Document:

<PAGE>   1

                                                                   Exhibit 10.11

                                 PROMISSORY NOTE

Original Principal Amount                                        Cleveland, Ohio
$675,000                                                       February 22, 2001

         FOR VALUE RECEIVED, DAVID A. WOLFORT ("Maker") promises to pay to the
order of OLYMPIC STEEL, INC. ("Holder") the principal amount of Six Hundred
Seventy Five Thousand Dollars ($675,000) together with interest thereon as
hereinafter provided.

         1. PRINCIPAL. The principal amount hereof shall be due and payable in
full on January 1, 2006, or, if earlier, (i) six (6) months after Wolfort's
termination of employment with Olympic Steel, Inc., for any reason other than
death or disability, or (ii) twelve (12) months after his termination of
employment due to death or disability (the "Maturity Date").

         2. INTEREST. The principal amount outstanding under this Promissory
Note from time to time shall bear interest from and including the date hereof at
the rate of five and 7/100ths percent (5.07%) per annum, compounded annually on
each anniversary of February 22, 2001, until paid in full. Interest on this
Promissory Note shall be computed on the basis of a 365 day year for the actual
number of days elapsed.

         3. PAYMENT IN FULL ON MATURITY DATE. Maker shall pay the full amount
then due under this Promissory Note, both principal and interest (including
compounded interest) in a single payment on the maturity Date. Payment of the
principal of and interest on this Promissory Note shall be made in lawful money
of the United States of America to Holder at 5096 Richmond Road, Bedford
Heights, Ohio 44146 or to such other payee or at such other address as may be
designated to Maker by Holder from time to time.

         4. MANDATORY PREPAYMENT ON SALE OF SHARES. Maker has used the proceeds
of the loan from Holder that is evidenced by this Promissory Note to fund the
purchase of 300,000 Olympic Steel, Inc. Common Shares (the "Shares"). Upon any
sale of any portion of the Shares, Maker shall promptly pay to Holder such
amount, if any, as is necessary so that, immediately after that payment, the
portion of the original principal on this Promissory Note that has been repaid,
and as to which all accrued interest has been paid, is at least directly
proportionate to the portion of the 300,000 Shares that have been sold by Maker
through the date of that payment. For example, if, on a particular date Maker,
having not previously sold any of the Shares and having not previously made any
payment on this Promissory Note, sells 75,000 Shares (1/4 of the original
number), Maker shall promptly pay to Holder at least $168,750 of principal (1/4
of the original principal), together with all accrued interest on that amount of
principal.

                                    Page 53
<PAGE>   2

         5. WAIVER OF DEMAND, ETC. Maker waives demand, presentment, notice of
dishonor, protest, notice of protest, and diligence in collection and bringing
suit and agrees that Holder may extend the time for payment, accept partial
payment, or take security therefor without discharging or releasing Maker.

         6. GOVERNING LAW. This Promissory Note has been executed in Bedford
Heights, Ohio. The construction, validity, and enforceability of this Promissory
Note shall be governed by the laws of the State of Ohio applicable to promissory
notes made and to be satisfied entirely within the State of Ohio.

         7. COSTS OF ENFORCEMENT. Maker agrees to pay all costs and expenses
(including reasonable attorneys' fees) incurred by Holder in the collection of
this Promissory Note and in the enforcement of the rights under this Promissory
Note.

         8. WAIVER. MAKER, TO THE EXTENT NOT PROHIBITED BY LAW, WAIVES ANY RIGHT
TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE, BETWEEN HOLDER AND MAKER ARISING OUT OF, IN
CONNECTION WITH THIS PROMISSORY NOTE OR THE RELATED PLEDGE AGREEMENT.

         9. PREPAYMENT. Maker may prepay all or any portion of the principal sum
hereof at any time without penalty. All such prepayments shall be applied to the
payment of the principal due hereon, and shall be accompanied by the payment of
accrued interest on the amount of the prepayment to the date thereof.

         10. OVERDUE PAYMENTS. Holder must receive any payment of principal and
interest under this Promissory Note by 5:00 p.m., E.S.T., on a business day in
order to be credited on such date. If Maker fails to make any payment of
principal, interest, or other amount becoming due pursuant to the provisions of
this Promissory Note within ten (10) business days of the date due and payable,
Maker also shall pay to Holder a late charge equal to five percent (5%) of the
amount of such payment. Such ten (10) day period shall not be construed in any
way to extend the due date of any such or subsequent payment.

         11. SECURITY. Security for repayment of this Note has been given in the
form of a pledge on the 300,000 Shares, pursuant to a Pledge Agreement of even
date herewith.

                                                 ______________________________
                                                 David A. Wolfort

                                    Page 54

<PAGE>   3

                             STOCK PLEDGE AGREEMENT
                             ----------------------

         THIS PLEDGE AGREEMENT made and entered into as of this 22 day of
February, 2001, at Bedford Heights, Ohio, by and between Olympic Steel, Inc., an
Ohio corporation ("Pledgee"), and David A. Wolfort ("Pledgor") evidence the
following agreements and understandings:

                                   WITNESSETH:
                                   ----------

         WHEREAS, Pledgee has loaned ("Loan") to Pledgor the sum of Six Hundred
Seventy Five Thousand Dollars ($675,000) to fund the purchase of 300,000 Common
Shares of the Company (the "Pledged Stock");

         WHEREAS, Pledgor has executed a Promissory Note dated of even date
herewith (the "Note") which evidences Pledgor's obligation to repay the Loan;

         WHEREAS, Pledgor's obligations under the Note are to be secured by a
pledge of the Pledged Stock.

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

         1. DEPOSIT OF COLLATERAL. Pledgor hereby deposits with Kahn, Kleinman,
Yanowitz & Arnson Co., L.P.A. as Agent (the "Agent"), a stock certificate
representing the Pledged Shares, and an Irrevocable Stock Power duly endorsed by
Pledgor to transfer the Pledged Shares. Such stock certificate and stock power
shall be held by the Agent, on behalf of Pledgee, subject to the terms and
conditions of this Agreement in order to secure the payment obligations of
Pledgor to Pledgee pursuant to the Note. Upon the payment in full of the Note,
such certificate of stock and stock power shall be returned by the Agent to the
Pledgor.

         2. DEFAULT.

         (a) In the event that Pledgor fails to remedy a default by Pledgor
under the terms of the Note within any applicable cure period, Pledgee shall be
entitled to exercise concurrently or successively any one or more of the
following rights and remedies as well as any other right or remedy which Pledgee
may possess hereunder, at law or in equity:

                  (i) Agent may exercise, on behalf of the Pledgee, all rights
         of a shareholder of record of Olympic Steel, Inc. (the "Company"),
         including, without limitation, the right, with or without effecting a
         transfer of the shares on the books

                                    Page 55
<PAGE>   4

         of the Company, to receive and collect for Pledgee's account any and
         all amounts which are payable to or on account of the Pledged Shares
         (including, without limitation, dividends and distributions), or may
         otherwise be considered proceeds of the Pledged Shares to the extent of
         the amount then owning on the Note; and

                  (ii) Agent, on behalf of the Pledgee, may sell, assign,
         transfer or otherwise dispose of the Pledged Shares or any portion
         thereof, for cash, upon credit or upon such other commercially
         reasonable terms and conditions as Pledgee shall deem appropriate,
         PROVIDED, HOWEVER, that if the proceeds from such sale, transfer or
         disposition exceed the amount then due and owning from Pledgor to
         Pledgee under the Note, then such excess shall be promptly paid over to
         Pledgor; and PROVIDED FURTHER, that if such proceeds are not sufficient
         to pay the amounts due and owing from Pledgor to Pledgee, then Pledgor
         shall remain obligated for any amounts still owing under the Note.

Nothing contained in this Section 2(a) shall prevent Pledgee from seeking a
judgment against Pledgor pursuant to the Note or otherwise pursuing its other
rights available at law or in equity.

         (b) Anything contained herein to the contrary notwithstanding, any
funds, monies, proceeds or other property received by Agent, on behalf of
Pledgee upon exercise of any right or remedy hereunder, may be retained by
Pledgee only to the extent of actual damages suffered by Pledgee on account of a
default by Pledgor hereunder, and the balance of such funds, monies, proceeds or
other property shall be delivered promptly to Pledgor.

         (c) So long as there exists no default under the Note, (i) Pledgor
shall be entitled to receive, retain and use any and all dividends or
distributions made on account of the Pledged Shares, such dividends or
distributions being and remaining the property of Pledgor, and (ii) as owner of
the Pledged Shares, Pledgor shall be entitled to exercise all rights and
privileges attendant thereto.

         3. TERMINATION. This Pledge Agreement and all of its terms and
conditions shall remain in full force and effect for so long as the Note remains
unpaid, in whole or in part, or until the Pledged Shares are sold, liquidated or
disposed of by Pledgee, as the case may be. At such time as the Note is paid in
full, or deemed paid, this Pledge Agreement shall terminate and shall cease to
be of further force and effect. At such time of termination, Agent shall deliver
to Pledgor the certificates representing the Pledged Shares and the Irrevocable
Stock Power, together with an instrument signed by Pledgee relinquishing all
right, title and interest of Pledgee in and to the Pledged Shares.

         4. TRANSFERS AND OTHER LIENS. Pledgor agrees that he will not (a) sell
or otherwise dispose of or grant any option with respect to any of the Pledged
Shares, (b)

                                    Page 56
<PAGE>   5

create or permit to exist any other lien upon or with respect to any of the
Pledged Shares or (c) enter into any obligations that may restrict or inhibit
Pledgee's rights or ability to sell or otherwise dispose of the Pledged Shares
or any part thereof after the occurrence and during the continuance of an event
of default under the terms of the Note.

         5. INDEMNIFICATION OF AGENT. Pledgor and Pledgee will indemnify, hold
harmless and defend against any claim, loss, liability, or damage, incurred by
Agent in connection with carrying out its duties under this Agreement. In the
event that any legal action is instituted against Agent as such, Agent may
implead or interplead the parties hereto in such action and may deposit with the
court in which such action is pending the Pledged Shares which is the subject of
this Agreement, and which is also the subject matter of such action. Agent shall
thereupon be relieved and discharged from any and all obligations and
liabilities under and pursuant to this Agreement and Pledgor and Pledgee shall
thereupon release Agent from any and all further obligations and liabilities
under and pursuant to this Agreement.

         In the event Agent impleads or interpleads Pledgor or Pledgee, such
party or parties shall pay Agent's cost in connection therewith.

         6. MISCELLANEOUS.

         (a) Any notice or other communications under this Agreement to any
party will be adequately given when it is personally delivered or when it is
sent by fax, with confirmation of receipt, or one day after it is sent by
overnight courier, or three days after it is sent by certified mail, return
receipt requested, addressed in any case as follows:

         to Pledgor:            David A. Wolfort
                                Olympic Steel, Inc.
                                5096 Richmond Road
                                Bedford Heights, Ohio 44146
                                Facsimile No.:  216-292-3974

         to Pledgee:            Olympic Steel, Inc.
                                5096 Richmond Road
                                Bedford Heights, Ohio 44146
                                Facsimile No.:  216-292-3974

                                    Page 57
<PAGE>   6

         to Agent:              Kahn, Kleinman, Yanowitz & Arnson Co., L.P.A.
                                The Tower at Erieview, Suite 2600
                                1301 East Ninth Street
                                Cleveland, Ohio  44114-1824
                                ATTN:  Michael A. Ellis, Esq.
                                Facsimile No.:  216-623-4912

         (b) This Agreement, which shall be governed by and interpreted in
accordance with the laws of the State of Ohio, shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.

         (c) This Agreement, together with the Note, constitutes the entire
agreement between the parties hereto with respect to the matters herein
addressed. Any modification or amendment to this Agreement shall be effective
only if in writing and executed by Pledgor and Pledgee.

         (d) All rights and remedies provided herein or otherwise existing at
law or in equity are cumulative, and the exercise of one or more of such rights
or remedies by Pledgee shall not preclude or waive its right to exercise any or
all of the other rights and remedies.

         (e) The captions in this Agreement are included for convenience of
reference only and shall be of no force and effect in construing the provisions
hereof.

         (f) Any provisions contained in this Agreement which are contrary to,
prohibited by, or invalid under applicable laws or regulations shall be modified
and enforced to the greatest extent permitted by law and shall not invalidate
the remaining provisions hereof.

         (g) This Agreement may be executed in counterparts, each of which shall
be deemed an original and all of which together shall constitute one agreement.

                                    Page 58
<PAGE>   7

         IN WITNESS WHEREOF, the parties hereto have executed this Pledge
Agreement the day and year first above written.

                                  __________________________________________
                                  David A. Wolfort

                                                  "Pledgor"

                                  Olympic Steel, Inc.
                                  an Ohio corporation

                                  By: __________________________________
                                      Michael D. Siegal, Chairman & Chief
                                      Executive Officer

                                                  "Pledgee"

                                    Page 59<PAGE>   1
                                                                Exhibit 10(e)(1)

                                    AMENDMENT
                                    ---------

         This Amendment to the Loan Agreement dated December 3, 1997, between
Core Materials Corporation, a Delaware corporation ("Borrower"), and KeyBank
National Association, a national banking association ("Lender") is made
effective this 29th day of March, 2001 (the "Effective Date") by and between
Borrower and Lender.

                             Background Information
                             ----------------------

A.       On December 3, 1997 Borrower and Lender entered into a loan agreement
         (as subsequently modified, the "Loan Agreement") by which Lender
         provided to the Borrower a number of credit facilities, including, but
         not limited to a $7,500,000 revolving loan (the "Loan"), having an
         original Maturity Date of November 30, 1999. The Loan is evidenced by a
         Variable Rate Promissory Note dated December 3, 1997 (as subsequently
         modified, the "Note").

B.       The Note and Loan Agreement have been previously amended to extend the
         Maturity Date to January 30, 2001.

C.       Borrower has requested that the Maturity Date be extended to May 1,
         2002.

D.       Subject to the terms and conditions set forth herein and in the Third
         Modification and Allonge to Variable Rate Promissory Note of even date
         herewith and incorporated herein by reference (the "Modification"),
         Lender has consented to the extension of the Maturity Date.

                             Statement of Agreement
                             ----------------------

Lender and Borrower acknowledge the accuracy of the above Background Information
and hereby agree as follows:

1.       AMENDMENT.  The Loan Agreement is hereby amended as follows:

         (a)      Section 5, FEES. The second paragraph of Section 5 is hereby
                  deleted in its entirety and replaced with the following:
                  "Borrower shall also pay a fee to Lender in connection with
                  the Loan equal to 3/8% per annum of the unused portion of such
                  Loan during the previous calendar quarter commencing in the
                  second quarter of 2001, which fee shall be due and payable
                  within fifteen (15) days after receipt of an invoice from
                  Lender. In addition, there shall be due from Borrower to
                  Lender a quarterly fee of $10,000 (the "Modification Fee").
                  The first Modification Fee shall be due and payable at

<PAGE>   2

                  the time of execution of this Amendment. The remaining
                  Modification Fee payments of $10,000 each shall be due and
                  payable as follows:

                           April 15, 2001
                           July 15, 2001
                           October 15, 2001
                           January 15, 2002"

         (b)      Section 11, paragraph (b) is hereby deleted in its entirety
                  and replaced with the following:

                  "(b)     Borrower shall not permit its Minimum Fixed Charge
                           Coverage Ratio to be less than:

                             .75x   for the first quarter 2001
                             .75x   for the second quarter 2001
                             .75x   for the third quarter 2001
                            1.00x   for the fourth quarter 2001
                            1.15x   for the first quarter 2002

                           The Minimum Fixed Charge Coverage Ratio shall be
                           tested quarterly on a rolling four (4) quarters
                           basis."

         (c)      Section 11, paragraph (c) is hereby deleted and replaced with
                  the following:

                  "(c)     Not permit Borrower's Minimum Debt Service Coverage
                           Ratio to be less than:

                             .85x   for first quarter of 2001
                             .85x   for second quarter of 2001
                             .85x   for third quarter of 2001
                            1.15x   for fourth quarter of 2001
                            1.25x   for first quarter of 2002

                  The Debt Service Coverage Ratio shall be tested quarterly on a
                  rolling four (4) quarters basis."

         (d)      Section 11, paragraph (a) is hereby deleted and the following
                  is hereby added as Section 11, paragraph (e):

                                      (2)

<PAGE>   3
                  "Borrower's Senior Funded Obligations to EBITDAL shall not
                  exceed:

                            5.25x for first quarter 2001
                            5.00x for second quarter 2001
                            5.00x for third quarter 2001
                            4.00x for fourth quarter 2001
                            3.75x for first quarter 2002

                  This ratio shall be tested quarterly on a rolling four (4)
                  quarters basis."

         (e)      Section 11, paragraph (d), items (i), (ii), (iii) and (iv) are
                  hereby deleted and the following definitions are hereby added:

                  "PPLTD" means actual principal payments on Subordinated Debt,
                  Long-Term Debt and any other permitted debt, excluding the
                  Loan, measured on a rolling four quarters basis.

                  "EBITDAL" means:

                         Net Income + Interest Expense +
                     Tax Charges + Depreciation/Amortization
                        +/- Extraordinary Losses/Gains -
                      Interest Income + Rent/Lease Expenses

                  "LONG-TERM DEBT" means any debt of Borrower for borrowed
                  money, including without limitation the Loan, Bonds, Capital
                  Leases, notes payable and drafts accepted representing
                  extensions of credit, all obligations evidenced by bonds,
                  debentures, notes or other similar instruments and all
                  obligations upon which interest charges are customarily paid,
                  having a scheduled maturity date beyond the expiration of
                  Borrower's then current fiscal year, excluding Subordinated
                  Debt.

                  "MINIMUM DEBT SERVICE COVERAGE RATIO" means:

                                     EBITDAL
                                -----------------
                 Interest Expense* + PPLTD + Rent/Lease Expenses

                  (*"Interest Expense" excludes any accrued but not paid
                  Subordinated Debt interest.)

                  "MAINTENANCE CAPITAL EXPENDITURES" mean amounts expended by
                  Borrower for the maintenance, repair or replacement of
                  equipment, machinery, fixed assets, real property or
                  improvements, which shall be defined as $1,000,000.

                                      (3)
<PAGE>   4
                  "MINIMUM FIXED CHARGE COVERAGE RATIO" means:

                                     EBITDAL
                                     -------
                               Interest Expense* +
                          PPLTD + Rent/Lease Expenses +
                        Maintenance Capital Expenditures

                  (*"Interest Expense" excludes any accrued but not paid
                  Subordinated Debt interest.)

                  "SENIOR FUNDED OBLIGATIONS" means any current portion of
                  long-term debt (as defined by GAAP), Long-Term Debt of
                  Borrower plus Discounted Present Value of the future lease
                  payment stream (using a 7.50% per annum rate), but excluding
                  Subordinated Debt.

                  "SENIOR FUNDED OBLIGATIONS TO EBITDAL" means:

                            Senior Funded Obligations
                            -------------------------
                                     EBITDAL

         All other accounting terms used herein and in the Loan Agreement,
         unless otherwise defined, shall be construed in accordance with GAAP.

2.       INCONSISTENCY. Except as modified, amended, or changed by this
         Amendment, the Loan Agreement is unchanged. In the event of any
         inconsistency between the provisions of this Amendment and the Loan
         Agreement, the provisions of this Amendment shall control.

3.       INCORPORATION. The Loan Agreement, as previously amended, is
         incorporated herein by reference and all capitalized terms not
         otherwise defined herein shall have the same meaning as set forth in
         the Loan Agreement.

4.       REPRESENTATIONS AND WARRANTIES OF BORROWER. By execution of this
         Amendment, Borrower represents and warrants to Lender that:

         A.       Borrower has full right, power and authority to execute this
                  Amendment and to perform all of its obligations thereunder;

         B.       Upon execution of this Amendment by Borrower and Lender, no
                  uncured event of default exists under the Note, Loan Agreement
                  or related documents;

         C.       Borrower reaffirms its obligation to pay the Loan in full, the
                  validity and enforceability of the Note, Loan Agreement and
                  related documents; and

                                      (4)

<PAGE>   5
         D.       Except to the extent otherwise disclosed to Lender, Borrower
                  affirms that all representations, warranties and covenants of
                  Borrower set forth in the Note and/or Loan Agreement are true
                  and accurate.

5.       EXPENSES. Borrower shall pay or reimburse Lender, as applicable, for
         all Lender's reasonable out-of-pocket expenses relating to, or
         incidental with, this Amendment, including without limitation filing
         fees and attorneys' fees.

6.       EXECUTION. This Amendment is being executed in Columbus, Ohio, and
         shall be construed in accordance with the laws of the State of Ohio.

CORE MATERIALS CORPORATION                      KEYBANK, NATIONAL ASSOCIATION

By:      /S/ Kevin L. Barnett                   By:      /S/ Roger D. Campbell
         --------------------                            ---------------------
         Kevin L. Barnett                                Roger D. Campbell,
         Vice President, Treasurer and CFO               Senior Vice President

                                      (5)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]