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                                                                     EXHIBIT 4.7


                       GS TECHNOLOGIES OPERATING CO., INC.
                              1901 ROXBOROUGH ROAD
                         CHARLOTTE, NORTH CAROLINA 28211


The Lenders participating in the                                   July 8, 1996
Loan Agreement referred to below
c/o General Electric Capital Corporation, as Agent
105 West Madison Street
Suite 1600
Chicago, Illinois 60602

RE: AMENDMENT NO. 1 TO LOAN AGREEMENT

Ladies and Gentlemen:

         Reference is made to the Loan Agreement dated as of October 5, 1995
(the "Loan Agreement") among GS Technologies Operating Co., Inc., a Delaware
corporation, and its direct and indirect Subsidiaries, the Lenders named
therein, Mellon Bank, N.A., a national banking association, as Documentation
Agent, and General Electric Capital Corporation, a New York corporation, as
Agent. Capitalized terms used herein and not otherwise defined herein shall have
the meanings given to them in the Loan Agreement.

         This letter shall confirm our amendment to the Loan Agreement (such
amendment being hereinafter called "Amendment No. 1") as follows:

         1. Section 2.3(a) of the Loan Agreement is hereby amended as follows:

                  (a) The first sentence of said Section 2.3(a) is hereby
         amended to delete the figure "$25,000,000" where it appears therein and
         to substitute in its place the figure "$40,000,000".

                  (b) The last sentence of said Section 2.3(a) is hereby amended
         to delete the period at the end thereof and to insert in lieu thereof
         the following:

                  ; provided, however, the L/C Issuer shall not decline to issue
                  that certain standby Letter of Credit for the account of GSTOC
                  in the face amount of $22,500,000 for the benefit of American
                  Iron Reduction, L.L.C. ("AIR") or its assignees, which shall
                  support GSTOC's equity contribution obligation to AIR (the
                  "AIR Letter of Credit"). Such Letter of Credit shall be in the
                  form shown in Exhibit A attached hereto. Notwithstanding the
                  above, the issuance of any and all letters of credit shall
                  continue to be subject to the terms and conditions of the Loan
                  Agreement, including the provisions of Section 3.12.

         2. Section 2.3(c) of the Loan Agreement is hereby amended to delete the
comma at the end of clause (i) thereof and to insert in lieu thereof the
following:

         ; provided, however, that with respect to the AIR Letter of Credit,
         such fee shall be at the annual rate of 1 3/4% of the maximum amount
         available to be drawn from time to time under the AIR Letter of Credit
         for the period from and including the date of issuance of the AIR
         Letter of Credit


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July 8, 1996
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         to and including the stated expiry date of the AIR Letter of Credit,
         calculated on the basis of a 360-day year and paid quarterly in
         arrears,

         3. The Loan Agreement is, and shall continue to be, in full force and
effect and is hereby ratified and confirmed in all respects except that on and
after the date of this Amendment No. 1 (i) all references in the Loan Agreement
to "this Agreement", "hereto", "hereof", "hereunder" or words of like import
referring to the Loan Agreement shall mean the Loan Agreement as amended by this
Amendment No. 1, and (ii) all references in the other Loan Documents to the
"Loan Agreement", "thereto", "thereof", "thereunder" or words of like import
referring to the Loan Agreement shall mean the Loan Agreement as amended by this
Amendment No. 1. The execution, delivery and effectiveness of this Amendment No.
1 shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender under the Loan Agreement or any other Loan
Document, nor constitute a waiver of any provision of the Loan Agreement or any
other Loan Document.

         4. This Amendment No. 1 may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one
and the same agreement.

         Please confirm our amendment to the Loan Agreement as provided above by
signing a copy of this letter and returning it to the undersigned.

                        Sincerely,

                        GS TECHNOLOGIES OPERATING CO., INC.,

                        By: ________________________________
                                 Name:    Luis E. Leon
                                 Title:   Senior Vice President

                        CI (U.S.) CORP. (FORMERLY CONTROL INTERNATIONAL, INC.)
                        MINERAL REAGENTS INTERNATIONAL, INC.
                        GEORGETOWN INDUSTRIES, INC.,
                        GEORGETOWN INVESTMENT CORPORATION
                        GEORGETOWN STEEL CORPORATION
                        FLORIDA WIRE AND CABLE, INC.
                        GEORGETOWN FINANCE CORPORATION
                        GEORGETOWN WIRE COMPANY, INC.
                        K-LATH CORPORATION, INC.

                        By: _____________________________
                                 Name:    Luis E. Leon
                                 Title:   Vice President




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July 8, 1996
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Agreed to and accepted as of the date first above written.

GENERAL ELECTRIC CAPITAL                  MELLON BANK, N.A.
CORPORATION, as Agent and Lender          as Documentation Agent and Lender

By: _______________________________       By: _________________________________
         Name: ____________________                Name: ______________________
         Title: ___________________                Title: _____________________


NATIONSBANK, N.A., as Lender              PILGRIM PRIME RATE TRUST,
                                          as Lender

By: _______________________________       By: _________________________________
         Name: ____________________                Name: ______________________
         Title: ___________________                Title: _____________________


NBD BANK, as Lender                       PNC BANK, NATIONAL ASSOCIATION,
                                          as Lender

By: _______________________________       By: _________________________________
         Name: ____________________                Name: ______________________
         Title: ___________________                Title: _____________________


LASALLE NATIONAL BANK,                    HARRIS TRUST AND SAVINGS BANK,
as Lender                                 as Lender

By: _______________________________       By: _________________________________
         Name: ____________________                Name: ______________________
         Title: ___________________                Title: _____________________


SCOA PLANT FINANCING COMPANY,
as Lender

By: Sumitomo Corporation of America,
    General Partner

    By: ___________________________ 
         Name: ____________________ 
         Title: ___________________