Document:

<PAGE>   1
                                                                    EXHIBIT 10.2
                                                                [Execution Copy]

                      AMENDMENT NO. 2 TO CREDIT AGREEMENT

         THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (this "Amendment") is entered
into as of April 30, 2001 among GENEVA STEEL LLC, a Delaware limited liability
company ("Borrower"), each Lender signatory hereto (each, together with its
successors and permitted assigns, a "Lender"), and CITICORP USA, INC., acting as
agent for itself and the other Lenders (in such capacity, "Agent"). Unless
otherwise specified herein, all capitalized terms used in this Amendment shall
have the meanings ascribed to them in the Credit Agreement (as hereinafter
defined).

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, the Borrower, the Agent, the Issuer and the Lenders are party
to a Credit Agreement dated as of January 3, 2001 (as amended by Amendment No. 1
dated March 31, 2001, and as further amended, supplemented, restated or
otherwise modified from time to time, the "Credit Agreement"),

         WHEREAS, the parties to the Credit Agreement desire to amend the Credit
Agreement as herein set forth;

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE I

                       AMENDMENTS TO THE CREDIT AGREEMENT

             SECTION 1.01. AMENDMENTS TO THE CREDIT AGREEMENT. Subject to the
satisfaction of the conditions precedent set forth in Article II hereof, the
Credit Agreement is hereby amended as follows:

             (a) Amendment to Section 1.1

                     (i) The definition of "Covenant Liquidity Event Period" is
hereby amended and restated in its entirety to read as follows:

             "Covenant Liquidity Event Period" means any period (i) beginning on
the first date on which the Available Credit is less than $ 35,000,000 for one
Business Day and (ii) ending on the first date on which the Available Credit is
greater than $35,000,000.

             (b) Amendment to Section 5.2. Section 5.2 is hereby amended as
follows:

                     (i) The table listing the maximum capital expenditures is
hereby amended and restated in its entirety as follows:

<PAGE>   2

<TABLE>
<CAPTION>
              FISCAL YEAR                    MAXIMUM CAPITAL EXPENDITURES
              -----------                    ----------------------------
              <S>                            <C>
                  2001                                $25,000,000
                  2002                                $65,000,000
             2003 and following               For each such Fiscal Year, a
                                              Dollar amount equal to the
                                              greater of (i) 50% of EBITDA
                                              of the Borrower for the
                                              immediately preceding Fiscal
                                              Year or (ii) $25,000,000
</TABLE>

                     (ii) Clause (ii) of the second proviso is amended by
deleting and replacing "$30,000,000" with "$40,000,000" appearing immediately
after the text "leaseback transaction of at least".

             (c) Amendment to Section 5.5. Section 5.5 is hereby amended by
deleting and replacing "$35,000,000" in clause (b) with "$60,000,000".

             (d) Amendment to Section 8.15. Clause (b) of Section 8.15 is hereby
amended by deleting and replacing "$30,000,000" with "$40,000,000" in the final
proviso appearing immediately after the text "$48,000,000 if at least".

             (e) Amendment to Schedule 8.1. Schedule 8.1 is hereby amended by
adding a new paragraph 17 immediately following paragraph 16 as follows:

                     17. Indebtedness under the Term Loan Documents.

             (f) Amendment to Schedule 8.2. Schedule 8.2 is hereby amended by
adding a new row immediately following the final row as follows:

<TABLE>
           <S>                                <C>
           Citicorp USA, Inc., as Agent       Term Loan Agreement dated
                                              as of January 3, 2001
                                              among Geneva Steel LLC,
                                              Citicorp USA, Inc. and the
                                              other lenders party
                                              thereto.
</TABLE>

                                       2

<PAGE>   3

                                   ARTICLE II

                        CONDITIONS PRECEDENT TO AMENDMENT

         The amendments to the Credit Agreement set forth in Article I hereof
shall become effective on the date (the "Effective Date") that each of the
following conditions precedent are satisfied:

             SECTION 2.01. The Agent shall have received counterparts of this
Amendment duly executed by the Agent, the Requisite Lenders and the Borrower.

             SECTION 2.02. The Agent shall have received, dated the date of
receipt thereof by the Agent, in form and substance satisfactory to the Agent, a
certificate signed by a duly authorized officer of the Borrower stating that:

             (a) The representations and warranties contained in Article III
hereof are correct on and as of the date of such certificate as though made on
and as of such date, and

             (b) After giving effect to this Amendment, no event has occurred
and is continuing which constitutes a Default or an Event of Default.

             SECTION 2.03. The Agent shall have received Amendment No. 1 to Term
Loan Agreement and Security Agreement in the form attached as Exhibit A hereto
executed by the Borrower and the Requisite Lenders ("Amendment No. 1 to Term
Loan Agreement"), and the conditions to effectiveness thereunder shall be
satisfied or waived.

             SECTION 2.04. The Agent shall have received such other documents
from the Borrower as the Agent shall request in writing.

             SECTION 2.05. The Agent shall have received for the benefit of each
Lender from the Borrower on the Effective Date, an amendment fee equal to 0.125
percent (0.125%) of each Lender's Revolving Credit Commitments.

                                  ARTICLE III

                   REPRESENTATIONS AND WARRANTIES OF BORROWER

         The Borrower represents and warrants to the Agent and the Lenders that:

             SECTION 3.01. AUTHORIZATION. The execution, delivery and
performance by the Borrower of this Amendment have been authorized by all
necessary limited liability company action and the Credit Agreement, as amended
by this Amendment, is a legal, valid and binding obligation of the Borrower
enforceable against it in accordance with its terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws of general applicability affecting the enforcement of creditors'
rights and the application of general principles of equity (regardless of
whether such enforcement is sought in a proceeding in equity or at law).

             SECTION 3.02. NO CONFLICT. Neither the execution, delivery and
performance of this Amendment nor the consummation of the transactions
contemplated hereby does or shall contravene, result in a breach of, or violate
(a) any provision of the Borrower's certificate of

                                       3

<PAGE>   4

formation or agreement of limited liability company, (b) any law or regulation,
or any order or decree of any court or government agency or instrumentality, or
(c) any indenture, mortgage, deed of trust, lease, agreement or other instrument
to which the Borrower or any of its Subsidiaries is a party or by which the
Borrower or any of its Subsidiaries or any of their property is bound.

             SECTION 3.03. REPRESENTATIONS AND WARRANTIES IN THE CREDIT
AGREEMENT. The representations and warranties set forth in Article IV of the
Credit Agreement and in each other Loan Document are true and correct in all
material respects on and as of the Effective Date with the same effect as though
made on and as of such date, except to the extent such representations and
warranties expressly relate to an earlier date.

             SECTION 3.04. NO DEFAULT. After giving effect to this Amendment, no
Default or Event of Default has occurred and is continuing under the Credit
Agreement.

                                   ARTICLE IV

                            MISCELLANEOUS PROVISIONS

             SECTION 4.01. REFERENCE TO AND EFFECT UPON THE CREDIT AGREEMENT;
CONSENT UNDER SECTION 8.12

             (a) Except as specifically amended above, the Credit Agreement and
the other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

             (b) The Requisite Lenders hereby consent, pursuant to Section 8.12
of the Credit Agreement, to the amendment to the Term Loan Agreement pursuant to
Amendment No. 1 to Term Loan Agreement in the form attached hereto.

             (c) The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any Default or Event of Default or any right,
power, privilege or remedy of the Agent or any Lender under the Credit Agreement
or any Loan Document, or constitute a waiver of any provision of the Credit
Agreement or any Loan Document. Upon the effectiveness of this Amendment, each
reference in the Credit Agreement to this "this Agreement", "hereunder",
"hereof", "herein" or words of similar import shall mean and be a reference to
the Credit Agreement as amended hereby.

             SECTION 4.02. COSTS AND EXPENSES. As provided in Section 11.3 of
the Credit Agreement, the Borrower agrees to reimburse the Agent and the Lenders
for all reasonable fees, costs and expenses, including the reasonable fees,
costs and expenses of counsel or other advisors for advice, assistance, or other
representation in connection with this Amendment.

             SECTION 4.03. RELEASES. In further consideration of the Lenders'
execution of this Amendment, the Borrower hereby releases each of the Agent,
each Lender and the Issuer and their respective affiliates, officers, employees,
directors, agents and attorneys (collectively, the "Releasees") from any and all
claims, demands, liabilities, responsibilities, disputes, causes of action
(whether at law or equity) and obligations of every kind or nature whatsoever,
whether liquidated or unliquidated, known or unknown, matured or unmatured,
fixed or contingent that the Borrower may have against the Releasees which arise
from or in any way relate to the Obligations, any Collateral, any Loan Document,
any documents, agreements, dealings or other matters in connection with or
relating to any of the Loan Documents, and any third parties liable

                                       4

<PAGE>   5

in whole or in part for the Obligations, in each case to the extent arising (x)
on or prior to the date hereof or (y) out of, or relating to, actions, dealings
or matters occurring on or prior to the date hereof (including, without
limitation, any actions or inactions which Releasees may have taken or omitted
to take prior to the date hereof).

             SECTION 4.04. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

             SECTION 4.05. HEADINGS. Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purposes.

             SECTION 4.06. COUNTERPARTS. This Amendment may be executed in any
number of counterparts and by facsimile, each of which counterparts when so
executed shall be deemed an original, but all such counterparts shall constitute
one and the same instrument.

                            [SIGNATURE PAGES FOLLOW]

                                       5
<PAGE>   6

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their proper and duly authorized officers as of the
date set forth above.

BORROWER:

GENEVA STEEL LLC

By:      /s/ DENNIS L. WANLASS
         --------------------------------------------
Name:    Dennis L. Wanlass
         --------------------------------------------
Title:   Vice President
         --------------------------------------------

AGENT AND LENDER:

CITICORP USA, INC.,
as Agent and a Lender

By:      /s/ KEITH R. KARAKO
         --------------------------------------------
Name:    Keith R. Karako
         --------------------------------------------
Title:   Managing Director
         --------------------------------------------

LENDERS:

FOOTHILL CAPITAL CORPORATION,
as a Lender

By:      /s/ MIKE BARANOWSKI
         --------------------------------------------
Name:    Mike Baranowski
         --------------------------------------------
Title:   Vice President
         --------------------------------------------

IBJ WHITEHALL BUSINESS CREDIT CORPORATION,
as a Lender

By:      /s/ TOD R. ANGUS
         --------------------------------------------
Name:    Tod R. Angus
         --------------------------------------------
Title:   Vice President
         --------------------------------------------

HELLER FINANCIAL, INC., as a Lender

By:      /s/ ALFRED J. SCOYNI
         --------------------------------------------
Name:    Alfred J. Scoyni
         --------------------------------------------
Title:   Vice President
         --------------------------------------------

                       [Signature Page to Amendment No. 2]

<PAGE>   7

GMAC BUSINESS CREDIT, LLC, as a Lender

By:      /s/ JOHN BUFF
         --------------------------------------------
Name:    John Buff
         --------------------------------------------
Title:   Director
         --------------------------------------------

                       [Signature Page to Amendment No. 2]<PAGE>   1
                                                                    EXHIBIT 10.3
                                                                [Execution Copy]

                     AMENDMENT NO. 1 TO TERM LOAN AGREEMENT
                             AND SECURITY AGREEMENT

         THIS AMENDMENT NO. 1 TO TERM LOAN AGREEMENT (this "Amendment") is
entered into as of April 30, 2001 among GENEVA STEEL LLC, a Delaware limited
liability company ("Borrower"), each Lender signatory hereto (each, together
with its successors and permitted assigns, a "Lender"), and CITICORP USA, INC.,
acting as agent for itself and the other Lenders (in such capacity, "Agent").
Unless otherwise specified herein, all capitalized terms used in this Amendment
shall have the meanings ascribed to them in the Loan Agreement (as hereinafter
defined).

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, the Borrower, the Agent and the Lenders are party to a Term
Loan Agreement dated as of January 3, 2001 (as amended, supplemented, restated
or otherwise modified from time to time, the "Loan Agreement");

         WHEREAS, the Borrower and the Agent are party to the Security Agreement
dated as of January 3, 2001 (as amended, supplemented, restated or otherwise
modified from time to time, the "Security Agreement");

         WHEREAS, the parties to each of the Loan Agreement and the Security
Agreement desire to amend the Loan Agreement and the Security Agreement as
herein set forth;

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE I

                        AMENDMENTS TO THE LOAN AGREEMENT
                           AND THE SECURITY AGREEMENT

                SECTION 1.01. AMENDMENTS TO THE LOAN AGREEMENT. Subject to the
satisfaction of the conditions precedent set forth in Article II hereof, the
Loan Agreement is hereby amended as follows:

                (a) Amendment to Section 2.3. Section 2.3 is hereby amended and
restated in its entirety to read as follows:

                SECTION 2.3. REPAYMENT OF TERM LOANS. The Borrower shall repay
the Term Loans, ratably in respect of each Tranche, at the dates and in the
amounts set forth below:

<TABLE>
                  <S>                                         <C>
                  April 30, 2001                              $366,666.67
                  May 31, 2001                                $366,666.67
                  June 30, 2001                               $366,666.67
                  July 31, 2001                                $91,666.67
                  August 31, 2001                              $91,666.67
                  September 30, 2001                           $91,666.67
                  October 31, 2001                             $91,666.67
                  November 30, 2001                            $91,666.67
                  December 31, 2001                            $91,666.67
</TABLE>

<PAGE>   2

<TABLE>
                  <S>                                         <C>
                  January 31, 2002                             $91,666.67
                  February 28, 2002                            $91,666.67
                  March 31, 2002                               $91,666.67
                  April 30, 2002                               $91,666.67
                  May 31, 2002                                 $91,666.67
                  June 30, 2002                                $91,666.67
                  July 31, 2002                               $183,333.33
                  August 31, 2002                             $183,333.33
                  September 30, 2002                          $183,333.33
                  October 31, 2002                            $183,333.33
                  November 30, 2002                           $183,333.33
                  December 31, 2002                           $183,333.33
                  January 31, 2003                            $183,333.33
                  February 31, 2003                           $183,333.33
                  March 31, 2003                              $183,333.33
                  April 30, 2003                              $183,333.33
                  May 31, 2003                                $183,333.33
                  June 30, 2003                               $183,333.33
                  July 31, 2003                               $275,000.00
                  August 31, 2003                             $275,000.00
                  September 30, 2003                          $275,000.00
                  October 31, 2003                            $275,000.00
                  November 30, 2003                           $275,000.00
                  December 31, 2003                           $275,000.00
                  January 31, 2004                            $275,000.00
                  February 31, 2004                           $275,000.00
                  March 31, 2004                              $275,000.00
                  April 30, 2004                              $275,000.00
                  May 31, 2004                                $275,000.00
                  June 30, 2004                               $275,000.00
                  July 31, 2004                               $366,666.67
                  August 31, 2004                             $366,666.67
                  September 30, 2004                          $366,666.67
                  December 31, 2004                           $366,666.67
                  January 31, 2005                            $366,666.67
                  February 31, 2005                           $366,666.67
                  March 31, 2005                              $366,666.67
                  April 30, 2005                              $366,666.67
                  May 31, 2005                                $366,666.67
                  June 30, 2005                               $366,666.67
                  July 31, 2005                               $366,666.67
                  August 31, 2005                             $366,666.67
                  September 30, 2005             $97,166,666.66 or, if less, the
                                                 entire unpaid principal amount
                                                 of the Term Loans
</TABLE>

             Notwithstanding anything herein to the contrary, the Borrower shall
repay the entire unpaid principal amount of the Term Loans on the Term Loan
Maturity Date.

                (b) Amendment to Article VI. Article VI is hereby amended by
adding a new Section 6.16 immediately following the text of Section 6.15 as
follows:

                                       2

<PAGE>   3

                   SECTION 6.16. CASH INTEREST EXPENSE. The Borrower shall
             maintain the equivalent value of Cash Interest Expense for a two
             month period in a Cash Collateral Account maintained with the Agent
             for the benefit of the Lenders.

             SECTION 1.02. AMENDMENT TO THE SECURITY AGREEMENT. Subject to the
satisfaction of the conditions precedent set forth in Article II hereof, the
Security Agreement is hereby amended as follows:

             (a) Amendment to Section 2.1. Section 2.1 is hereby amended by
deleting the reference "(i)" appearing immediately prior to the text "all
General Intangibles" and inserting a new reference "(i)" immediately prior to
the text "Equipment or".

                                   ARTICLE II

                        CONDITIONS PRECEDENT TO AMENDMENT

         The amendments to the Loan Agreement and the Security Agreement set
forth in Article I hereof shall become effective on the date (the "Effective
Date") that each of the following conditions precedent are or shall be
contemporaneously satisfied:

             SECTION 2.01. The Agent shall have received counterparts of this
Amendment duly executed by the Agent, the Requisite Lenders, the Borrower, and
the conditions to amendments set forth in Section 5.5 of the U.S. Government
Guarantee shall be satisfied.

             SECTION 2.02. The Agent shall have received, dated the date of
receipt thereof by the Agent, in form and substance satisfactory to the Agent, a
certificate signed by a duly authorized officer of the Borrower stating that:

             (a) The representations and warranties contained in Article III
hereof are correct on and as of the date of such certificate as though made on
and as of such date, and

             (b) After giving effect to this Amendment, no event has occurred
and is continuing which constitutes a Default or an Event of Default.

             SECTION 2.03. The Agent shall have received from the Borrower on
the Effective Date of this Amendment such fees as are set forth in a Fee Letter
dated as of the date hereof between the Agent and the Borrower.

             SECTION 2.04. The Agent shall be satisfied that all conditions to
effectiveness set forth in Amendment No. 2 to the Credit Agreement dated as of
January 3, 2001 among the Borrower, Citicorp USA, Inc., as agent, and the
financial institutions party thereto is effective shall have been satisfied or
waived.

             SECTION 2.05. The Agent shall have received such documents from the
Borrower as the Agent shall request in writing.

                                  ARTICLE III

                   REPRESENTATIONS AND WARRANTIES OF BORROWER

         The Borrower represents and warrants to the Agent and the Lenders that:

                                       3

<PAGE>   4

             SECTION 3.01. AUTHORIZATION. The execution, delivery and
performance by the Borrower of this Amendment have been authorized by all
necessary limited liability company action and the Loan Agreement and the
Security Agreement, as amended by this Amendment, are legal, valid and binding
obligations of the Borrower enforceable against it in accordance with its terms,
except as the enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws of general applicability affecting
the enforcement of creditors' rights and the application of general principles
of equity (regardless of whether such enforcement is sought in a proceeding in
equity or at law).

             SECTION 3.02. NO CONFLICT. Neither the execution, delivery and
performance of this Amendment nor the consummation of the transactions
contemplated hereby does or shall contravene, result in a breach of, or violate
(a) any provision of the Borrower's certificate of formation or agreement of
limited liability company, (b) any law or regulation, or any order or decree of
any court or government agency or instrumentality, or (c) any indenture,
mortgage, deed of trust, lease, agreement or other instrument to which the
Borrower or any of its Subsidiaries is a party or by which the Borrower or any
of its Subsidiaries or any of their property is bound.

             SECTION 3.03. REPRESENTATIONS AND WARRANTIES IN THE LOAN AGREEMENT
AND THE SECURITY AGREEMENT. The representations and warranties set forth in (a)
Article IV of the Loan Agreement, (b) Article III of the Security Agreement and,
(c) in each other Loan Document are true and correct in all material respects on
and as of the Effective Date with the same effect as though made on and as of
such date, except to the extent such representations and warranties expressly
relate only to an earlier date.

             SECTION 3.04. NO DEFAULT. After giving effect to this Amendment, no
Default or Event of Default has occurred and is continuing under each of the
Loan Agreement and the Security Agreement.

                                   ARTICLE IV

                            MISCELLANEOUS PROVISIONS

             SECTION 4.01. REFERENCE TO AND EFFECT UPON THE LOAN AGREEMENT AND
THE SECURITY AGREEMENT; NO WAIVER

             (a) Except as specifically amended above, the Loan Agreement, the
Security Agreement and the other Loan Documents shall remain in full force and
effect and are hereby ratified and confirmed.

             (b) The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any Default or Event of Default or any right,
power, privilege or remedy of the Agent or any Lender under the Loan Agreement,
the Security Agreement or any Loan Document, or constitute a waiver of any
provision of the Loan Agreement, the Security Agreement or any Loan Document.
Upon the effectiveness of this Amendment, each reference in either of the Loan
Agreement or the Security Agreement to "this Agreement", "hereunder", "hereof",
"herein" or words of similar import shall mean and be a reference to the Loan
Agreement or the Security Agreement as respectively amended hereby.

             SECTION 4.02. COSTS AND EXPENSES. As provided in Section 10.3 of
the Loan Agreement, the Borrower agrees to reimburse the Agent and the Lenders
for all reasonable fees, costs and expenses, including the reasonable fees,

                                       4

<PAGE>   5

costs and expenses of counsel or other advisors for advice, assistance, or other
representation in connection with this Amendment.

             SECTION 4.03. RELEASE. In further consideration of the Lenders'
execution of this Amendment, the Borrower hereby releases each of the Agent, the
Government Guarantor and each Lender and their respective affiliates, officers,
employees, directors, agents and attorneys (collectively, the "Releasees") from
any and all claims, demands, liabilities, responsibilities, disputes, causes of
action (whether at law or equity) and obligations of every kind or nature
whatsoever, whether liquidated or unliquidated, known or unknown, matured or
unmatured, fixed or contingent that the Borrower may have against the Releasees
which arise from or in any way relate to the Obligations, any Collateral, any
Loan Document, any documents, agreements, dealings or other matters in
connection with or relating to any of the Loan Documents, and any third parties
liable in whole or in part for the Obligations, in each case to the extent
arising (x) on or prior to the date hereof or (y) out of, or relating to,
actions, dealings or matters occurring on or prior to the date hereof
(including, without limitation, any actions or inactions which Releasees may
have taken or omitted to take prior to the date hereof).

             SECTION 4.04. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

             SECTION 4.05. HEADINGS. Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purposes.

             SECTION 4.06. COUNTERPARTS. This Amendment may be executed in any
number of counterparts and by facsimile, each of which counterparts when so
executed shall be deemed an original, but all such counterparts shall constitute
one and the same instrument.

                            [SIGNATURE PAGES FOLLOW]

                                       5
<PAGE>   6
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their proper and duly authorized officers as of the
date set forth above.

BORROWER:

GENEVA STEEL LLC

By:      /s/ DENNIS L. WANLASS
         --------------------------------------------
Name:    Dennis L. Wanlass
         --------------------------------------------
Title:   Vice President
         --------------------------------------------

AGENT AND LENDER:

CITICORP USA, INC.,
as Agent and Term A Lender

By:      /s/ KEITH R. KARAKO
         --------------------------------------------
Name:    Keith R. Karako
         --------------------------------------------
Title:   Managing Director
         --------------------------------------------

LENDERS:

CITICORP NORTH AMERICA, INC.
as Term B Lender

By:      /s/ C. ANTHONY BOON
         --------------------------------------------
Name:    C. Anthony Boon
         --------------------------------------------
Title:   Managing Director
         --------------------------------------------

CITICORP NORTH AMERICA, INC.
as Term C Lender

By:
         --------------------------------------------
Name:
         --------------------------------------------
Title:
         --------------------------------------------

             [Government Guarantor Consent Page to Amendment No. 1]

<PAGE>   7

GOVERNMENT GUARANTOR:

Approved and consented to the foregoing Amendment No. 1
as of this 30th day of April, 2001

EMERGENCY STEEL LOAN GUARANTY BOARD,
   as Government Guarantor

By:      /s/ DANIEL J. ROONEY
         --------------------------------------------
Name:    Daniel J. Rooney
         --------------------------------------------
Title:   Secretary to the Board
         --------------------------------------------

             [Government Guarantor Consent Page to Amendment No. 1]

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