<PAGE>   1
                                                                EXHIBIT 10.14


                             AMENDMENT NO. 1 TO THE
                           GENEVA STEEL UNION EMPLOYEE
                            SAVINGS AND PENSION PLAN

      The Geneva Steel Union Employee Savings and Pension Plan (the "Plan"), as
amended and restated generally effective January 1, 1995, is hereby amended
effective (unless otherwise provided below) as of January 1, 1997 as follows:

      1.    The first sentence of Section 6.1 shall be amended to read as
follows:

            6.1   Limitation on Contributions. The Annual Additions allocated or
      contributed to a Participant for any Plan Year shall not exceed the lesser
      of the following:

            (a)   $30,000; or

            (b)   25% of the Participant's Compensation for such year.

      2.    Effective August 1, 1997, the first sentence of Section 7.1 shall be
amended to read as follows: The Trust Fund shall be comprised of those
Investment Funds described in Section 7.2.

      3.    Effective August 1, 1997, Section 7.2 shall be amended to read as
follows:

            7.2   Investment Funds. The Trust Fund established under the Plan
      shall consist of the Balanced Fund, the Equity Fund, the Short-Term Income
      Fund, the Bond Fund, and the Geneva Stock Fund. The Company may change the
      available Investment Funds at any time in its sole discretion by adding
      Investment Funds, removing Investment Funds, or changing Investment Funds.
      The Balanced, Equity, Short-Term Income, Bond, and Geneva Stock Funds
      shall be invested and reinvested as follows:

            (a)   The Balanced Fund shall be invested in those investments
      selected by the Company that are designed to achieve a balance between
      capital appreciation and preservation of capital and generation of income.


                                      -1-
<PAGE>   2
            (b)   The Equity Fund shall be invested primarily in equity
      securities or in such other types of equity investments as are authorized
      by the Trust Agreement.

            (c)   The Short-Term Income Fund shall be invested in short term
      fixed-income investments as are authorized by the Trust Agreement.

            (d)   The Bond Fund shall be invested primarily in debt instruments
      or other types of debt investments as are authorized by the Trust
      Agreement.

            (e)   The Geneva Stock Fund shall be invested primarily in Geneva
      Stock, except that small amounts in the Stock Fund may be invested in
      interest-bearing short-term debt obligations, money market instruments,
      savings accounts or similar investments. The Geneva Stock Fund shall
      consist of all Stock Fund investments held by the Trustee and all cash
      held by the Trustee which is derived from dividends on Geneva Stock,
      interest and other income from Stock Fund investments, Company
      Contributions to be invested in the Geneva Stock Fund and proceeds from
      sales of Geneva Stock and Stock Fund investments.

      4.    Effective August 1, 1997, Section 7.4 shall be amended to read as
follows:

            7.4   Investment of Accounts. A Participant's Pension Contribution
      Account shall be invested in the Balanced Fund, which may consist of a
      Balanced Fund that is different from the Balanced Fund for other Accounts.
      A Participant's Geneva Stock Account shall be invested solely in the
      Geneva Stock Fund, provided, however, that a Participant may, in
      accordance with Section 7.5, elect to transfer an amount from the Geneva
      Stock Fund to those Investment Funds selected under this Section. A
      Participant's Salary Deferral Account, Discretionary Contribution Account,
      Matching Contribution Account and Rollover Account, if any, shall be
      apportioned among one or more of the Investment Funds in such whole
      percentages as the Participant may specify pursuant to the election
      procedures prescribed by the Company. If the Company receives no valid
      investment directions from the Participant, such Accounts shall be
      invested entirely in the Short-Term Income Fund. A Participant may change
      the investment instructions with respect to future contributions with such
      frequency as shall be established by the Company. Any such change shall be
      made in the manner prescribed by the Company; however, any such rules
      established by the Company shall permit changes to investment elections to
      be effective at


                                      -2-
<PAGE>   3
      least as frequent as the first payday in any calendar quarter.

      5.    Effective August 1, 1997, Section 7.5 shall be amended to read as
follows:

            7.5   Transfers Among Accounts. With such frequency as shall be
      established by the Company (but no less frequently than once each
      quarter), a Participant may elect to transfer all or any part of his or
      her Accounts (except for his or her Pension Contribution Account and
      Geneva Stock Account) to one or more of the Investment Funds in the manner
      prescribed by the Company. Any such transfer shall be applicable as soon
      administratively feasible pursuant to the procedure established by the
      Company. With respect to the Geneva Stock Account, prior to the end of
      each Plan quarter, a Participant may elect to transfer ten percent (10%)
      of the vested portion of his or her Geneva Stock Account to one or more of
      the Investment Funds as elected under Section 7.4. Such a transfer from
      the Geneva Stock Account shall be effective as soon as administratively
      feasible following the end of the Plan quarter in which the election is
      made. Upon attainment of age 55, a Participant may elect prior to the end
      of each Plan quarter to transfer all (or any portion in 10% increments) of
      his or her Geneva Stock Account to one or more of the Investment Funds as
      elected under Section 7.4. Any transfer from the Geneva Stock Fund shall
      be made in accordance with the requirements of this Section 7.5 and such
      additional rules as may be prescribed by the Company.

      6.    Effective August 1, 1997, Section 7.6 shall be amended to read as
follows:

      Each Account shall be revalued at fair market value and adjusted each
      Valuation Date for contributions, distributions and other items since the
      last Valuation Date, to reflect the Participant's share of any realized or
      unrealized investment income, gains, losses and investment expenses of the
      Fund or Funds in which such Account was invested that have accrued since
      the prior Valuation Date. A Participant's share shall be proportionate to
      the ratio that the adjusted balance in his or her Account bears to the
      total adjusted balances of all Accounts invested in the Funds determined
      as of the Valuation Date. For purposes of this Section 7.6, the Company
      shall establish a Valuation Date at least as frequent as the last day of
      each calendar quarter.


                                      -3-
<PAGE>   4
      7.    Section 9.4 shall be amended by deleting the third sentence thereof,
and inserting the following in its place:

      Notwithstanding any other provision of the Plan to the contrary,
      distribution of the Plan Benefit of a Participant shall be made no later
      than April 1 of the calendar year following the later of (a) the calendar
      year in which the Participant attains age 70 1/2 or (b) the calendar year
      in which the employee retires. Notwithstanding the above, Section 9.4(b)
      shall not apply to any Participant who is a "5-percent owner" (as defined
      in section 416 of the Code) with respect to the Plan Year ending in the
      calendar year in which the Participant attains age 70 1/2. To the extent
      that the Commissioner of the Internal Revenue Service determines in a
      ruling, notice or other document of general authority, that the required
      beginning date set forth in the Plan prior to January 1, 1997 for
      distributions with respect to Participants who remain Employees on or
      after attaining age 70 1/2 constitutes a "protected benefit" within the
      meaning of section 411(d)(6) of the Code, the provisions of the Plan in
      effect as of December 31, 1996 shall continue to apply, as elected by the
      Participant.

      8.    Effective October 12, 1996, Section 15.8 shall be added to the Plan
as follows:

            15.8  Military Service Notwithstanding any provision of this Plan to
      the contrary, contributions, benefits and service credit with respect to
      qualified military service will be provided in accordance with section
      414(u) of the Code. Loan payments will be suspended under this Plan as
      permitted under section 414(u)(4) of the Code.

      9.    Section 17.8 shall be amended by deleting the last sentence thereof.

      10.   Section 17.16 shall be deleted in its entirety and the remaining
sections of the Plan renumbered accordingly. Former Section 17.17 (renumbered
Section 17.16) shall be amended to read as follows: 

            17.16 "Investment Funds" means the Funds established under the Trust
      Fund pursuant to Section 7.2.


                                      -4-
<PAGE>   5
      11.   Section 1.2 of Appendix I shall be amended by replacing "3.1(c)"
with "3.1(d)."

      12.   Section 1.3 of Appendix I shall be amended by replacing "2.1(c)"
with "2.1(d)."

      13.   Section 1.8 of Appendix I shall be amended to read as follows: 

            1.8   "Highly Compensated Employee" means an active Employee who:

            (a)   During the look-back year received Total Compensation of more
      than $80,000 (or such larger amount as may be adopted by the Commissioner
      of Internal Revenue to reflect a cost-of-living adjustment) and was a
      member of the Top-Paid Group; or

            (b)   At any time during the look-back year or the determination
      year was a five-percent owner (as defined in section 416(i)(1) of the
      Code).

            For purposes of this Section, the determination year shall be the
      Plan Year. The look-back year shall be the 12-month period immediately
      preceding the determination year. The determination of who is a Highly
      Compensated Employee, including the determinations of the number and
      identity of Employees in the Top-Paid Group and the Total Compensation
      that is considered, will be made in accordance with section 414(q) of the
      Code and regulations thereunder.

            The term "Highly Compensated Employee" shall also include a former
      Employee who separated from service (or is deemed to have separated) prior
      to the determination year, performs no service for any member of the
      Affiliated Group during the determination year, and was a Highly
      Compensated Employee as an active Employee for either the separation year
      or any determination year ending on or after the Employee's 55th birthday.

      14.   Section 1.11(e) of Appendix I shall be amended by replacing
"402(a)(8)" with "402(e)(3)."

      15.   Section 1.12 of Appendix I shall be amended by the addition of the
following at the end thereof:


                                      -5-
<PAGE>   6
      The Company may elect, in a consistent and uniform manner, to apply one or
      more of the age-and-service- based exclusions above by substituting a
      younger age or shorter period of service, or by not excluding individuals
      on the basis of age or service.

      16.   Section 2.1 of Appendix I shall be amended to read as follows:

            2.1   Percentage Limitations. The Plan shall satisfy the average
      deferral percentage test, as provided in section 401(k)(3) of the Code and
      the regulations issued thereunder. Subject to the special rules described
      in this Appendix, the Salary Deferral Contributions of Highly Compensated
      Employees shall not exceed the limits described below:

            (a)   A "Deferral Percentage" shall be determined for each Highly
      Compensated Employee who, at any time during the Plan Year, is a
      Participant or is eligible to participate in the Plan, which Deferral
      Percentage shall be the ratio, computed to the nearest one-hundredth of
      one percent, of the Highly Compensated Employee's Salary Deferral
      Contributions for the Plan Year to the Highly Compensated Employee's
      Section 414(s) Compensation for the Plan Year;

            (b)   For Plan Years beginning prior to January 1, 1997, a Deferral
      Percentage shall be determined for each Nonhighly Compensated Employee
      who, at any time during the Plan Year, is a Participant or is eligible to
      participate in the Plan, which Deferral Percentage shall be the ratio,
      computed to the nearest one-hundredth of one percent, of the Nonhighly
      Compensated Employee's Salary Deferral Contributions for the Plan Year to
      the Nonhighly Compensated Employee's Section 414(s) Compensation for the
      Plan Year;

            (c)   For Plan Years beginning after December 31, 1996, and except
      to the extent that the Company elects (in accordance with applicable law)
      to apply Subsection (b) rather than this Subsection (c), a Deferral
      Percentage shall be determined for each Nonhighly Compensated Employee
      who, at any time during the preceding Plan Year, was a Participant or who
      was eligible to participate in the Plan, which Deferral Percentage shall
      be the ratio, calculated to the nearest one-hundredth of one percent, of
      the Nonhighly Compensated Employee's Salary Deferral Contributions for the
      preceding Plan Year to the Nonhighly Compensated Employee's Section 414(s)
      Compensation for the preceding Plan Year;


                                      -6-
<PAGE>   7
            (d)   The Aggregate 401(k) Contributions of Highly Compensated
      Employees shall constitute Excess Before- Tax Contributions and shall be
      reduced, pursuant to Section 2.2 of this Appendix I, to the extent that
      the average Deferral Percentage (the "Before-Tax Percentage") of Highly
      Compensated Employees exceeds the greater of (i) 125 percent of the
      Before-Tax Percentage of Nonhighly Compensated Employees or (ii) the
      lesser of (A) 200 percent of the Before-Tax Percentage of Nonhighly
      Compensated Employees or (B) the Before-Tax Percentage of Nonhighly
      Compensated Employees plus two percentage points.

      17.   Section 2.2 of Appendix I shall be amended to read as follows:

            2.2   Reduction of Salary Deferred Contributions. The reduction of
      the Salary Deferral Contributions of Highly Compensated Employees as
      required by Section 2.1(d) of this Appendix I shall be made on the basis
      of the amount of contributions by or on behalf of each Highly Compensated
      Employee. Such reductions in Before-Tax Contributions shall be made in
      accordance with applicable regulations and shall constitute "Excess
      Before-Tax Contributions." For all affected Highly Compensated Employees
      such Excess Before-Tax Contributions shall be eliminated as provided for
      in Article 5 of this Appendix I.

      18.   Section 3.1 of Appendix I shall be amended to read as follows:

            3.1   Percentage Limitations. To the extent Matching Contributions
      are not treated as Salary Deferral Contributions and tested under Article
      2 of this Appendix I, the Aggregate 401(m) Contributions of Highly
      Compensated Employees for any Plan Year shall not exceed the limits
      described below:

            (a)   A "Contribution Percentage" shall be determined for each
      Highly Compensated Employee who, at any time during the Plan Year, is a
      Participant or is eligible to participate in the Plan, which Contribution
      Percentage shall be the ratio, computed to the nearest one-hundredth of
      one percent, of the Highly Compensated Employee's Aggregate 401(m)
      Contributions for the Plan Year to the Highly Compensated Employee's
      Section 414(s) Compensation for the Plan Year;

            (b)   For Plan Years beginning prior to January 1, 1997, a
      Contribution Percentage shall be determined


                                      -7-
<PAGE>   8
      for each Nonhighly Compensated Employee who, at any time during the Plan
      Year, is a Participant or is eligible to participate in the Plan, which
      Contribution Percentage shall be the ratio, computed to the nearest
      one-hundredth of one percent, of the Nonhighly Compensated Employee's
      Aggregate 401(m) Contributions for the Plan Year to the Nonhighly
      Compensated Employee's Section 414(s) Compensation for the Plan Year;

            (c)   For Plan Years beginning after December 31, 1996, and except
      to the extent that the Company elects (in accordance with applicable law)
      to apply Subsection (b) rather than this Subsection (c), a Contribution
      Percentage shall be determined for each Nonhighly Compensated Employee
      who, at any time during the preceding Plan Year, was a Participant or who
      was eligible to participate in the Plan, which Contribution Percentage
      shall be the ratio, calculated to the nearest one-hundredth of one
      percent, of the Nonhighly Compensated Employee's Aggregate 401(m)
      Contributions for the preceding Plan Year to the Nonhighly Compensated
      Employee's Section 414(s) Compensation for the preceding Plan Year; and

            (d)   The Aggregate 401(m) Contributions of Highly Compensated
      Employees shall constitute Excess Aggregate 401(m) Contributions and shall
      be reduced, pursuant to Section 3.2 of this Appendix I, to the extent that
      the average of the Contribution Percentages (the "Aggregate 401(m)
      Percentage") of Highly Compensated Employees exceeds the greater of (1)
      125 percent of the Aggregate 401(m) Percentage of Nonhighly Compensated
      Employees or (2) the lesser of (A) 200 percent of the Aggregate 401(m)
      Percentage of Nonhighly Compensated Employees or (B) the Aggregate 401(m)
      Percentage of Nonhighly Compensated Employees plus two percentage points.

      19.   Section 3.2 of Appendix I shall be amended to read as follows:

            3.2   Reduction of Aggregate 401(m) Contributions. The reduction in
      the Aggregate 401(m) Contributions of Highly Compensated Employees as
      required by Section 3.1(d) of this Appendix I shall be made on the basis
      of the amount of contributions by or on behalf of each Highly Compensated
      Employee. Such reductions shall be made in accordance with applicable
      regulations and shall constitute "Excess Aggregate 401(m) Contributions."
      For all affected Highly Compensated Employ-


                                      -8-
<PAGE>   9
      ees, such Excess Aggregate 401(m) Contributions shall be eliminated as
      provided for in Article 5 hereof.

      IN WITNESS WHEREOF, the Company hereby adopts this First Amendment this
13th day of August, 1997.

                                        GENEVA STEEL



                                        By /s/ Carl E. Ramnitz
                                           ------------------------------
                                        As Its Vice President
                                               --------------------------


                                      -9-