, estate and tax planning and tax preparation expenses up to
a maximum  of 3% of your  annual  base  salary in effect on January 1 of the tax
year.

                     (d) You shall be provided with a  Company-owned  automobile
in accordance with the Company's  existing  policies and procedures in place for
other executive officers of the Company.

                  6. (a) The Company and the Parent Company shall  reimburse you
for all  reasonable  business  expenses  incurred by you in accordance  with the
Company's  and the Parent  Company's  policies  on  reimbursement  for  business
expenses as then in effect.

                     (b) The Company and the Parent Company shall  reimburse you
for annual  membership  fees and expenses  with respect to your  membership in a
country club selected by you.


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                     (c) You and  your  spouse  shall  be  entitled  to  receive
post-retirement  health insurance  benefits from the Company under the Company's
Post-Retirement  Medical Plan in effect for  employees  of the Company  prior to
1992 on such terms and  conditions in place for other  employees  covered by the
Plan.

                  7. (a) The Company and the Parent  Company may terminate  your
employment at any time,  without prior notice, for any of the following reasons:
(i) your engaging in conduct which is materially injurious to the Company or the
Parent Company,  their  subsidiaries or affiliates,  or any of their  respective
customer or supplier relationships,  monetarily or otherwise; (ii) your engaging
in any act of fraud,  misappropriation  or  embezzlement  or any act which would
constitute  a felony  (other  than  minor  traffic  violations);  or (iii)  your
material breach of this Agreement.

                     (b) If, as a result of your  incapacity  due to physical or
mental  illness,  you shall have been absent from the full-time  performance  of
your duties  hereunder for at least 120 days within any twelve (12)  consecutive
months,  excluding  vacation time actually used in accordance with the Company's
or the Parent Company's  policies thereon,  your employment may be terminated by
the  Company or the Parent  Company,  upon  written  notice in  accordance  with
paragraph 8 hereof without further notice.

                     (c) The  Company  or the  Parent  Company,  in  their  sole
discretion,  may terminate your employment at any time for any reason other than
those  stated in  paragraphs  7(a) or 7(b) upon thirty  (30) days prior  written
notice.

                  8. (a) If your  employment is terminated by the Company or the
Parent  Company  pursuant to paragraph  7(a), you shall receive your base salary
through the date of


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termination  and the  Company  or the  Parent  Company  shall  have  no  further
obligations to you under this Agreement.

                     (b) If your  employment is terminated by the Company or the
Parent Company pursuant to paragraph 7(b) or by your death, you or your personal
representative, guardian, or the representative of your estate shall continue to
receive your then current base salary plus annual Bonus Plan awards equal to the
average  annual Bonus Plan  compensation  you earned during the three  preceding
years,  through the end of the term or for a period of twenty-four  (24) months,
whichever  is longer,  payable in  accordance  with the  Company's or the Parent
Company's customary payroll practices. However, your base salary shall be offset
by any payment you receive  pursuant to the  Company's  or the Parent  Company's
disability  plans and programs.  Thereafter,  the Company or the Parent  Company
shall have no further  obligations  under this  Agreement  to you,  your estate,
personal representative, guardian, or your beneficiaries.

                     (c) If your  employment is terminated by the Company or the
Parent  Company  pursuant  to  paragraph  7(c),  you  shall be  entitled  to the
following severance and benefits:

                         (i) The Company or the Parent  Company  shall pay you a
severance  payment (the  "Severance  Payment") equal to two (2) years' full base
salary at your  highest rate in effect  during the twelve (12) months  preceding
the date on which the  Notice  of  Termination  is given  plus two (2) times the
average annual Bonus Plan compensation you earned during the three (3) preceding
years.  To  the  extent  that  the  initial  term  of  your  employment  exceeds
twenty-four (24) months,  the Company or the Parent Company shall be responsible
for the severance for that period similarly calculated;


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                         (ii) The  Company or the Parent  Company  shall pay you
the Severance  Payment no later than the thirtieth (30th) day following the Date
of Termination.

                         (iii) During the period you are  receiving any payments
or benefits  under  paragraphs  8(b) or 8(c),  you agree to promptly  notify the
Company and the Parent Company upon your acceptance of any other  employment and
upon your eligibility for any medical benefits, insurance, financial planning or
use of a  company-owned  vehicle  by your new  employer,  you shall no longer be
eligible to  participate in the  corresponding  aspects of the Company's and the
Parent Company's benefit plans and arrangements.

                  9. You shall be  entitled to  terminate  your  employment  for
"Good  Reason",  which  shall  mean  the  occurrence  of one  of  the  following
circumstances:

                         (i) if the Parent  Company  elects to sell or otherwise
reconstitute  the  Company  such  that  a  change  would  cause  you  to  have a
substantial  diminution  in the nature or status of your  responsibilities  from
those in effect immediately prior to such change;

                         (ii) a  reduction  in your  annual  base  salary  as in
effect on the date of such change;

                         (iii) the Parent  Company  causes the relocation of the
office in which you are  located  prior to the  change to a  location  more than
fifty (50) miles from Rye, New York,  except for required travel on the business
of the Company or the Parent Company to an extent substantially  consistent with
your present business travel obligations;

                         (iv)  pursuant to an action taken by the Company or the
Parent Company, you are selectively  excluded from a compensation,  bonus, stock
option or stock ownership plan


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otherwise in existence at the time of the change or  thereafter  put into effect
for the benefit of others in a similar situation unless substantially equivalent
benefits are provided to you;

                         (v)  except  as a  required  by  law,  the  failure  to
continue to provide you with  benefits at least as favorable as those enjoyed by
you under the  employee  benefit and welfare  plans of the Company or the Parent
Company in which you were  participating at the time of the change or the taking
of any action by the Company which would  materially  reduce any of the benefits
enjoyed by you at the time of the change; or

                         (vi) the failure of the  Company or the Parent  Company
to obtain a  satisfactory  agreement  from any  successor to assume and agree to
perform this Agreement.

                  10. Upon the occurrence of any of the aforestated set forth in
Section 9, you shall for Good Reason  upon notice  pursuant to Section 16 hereof
to the Company or Parent Company, if such occurrence is not cured within 30 days
of receipt of such notice, be entitled to the following benefits:

                         (a) The Company or the Parent  Company  shall pay you a
severance  payment (the  "Severance  Payment") equal to two (2) years' full base
salary at your  highest rate in effect  during the twelve (12) months  preceding
the date on which the  Notice  of  Termination  is given  plus two (2) times the
average  annual Bonus Plan  compensation  you earned during the three  preceding
years;

                         (b)  For  a   twenty-four   (24)  month   period  after
termination of your employment,  the Company or the Parent Company shall arrange
to provide  you with life,  medical  and dental  insurance  benefits,  financial
planning and a company-owned automobile substantially


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similar to those which you are  receiving  or  entitled  to receive  immediately
prior to the Notice of  Termination,  unless you are  eligible  to receive  such
benefits from a subsequent employer;

                         (c) The Company or the Parent Company shall pay you the
Severance  Payment no later than the thirtieth  (30th) day following the Date of
Termination.

                  11. Your continued employment shall not constitute consent to,
or as a waiver of rights with  respect to, any  circumstance  constituting  Good
Reason  hereunder for a period of sixty (60) days  following  the  occurrence of
such event, and thereafter such circumstance  shall be deemed waived as an event
giving rise to a termination pursuant to Section 9.

                  12. Any  termination  of your  employment by the Company,  the
Parent  Company  or  by  you  shall  be   communicated  by  written  "Notice  of
Termination" to the other party hereto in accordance with Section 16 hereof. For
purposes  of this  Agreement,  a  Notice  of  Termination  shall  mean a  notice
indicating the specific termination  provision in this Agreement relied upon and
setting  forth in  reasonable  detail  the facts and  circumstances  claimed  to
provide a basis for  termination  of your  employment  under  the  provision  so
indicated.  Further,  you  agree  that  upon  termination  that you will  resign
effective as of the date of termination from any and all  directorships  you may
hold in the Company or the Parent Company and their subsidiaries.

                  13. "Date of Termination"  shall mean (30) days after the date
specified in the Notice of Termination.

                  14.  Arbitration;  Certain  Costs.  Any dispute or controversy
between  the  Company  or Parent  Company  and you,  whether  arising  out of or
relating to the Agreement,  the breach of the Agreement, or otherwise,  shall be
settled by arbitration  administered by the American Arbitration  Association in
accordance with its Commercial Rules then in effect and judgment on the award


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rendered  by the  arbitrator  may be  entered in any court  having  jurisdiction
thereof.  Such  arbitration  shall take place in the New York City  metropolitan
area. The cost of any arbitration proceeding hereunder shall be borne equally by
the Company and you. The arbitrator shall have the authority to award any remedy
or  relief  that a  court  of  competent  jurisdiction  could  order  or  grant,
including,  without limitation,  the issuance of an injunction.  However, either
party may, without inconsistency with this arbitration  provision,  apply to any
court  having  jurisdiction  over such dispute or  controversy  and seek interim
provisional, injunctive or other equitable relief until the arbitration award is
rendered or the controversy is otherwise resolved. In the event that it shall be
necessary or desirable for you to retain legal counsel  and/or incur other costs
and expenses in connection with this  arbitration  provision,  and provided that
you  substantially  prevail in the  enforcement  of such rights,  the Company or
Parent  Company  shall pay (or you shall be entitled to recover from the Company
or Parent Company, as the case may be) your reasonable attorneys' fees and costs
and  expenses  in  connection  with  any  application   under  this  arbitration
provision,  including the enforcement of any arbitration award, up to $50,000 in
the  aggregate.  Except  as  necessary  in court  proceedings  to  enforce  this
arbitration  provision  or an award  rendered  hereunder,  or to obtain  interim
relief, neither a party nor an arbitrator may disclose the existence, content or
results of any  arbitration  hereunder  without the prior written consent of the
Company or Parent Company.

                  15. You have previously executed the Non-Competition Agreement
annexed hereto.

                  16. Any notices required by this Agreement shall be in writing
and shall be deemed to have been given when delivered by hand, sent by facsimile
(so  long  as  an  original  is  mailed  within  24  hours  of  such   facsimile
transmission), mailed by United States certified mail, return


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receipt requested,  postage prepaid, or sent by nationally-recognized  overnight
mail service, as follows:

                           if to you:

                           Mr. Robert D. LeBlanc
                           83 Keeler Drive
                           Ridgefield, Connecticut 06877

                           if to the Company:

                           555 Theodore Fremd Avenue
                           Rye, New York 10580
                           Attention:       Paul E. Dixon, Esq.
                                            Senior Vice President
                                            and General Counsel

                           if to the Parent Company:

                           WHX Corporation
                           110 East 59th Street, 30th Floor
                           New York, New York  10022
                           Attention: General Counsel


and or to such other  address as the parties may furnish to the other in writing
in accordance  with this  paragraph.  Notices of change of address shall only be
effective upon receipt.

                  17.  This  Agreement  shall be governed  by and  construed  in
accordance with the laws of the State of New York without regard to its conflict
of laws principles.

                  18.  This  Agreement  sets  forth  the  entire  agreement  and
understanding  of the parties  hereto with respect to the subject  matter hereof
and supersedes all prior agreements,  arrangements and understandings  among the
Company,  the Parent Company and you with respect to such subject  matter.  This
Agreement can be modified  only by a writing  signed by you, the Company and the
Parent Company. If any provision of this Agreement shall be held to be void or


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unenforceable, the remainder of this Agreement shall nevertheless remain in full
force and effect.  This  Agreement  shall inure to the benefit of and be binding
upon the Company's and the Parent Company's successors and assigns.

                  IN WITNESS  WHEREOF,  the parties have executed this Agreement
as of the date and year first above written.

                                  HANDY & HARMAN




                                  By:  /s/ Paul Dixon
                                       ----------------------------------------
                                       Name:  Paul Dixon
                                       Title: Senior Vice President and General
                                               Counsel

                                  WHX CORPORATION
                                  
                                  
                                  
                                  
                                  By:  /s/ Howard Mileaf
                                       ----------------------------------------
                                       Name:  Howard Mileaf
                                       Title: General Counsel
                                  
Agreed to this 18th day
of June, 1998


/s/ Robert D. LeBlanc
----------------------------------------
Robert D. LeBlanc


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