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                              EMPLOYMENT AGREEMENT


                  This  Agreement  (the  "Agreement"),  dated as of May 1, 1998,
will confirm that Handy & Harman,  a New York  corporation  (the  "Company") has
offered,  and you have accepted,  the position of Vice  President,  Planning and
Development of the Company.

                  1. The  term of your  employment  shall  be from  May 1,  1998
through May 1, 1999, subject to earlier  termination  pursuant to the provisions
set forth below.  After expiration of the term, unless the Agreement is extended
or a new employment  agreement is entered into with the Company, you shall be an
employee at-will and entitled to all of the benefits  including  severance under
the Company's then applicable policies.

                  2. You agree to use your best  efforts to promote the interest
of the Company and devote your full  business  time and energies to the business
and affairs of the Company.  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 Company.

                  3. Your  annual base  salary  shall be no less than  $210,000,
less applicable federal,  state and local tax deductions,  payable in accordance
with the Company's  customary  payroll  practices.  Any increases in your annual
salary shall be in the sole discretion of the Company's Board of Directors.

                  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 Company's  Board of Directors:  the
Handy & Harman Management Incentive Plan (the "Bonus



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Plan"), the Handy & Harman Long-Term  Incentive Plan (the "Incentive Plan"), and
WHX Corporation's (the "Parent Company") 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 Company's  Board of Directors in its sole
discretion.

                     (c) You shall be eligible to  participate  in the Incentive
Plan in respect of the future  cycles from the date hereof;  provided,  however,
that any awards granted and any amounts  payable  thereunder are contingent upon
the Company's attainment of performance goals established by the Company's Board
of Directors.

                     (d) You shall be granted,  effective  as of April 23, 1998,
options (the "Options") to purchase 100,000 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 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
employee  benefit  plans and  programs  which are made  generally  available  to
salaried  employees of the Company,  in accordance with the terms and provisions
of such plans.


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

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

                     (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 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


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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
policies thereon, your employment may be terminated by the Company, upon written
notice in accordance with paragraph 8 hereof without further notice.

                      (c) The Company,  in its 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
pursuant to paragraph  7(a), you shall receive your base salary through the date
of  termination  and the Company shall have no further  obligations to you under
this Agreement.

                      (b) If  your  employment  is  terminated  by  the  Company
pursuant  to  paragraph  7(b) or 7(c) or by  your  death,  you or your  personal
representative, guardian, or the representative of your estate shall be entitled
to the following severance and benefits:

                          (i) The Company shall pay you a severance payment (the
"Severance  Payment")  equal to one (1) year's 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 any  Bonus  Plan  compensation  you have
accrued;


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                          (ii) The Company shall pay you the  Severance  Payment
starting  no  later  than  the  thirtieth  (30th)  day  following  the  date  of
termination.  The Company shall pay the Severance Payment in equal  installments
over the course of the twelve (12) months following the date of termination.

                          (iii) The Company or the Parent Company shall continue
to provide you or your family  with life  insurance  (other than in the event of
termination  of  employment  as a  result  of your  death)  medical  and  dental
insurance   benefits,   financial  planning  and  a  company-owned   automobile,
substantially  similar to those  benefits which you are receiving or entitled to
receive  prior  to your  termination  of  employment,  for  twelve  (12)  months
following the date of termination.

                          (iv) During the period you are  receiving any payments
or benefits under  paragraph  8(b), 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) a  reduction  in your  annual  base  salary as in
effect on the date of such change;

                           (ii) the 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


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required  travel on the  business  of the  Company  to an  extent  substantially
consistent with your present business travel obligations;

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

                           (iv)  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

                           (v) 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,  if such  occurrence  is not cured within 30 days of receipt of
such notice, be entitled to the following benefits:

                      (a) The  Company  shall pay you a severance  payment  (the
"Severance  Payment")  equal to one (1) year's 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 any  Bonus  Plan  compensation  you have
accrued;

                      (b) For a twelve (12) month  period after  termination  of
your employment, the Company shall arrange to provide you with life, medical and
dental insurance  benefits,  financial


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planning and a company-owned automobile substantially 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  shall  pay you  the  Severance  Payment
starting  no  later  than  the  thirtieth  (30th)  day  following  the  date  of
termination.  The Company shall pay the Severance Payment in equal  installments
over the course of the twelve (12) months 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,  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.


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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  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 shall pay
(or you shall be entitled to recover from the 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 $25,000 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.


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

                           if to you:

                           Mr. Arnold Nance
                           10 Keeler Court
                           Ridgefield, CT. 06877

                           if to the Company:

                           555 Theodore Fremd Avenue
                           Rye, New York 10580
                           Attention: Paul Dixon
                                      Senior Vice President and
                                      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 and you with respect to such subject matter.


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This  Agreement can be modified only by a writing signed by you and the Company.
If any provision of this  Agreement  shall be held to be void or  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 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



Agreed to this 1st day
of May, 1998



/s/ Arnold Nance
-----------------------------
Arnold Nance


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                                                                   Exhibit 10.16

                                 AMENDMENT NO. 1

                                       TO

                              EMPLOYMENT AGREEMENT




                  AMENDMENT  NO.  1  dated  as  of  December  __,  1998  to  the
Employment  Agreement dated as of May 1, 1998 (the "Employment  Agreement"),  by
and between Handy & Harman (the "Company"),  a New York corporation,  and Arnold
Nance ("Employee").
                              W I T N E S S E T H :


                  WHEREAS, Employee is an employee of the Company; and

                  WHEREAS,  Employee  and the  Company  have  entered  into  the
Employment  Agreement,  pursuant  to which the  Company  has  employed  and will
continue to employ Employee as Vice  President,  Planning and Development of the
Company; and

                  WHEREAS, in consideration for Employee's performance under the
Employment Agreement,  the parties wish to amend certain terms of the Employment
Agreement to provide for a one-year evergreen renewal, as provided herein.

                  NOW,  THEREFORE,  the parties hereto,  intending to be legally
bound, hereby agree as follows:

                  1. Section 1 of the Employment  Agreement is hereby amended in
its entirety effective as of the date hereof to read as follows:

                           1. The initial term of your employment  shall be from
                  May  1,  1998   through  May  1,  1999,   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


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                  shall be entitled to the  benefits  set forth in Section  8(b)
                  hereof as if your employment had been  terminated  pursuant to
                  Section 7(c) hereof;

                  2. Except as modified  above,  the terms and conditions of the
Employment  Agreement  are hereby  confirmed  and shall remain in full force and
effect.

                  IN  WITNESS  WHEREOF,  the  parties  have duly  executed  this
Amendment No. 1 as of the date first above written.


                                   HANDY & HARMAN



                                   By: /s/ Robert LeBlanc
                                       ----------------------------
                                       Name:  Robert LeBlanc
                                       Title:   President and Chief
                                                Executive Officer



Agreed to this 21st day
of December, 1998


/s/ Arnold Nance
-----------------------
Arnold Nance


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