Document:

<PAGE>

                                                                     Exhibit 4-M

                                 AMENDMENT NO. 3
                                       TO
                         NATIONAL STEEL CREDIT AGREEMENT

     AMENDMENT No. 3 (this "Amendment"), dated as of December 8, 2000, by and
among National Steel Corporation (the "Borrower"), the financial institutions
parties hereto (the "Consenting Lenders"), Citicorp USA, Inc., as agent for the
Lenders and Issuers under the Credit Agreement defined below (the
"Administrative Agent"), and The Fuji Bank, Limited as syndication agent for the
Lenders and Issuers under the Credit Agreement (defined below) (the "Syndication
Agent"), to that certain Credit Agreement dated as of November 19, 1999 by and
among the Borrower, the Administrative Agent, the Syndication Agent and the
financial institutions and other entities from time to time party thereto as a
Lender or Issuer (such Credit Agreement, as heretofore amended, the "Credit
Agreement"; capitalized terms used herein but not defined herein being used
herein as defined in the Credit Agreement).

                              W I T N E S S E T H:

     WHEREAS, the Borrower, the Consenting Lenders, the Administrative Agent and
the Syndication Agent are parties to the Credit Agreement and, as of the date
hereof, the Consenting Lenders collectively hold Commitments aggregating more
than sixty-six and two-thirds percent (66-2/3%) of the aggregate outstanding
amounts of the Commitments; and

     WHEREAS, the parties hereto wish to amend the terms of the Credit Agreement
as set forth herein;

     NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and
obligations herein set forth and other good and valuable consideration, the
adequacy and receipt of which is hereby acknowledged, and in reliance upon the
representations, warranties and covenants herein contained, the parties hereto,
intending to be legally bound, hereby agree as follows:

     Section 1. Amendments.

          (a) Amendments to Article 1 (Definitions, Interpretations and
     Accounting Terms). Article 1 of the Credit Agreement is hereby amended as
     follows:

          (1) the definition of "Cash Dominion Event" in Section 1.1 (Defined
     Terms) of the Credit Agreement is hereby amended and restated in its
     entirety to read as follows:

               "Cash Dominion Event" means (a) the occurrence of an Event of
          Default, (b) the failure of the Combined Availability to exceed thirty
          million Dollars ($30,000,000) or (c) the occurrence of a Reduced
          Availability Period.
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

          (2) a new definition of "Combined Availability" is hereby inserted in
     Section 1.1 (Defined Terms) immediately prior to the definition of
     "Commitment" to read as follows:

               "Combined Availability" means, at any date, the sum of (i)
          Available Credit at such date plus (ii) Receivables Availability at
          such date plus (iii) the amount of all cash and Cash Equivalents
          deposited in the account of the Borrower, No. 1370855, at Mellon Bank,
          N.A. or at any other investment accounts summarized in writing to the
          Administrative Agent either prior to December 8, 2000 or as updated in
          writing thereafter.

          (3) the definition of "EBITDA" in Section 1.1 (Defined Terms) of the
     Credit Agreement is hereby amended and restated in its entirety to read as
     follows:

               "EBITDA" means, with respect to any Person for any period, an
          amount equal to (a) Consolidated Net Income of such Person for such
          period plus (b) the sum of, in each case to the extent included in the
          calculation of Consolidated Net Income of such Person for such period
          in accordance with GAAP, but without duplication, (i) any provision
          for income taxes, (ii) Interest Expense, (iii) loss from extraordinary
          items, (iv) depreciation, depletion and amortization of intangibles or
          financing or acquisition costs, (v) all other non-cash charges and
          non-cash losses for such period, including the amount of any
          compensation deduction as the result of any grant of Stock or Stock
          Equivalents to employees, officers, directors or consultants and (vi)
          the excess, if any, of pension expenses over actual cash contributions
          to pension plans (in accordance with Statement of Financial Accounting
          Standards No. 87 (Employers' Accounting for Pensions) of the Financial
          Accounting Standards Board) minus (c) the sum of, in each case to the
          extent included in the calculation of Consolidated Net Income of such
          Person for such period in accordance with GAAP, but without
          duplication, (i) any credit for income tax, (ii) gains from
          extraordinary items for such period, (iii) any aggregate net gain (but
          not any aggregate net loss) from the sale, exchange or other
          disposition of capital assets by such Person, (iv) any other non-cash
          gains which have been added in determining Consolidated Net Income,
          (v) cash payments in respect of employee or retiree benefits (but only
          to the extent not reflected in Consolidated Net Income in accordance
          with Statement of Financial Accounting Standards No. 106 (Employer's
          Accounting for Postretirement Benefits Other than Pensions) of the
          Financial Accounting Standards Board) and (vi) the excess, if any, of
          actual cash contributions to pension plans over pension expenses (in
          accordance with Statement of Financial Accounting Standards No. 87
          (Employers' Accounting for Pensions) of the Financial Accounting
          Standards Board).

          (4) new definitions of "EG Lease Agreement," "EG Line", "EG Line
     Financing" and "EG Line Subsidiary" are hereby inserted in this order in
     Section 1.1 (Defined Terms) of the Credit Agreement immediately prior to
     the definition of "Eligibility Reserves" to read as follows:

                                      -2-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

               "EG Lease Agreement" means the Amended and Restated Lease
          Agreement, dated as of December 20, 1985, between the Borrower and
          Wilmington Trust Company, as amended as of November 1, 2000.

               "EG Line" means the electrolytic-galvanizing line servicing the
          facilities of the Borrower in Ecorse, Michigan and subject to the EG
          Lease Agreement, or a replacement financing arrangement with the EG
          Line Subsidiary on terms at least as favorable to the EG Line
          Subsidiary on an annual cash basis as those of the EG Lease Agreement
          were to the Borrower.

               "EG Line Financing" has the meaning specified in Section 5.3(a)
          (Capital Expenditures).

               "EG Line Subsidiary" means the Subsidiary of the Borrower (a)
          that is wholly-owned and controlled by the Borrower, (b) the sole
          business of which is owning and operating the EG Line and (c) the sole
          assets of which are the EG Line and other assets used directly in
          relation to the ownership or operation thereof.

          (5) a new definition of "Gross Receivables Availability" is hereby
     inserted in Section 1.1 (Defined Terms) of the Credit Agreement immediately
     prior to the definition of "Guarantor" to read as follows:

               "Gross Receivables Availability" means, at any date, the sum of
          (a) Receivables Availability at such date, plus (b) the undrawn amount
          of any outstanding letters of credit issued under the Receivables
          Purchase Agreement at such date plus (c) the principal amount
          outstanding as of such date of the accounts receivables sold to the
          participating financial institutions pursuant to the Receivables
          Purchase Agreement.

          (6) the definition of "Material Subsidiary" in Section 1.1 (Defined
     Terms) of the Credit Agreement is hereby amended and restated in its
     entirety to read as follows:

               "Material Subsidiary" means (a) the Guarantor, (b) NSFC and the
          EG Line Subsidiary (when formed) and (c) any Subsidiary of the
          Borrower other than (i) the Guarantor, NSFC and the EG Line Subsidiary
          (when formed), (ii) any Subsidiary of the Borrower listed on Schedule
          1.1 (Non-Material Subsidiaries) as long as the book value of the total
          assets of such Subsidiary does not exceed the figure set forth
          opposite such subsidiary on Schedule 1.1 by more than ten million
          Dollars ($10,000,000) and (iii) any Subsidiary of the Borrower that
          has total assets with a book value not in excess of ten million
          Dollars ($10,000,000).

          (7) a new definition of "Reduced Availability Period" is hereby
     inserted in Section 1.1 (Defined Terms) of the Credit Agreement immediately
     prior to the definition of "Refinancing" to read as follows:

                                      -3-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

               "Reduced Availability Period" means any period for which (a) at
          the end of the last preceding Quarter, the Borrower did not maintain
          the Leverage Ratio required by Section 5.1(a) (Leverage Ratio) for
          such Quarter and (b) during such period, the Combined Availability
          does not exceed seventy-five million Dollars ($75,000,000) for four
          (4) or more consecutive Business Days. For the avoidance of doubt, it
          is understood and agreed that two Business Days shall be considered to
          be consecutive if one immediately follows the other or if such
          Business Days are separated solely by days that are not Business Days.

          (b) Amendment to Article III (Conditions Precedent to the
     Effectiveness of this Agreement and to Loans and Letters of Credit).
     Article III of the Credit Agreement is hereby amended as follows:

          (1) A new clause (f) is hereby inserted immediately after clause (e)
     in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) of
     the Credit Agreement (and accordingly the word "and" at the end of clause
     (d) thereof is hereby deleted and the period at the end of clause (e)
     thereof is hereby replaced by the expression "; and") to read in its
     entirety as follows:

               (f) Reduced Availability Period. The date of the making of such
          Loan or issuance shall not occur during a Reduced Availability Period.

          (c) Amendments to Article IV (Representations and Warranties). Article
     IV of the Credit Agreement is hereby amended as follows:

          (1) Section 4.3(a) (Accuracy of Financial Statements) of the Credit
     Agreement is hereby amended and restated in its entirety to read as
     follows:

               (a) Accuracy of Financial Statements. The consolidated balance
          sheets of the Borrower and its Subsidiaries as at December 31, 1999
          (the "Balance Sheet Date") and December 31, 1998, and the related
          consolidated statements of income, retained earnings and cash flows of
          the Borrower and its Subsidiaries for the Years then ended, certified
          by Ernst & Young, LLP, and the consolidated balance sheets of the
          Borrower and its Subsidiaries as at September 30, 2000, and the
          related consolidated statements of income, retained earnings and cash
          flows of the Borrower and its Subsidiaries for the nine (9) months
          then ended, certified by a Responsible Officer of the Borrower, copies
          of which have been furnished to each Lender, fairly present, subject,
          in the case of said balance sheets as at September 30, 2000, and said
          statements of income, retained earnings and cash flows for the nine
          (9) months then ended, to the absence of footnote disclosure and
          normal recurring year-end audit adjustments, the consolidated
          financial condition of the Borrower and its Subsidiaries as at such
          dates and the consolidated results of the operations of the Borrower
          and its Subsidiaries for the period ended on such dates, all in
          conformity with GAAP.

                                      -4-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

          (2) Section 4.8 (Ownership of the Material Subsidiaries) of the Credit
     Agreement is hereby amended and restated in its entirety to read as
     follows:

               Section 4.8. Ownership of the Material Subsidiaries. Set forth on
          Schedule 4.8 (Material Subsidiaries) is a true, complete and accurate
          list showing all Material Subsidiaries of the Borrower and, as to each
          such Material Subsidiary (if formed), the jurisdiction of its
          incorporation, the number of shares of each class of Stock authorized,
          the number outstanding on the date hereof and the percentage of the
          outstanding shares of each such class owned (directly or indirectly)
          by the Borrower and any other Stock and Stock Equivalents of such
          Material Subsidiary. All of the outstanding Stock of each Material
          Subsidiary of the Borrower (other than that of the EG Line Subsidiary
          if not formed) has been validly issued, is fully paid and
          non-assessable and is owned by the Borrower or a Material Subsidiary
          of the Borrower free and clear of all Liens and Encumbrances (other
          than the Lien in favor of the Secured Parties created pursuant to the
          Security Agreement and the Pledge Agreement). Neither the Borrower nor
          any such Material Subsidiary is a party to, or has knowledge of, any
          Contractual Obligation restricting the transfer or hypothecation of
          any Stock or Stock Equivalent of any such Material Subsidiary, other
          than the Loan Documents. The Borrower does not own or hold, directly
          or indirectly, any Securities of any Person other than such
          Subsidiaries and Investments permitted by Section 8.8 (Investments in
          Other Persons). There are no Material Subsidiaries other than the
          Guarantor, NSFC and, when formed, the EG Line Subsidiary.

          (3) a new Section 4.24 (Reduced Availability Period) is hereby added
     to the Credit Agreement to read in its entirety as follows:

               Section 4.24. Reduced Availability Period. After November 1,
          2000, no date for the making of a Loan or the issuance of a Letter of
          Credit occurs during a Reduced Availability Period.

          (d) Amendments to Article V (Financial Covenants). Article V of the
     Credit Agreement is hereby amended as follows:

          (1) Section 5.1 (Leverage Ratio) of the Credit Agreement is hereby
     amended and restated in its entirety to read as follows:

               Section 5.1 Leverage Ratio. (a) The Borrower will maintain either
          (i) at the end of each Quarter during the years set forth below, a
          Leverage Ratio, in each case determined (x) in respect of Financial
          Covenant Debt of the Borrower, on the last day of such Quarter and (y)
          in respect of EBITDA of the Borrower, on the basis of the four
          Quarters ending on the last day of such Quarter, not in excess of the
          ratio set forth below for such Quarter:

                                      -5-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

               For the
               Quarter Ending on                       Maximum Ratio
               -----------------                       -------------

               December 31, 1999                        4.50 to 1

               March 31, 2000                           4.50 to 1

               June 30, 2000                            4.50 to 1

               September 30, 2000                       4.50 to 1

               December 31, 2000                        4.25 to 1

               March 31, 2001                           4.25 to 1

               June 30, 2001                            4.25 to 1

               September 30, 2001                       4.25 to 1

               December 31, 2001                        4.00 to 1
         ; or

               (ii) for each Business Day of each Quarter for which, at the end
          of the immediately preceding Quarter, the Borrower did not maintain
          the Leverage Ratio required under clause (i) above, a Combined
          Availability in excess of fifty million Dollars ($50,000,000).

               (b) The Borrower will maintain, at the end of each Quarter during
          the years set forth below, a Leverage Ratio, in each case determined
          (x) in respect of Financial Covenant Debt of the Borrower, on the last
          day of such Quarter and (y) in respect of EBITDA of the Borrower, on
          the basis of the four Quarters ending on the last day of such Quarter,
          not in excess of the ratio set forth below for such Quarter:

               For the
               Quarter Ending on                       Maximum Ratio
               -----------------                       -------------

               March 31, 2002                           4.00 to 1

               June 30, 2002                            4.00 to 1

               September 30, 2002                       4.00 to 1

               December 31, 2002                        4.00 to 1

               March 31, 2003                           4.00 to 1

               June 30, 2003                            4.00 to 1

               September 30, 2003                       4.00 to 1

               December 31, 2003                        4.00 to 1

                                      -6-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

               March 31, 2004                           4.00 to 1

               June 30, 2004                            4.00 to 1

               September 30, 2004                       4.00 to 1

          (2) Section 5.2 (Minimum Interest Coverage Ratio) of the Credit
     Agreement is hereby amended and restated in its entirety to read as
     follows:

               Section 5.2 Minimum Interest Coverage Ratio. The Borrower will
          maintain at the end of each Quarter during the Years set forth below a
          minimum Interest Coverage Ratio, in each case determined on the basis
          of the four Quarters ending on the date of determination, not less
          than the ratio set forth below for such Quarter:

                                                             Minimum Interest
               For the Quarter Ending on                      Coverage Ratio
               -------------------------                      --------------

               December 31, 2000                                 0.50 to 1

               March 31, 2001                                    0.01 to 1

               June 30, 2001                                     0.05 to 1

               September 30, 2001                                0.60 to 1

               December 31, 2001                                 1.25 to 1

               March 31, 2002                                    2.35 to 1

               June 30, 2002                                     2.35 to 1

               September 30, 2002                                2.35 to 1

               December 31, 2002                                 2.45 to 1

               March 31, 2003                                    2.45 to 1

               June 30, 2003                                     2.45 to 1

               September 30, 2003                                2.55 to 1

               December 31, 2003                                 2.55 to 1

               March 31, 2004                                    2.55 to 1

               June 30, 2004                                     2.55 to 1

               September 30, 2004                                2.55 to 1

                                      -7-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

          (3) Section 5.3 (Capital Expenditures) of the Credit Agreement is
     hereby amended and restated in its entirety to read as follows:

               Section 5.3 Capital Expenditures. The Borrower will not permit
          any Capital Expenditures to be made during each of the periods set
          forth below, to be in excess of the maximum amount set forth below:

                                                             Maximum Amount of
               Period                                       Capital Expenditures
               ------                                       --------------------

               Five Succeeding Fiscal Quarters                  $ 175,000,000
               ending December 31, 2001

               Year Beginning on January 1, 2002                $ 115,000,000

               Year Beginning on January 1, 2003                $ 135,000,000

               Year Beginning on January 1, 2004                $ 125,000,000

         ; provided, however, that,

               (a) Capital Expenditures attributable to the purchase by the
          Borrower or the Guarantor of property being, at the time of such
          purchase, leased to the Borrower or the Guarantor under an operating
          lease shall be excluded from all of the foregoing limitations if the
          consideration for such purchase is not more than the Fair Market Value
          of such property and the aggregate consideration for all such
          purchases does not exceed one hundred million Dollars ($100,000,000);
          provided, further, that Capital Expenditures attributable to the EG
          Line financing arrangement in an aggregate amount not to exceed
          forty-three million Dollars ($43,000,000) shall be excluded from all
          of the foregoing limitations, as long as such Capital Expenditures
          shall be financed through the EG Lease Agreement or a replacement
          financing arrangement with the EG Line Subsidiary in an aggregate
          amount not to exceed forty-three million Dollars ($43,000,000)
          (collectively, the "EG Line Financing") on terms at least as favorable
          to the EG Line Subsidiary on an annual cash basis as those of the EG
          Lease Agreement were to the Borrower, and shall comply with the terms
          of the Indenture;

               (b) to the extent that actual Capital Expenditures for any Year
          shall be less than the maximum amount set forth in the chart above for
          such Year, the difference between such stated maximum amount and such
          actual Capital Expenditures up to seventy-five percent (75%) such
          stated maximum amount shall increase the maximum permissible Capital
          Expenditures that would have otherwise been authorized hereunder in
          the next succeeding Year (and in such succeeding Year, the Capital
          Expenditures actually made shall be applied first to reduce the
          carryover permitted by this proviso); and

                                      -8-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

               (c) commencing in the Year 2002, the amount of maximum
          permissible Capital Expenditures in any Year as set forth in the chart
          above shall be increased by an amount equal to the difference between
          (i) two-thirds (2/3rd) of the excess, if any, of (A) the sum of the
          EBITDA of the Borrower in all previous Years commencing in the Year
          2000 (as calculated from the audited Financial Statements for such
          previous Years) over (B) the sum of the EBITDA of the Borrower
          reflected in the Projections delivered to the Lenders on September 30,
          1999 (without considering any updates thereto) for all such previous
          Years and (ii) the aggregate of all Capital Expenditures made pursuant
          to this proviso.

          (4) A new Section 5.4 (Borrowing Base) is added to the Credit
     Agreement immediately after Section 5.3 (Capital Expenditures) thereof to
     read in its entirety as follows:

     Section 5.4 Borrowing Base. The Borrower shall at all times maintain a
Borrowing Base in excess of two hundred and fifty million Dollars
($250,000,000).

     (e) Amendment to Article VI (Reporting Covenants). Article VI of the Credit
Agreement is hereby amended as follows:

          (1) A new clause (a) is inserted in Section 6.1(Financial Statements)
     of the Credit Agreement immediately prior to the existing clause (a) to
     read in its entirety as follows (and such existing clause (a) and the
     following clauses in such Section 6.1 are hereby renumbered accordingly
     clauses (b), (c) and the following, and references to such clauses
     individually (but not to the entire Section 6.1) in the Loan Documents are
     hereby modified accordingly to refer to such clauses as so renumbered):

               (a) Monthly Reports. As soon as available and in any event within
          thirty (30) days after the end of each fiscal month in each Year
          (other than any fiscal month ending on the last day of any Quarter),
          consolidated and consolidating unaudited balance sheets of the
          Borrower and its Subsidiaries as of the close of such month and
          consolidated and consolidating statements of income, retained earnings
          and cash flow of the Borrower and its Subsidiaries for such month and
          that portion of the current Year ending as of the close of such month,
          in each case prepared in accordance with GAAP (subject to the absence
          of footnote disclosure and normal recurring year-end audit
          adjustments) together with (i) a statement by a Responsible Officer of
          the Borrower that such financial information presents fairly in
          accordance with GAAP (subject to the absence of footnote disclosure
          and normal recurring year-end adjustments) the financial position,
          results of operations and statements of cash flow of the Borrower and
          its Subsidiaries, on both a consolidated and consolidating basis, as
          at the end of such month and for the period then ended and (ii) a
          certificate of such Responsible Officer stating that no Default or
          Event of Default has occurred and is continuing or, if a Default or an
          Event of Default has occurred and is continuing, a statement as to the
          nature thereof and the action which the Borrower proposes to take with
          respect thereto;

                                      -9-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

               (f) Amendments to Article VII (Affirmative Covenants). Article
          VII of the Credit Agreement is hereby amended as follows:

                    (1) clause (b) (Sharp Decreases in Borrowing Base or Other
               Liquidity) of Section 7.13 (Borrowing Base Determination) of the
               Credit Agreement is hereby amended and restated in its entirety
               to read as follows:

                         (b) Sharp Decreases in Borrowing Base or Other
                    Liquidity. The Borrower shall promptly notify the
                    Administrative Agent in writing in the event that at any
                    time the Borrower or any of its Material Subsidiaries
                    receives or otherwise gains knowledge that (i) the Borrowing
                    Base is less than ninety (90%) of the Borrowing Base
                    reflected in the most recent Borrowing Base Certificate
                    delivered pursuant to Section 6.1(e) (Borrowing Base
                    Certificate), (ii) a Borrowing Base Deficiency exists as a
                    result of a decrease in the Borrowing Base (in which case
                    such notice shall include the amount of such deficiency) or
                    (iii) there has been a decrease of more than fifteen percent
                    (15%) in the Gross Receivables Availability from the amount
                    last reported to the Administrative Agent by the Borrower.

                    (2) a new Section 7.16 (EG Line Subsidiary) is hereby
               inserted in the Credit Agreement immediately after Section 7.15
               (Accounting Changes; Year) to read in its entirety as follows:

                         Section 7.16. EG Line Subsidiary. The Borrower shall
                    cause the EG Line Subsidiary to at all times (a) conduct no
                    business other than owning and operating the EG Line (and
                    other business directly related thereto) and (b) own or
                    lease no assets other than the EG Line and other assets
                    directly used in relation to the ownership or operation
                    thereof.

               (g) Amendments to Article VIII (Negative Covenants). Article VIII
          of the Credit Agreement is hereby amended as follows:

                    (1) clause (b) of Section 8.1 (Liens) of the Credit
               Agreement is hereby amended and restated in its entirety to read
               as follows:

                         (b) Liens securing Indebtedness permitted under Section
                    8.2(g) and Liens on the EG Line securing Indebtedness in
                    respect of the EG Line Financing in an amount not to exceed
                    forty-three million Dollars ($43,000,000) in the aggregate;

          (2) Section 8.2(e) is hereby amended by deleting in its entirety the
     reference to "Schedule 4.22" replacing such reference by a reference to
     "Schedule 4.21."

                                      -10-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

          (3) Section 8.3 (Guaranty Obligations) is hereby amended and restated
     in its entirety to read as follows:

               Section 8.3 Guaranty Obligations. The Borrower will not, and will
          not permit any of its Subsidiaries to, incur, assume, endorse, be or
          become liable for, guaranty (whether directly or indirectly) or permit
          or suffer to exist, any Guaranty Obligation, except for (a) Guaranty
          Obligations evidenced by a Loan Document, (b) Guaranty Obligations
          incurred by the Borrower or the Guarantor in respect of Indebtedness
          of the Borrower or the Guarantor permitted by Section 8.2
          (Indebtedness) and (c) Guaranty Obligations incurred by the Borrower
          to guaranty the obligations of the EG Line Subsidiary under the EG
          Line Financing.

          (4) Section 8.5 (Restricted Payments) of the Credit Agreement is
     hereby amended and restated in its entirety to read as follows:

               Section 8.5. Restricted Payments. The Borrower will not, and will
          not permit any of its Material Subsidiaries to, directly or
          indirectly, declare, order, pay, make or set apart any sum for any
          Restricted Payment; provided, however, that any Material Subsidiary
          may make Restricted Payments to the Borrower or the Guarantor;
          provided, further, that, the Borrower and its Material Subsidiaries
          may make any Restricted Payment permitted under Section 4.06
          (Limitation on Restricted Payments) of the Indenture so long as (a)
          the amount of all such Restricted Payments does not exceed fifty
          million Dollars ($50,000,000) in the aggregate, (b) such Restricted
          Payment is not made during a Cash Dominion Period and (c) after giving
          effect to any such Restricted Payment, the Combined Availability is
          greater than seventy-five million Dollars ($75,000,000); and,
          provided, further, that, notwithstanding the foregoing, the Borrower
          will not, and will not permit any of its Material Subsidiaries to,
          directly or indirectly, declare, order, pay, make or set apart any sum
          for any Restricted Payment if the Borrower is not in compliance with
          the financial covenants that were set forth in this Agreement as in
          effect immediately prior to the effectiveness of Amendment No. 3 to
          this Agreement, such compliance being determined solely by using the
          amounts set forth in the latest Compliance Certificate furnished to
          the Administrative Agent pursuant to Section 6.1(a) (Quarterly
          Financial Statements and Compliance Certificates).

          (5) Section 8.6 (Restriction on Fundamental Changes) of the Credit
     Agreement is hereby amended and restated in its entirety to read as
     follows:

               Section 8.6 Restriction on Fundamental Changes. The Borrower will
          not, and will not permit any of its Material Subsidiaries to, (i)
          merge with any Person other than a wholly-owned Material Subsidiary of
          the Borrower, provided, however, that neither the Guarantor nor the EG
          Line Subsidiary shall merge with any other Person, (ii) consolidate
          with any Person, (iii) acquire all or substantially all of the Stock
          or Stock Equivalents of any Person or (iv) acquire all or
          substantially all of the assets of any Person or all or substantially
          all of the assets constituting the business of a division, branch or
          other unit operation of any Person; provided, however, that the
          Borrower shall

                                      -11-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

          be authorized to consummate any transaction described in clauses (i)
          through (iv) and the Guarantor shall be authorized to consummate any
          transaction described in clauses (ii) through (iv), in each case to
          the extent the Stock, Stock Equivalents and assets that are acquired
          do not have in the aggregate a Fair Market Value of more than fifty
          million Dollars ($50,000,000) per Year and, in the case of any
          transaction described in clause (i) involving the Borrower, the
          surviving corporation is the Borrower.

          (6) clause (c) of Section 8.8 (Investments in Other Persons) of the
     Credit Agreement is hereby amended and restated its entirety to read as
     follows:

               (c) Investments in Subsidiaries existing as of the Closing Date,
          any Investment in the Guarantor, Investments resulting from any
          transaction permitted under Section 8.6 (Restriction on Fundamental
          Changes) and Investments in the EG Line Subsidiary consisting of the
          EG Line and other assets in an aggregate amount not to exceed one
          million Dollars ($1,000,000);

          (7) Section 8.17 (Material Subsidiaries) of the Credit Agreement is
     hereby amended and restated its entirety to read as follows:

               Section 8.17. Material Subsidiaries. The Borrower will not have
          any Subsidiary other than the Guarantor, NSFC and the EG Line
          Subsidiary (when formed) that is a Material Subsidiary. The Borrower
          will not permit the sum of (a) the aggregate of the amounts by which
          the book value of the total assets of each Subsidiary listed in
          Section 1.1 (Non-Material Subsidiaries) exceeds the amount set forth
          opposite such Subsidiary in such Schedule plus (b) the aggregate book
          value of all assets of all Subsidiaries of the Borrower (other than
          the Guarantor, NSFC, the EG Line Subsidiary and such Subsidiaries
          listed on Schedule 1.1) to exceed ten million Dollars ($10,000,000).

               (h) Amendment to Schedules.

                    (1) Schedule III (Applicable Margins and Fees) of the Credit
               Agreement is hereby replaced in its entirety by Exhibit A hereto.

                    (2) Schedule 4.8 (Material Subsidiaries) of the Credit
               Agreement is hereby replaced in its entirety by Exhibit B hereto.

     Section 2. Material Adverse Change.

     (a) Copies of the consolidated balance sheet of the Borrower and its
Subsidiaries as at September 30, 2000, and the related consolidated statements
of income, retained earnings and cash flows of the Borrower and its Subsidiaries
for the nine (9) months then ended, certified by a Responsible Officer of the
Borrower (the "September 2000 Financial Statements"), have been furnished to
each Lender.

                                      -12-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

     (b) The Borrower hereby represents and warrants that such September 2000
Financial Statements fairly present, subject to the absence of footnote
disclosure and normal recurring year-end audit adjustments, the consolidated
financial condition of the Borrower and its Subsidiaries as at such dates and
the consolidated results of the operations of the Borrower and its Subsidiaries
for the period ended on such dates, all in conformity with GAAP.

     (c) The Lenders acknowledge and agree, based solely on the information set
forth in such September 2000 Financial Statements, that they do not believe any
such information is enough in itself and without any further developments to
constitute a Material Adverse Change under the Credit Agreement.

     Section 3. Conditions of Effectiveness. This Amendment No. 3 shall become
effective when, and only when, the Administrative Agent shall have received:

     (a) copies of this Amendment duly executed by the Borrower and Lenders
constituting Super Majority Lenders;

     (b) a favorable opinion of Yukevich, Marchetti, Liekar & Zangrilli, P.C.,
counsel to the Loan Parties;

     (c) the consolidated balance sheets of the Borrower and its Subsidiaries as
at September 30, 2000, and the related consolidated statements of income,
retained earnings and cash flows of the Borrower and its Subsidiaries for the
nine (9) months then ended, certified by a Responsible Officer of the Borrower;

     (d) for the account of each Lender having executed this Amendment No. 3 and
for which the Administrative Agent shall have received by 5:00 P.M. (New York
City time) on December 8, 2000 an executed signature page, an amendment fee in
the amount of ?th of a percent of such Lender's Commitment (whether or not
utilized); and

     (e) payment for all costs, expenses and fees due and owing under any Loan
Document.

     Section 4. Representations and Warranties. The Borrower represents and
warrants to the Administrative Agent and each Lender that this Amendment has
been duly authorized, executed and delivered by the Borrower and constitutes a
legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms. After giving effect to this Amendment No.
3, each of the representations and warranties set forth in Article IV
(Representations and Warranties) of the Credit Agreement is true and correct on
and as of the date hereof, and no Default or Event of Default has occurred and
is continuing.

     Section 5. Reference to the Effect on the Loan Documents.

     (a) Upon the effectiveness of this Amendment No. 3, on and after the date
hereof, each reference in the Credit Agreement to "this Agreement," "hereunder,"
"hereof,"

                                      -13-
<PAGE>

                                             Amendment No. 3 to Credit Agreement
                                                      National Steel Corporation
                                                              Citicorp USA, Inc.

"herein," or words of like import, and each reference in the other Loan
Documents to the Credit Agreement, shall mean and be a reference to the Credit
Agreement as amended hereby.

     (b) Except as specifically amended herein, the Credit Agreement and all
other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

     (c) The execution, delivery and effectiveness of this Amendment No. 3 shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Lenders or the Administrative Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.

     Section 6. Guarantor Consent. The Guarantor hereby consents to, and agrees
to be bound by, the terms of the Credit Agreement as amended hereby.

     Section 7. Execution in Counterparts. This Amendment No. 3 may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which, when so executed and delivered, shall be deemed to
be an original and all of which taken together shall constitute but one and the
same instrument.

     Section 8. Governing Law. This Amendment No. 3 shall be governed by and
construed in accordance with the law of the State of New York.

     Section 9. Headings. Section headings in this Amendment No. 3 are included
herein for convenience of reference only and shall not constitute a part of this
Amendment No. 3 for any other purpose.

                            [SIGNATURE PAGE FOLLOWS]

                                      -14-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers and general partners thereunto duly
authorized, as of the date first above written.

                                       NATIONAL STEEL CORPORATION

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

                                       CITICORP USA, INC.,
                                           as Administrative Agent

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

                                       THE FUJI BANK, LIMITED,
                                           as Syndication Agent

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

                                       CITIBANK, N.A.,
                                           as Issuer

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

            [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT]
<PAGE>

                                       Lenders:

                                       BANK OF AMERICA, N.A.

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

                                       CITICORP USA, INC.

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

                                       COMERICA BANK

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

                                       MORGAN GUARANTY TRUST COMPANY OF NEW YORK

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

                                       LASALLE BUSINESS CREDIT, INC.

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

            [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT]
<PAGE>

                                       MELLON BANK, N.A.

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

                                       NATIONAL CITY COMMERCIAL
                                           FINANCE, INC.

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

                                       THE FUJI BANK, LIMITED

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

            [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT]
<PAGE>

Consented to, Acknowledged and Agreed as of
     December 8, 2000

NATIONAL STEEL PELLET COMPANY,
     as Guarantor

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

            [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT]<PAGE>

                                                                     EXHIBIT 4-N

                                 AMENDMENT NO. 4
                                       TO
                         NATIONAL STEEL CREDIT AGREEMENT

     AMENDMENT No. 4 (this "Amendment"), dated as of February 28, 2001, by and
among National Steel Corporation (the "Borrower"), the financial institutions
parties hereto (the "Consenting Lenders"), Citicorp USA, Inc., as agent for the
Lenders and Issuers under the Credit Agreement defined below (the
"Administrative Agent"), and The Fuji Bank, Limited, as syndication agent for
the Lenders and Issuers under the Credit Agreement (defined below) (the
"Syndication Agent"), to that certain Credit Agreement dated as of November 19,
1999 by and among the Borrower, the Administrative Agent, the Syndication Agent
and the financial institutions and other entities from time to time party
thereto as a Lender or Issuer (such Credit Agreement, as heretofore amended, the
"Credit Agreement"; capitalized terms used herein but not defined herein being
used herein as defined in the Credit Agreement).

                              W I T N E S S E T H:

     WHEREAS, the Borrower, the Consenting Lenders, the Administrative Agent and
the Syndication Agent are parties to the Credit Agreement and, as of the date
hereof, the Consenting Lenders collectively hold Commitments aggregating more
than 66 2/3% of the aggregate outstanding amounts of the Commitments; and

     WHEREAS, the parties hereto wish to amend the terms of the Credit Agreement
as set forth herein;

     NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and
obligations herein set forth and other good and valuable consideration, the
adequacy and receipt of which is hereby acknowledged, and in reliance upon the
representations, warranties and covenants herein contained, the parties hereto,
intending to be legally bound, hereby agree as follows:

Section 1.     Amendments.

     (a) Amendments to Article I (Definitions, Interpretations and Accounting
Terms). Article I of the Credit Agreement is hereby amended as follows:

     (1) a new definition of "Amendment 4 Effective Date" is hereby inserted in
Section 1.1 (Defined Terms) of the Credit Agreement to read in its entirety as
follows:

          "Amendment 4 Effective Date" means the date on which all conditions of
     effectiveness set forth in Section 2 of Amendment No. 4 to this Agreement,
     dated as of February 28, 2001, among the Administrative Agent, the
     Borrower, the Guarantor and the Lenders party thereto shall be satisfied.
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

     (2) the definition of "Loan Documents" in Section 1.1 (Defined Terms) of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

          "Loan Documents" means, collectively, this Agreement, any Notes, the
     Guaranty, the Intercreditor Agreement, the Fee Letter, the NUF Lien
     Subordination Agreement, each Letter of Credit Reimbursement Agreement, the
     Collateral Documents, each Hedging Contract with a Lender or any Affiliate
     thereof and all agreements for cash management services provided by a
     Lender or any Affiliate thereof, and each certificate, agreement or
     document executed by a Loan Party and delivered to the Administrative Agent
     or any Lender in connection with or pursuant to any of the foregoing.

     (3) the definition of "Net Cash Proceeds" in Section 1.1 (Defined Terms) of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

                      "Net Cash Proceeds" means (i) proceeds received by the
        Borrower or any of its Material Subsidiaries after the Effective Date in
        cash or Cash Equivalents from any Asset Sale, other than Asset Sales
        permitted under clauses (i) through (iv) of Section 8.7(a) (Sale of
        Assets), net of (x) the reasonable cash costs of sale, assignment or
        other disposition, (y) taxes paid or payable as a result thereof and (z)
        any amount required to be paid or prepaid on Indebtedness (other than
        the Obligations) secured by the assets subject to such Asset Sale;
        provided, however, that evidence of each of (x), (y) and (z) in form and
        substance satisfactory to the Administrative Agent is provided to the
        Administrative Agent; (ii) proceeds of insurance on account of the loss
        of or damage to any such assets or property and payments of compensation
        for any such assets or property taken by condemnation or eminent domain,
        to the extent such proceeds or payments exceed twenty-five million
        Dollars ($25,000,000) in the aggregate and, within one hundred and
        eighty (180) days after the receipt thereof, replacement or repair of
        such asset or property has not commenced, except that in the event that
        at any time such replacement or repair is abandoned or otherwise
        discontinued or is not diligently pursued, the remaining award or
        proceeds, as the case may be, shall constitute Net Cash Proceeds at such
        time and (iii) proceeds received after the Effective Date by any Loan
        Party in cash or Cash Equivalents from (A) any Equity Issuance (other
        than any NUF Equity Issuance and other than such issuance of common
        Stock of the Borrower occurring in the ordinary course of business to
        any director, member of the management or employee of the Borrower or
        any of its Material Subsidiaries) or (B) any Debt Issuance (except for
        Indebtedness permitted under Section 8.2 (Indebtedness)), in each case
        net of brokers' and advisors' fees and other costs incurred in
        connection with such transaction, satisfactory evidence of which is
        provided to the Administrative Agent.

     (4) new definitions of "NUF", "NUF Credit Agreement", "NUF Equity
Issuance", "NUF Lien Subordination Agreement", "NUF Loan Documents", "NUF
Scheduled Maturity Date" and "NUF Subordinated Indebtedness" are hereby inserted
in Section 1.1 (Defined Terms) of the Credit Agreement, and placed in the
correct alphabetical order, to read as follows:

                                      -2-
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

          "NUF" means NUF LLC, a Delaware limited liability company that is an
     Affiliate of NKK, and any assignee permitted under the terms of the NUF
     Loan Documents as in effect on the Amendment 4 Effective Date.

          "NUF Credit Agreement" means the Subordinated Credit Agreement, dated
     as of February 28, 2001, between the Borrower and NUF.

          "NUF Equity Issuance" means the issuance or sale of any Stock of the
     Borrower by the Borrower (including, for the avoidance of doubt, any
     conversion of NUF Subordinated Indebtedness into Stock of the Borrower and
     any contribution in immediately available funds to the capital of the
     Borrower or the Guarantor by NUF, NKK or any Affiliate thereof other than
     the Borrower and any of its Subsidiaries), the entire proceeds of which are
     applied immediately upon receipt thereof to repay or prepay all or part of
     the NUF Subordinated Indebtedness, with a corresponding reduction or
     termination in the commitments thereunder, if such repayment or prepayment
     is permitted under the NUF Loan Documents.

          "NUF Lien Subordination Agreement" means the Lien Subordination
     Agreement, dated as of February 28, 2001, by and between the Administrative
     Agent, NUF, the Borrower, the Guarantor and each other entity that becomes
     a party thereto pursuant to the terms thereof.

          "NUF Loan Documents" means the NUF Credit Agreement, the Subordinated
     Security Agreement, dated as of February 28, 2001, between the Borrower and
     NUF, and each certificate, agreement (including any pledge or guaranty) and
     document executed in connection with the foregoing.

          "NUF Scheduled Maturity Date" means the "Scheduled Termination Date"
     under and as defined in the NUF Credit Agreement as of the Amendment 4
     Effective Date.

          "NUF Subordinated Indebtedness" means Indebtedness owing under the NUF
     Loan Documents, in an aggregate principal amount not to exceed one hundred
     million Dollars ($100,000,000) at any time.

     (5) the definition of "Reduced Availability Period" in Section 1.1 (Defined
Terms) of the Credit Agreement is hereby amended and restated in its entirety to
read as follows:

          "Reduced Availability Period" means any period for which (a) at the
     end of the last preceding Quarter, the Borrower did not maintain the
     Leverage Ratio required by Section 5.1(a) (Leverage Ratio) for such Quarter
     and (b) during such period, the Combined Availability does not exceed
     seventy-five million Dollars ($75,000,000) for six (6) or more consecutive
     Business Days. For the avoidance of doubt, it is understood and agreed that
     two Business Days shall be considered to be consecutive if one

                                      -3-
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

     immediately follows the other or if such Business Days are separated solely
     by days that are not Business Days.

     (6) the definition of "Related Documents" in Section 1.1 (Defined Terms) of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

          "Related Documents" means the Indenture, the NUF Loan Documents, the
     Receivables Purchase Facility and each other document and instrument
     executed in respect thereof (including agreements and other documents and
     instruments in respect of the Borrower's existing cash management system,
     lockboxes and concentration accounts).

     (b) Amendment to Article IV (Representations and Warranties). Section 4.11
(Related Documents) of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

          Section 4.11. Related Documents. Except as set forth on Schedule 4.11
     (Amendments to Related Documents) and as permitted under Section 8.11
     (Modification of Related Documents), none of the Related Documents has been
     amended or modified in any respect and no provision therein has been
     waived. Each of the representations and warranties in each of the Related
     Documents are true and correct in all material respects, and no default or
     material breach (or event which with the giving of notice or lapse of time
     or both would be a default or a material breach) has occurred thereunder
     except as duly waived, to the extent such waiver is permitted under Section
     8.11 (Modification of Related Documents) and a copy of such waiver has been
     delivered to the Administrative Agent. There are no "Events of Default"
     under and as defined in the NUF Loan Documents.

     (c) Amendment to Article V (Financial Covenants). Section 5.2 (Minimum
Interest Coverage Ratio) of the Credit Agreement is hereby amended by adding the
following proviso at the end thereof:

     ; provided, however, that, as long as there shall exist no Default or Event
     of Default, all or any part of the NUF Subordinated Indebtedness shall be
     outstanding (or repaid in full pursuant to any NUF Equity Issuance) and NUF
     shall not have failed to satisfy its obligations to make advances under the
     NUF Loan Documents, the Borrower shall not be required to maintain the
     minimum Interest Coverage Ratio set forth above (x) in respect of the
     Quarters ending on March 31, 2001 and June 30, 2001 and (y) as long as the
     Borrower maintains at the end of such Quarters an Interest Coverage Ratio
     of at least 0.01 to 1, in respect of the Quarters ending on September 30,
     2001 and December 31, 2001; provided, further, that if, at any date, any of
     the foregoing conditions specified in the preceding proviso shall not be
     satisfied, the Minimum Interest Coverage Ratio for the Quarters ending
     March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 set
     forth in the table above shall be reinstated as of such date.

                                      -4-
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

     (d) Amendments to Article VI (Reporting Covenants). Article VI of the
Credit Agreement is hereby amended as follows:

     (1) Section 6.1 (Financial Statements) of the Credit Agreement is hereby
amended by deleting the "and" at the end of clause (h) thereof, replacing the
period at the end of clause (i) thereof by "; and" and adding a new clause (j)
at the end of such section to read in its entirety as follows:

          (j) Revised Financial Projections. As soon as available, and in any
     event not later than March 31, 2001, and containing substantially the types
     of financial information contained in the Projections, forecasts prepared
     by management of the Borrower for each fiscal month in the Year ended
     December 31, 2001 including (i) a projected year-end consolidated balance
     sheet and income statement and statement of cash flows and (ii) a statement
     of all the material assumptions on which such forecasts are based.

     (2) Section 6.4 (ERISA Matters) of the Credit Agreement is hereby amended
by adding "and" at the end of clause (b) thereof.

     (3) Section 6.10 (Environmental Matters) of the Credit Agreement is hereby
amended by deleting the "and" at the end of clause (d) thereof.

     (e) Amendment to Article VII (Affirmative Covenants). Section 7.11 (Year)
of the Credit Agreement is hereby amended by replacing in its entirety "Year" in
the second line thereof with the phrase "fiscal year".

     (f) Amendments to Article VIII (Negative Covenants). Article VIII of the
Credit Agreement is hereby amended as follows:

     (1) Section 8.1 (Liens, Etc.) of the Credit Agreement is hereby amended by
deleting the "and" at the end of clause (k) thereof, replacing the period at the
end of clause (l) thereof by "; and" and adding a new clause (m) at the end
thereof to read in its entirety as follows:

          (m) Liens securing the NUF Subordinated Indebtedness and other
     obligations pursuant to the NUF Loan Documents.

     (2) Section 8.2 (Indebtedness) of the Credit Agreement is hereby amended by
deleting the "and" at the end of clause (h) thereof, replacing the period at the
end of clause (i) thereof by "; and" and adding a new clause (j) at the end
thereof to read in its entirety as follows:

          (j) the NUF Subordinated Indebtedness.

     (3) Section 8.4 (Restrictions on Subsidiary Distributions; No New Negative
Pledge) is hereby amended by replacing "The" with "the" at the beginning of each
of clauses (a) and (b) thereof and adding the following phrase at the beginning
of each such clause

                                      -5-
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

(immediately after the heading): "Except for restrictions set forth in the NUF
Credit Agreement as of the Amendment 4 Effective Date and any amendments thereto
permitted hereunder,".

     (4) Section 8.5 (Restricted Payments) of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

          Section 8.5. Restricted Payments. The Borrower will not, and will not
     permit any of its Material Subsidiaries to, directly or indirectly,
     declare, order, pay, make or set apart any sum for any Restricted Payment
     (including, for the avoidance of doubt, any payment or prepayment of
     principal, premium (if any), interest, fees or other charges on, or
     redemption, purchase, retirement, defeasance, sinking fund or similar
     payment with respect to, the NUF Subordinated Indebtedness); provided,
     however, that:

          (a) any Material Subsidiary may make Restricted Payments to the
     Borrower or the Guarantor;

          (b) the Borrower may make any Restricted Payment permitted under
     Section 4.06 (Limitation on Restricted Payments) of the Indenture so long
     as (x) the amount of all such Restricted Payments does not exceed fifty
     million Dollars ($50,000,000) in the aggregate, (y) such Restricted Payment
     is not made during a Cash Dominion Period and (z) after giving effect to
     any such Restricted Payment, the Combined Availability is greater than
     seventy-five million Dollars ($75,000,000);

          (c) notwithstanding the foregoing, the Borrower will not, directly or
     indirectly, declare, order, pay, make or set apart any sum for any
     Restricted Payment if the Borrower is not in compliance with the financial
     covenants that were set forth in this Agreement as in effect immediately
     prior to the effectiveness of Amendment No. 3 to this Agreement, such
     compliance being determined solely by using the amounts set forth in the
     latest Compliance Certificate furnished to the Administrative Agent
     pursuant to Section 6.1(a) (Quarterly Financial Statements and Compliance
     Certificates); and

          (d) notwithstanding the foregoing, the Borrower may do any of the
     following:

               (i) as long as no Default or Event of Default shall have occurred
          and be continuing both before and after giving effect to such
          repayment or prepayment, repay or prepay in whole or in part any
          principal amount outstanding under the NUF Loan Documents (and reduce
          the commitments thereunder by the amount of such proceeds) but only
          from the proceeds of an NUF Equity Issuance and to the extent
          permitted under the NUF Loan Documents;

               (ii) prior to the NUF Scheduled Maturity Date, repay or prepay
          any principal amount outstanding under the NUF Loan Documents, but
          only if (A) such repayment or prepayment is permitted under the NUF
          Loan Documents, (B) after giving effect to such repayment or
          prepayment, Combined Availability

                                      -6-
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

          exceeds one hundred and fifty million Dollars ($150,000,000), (C)
          after giving effect to such repayment or prepayment, the aggregate
          principal amount of NUF Subordinated Indebtedness outstanding exceeds
          fifty million Dollars ($50,000,000) and (D) both before and after
          giving effect to such repayment or prepayment, no Default or Event of
          Default shall have occurred and be continuing;

               (iii) on or after the NUF Scheduled Maturity Date, repay in whole
          or in part any principal amount outstanding under the NUF Loan
          Documents, but only if (A) such repayment is permitted under the NUF
          Loan Documents, (B) after giving effect to such repayment, Combined
          Availability exceeds two hundred million Dollars ($200,000,000) and
          (C) both before and after giving effect to such repayment, no Default
          or Event of Default shall have occurred and be continuing; and

               (iv) as long as no Default or Event of Default shall have
          occurred and be continuing both before and after giving effect to such
          payment, pay (A) current interest and fees (including any commitment
          fees and upfront fees disclosed and approved by the Administrative
          Agent (in its sole discretion which shall not be unreasonably
          withheld) prior to the Amendment 4 Effective Date) due and owing under
          the NUF Loan Documents, (B) prior to the NUF Scheduled Maturity Date,
          any other costs, expenses and attorney fees expressly due and payable
          by the Borrower pursuant to Section 10.3(a) (Reimbursement of Costs
          and Expenses) of the NUF Credit Agreement as in effect on the
          Amendment 4 Effective Date, (C) at any time, any breakage costs
          expressly due and payable pursuant to Section 10.3(c) of the NUF
          Credit Agreement as in effect on the Amendment 4 Effective Date and
          (D) prior to the NUF Scheduled Maturity Date, any other amounts due
          and payable by the Borrower pursuant to Section 10.3 of the NUF Credit
          Agreement in effect as of the Amendment 4 Effective Date to the extent
          such amounts are approved by the Administrative Agent in its sole
          discretion exercised reasonably.

     (5) Section 8.11 (Modification of Related Documents) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

          Section 8.11. Modification of Related Documents. The Borrower will
     not, and will not permit any of its Subsidiaries to, (a) without the prior
     written consent of the Administrative Agent, alter, rescind, terminate,
     amend, supplement, refinance, refund, waive or otherwise modify any
     provision of any Related Document, except, in the case of the NUF Loan
     Documents, for (i) waivers and modifications which do not materially affect
     the rights and obligations of the Loan Parties under the NUF Loan Documents
     and do not materially affect the interests of the Administrative Agent, the
     Lenders and the Issuers under the Loan Documents, the NUF Loan Documents or
     in the Collateral (it being understood that any increase in interest rates
     or fees, acceleration (but not extension) in maturity date, addition of, or
     reduction of amounts set forth in, (but not a deletion or unconditional
     waiver of) events of defaults and change in the subordination

                                      -7-
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

     provisions shall be deemed to materially affect the interest of the Lenders
     and (ii) any amendment or waiver expressly contemplated by Section 5.6
     (Amendments of Subordinated Loan Documents) of the NUF Lien Subordination
     Agreement) or required under Section 10.1 (Amendments, Waivers, Etc.) of
     the NUF Credit Agreement following a notification by the Administrative
     Agent pursuant thereto that a waiver or amendment is intended to any of the
     representations, warranties or covenants herein, (b) permit any breach or
     default to exist under any Related Document (other than the NUF Loan
     Documents) or take or fail to take any action thereunder, in each case if
     to do so would have a Material Adverse Effect or (c) permit any default or
     event of default to exist under any NUF Loan Document.

     (g) Amendment to Article IX (Events of Default). Clause (h) (Default under
Other Indebtedness) of Section 9.1 (Events of Default) of the Credit Agreement
is hereby amended and restated in its entirety to read as follows:

     (h) Default Under Other Indebtedness. (i) The Borrower or any of its
Material Subsidiaries shall fail to make any payment on any Indebtedness (other
than Indebtedness incurred hereunder but including any Indebtedness incurred
under any Related Document) of the Borrower or such Material Subsidiary (or any
Guaranty Obligation in respect of Indebtedness of any other Person) having a
principal amount equal to or greater than ten million Dollars ($10,000,000),
when the same becomes due and payable (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise), (ii) any other event shall occur
or condition shall exist under any agreement or instrument relating to any such
Indebtedness, if the effect of such event or condition is to accelerate, or to
permit the acceleration of, the maturity of such Indebtedness, (iii) any such
Indebtedness shall become or be declared to be due and payable, or required to
be prepaid or repurchased (other than by a regularly scheduled required
prepayment), prior to the stated maturity thereof, (iv) any reduction or
termination of the commitments under the NUF Loan Documents prior to the NUF
Scheduled Termination Date or any repayment or prepayment thereunder shall occur
other than as expressly permitted by Section 8.5 (Restricted Payments), (v) the
failure of any of the Obligations, the NUF Subordinated Indebtedness or the
Attributable Securitization Indebtedness to be permitted under the Indenture as
"Permitted Debt" as defined therein (after taking into account any grace period
provided for such failure by the Indenture) or (vi) any "Event of Default"
(under and as defined in the NUF Loan Documents) shall occur; or

     Section 2. Conditions of Effectiveness. This Amendment No. 4 shall become
effective when, and only when, the Administrative Agent shall have received:

     (a) copies of this Amendment duly executed by the Borrower and Lenders
constituting the Super Majority Lenders;

     (b) the written opinion described in Section 8.13(a)(iii), together with a
certificate of a Responsible Officer of the Borrower certifying that the
conditions set forth in

                                      -8-
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

clauses (i) through (iii) of Section 8.13(a) (General Limitation on Affiliate
Transactions) have been satisfied;

     (c) favorable opinions of Yukevich, Marchetti, Liekar & Zangrilli, P.C.,
counsel to the Loan Parties and Skadden, Arps, Slate, Meagher & Flom LLP,
counsel to NUF, in each case in form and substance satisfactory to the
Administrative Agent;

     (d) executed copies of the NUF Loan Documents (as defined in the amendments
to the Credit Agreement made herein) and board resolutions approving the NUF
Loan Documents in form and substance satisfactory to the Administrative Agent
and certified as being complete and correct by a Responsible Officer of the
Borrower;

     (e) evidence satisfactory to the Administrative Agent that all the
conditions precedent set forth in Section 3.1 of the Subordinated Credit
Agreement, dated as of February 28, 2001, between the Borrower and NUF LLC, a
Delaware limited liability company ("NUF"), have been satisfied or duly waived;

     (f) evidence satisfactory to the Administrative Agent of an advance of at
least $50,000,000 by NUF to the Borrower under the NUF Credit Agreement (as
defined in the amendments to the Credit Agreement made herein); and

     (g) payment for all costs, expenses and fees due and owing under any Loan
Document.

     Section 3. Representations and Warranties. The Borrower represents and
warrants to the Administrative Agent and each Lender that this Amendment has
been duly authorized, executed and delivered by the Borrower and constitutes a
legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms and that none of this Amendment, any of
the NUF Loan Documents (as defined in the Credit Agreement, as amended by this
Amendment) or the consummation of the transactions contemplated hereunder and
thereunder constitute a breach of the Indenture or the Receivables Purchase
Facility. After giving effect to this Amendment No. 4, each of the
representations and warranties set forth in Article IV (Representations and
Warranties) of the Credit Agreement is true and correct on and as of the date
hereof, and no Default or Event of Default has occurred and is continuing.

     Section 4. Reference to the Effect on the Loan Documents.

     (a) Upon the effectiveness of this Amendment No. 4, on and after the date
hereof, each reference in the Credit Agreement to "this Agreement," "hereunder,"
"hereof," "herein," or words of like import, and each reference in the other
Loan Documents to the Credit Agreement, shall mean and be a reference to the
Credit Agreement as amended hereby, and this Amendment and the Credit Agreement
shall be read together and construed as a single instrument.

     (b) Except as specifically amended herein, the Credit Agreement and all
other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

                                      -9-
<PAGE>

                                             AMENDMENT NO. 4 TO CREDIT AGREEMENT
                                                      NATIONAL STEEL CORPORATION

     (c) The execution, delivery and effectiveness of this Amendment No. 4 shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Lenders or the Administrative Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.

     Section 5. Guarantor Consent. The Guarantor hereby consents to, and agrees
to be bound by, the terms of the Credit Agreement as amended hereby and agrees
that the terms of this Amendment shall not affect in any way its obligations and
liabilities under the Loan Documents, all of which obligations and liabilities
shall remain in full force and effect and each of which is hereby reaffirmed.

     Section 6. Execution in Counterparts. This Amendment No. 4 may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which, when so executed and delivered, shall be deemed to
be an original and all of which taken together shall constitute but one and the
same instrument.

     Section 7. Governing Law. This Amendment No. 4 shall be governed by and
construed in accordance with the law of the State of New York.

     Section 8. Headings. Section headings in this Amendment No. 4 are included
herein for convenience of reference only and shall not constitute a part of this
Amendment No. 4 for any other purpose.

                            [SIGNATURE PAGE FOLLOWS]

                                      -10-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers and general partners thereunto duly
authorized, as of the date first above written.

                                           NATIONAL STEEL CORPORATION

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

                                           CITICORP USA, INC.,
                                               as Administrative Agent

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

                                           THE FUJI BANK, LIMITED,
                                               as Syndication Agent

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

                                           CITIBANK, N.A.,
                                               as Issuer

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

          [SIGNATURE PAGE FOR AMENDMENT NO. 4 TO THE CREDIT AGREEMENT]
<PAGE>

                                           Lenders:

                                           BANK OF AMERICA, N.A.

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

                                           CITICORP USA, INC.

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

                                           COMERICA BANK

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

                                           MORGAN GUARANTY TRUST COMPANY OF NEW
                                               YORK

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

                                           LASALLE BUSINESS CREDIT, INC.

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

          [SIGNATURE PAGE FOR AMENDMENT NO. 4 TO THE CREDIT AGREEMENT]
<PAGE>

                                           MELLON BANK, N.A.

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

                                           NATIONAL CITY COMMERCIAL
                                               FINANCE, INC.

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

                                           THE FUJI BANK, LIMITED

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

          [SIGNATURE PAGE FOR AMENDMENT NO. 4 TO THE CREDIT AGREEMENT]
<PAGE>

Consented to, Acknowledged and
    Agreed as of February 28, 2001

NATIONAL STEEL PELLET COMPANY,
    as Guarantor

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

          [SIGNATURE PAGE FOR AMENDMENT NO. 4 TO THE CREDIT AGREEMENT]

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