Document:

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                                                                     EXHIBIT 4.3

               FORM OF WARRANT TO PURCHASE SHARES OF COMMON STOCK
                            OF METAL MANAGEMENT, INC.

                                   MAY 3, 2002

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY HAVE BEEN ACQUIRED
         SOLELY FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH,
         THE SALE OR DISTRIBUTION THEREOF. THEY MAY NOT BE SOLD, OFFERED FOR
         SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISTRIBUTED IN THE ABSENCE OF
         AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN EXEMPTION
         FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND ANY
         APPLICABLE STATE SECURITIES LAWS.

                                    WARRANT                          May 3, 2002
                  To Purchase ______ Shares of Common Stock of
                     Metal Management, Inc. (the "Company")

1.       Number of Shares; Exercise Price; Term. This certifies that _________
         ("Holder") is entitled, upon the terms and subject to the vesting
         requirements and other conditions set forth herein, to acquire from the
         Company, in whole or in part, from time to time up to ______ fully paid
         and nonassessable shares (the "Shares") of common stock, $.01 par value
         per share, of the Company ("Common Stock") at a purchase price per
         Share equal to $6.50. The right to purchase the shares of Common Stock
         under this Warrant is exercisable immediately and shall remain
         exercisable until the earlier of (i) 11:59 p.m. Central Time on the
         90-day anniversary of the date of termination of the Holder's status as
         a Director of the Company or (ii) 11:59 p.m. Central Time on May 3,
         2007 (the "Exercise Period").

2.       Exercise of Warrant. The purchase rights represented by this Warrant
         are exercisable by the Holder, in whole or in part, at any time during
         the Exercise Period by the surrender of this Warrant and the Notice of
         Exercise annexed hereto, all duly completed and executed on behalf of
         the Holder, at the office of the Company in Chicago, Illinois (or such
         other office or agency of the Company as it may designate by notice in
         writing to the Holder at the address of the Holder appearing on the
         books of the Company). Payment of the Exercise Price for the shares of
         Common Stock thereby purchased shall be made by cash, certified or
         cashier's check or wire transfer payable to the order of the Company,
         at 10:00 a.m., Central Time, on the day following surrender of this
         Warrant and the Notice of Exercise, in an amount equal to the purchase
         price of the Shares thereby purchased. Thereupon, the Holder as the
         holder of this Warrant, shall be entitled to receive from the Company a
         stock certificate in proper form representing the number of shares of
         Common Stock so purchased, and a new Warrant in substantially identical
         form and dated as of such exercise for the purchase of that number of
         Shares equal to the difference, if any, between the number of shares of
         Common Stock subject hereto and the number of Shares of Common stock as
         to which this Warrant is so exercised.

3.       Issuance of Shares. Certificates for Shares purchased hereunder shall
         be delivered to the Holder promptly after the date on which this
         Warrant shall have been exercised in accordance with the terms hereof.
         The Company hereby represents and warrants that all Shares that may be
         issued

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         upon the exercise of this Warrant will, upon such exercise, be duly and
         validly authorized and issued, fully paid and nonassessable and free
         from all taxes, liens and charges in respect of the issuance thereof
         (other than liens or charges created by or imposed upon the Holder as
         the holder of the Warrant or taxes in respect of any transfer occurring
         contemporaneously or otherwise specified herein). The Company agrees
         that the Shares so issued shall be and shall for all purposes be deemed
         to have been issued to the Holder as the record owner of such Shares as
         of the close of business on the date on which this Warrant shall have
         been exercised or converted in accordance with the terms hereof.

4.       No Fractional Shares or Scrip. No fractional Shares or scrip
         representing fractional Shares shall be issued upon the exercise of
         this Warrant. In lieu of any fractional Share to which the Holder as
         the holder would otherwise be entitled, the Holder shall be entitled,
         at his option, to receive either (i) a cash payment equal to the excess
         of fair market value for such fractional Share above the Exercise Price
         for such fractional share (as determined in good faith by the Company)
         or (ii) a whole Share if the Holder tenders the Exercise Price for one
         whole share.

5.       No Rights as Shareholders. This Warrant does not entitle the Holder as
         a holder hereof to any voting rights or other rights as a shareholder
         of the Company prior to the exercise hereof.

6.       Charges; Taxes and Expenses. Certificates for Shares issued upon
         exercise of this Warrant shall be issued in the name of the Holder as
         the holder of this Warrant. Issuance of certificates for Shares upon
         the exercise of this Warrant shall be made without charge to the Holder
         for any issue or transfer tax or other incidental expense in respect of
         the issuance of such certificates, all of which taxes and expenses
         shall be paid by the Company.

7.       No Transfer. This Warrant and any rights hereunder are not transferable
         by the Holder as the holder hereof, in whole or in part.

8.       Exchange and Registry of Warrant. This Warrant is exchangeable, upon
         the surrender hereof by the Holder as the registered holder at the
         above-mentioned office or agency of the Company, for a new Warrant on
         substantially identical form and dated as of such exchange. The Company
         shall maintain at the above-mentioned office or agency a registry
         showing the name and address of the Holder as the registered holder of
         this Warrant. This Warrant may be surrendered for exchange or exercise,
         in accordance with its terms, at the office of the Company, and the
         Company shall be entitled to rely in all respects, prior to written
         notice to the contrary, upon such registry.

9.       Loss; Theft; Destruction or Mutilation of Warrant. Upon receipt by the
         Company of evidence reasonably satisfactory to it of the loss, theft,
         destruction or mutilation of this Warrant, and in the case of loss,
         theft or destruction, of indemnity or security reasonably satisfactory
         to it, and upon reimbursement to the Company of all reasonable expenses
         incidental thereto, and upon surrender and cancellation of this
         Warrant, if mutilated, the Company will make and deliver a new Warrant
         of like tenor and dated as of such cancellation and reissuance, in lieu
         of this Warrant.

10.      Reservation of Common Stock. The Company will at all times reserve and
         keep available, solely for issuance, sale and delivery upon the
         exercise of this Warrant, such number of Shares, equal to the number of
         such Shares purchasable upon the exercise of this Warrant. All such
         Shares shall be duly authorized and, when issued upon exercise of this
         Warrant in accordance

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         with the terms hereof, will be validly issued and fully paid and
         nonassessable, with no liability on the part of the Holder. Such Shares
         will not be subject to any preemptive rights.

11.      Listing on Securities Exchanges, Etc. The Company will maintain the
         listing of all Shares issuable or issued from time to time upon
         exercise of this Warrant on each securities exchange or market or
         trading system on which any shares of Common Stock are then or at any
         time thereafter listed or traded, but only to the extent and for such
         period of time as such shares of Common Stock are so listed.

12.      Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
         taking of any action or the expiration of any right required or granted
         herein shall be a Saturday or a Sunday or shall be a legal holiday,
         then such action may be taken or such right may be exercised on the
         next succeeding day not a Saturday or a Sunday or a legal holiday.

13.      Adjustments and Termination of Rights. The purchase price per Share and
         the number of Shares purchasable hereunder are subject to adjustment
         from time to time as follows:

         (a)   Merger or Consolidation. If at any time there shall be a merger
               or a consolidation of the Company with or into another
               corporation when the Company is not the surviving corporation,
               then, as part of such merger or consolidation, lawful provision
               shall be made so that the Holder as the holder of this Warrant
               shall thereafter be entitled to receive upon exercise of this
               Warrant, during the period specified herein and upon payment of
               the aggregate Exercise Price then in effect, the number of shares
               of stock or other securities or property (including cash) of the
               successor corporation resulting from such merger or
               consolidation, to which the Holder as the holder of the stock
               deliverable upon exercise of this Warrant would have been
               entitled in such merger or consolidation if this Warrant had been
               exercised immediately before such merger or consolidation. In any
               such case, appropriate adjustment shall be made in the
               application of the provisions of this Warrant with respect to the
               rights and interests of the Holder as the holder of this Warrant
               after the merger or consolidation. This provision shall apply to
               successive mergers or consolidations.

         (b)   Reclassification, Recapitalization, etc. If the Company at any
               time shall, by subdivision, combination or reclassification of
               securities, recapitalization, automatic conversion, or other
               similar event affecting the number or character of outstanding
               Shares, or otherwise, change any of the securities as to which
               purchase rights under this Warrant exist into the same or a
               different number of securities of any other class or classes,
               this Warrant shall thereafter represent the right to acquire such
               number and kind of securities as would have been issuable as the
               result of such change with respect to the securities that were
               subject to the purchase rights under this Warrant immediately
               prior to such subdivision, combination, reclassification or other
               change.

         (c)   Split, Subdivision or Combination of Shares. If the Company at
               any time while this Warrant remains outstanding and unexpired
               shall split, subdivide or combine the securities as to which
               purchase rights under this Warrant exist, the Exercise Price
               shall be proportionately decreased in the case of a split or
               subdivision or proportionately increased in the case of a
               combination.

         (d)   Common Stock Dividends. If the Company at any time while this
               Warrant is outstanding and unexpired shall pay a dividend with
               respect to Common Stock payable

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               in Shares, or make any other distribution with respect to Common
               Stock of Shares, then the Exercise Price shall be adjusted, from
               and after the date of determination of the shareholders entitled
               to receive such dividend or distribution, to that price
               determined by multiplying the Exercise Price in effect
               immediately prior to such date of determination by a fraction (i)
               the numerator of which shall be the total number of Shares
               outstanding immediately prior to such dividend or distribution,
               and (ii) the denominator of which shall be the total number of
               Shares outstanding immediately after such dividend or
               distribution. This paragraph shall apply only if and to the
               extent that, at the time of such event, this Warrant is then
               exercisable for Common Stock.

         (e)   Adjustment of Number of Shares. Upon each adjustment in the
               Exercise Price pursuant to 13(c) or 13(d) hereof, the number of
               Shares purchasable hereunder shall be adjusted, to the nearest
               whole Share, to the product obtained by multiplying the number of
               Shares purchasable immediately prior to such adjustment in the
               Exercise Price by a fraction (i) the numerator of which shall be
               the Exercise Price immediately prior to such adjustment, and (ii)
               the denominator of which shall be the Exercise Price immediately
               after such adjustment.

14.      Notice of Adjustments; Notices. Whenever the Exercise Price or number
         or type of securities issuable hereunder shall be adjusted pursuant to
         Section 13 hereof, the Company shall issue and provide to the Holder as
         the holder of this Warrant a certificate signed by an officer of the
         Company setting forth, in reasonable detail, the event requiring the
         adjustment, the amount of the adjustment, the method by which such
         adjustment was calculated and the Exercise Price and number of Shares
         purchasable hereunder after giving effect to such adjustment.

15.      Governing Law. This Warrant shall be binding upon any successors or
         assigns of the Company. This Warrant shall constitute a contract under
         the laws of Delaware and for all purposes shall be construed in
         accordance with and governed by the laws of said state without giving
         effect to the conflict of laws principles.

16.      Attorneys' Fees. In any litigation, arbitration or court proceeding
         between the Company and the Holder as the holder of this Warrant
         relating hereto, the prevailing party shall be entitled to reasonable
         attorneys' fees and expenses incurred in enforcing this Warrant.

17.      Amendments. This Warrant may be amended and the observance of any term
         of this Warrant may be waived only with the written consent of the
         Company and the Holder as the holder hereof.

18.      Notice. All notices hereunder shall be in writing and shall be
         effective (a) on the day on which delivered if delivered personally or
         transmitted by telex or telegram or telecopier with evidence of
         receipt, (b) one business day after the date on which the same is
         delivered to a nationally recognized overnight courier service with
         evidence of receipt, or (c) five business days after the date on which
         the same is deposited, postage prepaid, in the U.S. mail, sent by
         certified or registered mail, return receipt requested, and addressed
         to the party to be notified at the address indicated below for the
         Company, or at the address for the Holder as the holder set forth in
         the registry maintained by the Company pursuant to Section 8, or at
         such other address and/or telecopy or telex number and/or to the
         attention of such other person as the Company or the Holder as the
         holder may designate by ten-day advance written notice.

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19.      Entire Agreement. This Warrant and the forms attached hereto contain
         the entire agreement between the parties with respect to the subject
         matter hereof and supersede all prior and contemporaneous arrangements
         or undertakings with respect thereto.

         IN WITNESS WHEREOF, Metal Management, Inc. has caused this Warrant to
be executed by its duly authorized officer.

Dated:  May 3, 2002

                                              METAL MANAGEMENT, INC.

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

                                                    ----------------------------
                                              Address:  500 N. Dearborn Street
                                                        Suite 400
                                                        Chicago, IL  60610

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                               NOTICE OF EXERCISE

To: Metal Management, Inc.

1.       The undersigned hereby elects to purchase ____________ shares (the
         "Shares") of common stock, $.01 par value of Metal Management, Inc.
         (the "Company") pursuant to the terms of the attached Warrant, and
         tenders herewith payment of the purchase price and any transfer taxes
         payable pursuant to the terms of the Warrant, together with an
         investment representation statement in form and substance satisfactory
         to legal counsel to the Company.

2.       The Shares to be received by the undersigned upon exercise of the
         Warrant are being acquired for the undersigned's own account, not as a
         nominee or agent, and not with a view to resale or distribution of any
         part thereof, and the undersigned has no present intention of selling,
         granting any participation in, or otherwise distributing the same,
         except in compliance with applicable federal and state securities laws.
         The undersigned further represents that it does not have any contract,
         undertaking, agreement or arrangement with any person to sell, transfer
         or grant participation to such person or to any third person, with
         respect to the Shares. The undersigned believes the undersigned has
         received all the information it considers necessary or appropriate for
         deciding whether to purchase the Shares.

3.       The undersigned understands that the Shares are characterized as
         "restricted securities" under the federal securities laws inasmuch as
         they are being acquired from the Company in transactions not involving
         a public offering and that under such laws and applicable regulations
         such securities may be resold without registration under the Securities
         Act of 1933, as amended (the "Act"), only in certain limited
         circumstances. In this connection, the undersigned represents that it
         is familiar with Rule 144 of the Act, as presently in effect, and
         understands the resale limitations imposed thereby and by the Act.

4.       The undersigned understands the certificates evidencing the Shares may
         bear one or all of the following legends:

         (a)   "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
               ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY HAVE
               BEEN ACQUIRED SOLELY FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
               CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THEY MAY NOT
               BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE
               DISTRIBUTED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
               RELATED THERETO OR AN EXEMPTION FROM REGISTRATION UNDER THE
               SECURITIES ACT OF 1933, AS AMENDED AND ANY APPLICABLE STATE
               SECURITIES LAWS."

         (b)   Any legend required by applicable state law.

5.       Please issue a certificate or certificates representing said Shares in
         the name of the undersigned.

                                               -----------------------------
                                                    [Name of Holder]

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6.       Please issue a new Warrant for the unexercised portion of the attached
         Warrant in the name of the undersigned.

                                                -----------------------------
                                                    [Name of Holder]

                                                -----------------------------

-------------------------                       -----------------------------
                                                    [Signature]

                                       2<PAGE>
                                                                     EXHIBIT 4.4

              FORM OF WARRANT TO PURCHASE SHARES OF COMMON STOCK OF
                             METAL MANAGEMENT, INC.

                                  MAY 22, 2002

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY HAVE BEEN ACQUIRED
         SOLELY FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH,
         THE SALE OR DISTRIBUTION THEREOF. THEY MAY NOT BE SOLD, OFFERED FOR
         SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISTRIBUTED IN THE ABSENCE OF
         AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN EXEMPTION
         FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND ANY
         APPLICABLE STATE SECURITIES LAWS.

                                     WARRANT                        May 22, 2002
                  To Purchase ______ Shares of Common Stock of
                     Metal Management, Inc. (the "Company")

1.       Number of Shares; Exercise Price; Term. This certifies that _______
         ("Holder") is entitled, upon the terms and subject to the vesting
         requirements and other conditions set forth herein, to acquire from the
         Company, in whole or in part, from time to time up to _____ fully paid
         and nonassessable shares (the "Shares") of common stock, $.01 par value
         per share, of the Company ("Common Stock") at a purchase price per
         Share equal to $3.75. The right to purchase the shares of Common Stock
         under this Warrant shall vest one-half immediately upon issuance of
         this Warrant and one-half on April 29, 2003 and, once vested, shall
         remain exercisable until the earlier of (i) if Holder's employment with
         the Company is terminated by reason of death, 11:59 p.m. Central Time
         on the one-year anniversary of the date of such termination; (ii) if
         Holder's employment with the Company is terminated for reasons other
         than death, 11:59 p.m. Central Time on the 90-day anniversary of the
         date of such termination; or (iii) 11:59 p.m. Central Time on May 22,
         2007 (the "Exercise Period").

2.       Exercise of Warrant. The purchase rights represented by this Warrant
         are exercisable by the Holder, in whole or in part, at any time during
         the Exercise Period by the surrender of this Warrant and the Notice of
         Exercise annexed hereto, all duly completed and executed on behalf of
         the Holder, at the office of the Company in Chicago, Illinois (or such
         other office or agency of the Company as it may designate by notice in
         writing to the Holder at the address of the Holder appearing on the
         books of the Company). Payment of the Exercise Price for the shares of
         Common Stock thereby purchased shall be made by cash, certified or
         cashier's check or wire transfer payable to the order of the Company,
         at 10:00 a.m., Central Time, on the day following surrender of this
         Warrant and the Notice of Exercise, in an amount equal to the purchase
         price of the Shares thereby purchased. Thereupon, the Holder as the
         holder of this Warrant, shall be entitled to receive from the Company a
         stock certificate in proper form representing the number of shares of
         Common Stock so purchased, and a new Warrant in substantially identical
         form and dated as of such exercise for the purchase of that number of
         Shares equal to the difference, if any, between the number of shares of
         Common Stock subject hereto and the number of Shares of Common stock as
         to which this Warrant is so exercised.

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3.       Issuance of Shares. Certificates for Shares purchased hereunder shall
         be delivered to the Holder promptly after the date on which this
         Warrant shall have been exercised in accordance with the terms hereof.
         The Company hereby represents and warrants that all Shares that may be
         issued upon the exercise of this Warrant will, upon such exercise, be
         duly and validly authorized and issued, fully paid and nonassessable
         and free from all taxes, liens and charges in respect of the issuance
         thereof (other than liens or charges created by or imposed upon the
         Holder as the holder of the Warrant or taxes in respect of any transfer
         occurring contemporaneously or otherwise specified herein). The Company
         agrees that the Shares so issued shall be and shall for all purposes be
         deemed to have been issued to the Holder as the record owner of such
         Shares as of the close of business on the date on which this Warrant
         shall have been exercised or converted in accordance with the terms
         hereof.

4.       No Fractional Shares or Scrip. No fractional Shares or scrip
         representing fractional Shares shall be issued upon the exercise of
         this Warrant. In lieu of any fractional Share to which the Holder as
         the holder would otherwise be entitled, the Holder shall be entitled,
         at his option, to receive either (i) a cash payment equal to the excess
         of fair market value for such fractional Share above the Exercise Price
         for such fractional share (as determined in good faith by the Company)
         or (ii) a whole Share if the Holder tenders the Exercise Price for one
         whole share.

5.       No Rights as Shareholders. This Warrant does not entitle the Holder as
         a holder hereof to any voting rights or other rights as a shareholder
         of the Company prior to the exercise hereof.

6.       Charges; Taxes and Expenses. Certificates for Shares issued upon
         exercise of this Warrant shall be issued in the name of the Holder as
         the holder of this Warrant. Issuance of certificates for Shares upon
         the exercise of this Warrant shall be made without charge to the Holder
         for any issue or transfer tax or other incidental expense in respect of
         the issuance of such certificates, all of which taxes and expenses
         shall be paid by the Company.

7.       No Transfer. This Warrant and any rights hereunder are not transferable
         by the Holder as the holder hereof, in whole or in part.

8.       Exchange and Registry of Warrant. This Warrant is exchangeable, upon
         the surrender hereof by the Holder as the registered holder at the
         above-mentioned office or agency of the Company, for a new Warrant on
         substantially identical form and dated as of such exchange. The Company
         shall maintain at the above-mentioned office or agency a registry
         showing the name and address of the Holder as the registered holder of
         this Warrant. This Warrant may be surrendered for exchange or exercise,
         in accordance with its terms, at the office of the Company, and the
         Company shall be entitled to rely in all respects, prior to written
         notice to the contrary, upon such registry.

9.       Loss; Theft; Destruction or Mutilation of Warrant. Upon receipt by the
         Company of evidence reasonably satisfactory to it of the loss, theft,
         destruction or mutilation of this Warrant, and in the case of loss,
         theft or destruction, of indemnity or security reasonably satisfactory
         to it, and upon reimbursement to the Company of all reasonable expenses
         incidental thereto, and upon surrender and cancellation of this
         Warrant, if mutilated, the Company will make and deliver a new Warrant
         of like tenor and dated as of such cancellation and reissuance, in lieu
         of this Warrant.

10.      Reservation of Common Stock. The Company will at all times reserve and
         keep available, solely for issuance, sale and delivery upon the
         exercise of this Warrant, such number of Shares,

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         equal to the number of such Shares purchasable upon the exercise of
         this Warrant. All such Shares shall be duly authorized and, when issued
         upon exercise of this Warrant in accordance with the terms hereof, will
         be validly issued and fully paid and nonassessable, with no liability
         on the part of the Holder. Such Shares will not be subject to any
         preemptive rights.

11.      Listing on Securities Exchanges, Etc. The Company will maintain the
         listing of all Shares issuable or issued from time to time upon
         exercise of this Warrant on each securities exchange or market or
         trading system on which any shares of Common Stock are then or at any
         time thereafter listed or traded, but only to the extent and for such
         period of time as such shares of Common Stock are so listed.

12.      Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
         taking of any action or the expiration of any right required or granted
         herein shall be a Saturday or a Sunday or shall be a legal holiday,
         then such action may be taken or such right may be exercised on the
         next succeeding day not a Saturday or a Sunday or a legal holiday.

13.      Adjustments and Termination of Rights. The purchase price per Share and
         the number of Shares purchasable hereunder are subject to adjustment
         from time to time as follows:

         (a)   Merger or Consolidation. If at any time there shall be a merger
               or a consolidation of the Company with or into another
               corporation when the Company is not the surviving corporation,
               then, as part of such merger or consolidation, lawful provision
               shall be made so that the Holder as the holder of this Warrant
               shall thereafter be entitled to receive upon exercise of this
               Warrant, during the period specified herein and upon payment of
               the aggregate Exercise Price then in effect, the number of shares
               of stock or other securities or property (including cash) of the
               successor corporation resulting from such merger or
               consolidation, to which the Holder as the holder of the stock
               deliverable upon exercise of this Warrant would have been
               entitled in such merger or consolidation if this Warrant had been
               exercised immediately before such merger or consolidation. In any
               such case, appropriate adjustment shall be made in the
               application of the provisions of this Warrant with respect to the
               rights and interests of the Holder as the holder of this Warrant
               after the merger or consolidation. This provision shall apply to
               successive mergers or consolidations.

         (b)   Reclassification, Recapitalization, etc. If the Company at any
               time shall, by subdivision, combination or reclassification of
               securities, recapitalization, automatic conversion, or other
               similar event affecting the number or character of outstanding
               Shares, or otherwise, change any of the securities as to which
               purchase rights under this Warrant exist into the same or a
               different number of securities of any other class or classes,
               this Warrant shall thereafter represent the right to acquire such
               number and kind of securities as would have been issuable as the
               result of such change with respect to the securities that were
               subject to the purchase rights under this Warrant immediately
               prior to such subdivision, combination, reclassification or other
               change.

         (c)   Split, Subdivision or Combination of Shares. If the Company at
               any time while this Warrant remains outstanding and unexpired
               shall split, subdivide or combine the securities as to which
               purchase rights under this Warrant exist, the Exercise Price
               shall be proportionately decreased in the case of a split or
               subdivision or proportionately increased in the case of a
               combination.

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<PAGE>

         (d)   Common Stock Dividends. If the Company at any time while this
               Warrant is outstanding and unexpired shall pay a dividend with
               respect to Common Stock payable in Shares, or make any other
               distribution with respect to Common Stock of Shares, then the
               Exercise Price shall be adjusted, from and after the date of
               determination of the shareholders entitled to receive such
               dividend or distribution, to that price determined by multiplying
               the Exercise Price in effect immediately prior to such date of
               determination by a fraction (i) the numerator of which shall be
               the total number of Shares outstanding immediately prior to such
               dividend or distribution, and (ii) the denominator of which shall
               be the total number of Shares outstanding immediately after such
               dividend or distribution. This paragraph shall apply only if and
               to the extent that, at the time of such event, this Warrant is
               then exercisable for Common Stock.

         (e)   Adjustment of Number of Shares. Upon each adjustment in the
               Exercise Price pursuant to 13(c) or 13(d) hereof, the number of
               Shares purchasable hereunder shall be adjusted, to the nearest
               whole Share, to the product obtained by multiplying the number of
               Shares purchasable immediately prior to such adjustment in the
               Exercise Price by a fraction (i) the numerator of which shall be
               the Exercise Price immediately prior to such adjustment, and (ii)
               the denominator of which shall be the Exercise Price immediately
               after such adjustment.

14.      Notice of Adjustments; Notices. Whenever the Exercise Price or number
         or type of securities issuable hereunder shall be adjusted pursuant to
         Section 13 hereof, the Company shall issue and provide to the Holder as
         the holder of this Warrant a certificate signed by an officer of the
         Company setting forth, in reasonable detail, the event requiring the
         adjustment, the amount of the adjustment, the method by which such
         adjustment was calculated and the Exercise Price and number of Shares
         purchasable hereunder after giving effect to such adjustment.

15.      Governing Law. This Warrant shall be binding upon any successors or
         assigns of the Company. This Warrant shall constitute a contract under
         the laws of Delaware and for all purposes shall be construed in
         accordance with and governed by the laws of said state without giving
         effect to the conflict of laws principles.

16.      Attorneys' Fees. In any litigation, arbitration or court proceeding
         between the Company and the Holder as the holder of this Warrant
         relating hereto, the prevailing party shall be entitled to reasonable
         attorneys' fees and expenses incurred in enforcing this Warrant.

17.      Amendments. This Warrant may be amended and the observance of any term
         of this Warrant may be waived only with the written consent of the
         Company and the Holder as the holder hereof.

18.      Notice. All notices hereunder shall be in writing and shall be
         effective (a) on the day on which delivered if delivered personally or
         transmitted by telex or telegram or telecopier with evidence of
         receipt, (b) one business day after the date on which the same is
         delivered to a nationally recognized overnight courier service with
         evidence of receipt, or (c) five business days after the date on which
         the same is deposited, postage prepaid, in the U.S. mail, sent by
         certified or registered mail, return receipt requested, and addressed
         to the party to be notified at the address indicated below for the
         Company, or at the address for the Holder as the holder set forth in
         the registry maintained by the Company pursuant to Section 8, or at
         such other address and/or telecopy or telex number and/or to the
         attention of such other person as the Company or the Holder as the
         holder may designate by ten-day advance written notice.

                                       4

<PAGE>
19.      Entire Agreement. This Warrant and the forms attached hereto contain
         the entire agreement between the parties with respect to the subject
         matter hereof and supersede all prior and contemporaneous arrangements
         or undertakings with respect thereto.

         IN WITNESS WHEREOF, Metal Management, Inc. has caused this Warrant to
be executed by its duly authorized officer.

Dated:  May 22, 2002

                                              METAL MANAGEMENT, INC.

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

                                                    ----------------------------
                                              Address:  500 N. Dearborn Street
                                                        Suite 400
                                                        Chicago, IL  60610

                                       5
<PAGE>

                               NOTICE OF EXERCISE

To: Metal Management, Inc.

1.       The undersigned hereby elects to purchase ____________ shares (the
         "Shares") of common stock, $.01 par value of Metal Management, Inc.
         (the "Company") pursuant to the terms of the attached Warrant, and
         tenders herewith payment of the purchase price and any transfer taxes
         payable pursuant to the terms of the Warrant, together with an
         investment representation statement in form and substance satisfactory
         to legal counsel to the Company.

2.       The Shares to be received by the undersigned upon exercise of the
         Warrant are being acquired for the undersigned's own account, not as a
         nominee or agent, and not with a view to resale or distribution of any
         part thereof, and the undersigned has no present intention of selling,
         granting any participation in, or otherwise distributing the same,
         except in compliance with applicable federal and state securities laws.
         The undersigned further represents that it does not have any contract,
         undertaking, agreement or arrangement with any person to sell, transfer
         or grant participation to such person or to any third person, with
         respect to the Shares. The undersigned believes the undersigned has
         received all the information it considers necessary or appropriate for
         deciding whether to purchase the Shares.

3.       The undersigned understands that the Shares are characterized as
         "restricted securities" under the federal securities laws inasmuch as
         they are being acquired from the Company in transactions not involving
         a public offering and that under such laws and applicable regulations
         such securities may be resold without registration under the Securities
         Act of 1933, as amended (the "Act"), only in certain limited
         circumstances. In this connection, the undersigned represents that it
         is familiar with Rule 144 of the Act, as presently in effect, and
         understands the resale limitations imposed thereby and by the Act.

4.       The undersigned understands the certificates evidencing the Shares may
         bear one or all of the following legends:

         (a)   "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
               ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY HAVE
               BEEN ACQUIRED SOLELY FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
               CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THEY MAY NOT
               BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE
               DISTRIBUTED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
               RELATED THERETO OR AN EXEMPTION FROM REGISTRATION UNDER THE
               SECURITIES ACT OF 1933, AS AMENDED AND ANY APPLICABLE STATE
               SECURITIES LAWS."

         (b)   Any legend required by applicable state law.

5.       Please issue a certificate or certificates representing said Shares in
         the name of the undersigned.

                                                    ----------------------------
                                                          [Name of Holder]

                                       1

<PAGE>

6.       Please issue a new Warrant for the unexercised portion of the attached
         Warrant in the name of the undersigned.

                                                    ----------------------------
                                                          [Name of Holder]

                                                    ----------------------------

-------------------------                           ----------------------------
                                                    [Signature]

                                       2

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