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                                                                EXHIBIT 10.18


                                  AMENDMENT TO
                            J&L SPECIALTY STEEL, INC.
                             EXECUTIVE BENEFIT PLAN

                            EFFECTIVE JANUARY 1, 1998


                In accordance with the power reserved in Section 9.1 of the J&L
Specialty Steel, Inc. Executive Benefit Plan, effective January 1, 1998, the
above titled plan is hereby amended as follows:

         1. The name of the Plan is changed from the J&L Specialty Products
Corporation Executive Benefit Plan to the J&L Specialty Steel, Inc. Executive
Benefit Plan. Section 2.1(h) and (q) shall be amended to read in their entirety
as follows:

                (h)      Corporation: J&L Specialty Steel, Inc., a Pennsylvania
                         corporation, successor by merger to J&L Specialty
                         Products Corporation, a Delaware corporation.

                (q)      Plan: The J&L Specialty Steel, Inc. Executive Benefit
                         Plan.

         2. The following will be added at the end of Section 2.1(a):

                         ; provided, that for Participants terminating
                         employment with Employer after December 31, 1997, the
                         1994 Group Annuity and Mortality Table will be used in
                         place of the 1979 George B. Buck Mortality Table.

         3. The following will be added at the end of Section 4.1(a):

                (3)      Notwithstanding the above Sections 4.1(a)(1) and (2),
                         in the case of a Participant who terminates employment
                         with Employer after February 1, 1998 and who commenced
                         participation herein prior to May 1, 1992, the greater
                         of:

                         (A)     1.65% of the Participant's Average Monthly
                                 Compensation multiplied by his Years of Service
                                 up to 30, plus 3% of the Participant's Average
                                 Monthly Compensation multiplied by his Years of
                                 Service in excess of 30; or

                         (B)     45% of the Participant's Average Monthly
                                 Compensation, plus 3% of such Average Monthly
                                 Compensation for each Year of Service after the
                                 later to occur of his 60th birthday or
                                 completion of 10 Years of Service;


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                         provided that the Retirement Benefit accrued for Years
                         of Service after the earlier to occur of Participant's
                         60th birthday or completion of 30 Years of Service,
                         shall not exceed 21% of Participant's Average Monthly
                         Compensation.

                   (4)   Notwithstanding the above Sections 4.1(a)(1) and (2),
                         in the case of a Participant who retires after February
                         1, 1998 and who commenced participation herein on or
                         after May 1, 1992, 1.65% of the Participant's Average
                         Monthly Compensation multiplied by his Years of
                         Service.

         4. The following will be added to the end of Section 4.2(a):

                   (3)   Notwithstanding the above Sections 4.2(a)(1) and (2),
                         in the case of a Participant or Former Participant who
                         terminates employment with Employer after February 1,
                         1998 and who commenced participation herein prior to
                         May 1, 1992, 1.65% of the Participant's or Former
                         Participant's Average Monthly Compensation multiplied
                         by his Years of Service up to 30, plus 3% of the
                         Participant's or Former Participant's Average Monthly
                         Compensation multiplied by his Years of Service in
                         excess of 30; provided that the Retirement Benefit
                         accrued for Years of Service after the earlier to occur
                         of the Participant's 60th birthday or completion of 30
                         Years of Service, shall not exceed 21% of the
                         Participant's Average Monthly Compensation.

                   (4)   Notwithstanding the above Section 4.2(a)(1) and (2), in
                         the case of a Participant or Former Participant who
                         retires after February 1, 1998 and who commenced
                         participation herein on or after May 1, 1992, 1.65% of
                         the Participant's or Former Participant's Average
                         Monthly Compensation multiplied by his Years of
                         Service.

         5.     A new Section 5.5 shall be added to the Plan, to read in its
                entirety as follows:

                5.5      Limitation on Survivor Benefit. Notwithstanding any of
                         the provisions of Article V or the Plan, for all
                         Participants whose benefits commence under the Plan
                         after February 1, 1998, no Survivor Benefit shall be
                         provided in the event of Participant's marriage or
                         remarriage after the commencement of benefits under the
                         Plan; a Survivor Benefit shall only be provided if the
                         spouse at the time of commencement of benefit, is
                         Participant's spouse at the time of his death. A
                         Participant whose benefits commence under the Plan
                         after February 1, 1998 who is not married at the time
                         of commencement of benefits shall not be entitled to
                         any Survivor Benefit, regardless of Participant's
                         marital status at death.


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         IN WITNESS WHEREOF, the Company has caused this Amendment to be
executed by its duly authorized officers this 23rd day of January, 1998.


ATTEST:                                      J&L SPECIALTY STEEL, INC.

                                             Successor by merger to
                                             J&L Specialty Products Corporation



/s/ KIRK F. VINCENT                          By: /s/ GUY R. DOLLE
--------------------------                       -------------------------
Secretary                                    Title:  Chairman




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