Document:

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                                                                   EXHIBIT 10.15

                                    AGREEMENT

                  THIS AGREEMENT (this "Agreement") is effective as of November
1, 2003 (the "Separation Date"), by and between International Steel Group Inc.
(the "Company"), located at 3250 Interstate Drive, Richfield, Ohio 44286 and
Bruce J. Pole ("Executive"), residing at 3491 Deer Creek Trail, Richfield, Ohio
44286.

                                   WITNESSETH:

                  WHEREAS, prior to the Separation Date, Executive was the Vice
President - Finance & Treasurer of the Company;

                  WHEREAS, effective on the Separation Date, Executive resigned
as an employee of the Company, and from any and all offices of the Company, and
any other position, office or directorship of any other entity for which
Executive was serving at the request of the Company; and

                  WHEREAS, the Company accepts Executive's resignation as of the
date referenced above; and

                  WHEREAS, the Company and Executive desire to set forth the
payments and benefits that Executive will be entitled to receive from the
Company in connection with his resignation from employment with the Company; and

                  WHEREAS, the Company and Executive wish to resolve, settle
and/or compromise certain matters, claims and issues between them, including,
without limitation, Executive's resignation from the offices he held and from
his employment with the Company.

                  NOW, THEREFORE, in consideration of the promises and
agreements contained herein and other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, and intending to be
legally bound, the Company and Executive hereby agree as follows:

         1.       RESIGNATION. Executive hereby resigns, effective on the
Separation Date, his employment with the Company and its subsidiaries and
related or affiliated companies, and his position as Vice President - Finance &
Treasurer of the Company. Executive further resigns, effective on the Separation
Date, from any other directorship, office, or position of the Company or any
entity that is a subsidiary of, or is otherwise related to or affiliated with,
the Company (or to which he has otherwise been appointed). The Company hereby
consents to and accepts said resignations.

         2.       COMPENSATION AND BENEFITS. Subject to the conditions hereof,
the Company and Executive agree to the following:

                  a.       SEVERANCE COMPENSATION. (i) As severance
compensation, the Company shall pay Executive an amount equal to $360,000. Such
amount shall be paid to Executive in equal installments in accordance with the
Company's normal payroll practices for a period of 18

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months, with such payments commencing as soon as practicable following
Executive's execution of this Agreement and the expiration of the revocation
period set forth in Paragraph 4.c.(iv) hereof if Executive has not exercised his
right of revocation pursuant to such paragraph prior to such date.

                  (ii)     If for the Company's fiscal year ending December 31,
2003 the Distribution Pool under the Company's Officer Cash and Stock Bonus Plan
(the "Bonus Plan") is a positive number and if all Participants in the Bonus
Plan receive a cash bonus for fiscal year 2003 in accordance with the terms of
the Bonus Plan, the Company shall make a lump sum payment to Executive in an
amount equal to 80% of the amount Executive would have been entitled to receive
under the terms of the Bonus Plan for fiscal year 2003 if Executive had remained
an employee of the Company through December 31, 2003. Such amount shall be paid
to Executive on the date on which payments are made to other Participants in the
Bonus Plan. Capitalized terms used, but not otherwise defined, in this Paragraph
2.a.(ii) shall have the meanings given to such terms in the Bonus Plan.

                  b.       STOCK OPTIONS. Executive was granted 154 stock
options pursuant to the Company's 2002 Stock Option Plan and the agreement
entered into between the Company and Executive with respect to such stock
options effective as of June 28, 2002 (collectively the "Stock Option Plan").
With respect to Executive's stock options, (i) 38.5 of Executive's stock options
vested on April 12, 2003 (the "Vested Options") and (ii) 38.5 of Executive's
stock options shall vest on the date following the expiration of the revocation
period set forth in Paragraph 4.c.(iv) hereof if Executive has not exercised his
right of revocation pursuant to such paragraph prior to such date (the
"Accelerated Options"). Executive's Vested Options and Accelerated Options shall
remain outstanding and exercisable by Executive until the termination of such
options in accordance with the terms of the Stock Option Plan; provided,
however, that if the Company's IPO (as defined in the Stock Option Plan) has not
occurred by January 15, 2004, then the Company shall pay Executive $2,354,429,
and Executive's Accelerated Options shall immediately terminate and not be
exercisable. Executive's remaining 77 stock options that were granted under the
Stock Option Plan shall immediately terminate as of the Separation Date and
shall not be exercisable as of the Separation Date.

                  c.       MEDICAL COVERAGE. Executive shall be entitled to
continue to participate in the Company's medical, dental, accident and life
insurance plans or programs in which he participated immediately prior to the
Separation Date (with a monthly premium cost to Executive equal to the premium
cost as in effect for active employees of the Company with respect to such plans
or programs, as amended or changed from time to time) until the earlier of (i)
Executive's eligibility for any such coverage under another employer's or any
other medical, dental, accident or life insurance plans or programs or (ii) 18
months following the Separation Date (the "Benefit Period"). Executive agrees
that the period of coverage under such plans shall count against such plans'
obligation to provide continuation coverage pursuant to Part 6 of Subtitle B of
Title I of the Employee Retirement Income Security Act of 1974, as amended
("COBRA"). It is expressly understood that the Company's payment obligations and
Executive's participation rights under this Paragraph 2.c. shall cease in the
event Executive breaches any of the agreements in Paragraph 3 hereof.

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                  d.       PROFESSIONAL FEES. The Company and Executive
acknowledge and agree that each shall be responsible for the payment of their
respective legal fees and costs (and related disbursements) incurred in
connection with Executive's resignation and all matters relating to the
negotiation and execution of the releases and all other matters covered by this
Agreement.

                  e.       COMPANY BENEFIT PLANS. Except as provided above in
Paragraph 2.c. of this Agreement, Executive's post-Separation Date eligibility
for benefits, if any, as a past employee of the Company under the Company's
retirement and welfare benefit plans shall be as set forth in the respective
plan documents and shall be based on his employment termination on the
Separation Date, and his entitlement to benefits for the period of his
participation therein shall be determined pursuant to the terms thereof.

                  f.       BUSINESS EXPENSES. The Company will reimburse
Executive for any reasonable business expenses incurred by Executive prior to
the Separation Date that are reimbursable pursuant to the Company's expense
reimbursement policies.

                  g.       ACCRUED SALARY. Executive shall be paid in accordance
with the Company's normal payroll cycle any base salary amount earned but unpaid
as of the Separation Date.

                  h.       WITHHOLDING. The Company shall withhold such amounts
from the payments described herein as are required by applicable tax or other
law.

         3.       RESTRICTIVE COVENANTS. Executive will be bound by the
following restrictive covenants. If Executive fails to abide by any of the
following covenants, the Company may cease any remaining payments or benefits
payable to Executive hereunder.

                  a.       During the Benefit Period, Executive shall not within
the United States, Canada and/or Mexico (i) engage, directly or indirectly,
whether as an employee, officer, director, consultant or otherwise, in the
research, development, manufacture, marketing, sale or distribution of steel or
steel products similar to those products sold or developed by the Company and/or
any Controlled Group member; (ii) solicit, directly, or indirectly, whether as
an employee, officer, director, consultant or otherwise, any person or entity
which is then a customer of the Company and/or any Controlled Group member or
has been a customer or solicited by the Company and/or any Controlled Group
member in the preceding two (2) year period, to purchase steel or steel products
from any entity other than the Company and/or any Controlled Group member; (iii)
solicit for employment, engage and/or hire, whether directly or indirectly, any
individual who is then employed by the Company and/or any Controlled Group
member or engaged by the Company and/or any Controlled Group Company as an
independent contractor or consultant; and/or (iv) encourage or induce, whether
directly or indirectly, any individual who is then employed by the Company
and/or any Controlled Group member or engaged by the Company and/or any
Controlled Group member as an independent contractor or consultant to end
his/her business relationship with the Company and/or any Controlled Group
member.

                  b.       Executive will keep in strict confidence, and will
not, directly or indirectly, at any time during or after the Benefit Period,
disclose, furnish, disseminate, make available or, except in the course of
performing Executive's duties of employment, use any trade

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secrets or confidential business and technical information of the Company or any
Controlled Group member or their customers or vendors, including without
limitation as to when or how Executive may have acquired such information. Such
confidential information shall include, without limitation, the Company's and
any Controlled Group member's unique selling, manufacturing and servicing
methods and business techniques, training, service and business manuals,
promotional materials, training courses and other training and instructional
materials, vendor and product information, customer and prospective customer
lists, other customer and prospective customer information and other business
information. Executive specifically acknowledges that all such confidential
information, whether reduced to writing, maintained on any form of electronic
media, or maintained in Executive's mind or memory and whether compiled by the
Company, any Controlled Group member and/or Executive, derives independent
economic value from not being readily known to or ascertainable by proper means
by others who can obtain economic value from its disclosure or use, that
reasonable efforts have been made by the Company and the Controlled Group
members to maintain the secrecy of such information, that such information is
the sole property of the Company or the Controlled Group members and that any
retention and use of such information by Executive during the Benefit Period
shall constitute a misappropriation of the Company's or any Controlled Group
member's trade secrets.

                  c.       For purposes of this Paragraph 3, "Controlled Group"
shall mean the Company and any other entity which is a member of the Company's
controlled group (as such term is defined in Sections 414(b) or 414(c) of the
Internal Revenue Code).

         4.       RELEASE BY EXECUTIVE.

                  a.       Executive for himself and his dependents, successors,
assigns, heirs, executors and administrators (and his and their legal
representatives of every kind), hereby releases, dismisses, remisses and forever
discharges the Company from any and all arbitrations, claims (including claims
for attorney's fees), demands, damages, suits, proceedings, actions and/or
causes of action of any kind and every description, whether known or unknown,
which Executive now has or may have had for, upon, or by reason of any cause
whatsoever (except that this release shall not apply to (x) the obligations of
the Company arising under this Agreement and (y) Executive's rights of
indemnification by the Company, if any, pursuant to the Company's certificate of
incorporation or by-laws or any agreement between the Company and Executive),
against the Company ("claims"), including but not limited to:

                  (i)      any and all claims, directly or indirectly, arising
                           out of or relating to: (A) Executive's past
         employment or service with the Company; and (B) Executive's resignation
         as Vice President - Finance & Treasurer of the Company and any other
         position described in Paragraph 1 of this Agreement.

                  (ii)     any and all claims of discrimination, including but
         not limited to claims of discrimination on the basis of sex, race, age,
         national origin, marital status, religion or disability, including,
         specifically, but without limiting the generality of the foregoing, any
         claims under the Age Discrimination in Employment Act, as amended (the
         "ADEA"), Title VII of the Civil Rights Act of 1964, as amended, the
         Americans with Disabilities Act of 1990, the Family and Medical Leave
         Act of 1993 and Ohio Revised Code Chapter 4112;

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                  (iii)    any and all claims of wrongful or unjust discharge or
         breach of any contract or promise, express or implied; and

                  (iv)     any and all claims under or relating to any and all
         employee compensation, employee benefit, employee severance or employee
         incentive bonus plans and arrangements, all of which Executive agrees
         are forfeited upon his resignation; provided that he shall remain
         entitled to the amounts and benefits described in Paragraph 2 above.
         Executive agrees that he intends to release any and all workers
         compensation claims he may have against the Company by this Agreement,
         and further agrees to execute any documentation as may be reasonably
         required to perfect such release when presented to him by the Company.

                  b.       Executive understands and acknowledges that the
Company does not admit any violation of law, liability or invasion of any of his
rights and that any such violation, liability or invasion is expressly denied.
The consideration provided under this Agreement is made for the purpose of
settling and extinguishing all claims and rights (and every other similar or
dissimilar matter) that Executive ever had or now may have or ever will have
against the Company to the extent provided in this Paragraph 4. Executive
further agrees and acknowledges that no representations, promises or inducements
have been made by the Company other than as appear in this Agreement.

                  c.       Executive further understands and acknowledges that:

                  (i)      The release provided for in this Paragraph 4,
         including claims under the ADEA to and including the date of this
         Agreement, is in exchange for the additional consideration provided for
         in this Agreement, to which consideration he was not heretofore
         entitled;

                  (ii)     He has been advised by the Company to consult with
         legal counsel prior to executing this Agreement and the release
         provided for in this Paragraph 4, has had an opportunity to consult
         with and to be advised by legal counsel of his choice, fully
         understands the terms of this Agreement, and enters into this Agreement
         freely, voluntarily and intending to be bound;

                  (iii)    He has been given a period of twenty-one days to
         review and consider the terms of this Agreement, and the release
         contained herein, prior to its execution and that he may use as much of
         the twenty-one day period as he desires; and

                  (iv)     He may, within seven days after execution, revoke the
         release set forth in this Paragraph 4. Revocation shall be made by
         delivering a written notice of revocation to the Corporate Manager of
         Human Resources at the Company. For such revocation to be effective,
         written notice must be actually received by the Corporate Manager of
         Human Resources at the Company no later than the close of business on
         the seventh day after Executive executes this Agreement. If Executive
         does exercise his right to revoke this release, all of the terms and
         conditions of the Agreement shall be of no force and effect and the
         Company shall have no obligation to satisfy the terms or make any
         payment to Executive as set forth in Paragraph 2 of this Agreement.

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                  d.       Executive will never file a lawsuit or other
complaint asserting any claim that is released in this Paragraph 4.

                  e.       Executive and the Company acknowledge that his
resignation is by mutual agreement between the Company and Executive, and that
Executive waives and releases any claim that he has or may have to reemployment.

                  f.       For purposes of the above provisions of this
Paragraph 4, the "Company" shall include its present and former predecessors,
subsidiaries, divisions, related or affiliated companies, officers, directors,
stockholders, members, employees, heirs, successors, assigns, representatives,
agents, accountants and counsel.

         5.       DISCLOSURE.

                  a.       From the date of this Agreement through the end of
the Benefit Period, Executive will communicate the contents of Paragraphs 3,
6.b., 7 and 9 of this Agreement to any person, firm, association, or corporation
other than the Company which he intends to be employed by, associated in
business with, or represent.

                  b.       Executive shall take no action with respect to the
Company's common stock that is in violation of the federal securities laws.

         6.       BREACH.

                  a.       If Executive breaches any of the provisions of this
Agreement (and in the case of a breach that is capable of being cured, fails to
cure such breach within fifteen days after written notice by the Company to
Executive specifying the circumstances that constitute such breach), then the
Company may, at its sole option, immediately terminate all remaining payments
and benefits described in this Agreement, including the vesting or
exercisability of any stock options under Paragraph 2.b., and obtain
reimbursement from Executive of all payments and benefits already provided
pursuant to Paragraph 2 of this Agreement, plus any expenses and damages
incurred as a result of the breach (including, without limitation, reasonable
attorneys' fees), with the remainder of this Agreement, and all promises and
covenants herein, remaining in full force and effect. Notwithstanding the
foregoing, the Company will not terminate pursuant to Paragraph 6.a. above any
benefits to which Executive is entitled under any tax-qualified retirement plan
of the Company, and Executive's rights under COBRA, if any, will not be reduced
by any action taken by the Company under Paragraph 6.a. above.

                  b.       Executive acknowledges and agrees that the remedy at
law available to the Company for breach by Executive of any of his obligations
under Paragraphs 3 and 5 of this Agreement would be inadequate and that damages
flowing from such a breach would not readily be susceptible to being measured in
monetary terms. Accordingly, Executive acknowledges, consents and agrees that,
in addition to any other rights or remedies which the Company may have at law,
in equity or under this Agreement, upon adequate proof of Executive's violation
of any provision of Paragraphs 3 or 5 of this Agreement, the Company shall be
entitled to immediate injunctive relief and may obtain a temporary order
restraining any threatened or further breach, without the necessity of proof of
actual damage.

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         7.       CONTINUED AVAILABILITY AND COOPERATION.

                  a.       Executive shall cooperate fully with the Company, the
Company's counsel and the Company's insurer in connection with any present and
future actual or threatened litigation or administrative proceeding involving
the Company that relates to events, occurrences or conduct occurring (or claimed
to have occurred) during the period of Executive's employment by the Company.
This cooperation by Executive shall include, but not be limited to:

                  (i)      making himself reasonably available for interviews
         and discussions with the Company's counsel as well as for depositions
         and trial testimony;

                  (ii)     if depositions or trial testimony are to occur,
         making himself reasonably available and cooperating in the preparation
         therefor as and to the extent that the Company or the Company's counsel
         reasonably requests;

                  (iii)    refraining from impeding in any way the Company's
         prosecution or defense of such litigation or administrative proceeding;
         and

                  (iv)     cooperating fully in the development and presentation
         of the Company's prosecution or defense of such litigation or
         administrative proceeding.

                  b.       Executive shall be reimbursed by the Company for
reasonable travel, lodging, telephone and similar expenses incurred in
connection with such cooperation, which the Company shall reasonably endeavor to
schedule at times not conflicting with the reasonable requirements of any
employer of Executive, or with the requirements of any third party with whom
Executive has a business relationship permitted hereunder that provides
remuneration to Executive. Executive shall not unreasonably withhold his
availability for such cooperation.

         8.       SUCCESSORS AND BINDING AGREEMENT.

                  a.       This Agreement shall be binding upon and inure to the
benefit of the Company and any successor of or to the Company, including,
without limitation, any persons acquiring, directly or indirectly, all or
substantially all of the business and/or assets of the Company whether by
purchase, merger, consolidation, reorganization, or otherwise (and such
successor shall thereafter be deemed included in the definition of "the Company"
for purposes of this Agreement), but shall not otherwise be assignable or
delegable by the Company.

                  b.       This Agreement shall inure to the benefit of and be
enforceable by Executive's personal or legal representatives, executors,
administrators, successors, heirs, distributees, and/or legatees.

                  c.       This Agreement is personal in nature and none of the
parties hereto shall, without the consent of the other parties, assign, transfer
or delegate this Agreement or any rights or obligations hereunder except as
expressly provided in Subparagraphs (a) and (b) of this Paragraph 8.

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                  d.       This Agreement is intended to be for the exclusive
benefit of the parties hereto, and except as provided in Subparagraphs (a) and
(b) of this Paragraph 8, no third party shall have any rights hereunder.

         9.       NON-DISCLOSURE; STATEMENTS TO THIRD PARTIES.

                  a.       Except as otherwise provided in Paragraph 5, all
provisions of this Agreement and the circumstances giving rise hereto are and
shall remain confidential and shall not be disclosed to any person not a party
hereto (other than (i) Executive's spouse, if any and (ii) each party's
attorney, financial advisor and/or tax advisor to the extent necessary for such
advisor to render appropriate legal, financial and tax advice), except as
necessary to carry out the provisions of this Agreement, and except as may be
required by law. Notwithstanding the foregoing, this Agreement may be disclosed
and described as well as filed with or provided to the Securities and Exchange
Commission or any other governmental instrumentality or agency, including the
Internal Revenue Service, if the Company deems such filing or provision to be
necessary.

                  b.       Because the purpose of this Agreement is to settle
amicably any and all potential disputes or claims among the parties, neither
Executive nor the Company shall, directly or indirectly, make or cause to be
made any statements to any third parties criticizing or disparaging the other or
commenting on the character or business reputation of the other. Executive
further hereby agrees not: (i) to comment to others concerning the status, plans
or prospects of the business of the Company, or (ii) to engage in any act or
omission that would be detrimental, financially or otherwise, to the Company, or
that would subject the Company to public disrespect, scandal, or ridicule. For
purposes of this Subparagraph 9.b., the "Company" shall mean the Company and its
directors, officers, predecessors, parents, subsidiaries, divisions, and related
or affiliated companies, officers, directors, stockholders, members, employees,
heirs, successors, assigns, representatives, agents, accountants and counsel.

         10.      LOCKUP AGREEMENT. Notwithstanding any other provision of this
Agreement to the contrary, the Company shall not be required to take any action
or make any payment under this Agreement if such action or payment would result
in a violation of the terms of that certain lockup agreement, by and among
Goldman, Sachs & Co., UBS Securities LLC and Executive, dated as of September
30, 2003.

         11.      NOTICES. For all purposes of this Agreement, all
communications provided for herein shall be in writing and shall be deemed to
have been duly given when delivered, addressed to the Company (to the attention
of Karen A. Smith, Corporate Manager of Human Resources) at its principal
executive offices and to Executive at his principal residence, 3491 Deer Creek
Trail, Richfield, Ohio 44286, or to such other address as any party may have
furnished to the other in writing and in accordance herewith. Notices of change
of address shall be effective only upon receipt.

         12.      MISCELLANEOUS. No provision of this Agreement may be modified,
waived or discharged unless such modification, waiver or discharge is agreed to
in writing signed by Executive and the Company. No waiver by either party hereto
at any time of any breach by the other party hereto or compliance with any
condition or provision of this Agreement to be

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performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. No
agreements or representations, oral or otherwise, expressed or implied with
respect to the subject matter hereof have been made by any of the parties that
are not set forth expressly in this Agreement and every one of them (if, in
fact, there have been any) is hereby terminated without liability or any other
legal effect whatsoever.

         13.      ENTIRE AGREEMENT. This Agreement embodies the complete
agreement and understanding between the parties with respect to the subject
matter hereof and effective as of its date supersedes and preempts any prior
understandings, agreements or representations by or between the parties, written
or oral (including without limitation, the Executive Severance Pay Plan, any
employment agreement between Executive and the Company, whether written or oral)
and the Officer Cash and Stock Bonus Plan), which may have related to the
subject matter hereof in any way.

         14.      GOVERNING LAW. Any dispute, controversy, or claim of whatever
nature arising out of or relating to this Agreement or breach thereof shall be
governed by and under the laws of the State of Ohio. The parties agree that any
and all disputes, controversies, or claims of whatever nature arising out of or
relating to this agreement or breach thereof shall be resolved by a court of
general jurisdiction in the State of Ohio, and the parties hereby consent to the
exclusive jurisdiction of such court in any action or proceeding arising under
or brought to challenge, enforce, or interpret any of the terms of this
Agreement.

         15.      VALIDITY. The invalidity or unenforceability of any provision
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall nevertheless remain in full force and
effect.

         16.      COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same Agreement.

         17.      CAPTIONS AND PARAGRAPH HEADINGS. Captions and Paragraph
headings used herein are for convenience and are not part of this Agreement and
shall not be used in construing it.

         18.      FURTHER ASSURANCES. Each party hereto shall execute such
additional documents, and do such additional things, as may reasonably be
requested by the other party to effectuate the purposes and provisions of this
Agreement.

                         [SIGNATURES ON FOLLOWING PAGE]

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                  IN WITNESS WHEREOF, the parties have executed and delivered
this Agreement as of the date set forth below.

                                               INTERNATIONAL STEEL GROUP INC.

                                               By: /s/ Rodney Mott
                                                   ----------------------------
                                                   Name:  Rodney B. Mott
                                                   Title: President and CEO

                                               Date: 11/11/03

                                               /s/ Bruce Pole
                                               --------------------------------
                                               BRUCE J. POLE

                                               Date: 11/11/03

                                       10<PAGE>

                                                                   EXHIBIT 10.16

                              EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT ("Agreement") is effective as of November 1,
2003 (the "Effective Date") between International Steel Group Inc., a Delaware
corporation (the "Company"), and Mitchell A. Hecht ("Executive").

         WHEREAS, prior to the Effective Date, Executive was the Vice President
- External Affairs & Public Policy of the Company, and as of the Effective Date,
executive desires to resign his position as Vice President - External Affairs &
Public Policy and continue to be an employee of the Company and represent the
Company in government affairs out of Washington, D.C.

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

         1.       Certain Definitions. Certain words or phrases used herein with
initial capital letters shall have the meanings set forth in paragraph 8 hereof.

         2.       Employment. The Company shall employ Executive, and Executive
accepts employment with the Company as of the Effective Date, upon the terms and
conditions set forth in this Agreement for the period beginning on the Effective
Date and ending as provided in paragraph 5 hereof (the "Employment Period").

         3.       Position and Duties.

                  (a)      Executive hereby resigns his title of Vice President
         - External Affairs & Public Policy as of the Effective Date. Executive
         further resigns from any other directorship, office, or position of the
         Company or any entity that is a subsidiary of, or is otherwise related
         to or affiliated with, the Company to which he has been elected by the
         Board of Directors of the Company (the "Board") (or to which he has
         otherwise been appointed). During the Employment Period, Executive
         shall continue to be an employee of the Company and shall represent the
         Company in government affairs in Washington D.C.

                  (b)      Executive shall report to the Chief Executive Officer
         of the Company or such other officer of the Company as is designated by
         the Chief Executive Officer.

                  (c)      During the Employment Period, Executive shall devote
         Executive's best efforts and Executive's full business time and
         attention (except for permitted vacation periods and reasonable periods
         of illness or other incapacity) to the business and affairs of the
         Company, its subsidiaries and affiliates. Executive shall perform
         Executive's duties and responsibilities to the best of Executive's
         abilities in a diligent, trustworthy, businesslike and efficient
         manner.

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         4.       Compensation and Benefits.

                  (a)      Salary. The Company agrees to pay Executive a salary
         during the Employment Period in installments based on the Company's
         practices as may be in effect from time to time. Executive's salary
         shall be at the rate of $150,000 per year (the "Base Salary").

                  (b)      Stock Options. (i) Executive was granted 154 stock
         options pursuant to the Company's 2002 Stock Option Plan and the
         agreement entered into between the Company and Executive with respect
         to such stock options effective as of June 28, 2002 (collectively the
         "Stock Option Plan"). With respect to Executive's stock options, (A)
         38.5 of Executive's stock options vested on April 12, 2003, (B) 23.5 of
         Executive's stock options shall vest on the date following the
         expiration of the revocation period set forth in subparagraph
         9(b)(iii)(D) hereof if Executive has not exercised his right of
         revocation pursuant to such paragraph prior to such date and (C) 10 of
         Executive's stock options shall vest on January 1, 2004 if Executive
         remains an employee of the Company until such date (collectively, the
         "Vested Options"). The Vested Options shall remain outstanding until
         the termination of such options in accordance with the terms of the
         Stock Option Plan. Executive's remaining 82 stock options that were
         granted under the Stock Option Plan (the "Forfeited Options") shall
         immediately terminate as of the Effective Date and shall not be
         exercisable as of the Effective Date.

                           (ii)     In consideration of the cancellation of the
                  Forfeited Options, the Company shall pay Executive a cash
                  payment of $412,500. Such amount will be payable to Executive
                  as follows: (A) $200,000 shall be payable to Executive as a
                  lump sum as soon as practicable following Executive's
                  execution of this Agreement and the expiration of the
                  revocation period set forth in subparagraph 9(b)(iii)(D)
                  hereof without Executive having exercised his right of
                  revocation and (B) $212,500 shall be payable to Executive as a
                  lump sum on January 1, 2004.

                  (c)      Additional Payment. The Company shall pay Executive a
         cash payment equal to $58,543 (the "Additional Payment") in a lump sum
         as soon as practicable following Executive's execution of this
         Agreement and the expiration of the revocation period set forth in
         subparagraph 9(b)(iii)(D) hereof without Executive having exercised his
         right of revocation. Executive acknowledges that his Base Salary to be
         received during the Employment Period (or in accordance with paragraph
         6(b) hereof) and the Additional Payment will satisfy the Company's
         obligation to pay any guaranteed payment under any contract or
         agreement, whether written or oral, between the Company and Executive.

                  (d)      Benefits. Executive shall be eligible during the
         Employment Period to participate, on the same basis as other similarly
         situated employees of the Company, in those benefit plans and programs
         (including insurance, vacation and other benefits, but excluding, the
         Company's Executive Severance Pay Plan and any other severance pay
         program or policy of the Company) for which other similarly situated
         employees of the Company are from time to time generally eligible, as
         determined from time to time by the Board.

                                       2

<PAGE>

         5.       Employment Period.

                  (a)      Except as hereinafter provided, the Employment Period
         and Executive's employment with the Company shall continue until, and
         shall end upon, the second anniversary of the Effective Date.

                  (b)      Notwithstanding (a) above, the Employment Period
         shall end early upon the first to occur of any of the following events:

                           (i)      Executive's death;

                           (ii)     a Termination For Cause;

                           (iii)    a Termination Without Cause; or

                           (iv)     a Voluntary Termination.

         6.       Post-Employment Period Payments.

                  (a)      At the end of the Employment Period for any reason,
         Executive shall cease to have any rights to salary, equity awards or
         other benefits and Executive shall be entitled to (i) any Base Salary
         which has accrued but is unpaid and any unexpired vacation days which
         have accrued under the Company's vacation policy but are unused, as of
         the end of the Employment Period, (ii) any option rights or plan
         benefits which by their terms extend beyond termination of Executive's
         employment (but only to the extent provided in any option theretofore
         granted to Executive or any other benefit plan in which Executive has
         participated as an employee of the Company and excluding, except as
         hereinafter provided in subparagraph 6(b), any severance pay program or
         policy of the Company) and (iii) any benefits to which Executive is
         entitled under Part 6 of Subtitle B of Title I of the Employee
         Retirement Income Security Act of 1974, as amended ("COBRA"). In
         addition, Executive shall be entitled to the additional benefits and
         amounts described in subparagraph 6(b), in the circumstances described
         in such subparagraph.

                  (b)      If the Employment Period ends early pursuant to
         paragraph 5 on account of a Termination Without Cause, the Company
         shall pay Executive the unpaid Base Salary to which he would have been
         entitled if the Employment Period had continued until the second
         anniversary of the Effective Date. Such payment shall be made in a lump
         sum as soon as practicable following the Termination Without Cause. In
         addition, if the Employment Period ends early pursuant to paragraph 5
         on account of a Termination Without Cause prior to January 1, 2004, the
         10 stock options described in paragraph 4(b)(i)(C) above shall vest on
         the date of such Termination Without Cause and such stock options shall
         remain outstanding until the termination of such options in accordance
         with the terms of the Stock Option Plan.

         7.       Restrictive Covenant. Executive will be bound by the following
restrictive covenant. If Executive fails to abide by the following covenant, the
Company may cease any remaining payments or benefits payable to Executive
hereunder. Except as otherwise required

                                       3

<PAGE>

by law or an order or decree issued by a court of competent jurisdiction,
Executive will keep in strict confidence, and will not, directly or indirectly,
at any time during or after Executive's employment with the Company or any
Controlled Group member, disclose, furnish, disseminate, make available or,
except in the course of performing Executive's duties of employment hereunder,
use any trade secrets or confidential business and technical information of the
Company or any Controlled Group member or their customers or vendors, including
without limitation as to when or how Executive may have acquired such
information. Such confidential information shall include, without limitation,
the Company's and any Controlled Group member's unique selling, manufacturing
and servicing methods and business techniques, training, service and business
manuals, promotional materials, training courses and other training and
instructional materials, vendor and product information, customer and
prospective customer lists, other customer and prospective customer information
and other business information. Executive specifically acknowledges that all
such confidential information, whether reduced to writing, maintained on any
form of electronic media, or maintained in Executive's mind or memory and
whether compiled by the Company, any Controlled Group member and/or Executive,
derives independent economic value from not being readily known to or
ascertainable by proper means by others who can obtain economic value from its
disclosure or use, that reasonable efforts have been made by the Company and the
Controlled Group members to maintain the secrecy of such information, that such
information is the sole property of the Company or the Controlled Group members
and that any retention and use of such information by Executive during
Executive's employment with the Company or any Controlled Group member (except
in the course of performing Executive's duties of employment hereunder) or after
the termination of Executive's employment shall constitute a misappropriation of
the Company's or any Controlled Group member's trade secrets.

         8.       Definitions.

                  (a)      "Controlled Group" means the Company and any other
         entity which is a member of the Company's controlled group (as such
         term is defined in Sections 414(b) or 414(c) of the Internal Revenue
         Code).

                  (b)      "Termination For Cause" means the termination by the
         Company or any subsidiary of Executive's employment with the Company or
         any subsidiary as a result of (i) the commission by Executive of a
         felony or a fraud, (ii) conduct by Executive that brings the Company or
         any subsidiary or affiliate of the Company into substantial public
         disgrace or disrepute, (iii) gross negligence or gross misconduct by
         Executive with respect to the Company or any subsidiary or affiliate of
         the Company or (iv) Executive's violation of paragraph 7 of this
         Agreement.

                  (c)      "Termination Without Cause" means the termination by
         the Company or any subsidiary of Executive's employment with the
         Company or any subsidiary for any reason other than a Termination for
         Cause.

                  (d)      "Voluntary Termination" means Executive's termination
         of Executive's employment with the Company or any subsidiary for any
         reason.

                                       4

<PAGE>

         9.       Release by Executive. In exchange for the Company's payment to
Executive for Executive's Forfeited Options and the continuation of Executive's
employment during the Employment Period:

                  (a)      Upon his termination of employment at the end of the
         Employment Period, Executive agrees that he will execute a release of
         all current or future claims, known or unknown, arising during the
         Employment Period against the Company, its subsidiaries and its
         officers, in a form approved by the Company; and

                  (b)      (i)      Executive for himself and his dependents,
         successors, assigns, heirs, executors and administrators (and his and
         their legal representatives of every kind), hereby releases, dismisses,
         remisses and forever discharges the Company from any and all
         arbitrations, claims (including claims for attorney's fees), demands,
         damages, suits, proceedings, actions and/or causes of action of any
         kind and every description, whether known or unknown, which Executive
         now has as of the Effective Date or may have had prior to the Effective
         Date for, upon, or by reason of any cause whatsoever, against the
         Company ("claims"), including but not limited to:

                           (A)      any and all claims, directly or indirectly,
                                    arising out of or relating to: (i)
                                    Executive's employment or service with the
                                    Company prior to the Effective Date; (ii)
                                    Executive's resignation as Vice President -
                                    External Affairs & Public Policy of the
                                    Company and any other position described in
                                    paragraph 3 of this Agreement and (iii) the
                                    termination of Executive's employment on the
                                    second anniversary of the Effective Date.

                           (B)      any and all claims of discrimination,
                                    including but not limited to claims of
                                    discrimination on the basis of sex, race,
                                    age, national origin, marital status,
                                    religion or disability, including,
                                    specifically, but without limiting the
                                    generality of the foregoing, any claims
                                    under the Age Discrimination in Employment
                                    Act, as amended (the "ADEA"), Title VII of
                                    the Civil Rights Act of 1964, as amended,
                                    the Americans with Disabilities Act of 1990,
                                    the Family and Medical Leave Act of 1993 and
                                    Ohio Revised Code Chapter 4112;

                           (C)      any and all claims of wrongful or unjust
                                    discharge or breach of any contract or
                                    promise, express or implied; and

                           (D)      any and all claims under or relating to any
                                    and all employee compensation, employee
                                    benefit, employee severance or employee
                                    incentive bonus plans and arrangements, all
                                    of which Executive agrees are forfeited upon
                                    his resignation; provided that he shall
                                    remain entitled to the amounts and benefits
                                    described in paragraph 4 or 6 above.
                                    Executive agrees that he intends to release
                                    any and all workers compensation claims he
                                    may have against the Company by this
                                    Agreement, and further agrees to execute any

                                       5

<PAGE>

                                    documentation as may be reasonably required
                                    to perfect such release when presented to
                                    him by the Company.

                           (ii)     Executive understands and acknowledges that
                  the Company does not admit any violation of law, liability or
                  invasion of any of his rights and that any such violation,
                  liability or invasion is expressly denied. The consideration
                  provided under this Agreement is made for the purpose of
                  settling and extinguishing all claims and rights (and every
                  other similar or dissimilar matter) that Executive ever had or
                  now may have against the Company to the extent provided in
                  this paragraph 9(b). Executive further agrees and acknowledges
                  that no representations, promises or inducements have been
                  made by the Company other than as appear in this Agreement.

                           (iii)    Executive further understands and
                  acknowledges that:

                           (A)      The release provided for in this paragraph
                                    9(b), including claims under the ADEA to and
                                    including the Effective Date, is in exchange
                                    for the additional consideration provided
                                    for in this Agreement, to which
                                    consideration he was not heretofore
                                    entitled;

                           (B)      He has been advised by the Company to
                                    consult with legal counsel prior to
                                    executing this Agreement and the release
                                    provided for in this paragraph 9(b), has had
                                    an opportunity to consult with and to be
                                    advised by legal counsel of his choice,
                                    fully understands the terms of this
                                    Agreement, and enters into this Agreement
                                    freely, voluntarily and intending to be
                                    bound;

                           (C)      He has been given a period of twenty-one
                                    days to review and consider the terms of
                                    this Agreement, and the release contained
                                    herein, prior to its execution and that he
                                    may use as much of the twenty-one day period
                                    as he desires; and

                           (D)      He may, within seven days after execution,
                                    revoke the release set forth in this
                                    paragraph 9(b). Revocation shall be made by
                                    delivering a written notice of revocation to
                                    the Corporate Manager of Human Resources at
                                    the Company. For such revocation to be
                                    effective, written notice must be actually
                                    received by the Corporate Manager of Human
                                    Resources at the Company no later than the
                                    close of business on the seventh day after
                                    Executive executes this Agreement. If
                                    Executive does exercise his right to revoke
                                    this release, all of the terms and
                                    conditions of the Agreement shall be of no
                                    force and effect and the Company shall have
                                    no obligation to satisfy the terms or make
                                    any payment to Executive as set forth in
                                    paragraph 4 or 6 of this Agreement.

                           (iv)     Executive will never file a lawsuit or other
                  complaint asserting any claim that is released in this
                  paragraph 9(b).

                                       6

<PAGE>

                           (v)      Executive and the Company acknowledge that
                  his resignation is by mutual agreement between the Company and
                  Executive, and that Executive waives and releases any claim
                  that he has or may have to reemployment other than as
                  described in this Agreement.

                           (vi)     For purposes of the above provisions of this
                  paragraph 9(b), the "Company" shall include its present and
                  former predecessors, subsidiaries, divisions, related or
                  affiliated companies, officers, directors, stockholders,
                  members, employees, heirs, successors, assigns,
                  representatives, agents, accountants and counsel.

         10.      Lockup Agreement. Notwithstanding any other provision of this
Agreement to the contrary, the Company shall not be required to take any action
or make any payment under this Agreement if such action or payment would result
in a violation of the terms of that certain lockup agreement, by and among
Goldman, Sachs & Co., UBS Securities LLC and Executive, dated as of September
30, 2003.

         11.      Withholding of Taxes. The Company may withhold from any
amounts payable under this Agreement all federal, state, city or other taxes as
the Company is required to withhold pursuant to any applicable law, regulation
or ruling.

         12.      Notices. Any notice provided for in this Agreement shall be in
writing and shall be either personally delivered, sent by reputable overnight
carrier or mailed by first class mail, return receipt requested, to the
recipient at the address below indicated:

                  Notices to Executive:

                           Mitchell A. Hecht
                           152 Eckford Street
                           Brooklyn, NY  11222

                  Notices to the Company:

                           International Steel Group Inc.
                           Attn: Karen A. Smith, Corporate Manager of Human
                           Resources
                           3250 Interstate Drive
                           Richfield, Ohio 44286

or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party. Any
notice under this Agreement will be deemed to have been given when so delivered,
sent or mailed.

         13.      Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be
reformed,

                                       7

<PAGE>

construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

         14.      Prevailing Party's Litigation Expenses. In the event of
litigation between the Company and Executive related to this Agreement, the
non-prevailing party shall reimburse the prevailing party for any costs and
expenses (including, without limitation, attorneys' fees) reasonably incurred by
the prevailing party in connection therewith.

         15.      Complete Agreement. This Agreement embodies the complete
agreement and understanding between the parties with respect to the subject
matter hereof and effective as of its date supersedes and preempts any prior
understandings, agreements or representations by or between the parties, written
or oral (including, without limitation, the Executive Severance Pay Plan, any
employment agreement between Executive and the Company, whether written or oral,
and the Officer Cash and Stock Bonus Plan), which may have related to the
subject matter hereof in any way.

         16.      Counterparts. This Agreement may be executed in separate
counterparts, each of which shall be deemed to be an original and both of which
taken together shall constitute one and the same agreement.

         17.      Successors and Assigns. This Agreement shall bind and inure to
the benefit of and be enforceable by Executive, the Company and their respective
heirs, executors, personal representatives, successors and assigns, except that
neither party may assign any rights or delegate any obligations hereunder
without the prior written consent of the other party. Executive hereby consents
to the assignment by the Company of all of its rights and obligations hereunder
to any successor to the Company by merger or consolidation or purchase of all or
substantially all of the Company's assets, provided such transferee or successor
assumes the liabilities of the Company hereunder.

         18.      Choice of Law. This Agreement shall be governed by the
internal law, and not the laws of conflicts, of the State of Ohio.

         19.      Amendment and Waiver. The provisions of this Agreement may be
amended or waived only with the prior written consent of the Company and
Executive, and no course of conduct or failure or delay in enforcing the
provisions of this Agreement shall affect the validity, binding effect or
enforceability of this Agreement.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       8

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date set forth below.

                                                  INTERNATIONAL STEEL GROUP INC.

                                                  By:/s/ Rodney B. Mott
                                                     ---------------------------
                                                  Name:  Rodney B. Mott
                                                  Title: President and CEO

                                                  Date:  November 12, 2003

                                                  /s/ Mitchell A. Hecht
                                                  ------------------------------
                                                  MITCHELL A. HECHT

                                                  Date: November 14, 2003

                                       9

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