Document:

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                                                                   Exhibit 10.21

                              EMPLOYMENT AGREEMENT
                              --------------------

         This EMPLOYMENT AGREEMENT (the "Agreement") is dated as of April 18,
2002 (the "Effective Date") and is entered into by and between WEIRTON STEEL
CORPORATION, a Delaware corporation (the "Company"), and JOHN H. WALKER (the
"Employee").

         WHEREAS, Employee and Company have previously entered into Employment
Agreements dated as of March 13, 2000 and January 25, 2001;

         WHEREAS, the Company has been engaged in a restructuring process to
enhance its financial and operating viability;

         WHEREAS, the Company made a number of commitments and representations
to the Employee in order to recruit him to remain an employee of the Company
during and after the restructuring process in order to (i) preserve the
continuity of established leadership, (ii) avoid the costs and uncertainty of
attempting to recruit a replacement and (iii) avoidance of adverse market
reactions to a leadership change during a critical restructuring period;

         WHEREAS, the Company has been engaged in a process to set forth the
terms and conditions of Employee's employment in view of the commitments made to
the Employee and the restructuring and the Board of Directors approved the
substance of this Agreement at its meeting of April 18, 2002; and

         WHEREAS, the Company and the Employee intend to document the terms and
conditions of the Employee's continued employment in this Agreement.

         NOW, THEREFORE, the parties hereby agree as follows:

         1. EMPLOYMENT. Company hereby employs Employee and Employee hereby
accepts employment from Company upon the terms and conditions hereinafter set
forth, and all

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previously executed Employment Agreements between the parties are hereby
superseded and of no further force and effect.

         2. TERM. This Agreement and the employment of the Employee hereunder
shall commence on the Effective Date, and, except as this Agreement and the
Employee's employment hereunder are earlier terminated as provided in Section 9,
shall continue until the third anniversary of the Effective Date. The Term shall
automatically be extended for one additional month commencing on the last
business day of the first month of the Term and, if initially extended, on the
last business day of each succeeding month (each, an "Extension Date") unless
one party gives written notice to the other on or before an Extension Date of
its intention not to extend the Term. The date upon which the Term hereof, as
extended from time to time, shall expire is hereinafter referred to as the
"Expiration Date").

         3. DUTIES. During the Term hereof, the Employee shall serve as
President and Chief Executive Officer of the Company and of each of the
Company's principal subsidiaries and shall serve as a member of the Board of
Directors of the Company. The Employee shall report to the Board of Directors of
the Company, shall be primarily responsible for the executive management and
strategic direction of the Company and shall perform such duties as are
consistent with the role of the President and Chief Executive Officer of the
Company and such other duties, not inconsistent therewith, as may be reasonably
assigned by the Board of Directors. The Employee shall devote his full business
time and attention to the performance of his duties hereunder, provided, with
the consent of the Board, the Employee may (i) devote a reasonable amount of
time and effort to charitable, industry and community groups and (ii) serve as a
director of other companies which do not compete with the Company. For purposes
of this Agreement, no approval of the Board shall be required for investments by
the Executive in his personal portfolio

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except for the acquisition or holding of 2% or more of the capital stock or
partnership interests of an entity which competes with the Company.

                  4.       COMPENSATION.

                  (a) BASE SALARY. The Company shall pay Employee a base salary
         of $395,000 per year or such greater amount as may from time to time be
         authorized by the Board or any authorized committee thereof. The amount
         in effect under this subsection 4(a) at a relevant time is hereinafter
         referred to as "Base Salary". The Base Salary shall be payable in such
         installments and at such times as conform to the general payroll
         practices of Company.

                  (b) ANNUAL BONUS. Employee shall be eligible to participate in
         Company's Management Incentive Plan or any other incentive plan as
         shall be in effect for executive level salaried employees of the
         Company from time to time during the Term (each, a "Bonus Plan") at a
         level commensurate with his position as President and Chief Executive
         Officer of Company, targeted to an annual incentive payment at least
         equal to 50% of Base Salary for attaining annual goals and at least
         equal to 120% of Base Salary for attaining long-term incentive goals as
         established by the Management Development and Compensation Committee of
         the Board of Directors (the "Committee"). In the event the employment
         of Employee is terminated by Company prior to the end of any fiscal
         year of Company, except for Cause (as defined in Section 9(c) below),
         the amount, if any, payable pursuant to the Bonus Plan for the fiscal
         year of the Company in which the Date of Termination (as defined in
         Section 9(c) below) occurs shall be prorated by multiplying the bonus
         amount by a fraction, the numerator of which is the number of days
         elapsed in the fiscal year to and including the Date of Termination and
         the

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         denominator of which is 365. If the employment of Employee is
         terminated for Cause, no bonus shall be paid with respect to the fiscal
         year in which such termination occurs.

                  (c) 2003 BONUS. If the Employee is an employee of the Company
         on December 31, 2003, payment of a bonus in an amount and subject to
         the terms and conditions approved by the Board or, if authorized for
         such purpose, the Committee;

                  (d) PERFORMANCE AND/OR CHANGE IN CONTROL BONUS. Payment of
         such performance and/or Change of Control (not involving a termination
         of employment) bonus in an amount and subject to the terms and
         conditions approved by the Board or, if authorized for such purpose,
         the Committee, provided, any bonus which is or may become due under
         this subsection 4(d) shall not be duplicative in amount or measurement
         of any bonus earned or accrued under Subsection 4(b);

                  (e) AUTOMOBILE EXPENSES. Company shall reimburse Employee for
         his business-related automobile expenses in accordance with the
         Company's policy generally applicable to its Senior Employees.

                  (f) OTHER BENEFIT PROGRAMS. Company shall provide, during the
         Term hereof, coverage for Employee under any plan qualified within the
         meaning of Section 401(a) of the Internal Revenue Code, including the
         Weirton Steel Corporation Retirement Plan (the "Retirement Plan"), and
         each and all welfare plans, as defined in Section 3(1) of the Employee
         Retirement Income Security Act ("ERISA"), including the Insurance
         Program, and each other or successor benefit programs whether or not so
         qualified or covered by ERISA, as applicable from time to time to its
         executive level salaried employees

                  (g) SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN. Employee shall be
         entitled to continue to participate in the Company's Supplemental
         Employee Retirement Plan or any

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         successor plan thereto (the "SERP") as the application of the SERP to
         the Employee is varied by this subsection (g). Notwithstanding any
         provision of the SERP, as of the Effective Date, the Employee shall be
         fully vested in his SERP benefit and, as of the Effective Date, his
         SERP benefit shall be equal to the then present value of a monthly
         annuity determined by multiplying (i) the Employee's Average Monthly
         Earnings (as defined in the Retirement Plan but without regard to any
         limitation on the amount of Average Monthly Earnings imposed by law on
         qualified plans or the language of the Retirement Plan and, further,
         without regard to any amount reported as income in connection with the
         exercise of stock options or any other rights incident to stock
         ownership) by (ii) 0.70, subject to the offsets specified in the SERP
         and payable as specified in the SERP or the trust agreement created
         with respect to the Employee and the SERP. As of the Effective Date,
         the Company shall be obligated to fully fund the SERP benefit described
         above (and on each anniversary of the Effective Date, any incremental
         amount required to maintain such full funding, for example with respect
         to an increase in the Employee's Average Monthly Earnings).

                  (h) PERQUISITES. Employee shall be eligible for, and shall
         participate in, such perquisites as are generally available to
         executive level salaried employees of the Company, including, but not
         limited to participation in the Weirton Steel Corporation Executive
         Healthcare Program, the Employee's having sufficient service as of the
         Effective Date to qualify for full participation therein.

                  (i) INDEMNIFICATION. The Employee shall be entitled to be
         indemnified, and the Company hereby does indemnify the Employee, for
         all causes of actions which arise or are alleged to arise during the
         course of his employment with the Company to the

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         fullest extent permitted under the laws of the State of Delaware and
         the Company's charter.

                  (j) ADDITIONAL LIFE INSURANCE. In addition to the life
         insurance provided to Employee pursuant to Paragraph 3(c) hereof
         (which, as of the Effective Date is four times annual Base Salary
         subject to a maximum of $1.2 million), Company will provide additional
         life insurance coverage for Employee in the amount of $1.5 million on a
         term policy basis, payable to such beneficiaries as Employee may from
         time to time designate. In the event of a termination of this Agreement
         by Company or Employee, Employee may continue the insurance coverage
         described herein by exercising any conversion privilege contained in
         said term policy.

                  (k) RATIFICATION OF PRIOR WRITTEN PROMISES. The Company hereby
         ratifies each and all prior written promises, including, but not
         limited to grants of stock options, each in accordance with its written
         terms. For purposes of this subsection (k), an employment agreement
         shall not be a prior written promise.

         5. DISCLOSURE OF INFORMATION. Employee recognizes and acknowledges that
Company's trade secrets and proprietary processes as they may exist from time to
time are valuable, special and unique assets of Company's business, access to
and knowledge of which are essential to the performance of Employee's duties
hereunder. Employee will not, during or after the term of his employment, in
whole or in part, disclose such secrets or processes acquired by virtue of his
employment hereunder or his service as a director to any person, firm,
corporation, association or other entity for any reason or purpose whatsoever,
nor shall Employee make use of any such property for his own purposes or for the
benefit of any person, firm, corporation or other entity (except Company) under
any circumstances during or after the

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term of his employment, provided, that after the term of his employment, these
restrictions shall not apply to such secrets and processes which are then in the
public domain (provided that he was not responsible, directly or indirectly, for
such secrets or processes entering the public domain without Company's consent).

         6. INVENTIONS. Employee hereby sells, transfers and assigns to Company
or to any person or entity designated by Company all of the right, title and
interest of Employee in and to all inventions, ideas, disclosures and
improvements, whether patented or unpatented, and copyrightable material made or
conceived by Employee, solely or jointly during the period of his employment
hereunder which relate to methods, apparatus, designs, products, processes or
devices, sold, leased, used or under consideration or development by Company, or
which otherwise relate to or pertain to the business, functions or operations of
Company. Employee shall communicate promptly and disclose to Company, in such
form as Employee may be required to do so, all information, details and data
pertaining to the aforementioned inventions, ideas, disclosures and improvements
and to execute and deliver to Company such formal transfers and assignments and
such other papers and documents as may be required of Employee to permit Company
or any person or entity designated by Company to file and prosecute the patent
applications and, as to copyrightable material, to obtain copyright thereof. Any
invention relating to the business of Company and disclosed by Employee within
one (1) year following the Date of Termination shall be deemed to fall within
the provisions of this Section, unless proved by Employee to have been first
conceived and made following the Date of Termination.

         For purposes of Sections 5, 6 or 7 hereof unless the context otherwise
requires, the term "Company" shall include divisions, subsidiaries and
controlled affiliated entities of the Company, and "businesses" of Company shall
include businesses of any of such entities.

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         7. NONDISPARAGEMENT. For the period commencing on the Effective Date
and continuing for 24 months following the Date of Termination, Employee will
not, in any form, disparage Company, its officers or directors or otherwise make
comment adverse to Company concerning any aspect of the business or practices,
past or present, of Company.

         8. INJUNCTIVE RELIEF. If there is a breach or threatened breach by
Employee of any of the provisions of Sections 5, 6 or 7 of this Agreement,
Company shall be entitled to an injunction from a court of competent
jurisdiction restraining Employee from such breach. Nothing herein shall be
construed as prohibiting Company from pursuing any other remedies against
Employee for such breach or threatened breach.

         9. TERMINATION. Unless earlier terminated in accordance with the
following provisions of this Paragraph 9, the Company shall continue to employ
the Employee and the Employee shall remain employed by the Company during the
entire Term (as extended from time to time) as set forth in Paragraph 1.
Paragraph 10 hereof sets forth certain obligations of the Company in the event
that the Employee's employment hereunder is terminated. Certain capitalized
terms used in this Paragraph 9 and Paragraph 10 hereof are defined in Paragraph
9(c) below.

                  (a) DEATH OR DISABILITY. Except to the extent otherwise
         expressly stated herein, including without limitation, as provided in
         Paragraph 10(a) with respect to certain post-Date of Termination
         payment obligations of the Company, this Agreement shall terminate
         immediately as of the Date of Termination in the event of the
         Employee's death or in the event that the Employee becomes Disabled.

                  (b) NOTIFICATION OF DISCHARGE FOR CAUSE OR RESIGNATION. In
         accordance with the procedures hereinafter set forth, the Company may
         discharge the Employee from his

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         employment hereunder for Cause and the Employee may resign from his
         employment hereunder for Good Reason or otherwise. Any discharge of the
         Employee by the Company for Cause or resignation by the Employee for
         Good Reason shall be communicated by a Notice of Termination to the
         Employee (in the case of discharge) or the Company (in the case of
         resignation) given in accordance with Paragraph 11 of this Agreement.
         For purposes of this Agreement, a "Notice of Termination" means a
         written notice which (i) indicates the specific termination provision
         in this Agreement relied upon, (ii) sets forth in reasonable detail the
         facts and circumstances claimed to provide a basis for termination of
         the Employee's employment under the provision so indicated and (iii) if
         the Date of Termination is to be other than the date of receipt of such
         notice, specifies the Date of Termination (which date shall in all
         events be within fifteen (15) days after the giving of such notice). No
         purported termination of the Employee's employment for Cause shall be
         effective without a Notice of Termination. The failure by the Employee
         to set forth in the Notice of Termination any fact or circumstance
         which contributes to a showing of Good Reason shall not waive any right
         of the Employee hereunder or preclude the Employee from asserting such
         fact or circumstances in enforcing the Employee's rights hereunder.

                  (c) DEFINITIONS. For purposes of this Paragraph 9 and of
         Paragraph 10 hereof, the following capitalized terms shall have the
         meanings set forth below:

                           (i) "ACCRUED OBLIGATIONS" shall mean, as of the Date
                  of Termination, the sum of (A) the Employee's base salary
                  under Section 4(a) through the Date of Termination to the
                  extent not theretofore paid, (B) the amount of any bonus then
                  due under Section 4(b), and any incentive compensation,
                  deferred compensation

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                  and other cash compensation accrued by or on behalf of the
                  Employee as of the Date of Termination to the extent not
                  theretofore paid, (C) any vacation pay, expense reimbursements
                  and other cash entitlements accrued by the Employee as of the
                  Date of Termination to the extent not theretofore paid, (D)
                  the SERP Funding, and (E) the Health Care Funding.

                           (ii) "CAUSE" shall mean (A) the willful and continued
                  failure of the Employee to perform substantially his duties
                  with the Company or one of its affiliates (other than any such
                  failure resulting from incapacity due to physical or mental
                  illness), after a written demand for substantial performance
                  is delivered to the Employee by the Board which demand
                  specifically identifies the manner in which the Board believes
                  that the Employee has not substantially performed his duties,
                  or (B) the willful engaging by the Employee in illegal conduct
                  or gross misconduct which is materially and demonstrably
                  injurious to the Company.

For purposes of this provision, no act or failure to act on the part of the
Employee shall be considered "willful" unless it is done, or omitted to be done,
by the Employee in bad faith or without reasonable belief that the Employee's
action or omission was in the best interests of the Company. Any act, or failure
to act, based upon authority given pursuant to a resolution duly adopted by the
Board or based upon the advice of counsel for the Company shall be conclusively
presumed to be done, or omitted to be done, by the Employee in good faith and in
the best interests of the Company. The cessation of employment of the Employee
shall not be deemed to be for Cause unless and until there shall have been
delivered to the Employee a copy of a resolution duly adopted by the affirmative
vote of not less than three-quarters of the entire membership of the Board at a
meeting of the Board called and held for such purpose, after

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reasonable notice is provided to the Employee and the Employee is given an
opportunity, together with counsel, to be heard before the Board, finding that,
in the good faith opinion of the Board, the Employee is guilty of the conduct
described in subparagraph (A) or (B) above, and specifying the particulars
thereof in detail.

                           (iii) A "Change in Control" shall mean, and shall be
                  deemed to have occurred upon the occurrence of, any one of the
                  following events:

                                    (A) The acquisition in one or more
                           transactions, other than from the Company, by any
                           individual, entity or group (within the meaning of
                           Section 13(d)(3) or 14(d)(2) of the Securities
                           Exchange Act of 1934, as amended (the "Exchange
                           Act")) of beneficial ownership (within the meaning of
                           Rule 13d-3 promulgated under the Exchange Act) of
                           shares of Company stock which, when aggregated with
                           any other shares of Company stock owned by such
                           individual, entity or group, represents 30% or more
                           of the voting power of all shares of Company stock
                           then outstanding; provided, that the following shall
                           not constitute a Change in Control: any acquisition
                           by (1) the Company or any of its subsidiaries, any
                           employee benefit plan (or related trust) sponsored or
                           maintained by the Company or any of its subsidiaries,
                           or (2) any corporation with respect to which,
                           following such acquisition, more than 50% of,
                           respectively, the then outstanding shares of common
                           stock of such corporation and the combined voting
                           power of the then outstanding voting securities of
                           such corporation entitled to vote generally in the
                           election of directors is then beneficially owned,
                           directly or indirectly, by all or substantially all
                           of the

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                           individuals and entities who were the beneficial
                           owners, respectively, of the outstanding Company
                           stock immediately prior to such acquisition in
                           substantially the same proportion as their ownership,
                           immediately prior to such acquisition, of the
                           outstanding common stock and company voting
                           securities, as the case may be; or

                                    (B) Individuals who constitute the Board as
                           of the date of this Agreement (the "Incumbent Board")
                           cease for any reason to constitute at least a
                           majority of the Board; provided, however, that any
                           individual becoming a director subsequent to the date
                           of this Agreement whose election or nomination for
                           election by the Company was approved by a vote of at
                           least a majority of the directors then comprising the
                           Incumbent Board or was approved by a stockholder
                           beneficially owning in excess of 40% of the
                           outstanding common stock at the date hereof and at
                           the date of such nomination or election (unless such
                           nomination or election (1) was at the request of an
                           unrelated third party who has taken steps reasonably
                           calculated to effect a Change in Control, or (2)
                           otherwise arose in connection with or in anticipation
                           of the Change in Control) shall be considered as
                           though such individual were a member of the Incumbent
                           Board; or

                                    (C) Approval by the shareholders of the
                           Company of a reorganization, merger or consolidation,
                           unless, following such reorganization, merger or
                           consolidation, all or substantially all of the
                           individuals and entities who were the respective
                           beneficial owners of the

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                           outstanding common stock and company voting
                           securities immediately prior to such reorganization,
                           merger or consolidation, following such
                           reorganization, merger or consolidation beneficially
                           own, directly or indirectly, more than 50% of,
                           respectively, the then outstanding shares of common
                           stock and the combined voting power of the then
                           outstanding voting securities entitled to vote
                           generally in the election of directors, as the case
                           may be, of the corporation resulting from such
                           reorganization, merger or consolidation in
                           substantially the same proportion as their ownership
                           of the outstanding common stock and company voting
                           securities immediately prior to such reorganization,
                           merger or consolidation, as the case may be; or

                                    (D) Approval by the shareholders of the
                           Company of (1) a complete liquidation or dissolution
                           of the Company or (2) a sale or other disposition of
                           60% or more by value of the assets of the Company
                           other than to a corporation with respect to which,
                           following such sale or disposition, more than 70% of,
                           respectively, the then outstanding shares of common
                           stock and the combined voting power of the then
                           outstanding voting securities entitled to vote
                           generally in the election of directors is then owned
                           beneficially, directly or indirectly, by all or
                           substantially all of the individuals and entities who
                           were the beneficial owners, respectively, of the
                           outstanding common stock and company voting
                           securities immediately prior to such sale or
                           disposition in substantially the same proportion as
                           their ownership of the outstanding common stock and

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                           company voting securities, as the case may be,
                           immediately prior to such sale or disposition; or

                                    (E) the happening of any of the foregoing
                           within ninety (90) days prior to the Date of
                           Termination shall be conclusively presumed to be a
                           change in Control affecting the Employee.

                           (iv) "CHARTER AMENDMENTS" shall mean those changes to
                  the Restated Certificate of Incorporation of the Company and
                  conforming changes to the By-laws of the Company to modify the
                  size, composition and qualifications of the Board, eliminate
                  supermajority voting provisions by stockholders and the Board
                  and eliminate other stockholders voting restrictions, except
                  as required by Delaware law, in each case to be effective upon
                  the occurrence of a significant transaction, substantially in
                  the form of such changes as presented to the Board at its
                  April 18, 2002 meeting.

                           (v) "DATE OF TERMINATION" shall mean (A) in the event
                  of a discharge of the Employee by the Company for Cause or a
                  resignation by the Employee for Good Reason, the date the
                  Employee (in the case of discharge) or the Company (in the
                  case of resignation) receives a Notice of Termination, or any
                  later date specified in such Notice of Termination, as the
                  case may be, (B) in the event of a discharge of the Employee
                  without Cause or a resignation by the Employee without Good
                  Reason, the date the Employee (in the case of discharge) or
                  the Company (in the case of resignation) receives notice of
                  such termination of employment, (C) in the event of the
                  Employee's death, the date of the Employee's death, and (D) in
                  the event of termination of the Employee's employment by

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                  reason of disability pursuant to Subsection 9(c)(vi), the date
                  the Employee receives written notice of such termination.

                           (vi) "DISABILITY" shall mean upon 30 days prior
                  notice in writing in the event Employee has been so
                  incapacitated that he has been unable to perform the services
                  required of him hereunder for a period of at least 150 of 180
                  consecutive calendar days and such inability is continuing at
                  the time of the giving of such notice. Company, at its sole
                  cost and expense, shall continue to provide and keep in force
                  during the period of incapacity which remains after the Date
                  of Termination, but not after Employee attains age 65, income
                  replacement, sickness and accident and health insurance
                  coverages for Employee and his dependents of the types
                  provided by the group benefit plans of Company for employees
                  of the highest job classification under Company's Program of
                  Insurance Benefits for Salaried Employees (the "Insurance
                  Program"), which coverages shall be at a level commensurate
                  with those provided to employees in the highest job
                  classification.

                           (vii) "GOOD REASON" shall mean any of the following:
                  (A) the assignment to the Employee of any duties inconsistent
                  in any respect with the Employee's position (including status,
                  offices, titles and reporting requirements), authority, duties
                  or responsibilities as contemplated by Section 3 of this
                  Agreement, or any other action by the Company which results in
                  a diminution in such position, authority, duties or
                  responsibilities or which renders such position to be of less
                  dignity, responsibility or scope, excluding for this purpose
                  an isolated, insubstantial and inadvertent action not taken in
                  bad faith and which is remedied by the Company promptly after
                  receipt of notice thereof given by the Employee; (B) any
                  failure by the Company to pay when due or otherwise comply
                  with any of the provisions of Section 4 of this Agreement,
                  other than an isolated, insubstantial and inadvertent failure
                  not occurring in bad faith and which is

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                  remedied by the Company promptly after receipt of notice
                  thereof given by the Employee; (C) the Company's requiring the
                  Employee to be based at any office or location other than the
                  Company's headquarters in Weirton, West Virginia or the
                  Company's requiring the Employee to travel on Company business
                  to a substantially greater extent than required immediately
                  prior to the Effective Date; (D) any purported termination by
                  the Company of the Employee's employment otherwise than as
                  expressly permitted by this Agreement; (E) any failure by the
                  Company to cause a successor corporation to adopt this
                  Agreement and agree to perform the duties and obligations of
                  the Company hereunder; (F) failure of the Board to approve by
                  a sufficient majority and to recommend approval to the
                  stockholders, or the failure of the stockholders to approve by
                  a sufficient majority, the Charter Amendments; (G) the
                  occurrence of an Oppressive Work Environment; or (H) the
                  delivery by the Company of a notice not to renew the Term of
                  this Agreement under Section 2.

                           (viii) "HEALTH CARE FUNDING" shall mean the then
                  present value, determined using actuarial and other
                  assumptions consistent with the Company's financial reporting
                  for post retirement benefits other than pensions, of the cost
                  of the Employee's (and dependents, if applicable)
                  participation in the Weirton Steel Corporation Executive
                  Healthcare Program, in accordance with its terms, and, if

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                  the Employee reasonably determines that receipt of the Health
                  Care Funding would be income to the Employee for federal
                  income tax purposes, an additional amount equal to the federal
                  and, if applicable, state and local income tax liability with
                  respect to receipt of the Health Care Funding together with
                  the amount of any such tax with respect to receipt of the
                  additional amount described in this clause.

                           (ix) "OPPRESSIVE WORK ENVIRONMENT" shall mean (A) the
                  naming of Employee, individually, as a defendant in a lawsuit
                  filed by, or on behalf of, an employee, officer, former
                  employee or former officer of the Company making claims with
                  respect to actions or omissions of the Employee taken or
                  omitted to be taken within the scope of his employment which
                  suit is not dismissed with prejudice within forty-five (45)
                  days after filing or (B) conditions which, in the reasonable
                  judgment of the Employee, renders his position oppressive,
                  provided, if the Employee makes a reasonable judgment that
                  conditions under his position are oppressive, such judgment
                  shall not be effective until the Employee provides written
                  notice to the Board describing such conditions and the Board
                  has thirty (30) days to cure such conditions.

                           (x) "SERP FUNDING" shall mean the difference measured
                  as of the Date of Termination and computed as a single lump
                  sum amount between (a) the aggregate amount required as (1) a
                  contribution to the trust created with respect to Employee
                  under the SERP and (2) a tax equalization payment, in
                  accordance with the terms of the SERP and such trust, to fully
                  fund the Company's obligation and the SERP Benefit of the
                  Employee, each as set forth in subsection 4(g), and

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                  (b) the actual amount then funded in the trust created with
                  respect to the Employee under the SERP.

         10.      OBLIGATIONS OF THE COMPANY UPON TERMINATION.

                  (a) DISCHARGE FOR CAUSE, RESIGNATION WITHOUT GOOD REASON,
         DEATH OR DISABILITY. In the event of a discharge of the Employee for
         Cause or resignation by the Employee without Good Reason, or in the
         event this Agreement terminates by reason of the death or Disability of
         the Employee:

                           (i) the Company shall pay all Accrued Obligations to
                  the Employee, or to his heirs or estate in the event of the
                  Employee's death, in a lump sum in cash within thirty (30)
                  days after the Date of Termination; and

                           (ii) the Employee, or his beneficiary, heirs or
                  estate in the event of the Employee's death, shall be entitled
                  to receive all benefits accrued by him as of the Date of
                  Termination under the Qualified Plans and all other qualified
                  and nonqualified retirement, pension, profit sharing and
                  similar plans of the Company in such manner and at such time
                  as are provided under the terms of such plans and
                  arrangements; and

                           (iii) all other obligations of the Company hereunder
                  shall cease forthwith, except as specifically set forth in
                  this Agreement.

                  (b) DISCHARGE WITHOUT CAUSE OR RESIGNATION FOR GOOD REASON
         PRIOR TO A CHANGE IN CONTROL. If the Employee is discharged other than
         for Cause or disability or the Employee resigns with Good Reason within
         one year of the happening of an event of Good Reason and such discharge
         or resignation occurs prior to a Change in Control:

                                       18
<PAGE>

                           (i) the Company shall pay to the Employee in a lump
                  sum in cash within thirty (30) days after the Date of
                  Termination the aggregate of the following amounts:

                              (A) all Accrued Obligations; and

                              (B) Within five (5) business days of the
                  Date of Termination, an amount, in a single cash payment,
                  equal to the sum of (i) two times the Employee's Base Salary
                  and (ii) the amount of all federal, state, and municipal taxes
                  (including payroll and excise tax) imposed on the amount paid
                  under subsection B(i) and with respect to the amount described
                  in this subsection (B)(ii); it being the intent of this
                  section to cause the Employee to receive, after payment of all
                  taxes, an amount equal to two times his Base Salary;

                           (ii) the Employee shall be entitled to receive all
                  benefits accrued by him as of the Date of Termination under
                  all qualified and nonqualified retirement, pension, profit
                  sharing and similar plans of the Company in such manner and at
                  such time as are provided under the terms of such plans; and

                           (iii) all stock options and other stock interests or
                  stock-based rights awarded to the Employee by the Company on
                  or before the Date of Termination shall become fully vested
                  and nonforfeitable as of the Date of Termination and shall
                  remain exercisable until the earlier of (i) the expiration
                  date of such option, stock interest or stock-based rights as
                  set forth at the time of grant, or (ii) the third anniversary
                  of the Date of Termination;

                                       19
<PAGE>

                           (iv) the Company shall instruct the trustee of the
                  Trust created with respect to the Employee under the SERP to
                  distribute the corpus of such Trust to the Employee, and

                           (v) except as otherwise provided above or in
                  Paragraph 17 hereof, all other obligations of the Company
                  hereunder shall cease forthwith.

                  (c) DISCHARGE WITHOUT CAUSE OR RESIGNATION FOR GOOD REASON
         AFTER A CHANGE IN CONTROL. If the Employee is discharged other than for
         Cause or disability or the Employee resigns for Good Reason, within one
         year of the happening of Good Reason and such discharge or resignation
         occurs within one year after a Change in Control:

                           (i) the Company shall pay to the Employee in a lump
                  sum in cash within thirty (30) days after the Date of
                  Termination the aggregate of the following amounts: (A) all
                  Accrued Obligations; and

                               (B) Within five (5) business days of
                           the Date of Termination, an amount, in a single cash
                           payment, equal to the sum of (i) three times the
                           Employee's Base Salary and (ii) the amount of all
                           federal, state, and municipal taxes (including
                           payroll and excise tax) imposed on the amount paid
                           under subsection B(i) and with respect to the amount
                           described in this subsection (B)(ii); it being the
                           intent of this section to cause the Employee to
                           receive, after payment of all taxes, an amount equal
                           to three times his Base Salary;

                           (ii) the Employee shall be entitled to receive all
                  benefits accrued by him as of the Date of Termination under
                  all qualified and nonqualified retirement,

                                       20
<PAGE>

                  pension, profit sharing and similar plans of the Company in
                  such manner and at such time as are provided under the terms
                  of such plans; and

                           (iii) all stock options and other stock interests or
                  stock-based rights awarded to the Employee by the Company on
                  or before the Date of Termination shall become fully vested
                  and nonforfeitable as of the Date of Termination and shall
                  remain exercisable for at least three years following the Date
                  of Termination;

                           (iv) the Company shall instruct the trustee of the
                  Trust created with respect to the Employee under the SERP to
                  distribute the corpus of such Trust to the Employee, and

                           (v) except as otherwise provided above or in
                  Paragraph 17 hereof, all other obligations of the Company
                  hereunder shall cease forthwith.

                  (d) PAYMENT OBLIGATIONS ABSOLUTE. The Company's obligation to
         make the payments and the arrangements provided for herein shall be
         absolute and unconditional, and shall not be affected by any
         circumstances, including, without limitation, any offset, counterclaim,
         recoupment, defense, or other right which the Company may have against
         the Employee or any other party. Each and every payment made hereunder
         by the Company shall be final, and the Company shall not seek to
         recover all or any part of such payment from the Employee or from
         whomsoever may be entitled thereto, for any reasons whatsoever.

                  (e) CONTRACTUAL RIGHTS TO BENEFITS. This Agreement establishes
         and vests in the Employee a contractual right to the benefits to which
         he is entitled hereunder. The Employee shall not be obligated to seek
         other employment in mitigation of the amounts

                                       21
<PAGE>

         payable or arrangements made under any provision of this Agreement, and
         the obtaining of any such other employment shall in no event effect any
         reduction of the Company's obligations to make the payments and
         arrangements required to be made under this Agreement.

         11. NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
delivered by hand or mailed within the continental United States by first class
certified mail, return receipt requested, postage prepaid, addressed as follows:

                  (a)      to the Board or the Company, to:
                           Weirton Steel Corporation
                           Three Springs Drive
                           Weirton, WVA  216062

                  (b)      to the Employee, to:
                           John H. Walker
                           149 Backbone Road
                           Sewickley, PA  15143

         Addresses may be changed by written notice sent to the other party at
the last recorded address of that party.

         12. WAIVER OF BREACH. A waiver by Company or Employee of a breach of
any provision of this Agreement by the other party shall be in writing and shall
not operate or be construed as a waiver of any subsequent breach by the other
party.

         13. ARBITRATION. Subject to the provisions of the first sentence of
Section 9 hereof, any dispute between Employee and Company arising under this
Agreement, whether or not a case or controversy, shall be resolved solely by
arbitration in Pittsburgh, Pennsylvania in

                                       22
<PAGE>

accordance with the rules of the American Arbitration Association, and judgment
upon any award may be entered in any court having jurisdiction thereof.

         14. LEGAL FEES AND EXPENSES. Company shall promptly reimburse Employee
for the reasonable legal fees and expenses incurred by Employee in connection
with enforcing any right of Employee pursuant to and afforded by this Agreement;
provided, however, that Company only will reimburse Employee for such legal fees
and expenses if, in connection with enforcing any right of Employee pursuant to
and afforded by this Agreement, either (i) a judgment has been rendered in favor
of the Employee by a duly authorized court of law; (ii) an arbitration award in
favor of the Employee has been issued; or (iii) Company and Employee have
entered into a settlement agreement providing for the payment to Employee of any
or all amounts due hereunder.

         15. ENTIRE AGREEMENT; GOVERNING LAW. This Agreement contains the entire
agreement of the parties, superseding any prior agreement or arrangement between
the parties concerning the employment of Employee by Company, whether written or
oral, and any such agreements are null and void except that any prior stock
option agreements between the Company and the Employee shall continue to be
obligations of Company and Employee. This Agreement may be changed only by a
writing signed by the party against whom enforcement is sought. This Agreement
shall be governed by the laws of the State of Delaware, without regard to its
principles of conflicts of laws.

         16. SEVERABILITY. If any provision of this Agreement or the application
thereof to any circumstance shall to any extent be held invalid or
unenforceable, the remainder of this Agreement shall not be affected thereby and
shall be valid and enforceable to the fullest extent

                                       23
<PAGE>

permitted by law, but only if and to the extent such enforcement would not
materially and adversely frustrate the parties' essential objectives as
expressed herein.

         17. SURVIVAL OF OBLIGATIONS. Except as otherwise specifically set forth
in this Agreement or as otherwise prohibited by law, all rights and obligations
of Employee, except such obligations as are created by Sections 9 and 10 hereof,
and all obligations of Company under this Agreement, shall cease on, and as of,
the Date of Termination.

         IN WITNESS WHEREOF, the parties have executed this agreement as of the
day first hereinabove written.

                                     WEIRTON STEEL CORPORATION

                                     By: /s/ Richard R. Burt
                                       -----------------------------------------
                                     Title: Chairman of the Board of Directors

                                     By: /s/ John H. Walker
                                       -----------------------------------------
                                     Title:  Chief Executive Officer

                                       24<PAGE>
                                                                   Exhibit 10.23

                              EMPLOYMENT AGREEMENT
                              --------------------

         This EMPLOYMENT AGREEMENT (the "Agreement") is dated as of April 18,
2002 (the "Effective Date") and is entered into by and between WEIRTON STEEL
CORPORATION, a Delaware corporation (the "Company"), and MARK E. KAPLAN (the
"Employee").

         WHEREAS, Employee and Company have previously entered into Employment
Agreements;

         WHEREAS, the Company has been engaged in a restructuring process to
enhance its financial and operating viability;

         WHEREAS, the Company made a number of commitments and representations
to the Employee in order to recruit him to remain an employee of the Company
during and after the restructuring process in order to (i) preserve the
continuity of established leadership, (ii) avoid the costs and uncertainty of
attempting to recruit a replacement and (iii) avoidance of adverse market
reactions to a leadership change in a critical restructuring period;

         WHEREAS, the Company has been engaged in a process to set forth the
terms and conditions of Employee's employment in view of the commitments made to
the Employee and the restructuring and the Management Development and
Compensation Committee of the Board of Directors (the "Committee")approved the
form of this Agreement at its meeting of April 18, 2002; and

         WHEREAS, the Company and the Employee intend to document the terms and
conditions of the Employee's continued employment in this Agreement.

         NOW, THEREFORE, the parties hereby agree as follows:

                                       1
<PAGE>

         1. EMPLOYMENT. Company hereby employs Employee and Employee hereby
accepts employment from Company upon the terms and conditions hereinafter set
forth, and all previously executed Employment Agreements between the parties are
hereby superseded and of no further force and effect.

         2. TERM. This Agreement and the employment of the Employee hereunder
shall commence on the Effective Date, and, except as this Agreement and the
Employee's employment hereunder are earlier terminated as provided in Section 9,
shall continue until the third anniversary of the Effective Date. The Term shall
automatically be extended for one additional month commencing on the last
business day of the first month of the Term and, if initially extended, on the
last business day of each succeeding month (each, an "Extension Date") unless
one party gives written notice to the other on or before an Extension Date of
its intention not to extend the Term. The date upon which the Term hereof, as
extended from time to time, shall expire is hereinafter referred to as the
"Expiration Date").

         3. DUTIES. During the Term hereof, the Employee shall serve as Senior
Vice President - Finance and Administration of the Company and of each of the
Company's principal subsidiaries and shall be nominated to serve as a member of
the Board of Directors of the Company commencing at the annual meeting of
stockholders next following the Effective Date. The Employee shall report to the
President and Chief Executive Officer (the "CEO") of the Company, shall be
primarily responsible for the financial and administrative management of the
Company and shall perform such duties as are consistent with the role of the
Senior Vice President - Finance and Administration of the Company and such other
duties, not inconsistent therewith, as may be reasonably assigned by the CEO.
The Employee shall devote his full business time and attention to the
performance of his duties hereunder, provided, with the

                                       2
<PAGE>

consent of the CEO, the Employee may (i) devote a reasonable amount of time and
effort to charitable, industry and community groups and (ii) serve as a director
of other companies which do not compete with the Company. For purposes of this
Agreement, no approval of the CEO shall be required for investments by the
Executive in his personal portfolio except for the acquisition or holding of 2%
or more of the capital stock or partnership interests of an entity which
competes with the Company.

                  4.       COMPENSATION.

                  (a) BASE SALARY. The Company shall pay Employee a base salary
         of $260,000 per year or such greater amount as may from time to time be
         authorized by the Committee. The amount in effect under this subsection
         4(a) at a relevant time is hereinafter referred to as "Base Salary".
         The Base Salary shall be payable in such installments and at such times
         as conform to the general payroll practices of Company.

                  (b) ANNUAL BONUS. Employee shall be eligible to participate in
         Company's Management Incentive Plan or any other incentive plan as
         shall be in effect for executive level salaried employees of the
         Company from time to time during the Term (each, a "Bonus Plan") at a
         level commensurate with his position as Senior Vice President - Finance
         and Administration, targeted to an annual incentive payment at least
         equal to 50% of Base Salary for attaining annual goals and at least
         equal to 85% of Base Salary for attaining long-term incentive goals as
         established by the Management Development and Compensation Committee of
         the Board of Directors (the "Committee"). In the event the employment
         of Employee is terminated by Company prior to the end of any fiscal
         year of Company, except for Cause (as defined in Section 9(c) below),
         the amount, if any, payable pursuant to the Bonus Plan for the fiscal
         year of the Company in which the

                                       3
<PAGE>

         Date of Termination (as defined in Section 9(c) below) occurs shall be
         prorated by multiplying the bonus amount by a fraction, the numerator
         of which is the number of days elapsed in the fiscal year to and
         including the Date of Termination and the denominator of which is 365.
         If the employment of Employee is terminated for Cause, no bonus shall
         be paid with respect to the fiscal year in which such termination
         occurs.

                  (c) 2003 BONUS. If the Employee is an employee of the Company
         on December 31, 2003, payment of a bonus in an amount and subject to
         the terms and conditions approved by the Board or, if authorized for
         such purpose, the Committee;

                  (d) PERFORMANCE AND/OR CHANGE IN CONTROL BONUS. Payment of
         such performance and/or Change of Control (not involving a termination
         of employment) bonus in an amount and subject to the terms and
         conditions approved by the Board or, if authorized for such purpose,
         the Committee, provided, any bonus which is or may become due under
         this subsection 4(d) shall not be duplicative in amount or measurement
         of any bonus earned or accrued under Subsection 4(b);

                  (e) AUTOMOBILE EXPENSES. Company shall reimburse Employee for
         his business-related automobile expenses in accordance with the
         Company's policy generally applicable to its Senior Employees.

                  (f) OTHER BENEFIT PROGRAMS. Company shall provide, during the
         Term hereof, coverage for Employee under any plan qualified within the
         meaning of Section 401(a) of the Internal Revenue Code, including the
         Weirton Steel Corporation Retirement Plan (the "Retirement Plan"), and
         each and all welfare plans, as defined in Section 3(1) of the Employee
         Retirement Income Security Act ("ERISA"), including the Insurance
         Program,

                                       4
<PAGE>

         and each other or successor benefit programs whether or not so
         qualified or covered by ERISA, as applicable from time to time to its
         executive level salaried employees

                  (g) SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN. Employee shall be
         entitled to continue to participate in the Company's Supplemental
         Employee Retirement Plan or any successor plan thereto (the "SERP") in
         accordance with its terms.

                  (h) PERQUISITES. Employee shall be eligible for, and shall
         participate in, such perquisites as are generally available to
         executive level salaried employees of the Company, including, but not
         limited to participation in the Weirton Steel Corporation Executive
         Healthcare Program upon the earlier of his completion of ten years of
         service (including service rendered prior to the Effective Date) or his
         termination of employment under Sections 10(b) or (c).

                  (i) INDEMNIFICATION. The Employee shall be entitled to be
         indemnified, and the Company hereby does indemnify the Employee, for
         all causes of actions which arise or are alleged to arise during the
         course of his employment with the Company to the fullest extent
         permitted under the laws of the State of Delaware and the Company's
         charter.

                  (j) RATIFICATION OF PRIOR WRITTEN PROMISES. The Company hereby
         ratifies each and all prior written promises, including, but not
         limited to grants of stock options, each in accordance with its written
         terms. For purposes of this subsection (k), an employment agreement
         shall not be a prior written promise.

         5. DISCLOSURE OF INFORMATION. Employee recognizes and acknowledges that
Company's trade secrets and proprietary processes as they may exist from time to
time are valuable, special and unique assets of Company's business, access to
and knowledge of which

                                       5
<PAGE>

are essential to the performance of Employee's duties hereunder. Employee will
not, during or after the term of his employment, in whole or in part, disclose
such secrets or processes acquired by virtue of his employment hereunder or his
service as a director to any person, firm, corporation, association or other
entity for any reason or purpose whatsoever, nor shall Employee make use of any
such property for his own purposes or for the benefit of any person, firm,
corporation or other entity (except Company) under any circumstances during or
after the term of his employment, provided, that after the term of his
employment, these restrictions shall not apply to such secrets and processes
which are then in the public domain (provided that he was not responsible,
directly or indirectly, for such secrets or processes entering the public domain
without Company's consent).

         6. INVENTIONS. Employee hereby sells, transfers and assigns to Company
or to any person or entity designated by Company all of the right, title and
interest of Employee in and to all inventions, ideas, disclosures and
improvements, whether patented or unpatented, and copyrightable material made or
conceived by Employee, solely or jointly during the period of his employment
hereunder which relate to methods, apparatus, designs, products, processes or
devices, sold, leased, used or under consideration or development by Company, or
which otherwise relate to or pertain to the business, functions or operations of
Company. Employee shall communicate promptly and disclose to Company, in such
form as Employee may be required to do so, all information, details and data
pertaining to the aforementioned inventions, ideas, disclosures and improvements
and to execute and deliver to Company such formal transfers and assignments and
such other papers and documents as may be required of Employee to permit Company
or any person or entity designated by Company to file and prosecute the patent
applications and, as to copyrightable material, to obtain copyright thereof. Any
invention

                                       6
<PAGE>

relating to the business of Company and disclosed by Employee within one (1)
year following the Date of Termination shall be deemed to fall within the
provisions of this Section, unless proved by Employee to have been first
conceived and made following the Date of Termination.

         For purposes of Sections 5, 6 or 7 hereof unless the context otherwise
requires, the term "Company" shall include divisions, subsidiaries and
controlled affiliated entities of the Company, and "businesses" of Company shall
include businesses of any of such entities.

         7. NONDISPARAGEMENT. For the period commencing on the Effective Date
and continuing for 24 months following the Date of Termination, Employee will
not, in any form, disparage Company, its officers or directors or otherwise make
comment adverse to Company concerning any aspect of the business or practices,
past or present, of Company.

         8. INJUNCTIVE RELIEF. If there is a breach or threatened breach by
Employee of any of the provisions of Sections 5, 6 or 7 of this Agreement,
Company shall be entitled to an injunction from a court of competent
jurisdiction restraining Employee from such breach. Nothing herein shall be
construed as prohibiting Company from pursuing any other remedies against
Employee for such breach or threatened breach.

         9. TERMINATION. Unless earlier terminated in accordance with the
following provisions of this Paragraph 9, the Company shall continue to employ
the Employee and the Employee shall remain employed by the Company during the
entire Term (as extended from time to time) as set forth in Paragraph 1.
Paragraph 10 hereof sets forth certain obligations of the Company in the event
that the Employee's employment hereunder is terminated. Certain capitalized
terms used in this Paragraph 9 and Paragraph 10 hereof are defined in Paragraph
9(c) below.

                                       7
<PAGE>

                  (a) DEATH OR DISABILITY. Except to the extent otherwise
         expressly stated herein, including without limitation, as provided in
         Paragraph 10(a) with respect to certain post-Date of Termination
         payment obligations of the Company, this Agreement shall terminate
         immediately as of the Date of Termination in the event of the
         Employee's death or in the event that the Employee becomes Disabled.

                  (b) NOTIFICATION OF DISCHARGE FOR CAUSE OR RESIGNATION. In
         accordance with the procedures hereinafter set forth, the Company may
         discharge the Employee from his employment hereunder for Cause and the
         Employee may resign from his employment hereunder for Good Reason or
         otherwise. Any discharge of the Employee by the Company for Cause or
         resignation by the Employee for Good Reason shall be communicated by a
         Notice of Termination to the Employee (in the case of discharge) or the
         Company (in the case of resignation) given in accordance with Paragraph
         11 of this Agreement. For purposes of this Agreement, a "Notice of
         Termination" means a written notice which (i) indicates the specific
         termination provision in this Agreement relied upon, (ii) sets forth in
         reasonable detail the facts and circumstances claimed to provide a
         basis for termination of the Employee's employment under the provision
         so indicated and (iii) if the Date of Termination is to be other than
         the date of receipt of such notice, specifies the Date of Termination
         (which date shall in all events be within fifteen (15) days after the
         giving of such notice). No purported termination of the Employee's
         employment for Cause shall be effective without a Notice of
         Termination. The failure by the Employee to set forth in the Notice of
         Termination any fact or circumstance which contributes to a showing of
         Good Reason shall not waive any right of the Employee

                                       8
<PAGE>

         hereunder or preclude the Employee from asserting such fact or
         circumstances in enforcing the Employee's rights hereunder.

                  (c) DEFINITIONS. For purposes of this Paragraph 9 and of
         Paragraph 10 hereof, the following capitalized terms shall have the
         meanings set forth below:

                           (i) "ACCRUED OBLIGATIONS" shall mean, as of the Date
                  of Termination, the sum of (A) the Employee's base salary
                  under Section 4(a) through the Date of Termination to the
                  extent not theretofore paid, (B) the amount of any bonus then
                  due under Section 4(b), and any incentive compensation,
                  deferred compensation and other cash compensation accrued by
                  or on behalf of the Employee as of the Date of Termination to
                  the extent not theretofore paid, (C) any vacation pay, expense
                  reimbursements and other cash entitlements accrued by the
                  Employee as of the Date of Termination to the extent not
                  theretofore paid, (D) the SERP Funding, and (E) the Health
                  Care Funding.

                           (ii) "CAUSE" shall mean (A) the willful and continued
                  failure of the Employee to perform substantially his duties
                  with the Company or one of its affiliates (other than any such
                  failure resulting from incapacity due to physical or mental
                  illness), after a written demand for substantial performance
                  is delivered to the Employee by the CEO which demand
                  specifically identifies the manner in which the CEO believes
                  that the Employee has not substantially performed his duties,
                  or (B) the willful engaging by the Employee in illegal conduct
                  or gross misconduct which is materially and demonstrably
                  injurious to the Company.

For purposes of this provision, no act or failure to act on the part of the
Employee shall be considered "willful" unless it is done, or omitted to be done,
by the Employee in bad faith or

                                       9
<PAGE>

without reasonable belief that the Employee's action or omission was in the best
interests of the Company. Any act, or failure to act, based upon authority given
pursuant to a resolution duly adopted by the Board, a direction of the CEO or
based upon the advice of counsel for the Company shall be conclusively presumed
to be done, or omitted to be done, by the Employee in good faith and in the best
interests of the Company. The cessation of employment of the Employee shall not
be deemed to be for Cause unless and until there shall have been delivered to
the Employee a copy of a resolution duly adopted by the affirmative vote of not
less than three-quarters of the entire membership of the Board at a meeting of
the Board called and held for such purpose, after reasonable notice is provided
to the Employee and the Employee is given an opportunity, together with counsel,
to be heard before the Board, finding that, in the good faith opinion of the
Board, the Employee is guilty of the conduct described in subparagraph (A) or
(B) above, and specifying the particulars thereof in detail.

                           (iii) A "Change in Control" shall mean, and shall be
                  deemed to have occurred upon the occurrence of, any one of the
                  following events:

                                    (A) The acquisition in one or more
                           transactions, other than from the Company, by any
                           individual, entity or group (within the meaning of
                           Section 13(d)(3) or 14(d)(2) of the Securities
                           Exchange Act of 1934, as amended (the "Exchange
                           Act")) of beneficial ownership (within the meaning of
                           Rule 13d-3 promulgated under the Exchange Act) of
                           shares of Company stock which, when aggregated with
                           any other shares of Company stock owned by such
                           individual, entity or group, represents 30% or more
                           of the voting power of all shares of Company stock
                           then outstanding; provided, that the following shall
                           not constitute a Change in

                                       10
<PAGE>

                           Control: any acquisition by (1) the Company or any of
                           its subsidiaries, any employee benefit plan (or
                           related trust) sponsored or maintained by the Company
                           or any of its subsidiaries, or (2) any corporation
                           with respect to which, following such acquisition,
                           more than 50% of, respectively, the then outstanding
                           shares of common stock of such corporation and the
                           combined voting power of the then outstanding voting
                           securities of such corporation entitled to vote
                           generally in the election of directors is then
                           beneficially owned, directly or indirectly, by all or
                           substantially all of the individuals and entities who
                           were the beneficial owners, respectively, of the
                           outstanding Company stock immediately prior to such
                           acquisition in substantially the same proportion as
                           their ownership, immediately prior to such
                           acquisition, of the outstanding common stock and
                           company voting securities, as the case may be; or

                                    (B) Individuals who constitute the Board as
                           of the date of this Agreement (the "Incumbent Board")
                           cease for any reason to constitute at least a
                           majority of the Board; provided, however, that any
                           individual becoming a director subsequent to the date
                           of this Agreement whose election or nomination for
                           election by the Company was approved by a vote of at
                           least a majority of the directors then comprising the
                           Incumbent Board or was approved by a stockholder
                           beneficially owning in excess of 40% of the
                           outstanding common stock at the date hereof and at
                           the date of such nomination or election (unless such
                           nomination or election (1) was at the request of an
                           unrelated third party who has taken steps reasonably

                                       11
<PAGE>

                           calculated to effect a Change in Control, or (2)
                           otherwise arose in connection with or in anticipation
                           of the Change in Control) shall be considered as
                           though such individual were a member of the Incumbent
                           Board; or

                                    (C) Approval by the shareholders of the
                           Company of a reorganization, merger or consolidation,
                           unless, following such reorganization, merger or
                           consolidation, all or substantially all of the
                           individuals and entities who were the respective
                           beneficial owners of the outstanding common stock and
                           company voting securities immediately prior to such
                           reorganization, merger or consolidation, following
                           such reorganization, merger or consolidation
                           beneficially own, directly or indirectly, more than
                           50% of, respectively, the then outstanding shares of
                           common stock and the combined voting power of the
                           then outstanding voting securities entitled to vote
                           generally in the election of directors, as the case
                           may be, of the corporation resulting from such
                           reorganization, merger or consolidation in
                           substantially the same proportion as their ownership
                           of the outstanding common stock and company voting
                           securities immediately prior to such reorganization,
                           merger or consolidation, as the case may be; or

                                    (D) Approval by the shareholders of the
                           Company of (1) a complete liquidation or dissolution
                           of the Company or (2) a sale or other disposition of
                           60% or more by value of the assets of the Company
                           other than to a corporation with respect to which,
                           following such sale or

                                       12
<PAGE>

                           disposition, more than 70% of, respectively, the then
                           outstanding shares of common stock and the combined
                           voting power of the then outstanding voting
                           securities entitled to vote generally in the election
                           of directors is then owned beneficially, directly or
                           indirectly, by all or substantially all of the
                           individuals and entities who were the beneficial
                           owners, respectively, of the outstanding common stock
                           and company voting securities immediately prior to
                           such sale or disposition in substantially the same
                           proportion as their ownership of the outstanding
                           common stock and company voting securities, as the
                           case may be, immediately prior to such sale or
                           disposition; or

                                    (E) the happening of any of the foregoing
                           within ninety (90) days prior to the Date of
                           Termination shall be conclusively presumed to be a
                           change in Control affecting the Employee.

                           (iv) "CHARTER AMENDMENTS" shall mean those changes to
                  the Restated Certificate of Incorporation of the Company and
                  conforming changes to the By-laws of the Company to modify the
                  size, composition and qualifications of the Board, eliminate
                  supermajority voting provisions by stockholders and the Board
                  and eliminate other stockholders voting restrictions, except
                  as required by Delaware law, in each case to be effective upon
                  the occurrence of a significant transaction, substantially in
                  the form of such changes as presented to the Board at its
                  April 18, 2002 meeting.

                           (v) "DATE OF TERMINATION" shall mean (A) in the event
                  of a discharge of the Employee by the Company for Cause or a
                  resignation by the Employee for

                                       13
<PAGE>

                  Good Reason, the date the Employee (in the case of discharge)
                  or the Company (in the case of resignation) receives a Notice
                  of Termination, or any later date specified in such Notice of
                  Termination, as the case may be, (B) in the event of a
                  discharge of the Employee without Cause or a resignation by
                  the Employee without Good Reason, the date the Employee (in
                  the case of discharge) or the Company (in the case of
                  resignation) receives notice of such termination of
                  employment, (C) in the event of the Employee's death, the date
                  of the Employee's death, and (D) in the event of termination
                  of the Employee's employment by reason of disability pursuant
                  to Subsection 9(c)(vi), the date the Employee receives written
                  notice of such termination.

                           (vi) "DISABILITY" shall mean upon 30 days prior
                  notice in writing in the event Employee has been so
                  incapacitated that he has been unable to perform the services
                  required of him hereunder for a period of at least 150 of 180
                  consecutive calendar days and such inability is continuing at
                  the time of the giving of such notice. Company, at its sole
                  cost and expense, shall continue to provide and keep in force
                  during the period of incapacity which remains after the Date
                  of Termination, but not after Employee attains age 65, income
                  replacement, sickness and accident, life insurance and health
                  insurance coverages for Employee and his dependents of the
                  types provided by the group benefit plans of Company for
                  employees of the highest job classification under Company's
                  Program of Insurance Benefits for Salaried Employees (the
                  "Insurance Program"), which coverages shall be at a level
                  commensurate with those provided to employees in the highest
                  job classification.

                                       14
<PAGE>

                           (vii) "GOOD REASON" shall mean any of the following:
                  (A) the assignment to the Employee of any duties inconsistent
                  in any respect with the Employee's position (including status,
                  offices, titles and reporting requirements), authority, duties
                  or responsibilities as contemplated by Section 3 of this
                  Agreement (including removal as a member of the Board of
                  Directors, following his beginning such duties), or any other
                  action by the Company which results in a diminution in such
                  position, authority, duties or responsibilities or which
                  renders such position to be of less dignity, responsibility or
                  scope, excluding for this purpose an isolated, insubstantial
                  and inadvertent action not taken in bad faith and which is
                  remedied by the Company promptly after receipt of notice
                  thereof given by the Employee; (B) any failure by the Company
                  to pay when due or otherwise comply with any of the provisions
                  of Section 4 of this Agreement, other than an isolated,
                  insubstantial and inadvertent failure not occurring in bad
                  faith and which is remedied by the Company promptly after
                  receipt of notice thereof given by the Employee; (C) the
                  Company's requiring the Employee to be based at any office or
                  location other than the Company's headquarters in Weirton,
                  West Virginia or the Company's requiring the Employee to
                  travel on Company business to a substantially greater extent
                  than required immediately prior to the Effective Date; (D) any
                  purported termination by the Company of the Employee's
                  employment otherwise than as expressly permitted by this
                  Agreement; (E) any failure by the Company to cause a successor
                  corporation to adopt this Agreement and agree to perform the
                  duties and obligations of the Company hereunder; (F) failure
                  of the Board to approve by a sufficient majority and to
                  recommend approval to the

                                       15
<PAGE>

                  stockholders or the failure of the stockholders to approve by
                  a sufficient majority the Charter Amendments; (G) the
                  occurrence of an Oppressive Work Environment or (H) the
                  delivery by the Company of a notice not to renew the Term of
                  this Agreement under Section 2.

                           (viii) "HEALTH CARE FUNDING" shall mean the then
                  present value, determined using actuarial and other
                  assumptions consistent with the Company's financial reporting
                  for post retirement benefits other than pensions, of the cost
                  of the Employee's (and dependents, if applicable)
                  participation in the Weirton Steel Corporation Executive
                  Healthcare Program, in accordance with its terms, and, if the
                  Employee reasonably determines that receipt of the Health Care
                  Funding would be income to the Employee for federal income tax
                  purposes, an additional amount equal to the federal and, if
                  applicable, state and local income tax liability with respect
                  to receipt of the Health Care Funding together with the amount
                  of any such tax with respect to receipt of the additional
                  amount described in this clause.

                           (ix) "OPPRESSIVE WORK ENVIRONMENT" shall mean (A) the
                  naming of Employee, individually, as a defendant in a lawsuit
                  filed by, or on behalf of, an employee, officer, former
                  employee or former officer of the Company making claims with
                  respect to actions or omissions of the Employee taken or
                  omitted to be taken within the scope of his employment which
                  suit is not dismissed with prejudice within forty-five (45)
                  days after filing, (B) the termination or resignation from
                  employment of John H. Walker as CEO unless such termination
                  occurs for cause, or (C) conditions which, in the reasonable
                  judgment of the

                                       16
<PAGE>

                  Employee, renders his position oppressive, provided, if the
                  Employee makes a reasonable judgment that conditions under his
                  position are oppressive, such judgment shall not be effective
                  until the Employee provides written notice to the Board
                  describing such conditions and the Board has thirty (30) days
                  to cure such conditions.

                           (x) "SERP FUNDING" shall mean the difference measured
                  as of the Date of Termination and computed as a single lump
                  sum amount between (a) the aggregate amount required as (1) a
                  contribution to the trust created with respect to Employee
                  under the SERP and (2) a tax equalization payment, in
                  accordance with the terms of the SERP and such trust, to fully
                  fund the Company's obligation and the SERP Benefit of the
                  Employee, each as set forth in subsection 4(g), and (b) the
                  actual amount then funded in the trust created with respect to
                  the Employee under the SERP.

         10.      OBLIGATIONS OF THE COMPANY UPON TERMINATION.

                  (a) DISCHARGE FOR CAUSE, RESIGNATION WITHOUT GOOD REASON,
         DEATH OR DISABILITY. In the event of a discharge of the Employee for
         Cause or resignation by the Employee without Good Reason, or in the
         event this Agreement terminates by reason of the death or Disability of
         the Employee:

                           (i) the Company shall pay all Accrued Obligations to
                  the Employee, or to his heirs or estate in the event of the
                  Employee's death, in a lump sum in cash within thirty (30)
                  days after the Date of Termination; and

                           (ii) the Employee, or his beneficiary, heirs or
                  estate in the event of the Employee's death, shall be entitled
                  to receive all benefits accrued by him as of the

                                       17
<PAGE>

                  Date of Termination under the Qualified Plans and all other
                  qualified and nonqualified retirement, pension, profit sharing
                  and similar plans of the Company in such manner and at such
                  time as are provided under the terms of such plans and
                  arrangements; and

                           (iii) all other obligations of the Company hereunder
                  shall cease forthwith, except as specifically set forth in
                  this Agreement.

                  (b) DISCHARGE WITHOUT CAUSE OR RESIGNATION FOR GOOD REASON
         PRIOR TO A CHANGE IN CONTROL.

         If the Employee is discharged other than for Cause or disability or the
         Employee resigns with Good Reason within one year of the happening of
         an event of Good Reason and such discharge or resignation occurs prior
         to a Change in Control:

                           (i) the Company shall pay to the Employee in a lump
                  sum in cash within thirty (30) days after the Date of
                  Termination the aggregate of the following amounts:

                               (A) all Accrued Obligations; and

                               (B) Within five (5) business days of the Date of
                  Termination, an amount, in a single cash payment, equal to the
                  sum of (i) two times the Employee's Base Salary and (ii) the
                  amount of all federal, state, and municipal taxes (including
                  payroll and excise tax) imposed on the amount paid under
                  subsection B(i) and with respect to the amount described in
                  this subsection (B)(ii); it being the intent of this section
                  to cause the Employee to receive, after payment of all taxes,
                  an amount equal to two times his Base Salary;

                           (ii) the Employee shall be entitled to receive all
                  benefits accrued by him as of the Date of Termination under
                  all qualified and nonqualified retirement,

                                       18
<PAGE>

                  pension, profit sharing and similar plans of the Company in
                  such manner and at such time as are provided under the terms
                  of such plans; and

                           (iii) all stock options and other stock interests or
                  stock-based rights awarded to the Employee by the Company on
                  or before the Date of Termination shall become fully vested
                  and nonforfeitable as of the Date of Termination and shall
                  remain exercisable until the earlier of (i) the expiration
                  date of such option, stock interest or stock-based rights as
                  set forth at the time of grant, or (ii) the third anniversary
                  of the Date of Termination;

                           (iv) the Company shall instruct the trustee of the
                  Trust created with respect to the Employee under the SERP to
                  distribute the corpus of such Trust to the Employee, and

                           (v) except as otherwise provided above or in
                  Paragraph 17 hereof, all other obligations of the Company
                  hereunder shall cease forthwith.

                  (c) DISCHARGE WITHOUT CAUSE OR RESIGNATION FOR GOOD REASON
         AFTER A CHANGE IN CONTROL. If the Employee is discharged other than for
         Cause or disability or the Employee resigns for Good Reason, within one
         year of the happening of Good Reason and such discharge or resignation
         occurs within one year after a Change in Control:

                           (i) the Company shall pay to the Employee in a lump
                  sum in cash within thirty (30) days after the Date of
                  Termination the aggregate of the following amounts:

                               (A) all Accrued Obligations; and

                               (B) Within five (5) business days of the Date of
                  Termination, an amount, in a single cash payment, equal to the
                  sum of (i)

                                       19
<PAGE>

                  three times the Employee's Base Salary and (ii) the amount of
                  all federal, state, and municipal taxes (including payroll and
                  excise tax) imposed on the amount paid under subsection B(i)
                  and with respect to the amount described in this subsection
                  (B)(ii); it being the intent of this section to cause the
                  Employee to receive, after payment of all taxes, an amount
                  equal to three times his Base Salary;

                           (ii) the Employee shall be entitled to receive all
                  benefits accrued by him as of the Date of Termination under
                  all qualified and nonqualified retirement, pension, profit
                  sharing and similar plans of the Company in such manner and at
                  such time as are provided under the terms of such plans; and

                           (iii) all stock options and other stock interests or
                  stock-based rights awarded to the Employee by the Company on
                  or before the Date of Termination shall become fully vested
                  and nonforfeitable as of the Date of Termination and shall
                  remain exercisable for at least three years following the Date
                  of Termination;

                           (iv) the Company shall instruct the trustee of the
                  Trust created with respect to the Employee under the SERP to
                  distribute the corpus of such Trust to the Employee, and

                           (v) except as otherwise provided above or in
                  Paragraph 17 hereof, all other obligations of the Company
                  hereunder shall cease forthwith.

                  (d) PAYMENT OBLIGATIONS ABSOLUTE. The Company's obligation to
         make the payments and the arrangements provided for herein shall be
         absolute and unconditional, and shall not be affected by any
         circumstances, including, without limitation, any offset,

                                       20
<PAGE>

         counterclaim, recoupment, defense, or other right which the Company may
         have against the Employee or any other party. Each and every payment
         made hereunder by the Company shall be final, and the Company shall not
         seek to recover all or any part of such payment from the Employee or
         from whomsoever may be entitled thereto, for any reasons whatsoever.

                  (e) CONTRACTUAL RIGHTS TO BENEFITS. This Agreement establishes
         and vests in the Employee a contractual right to the benefits to which
         he is entitled hereunder. The Employee shall not be obligated to seek
         other employment in mitigation of the amounts payable or arrangements
         made under any provision of this Agreement, and the obtaining of any
         such other employment shall in no event effect any reduction of the
         Company's obligations to make the payments and arrangements required to
         be made under this Agreement.

         11. NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
delivered by hand or mailed within the continental United States by first class
certified mail, return receipt requested, postage prepaid, addressed as follows:

                  (a)      to the Board or the Company, to:
                           Weirton Steel Corporation
                           Three Springs Drive
                           Weirton, WVA  216062

                  (b)      to the Employee, to:
                           Mark E. Kaplan
                           104 Alyson Dr.
                           McMurray, PA  15317

                                       21
<PAGE>

         Addresses may be changed by written notice sent to the other party at
the last recorded address of that party.

         WAIVER OF BREACH. A waiver by Company or Employee of a breach of any
provision of this Agreement by the other party shall be in writing and shall not
operate or be construed as a waiver of any subsequent breach by the other party.

         13. ARBITRATION. Subject to the provisions of the first sentence of
Section 9 hereof, any dispute between Employee and Company arising under this
Agreement, whether or not a case or controversy, shall be resolved solely by
arbitration in Pittsburgh, Pennsylvania in accordance with the rules of the
American Arbitration Association, and judgment upon any award may be entered in
any court having jurisdiction thereof.

         14. LEGAL FEES AND EXPENSES. Company shall promptly reimburse Employee
for the reasonable legal fees and expenses incurred by Employee in connection
with enforcing any right of Employee pursuant to and afforded by this Agreement;
provided, however, that Company only will reimburse Employee for such legal fees
and expenses if, in connection with enforcing any right of Employee pursuant to
and afforded by this Agreement, either (i) a judgment has been rendered in favor
of the Employee by a duly authorized court of law; (ii) an arbitration award in
favor of the Employee has been issued; or (iii) Company and Employee have
entered into a settlement agreement providing for the payment to Employee of any
or all amounts due hereunder.

         15. ENTIRE AGREEMENT; GOVERNING LAW. This Agreement contains the entire
agreement of the parties, superseding any prior agreement or arrangement between
the parties concerning the employment of Employee by Company, whether written or
oral, and any such agreements are null and void except that any prior stock
option agreements between the

                                       22
<PAGE>

Company and the Employee shall continue to be obligations of Company and
Employee. This Agreement may be changed only by a writing signed by the party
against whom enforcement is sought. This Agreement shall be governed by the laws
of the State of Delaware, without regard to its principles of conflicts of laws.

         16. SEVERABILITY. If any provision of this Agreement or the application
thereof to any circumstance shall to any extent be held invalid or
unenforceable, the remainder of this Agreement shall not be affected thereby and
shall be valid and enforceable to the fullest extent permitted by law, but only
if and to the extent such enforcement would not materially and adversely
frustrate the parties' essential objectives as expressed herein.

         17. SURVIVAL OF OBLIGATIONS. Except as otherwise specifically set forth
in this Agreement or as otherwise prohibited by law, all rights and obligations
of Employee, except such obligations as are created by Sections 9 and 10 hereof,
and all obligations of Company under this Agreement, shall cease on, and as of,
the Date of Termination.

         IN WITNESS WHEREOF, the parties have executed this agreement as of the
day first hereinabove written.

                                WEIRTON STEEL CORPORATION

                                By: /s/ John H. Walker
                                  ----------------------------------------------
                                Title: Chief Executive Officer

                                By: /s/ Mark E. Kaplan
                                  ----------------------------------------------
                                Title:  Senior Vice President-Finance
                                        and Administration

                                       23

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