Document:

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                                                                 Exhibit 4.18(a)

                           EARLE M. JORGENSEN COMPANY

                      9 3/4% Senior Secured Notes due 2012

No. 1                                                               $248,435,000
                                                           CUSIP No. 480829 AD 2

          Earle M. Jorgensen Company, a Delaware corporation (herein called the
"Company", which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or its registered assigns, the principal sum of 248,435,000 Dollars on May
22, 2012 at the office or agency of the Company referred to below, and to pay
interest thereon on December 1, 2002 and semi-annually thereafter, on June 1 and
December 1 in each year, from December 1, 2002, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, at the rate
of 9 3/4% per annum, until the principal hereof is paid or duly provided for,
and (to the extent lawful) to pay on demand interest on any overdue interest at
the rate borne by the Notes from the date on which such overdue interest becomes
payable to the date on which payment of such interest has been made or duly
provided for. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on the Record Date for such interest, which shall be
the May 15 or November 15 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Record Date, and such defaulted interest, and (to the extent lawful)
interest on such defaulted interest at the rate borne by the Notes, may be paid
to the Person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture. Payment of the principal of and premium, if
any, on and interest on this Note will be made at the office or agency of the
Company maintained for that purpose in The City of New York, or at such other
office or agency of the Company as may be maintained for such purpose, in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided, however, that
payment of interest may be made at the option of the Company (i) by check mailed
to the address of the Person entitled thereto as such address shall appear on
the Note Register or (ii) by transfer to an account maintained by the payee
located in the United States.

          Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been duly executed
by the Trustee referred to on the reverse hereof by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed.

         Dated: May 22, 2002                       EARLE M. JORGENSEN COMPANY

                                                   By __________________________
Attest:                                                Title:

_________________________
Authorized Signature

<PAGE>

          This Note is one of a duly authorized issue of securities of the
Company designated as its 9 3/4% Senior Secured Notes due 2012 (herein called
the "Notes"), limited (except as described below and otherwise as provided in
the Indenture referred to below) in aggregate principal of $250,000,000, that
may be issued under a Senior Secured Notes Indenture (herein called the
"Indenture") dated as of May 22, 2002 between the Company and The Bank of New
York (herein called the "Trustee", which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties, obligations and immunities thereunder of the Company, the
Trustee and the Holders of the Notes, and of the terms upon which the Notes are,
and are to be, authenticated and delivered. The interest rate on the Notes is
subject to change in accordance with Section 1107 of the Indenture.

          Subject to compliance by the Company with Section 410 of the
Indenture, the Company may, without the consent of the Holders, issue more notes
under the Indenture on the same terms and conditions with the same CUSIP and/or
other similar numbers as this Note in an unlimited principal amount (the
"Additional Notes"); provided, however, that (i) not less than 75% of the net
proceeds from any such issuance shall be invested in additional Collateral (as
defined in the Indenture), and (ii) as of the issue date for the Additional
Notes, the Company shall, and shall have caused each Restricted Subsidiary to
perform at their sole cost and expense any and all acts and execute any and all
documents (including, without limitation, the execution, amendment or
supplementation of any financing statement and continuation statement or other
statement) for filing under the provisions of the Uniform Commercial Code and
the rules and regulations thereunder, or any other statute, rule or regulation
of any applicable federal, state or local jurisdiction, including any filings in
local real estate land record offices, which are necessary or advisable and
shall do such other acts and execute such other documents as may be required in
order to grant valid and perfected first-priority Liens (as defined in the
Indenture) to the Trustee for the benefit of the Holders of the Notes on such
additional Collateral. Any such Additional Notes that are actually issued will
be treated as issued and outstanding Notes (and as the same series as the
initial Notes) for all purposes of the Indenture.

          The Company, at its option, may redeem the Notes as a whole, or from
time to time in part, on or after June 1, 2007, at the redemption prices
(expressed as a percentage of the principal amount thereof) set forth below (in
each case together with accrued and unpaid interest, if any, up to the
Redemption Date):

        If redeemed during the 12-month
               period beginning June 1,                      Redemption Price
               2007 .....................                            104.875%
               2008 .....................                            103.250%
               2009 .....................                            101.625%
               2010 and thereafter ......                            100.000%

          Notwithstanding the foregoing, prior to June 1, 2005, the Company may
redeem from time to time up to 35% of the aggregate principal amount of the
Notes originally outstanding at a redemption price equal to 109.75% of the
principal amount thereof, plus accrued and unpaid interest, if any to the
redemption date, with the net proceeds of a public offering of common stock by
the Company (or of Holding to the extent such net proceeds are contributed as

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a capital contribution in exchange for common stock of the Company); provided,
that at least 65% of the aggregate principal amount of the Notes originally
outstanding remain outstanding immediately after such redemption.

          Upon the occurrence of a Change of Control (the "Change of Control
Date"), each Holder shall have the right, at such Holder's option, to require
the Company to repurchase all or any part of such Holder's Notes pursuant to the
offer (the "Change of Control Offer") at a purchase price equal to 101% of the
principal amount thereof (the "Change of Control Purchase Price"), plus accrued
and unpaid interest, if any, to the date of repurchase.

          The Holder of this Note is entitled to the benefits of the
Registration Rights Agreement, dated May 17, 2002 among the Company and the
Initial Purchasers named therein (the "Registration Rights Agreement"). The
Registration Rights Agreement will provide that (i) if the Company fails to file
an Exchange Offer Registration Statement with the Commission on or prior to the
90th day after the Closing Date, (ii) if the Exchange Offer Registration
Statement is not declared effective by the Commission on or prior to the 150th
day after the Closing Date, (iii) if the Exchange Offer is not consummated on or
before the 30th calendar day after the Exchange Offer Registration Statement is
declared effective, (iv) if obligated to file the Shelf Registration Statement
and the Company fails to file the Shelf Registration Statement with the
Commission on or prior to the 90th day after such filing obligation arises, (v)
if obligated to file a Shelf Registration Statement and the Shelf Registration
Statement is not declared effective on or prior to the 150th day after the
obligation to file a Shelf Registration Statement arises, or (vi) if the
Exchange Offer Registration Statement or the Shelf Registration Statement, as
the case may be, is declared effective but thereafter ceases to be effective or
useable in connection with resales of the Transfer Restricted Securities,
without being succeeded immediately by a post-effective amendment to such
Registration Statement that cures such failure and that is itself declared
effective immediately (each, a "Registration Default"), the Company agrees to
pay each Holder of Transfer Restricted Securities affected thereby liquidated
damages ("Liquidated Damages") such that interest shall accrue on the Securities
over and above the interest set forth in the title of the Securities from and
including the date on which any such Registration Default shall occur to but
excluding the date on which all such Registration Defaults have been cured, at a
rate of 0.50% per annum (the "Additional Interest Rate") for the first 90-day
period immediately following the occurrence of such Registration Default. The
Additional Interest Rate shall increase by an additional 0.50% per annum with
respect to each subsequent 90-day period until all Registration Defaults have
been cured, up to a maximum Additional Interest Rate of 2.0% per annum.

          In the case of any redemption of Notes, interest installments whose
Stated Maturity is on or prior to the Redemption Date will be payable to the
Holders of such Notes, or one or more Predecessor Notes, of record at the close
of business on the relevant regular Record Date referred to on the face hereof.
Notes (or portions thereof) for whose redemption and payment provision is made
in accordance with the Indenture shall cease to bear interest from and after the
Redemption Date.

          All accrued Liquidated Damages shall be paid by the Company to Holders
entitled thereto by wire transfer to the accounts specified by them or by
mailing checks to their registered address if no such accounts have been
specified.

<PAGE>

          In the event of redemption of this Note in part only, a new Note or
Notes for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof.

          The Indenture defines an Event of Default as being: (a) a default in
the payment of any installment of interest upon any of the Notes as and when the
same becomes due and payable, and continuance of such default for a period of 30
days; (b) a default in the payment of all or any part of the principal of (or
premium, if any, on), the Notes when and as the same become due and payable at
maturity, redemption, by declaration or otherwise, including payment of the
Change of Control Purchase Price (as defined in Section 309 of the Indenture) in
accordance with the Indenture; (c) failure by the Company to duly observe,
perform or comply with any material covenant or agreement contained in the Notes
or in the Indenture which failure continues for a period of 60 days after
written notice specifying such failure stating that such notice is a "Notice of
Default" hereunder and demanding that the Company remedy the same has been given
to the Company by the Trustee or to the Company and the Trustee by Holders of at
least 25% in aggregate principal amount of the Notes at the time outstanding;
(d) a court having jurisdiction in the premises shall enter a decree or order
for relief in respect of the Company or any Material Subsidiary in an
involuntary case under any applicable bankruptcy, insolvency or other similar
law affecting creditors' rights now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company or any Material Subsidiary or for any substantial part
of the property of the Company or any Material Subsidiary or ordering the
winding up or liquidation of the affairs of the Company or any Material
Subsidiary, and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days; (e) the Company or any Material Subsidiary shall
commence a voluntary case under any applicable bankruptcy, insolvency or other
similar law affecting creditors' rights now or hereafter in effect, or consent
to the entry of an order for relief in an involuntary case under any such law,
or consent to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Company
or any Material Subsidiary or for any substantial part of the property of the
Company or any Material Subsidiary, or the Company or any Material Subsidiary
shall make any general assignment for the benefit of creditors; (f) (i) a
default which extends beyond any stated period of grace applicable thereto,
excluding any extension thereof, under any bond, debenture, note, mortgage,
indenture or instrument under which there may be issued or by which there may be
secured or evidenced any Indebtedness of the Company or any of its Restricted
Subsidiaries, whether now existing or hereafter created, aggregating in
principal amount in excess of $10,000,000 at any one time, if as a result of
such event of default the maturity of such Indebtedness has been accelerated
prior to its final stated maturity, or (ii) failure to pay such Indebtedness,
aggregating in principal amount in excess of $10,000,000 at any one time, at its
final stated maturity; or (g) any representation or warranty of the Company in
any Note Document with respect to any material portion of the Collateral shall
have been untrue in any material respect when made, and the same is not able to
be cured, or is not cured or waived within 60 days after written notice is given
to the Company from the Trustee or the Holders of at least 25% in aggregate
principal amount of the outstanding Notes; (h) any Note Document with respect to
Collateral having a fair market value in excess of $1,500,000 shall be held to
be unenforceable or invalid by a court of competent jurisdiction (and such
holding remains undischarged or unstayed for a period of 30 days) or otherwise
ceases to be in effect (except as otherwise permitted by the Indenture or the
Note Documents), or the Company shall deny or disaffirm its obligations under
any Note Document or the Notes, or the

<PAGE>

Notes shall fail to be secured by any theretofore perfected security interest in
the Collateral having a fair market value in excess of $1,500,000 (except as
otherwise permitted by the Indenture or the Note Documents), which in each
circumstance continues for a period of 60 days after written notice is given to
the Company from the Trustee or the Holders of at least 25% in aggregate
principal amount of the Notes outstanding, which breach has not been cured by
any applicable cure period specified in the Note Documents; or (i) the rendering
of final judgments not covered by insurance (which coverage shall be in full
force and effect) for the payment of money in an amount equal to or greater
than, in the case of any one such judgment $5,000,000, and, in the case of all
such judgments $7,500,000, against the Company or any of its Restricted
Subsidiaries by a court of competent jurisdiction which are not stayed,
satisfied, vacated or discharged within 60 days after such judgments become
final and nonappealable.

          If an Event of Default (other than an Event of Default with respect to
the Company described in clause (d) of the preceding paragraph), shall occur and
be continuing then, and in every such case, unless the principal of all the
Notes shall have already become due and payable, either the Trustee or the
Holders of not less than 25% in aggregate principal amount of then outstanding
Notes, by notice in writing to the Company (and to the Trustee if given by
Holders), may declare all of the principal of the Notes (or the Change of
Control Purchase Price if the Event of Default includes failure to pay the
Change of Control Purchase Price), together with accrued interest thereon to be
due and payable immediately. If an Event of Default with respect to the Company
specified in clause (d) above occurs, all principal of, premium applicable to,
and accrued interest on, all then outstanding Notes shall become immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder.

          The Indenture contains provisions for defeasance at any time of (a)
the entire indebtedness of the Company on this Note and (b) certain restrictive
covenants and the related Defaults and Events of Default, upon compliance by the
Company with certain conditions set forth therein, which provisions apply to
this Note.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of specified percentages in
aggregate principal amount of the Notes at the time Outstanding, on behalf of
the Holders of all the Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by or on behalf of the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and premium, if any, and
interest on this Note at the times, place, and rate, and in the coin or
currency, herein prescribed.

<PAGE>

          As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note is registrable on the Note Register
of the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company maintained for such purpose in The City of New
York, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Note Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes, of authorized denominations and for the same aggregate principal
amount will be issued to the designated transferee or transferees.

          The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of a different
authorized denomination, as requested by the Holder surrendering the same.

          No service charge shall be made for any registration of transfer or
exchange of Notes, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

          Prior to the time of due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any agent shall be affected by notice to the contrary.

          All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

          No recourse for the payment of the principal of, or premium, if any,
or interest on, any of the Notes or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in the Indenture or in any of the Notes, or because of
the creation of any Indebtedness represented thereby, shall be had against any
incorporator, stockholder, officer, director, employee, controlling person of
the Company or of a Subsidiary of the Company or of any successor Person of the
Company or of a Subsidiary of the Company. Each Holder by accepting a Note
waives and releases all such liability, and such waiver and release is part of
the consideration for the issuance of the Notes.

          The Indenture and this Note shall be governed by, and construed in
accordance with, the internal laws of the State of New York (without giving
effect to the conflict of laws principles thereof). The Trustee, the Company,
and (by their acceptance of the Notes) the Holders agree to submit to the
non-exclusive jurisdiction of any United States federal or state court located
in the Borough of Manhattan, in the City of New York, in any action or
proceeding arising out of or relating to the Indenture of this Note.

          Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors
Act).

<PAGE>

          The Company will furnish to any Holder upon written request and
without charge a copy of the Indenture. Requests may be made to Earle M.
Jorgensen Company, 3050 East Birch Street, Brea, CA 92621, Attention: Chief
Financial Officer.

<PAGE>

          FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s),
assign(s) and transfer(s) unto

Insert Taxpayer Identification No.

(Please print or typewrite name and address including zip code of assignee)

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing

attorney to transfer such Note on the books of the Company with full power of
substitution in the premises.

                   [THE FOLLOWING PROVISION TO BE INCLUDED ON
                  ALL CERTIFICATES REPRESENTING INITIAL NOTES]

          In connection with any transfer of this Note occurring prior to the
date which is the earlier of the date of an effective Registration Statement or
May 22, 2004; i.e., the end of the period referred to in Rule 144(k) under the
Securities Act, the undersigned confirms that without utilizing any general
solicitation or general advertising that:

                                    Check One

     [_]            this Note is being transferred in compliance with the
                    exemption from registration under the Securities Act of
                    1933, as amended, provided by Rule 144A thereunder.

                                       or

     [_]            this Note is being transferred other than in accordance
                    with (a) above and documents are being furnished which
                    comply with the conditions of transfer set forth in this
                    Note and the Indenture.

If none of the foregoing boxes is checked, the Trustee or other Note Registrar
shall not be obligated to register this Note in the name of any Person other
than the Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Sections 213 and 214 of the Indenture shall
have been satisfied.

Date:

                                  NOTICE: The signature to this assignment must
                                  correspond with the name as written upon the
                                  face

<PAGE>

                                          of the within-mentioned instrument in
                                          every particular, without alteration
                                          or any change whatsoever.

Signature Guarantee:

TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED.

          Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.

          The undersigned represents and warrants that it is purchasing this
Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

Dated:
                                          NOTICE:  To be executed by an
                                                   executive officer

           [THE FOLLOWING PROVISIONS SHALL APPLY TO ALL OF THE NOTES]
                       OPTION OF HOLDER TO ELECT PURCHASE

          If you wish to have this Note purchased by the Company pursuant to
Section 309 or Section 413 of the Indenture, check the Box: 9

          If you wish to have a portion of this Note purchased by the Company
pursuant to Section 309 or Section 413 of the Indenture, state the amount (in
original principal amount) below:

                             $__________________.

Date:

Your Signature:

(Sign exactly as your name appears on the other side of this Note)

<PAGE>

Signature Guarantee:

Signatures must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

<PAGE>

                              Rule 144A Certificate

To:      The Bank of New York
         101 Barclay Street
         New York, New York 10286

         Attention:  Corporate Trust Division - Corporate Finance Unit

         Re:      Earle M. Jorgensen Company (the "Company")
                  9 3/4% Senior Secured Notes due 2012 (the "Notes")

Ladies and Gentlemen:

                  In connection with our proposed purchase of $248,435,000
aggregate principal amount of Notes, we confirm that such purchase has been
effected pursuant to and in accordance with Rule 144A ("Rule 144A") under the
Securities Act of 1933, as amended (the "Securities Act"). We are aware that the
transfer of Notes to us is being made in reliance on the exemption from the
provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to
the date of this Certificate we have been given the opportunity to obtain from
the Company the information referred to in Rule 144A(d)(4), and have either
declined such opportunity or have received such information.

                  You and the Company are entitled to rely upon this Certificate
and are irrevocably authorized to produce this Certificate or a copy hereof to
any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby.

                                                  Very truly yours,

                                                  [NAME OF PURCHASER]

                                                  By:___________________________

                                                        Name:

                                                        Title:

                                                        Address:

Date of this Certificate:  ____________, 20__<PAGE>

                                                                 Exhibit 4.18(b)
                           EARLE M. JORGENSEN COMPANY

                      9 3/4% Senior Secured Notes due 2012

No. 2                                                                $1,565,000
                                                          CUSIP No. U2677P AB 5

          Earle M. Jorgensen Company, a Delaware corporation (herein called the
"Company", which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or its registered assigns, the principal sum of 1,565,000 Dollars on May
22, 2012 at the office or agency of the Company referred to below, and to pay
interest thereon on December 1, 2002 and semi-annually thereafter, on June 1 and
December 1 in each year, from December 1, 2002, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, at the rate
of 9 3/4% per annum, until the principal hereof is paid or duly provided for,
and (to the extent lawful) to pay on demand interest on any overdue interest at
the rate borne by the Notes from the date on which such overdue interest becomes
payable to the date on which payment of such interest has been made or duly
provided for. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on the Record Date for such interest, which shall be
the May 15 or November 15 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Record Date, and such defaulted interest, and (to the extent lawful)
interest on such defaulted interest at the rate borne by the Notes, may be paid
to the Person in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture. Payment of the principal of and premium, if
any, on and interest on this Note will be made at the office or agency of the
Company maintained for that purpose in The City of New York, or at such other
office or agency of the Company as may be maintained for such purpose, in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided, however, that
payment of interest may be made at the option of the Company (i) by check mailed
to the address of the Person entitled thereto as such address shall appear on
the Note Register or (ii) by transfer to an account maintained by the payee
located in the United States.

          Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been duly executed
by the Trustee referred to on the reverse hereof by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed.

         Dated: May 22, 2002                         EARLE M. JORGENSEN COMPANY

                                                     By_________________________
Attest:                                                Title:

____________________________
Authorized Signature

<PAGE>

          This Note is one of a duly authorized issue of securities of the
Company designated as its 9 3/4% Senior Secured Notes due 2012 (herein called
the "Notes"), limited (except as described below and otherwise as provided in
the Indenture referred to below) in aggregate principal of $250,000,000, that
may be issued under a Senior Secured Notes Indenture (herein called the
"Indenture") dated as of May 22, 2002 between the Company and The Bank of New
York (herein called the "Trustee", which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties, obligations and immunities thereunder of the Company, the
Trustee and the Holders of the Notes, and of the terms upon which the Notes are,
and are to be, authenticated and delivered. The interest rate on the Notes is
subject to change in accordance with Section 1107 of the Indenture.

          Subject to compliance by the Company with Section 410 of the
Indenture, the Company may, without the consent of the Holders, issue more notes
under the Indenture on the same terms and conditions with the same CUSIP and/or
other similar numbers as this Note in an unlimited principal amount (the
"Additional Notes"); provided, however, that (i) not less than 75% of the net
proceeds from any such issuance shall be invested in additional Collateral (as
defined in the Indenture), and (ii) as of the issue date for the Additional
Notes, the Company shall, and shall have caused each Restricted Subsidiary to
perform at their sole cost and expense any and all acts and execute any and all
documents (including, without limitation, the execution, amendment or
supplementation of any financing statement and continuation statement or other
statement) for filing under the provisions of the Uniform Commercial Code and
the rules and regulations thereunder, or any other statute, rule or regulation
of any applicable federal, state or local jurisdiction, including any filings in
local real estate land record offices, which are necessary or advisable and
shall do such other acts and execute such other documents as may be required in
order to grant valid and perfected first-priority Liens (as defined in the
Indenture) to the Trustee for the benefit of the Holders of the Notes on such
additional Collateral. Any such Additional Notes that are actually issued will
be treated as issued and outstanding Notes (and as the same series as the
initial Notes) for all purposes of the Indenture.

          The Company, at its option, may redeem the Notes as a whole, or from
time to time in part, on or after June 1, 2007, at the redemption prices
(expressed as a percentage of the principal amount thereof) set forth below (in
each case together with accrued and unpaid interest, if any, up to the
Redemption Date):

        If redeemed during the 12-month
               period beginning June 1,                      Redemption Price
               2007 .....................                            104.875%
               2008 .....................                            103.250%
               2009 .....................                            101.625%
               2010 and thereafter ......                            100.000%

          Notwithstanding the foregoing, prior to June 1, 2005, the Company may
redeem from time to time up to 35% of the aggregate principal amount of the
Notes originally outstanding at a redemption price equal to 109.75% of the
principal amount thereof, plus accrued and unpaid interest, if any to the
redemption date, with the net proceeds of a public offering of common stock by
the Company (or of Holding to the extent such net proceeds are contributed as

<PAGE>

a capital contribution in exchange for common stock of the Company); provided,
that at least 65% of the aggregate principal amount of the Notes originally
outstanding remain outstanding immediately after such redemption.

          Upon the occurrence of a Change of Control (the "Change of Control
Date"), each Holder shall have the right, at such Holder's option, to require
the Company to repurchase all or any part of such Holder's Notes pursuant to the
offer (the "Change of Control Offer") at a purchase price equal to 101% of the
principal amount thereof (the "Change of Control Purchase Price"), plus accrued
and unpaid interest, if any, to the date of repurchase.

          The Holder of this Note is entitled to the benefits of the
Registration Rights Agreement, dated May 17, 2002 among the Company and the
Initial Purchasers named therein (the "Registration Rights Agreement"). The
Registration Rights Agreement will provide that (i) if the Company fails to file
an Exchange Offer Registration Statement with the Commission on or prior to the
90th day after the Closing Date, (ii) if the Exchange Offer Registration
Statement is not declared effective by the Commission on or prior to the 150th
day after the Closing Date, (iii) if the Exchange Offer is not consummated on or
before the 30th calendar day after the Exchange Offer Registration Statement is
declared effective, (iv) if obligated to file the Shelf Registration Statement
and the Company fails to file the Shelf Registration Statement with the
Commission on or prior to the 90th day after such filing obligation arises, (v)
if obligated to file a Shelf Registration Statement and the Shelf Registration
Statement is not declared effective on or prior to the 150th day after the
obligation to file a Shelf Registration Statement arises, or (vi) if the
Exchange Offer Registration Statement or the Shelf Registration Statement, as
the case may be, is declared effective but thereafter ceases to be effective or
useable in connection with resales of the Transfer Restricted Securities,
without being succeeded immediately by a post-effective amendment to such
Registration Statement that cures such failure and that is itself declared
effective immediately (each, a "Registration Default"), the Company agrees to
pay each Holder of Transfer Restricted Securities affected thereby liquidated
damages ("Liquidated Damages") such that interest shall accrue on the Securities
over and above the interest set forth in the title of the Securities from and
including the date on which any such Registration Default shall occur to but
excluding the date on which all such Registration Defaults have been cured, at a
rate of 0.50% per annum (the "Additional Interest Rate") for the first 90-day
period immediately following the occurrence of such Registration Default. The
Additional Interest Rate shall increase by an additional 0.50% per annum with
respect to each subsequent 90-day period until all Registration Defaults have
been cured, up to a maximum Additional Interest Rate of 2.0% per annum.

          In the case of any redemption of Notes, interest installments whose
Stated Maturity is on or prior to the Redemption Date will be payable to the
Holders of such Notes, or one or more Predecessor Notes, of record at the close
of business on the relevant regular Record Date referred to on the face hereof.
Notes (or portions thereof) for whose redemption and payment provision is made
in accordance with the Indenture shall cease to bear interest from and after the
Redemption Date.

          All accrued Liquidated Damages shall be paid by the Company to Holders
entitled thereto by wire transfer to the accounts specified by them or by
mailing checks to their registered address if no such accounts have been
specified.

<PAGE>

          In the event of redemption of this Note in part only, a new Note or
Notes for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof.

          The Indenture defines an Event of Default as being: (a) a default in
the payment of any installment of interest upon any of the Notes as and when the
same becomes due and payable, and continuance of such default for a period of 30
days; (b) a default in the payment of all or any part of the principal of (or
premium, if any, on), the Notes when and as the same become due and payable at
maturity, redemption, by declaration or otherwise, including payment of the
Change of Control Purchase Price (as defined in Section 309 of the Indenture) in
accordance with the Indenture; (c) failure by the Company to duly observe,
perform or comply with any material covenant or agreement contained in the Notes
or in the Indenture which failure continues for a period of 60 days after
written notice specifying such failure stating that such notice is a "Notice of
Default" hereunder and demanding that the Company remedy the same has been given
to the Company by the Trustee or to the Company and the Trustee by Holders of at
least 25% in aggregate principal amount of the Notes at the time outstanding;
(d) a court having jurisdiction in the premises shall enter a decree or order
for relief in respect of the Company or any Material Subsidiary in an
involuntary case under any applicable bankruptcy, insolvency or other similar
law affecting creditors' rights now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company or any Material Subsidiary or for any substantial part
of the property of the Company or any Material Subsidiary or ordering the
winding up or liquidation of the affairs of the Company or any Material
Subsidiary, and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days; (e) the Company or any Material Subsidiary shall
commence a voluntary case under any applicable bankruptcy, insolvency or other
similar law affecting creditors' rights now or hereafter in effect, or consent
to the entry of an order for relief in an involuntary case under any such law,
or consent to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Company
or any Material Subsidiary or for any substantial part of the property of the
Company or any Material Subsidiary, or the Company or any Material Subsidiary
shall make any general assignment for the benefit of creditors; (f) (i) a
default which extends beyond any stated period of grace applicable thereto,
excluding any extension thereof, under any bond, debenture, note, mortgage,
indenture or instrument under which there may be issued or by which there may be
secured or evidenced any Indebtedness of the Company or any of its Restricted
Subsidiaries, whether now existing or hereafter created, aggregating in
principal amount in excess of $10,000,000 at any one time, if as a result of
such event of default the maturity of such Indebtedness has been accelerated
prior to its final stated maturity, or (ii) failure to pay such Indebtedness,
aggregating in principal amount in excess of $10,000,000 at any one time, at its
final stated maturity; or (g) any representation or warranty of the Company in
any Note Document with respect to any material portion of the Collateral shall
have been untrue in any material respect when made, and the same is not able to
be cured, or is not cured or waived within 60 days after written notice is given
to the Company from the Trustee or the Holders of at least 25% in aggregate
principal amount of the outstanding Notes; (h) any Note Document with respect to
Collateral having a fair market value in excess of $1,500,000 shall be held to
be unenforceable or invalid by a court of competent jurisdiction (and such
holding remains undischarged or unstayed for a period of 30 days) or otherwise
ceases to be in effect (except as otherwise permitted by the Indenture or the
Note Documents), or the Company shall deny or disaffirm its obligations under
any Note Document or the Notes, or the

<PAGE>

Notes shall fail to be secured by any theretofore perfected security interest in
the Collateral having a fair market value in excess of $1,500,000 (except as
otherwise permitted by the Indenture or the Note Documents), which in each
circumstance continues for a period of 60 days after written notice is given to
the Company from the Trustee or the Holders of at least 25% in aggregate
principal amount of the Notes outstanding, which breach has not been cured by
any applicable cure period specified in the Note Documents; or (i) the rendering
of final judgments not covered by insurance (which coverage shall be in full
force and effect) for the payment of money in an amount equal to or greater
than, in the case of any one such judgment $5,000,000, and, in the case of all
such judgments $7,500,000, against the Company or any of its Restricted
Subsidiaries by a court of competent jurisdiction which are not stayed,
satisfied, vacated or discharged within 60 days after such judgments become
final and nonappealable.

          If an Event of Default (other than an Event of Default with respect to
the Company described in clause (d) of the preceding paragraph), shall occur and
be continuing then, and in every such case, unless the principal of all the
Notes shall have already become due and payable, either the Trustee or the
Holders of not less than 25% in aggregate principal amount of then outstanding
Notes, by notice in writing to the Company (and to the Trustee if given by
Holders), may declare all of the principal of the Notes (or the Change of
Control Purchase Price if the Event of Default includes failure to pay the
Change of Control Purchase Price), together with accrued interest thereon to be
due and payable immediately. If an Event of Default with respect to the Company
specified in clause (d) above occurs, all principal of, premium applicable to,
and accrued interest on, all then outstanding Notes shall become immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder.

          The Indenture contains provisions for defeasance at any time of (a)
the entire indebtedness of the Company on this Note and (b) certain restrictive
covenants and the related Defaults and Events of Default, upon compliance by the
Company with certain conditions set forth therein, which provisions apply to
this Note.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of specified percentages in
aggregate principal amount of the Notes at the time Outstanding, on behalf of
the Holders of all the Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by or on behalf of the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and premium, if any, and
interest on this Note at the times, place, and rate, and in the coin or
currency, herein prescribed.

<PAGE>

          As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note is registrable on the Note Register
of the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company maintained for such purpose in The City of New
York, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Note Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes, of authorized denominations and for the same aggregate principal
amount will be issued to the designated transferee or transferees.

          The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of a different
authorized denomination, as requested by the Holder surrendering the same.

          No service charge shall be made for any registration of transfer or
exchange of Notes, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

          Prior to the time of due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any agent shall be affected by notice to the contrary.

          All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

          No recourse for the payment of the principal of, or premium, if any,
or interest on, any of the Notes or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in the Indenture or in any of the Notes, or because of
the creation of any Indebtedness represented thereby, shall be had against any
incorporator, stockholder, officer, director, employee, controlling person of
the Company or of a Subsidiary of the Company or of any successor Person of the
Company or of a Subsidiary of the Company. Each Holder by accepting a Note
waives and releases all such liability, and such waiver and release is part of
the consideration for the issuance of the Notes.

          The Indenture and this Note shall be governed by, and construed in
accordance with, the internal laws of the State of New York (without giving
effect to the conflict of laws principles thereof). The Trustee, the Company,
and (by their acceptance of the Notes) the Holders agree to submit to the
non-exclusive jurisdiction of any United States federal or state court located
in the Borough of Manhattan, in the City of New York, in any action or
proceeding arising out of or relating to the Indenture of this Note.

          Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors
Act).

<PAGE>

          The Company will furnish to any Holder upon written request and
without charge a copy of the Indenture. Requests may be made to Earle M.
Jorgensen Company, 3050 East Birch Street, Brea, CA 92621, Attention: Chief
Financial Officer.

<PAGE>

          FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s),
assign(s) and transfer(s) unto

Insert Taxpayer Identification No.

(Please print or typewrite name and address including zip code of assignee)

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing

attorney to transfer such Note on the books of the Company with full power of
substitution in the premises.

                   [THE FOLLOWING PROVISION TO BE INCLUDED ON
                  ALL CERTIFICATES REPRESENTING INITIAL NOTES]

          In connection with any transfer of this Note occurring prior to the
date which is the earlier of the date of an effective Registration Statement or
May 22, 2004; i.e., the end of the period referred to in Rule 144(k) under the
Securities Act, the undersigned confirms that without utilizing any general
solicitation or general advertising that:

                                    Check One

     [_]            this Note is being transferred in compliance with the
                    exemption from registration under the Securities Act of
                    1933, as amended, provided by Rule 144A thereunder.

                                       or

     [_]            this Note is being transferred other than in accordance
                    with (a) above and documents are being furnished which
                    comply with the conditions of transfer set forth in this
                    Note and the Indenture.

If none of the foregoing boxes is checked, the Trustee or other Note Registrar
shall not be obligated to register this Note in the name of any Person other
than the Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Sections 213 and 214 of the Indenture shall
have been satisfied.

Date:

                                  NOTICE: The signature to this assignment must
                                  correspond with the name as written upon the
                                  face

<PAGE>

                                          of the within-mentioned instrument in
                                          every particular, without alteration
                                          or any change whatsoever.

Signature Guarantee:

TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED.

          Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.

          The undersigned represents and warrants that it is purchasing this
Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

Dated:
                                          NOTICE:  To be executed by an
                                                   executive officer

           [THE FOLLOWING PROVISIONS SHALL APPLY TO ALL OF THE NOTES]
                       OPTION OF HOLDER TO ELECT PURCHASE

          If you wish to have this Note purchased by the Company pursuant to
Section 309 or Section 413 of the Indenture, check the Box: 9

          If you wish to have a portion of this Note purchased by the Company
pursuant to Section 309 or Section 413 of the Indenture, state the amount (in
original principal amount) below:

                             $__________________.

Date:

Your Signature:

(Sign exactly as your name appears on the other side of this Note)

<PAGE>

Signature Guarantee:

Signatures must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

<PAGE>

                            Regulation S Certificate

To:      The Bank of New York
         101 Barclay Street
         New York, New York 10286

         Attention:  Corporate Trust Division - Corporate Finance Unit

         Re:      Earle M. Jorgensen Company (the "Company")
                  9 3/4% Senior Secured Notes due 2012  (the "Notes")

Ladies and Gentlemen:

                  In connection with our proposed sale of $1,565,000 aggregate
principal amount of Notes, we confirm that such sale has been effected pursuant
to and in accordance with Regulation S ("Regulation S") under the Securities Act
of 1933, as amended (the "Securities Act"), and accordingly, we hereby certify
as follows:

                  1. The offer of the Notes was not made to a person in the
         United States (unless such person or the account held by it for which
         it is acting is excluded from the definition of "U.S. person" pursuant
         to Rule 902(o) of Regulation S under the circumstances described in
         Rule 902(i)(3) of Regulation S) or specifically targeted at an
         identifiable group of U.S. citizens abroad.

                  2. Either (a) at the time the buy order was originated, the
         buyer was outside the United States or we and any person acting on our
         behalf reasonably believed that the buyer was outside the United States
         or (b) the transaction was executed in, on or through the facilities of
         a designated offshore securities market, and neither we nor any person
         acting on our behalf knows that the transaction was pre-arranged with a
         buyer in the United States.

                  3  Neither we, any of our affiliates, nor any person acting on
         our or their behalf has made any directed selling efforts in the United
         States in contravention of the requirements of Rule 903(b) or Rule
         904(b) of Regulation S, as applicable.

                  4. The proposed transfer of Notes is not part of a plan or
         scheme to evade the registration requirements of the Securities Act.

                  5. If we are an officer or director of the Company or a
         distributor, we certify that the proposed transfer is being made in
         accordance with the provisions of Rules 903 and 904(c) of Regulation S.

                  You and the Company are entitled to rely upon this Certificate
and are irrevocably authorized to produce this Certificate or a copy hereof to
any interested party in any

<PAGE>

administrative or legal proceeding or official inquiry with respect to the
matters covered hereby. Terms used in this certificate have the meanings set
forth in Regulation S.

                                             Very truly yours,

                                             [NAME OF SELLER]

By:_____________________________________
                                             Name:
                                             Title:
                                             Address:

Date of this Certificate:  ____________, 20__

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