Document:

Second Amended and Restated Employment Agreement - Joseph Curtin

 EXHIBIT 10.26 
 SECOND AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 

This SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made as of August 8, 2011
(“Effective Date”), among TMS International Corp., a Delaware corporation (“TMS International”), Tube City IMS Corporation, a Delaware corporation (“Company”) and Joseph Curtin
(“Executive”). Any capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in Section 3A hereof. 
 WHEREAS, Executive is currently employed as the President and Chief Executive Officer of the Company pursuant to the terms of an Amended and Restated Employment Agreement dated effective as of
January 25, 2007, as amended by an Amendment, dated as of January 25, 2007, and a Letter Agreement, dated May 10, 2010 (the “Current Agreement”); 

WHEREAS, Executive intends to retire from the Company on December 31, 2014 and agrees to provide the Transition Services (as
defined below) following his retirement; and 
 WHEREAS, the Company and Executive desire to amend and restate the
Current Agreement in its entirety, in the form of this Second Amended and Restated Employment Agreement as of the Effective Date. 
 NOW THEREFORE, in consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive
hereby agree as follows: 
 Section 1. Terms and Conditions of Employment Between the Company and Executive.

 1A. Employment, Duties. 
 (a) The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date
and ending as provided in Section 1D hereof (the “Employment Period”). 
 (b) During the Employment
Period, Executive shall report to the Board (as defined below), and shall initially continue to serve as the President and Chief Executive Officer of each of TMS International and the Company or in such other senior managerial capacities of the
Company or any of its subsidiaries, as requested by the Board. 
 (c) During the Employment Period, Executive shall devote his
full business time and attention to the business and affairs of the Company and its subsidiaries. So long as 

 
Executive is employed by the Company, Executive shall not, without the prior written consent of the Board, accept other employment, or perform other services for compensation. 

(d) The Company and the Executive agree that Executive’s primary office shall be at the Company’s place of business in
Glassport, Pennsylvania, subject to reasonable travel requirements. 
 (e) Following the Executive’s retirement, Executive
shall provide the Transition Services in accordance with Section 1D(d) hereof. 
 1B. Base Salary and
Benefits. 
 (a) During the Employment Period, the Company shall pay Executive an annual base salary of $650,000 (the
“Base Salary”). As used herein, references to “Base Salary” shall include all subsequent increases in annual base salary during the Employment Period. The Base Salary shall be payable in regular installments in accordance
with the Company’s general payroll practices (as in effect from time to time). 
 (b) In addition to the Base Salary,
during the Employment Period, Executive will be eligible to earn an annual bonus under a bonus plan to be established by the Company, as determined by the Board, in its sole discretion based upon the Company’s achievement of budgetary and other
objectives set by the Board. Bonus compensation earned and payable pursuant to this Section 1B(b), if any, shall be paid in accordance with the Company’s customary practices in the calendar year following the fiscal year for which
the bonus is earned, and in no event shall such payment be made later than December 31 of such following calendar year. 

(c) During the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for
which senior executives of the Company and its subsidiaries are generally eligible. Without duplication of any employee benefits provided to all senior executives of the Company and its subsidiaries, the Company shall reimburse Executive for the
annual premium cost of $1 million of term life insurance coverage purchased by Executive on his life, up to a maximum of Eleven Thousand Dollars ($11,000) per year. 
 (d) During the Employment Period, the Company shall (without duplication of any employee benefits provided to Executive pursuant to other provisions of this Agreement) reimburse Executive for all
reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and
other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. 
 (e) All amounts payable or otherwise provided to Executive pursuant to this Agreement shall be subject to all applicable withholding and deduction obligations. 

1C. Deferred Compensation. In addition to any other payments or benefits under this Agreement, Executive shall be entitled to
Retirement Benefits (as hereinafter defined) in accordance with the following: 

  
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 (a) Retirement Benefits. Subject to the other provisions of this
Section 1C hereof, the Company shall pay Executive retirement benefits of Fifty Thousand Dollars ($50,000) annually (“Retirement Benefits”). The Retirement Benefits shall be payable, commencing as of the first day of the
month following the end of the Employment Period, in equal monthly installments for a period of ten (10) years (the “Retirement Payment Period”). Notwithstanding the foregoing, if Executive is deemed to be a “specified
employee” as defined in Section 409A of the Internal Revenue Code (“Code”) and the regulations and guidance issued thereunder relating to deferred compensation (“Section 409A”), then such Retirement
Benefits, in accordance with Section 1E. of this Agreement, shall commence as of the first day of the month after the sixth month following the date that the Employment Period ended and shall continue in equal monthly installments for a period
of ten (10) years from and after such commencement date. 
 (b) Vesting and Forfeiture of Retirement Benefits.
Executive is fully vested as of the Effective Date in his Retirement Benefits. Executive shall forfeit any and all rights to receive any of the vested Retirement Benefits if his employment is terminated for Cause, or, during or after the period of
his employment by the Company, he violates any of the provisions of Section 2. 
 (c) Payment of Retirement
Benefits in the Event of Disability. Anything in this Section 1C to the contrary notwithstanding, in the event the Employment Period is terminated due to the Executive’s Disability (as defined below), the Executive shall be paid
the vested Retirement Benefits during the Retirement Payment Period as contemplated in Section 1(C)(a), subject to forfeiture of any unpaid Retirement Benefits if he thereafter violates any of the provisions of Section 2C.

 (d) Payment of Retirement Benefits in the Event of Death. If Executive dies having vested Retirement Benefits which
have not been paid in full at the date of death, payment of any such unpaid vested Retirement Benefits shall be paid over the Retirement Payment Period (or the remaining portion thereof) to the Executive’s designated beneficiary or
beneficiaries or in default of such designation to the Executive’s estate. 
 (e) All deferred compensation amounts payable
or otherwise provided to Executive pursuant to Section 1 shall be effective only to the extent it complies with the requirements of Section 409A. In the event that Section 1 does not conform to Section 409A,
Executive agrees that the Company may take such reasonable actions as may be necessary to bring Section 1 into compliance with Section 409A, while at the same time providing Executive with substantially comparable economic benefits.

 1D. Term. 
 (a) The Employment Period shall begin on the Effective Date and end on December 31, 2014 (“Retirement Date”); provided that (i) the Employment Period shall terminate
prior to the Retirement Date immediately upon the death or Disability of Executive, (ii) the Employment Period may be terminated by the Company at any time prior to the Retirement Date with or without Cause, and (iii) the Employment Period
may be terminated by Executive at any time prior to the Retirement Date. Unless otherwise agreed by Executive and 

  
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TMS International termination of Executive as an employee of the Company shall automatically result in termination of the Executive’s position as an officer of TMS International. 

(b) If the Employment Period (i) expires on the Retirement Date, (ii) is terminated by the Company without Cause, or
(iii) is terminated by Executive for Good Reason, then (in addition to the Retirement Benefits provided under Section 1C): (A) the Company shall pay Executive the Base Salary through the date of termination plus a
“Severance Payment” equal to two (2) times the Base Salary; and (B) any stock options held by Executive will continue to vest through April 30, 2015 as if Executive remained actively employed with the Company through
April 30, 2015 (including with respect to any vesting that occurs with respect to a “Change of Control” as defined in Executive’s stock option agreement). The Severance Payment shall be payable in equal monthly installments over
a period of two (2) years, commencing as set forth in Section 1D(d). In addition, during the period over which the Severance Payment is made, Executive shall, to the extent permitted by the non-discrimination requirements of the Patient
Protection and Affordable Care Act, without subjecting the Company to an excise tax under the Code and to the extent permitted by the Company’s health insurance carrier (if applicable), be entitled to continued health coverage on the same basis
that such coverage was provided to Executive prior to the termination of the Employment Period, provided that coverage shall end earlier if and when Executive becomes entitled to comparable coverage under another employer’s health plan (and, if
applicable, shall be secondary to Medicare to the extent permitted by law) and that Executive acknowledges and agrees that he will be solely responsible for all taxes imposed upon him under the Code by reason of receiving such coverage. In lieu of
such continuing health coverage, Executive may elect to have the Company pay Executive each month during the period over which the Severance Payment is made an amount equal to the amount that Company would pay to provide health coverage to
Executive, on the same basis that such coverage was provided to Executive prior to the termination of the Employment Period, if Executive was still employed by the Company, unless such election is prohibited by applicable law. 

(c) In addition to the rights set forth in Section 1C and 1D(b): 

(i) In the event that the Employment Period expires on the Retirement Date, the Company shall also pay Executive the bonus, if any, which
he otherwise earned pursuant to Section 1B(b) in respect of the Company’s fiscal year ending December 31, 2014 and such bonus, if any, shall be payable when it otherwise would have been paid absent Executive’s retirement.

 (ii) In the event that the Employment Period terminates prior to the Retirement Date upon Executive being terminated without
cause, Executive terminating the Employment Period for Good Reason, or Executive’s Disability or Death, the Company shall also pay Executive a pro-rata portion (based on the date of termination) of the bonus payable to Executive under
Section 1B(b), which bonus shall be subject to, and determined in accordance with, the Company’s achievement of budgetary and other objectives set by the Board, in respect of (A) the Company’s fiscal year ending December 31,
2011, if such termination occurs during 2011; (B) the Company’s fiscal year ending December 31, 2012, if such termination occurs during 2012; (C) the Company’s fiscal year ending December 31, 2013, if such termination
occurs during 2013; (D) the Company’s fiscal year ending December 31, 2014, if such 

  
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termination occurs during 2014. Any such bonus shall be payable when it otherwise would have been paid absent Executive’s termination. 

(d) As a condition to the Company’s obligations to make the Severance Payment and provide Executive the other benefits specified in
Section 1D(b) and Section 1D(c), Executive must (i) continue to comply with the restrictive covenants contained in Section 2, (ii) execute and deliver a general release agreement in form and substance
satisfactory to the Company, and (iii) throughout the two-year period that the Severance Payment is being made, assist in the transition of responsibilities and pending matters to the successor Chief Executive Officer of the Company, the Board
and to such other officers or employees of TMS International or the Company who may request such advice, counsel or transition services as reasonably requested at mutually convenient times (the “Transition Services”). Executive must
sign and tender the release as described above not later than sixty (60) days following Executive’s last day of employment, or such earlier date as required by the Company, and if Executive fails or refuses to do so, Executive shall
forfeit the right to the Severance Payment and other benefits specified in Section 1D(b) and Section 1D(c) as would otherwise be due and payable. If the Severance Payment is otherwise subject to Section 409A and except
as otherwise required by Section 1E, the first installment shall be made on the first pay period following the date that is sixty (60) days after Executive’s employment terminates and shall otherwise be made on the first pay
period after the release becomes effective (with the initial salary continuation payment to include any unpaid salary continuation payments from the date Executive’s employment terminated), subject to Executive’s executing and tendering
the release on the terms as set forth in the immediately preceding sentence. 
 (e) If the Employment Period is terminated for
any reason other than by (i) expiration on the Retirement Date, (ii) termination by the Company without Cause, or (iii) termination by Executive for Good Reason, Executive shall be entitled to receive only the Base Salary through
the date of termination; except as otherwise provided in Section 1D(c)(ii) herein with respect to bonus payments provided following Executive’s death or disability. 
 (f) Except as otherwise provided herein, all of Executive’s rights to compensation and benefits (including bonus compensation) which accrue or become payable after the termination of the Employment
Period shall cease upon such termination, other than reimbursement pursuant to Section 1B(d). Notwithstanding the foregoing and except as otherwise set forth in Section 1D(b), Executive’s continued rights with respect to
outstanding awards under the Company’s equity compensation plans shall be determined in accordance with the terms of such plans and any related agreements, and Executive’s continued rights under the terms of any compensation or benefit
plans (including the Company’s vacation policy, tax-qualified and nonqualified plans, bonus plan and welfare plans) shall be determined under the terms of such plans, or in the case of the Executive’s deferred compensation benefit, under
the terms of Section 1C. The Company may offset any amounts due and payable by Executive to the Company or its subsidiaries against any amounts the Company owes Executive hereunder. 

1E. Section 409A. 
 (a) The Company and Executive intend that the payments and benefits provided for in this Agreement either be exempt from Section 409A, or be provided in a manner

  
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that complies with Section 409A, and any ambiguity herein shall be interpreted so as to be consistent with the intent of this Section 1E. In no event whatsoever shall the Company
be liable for any additional tax, interest or penalty that may be imposed on Executive by Section 409A or damages for failing to comply with Section 409A. Notwithstanding anything contained herein to the contrary, all payments and benefits
under Section 1 shall be paid or provided only at the time of a termination of Executive’s employment that constitutes a “separation from service” from the Company within the meaning of Section 409A and the
regulations and guidance promulgated thereunder (determined after applying the presumptions set forth in Treas. Reg. Section 1.409A-1(h)(1)). Further, if at the time of Executive’s termination of employment with the Company, Executive is a
“specified employee” as defined in Section 409A as determined by the Company in accordance with Section 409A, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such
termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in
payments or benefits ultimately paid or provided to Executive) until the date that is at least six (6) months following Executive’s termination of employment with the Company (or the earliest date permitted under Section 409A of the
Code). Thereafter, payments will commence and continue in accordance with this Agreement until paid in full. 
 (b)
Notwithstanding anything to the contrary in this Agreement, in-kind benefits and reimbursements provided under this Agreement during any calendar year shall not affect in-kind benefits or reimbursements to be provided in any other calendar year,
other than an arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code, and are not subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this
Agreement, reimbursement requests must be timely submitted by Executive and, if timely submitted, reimbursement payments shall be promptly made to Executive following such submission, but in no event later than December 31 of the calendar year
following the calendar year in which the expense was incurred. In no event shall Executive be entitled to any reimbursement payments after December 31 of the calendar year following the calendar year in which the expense was incurred. This
Section 1E(b) shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Executive. 
 Section 2. Restrictive Covenants. 
 2A. Confidential
Information. Executive acknowledges that the information, observations and data obtained by him while providing services to the Company and its subsidiaries concerning the business or affairs of the Company, any of its subsidiaries
(“Confidential Information”) are the property of the Company or such subsidiary. Therefore, Executive agrees that he shall not disclose to any unauthorized person or use for their own purposes any Confidential Information without
the prior written consent of the Board, unless and to the extent that the aforementioned matters are or become generally known to and available for use by the public other than as a result of Executive’s acts or omissions. Executive shall
deliver to the Company at the termination of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes, printouts and software and other documents and data (and copies thereof)
relating to the Confidential Information, Work Product (as defined below) or the business of the Company, any of its subsidiaries which he may then possess or have under his control. 

  
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 2B. Inventions and Patents. Executive acknowledges that all inventions, innovations,
improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the Company’s or any of its subsidiaries’ actual or anticipated business, research
and development or existing or future products or services and which are conceived, developed or made by Executive while providing services to the Company or its subsidiaries (“Work Product”) belong to the Company or such
subsidiary. Executive shall promptly disclose such Work Product to the Board and perform all actions requested by the Board (whether during or after the Employment Period) to establish and confirm such ownership (including, without limitation,
executing assignments, consents, powers of attorney and other instruments). 
 2C. Non-Compete; Non-Solicitation.

 (a) In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that in the course
of his employment with the Company he has and shall become familiar with the Company’s and its subsidiaries’ trade secrets and with other Confidential Information and that his services shall be of special, unique and extraordinary value to
the Company and its subsidiaries. Therefore, Executive has agreed that during the Employment Period and continuing for the later of (i) twelve (12) months after termination of the Employment Period and (ii) the period during which the
Severance Payment, if any, is being paid pursuant to Section 1D(b) (the “Noncompete Period”), to not directly or indirectly own any interest in, manage, control, participate in, consult with, advise, render services for,
or in any manner engage in the business of owning, operating, managing, any business that is competitive with the business which the Company or its subsidiaries conducts at the time the Employment Period is terminated. Nothing herein shall prohibit
Executive from being a passive owner of not more than two percent (2%) of the outstanding stock of any class of a corporation which is publicly traded, so long as Executive has no active participation in the business of such corporation.

 (b) During the Employment Period and continuing for the later of (i) twenty-four (24) months after termination of
the Employment Period and (ii) the period during which the Severance Payment, if any, is being paid pursuant to Section 1D(b) (the “Nonsolicitation Period”), Executive shall not directly or indirectly through
another entity (i) induce or attempt to induce any employee of the Company or any of its subsidiaries to leave the employ of the Company or such subsidiary, (ii) hire any person who was an employee of the Company or any of its subsidiaries
at any time during the twelve- (12) month period preceding such hiring; or (iii) induce or attempt to induce any material customer, supplier, licensee, licensor or other business relation of the Company, its subsidiaries to cease doing
business with the Company or such subsidiary, other than in connection with ordinary course post-termination competitive activities undertaken as permitted in Section 2C(a). 

2D. Enforcement. If, at the time of enforcement of Sections 2A, 2B or 2C of this Agreement, a court
holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated
period, scope or area. Because Executive’s services are unique and because he has access to Confidential Information and Work Product, the parties hereto agree that money damages would 

  
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not be an adequate remedy for any breach of this Agreement by Executive. Therefore, in the event a breach or threatened breach of this Agreement by Executive, the Company or its subsidiaries or
their respective successors or assigns may, in addition to other rights and remedies existing in their favor apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any
violations of, the provisions hereof. In addition, in the event of a violation by Executive of Section 2C, the Noncompete Period and the Nonsolicitation Period shall be tolled, as applicable, until such breach or violation has been duly
cured. Executive agrees that the restrictions contained in Section 2C are reasonable. 
 2E. Certain
Representations. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by him does not and will not conflict with, breach, violate or cause a default under any contract,
agreement, instrument, order, judgment or decree to which he is a party or by which he is bound, (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or
entity that results in any conflict with this Agreement, (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms,
and (iv) Executive does not own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any business other than the business of the Company and its subsidiaries, except for owning
interests in companies whose stock is publicly traded on an exchange or interests in an investment fund or similar vehicle with respect to which Executive has no direct or indirect authority or influence over the investments thereof. Executive
hereby acknowledges and represents that he has consulted with independent legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein. In no event shall Executive be
entitled to any payments, damages or other recoveries on the termination of the Employment Period, other than as set forth in Section 1C and Section 1D of this Agreement. 

2F. Survival. This Section 2 shall survive and continue in full force in accordance with their terms notwithstanding
any termination of the Employment Period. 
 2G. Termination of Existing Employment Agreements. Subject to
Section 3D(a), this Agreement embodies the complete agreement and understanding among the parties relating to the terms of Executive’s employment with the Company and/or any of its subsidiaries and affiliates and, effective as of
the Closing, supersedes and preempts any prior understandings, agreements or representations by or among the parties and any direct or indirect subsidiary or affiliate of the Company, or any of their direct or indirect subsidiaries or affiliates (or
any predecessor thereof), written or oral, which may have related to the subject matter of this Agreement in any way, including, without limitation, the Current Agreement. 
 Section 3. Certain Definitions; Miscellaneous. 
 3A. Certain
Definitions. 
 “Board” means the Board of Directors of the Company. 

  
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 “Cause” means any of the following by Executive: (i) Executive’s
conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude, dishonesty, fraud, theft or embezzlement, (ii) conduct that brings or is reasonably
likely to bring the Company or any of its subsidiaries or affiliates into public disgrace or disrepute and that is injurious to the Company’s or any subsidiary’s or affiliate’s business in any material way, (iii) failure to
perform duties as reasonably directed by the Company (which, if curable, is not cured within thirty (30) days after notice thereof to Executive by the Company), (iv) gross negligence, willful malfeasance or material act of disloyalty with
respect to the Company or its subsidiaries or affiliates (which, if curable, is not cured within thirty (30) days after notice thereof to Executive by the Company), or (v) any material breach of this Agreement (which, if curable, is not
cured within thirty (30) days after notice thereof to Executive by the Board). 
 “Disability” means any
physical or mental incapacitation which results in Executive’s inability to perform his duties and responsibilities hereunder, as determined by the Board in its good faith judgment, for a consecutive period of ninety (90) days or for a
period of one hundred and twenty (120) days in any three hundred and sixty (360) day period. 
 “Good
Reason” means (i) a material default by the Company in the performance of its obligations under this Agreement which is not cured within thirty (30) days after receipt of written notice from Executive describing the default in
reasonable detail; (ii) relocation of Executive without his consent from his place of employment described in Section 1A(d) to a location that increases his one-way commute by more than thirty-five (35) miles, (iii) a
material diminution in Executive’s duties or other material adverse change in his employment relationship unilaterally imposed by the Company (or its successor) within eighteen (18) months following a Sale of the Company (as defined in the
TMS International Corp. Restricted Stock Plan), after at least thirty (30) days written notification provided by the Executive; or (iv) failure by the Company to secure in writing the agreement of any successor entity to the Company to
assume the Agreement, including a successor to all or substantially all of the assets of the Company. 
 3B. Notices. All
notices, consents and other communications required or permitted to be given under or by reason of this Agreement shall be in writing, shall be delivered personally or by e-mail or telecopy as described below or by reputable overnight courier, and
shall be deemed given on the date on which such delivery is made, provided, that any such delivery made on a day that is not a business day, or that is made after 5:00 p.m. on a business day, shall be deemed to be given on the following business
day. If delivered by e-mail or telecopy, such notices or communications shall be confirmed by a registered or certified letter (return receipt requested), postage prepaid. Any such delivery shall be addressed to the intended recipient at the
following addresses (or at such other address for a party as shall be specified by such party by like notice to the other parties): 
 3C. Notices to Executive: 
 Joseph Curtin 

1589 Stone Mansion Drive 
 Sewickley, PA 15143 

  
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 Notices to the Company: 

Tube City IMS Corporation 
 c/o Onex Investment Corp. 
 712 Fifth Avenue 

New York, New York 10019 
 Attention: Timothy A.R. Duncanson 
 Fax No.: (212) 582-0909 

With copies to: 

TMS International Corp. 
 12 Monongahela Avenue 
 Glassport, Pennsylvania 15045 

Attention: General Counsel 
 and: 
 Kaye Scholer LLP 

425 Park Avenue 

New York, New York 10022 
 Attention: Joel I. Greenberg 

                   Derek M. Stoldt 

Fax No.: (212) 835-8211 
 3D. General Provisions. 
 (a) Severability. Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 (b) Counterparts. This Agreement may be executed in separate
counterparts (including by means of telecopied signature pages), each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

(c) Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be
enforceable by Executive and the Company and their respective successors and assigns; provided that the rights and obligations of Executive under this Agreement shall not be assignable without the prior written consent of the Company.

  
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 (d) Choice of Law. All issues and questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of
Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 
 (e) Amendment and Waiver. The provisions of this Agreement may be amended and waived only in a writing signed by the Company (with the prior written approval of the Board), Executive and TMS
International. 
 (f) No Strict Construction. Notwithstanding that this Agreement has been drafted or prepared by one of
the parties hereto, each of the parties hereto confirm that each party and their respective counsel have reviewed, negotiated and adopted this Agreement as the joint agreement of the parties. The language used in this Agreement shall be deemed to be
the language chosen by the parties, and no rule of strict construction shall be applied against any party. 

*            *          
  *            * 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Employment Agreement on the date first written above. 
  

			
	TUBE CITY IMS CORPORATION
		
	By:	 	 /s/ Thomas E. Lippard

		
	Its:	 	 Executive Vice President

	
	 /s/ Joseph Curtin

	JOSEPH CURTIN
	
	TMS INTERNATIONAL CORP.
		
	By:	 	 /s/ Thomas E. Lippard

		
	Its:	 	 Executive Vice President

 [Signature Page to Curtin Employment Agreement]Second Amended and Restated Employment Agreement - Thomas E. Lippard

 EXHIBIT 10.27 
 SECOND AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 

This SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made as of August 8, 2011
(“Effective Date”), among TMS International Corp., a Delaware corporation (“TMS International”), Tube City IMS Corporation, a Delaware corporation (“Company”) and Thomas E. Lippard
(“Executive”). Any capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in Section 3A hereof. 
 WHEREAS, Executive is currently employed as the Executive Vice President, General Counsel and Secretary of the Company pursuant to the terms of an Amended and Restated Employment Agreement with an
effective date of January 25, 2007, listed on Annex A thereto, as amended by a Letter Agreement, dated May 10, 2010 (the “Current Agreement”); 
 WHEREAS, Executive intends to retire from the Company on December 31, 2012 and agrees to provide the Transition Services (as defined below) following his retirement; and 

WHEREAS, the Company and Executive desire to amend and restate the Current Agreement in its entirety, in the form of this Second
Amended and Restated Employment Agreement as of the Effective Date. 
 NOW THEREFORE, in consideration of the mutual
promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive hereby agree as follows: 

Section 1. Terms and Conditions of Employment Between the Company and Executive. 

1A. Employment, Duties. 
 (a) The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date
and ending as provided in Section 1D hereof (the “Employment Period”). 
 (b) During the Employment
Period, Executive shall report to the Chief Executive Officer of the Company, and shall initially continue to serve as the Executive Vice President, General Counsel and Secretary of each of the Company or in such other senior managerial capacities
of the Company or any of its subsidiaries, as requested by the Chief Executive Officer or the Board. 
 (c) During the
Employment Period, Executive shall devote his full business time and attention to the business and affairs of the Company and its subsidiaries. So long as 

 
Executive is employed by the Company, Executive shall not, without the prior written consent of the Board, accept other employment, or perform other services for compensation. 

(d) The Company and the Executive agree that Executive’s primary office shall be at the Company’s place of business in
Glassport, Pennsylvania, subject to reasonable travel requirements. 
 (e) Following the Executive’s retirement, Executive
shall provide the Transition Services in accordance with Section 1D(d) hereof. 
 1B. Base Salary and
Benefits. 
 (a) During the Employment Period, the Company shall pay Executive an annual base salary of $521,375 (the
“Base Salary”). As used herein, references to “Base Salary” shall include all subsequent increases in annual base salary during the Employment Period. The Base Salary shall be payable in regular installments in accordance
with the Company’s general payroll practices (as in effect from time to time). 
 (b) In addition to the Base Salary,
during the Employment Period, Executive will be eligible to earn an annual bonus under a bonus plan to be established by the Company, as determined by the Board, in its sole discretion based upon the Company’s achievement of budgetary and other
objectives set by the Board. Bonus compensation earned and payable pursuant to this Section 1B(b), if any, shall be paid in accordance with the Company’s customary practices in the calendar year following the fiscal year for which
the bonus is earned, and in no event shall such payment be made later than December 31 of such following calendar year. 

(c) During the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for
which senior executives of the Company and its subsidiaries are generally eligible. Without duplication of any employee benefits provided to all senior executives of the Company and its subsidiaries, the Company shall reimburse Executive for the
annual premium cost of $1 million of term life insurance coverage purchased by Executive on his life, up to a maximum of Eleven Thousand Dollars ($11,000) per year. 
 (d) During the Employment Period, the Company shall (without duplication of any employee benefits provided to Executive pursuant to other provisions of this Agreement) reimburse Executive for all
reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and
other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. 
 (e) All amounts payable or otherwise provided to Executive pursuant to this Agreement shall be subject to all applicable withholding and deduction obligations. 

1C. Deferred Compensation. In addition to any other payments or benefits under this Agreement, Executive shall be entitled to
Retirement Benefits (as hereinafter defined) in accordance with the following: 

  
 2 

 (a) Retirement Benefits. Subject to the other provisions of this
Section 1C hereof, the Company shall pay Executive retirement benefits of Fifty Thousand Dollars ($50,000) annually (“Retirement Benefits”). The Retirement Benefits shall be payable, commencing as of the first day of the
month following the end of the Employment Period, in equal monthly installments for a period of ten (10) years (the “Retirement Payment Period”). Notwithstanding the foregoing, if Executive is deemed to be a “specified
employee” as defined in Section 409A of the Internal Revenue Code (“Code”) and the regulations and guidance issued thereunder relating to deferred compensation (“Section 409A”), then such Retirement
Benefits, in accordance with Section 1E. of this Agreement, shall commence as of the first day of the month after the sixth month following the date that the Employment Period ended and shall continue in equal monthly installments for a period
of ten (10) years from and after such commencement date. 
 (b) Vesting and Forfeiture of Retirement Benefits.
Executive is fully vested as of the Effective Date in his Retirement Benefits. Executive shall forfeit any and all rights to receive any of the vested Retirement Benefits if his employment is terminated for Cause, or, during or after the period of
his employment by the Company, he violates any of the provisions of Section 2. 
 (c) Payment of Retirement
Benefits in the Event of Disability. Anything in this Section 1C to the contrary notwithstanding, in the event the Employment Period is terminated due to the Executive’s Disability (as defined below), the Executive shall be paid
the vested Retirement Benefits during the Retirement Payment Period as contemplated in Section 1(C)(a), subject to forfeiture of any unpaid Retirement Benefits if he thereafter violates any of the provisions of Section 2C.

 (d) Payment of Retirement Benefits in the Event of Death. If Executive dies having vested Retirement Benefits which
have not been paid in full at the date of death, payment of any such unpaid vested Retirement Benefits shall be paid over the Retirement Payment Period (or the remaining portion thereof) to the Executive’s designated beneficiary or
beneficiaries or in default of such designation to the Executive’s estate. 
 (e) All deferred compensation amounts payable
or otherwise provided to Executive pursuant to Section 1 shall be effective only to the extent it complies with the requirements of Section 409A. In the event that Section 1 does not conform to Section 409A,
Executive agrees that the Company may take such reasonable actions as may be necessary to bring Section 1 into compliance with Section 409A, while at the same time providing Executive with substantially comparable economic benefits.

 1D. Term. 
 (a) The Employment Period shall begin on the Effective Date and end on December 31, 2012 (“Retirement Date”); provided that (i) the Employment Period shall terminate
prior to the Retirement Date immediately upon the death or Disability of Executive, (ii) the Employment Period may be terminated by the Company at any time prior to the Retirement Date with or without Cause, and (iii) the Employment Period
may be terminated by Executive at any time prior to the Retirement Date. Unless otherwise agreed by Executive and 

  
 3 

 
TMS International, termination of Executive as an employee of the Company shall automatically result in termination of the Executive’s position as an officer of TMS International.

 (b) If the Employment Period (i) expires on the Retirement Date, (ii) is terminated by the Company without Cause,
or (iii) is terminated by Executive for Good Reason, then (in addition to the Retirement Benefits provided under Section 1C): (A) the Company shall pay Executive the Base Salary through the date of termination plus a
“Severance Payment” equal to two (2) times the Base Salary; and (B) any stock options held by Executive will continue to vest through April 30, 2013 as if Executive remained actively employed with the Company through
April 30, 2013 (including with respect to any vesting that occurs with respect to a “Change of Control” as defined in Executive’s stock option agreement). The Severance Payment shall be payable in equal monthly installments over
a period of two (2) years, commencing as set forth in Section 1D(d). In addition, during the period over which the Severance Payment is made, Executive shall, to the extent permitted by the non-discrimination requirements of the Patient
Protection and Affordable Care Act, without subjecting the Company to an excise tax under the Code and to the extent permitted by the Company’s health insurance carrier (if applicable), be entitled to continued health coverage on the same basis
that such coverage was provided to Executive prior to the termination of the Employment Period, provided that coverage shall end earlier if and when Executive becomes entitled to comparable coverage under another employer’s health plan (and, if
applicable, shall be secondary to Medicare to the extent permitted by law) and that Executive acknowledges and agrees that he will be solely responsible for all taxes imposed upon him under the Code by reason of receiving such coverage. In lieu of
such continuing health coverage, Executive may elect to have the Company pay Executive each month during the period over which the Severance Payment is made an amount equal to the amount that Company would pay to provide health coverage to
Executive, on the same basis that such coverage was provided to Executive prior to the termination of the Employment Period, if Executive was still employed by the Company, unless such election is prohibited by applicable law. 

(c) In addition to the rights set forth in Section 1C and 1D(b): 

(i) In the event that the Employment Period expires on the Retirement Date, the Company shall also pay Executive the bonus, if any, which
he otherwise earned pursuant to Section 1B(b) in respect of the Company’s fiscal year ending December 31, 2012 and such bonus, if any, shall be payable when it otherwise would have been paid absent Executive’s retirement.

 (ii) In the event that the Employment Period terminates prior to the Retirement Date upon Executive being terminated without
cause, Executive terminating the Employment Period for Good Reason, or Executive’s Disability or Death, the Company shall also pay Executive a pro-rata portion (based on the date of termination) of the bonus payable to Executive under
Section 1B(b), which bonus shall be subject to, and determined in accordance with, the Company’s achievement of budgetary and other objectives set by the Board, in respect of (A) the Company’s fiscal year ending December 31,
2011, if such termination occurs during 2011; or (B) the Company’s fiscal year ending December 31, 2012, if such termination occurs during 2012. Any such bonus shall be payable when it otherwise would have been paid absent
Executive’s termination. 

  
 4 

 (d) As a condition to the Company’s obligations to make the Severance Payment and
provide Executive the other benefits specified in Section 1D(b) and Section 1D(c), Executive must (i) continue to comply with the restrictive covenants contained in Section 2, (ii) execute and deliver a
general release agreement in form and substance satisfactory to the Company, and (iii) throughout the two-year period that the Severance Payment is being made, assist in the transition of responsibilities and pending matters to the successor
General Counsel, Board and to such other officers or employees of TMS International or the Company who may request such advice, counsel or transition services as reasonably requested at mutually convenient times, including but not limited to provide
on-going advice and counsel to the successor General Counsel as such may be reasonably requested during the two-year period that the Severance Payment is being made (the “Transition Services”). Executive must sign and tender the
release as described above not later than sixty (60) days following Executive’s last day of employment, or such earlier date as required by the Company, and if Executive fails or refuses to do so, Executive shall forfeit the right to the
Severance Payment and other benefits specified in Section 1D(b) and Section 1D(c) as would otherwise be due and payable. If the Severance Payment is otherwise subject to Section 409A and except as otherwise required by
Section 1E, the first installment shall be made on the first pay period following the date that is sixty (60) days after Executive’s employment terminates and shall otherwise be made on the first pay period after the release
becomes effective (with the initial salary continuation payment to include any unpaid salary continuation payments from the date Executive’s employment terminated), subject to Executive’s executing and tendering the release on the terms as
set forth in the immediately preceding sentence. 
 (e) If the Employment Period is terminated for any reason other than by
(i) expiration on the Retirement Date, (ii) termination by the Company without Cause, or (iii) termination by Executive for Good Reason, Executive shall be entitled to receive only the Base Salary through the date of termination;
except as otherwise provided in Section 1D(c)(ii) herein with respect to bonus payments provided following Executive’s death or disability. 
 (f) Except as otherwise provided herein, all of Executive’s rights to compensation and benefits (including bonus compensation) which accrue or become payable after the termination of the Employment
Period shall cease upon such termination, other than reimbursement pursuant to Section 1B(d). Notwithstanding the foregoing and except as otherwise set forth in Section 1D(b), Executive’s continued rights with respect to
outstanding awards under the Company’s equity compensation plans shall be determined in accordance with the terms of such plans and any related agreements, and Executive’s continued rights under the terms of any compensation or benefit
plans (including the Company’s vacation policy, tax-qualified and nonqualified plans, bonus plan and welfare plans) shall be determined under the terms of such plans, or in the case of the Executive’s deferred compensation benefit, under
the terms of Section 1C. The Company may offset any amounts due and payable by Executive to the Company or its subsidiaries against any amounts the Company owes Executive hereunder. 

1E. Section 409A. 
 (a) The Company and Executive intend that the payments and benefits provided for in this Agreement either be exempt from Section 409A, or be provided in a manner that complies with Section 409A,
and any ambiguity herein shall be interpreted so as to be consistent with the intent of this Section 1E. In no event whatsoever shall the Company be liable for any 

  
 5 

 
additional tax, interest or penalty that may be imposed on Executive by Section 409A or damages for failing to comply with Section 409A. Notwithstanding anything contained herein to the
contrary, all payments and benefits under Section 1 shall be paid or provided only at the time of a termination of Executive’s employment that constitutes a “separation from service” from the Company within the meaning of
Section 409A and the regulations and guidance promulgated thereunder (determined after applying the presumptions set forth in Treas. Reg. Section 1.409A-1(h)(1)). Further, if at the time of Executive’s termination of employment with
the Company, Executive is a “specified employee” as defined in Section 409A as determined by the Company in accordance with Section 409A, and the deferral of the commencement of any payments or benefits otherwise payable
hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits
hereunder (without any reduction in payments or benefits ultimately paid or provided to Executive) until the date that is at least six (6) months following Executive’s termination of employment with the Company (or the earliest date
permitted under Section 409A of the Code). Thereafter, payments will commence and continue in accordance with this Agreement until paid in full. 
 (b) Notwithstanding anything to the contrary in this Agreement, in-kind benefits and reimbursements provided under this Agreement during any calendar year shall not affect in-kind benefits or
reimbursements to be provided in any other calendar year, other than an arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code, and are not subject to liquidation or exchange for another
benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be timely submitted by Executive and, if timely submitted, reimbursement payments shall be promptly made to Executive following such submission, but in
no event later than December 31 of the calendar year following the calendar year in which the expense was incurred. In no event shall Executive be entitled to any reimbursement payments after December 31 of the calendar year following the
calendar year in which the expense was incurred. This Section 1E(b) shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Executive. 

Section 2. Restrictive Covenants. 
 2A. Confidential Information. Executive acknowledges that the information, observations and data obtained by him while providing services to the Company and its subsidiaries concerning the business
or affairs of the Company, any of its subsidiaries (“Confidential Information”) are the property of the Company or such subsidiary. Therefore, Executive agrees that he shall not disclose to any unauthorized person or use for their
own purposes any Confidential Information without the prior written consent of the Board, unless and to the extent that the aforementioned matters are or become generally known to and available for use by the public other than as a result of
Executive’s acts or omissions. Executive shall deliver to the Company at the termination of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer tapes, printouts and
software and other documents and data (and copies thereof) relating to the Confidential Information, Work Product (as defined below) or the business of the Company, any of its subsidiaries which he may then possess or have under his control.

  
 6 

 2B. Inventions and Patents. Executive acknowledges that all inventions, innovations,
improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the Company’s or any of its subsidiaries’ actual or anticipated business, research
and development or existing or future products or services and which are conceived, developed or made by Executive while providing services to the Company or its subsidiaries (“Work Product”) belong to the Company or such
subsidiary. Executive shall promptly disclose such Work Product to the Board and perform all actions requested by the Board (whether during or after the Employment Period) to establish and confirm such ownership (including, without limitation,
executing assignments, consents, powers of attorney and other instruments). 
 2C. Non-Compete; Non-Solicitation.

 (a) In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that in the course
of his employment with the Company he has and shall become familiar with the Company’s and its subsidiaries’ trade secrets and with other Confidential Information and that his services shall be of special, unique and extraordinary value to
the Company and its subsidiaries. Therefore, Executive has agreed that during the Employment Period and continuing for the later of (i) twelve (12) months after termination of the Employment Period and (ii) the period during which the
Severance Payment, if any, is being paid pursuant to Section 1D(b) (the “Noncompete Period”), to not directly or indirectly own any interest in, manage, control, participate in, consult with, advise, render services for,
or in any manner engage in the business of owning, operating, managing, any business that is competitive with the business which the Company or its subsidiaries conducts at the time the Employment Period is terminated. Nothing herein shall prohibit
Executive from being a passive owner of not more than two percent (2%) of the outstanding stock of any class of a corporation which is publicly traded, so long as Executive has no active participation in the business of such corporation.

 (b) During the Employment Period and continuing for the later of (i) twenty-four (24) months after termination of
the Employment Period and (ii) the period during which the Severance Payment, if any, is being paid pursuant to Section 1D(b) (the “Nonsolicitation Period”), Executive shall not directly or indirectly through
another entity (i) induce or attempt to induce any employee of the Company or any of its subsidiaries to leave the employ of the Company or such subsidiary, (ii) hire any person who was an employee of the Company or any of its subsidiaries
at any time during the twelve- (12) month period preceding such hiring; or (iii) induce or attempt to induce any material customer, supplier, licensee, licensor or other business relation of the Company, its subsidiaries to cease doing
business with the Company or such subsidiary, other than in connection with ordinary course post-termination competitive activities undertaken as permitted in Section 2C(a). 

2D. Enforcement. If, at the time of enforcement of Sections 2A, 2B or 2C of this Agreement, a court
holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated
period, scope or area. Because Executive’s services are unique and because he has access to Confidential Information and Work Product, the parties hereto agree that money damages would not be an adequate

  
 7 

 
remedy for any breach of this Agreement by Executive. Therefore, in the event a breach or threatened breach of this Agreement by Executive, the Company or its subsidiaries or their respective
successors or assigns may, in addition to other rights and remedies existing in their favor apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of,
the provisions hereof. In addition, in the event of a violation by Executive of Section 2C, the Noncompete Period and the Nonsolicitation Period shall be tolled, as applicable, until such breach or violation has been duly cured.
Executive agrees that the restrictions contained in Section 2C are reasonable. 
 2E. Certain
Representations. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by him does not and will not conflict with, breach, violate or cause a default under any contract,
agreement, instrument, order, judgment or decree to which he is a party or by which he is bound, (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or
entity that results in any conflict with this Agreement, (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms,
and (iv) Executive does not own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any business other than the business of the Company and its subsidiaries, except for owning
interests in companies whose stock is publicly traded on an exchange or interests in an investment fund or similar vehicle with respect to which Executive has no direct or indirect authority or influence over the investments thereof. Executive
hereby acknowledges and represents that he has consulted with independent legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein. In no event shall Executive be
entitled to any payments, damages or other recoveries on the termination of the Employment Period, other than as set forth in Section 1C and Section 1D of this Agreement. 

2F. Survival. This Section 2 shall survive and continue in full force in accordance with their terms notwithstanding
any termination of the Employment Period. 
 2G. Termination of Existing Employment Agreements. Subject to
Section 3D(a), this Agreement embodies the complete agreement and understanding among the parties relating to the terms of Executive’s employment with the Company and/or any of its subsidiaries and affiliates and, effective as of
the Closing, supersedes and preempts any prior understandings, agreements or representations by or among the parties and any direct or indirect subsidiary or affiliate of the Company or any of their direct or indirect subsidiaries or affiliates (or
any predecessor thereof), written or oral, which may have related to the subject matter of this Agreement in any way, including, without limitation, the Current Agreement. 
 Section 3. Certain Definitions; Miscellaneous. 
 3A. Certain
Definitions. 
 “Board” means the Board of Directors of the Company. 

  
 8 

 “Cause” means any of the following by Executive: (i) Executive’s
conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude, dishonesty, fraud, theft or embezzlement, (ii) conduct that brings or is reasonably
likely to bring the Company or any of its subsidiaries or affiliates into public disgrace or disrepute and that is injurious to the Company’s or any subsidiary’s or affiliate’s business in any material way, (iii) failure to
perform duties as reasonably directed by the Company (which, if curable, is not cured within thirty (30) days after notice thereof to Executive by the Company), (iv) gross negligence, willful malfeasance or material act of disloyalty with
respect to the Company or its subsidiaries or affiliates (which, if curable, is not cured within thirty (30) days after notice thereof to Executive by the Company), or (v) any material breach of this Agreement (which, if curable, is not
cured within thirty (30) days after notice thereof to Executive by the Board). 
 “Disability” means any
physical or mental incapacitation which results in Executive’s inability to perform his duties and responsibilities hereunder, as determined by the Board in its good faith judgment, for a consecutive period of ninety (90) days or for a
period of one hundred and twenty (120) days in any three hundred and sixty (360) day period. 
 “Good
Reason” means (i) a material default by the Company in the performance of its obligations under this Agreement which is not cured within thirty (30) days after receipt of written notice from Executive describing the default in
reasonable detail; (ii) relocation of Executive without his consent from his place of employment described in Section 1A(d) to a location that increases his one-way commute by more than thirty-five (35) miles, (iii) a
material diminution in Executive’s duties or other material adverse change in his employment relationship unilaterally imposed by the Company (or its successor) within eighteen (18) months following a Sale of the Company (as defined in the
TMS International Corp. Restricted Stock Plan), after at least thirty (30) days written notification provided by the Executive; or (iv) failure by the Company to secure in writing the agreement of any successor entity to the Company to
assume the Agreement, including a successor to all or substantially all of the assets of the Company. 
 3B. Notices. All
notices, consents and other communications required or permitted to be given under or by reason of this Agreement shall be in writing, shall be delivered personally or by e-mail or telecopy as described below or by reputable overnight courier, and
shall be deemed given on the date on which such delivery is made, provided, that any such delivery made on a day that is not a business day, or that is made after 5:00 p.m. on a business day, shall be deemed to be given on the following business
day. If delivered by e-mail or telecopy, such notices or communications shall be confirmed by a registered or certified letter (return receipt requested), postage prepaid. Any such delivery shall be addressed to the intended recipient at the
following addresses (or at such other address for a party as shall be specified by such party by like notice to the other parties): 
 3C. Notices to Executive: 
 Thomas E. Lippard 

132 Hartwood Drive 
 Pittsburgh, PA 15208 

  
 9 

 Notices to the Company: 

Tube City IMS Corporation 
 c/o Onex Investment Corp. 
 712 Fifth Avenue 

New York, New York 10019 
 Attention: Timothy A.R. Duncanson 
 Fax No.: (212) 582-0909 

With copies to: 

TMS International Corp. 
 12 Monongahela Avenue 
 Glassport, Pennsylvania 15045 

Attention: Chief Executive Officer 
 and: 
 Kaye Scholer LLP 

425 Park Avenue 

New York, New York 10022 
 Attention: Joel I. Greenberg 

                   Derek M. Stoldt 

Fax No.: (212) 835-8211 
 3D. General Provisions. 
 (a) Severability. Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 (b) Counterparts. This Agreement may be executed in separate
counterparts (including by means of telecopied signature pages), each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

(c) Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be
enforceable by Executive and the Company and their respective successors and assigns; provided that the rights and obligations of Executive under this Agreement shall not be assignable without the prior written consent of the Company.

 (d) Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of
this Agreement shall be governed by, and construed in 

  
 10 

 
accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware. 
 (e) Amendment and
Waiver. The provisions of this Agreement may be amended and waived only in a writing signed by the Company (with the prior written approval of the Board), Executive and TMS International. 

(f) No Strict Construction. Notwithstanding that this Agreement has been drafted or prepared by one of the parties hereto, each of
the parties hereto confirm that each party and their respective counsel have reviewed, negotiated and adopted this Agreement as the joint agreement of the parties. The language used in this Agreement shall be deemed to be the language chosen by the
parties, and no rule of strict construction shall be applied against any party. 

*            *          
  *            * 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Employment Agreement on the date first written above. 
  

			
	TUBE CITY IMS CORPORATION
		
	By:	 	 /s/ Joseph Curtin

		
	Its:	 	 President and CEO

	
	 /s/ Thomas E. Lippard

	THOMAS E. LIPPARD
	
	TMS INTERNATIONAL CORP.
		
	By:	 	 /s/ Joseph Curtin

		
	Its:	 	 President and CEO

 [Signature Page to Lippard Employment Agreement]

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