Document:

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                                                                   EXHIBIT 4.14

                                     FORM OF

            COLLATERAL AGENCY AND SECOND LIEN INTERCREDITOR AGREEMENT

                  This COLLATERAL AGENCY AND SECOND LIEN INTERCREDITOR AGREEMENT
(this "Agreement") is made and entered into as of ____________, 2002, by and
among J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a national banking
association, in its capacity as trustee (the "Notes Trustee") for the benefit of
the holders of the Notes (as hereinafter defined) under the Notes Indenture (as
hereinafter defined), J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a
national banking association, in its capacity as trustee under the Bond
Indenture (as hereinafter defined) (the "Bond Trustee"; the Notes Trustee and
the Bond Trustee are hereinafter sometimes collectively referred to as the
"Beneficiaries" and individually as a "Beneficiary") for the benefit of the
holders of the Bonds (as hereinafter defined) under the Bond Indenture, and J.
P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association,
in its capacity as Collateral Agent (as hereinafter defined) hereunder. All
initially capitalized terms used herein, unless otherwise specifically defined
herein, shall have the respective meanings assigned thereto in Section 1 hereof.

                  WHEREAS, pursuant to the Notes Indenture, the Company has
issued the Notes;

                  WHEREAS, pursuant to the Bond Indenture, the Bond Issuer has
issued the Bonds;

                  WHEREAS, pursuant to the terms of the Bond Loan Agreement, the
Bond Issuer has loaned the proceeds derived from the sale or exchange of the
Bonds to the Company;

                  WHEREAS, the Company has executed and delivered each of the
Deeds of Trust for the benefit of the Notes Trustee and the Bond Issuer, to
secure the Secured Debt;

                  WHEREAS, pursuant to the terms of the Bond Indenture and the
Bond Assignment Agreement, the Bond Issuer has assigned certain of its right,
title and interest in the Bond Loan Agreement, Deeds of Trust and other Bond
Documents to the Bond Trustee;

                  WHEREAS, the Beneficiaries hereby desire to set forth their
agreement with respect to the enforcement, exercise and administration of their
respective rights, interests, powers and authorities as beneficiaries and/or
secured parties under the respective Deeds of Trust and any other security
documents now or hereafter made, given or granted in favor of each of the
Beneficiaries with respect to all or any portion of the Collateral.

                  Therefore, in consideration of the foregoing and the mutual
covenants set forth below, the parties hereby agree as follows.

                  1. Definitions. For purposes of this Agreement:

                  "Bankruptcy Law" means Title 11, United States Code, and any
other state or federal insolvency, reorganization, moratorium or similar law for
the relief of debtors.

                  "Bankruptcy Proceeding" means any proceeding commenced under
any Bankruptcy Law.

                  "Beneficiaries" means the Notes Trustee and the Bond Trustee
and their respective successors under the terms of the Notes Indenture and Bond
Indenture, respectively, regardless of whether or not, in connection with the
appointment of any such successor, the rights of the Notes Trustee or Bond
Trustee, as the case may be, under the Deeds of Trust, or any of them, or this
Agreement, have been formally and specifically assigned to such successor
trustee by separate instrument. For purposes of convenience in this Agreement,
references to any Notes Debt, Secured Debt and/or other debt being held by the
Notes Trustee as a Beneficiary, shall be understood to mean Notes Debt, Secured
Debt and/or other debt being held by the respective holders of the Notes.

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                  "Bond Assignment Agreement" means that certain Assignment and
Transfer of Deeds of Trust and Security Agreement dated as of ______________,
2002, from the Bond Issuer to the Bond Trustee.

                  "Bond Debt" means, collectively, the Bond Loan and all other
obligations, liabilities and indebtedness owing by the Company to the Bond
Issuer, the Bond Trustee and/or the holders of the Bonds, including, without
limitation, principal, repurchase price, and interest (including, without
limitation, any interest accruing after the commencement of a Bankruptcy
Proceeding with respect to the Company, whether or not such interest is allowed
as a claim in such Bankruptcy Proceeding), fees and premiums owing by the
Company to the Bond Trustee and/or the holders of the Bonds (including, without
limitation, reasonable attorneys' fees and disbursements), and all other amounts
owing under the Bond Loan Agreement, Deeds of Trust or any of the other Bond
Documents.

                  "Bond Documents" means, collectively, the Bonds, the Bond
Indenture, the Bond Loan Agreement, the Bond Assignment Agreement, the Deeds of
Trust and all other documents, instruments and agreements now or hereafter
evidencing, governing, securing or otherwise pertaining to the Bond Loan or the
Bonds or otherwise executed and delivered by or on behalf of the Company or any
other party in connection with the Bond Loan or the Bonds or any of the
foregoing documents, together with all amendments, modifications, renewals,
substitutions and replacements of or to any of the foregoing.

                  "Bond Indenture" means that certain Indenture of Trust dated
as of __________, 2002 between the Bond Issuer and the Bond Trustee, pursuant to
which the Bonds were issued, as in effect on the date hereof and as amended,
supplemented, restated or otherwise modified from time to time.

                  "Bond Issuer" means the City of Weirton, West Virginia, a
municipal corporation duly organized and existing under the Constitution and
laws of the State of West Virginia.

                  "Bond Loan" means the loan made or deemed to have been made by
the Bond Issuer to the Company in the aggregate principal amount of $_________
pursuant to the terms of and as evidence by the Bond Loan Agreement.

                  "Bond Loan Agreement" means that certain Agreement dated as of
___________, 2002 between Company and the Bond Issuer, as assigned to the Bond
Trustee pursuant to the terms of the Bond Indenture, and as amended,
supplemented, restated or otherwise modified from time to time.

                  "Bond Trustee" means J.P. Morgan Trust Company, National
Association, a national banking association, in its capacity as trustee under
the Bond Indenture, until a successor trustee shall have become such pursuant to
the applicable provisions of the Bond Indenture, and thereafter "Bond Trustee"
shall mean such successor.

                  "Bonds" means those certain Secured Pollution Control Revenue
Refunding Bonds (Weirton Steel Corporation Project) Series 2002 issued by the
Bond Issuer pursuant to the Bond Indenture.

                  "Collateral" means, collectively, (i) the Tandem Mill
Collateral, (ii) the Tin Mill Collateral, (iii) the Hot Mill Collateral, (iv)
all other real or personal property hereafter pledged to or mortgaged or
conveyed by deed of trust, mortgage, deed to secure debt, security agreement or
otherwise to each of the Beneficiaries to secure all or any portion of both the
Bond Debt and the Notes Debt, (v) all proceeds of any of the foregoing, and (vi)
all other assets of the Company or any Subsidiary or affiliate thereof on which
each of the Beneficiaries are granted a Lien to secure all or any portion of
both the Bond Debt and the Notes Debt. Notwithstanding the foregoing, the
Collateral shall not include any assets or properties consisting of the
"Project" as defined in the Bond Loan Agreement.

                  "Collateral Agent" has the meaning assigned thereto in Section
2.1 hereof.

                  "Company" means Weirton Steel Corporation, a Delaware
corporation, together with its such successors and assigns as are permitted
under the terms of the Notes Indenture and Bond Loan Agreement.

                  "Controlling Party" has the meaning assigned thereto in
Section 4 hereof.

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                  "Credit Documents" means collectively, the Bond Documents and
the Notes Documents.

                  "Deeds of Trust" means, collectively, (i) the Hot Mill Deed of
Trust, (ii) the Tandem Mill Deed of Trust, (iii) the Tin Mill Deed of Trust,
(iv) the Security Agreement and (v) any other deed of trust, mortgage, deed to
secure debt, security agreement or other instrument encumbering any Collateral
which is given or made by the Company or any Subsidiary thereof to or for the
benefit of each of the Beneficiaries to secure all or any portion of both the
Bond Debt and the Notes Debt.

                  "Excluded Indebtedness" means any Bonds or Notes which are
owned by or held for the account of the Company, the Bond Issuer or any other
obligor on the Bonds or Notes, or any Subsidiary or affiliate thereof, unless
all Bonds and all Notes are owned by or held for the account of one or more such
Persons.

                  "Hot Mill Collateral" means the real property constituting the
Company's Hot Strip Mill located at Company's Weirton, West Virginia
steel-making facility, which converts slabs into flat rolled coils, together
with all equipment and fixtures now or hereafter located thereon (whether or not
later moved), as described with particularity in the Hot Mill Deed of Trust,
together with all other property, real or personal, conveyed by or pledged under
or pursuant to the Hot Mill Deed of Trust and/or the Security Agreement and
otherwise described as "Property" or "Collateral", respectively, therein;
provided, however, that only that portion of the "Collateral" described in the
Security Agreement which is located on, is used in connection with or is
proceeds of the Hot Strip Mill shall be included as part of the "Hot Mill
Collateral."

                  "Hot Mill Deed of Trust" means that certain Deed of Trust
dated as of ______________, 2002, made by the Company in favor of Joyce Ofsa, as
trustee, for the benefit of the Notes Trustee and Bond Issuer, as beneficiaries,
and encumbering the portion of the Hot Mill Collateral which constitutes real
property, as the Bond Issuer's rights thereunder have been assigned to the Bond
Trustee pursuant to the Bond Indenture and Bond Assignment Agreement, and as
amended, supplemented, restated or otherwise modified from time to time.

                  "Lien" means, with respect to any property, any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind in respect of
such property.

                  "Master Intercreditor Agreement" means that certain
Intercreditor Agreement, dated as of _____________, 2002, by and among each
Beneficiary, the Collateral Agent on behalf of the Beneficiaries, and Fleet
Capital Corporation, as agent for certain lenders to the Company, as amended,
modified, supplemented or restated from time to time.

                  "Minority Party" has the meaning assigned thereto in Section 4
hereof.

                  "Notes" means those certain 10% Senior Secured Notes due 2008,
issued by Company pursuant to the Notes Indenture.

                  "Notes Debt" means, collectively, the indebtedness evidenced
by the Notes and all other obligations, liabilities and indebtedness owing by
the Company to the Notes Trustee and/or the holders of the Notes, including,
without limitation, principal and interest (including, without limitation, any
interest accruing after the commencement of a Bankruptcy Proceeding with respect
to the Company, whether or not such interest is allowed as a claim in such
Bankruptcy Proceeding), fees and premiums owing by the Company to the Notes
Trustee and/or the holders of the Notes (including, without limitation,
reasonable attorneys' fees and disbursements), and all other amounts owing under
the Notes Indenture, Deeds of Trust or any of the other Notes Documents.

                  "Notes Documents" means, collectively, the Notes, the Notes
Indenture, the Deeds of Trust and all other documents, instruments and
agreements now or hereafter evidencing, governing, securing or otherwise
pertaining to the Notes or otherwise executed and delivered by or on behalf of
the Company or any other party in connection with the Notes or any of the
foregoing documents, together with all amendments, modifications, renewals,
substitutions and replacements of or to any of the foregoing.

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                  "Notes Indenture" means that certain Indenture dated as of
__________, 2002 between the Company and the Notes Trustee, pursuant to which
the Notes have been issued, as in effect on the date hereof, and as amended,
supplemented, restated or otherwise modified from time to time.

                  "Notes Trustee" means J.P. Morgan Trust Company, National
Association, a national banking association, in its capacity as trustee under
the Notes Indenture, until a successor trustee shall have become such pursuant
to the applicable provisions of the Notes Indenture, and thereafter "Notes
Trustee" shall mean such successor.

                  "Person" means any individual, corporation, limited or general
partnership, joint venture, association, joint stock company, trust, trustee,
estate, limited liability company, unincorporated organization, real estate
investment trust, or government or any agency or political subdivision thereof
or any other form of entity.

                  "Proceeds" has the meaning assigned thereto in Section 6
hereof.

                  "Security Agreement" means that certain Security Agreement,
dated as of ____, 2002, made by the Company for the benefit of the Bond Issuer
and the Notes Trustee and encumbering a portion of the Hot Mill Collateral,
Tandem Mill Collateral and Tin Mill Collateral which constitutes personal
property, as the Bond Issuer's rights thereunder have been assigned to the Bond
Trustee pursuant to the Bond Indenture and Bond Assignment Agreement, and as
amended, supplemented, restated or otherwise modified from time to time.

                  "Secured Debt" means, collectively, the Bond Debt and the
Notes Debt.

                  "Subsidiary" means any entity of which another entity owns,
directly or indirectly through one or more intermediaries, more than 50% of the
voting interests at the time of determination.

                  "Tandem Mill Collateral" means the real property constituting
Company's No. 9 Tandem Mill located at Company's Weirton, West Virginia
steel-making facility, together with all equipment and fixtures now or hereafter
located thereon (whether or not later moved), as described with more
particularity in the Tandem Mill Deed of Trust, together with all other
property, real or personal, conveyed by or pledged under or pursuant to the
Tandem Mill Deed of Trust and/or the Security Agreement and otherwise described
as "Property" or "Collateral", respectively, therein; provided, however, that
only that portion of the "Collateral" described in the Security Agreement which
is located on, is used in connection with or is proceeds of the No. 9 Tandem
Mill shall be included as part of the "Tandem Mill Collateral".

                  "Tandem Mill Deed of Trust" means that certain Deed of Trust,
dated as of ______________, 2002, made by the Company in favor of Joyce Ofsa, as
trustee, for the benefit of the Notes Trustee and Bond Issuer, as beneficiaries,
and encumbering the portion of the Tandem Mill Collateral which constitutes real
property, as the Bond Issuer's rights thereunder have been assigned to the Bond
Trustee pursuant to the Bond Indenture and Bond Assignment Agreement, and as
amended, supplemented, restated or otherwise modified from time to time.

                  "Tin Mill Collateral" means the real property constituting
Company's Tin Mill located at Company's Weirton, West Virginia steel-making
facility, together with all equipment and fixtures now or hereafter located
thereon (whether or not later moved), as described with more particularity in
the Tin Mill Deed of Trust (excluding the assets set forth in Exhibit B to the
Tin Mill Deed of Trust), together with all other property, real or personal,
conveyed by or pledged under or pursuant to the Tin Mill Deed of Trust and/or
the Security Agreement and otherwise described as "Property" or "Collateral",
respectively, therein; provided, however, that only that portion of the
"Collateral" described in the Security Agreement which is located on, is used in
connection with or is proceeds of the Tin Mill shall be included as part of the
"Tin Mill Collateral".

                  "Tin Mill Deed of Trust" means that certain Deed of Trust
dated as of ______________, 2002, made by the Company in favor of Joyce Ofsa, as
trustee, for the benefit of the Notes Trustee and Bond Issuer, as beneficiaries,
and encumbering the portion of the Tin Mill Collateral which constitutes real
property, as the Bond Issuer's rights thereunder have been assigned to the Bond
Trustee pursuant to the Bond Indenture and Bond Assignment Agreement, and as
amended, supplemented, restated or otherwise modified from time to time

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                  2. Appointment of Collateral Agent

                  2.1 Appointment, Powers and Immunities

                           (a) The Notes Trustee (for itself and on behalf of
the holders of the Notes) and the Bond Trustee (for itself and on behalf of the
holders of the Bonds) hereby irrevocably (i) designate, appoint and authorize
J.P. Morgan Trust Company, National Association, a national banking association
(together with any successor Collateral Agent appointed pursuant to Section 2.6
hereof, the "Collateral Agent") to act as Collateral Agent hereunder with such
powers as are specifically delegated to Collateral Agent by the terms of this
Agreement, together with such other powers as are reasonably incidental thereto,
and (ii) authorize and direct the Collateral Agent to execute, deliver and
perform the Master Intercreditor Agreement, in its capacity as Collateral Agent
hereunder and thereunder on behalf of the Notes Trustee and Bond Trustee.

                           (b) The Collateral Agent hereby accepts its
appointment as the Collateral Agent hereunder upon the terms and conditions of
this Agreement, and hereby agrees to act as representative and bailee with
respect to any Proceeds delivered to the Collateral Agent pursuant to this
Agreement for the benefit of the Beneficiaries upon and subject to the terms and
conditions of this Agreement.

                           (c) Collateral Agent (i) shall have no duties or
responsibilities except those expressly set forth in this Agreement and, subject
to Section 2.5 hereof, the Master Intercreditor Agreement; (ii) shall not be
responsible to the Beneficiaries for any recitals, statements, representations
or warranties contained in this Agreement or in the Master Intercreditor
Agreement, or in any certificate or other document referred to or provided for
in, or received by any of them in connection with this Agreement or the Master
Intercreditor Agreement, or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or the Master Intercreditor
Agreement or any other document referred to or provided for herein or therein or
for any failure by the Company or any other Person (other than the Collateral
Agent) to perform any of its obligations hereunder or thereunder; and (iii)
except as expressly provided herein, shall not be responsible to the
Beneficiaries for any action taken or omitted to be taken by it hereunder or
under the Master Intercreditor Agreement or under any other document or
instrument referred to or provided for herein or therein or in connection
herewith or therewith, except for its own gross negligence or willful misconduct
as determined by a final non-appealable order of a court of competent
jurisdiction. Collateral Agent may employ agents and attorneys-in-fact and shall
not be responsible for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it in good faith.

                  2.2 Reliance by Collateral Agent. Collateral Agent shall be
entitled to rely upon any certification, notice or other communication
(including any thereof by telephone, telecopy, telex, telegram, cable or email)
believed by it to be genuine and correct and to have been signed or sent by or
on behalf of the proper Person or Persons, without inquiry or investigation and
upon advice and statements of legal counsel, independent accountants and other
experts selected by Collateral Agent in good faith. As to any matters not
expressly provided for by this Agreement, Collateral Agent shall in all cases be
fully protected in acting, or in refraining from acting, hereunder in accordance
with instructions given by the Controlling Party to the extent such instructions
are otherwise consistent and in compliance with the terms hereof. Any action
taken or failure to act pursuant to the instructions of the Controlling Party
shall be binding on the Bond Trustee and the Notes Trustee provided that such
instructions are otherwise consistent and in compliance with the terms hereof.
Collateral Agent shall have no obligation to take or not to take any action
pursuant to any instructions of (a) any holder of Notes or any group of holders
of Notes (regardless of the percentage of the outstanding Notes Debt held by
such holder or holders of Notes), except for instructions in writing received by
Collateral Agent from the Notes Trustee, or (b) any holder of Bonds or any group
of holders of Bonds (regardless of the percentage of the outstanding Bonds held
by such holder or holders of Bonds), except for instructions in writing received
by Collateral Agent from the Bond Trustee, except, in either case, to the extent
that such holders have the legal right to direct such action or prevent any
action under the terms of the applicable Credit Documents.

                  2.3 Non-Reliance on Collateral Agent and Other Lenders.
Collateral Agent has no responsibility to make and has made no representation
and has not furnished documents or information to support any credit analysis by
Notes Trustee or Bond Trustee, and neither Notes Trustee nor Bond Trustee may
claim reliance on Collateral Agent. Collateral Agent shall not be required to
keep itself informed as to the performance or observance by any Person of any

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term or provision of any Credit Document or any other document referred to or
provided for herein or therein or to inspect the properties or books of the
Company. Collateral Agent shall not have any duty or responsibility to provide
Notes Trustee or Bond Trustee with any credit or other information concerning
the affairs, financial condition or business of the Company that may come into
the possession of Collateral Agent.

                  2.4 Failure to Act. Collateral Agent shall in all cases be
fully justified in failing or refusing to act hereunder and under the Master
Intercreditor Agreement unless it shall receive further assurances to its
satisfaction from the Beneficiaries that Collateral Agent shall have no
liability to the Beneficiaries as a result of any such action.

                  2.5 Master Intercreditor Agreement.

                           (a) Each Beneficiary hereby authorizes, instructs and
directs the Collateral Agent on behalf of such Beneficiary and without the
requirement of further instruction from such Beneficiary to (i) execute and
deliver any subordination agreement, intercreditor agreement or any other
similar agreement pursuant to the provisions of Section 10(h) of the Master
Intercreditor Agreement or on behalf of, or which agreement is otherwise binding
upon, the Beneficiaries or either of them (each, an "Additional Intercreditor
Agreement"), or (ii) execute and deliver or otherwise cause to occur, by
consent, acquiescence or otherwise, a release of any portion of the Collateral
or a subordination of either Beneficiary's interest in the Collateral, in each
case, to the extent required under the Master Intercreditor Agreement.
Notwithstanding anything to the contrary contained in this Agreement or in the
Master Intercreditor Agreement, the Collateral Agent shall not, without the
prior written consent and direction of each of the Beneficiaries, enter into,
execute, deliver or otherwise agree to any amendment, modification or supplement
to or any restatement or confirmation of or any waiver of any term or provision
set forth in, the Master Intercreditor Agreement or any Additional Intercreditor
Agreement or of any of the rights of the Collateral Agent, on behalf of the
Beneficiaries, thereunder. The Beneficiaries shall indemnify and hold the
Collateral Agent harmless from any liability or expense incurred by the
Collateral Agent in connection with any action taken or omitted to be taken by
the Collateral Agent under the Master Intercreditor Agreement upon and in
compliance with the written consent and direction of each of the Beneficiaries.

                           (b) In the event that either the Notes Debt or the
Bond Debt which is secured by the Collateral has been fully repaid and the
applicable Beneficiary's interest in the Collateral has been released by such
Beneficiary and thus, this Agreement is to be terminated in accordance with its
terms, the Collateral Agent shall assign all of its right, title and interest
in, to and under, and all of its obligations under, the Master Intercreditor
Agreement to the Beneficiary which continues to have an interest in the
Collateral, or any portion thereof. This Section 2.5(b) shall survive the
termination of this Agreement.

                  2.6 Removal; Resignation.

                           (a) The Collateral Agent may be removed at any time
by the Controlling Party by an instrument in writing delivered to the Collateral
Agent and the Minority Party. Collateral Agent may resign at any time by giving
thirty (30) days prior written notice thereof to each of the Beneficiaries. In
the event of any such removal or resignation, the Controlling Party shall have
the right to appoint a successor Collateral Agent reasonably acceptable to the
Minority Party. The removal or resignation of the Collateral Agent shall not
take effect until the appointment of a successor Collateral Agent.

                           (b) Upon the acceptance of any appointment as
Collateral Agent hereunder by a successor Collateral Agent and the delivery of
any Collateral or Proceeds that may be in the possession of the former
Collateral Agent, (i) the successor Collateral Agent shall succeed to and become
vested with all the rights, powers, privileges and duties of the former
Collateral Agent, and shall execute and deliver such instrument acknowledging
same, as may be reasonably requested by the agent for the lenders to the Company
pursuant to the Master Intercreditor Agreement, (ii) the former Collateral Agent
shall have no further duties and obligations hereunder and (iii) the former
Collateral Agent shall, at the expense of the Beneficiaries and upon the written
request of the successor Collateral Agent and without representation, warranty
or recourse, execute and deliver such documents, instruments and agreements as
are reasonably necessary to effect an assignment of the rights and obligations
of the former Collateral Agent to the successor Collateral Agent including,
without limitation, an assignment of its rights and obligations under the Master
Intercreditor

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Agreement. After any former Collateral Agent's resignation or removal hereunder
as Collateral Agent, the provisions of this Section 2 shall continue in effect
for its benefit in respect of any actions taken or omitted to be taken by it
while it was acting as Collateral Agent.

                  3. Pari Passu Priority; Lien Priority.

                           (a) The Notes Trustee hereby agrees that each Lien of
the Notes Trustee for the benefit of the holders of the Notes in the property
and assets constituting the Collateral pursuant to the Notes Documents, to the
extent of the obligations secured by such Lien (provided that the aggregate
principal amount of the indebtedness secured by such Liens shall not exceed
$____________) shall be equal in priority with each Lien of the Bond Trustee for
the benefit of the holders of the Bonds in the property and assets constituting
the Collateral pursuant to the Bond Documents, to the extent of the obligations
secured by such Lien (provided that the aggregate principal amount of the
indebtedness secured by such Lien shall not exceed $________________).

                           (b) The Bond Trustee hereby agrees that each Lien
held by the Bond Trustee for the benefit of the holders of the Bonds in the
property and assets constituting the Collateral pursuant to the Bond Documents,
to the extent of the obligations secured by such Lien (provided that the
aggregate principal amount of the indebtedness secured by such Lien shall not
exceed $_____________) shall be equal in priority with each Lien of the Notes
Trustee on behalf of the holders of the Notes in the property and assets
constituting the Collateral pursuant to the Notes Documents, to the extent of
the obligations secured by such Lien (provided that the aggregate principal
amount of indebtedness secured by such Liens shall not exceed $____________).

                           (c) The priorities of the Liens established, altered
or specified herein are applicable irrespective of:

                                   (i) the time or order of attachment or
perfection thereof;

                                   (ii) the method of perfection;

                                   (iii) the time or order of filing or
recording of financing statements, mortgages, deeds of trust, or any other
instruments; or

                                   (iv) any amendments to the Liens established,
altered or specified herein, provided that such amendment does not alter the
aggregate principal amount of the indebtedness secured by such Lien; and

                                   (v) the time or order of foreclosure, taking
of possession or the exercise of any remedy.

provided, however, that the priorities of any Liens which are not established,
altered or specified herein shall be unaffected and shall exist and continue in
accordance with applicable law. The agreements in this Section 3(c) are solely
for the purpose of establishing the relative priorities of the interests of the
Beneficiaries in the Collateral and shall not inure to the benefit of any other
Person.

                  4. Controlling Party. The Beneficiary or Beneficiaries holding
a majority in principal amount of indebtedness secured by the Collateral
(excluding, however, the principal amount of any Excluded Indebtedness) (the
"Controlling Party") shall have the sole right, without the affirmative consent
of, but with written notice to, any other Beneficiary or Beneficiaries (the
"Minority Party"), and on behalf of itself and each Beneficiary to (a) take any
action, or fail to take any action, to enforce or exercise (or decline to
exercise) any right or remedy with respect to the Collateral and to foreclose
upon, collect and dispose of the Collateral or any portion thereof in accordance
with one or more of the applicable Deeds of Trust and (b) exercise any right or
remedy, or decline to exercise any right or remedy, with respect to the
Collateral in accordance with one or more of the applicable Deeds of Trust in
any Bankruptcy Proceeding, including, without limitation, any right of election
under Sections 1111(b) or 365(h) of the Bankruptcy Code, any other rights of
election, determinations, proofs of claims or other rights or remedies in
connection with any Bankruptcy

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Proceeding; provided that each Minority Party shall have the right to file its
own proof(s) of claim in any Bankruptcy Proceeding.

                  5. Rights of Minority Party. In accordance with Section 4
hereof, the Minority Party agrees (regardless of whether any Beneficiary agrees,
disagrees or abstains with respect to any action or failure to act by the
Controlling Party) that the Controlling Party shall have the authority to act or
fail to act, as it deems necessary in its sole discretion, with respect to the
rights and remedies of all of the Beneficiaries with respect to the Collateral
and that the Controlling Party shall have no liability for acting or failing to
act (provided such action or failure to act does not conflict with the express
terms of this Agreement). Each Beneficiary further acknowledges and agrees that
the only right of such Beneficiary with respect to the Collateral is to be
secured by the Collateral as and to the extent provided in its respective Credit
Documents and as provided herein and to receive a share of the Proceeds (as
hereinafter defined) of the Collateral, if any, to the extent provided under
Section 6 hereof; provided, however, that, in no event shall any rights or
benefits accorded any Beneficiary include any right to challenge, contest or
dispute any action taken or not taken, with respect to the Collateral by the
Controlling Party, the Collateral Agent or the other Beneficiary in accordance
with this Agreement, and in no event shall any security interest granted to any
Beneficiary entitle such Beneficiary to enforce its respective rights in respect
of the Collateral except through the Controlling Party and the Collateral Agent
in accordance with this Agreement; provided, further, that notwithstanding the
foregoing, no provision of this Agreement shall be construed to relieve the
Controlling Party from liability for its own grossly negligent action, its own
grossly negligent failure to act, its own willful misconduct or any action taken
by it in bad faith. In addition, the Minority Party agrees that it (a) will
release all Liens in all or any portion of the Collateral (to the extent of its
respective interest therein) in the event that the Controlling Party elects to
sell all or any portion of the Collateral in exercising any right or remedy with
respect to the Collateral; and (b) waives any right of election, determination,
proof of claim (except as set forth in the last proviso set forth in Section 4
hereof) or other rights or remedies in connection with any Bankruptcy Proceeding
with respect to the Collateral. Each of the Beneficiary's hereby agrees that it
(i) shall not contest or challenge the validity, perfection or priority of the
other Beneficiaries' Liens with respect to the Collateral; and (ii) waives any
right of claim of equitable subordination which it may have in connection with
the bankruptcy of any Person.

                  6. Collection and Distribution of Proceeds. The Beneficiaries
each agree that all money, funds or property collected or acquired with respect
to the Collateral (including, without limitation, any net condemnation proceeds
or other awards, insurance or other loss recoveries which are required or
permitted under each of the Credit Documents to be applied to the indebtedness
secured thereby and any property (real and personal) and any amounts in respect
of any deficiency recoveries) (collectively, "Proceeds") in connection with the
enforcement or exercise of any right or remedy with respect to the Collateral
following the acceleration of the Secured Debt of the Company by either of the
Beneficiaries or in connection with a sale, exchange, refinancing or other
disposition of any portion of the Collateral which is permitted under the Bond
Documents, the Note Documents or the Master Intercreditor Agreement and complies
with the terms thereof and is not otherwise held in a Pledged Account (as such
term is defined in the Master Intercreditor Agreement and/or the Security
Agreement and upon the terms and conditions of the Master Intercreditor
Agreement or the Bond Documents or Note Documents), shall be directed to the
Collateral Agent, which Collateral Agent shall be instructed by the Controlling
Party to distribute such Proceeds in the following order of priority: First: to
the payment to the Collateral Agent in respect of all reasonable expenses in
connection with the collection or realization of such Proceeds or the
administration of this Agreement in connection with the collection or
realization of such Proceeds; Second: to the payment to each Beneficiary in
respect of all reasonable expenses in connection with the collection or
realization of such Proceeds or the administration of this Agreement in
connection with the collection or realization of such Proceeds; Third: to each
Beneficiary, a proportion of such remaining Proceeds in the same proportion as
the total principal amount of the outstanding Secured Debt secured by a Lien on
the Collateral held by such Beneficiary bears to the total amount of principal
amount of the outstanding Secured Debt secured by Liens on the Collateral held
by all Beneficiaries until all such Secured Debt of such Beneficiary has been
paid in full disregarding any reduction of any such Secured Debt arising or
occurring because of a foreclosure (or the exercise of any other right or remedy
with respect to the Collateral); Fourth: after full payment of all Secured Debt,
to the Company, except as a court of competent jurisdiction may otherwise
direct. The foregoing distribution of Proceeds shall be subject to the terms and
provisions of the Master Intercreditor Agreement to the extent then in effect.

                                     - 8 -
<PAGE>

                  7. Directions to Collateral Agent. The Collateral Agent may at
any time request directions from the Controlling Party with respect to any
Credit Document of any Beneficiary as to any course of action or other matter
relating hereto or to such Credit Document of any Beneficiary. Except as
otherwise provided in Section 2.5 hereof, directions given by the Controlling
Party or Collateral Agent hereunder shall be binding on all Beneficiaries for
all purposes (provided such directions do not conflict with the express terms of
this Agreement).

                  8. Enforcement of Rights by Beneficiaries. Each Beneficiary
agrees not to take any action whatsoever to enforce any of its rights in respect
of the Collateral except through the Controlling Party in accordance with
Sections 4, 5 and 6 hereof unless reasonably requested to do so by the
Controlling Party in connection with the Controlling Party's exercise or
enforcement of the Beneficiaries' rights and/or remedies under the Deeds of
Trust and then only to the extent so requested; provided, however, that this
Agreement shall not prevent any Beneficiary from enforcing or exercising any
right or remedy, to the extent that such enforcement or exercise of rights or
remedies does not impair the security interest or the rights and/or remedies of
the Controlling Party or any other Beneficiary in the Collateral or otherwise,
(i) with respect to Collateral granted to it alone and not to all other
Beneficiaries by its respective Credit Documents, (ii) with respect to any
collateral given or made to or in favor of such Beneficiary which is not
otherwise Collateral or (iii) with respect to any of the payment and/or
performance obligations owing to it under its respective Credit Documents; nor
shall this Agreement grant any of the Beneficiaries any right or remedy pursuant
to the Credit Documents of the other Beneficiaries. Each Beneficiary waives any
requirement for marshaling of assets by the other Beneficiaries in connection
with any foreclosure or realization of Liens on any collateral other than the
Collateral (including the proceeds thereof) and any other principle of election
of remedies.

                  9. Payment of Secured Debt. In the event that any payment in
respect of, or distribution of the Collateral required to be directed to the
Collateral Agent pursuant to Section 6 hereof, of any kind or character, whether
in cash, property or securities, shall be received by any Beneficiary before all
Secured Debt secured by the Collateral is paid in full, such payment or
distribution shall be held in trust for the benefit of, and shall be paid over
to, the Beneficiaries in accordance with Section 6 hereof.

                  10. Communications. Each of the Beneficiaries agrees to
transmit to all other Beneficiaries a copy of any communication sent by such
Beneficiary to the Company or any other Person (contemporaneously with the
transmittal of any such communication) with respect to any event of default, any
acceleration of indebtedness, or any notice of sale of any Collateral as a
result of a default. Any failure by any Beneficiary to furnish a notice pursuant
to this Section 10 shall in no way diminish the rights of such party hereunder.

                  11. Governing Law; Transfer or Assignment of Rights. This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the principles of conflicts of law, and
shall be binding upon and inure to the benefit of the Beneficiaries and their
respective successors, designees and assigns. Any transferee or assignee (as may
be permitted under the respective Notes Indenture or Bond Indenture) of either
the Notes Trustee or the Bond Trustee shall, as a condition to such transfer or
assignment, deliver to all parties hereto a written agreement by which such
transferee or assignee agrees to be bound by the obligations imposed by this
Agreement upon the Notes Trustee or the Bond Trustee, as applicable, to the same
extent as if such transferee or assignee was either the Notes Trustee or the
Bond Trustee hereunder. Such transferee or assignee, along with either the Notes
Trustee or the Bond Trustee, as applicable, shall execute all other documents
and instruments reasonably necessary to evidence or carry out the provisions of
the preceding sentence.

                  12. No Third Party Beneficiaries. This Agreement is solely for
the purpose of establishing the relative interests of the Notes Trustee, the
holders of the Notes, the Bond Issuer, the Bond Trustee and the holders of the
Bonds, and is not for the benefit of any other party other than the Collateral
Agent. No Person shall have the right to enforce any of the provisions hereof
other than the Notes Trustee, on behalf of the holders of the Notes, the Bond
Trustee, on behalf of the holders of the Bonds and the Bond Issuer, and the
Collateral Agent; provided, however, the Company shall have the right to enforce
the provisions of Section 6 to the extent those provisions involve the interests
of the Company.

                  13. Notices. All notices, consents, approvals or other
communications required under the terms and provisions of this Agreement shall
be in writing and sent to the following addresses:

                                     - 9 -
<PAGE>

      If to Notes Trustee:      J.P. Morgan Trust Company, National Association

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

                                -----------------------------------------------
                                Attention:
                                           ------------------------------------
                                Facsimile #:
                                             ----------------------------------

      If to Bond Trustee:       J.P. Morgan Trust Company, National Association

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

                                -----------------------------------------------
                                Attention:
                                           ------------------------------------
                                Facsimile #:
                                             ----------------------------------

      If to Collateral Agent:   J.P. Morgan Trust Company, National Association

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

                                -----------------------------------------------
                                Attention:
                                           ------------------------------------
                                Facsimile #:
                                             ----------------------------------

      With copies to:           Weirton Steel Corporation

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

                                -----------------------------------------------
                                Attention:
                                           ------------------------------------
                                Facsimile #:
                                             ----------------------------------

Notices shall be deemed to have been duly given (a) if delivered personally or
otherwise actually received, (b) if sent by overnight delivery service, (c) if
mailed by first class United States mail, postage prepaid, registered or
certified, with return receipt requested, or (d) if sent by facsimile. Notice
mailed as provided in clause (c) above shall be effective on the earlier of the
date of actual receipt or three (3) business days after its deposit. Notice
given in any other manner described in this paragraph shall be effective upon
receipt by the addressee thereof; provided, however, that if any notice is
tendered to an addressee and delivery thereof is refused by such addressee, such
notice shall be effective upon such tender.

                  14. Repayment of Secured Debt. Simultaneously with the
repayment or other discharge of the Notes Debt or the Bond Debt, as the case may
be, which is secured by the Collateral, the Beneficiary whose Secured Debt is so
repaid or discharged shall execute and deliver all instruments as may be
reasonably required by the other Beneficiary to release or relinquish such
Beneficiary's interest in the Collateral.

                  15. Exculpation. No Beneficiary shall be liable to any other
Beneficiary for any action taken by it, including the payment of any monies
hereunder, in connection with this Agreement, provided the same is taken in good
faith and did not constitute gross negligence or willful misconduct.

                  16. Credit Documents. Each Beneficiary shall have the right to
alter or amend its respective Credit Documents and to release or take additional
collateral pursuant thereto. Nothing in this Agreement is intended to alter or
amend the obligations of any Beneficiary with respect to the Company or any of
its Subsidiaries under their respective Credit Documents. Nothing herein is
intended to convey upon the Company or any of its Subsidiaries any right or
benefit with respect to any Beneficiary, and the Company hereby acknowledges,
for itself and its Subsidiaries, that they have no right to enforce the terms
hereunder against any Beneficiary. The Company's signature hereto is merely to
acknowledge this Agreement, which is for the sole benefit of the Beneficiaries.

                  17. No Recording; Counterparts. This Agreement may not be
recorded. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same instrument.

                                     - 10 -
<PAGE>

                  18. Conflicts. To the extent that the Master Intercreditor
Agreement remains in effect and there is a conflict or inconsistency between any
provision hereof and thereof, the provisions of the Master Intercreditor
Agreement shall control and prevail in all respects. To the extent there is a
conflict or inconsistency between any provision hereof regarding the rights as
to the Collateral, on the one hand, and any provision of the Credit Documents,
on the other hand, this Agreement shall control and prevail as among the
Beneficiaries and the Credit Documents shall control and prevail as to the
Company.

                  19. Severability. In case any one or more of the provisions
contained in this Agreement shall be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby.

                  20. Modifications. Neither this Agreement nor any provision
hereof may be modified or terminated orally, but only by an instrument in
writing, signed by the party against whom enforcement of the modification or
termination is sought.

                  21. Termination of Agreement. Upon the full repayment of the
Bond Debt or the Notes Debt, as the case may be, which is secured by the
Collateral, this Agreement shall terminate in all respects except that the party
which has been so repaid shall execute and deliver releases and other
instruments in form and substance as shall be sufficient to terminate such
party's interest in the Collateral.

                  22. Representations Concerning Company: Liability of
Beneficiaries. None of the Beneficiaries, nor any of their respective directors,
officers, agents or employees, shall be responsible to any other Beneficiary or
to any other Person for (a) the Company's solvency, financial condition or
ability to repay the Secured Debt or any portion thereof or any other
indebtedness to any Beneficiary, (b) any oral or written statements of the
Company, or (c) the validity, sufficiency or enforceability of the Secured Debt
or any other indebtedness to any Beneficiary, the Credit Documents or the
security interests and Liens granted by the Company to any Beneficiary. Each
Beneficiary has entered into its financing arrangement with the Company based
upon such Beneficiary's own independent investigation, and makes no warranty or
representation to any other Beneficiary, nor does such Beneficiary rely on any
warranty or representation of any other Beneficiary, with respect to the matters
referred to in this paragraph.

                  23. Authority. Each of the parties hereto hereby represents to
the other parties hereto that it has full right, power and authority to execute
and deliver this Agreement and to perform its obligations hereunder.

                  24. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS. EACH PARTY REPRESENTS THAT IT HAS REVIEWED THIS
WAIVER AND KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. IN THE EVENT
OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A
TRIAL BY THE COURT.

                  25. No Waiver. The failure by any party hereto to exercise any
right hereunder shall not be construed as a waiver of the right to exercise the
same or any other right at any other time and from time to time thereafter, and
such rights shall be cumulative and not exclusive.

                  26. Headings. Paragraph headings used herein are for
convenience only, and shall not affect the meaning of any provision of this
Agreement

                  27. Exhibits. The exhibits attached to this Agreement are
incorporated herein and shall be considered part of this Agreement for all
purposes hereunder.

                  28. Assignment. Each of the Beneficiaries covenants that it
has not assigned or transferred, and agrees that it will not assign or transfer
at any time this Agreement remains in effect, any right, claim or interest of
any kind in or to the Collateral, unless such right, claim and interest remains
subject to this Agreement.

                                     - 11 -
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have signed this
Agreement as of the date first written above.

                                        NOTES TRUSTEE:

                                        J.P. MORGAN TRUST COMPANY, NATIONAL
                                        ASSOCIATION, as Trustee for the holders
                                        of the notes under that certain
                                        indenture, dated as of __________, 2002,
                                        between the Issuer and the Trustee (each
                                        as defined therein),

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

                                        Address:

                                        BOND TRUSTEE:

                                        J.P. MORGAN TRUST COMPANY, NATIONAL
                                        ASSOCIATION, as Trustee for the holders
                                        of the bonds under that certain
                                        indenture, dated as of __________, 2002,
                                        between the Issuer and the Trustee (each
                                        as defined therein),

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

                                        Address:

                                        COLLATERAL AGENT:

                                        J.P. MORGAN TRUST COMPANY, NATIONAL
                                        ASSOCIATION, as Collateral Agent

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

                                        Address:

                                     - 12 -
<PAGE>

                                     CONSENT

                  The undersigned hereby consents to the terms of the foregoing
Collateral Agency and Second Lien Intercreditor Agreement and agrees to be bound
by the terms thereof.

WEIRTON STEEL CORPORATION, a Delaware Corporation

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

Address:
         -----------------------------

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

                                     - 13 -<PAGE>
                                                                    Exhibit 4.15

                           FORM OF SECURITY AGREEMENT

         THIS SECURITY AGREEMENT (the "Agreement") is made as of the ____ day of
________, 2002, by WEIRTON STEEL CORPORATION, a Delaware corporation, having an
address at 400 Three Springs Drive, Weirton, West Virginia 26062 ("Debtor"), to
and for the benefit of J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a
national banking association, as trustee under the Notes Indenture (as
hereinafter defined) ("Notes Secured Party"), having an address at
________________________ and CITY OF WEIRTON, WEST VIRGINIA, a municipal
corporation duly organized and existing under the Constitution and laws of the
State of West Virginia ("Bond Issuer"), having an address at 200 Municipal
Plaza, Weirton, West Virginia 26062 (the Bond Issuer and any other holder of the
Bond Issuer's interest in this Agreement including, without limitation, the Bond
Trustee (as hereinafter defined), shall sometimes hereinafter be referred to as
the "Bond Secured Party"; the Notes Secured Party and the Bond Secured Party are
hereinafter sometimes collectively referred to as the "Secured Parties" and
individually referred to as a "Secured Party").

                                    RECITALS:

         A. In connection with the Debtor's issuance of its 10% Senior Secured
Notes Due 2008 in the original aggregate principal amount of $__________ (the
"Notes"), Debtor and Notes Secured Party executed that certain Indenture, dated
as of even date herewith (as amended from time to time, the "Notes Indenture").

         B. The Bond Issuer has entered into an Indenture of Trust, dated as of
even date herewith (as amended from time to time, the "Bond Indenture"), with
J.P Morgan Trust Company, National Association, as trustee (the "Bond Trustee")
for the purpose of issuing and securing the Bond Issuer's Secured Pollution
Control Revenue Refunding Bonds (Weirton Steel Corporation Project) Series 2002
in the original aggregate principal amount of $____________ (the "Bonds").

         C. Contemporaneously with the execution of the Bond Indenture, the Bond
Issuer and Debtor have entered into that certain Agreement, dated as of even
date herewith (as amended from time to time, the "Bond Loan Agreement"), whereby
the Bond Issuer has agreed to make a loan to Debtor in the original principal
amount of $_____________ from the proceeds of the issuance or exchange of the
Bonds (the "Bond Loan").

         D. Debtor is the owner of certain real and personal property more
particularly described in the Notes Indenture and Bond Loan Agreement as the
"Hot Mill Collateral", the "Tandem Mill Collateral" and the "Tin Mill
Collateral".

         E. As security for the Obligations (as hereinafter defined), the Debtor
has executed and delivered certain deeds of trust (collectively, the "Deeds of
Trust") for the benefit of the Secured Parties encumbering the real property
constituting the "Hot Mill

<PAGE>

Collateral", the "Tanden Mill Collateral" and the "Tin Mill Collateral" (as
such terms are defined in the Notes Indenture and Bond Loan Agreement).

         F. Fleet Capital Corporation, a Rhode Island corporation ("First
Secured Party"), J.P. Morgan Trust Company, National Association, in its
capacity as collateral agent ("Collateral Agent") under the Second Lien
Intercreditor Agreement (as hereinafter defined), the Notes Secured Party, and
the Bonds Secured Party have entered into that certain Intercreditor Agreement,
dated of even date herewith (as amended from time to time, the "First Lien
Intercreditor Agreement") that, among other things, governs the relative rights,
responsibilities and obligations between First Secured Party and Collateral
Agent, on behalf of each of the Secured Parties, with respect to, among other
things, the Collateral (as hereinafter defined).

         G. The Notes Secured Party, Bond Secured Party and Collateral Agent
have entered into that certain Collateral Agency and Second Lien Intercreditor
Agreement, dated of even date herewith (as amended from time to time, the
"Second Lien Intercreditor Agreement"), that, among other things, governs the
relative rights, responsibilities and obligations between the Notes Secured
Party and Bond Secured Party with respect to, among other things, the
Collateral.

         H. Notes Secured Party and Bond Secured Party require, as a condition
to their entering into the Bond Indenture and Bond Loan Agreement, respectively,
that Debtor grant a security interest to the Secured Parties of all of its
right, title and interest in and to the Collateral as additional security for
the Obligations.

         NOW, THEREFORE, in consideration of the covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Debtor hereby agrees as follows:

                                   ARTICLE 1

                               GRANTS OF SECURITY

         Section 1.1 Collateral. Debtor does hereby irrevocably pledge and
assign to Secured Parties, and grant a security interest to Secured Parties in,
subject to the rights of the First Secured Party under the First Lien Documents
(as hereinafter defined in Section 11.15), the following property, rights,
interests and estates now owned or leased, or hereafter acquired by Debtor
(collectively, the "Collateral"):

                  (a) All equipment and fixtures (as such terms are defined in
         the Uniform Commercial Code of West Virginia (the "UCC")) now owned or
         existing or hereafter created, acquired or arising (whether or not
         later moved) now or hereafter located on or within any portion of the
         real property more particularly described on Exhibit A-1, Exhibit A-2,
         and Exhibit A-3 attached hereto (the "Land"), including without
         limitation the assets described on Exhibit B-1, Exhibit B-2, and
         Exhibit B-3 attached hereto (but specifically excluding those assets
         described on Exhibit C

                                       2
<PAGE>

         attached hereto), and all accessories, additions, attachments,
         improvements, substitutions and replacements thereto and therefor,
         together with all books, records, writings, data bases, information and
         other similar property relating to, used or useful in connection with,
         or evidencing, embodying, incorporating or referring to the Land or any
         of the foregoing (collectively, "Equipment");

                  (b) All Pledged Accounts (as hereinafter defined) and other
         accounts held by or for the benefit of each of the Secured Parties
         pursuant to the terms of their respective Debt Instruments (as
         hereinafter defined) and all other reserves, escrows or impounds
         required under the Debt Instruments, together with all books, records,
         writings, data bases, information and other similar property relating
         to, used, or useful in connection with, or evidencing, embodying,
         incorporating or referring to the Pledged Accounts;

                  (c) All proceeds (as such term is defined in the UCC),
         products, rents, profits and returns of and from all or any part of the
         property described in the preceding clauses (a) and (b); and

                  (d) Any and all after-acquired right, title and interest of
         Debtor in and to any of the property described in clause (c) above.

         Notwithstanding anything to the contrary contained herein, in no event
shall the Collateral include, nor shall Debtor be deemed to have granted to
Secured Parties a lien on or security interest in, any of the Project Assets or
any property arising from or as a result of the disposition of any of the
Project Assets. As used herein, "Project Assets" shall mean all of the pollution
control equipment (as equipment is defined in the UCC) and fixtures (as defined
in the UCC) located at Debtor's Weirton, West Virginia steel making facility,
the purchase and/or installation of which were financed or refinanced with the
proceeds of the City of Weirton, West Virginia's Pollution Control Revenue
Refunding Bonds (Weirton Steel Corporation Project) Series 1989 issued by the
City of Weirton, West Virginia.

         Section 1.2 Security Agreement. This Agreement constitutes a "security
agreement" within the meaning of the UCC and other applicable law and with
respect to the Collateral. The Collateral includes personal property and all
other rights and interests, whether tangible or intangible in nature, of Debtor
in the Collateral. By executing and delivering this Agreement, Debtor hereby
grants to Secured Parties, as security for the Obligations, a security interest
in the Collateral to the full extent that the Collateral may be subject to the
UCC.

         Section 1.3 Financing Statements. Debtor hereby authorizes the
recordation and filing by the Secured Parties, or either of them, of one or more
financing statements and any continuations thereof to perfect their security
interest in the Collateral.

                                       3
<PAGE>

         Section 1.4 Pledge of Monies Held. Debtor hereby pledges to the Secured
Parties, subject to the rights of the First Secured Party under the First Lien
Documents, any and all monies now or hereafter held by or for the benefit of the
Secured Parties as additional security for the Obligations until expended or
applied as provided in the Debt Instruments. Such monies pledged hereunder shall
include, without limitation, (i) any sums deposited with the "Agent" (as such
term is defined in the First Lien Intercreditor Agreement) and held in a
"Pledged Account" (as defined in the First Lien Intercreditor Agreement), (ii)
any sums deposited with the Secured Parties, or otherwise held by the Collateral
Agent for the benefit of the Secured Parties, and held in an account by or for
the benefit of the Secured Parties, and (iii) any insurance or condemnation
proceeds of the Collateral held by or for the benefit of the Secured Parties.

                                   ARTICLE 2

                               OBLIGATIONS SECURED

         Section 2.1 Obligations. This Agreement is given to secure the
following (collectively, the "Obligations"):

                  (a) the payment of amounts owing under the Notes (the "Notes
         Debt") and the performance and observance of all covenants and
         conditions contained in this Agreement, the Deeds of Trust, the Notes
         Indenture and any other documents and instruments now or hereafter
         executed by Debtor to evidence, secure or guarantee the payment of all
         or any portion of the Notes Debt under the Notes Indenture, this
         Agreement or the Deeds of Trust, and any and all renewals, extensions,
         amendments and replacements of this Agreement, the Deeds of Trust, the
         Notes Indenture and any such other documents and instruments (the
         Notes, the Notes Indenture, this Agreement, the Deeds of Trust and any
         other documents and instruments now or hereafter executed and delivered
         in connection with the Notes, the Notes Indenture and any and all
         amendments, renewals, extensions and replacements hereof and thereof,
         being sometimes referred to collectively as the "Notes Instruments");
         and

                  (b) the payment of amounts owing under the Bond Loan Agreement
         and the performance and observance of all covenants and conditions
         contained in this Agreement, the Deeds of Trust, the Bond Loan
         Agreement and any other documents and instruments now or hereafter
         executed by Debtor to evidence, secure or guarantee the payment of all
         or any portion of the Bond Loan under the Bond Loan Agreement, this
         Agreement or the Deeds of Trust, and any and all renewals, extensions,
         amendments and replacements of this Agreement, the Deeds of Trust, the
         Bond Loan Agreement and any such other documents and instruments (the
         Bond Loan Agreement, this Agreement, the Deeds of Trust and any other
         documents and instruments now or hereafter executed and delivered in
         connection with the Bond Loan, the Bond Loan Agreement and any and all
         amendments, renewals, extensions and

                                       4
<PAGE>

         replacements hereof and thereof, being sometimes referred to
         collectively as the "Bond Instruments"; the Notes Instruments and the
         Bond Instruments are hereinafter sometimes collectively referred to as
         the "Debt Instruments").

                                   ARTICLE 3

                      DEBTOR REPRESENTATIONS AND WARRANTIES

         Debtor represents and warrants to Secured Parties that:

         Section 3.1 Warranty of Title. Debtor has good title to all of the
Collateral, free and clear of all liens, encumbrances, charges and security
interests whatsoever except for the Authorized Liens (as defined in each of the
respective Deeds of Trust). This Agreement creates valid, enforceable second
priority security interests against the Collateral subject only to the Permitted
Encumbrances (as defined in each of the respective Deeds of Trust) and the lien
of the First Secured Party under the First Lien Documents.

         Section 3.2 Financing Statements. As of the date hereof, no financing
statements covering the Collateral are on file in any public office, except the
financing statements relating to the security interest created hereby and
financing statements filed in connection with the First Lien Documents.

         Section 3.3 Power and Authority. Debtor has full power, authority and
legal right to execute this Agreement and to pledge, assign, sell, transfer and
warrant the Collateral pursuant to the terms hereof and to keep and observe all
of the terms hereof and has obtained all consents required to grant to Secured
Parties a security interest in the Collateral.

         Section 3.4 Valid Obligations. Debtor has duly executed and delivered
this Agreement and this Agreement constitutes a legal, valid and binding
obligation of Debtor, enforceable against it in accordance with the terms of
this Agreement.

         Section 3.5 Place of Business; Jurisdiction of Incorporation. Debtor's
principal place of business is located in Hancock County, West Virginia and its
chief executive office is located in Brooke County, West Virginia at the address
set forth in the first paragraph of this Agreement. Debtor is incorporated and
existing under the laws of the State of Delaware and its Delaware corporate
identification number is ____________. Debtor is duly authorized to transact
business in the State of West Virginia.

                                   ARTCILE 4

                                DEBTOR COVENANTS

         Debtor covenants and agrees that:

         Section 4.1 Obligations and this Security Agreement. Debtor shall
perform promptly all of its agreements herein.

                                       5
<PAGE>

         Section 4.2 Collection; Secured Party's Costs. Debtor shall pay all
costs necessary to obtain, preserve, perfect, defend and enforce the security
interests hereby granted and preserve, defend, enforce and collect the
Collateral. Whether Collateral is or is not in the possession of the Secured
Parties, and without any obligation to do so and without waiving Debtor's
default for failure to make any such payment, either of the Secured Parties at
its option, may pay any such costs and expenses and/or discharge encumbrances on
Collateral, and such payment shall be a part of the Obligations. Debtor agrees
to reimburse such Secured Party on demand for any costs so incurred.

         Section 4.3 Additional Documents. Debtor shall sign any papers
reasonably furnished by the Secured Parties or do and perform such other acts
and things which are reasonably necessary in the judgment of the Secured Parties
to obtain, maintain and perfect the security interests created hereby and to
enable the Secured Parties to comply with the Federal Assignment of Claims Act
or any other federal or state law necessary to obtain or perfect the Secured
Parties' interests in Collateral or to obtain proceeds of Collateral.

         Section 4.4 Delivery of Receipts to Secured Party. Subject to the
rights of the First Secured Party under the First Lien Documents, upon Secured
Parties' demand and to the extent required under the Debt Instruments, Debtor
will deposit, upon receipt, all checks, drafts, cash or other remittances
received as proceeds of any Collateral in a special bank account in a bank of
Secured Parties' choice over which Secured Parties alone shall have power of
withdrawal. The funds in said account shall be held by Secured Parties or the
Collateral Agent on their behalf as security for the Obligations. Said proceeds
shall be deposited in the form received, except the endorsement of Debtor where
necessary to permit collection of items, which endorsements Debtor agrees to
make, but which each of the Secured Parties is authorized to make on Debtor's
behalf. Pending such deposits, Debtor agrees that it will not mingle any such
checks, drafts, cash or remittances required to be deposited with any of the
Debtor's other funds or property, but will hold them separate and apart
therefrom and upon an express trust for the Secured Parties until deposit
thereof is made in the special account. Subject to the rights of the First
Secured Party under the First Lien Documents, Secured Parties may from time to
time apply the whole or any part of the funds in the special account against the
Obligations.

         Section 4.5 Records of Collateral. Debtor at all times will maintain
accurate books and records covering the Collateral. Secured Parties are hereby
given the right to audit the books and records of Debtor relating to Collateral
upon reasonable written notice to Debtor.

         Section 4.6 Notice of Changes. Debtor will notify the Secured Parties
of any change in the Collateral that could reasonably be expected to have a
material adverse effect on the Collateral as a whole, of a change in the
location of its principal place of business or chief executive offices, and of
any Event of Default (as hereinafter defined).

                                       6
<PAGE>

         Section 4.7 Waivers by Debtor. Debtor hereby waives (i) notices of the
creation, advance, increase, existence, extension or renewal of, and of any
indulgence with respect to, the Obligations, (ii) presentment, demand, notice of
dishonor, and protest, and (iii) notice of the amount of the Obligations
outstanding at any time, notice of any change in financial condition of any
person liable for the Obligations or any part thereof, notice of any Event of
Default, and all other notices respecting the Obligations; and agrees that
maturity of the Obligations and any part thereof may be accelerated, extended or
renewed one or more times by the Secured Parties in their discretion, without
notice to Debtor.

         Section 4.8 Other Parties and Other Collateral. No renewal or extension
of or any other indulgence with respect to the Obligations or any part thereof,
no release of any security, no release of any person (including any maker,
endorser, guarantor or surety) liable on the Obligations, no delay in
enforcement of payment, and no delay or omission or lack of diligence or care in
exercising any right or power with respect to the Obligations or any security
therefor or guaranty thereof or under this Agreement shall in any manner impair
or affect the rights of the Secured Parties under the law, hereunder, or under
any other agreement pertaining to the Collateral. Secured Parties need not file
suit or assert a claim for personal judgment against any person for any part of
the Obligations or seek to realize upon any other security for the Obligations,
before foreclosing upon the Collateral for the purpose of paying the
Obligations. Debtor waives any right to the benefit of or to require or control
application of any other security or proceeds thereof, and agrees that the
Secured Parties shall have no duty or obligation to Debtor to apply to the
Obligations any such other security or proceeds thereof.

         Section 4.9 Change of Name, Identity or Structure. Debtor will not
change Debtor's name or its jurisdiction of incorporation without providing
thirty (30) days prior written notice to the Secured Parties.

         Section 4.10 Covenants Respecting Taxes, Liens and Care of Collateral.
Each of the covenants set forth in Sections 1.4, 1.5 and 1.8 of the respective
Deeds of Trust shall also be applicable to the Collateral to the same extent as
if such covenants were set forth herein in their entirety and were specifically
made applicable to the Collateral, this Agreement and/or the Obligations, as
applicable. Such covenants are hereby incorporated herein by reference as if
fully set forth herein, modified, as applicable, to apply to the Collateral
(rather than the "Property"), this Agreement (rather than the "Deed of Trust")
and the Obligations (rather than the "Borrower's Liabilities").

         Section 4.11 Liens on Collateral. Debtor shall keep the Collateral free
from all liens, encumbrances, charges and security interests except for the
security interest hereby created and except for Authorized Liens.

         Section 4.12 Transfer or Encumbrance of Collateral. Debtor shall not
permit or suffer to occur any sale, assignment, conveyance, transfer, mortgage,
lease or encumbrance of the Collateral, any part thereof, or any interest
therein in violation of the Debt Instruments.

                                       7
<PAGE>

                                   ARTICLE 5

                          DEBTOR/CREDITOR RELATIONSHIP

         Section 5.1 Relationship of Debtor and Secured Party. The relationship
between Debtor and each of the Secured Parties is solely that of debtor and
creditor, and neither of the Secured Parties has any fiduciary or other special
relationship with Debtor, and no term or condition of the Debt Instruments shall
be construed so as to deem the relationship between Debtor and either of the
Secured Parties to be other than that of debtor and creditor.

                                   ARTICLE 6

                               FURTHER ASSURANCES

         Section 6.1 Recording of Security Instrument, Etc. Debtor forthwith
upon the execution and delivery of this Agreement and thereafter, from time to
time, will cause this Agreement and each instrument of further assurance to be
filed, registered or recorded in such manner and in such places as may be
required by any present or future law in order to publish notice of and fully to
protect and perfect the lien or security interest hereof upon, and the interest
of Secured Parties in, the Collateral. Debtor will pay all taxes, filing,
registration or recording fees, and all expenses incident to the preparation,
execution, acknowledgment and/or recording of the Debt Instruments and any note
or mortgage supplemental hereto, any security instrument with respect to the
Collateral and any instrument of further assurance, and any modification or
amendment of the foregoing documents, and all federal, state, county and
municipal taxes, duties, imposts, assessments and charges arising out of or in
connection with the execution and delivery of this Agreement, any security
instrument with respect to the Collateral or any instrument of further
assurance, and any modification or amendment of the foregoing documents, except
where prohibited by law so to do.

         Section 6.2 Further Acts, Etc. Debtor will, at the cost of Debtor, and
without expense to the Secured Parties, do, execute, acknowledge and deliver all
and every such further acts, deeds, conveyances, mortgages, assignments, notices
of assignments, transfers and assurances as Secured Parties shall, from time to
time, reasonably require, for the better assuring, conveying, assigning,
transferring, and confirming unto Secured Parties the property and rights hereby
granted, confirmed, pledged, assigned, and warranted or intended now or
hereafter so to be, or which Debtor may be or may hereafter become bound to
convey or assign to Secured Parties, or for carrying out the intention or
facilitating the performance of the terms of the Agreement.

         Section 6.3 Amended Financing Statements. Debtor will execute and
deliver to the Secured Parties, prior to or contemporaneously with the effective
date of any such change, any financing statement or change thereof required by
the Secured Parties to establish or maintain the validity, perfection and
priority of the security interest granted herein. At the request of the Secured
Parties, Debtor shall execute a certificate in form satisfactory to the Secured
Parties listing the trade names under which Debtor intends to

                                       8
<PAGE>

operate the Collateral, and representing and warranting that Debtor does
business under no other trade name with respect to the Collateral.

                                    ARTICLE 7

                                     DEFAULT

         Section 7.1 Events of Default. The occurrence of any one or more of the
following events shall constitute an event of default hereunder ("Event of
Default"):

         (a) an "Event of Default" under and as defined in the Notes Indenture
or any of the other Notes Instruments;

         (b) an "Event of Default" under and as defined in the Bond Loan
Agreement or any of the other Bond Instruments; and

         (c) a failure by Debtor to timely perform or observe any material
covenant, obligation or liability contained in this Agreement and, unless such
failure is an "Event of Default" under Section 7.1(a) or (b) above, such failure
is not cured within sixty (60) days after the sooner to occur of (i) Debtor's
receipt of notice of such failure from the Secured Parties or either one or (ii)
the date on which such failure first becomes known to any officer of Debtor.

                                    ARTICLE 8

                               RIGHTS AND REMEDIES

         Section 8.1 Remedies. 1. Subject to the rights of the First Secured
Party under the First Lien Documents to the extent then in effect, upon the
occurrence of any Event of Default and at any time thereafter, Debtor agrees
that the Secured Parties may declare the Obligations in whole or in part
immediately due and payable and may enforce payment of the same and take such
action, without notice or demand, as they deem advisable to protect and enforce
their rights against Debtor and in and to the Collateral, including, but not
limited to the following, each of which may be pursued concurrently or
otherwise, at such time and in such order as the Secured Parties may determine,
in their sole discretion, without impairing or otherwise affecting the other
rights and remedies of the Secured Parties:

         (i) exercise any and all rights and remedies granted to a secured party
upon default under the UCC, as amended from time to time, or any other
applicable uniform commercial code, or any other statute or rule of law or
equity or under the provisions of any third party agreement in favor of the
Secured Parties, all of which may be exercised successively or concurrently,
including, without limiting the generality of the foregoing: (i) the right to
take possession of the Collateral or any part thereof, and to take such other
measures as Secured Parties may deem necessary for the care, protection and
preservation of the Collateral, and (ii) request Debtor at its expense to
assemble the Collateral and make it available to Secured Parties at a convenient
place in Weirton, West Virginia

                                       9
<PAGE>

acceptable to Secured Parties; further, Secured Parties may sell, assign, give
option or options to purchase, contract to sell or otherwise dispose of and
deliver the Collateral, or any part thereof, in one or more lots at public or
private sale or sales, at any exchange, broker's board or at any of the Secured
Parties' offices or elsewhere upon such terms and conditions as they may deem
advisable and at such prices as they may deem best, for cash or on credit or for
future delivery without assumption of any credit risk, with the right to the
Secured Parties upon any such sale or sales, public or private, to purchase the
whole or any part of said Collateral so sold, free of any right or equity of
redemption in the Debtor, which right or equity is, to the extent permitted by
law, hereby expressly waived or released. Any notice of sale, disposition or
other intended action by Secured Parties with respect to the Collateral sent to
Debtor in accordance with the provisions hereof at least ten (10) days prior to
such action, shall constitute commercially reasonable notice to Debtor; and

         (ii) exercise all other rights and remedies of the Secured Parties
under this Agreement and all other rights and remedies available to the Secured
Parties under applicable law.

         (b) The Secured Parties will give Debtor reasonable notice of the time
and place of any public sale of the Collateral or of the time after which any
private sale or other intended disposition thereof is to be made. Expenses of
retaking, holding, preparing for sale, selling, leasing or the like shall
include Secured Parties' reasonable attorney's fees and legal expenses. The
Debtor acknowledges and agrees that any private sale of the Collateral may
result in prices and other terms less favorable than if such sale were a public
sale and, notwithstanding such circumstances, agrees, to the extent permitted by
applicable law, that any such private sale shall be deemed to have been made in
a commercially reasonable manner. To the extent permitted by the laws of the
State of West Virginia, in the event of a sale, by foreclosure, power of sale,
or otherwise, of less than all of the Collateral, this Agreement shall continue
as a lien and security interest on the remaining portion of the Collateral
unimpaired and without loss of priority.

         Section 8.2 Application of Proceeds. Subject to the rights of the First
Secured Party under the First Lien Documents, after deducting all reasonable
costs and expenses of every kind incurred by the Secured Parties or incidental
to the care, safekeeping or otherwise of any and all of the Collateral, the
purchase money, proceeds and avails of any disposition of the Collateral, or any
part thereof, or any other sums collected by the Secured Parties pursuant to
this Agreement or the Deeds of Trust, may be applied by the Secured Parties to
the payment of the Obligations in accordance with the Second Lien Intercreditor
Agreement to the extent then in effect. Only after credit against the
Obligations and after the payment by the Secured Parties of any other amount
required by any provision of law, including, without limitation, the UCC, need
the Secured Parties' account for the surplus, if any, to the Debtor.

         Section 8.3 Waiver of Rights Under UCC; Deficiency. The Debtor shall be
liable for the deficiency if the proceeds of any sale or other disposition of
the Collateral are insufficient to pay all amounts to which the Secured Parties
are entitled and the

                                       10
<PAGE>

reasonable costs, fees and expenses of any attorney employed by the Secured
Parties to collect such deficiency.

         Section 8.4 Actions and Proceedings. After the occurrence and during
the continuance of an Event of Default, the Secured Parties have the right to
appear in and defend any action or proceeding brought with respect to the
Collateral and to bring any action or proceeding, in the name and on behalf of
Debtor, which Secured Parties, in their discretion, decide should be brought to
protect their interest in the Collateral.

         Section 8.5 Other Rights, Etc. 1. No delay or failure of the Secured
Parties in the exercise of any right or remedy hereunder shall operate as a
waiver thereof, and no single or partial exercise of any right or remedy
hereunder shall preclude other or further exercise thereof or the exercise of
any other right or remedy. No action or forbearance by the Secured Parties
contrary to the provisions of this Agreement shall be construed to constitute a
waiver of any of the express provisions hereof. The Secured Parties may
specifically waive any of their rights under this Agreement without invalidating
the entire Agreement. Nothing herein contained, nor anything done or omitted to
be done by the Secured Parties pursuant hereto, shall be deemed a waiver by the
Secured Parties of any of their rights or remedies hereunder or under any of the
Debt Instruments or under applicable law.

         (b) The rights of the Secured Parties under this Agreement shall be
separate, distinct and cumulative and none shall be given effect to the
exclusion of the others. No act of the Secured Parties shall be construed as an
election to proceed under any one provision herein to the exclusion of any other
provision. The Secured Parties shall not be limited exclusively to the rights
and remedies herein stated but shall be entitled to every right and remedy now
or hereafter afforded at law or in equity.

         Section 8.6 Right to Release any Portion of the Collateral. The Secured
Parties, or the Collateral Agent on their behalf to the extent provided in the
Debt Instruments, may release any portion of the Collateral for such
consideration as Secured Parties or Collateral Agent, as applicable, may require
and in accordance with the terms of the Debt Instruments without, as to the
remainder of the Collateral, in any way impairing or affecting the lien or
priority of this Agreement, or improving the position of any subordinate
lienholder with respect thereto, except to the extent that the obligations
hereunder shall have been reduced by the actual monetary consideration, if any,
received by Secured Parties for such release, and may accept by assignment,
pledge or otherwise any other property in place thereof as Secured Parties may
require without being accountable for so doing to any other lienholder. This
Agreement shall continue as a lien and security interest in the remaining
portion of the Collateral.

         Section 8.7 Right of Entry. Each of the Secured Parties and its agents
shall have the right upon prior written notice to enter and inspect the
Collateral at all reasonable times upon reasonable advance notice to Debtor.

         Section 8.8 Exercise of Remedies by Secured Parties. Notwithstanding
anything to the contrary contained herein, the ability of a Secured Party to
accelerate the

                                       11
<PAGE>

Debtor's Obligations hereunder and/or exercise any of the remedies provided for
in this Article 8, shall be subject to and governed by any limitations or
restrictions on such rights as may be set forth in the Notes Indenture (if such
Secured Party is the Notes Secured Party) or the Bond Loan Agreement (if such
Secured Party is the Bond Secured Party), and in either case, by any limitations
or restrictions on such rights as may be set forth in the First Lien
Intercreditor Agreement to the extent then in effect (provided, however, for
purposes of the foregoing and in the interest of clarity, Debtor is not intended
to be a third party beneficiary of the limitations and restrictions on the
Secured Parties' rights to accelerate and exercise remedies contained in the
First Lien Intercreditor Agreement).

                                    ARTICLE 9

                                     WAIVERS

         Section 9.1 Waivers by Debtor. DEBTOR WAIVES (a) PRESENTMENT, DEMAND
AND PROTEST AND NOTICE OF PRESENTMENT, PROTEST, DEFAULT, NON-PAYMENT, MATURITY,
RELEASE, COMPROMISE, SETTLEMENT, EXTENSION OR RENEWAL OF ANY OR ALL COMMERCIAL
PAPER, ACCOUNTS, CONTRACT RIGHTS, DOCUMENTS, INSTRUMENTS, CHATTEL PAPER AND
GUARANTIES AT ANY TIME HELD BY THE SECURED PARTIES ON WHICH DEBTOR MAY IN ANY
WAY BE LIABLE AND HEREBY RATIFIES AND CONFIRMS WHATEVER SECURED PARTIES MAY DO
IN THIS REGARD; (b) NOTICE PRIOR TO SECURED PARTIES' TAKING POSSESSION OR
CONTROL OF THE COLLATERAL OR ANY BOND OR SECURITY WHICH MIGHT BE REQUIRED BY ANY
COURT PRIOR TO ALLOWING THE SECURED PARTIES TO EXERCISE ANY OF SECURED PARTIES'
REMEDIES; (c) THE BENEFIT OF ALL VALUATION, APPRAISEMENT AND EXEMPTION LAWS; AND
(d) NOTICE OF ACCEPTANCE HEREOF.

         Section 9.2 Waiver of Trial By Jury. DEBTOR AND SECURED PARTIES HEREBY
WAIVE ANY RESPECTIVE RIGHT THEY MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY REPRESENTS THAT
IT HAS REVIEWED THIS WAIVER AND KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT.

                                   ARTICLE 10

                                     NOTICES

         Section 10.1 Notices. All notices, consents, approvals or other
communications required under the terms and provisions of this Agreement shall
be in writing and sent to the following addresses:

                                       12
<PAGE>

         If to Notes Secured Party: J.P. Morgan Trust Company,
                                       National Association

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

                                    ------------------------------------
                                    Attention:
                                                ------------------------
                                    Facsimile No.
                                                  ----------------------

         If to Bond Secured Party:  J.P. Morgan Trust Company,
                                       National Association

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

                                    ------------------------------------
                                    Attention:
                                                ------------------------
                                    Facsimile No.
                                                  ----------------------

         If to Debtor:              Weirton Steel Corporation
                                    400 Three Springs Drive
                                    Weirton, West Virginia  26062
                                    Attention:  Secretary and General Counsel
                                    Facsimile No. (304) 797-3484

Notices shall be deemed to have been duly given (a) if delivered personally or
otherwise actually received, (b) if sent by overnight delivery service, (c) if
mailed by first class United States mail, postage prepaid, registered or
certified, with return receipt requested, or (d) if sent by facsimile. Notice
mailed as provided in clause (c) above shall be effective on the earlier of the
date of actual receipt or three (3) business days after its deposit. Notice
given in any other manner described in this paragraph shall be effective upon
receipt by the addressee thereof; provided, however, that if any notice is
tendered to an addressee and delivery thereof is refused by such addressee, such
notice shall be effective upon such tender.

                                   ARTICLE 11

                            MISCELLANEOUS PROVISIONS

         Section 11.1 Choice of Law. This agreement shall be governed,
construed, applied and enforced in accordance with the laws of the State of West
Virginia, without regard to the principles of conflicts of laws.

         Section 11.2 Provisions Subject to Applicable Law. All rights, powers
and remedies provided in this Agreement may be exercised only to the extent that
the exercise thereof does not violate any applicable provisions of law and are
intended to be limited to the extent necessary so that they will not render this
Agreement invalid, unenforceable or not entitled to be recorded, registered or
filed under the provisions of any applicable law.

         Section 11.3 Inapplicable Provision. If any term of this Agreement or
any application thereof shall be invalid or unenforceable, the remainder of this
Agreement and any other application of the term shall not be affected thereby.

                                       13
<PAGE>

         Section 11.4 Attorney's Fees for Enforcement. Debtor shall pay, on
demand, any and all expenses, including legal expenses and reasonable attorneys'
fees, incurred or paid by any Secured Party in protecting its interest in the
Collateral or in collecting any amount payable hereunder or in enforcing its
rights hereunder with respect to the Collateral, whether or not any legal
proceeding is commenced hereunder or thereunder and whether or not any default
or Event of Default shall have occurred and is continuing, together with
interest thereon at the Default Rate (as such term is defined in the respective
Deeds of Trust) from the date paid or incurred by such Secured Party until such
expenses are paid by Debtor.

         Section 11.5 General Definitions. Unless the context clearly indicates
a contrary intent or unless otherwise specifically provided herein, words used
in this Agreement may be used interchangeably in singular or plural form and the
word "Debtor" shall mean "each Debtor and any subsequent owner or owners of the
Collateral or any part thereof or any interest therein," the word "Secured
Party" or "Secured Parties" shall mean "Secured Party[ies] and any subsequent
holder of the Obligations," the word "person" shall include an individual,
corporation, limited liability company, partnership, trust, unincorporated
association, government, governmental authority, and any other entity, the word
"Collateral" shall include any portion of the Collateral and any interest
therein, and the phrases "attorneys' fees" and "counsel fees" shall include any
and all reasonable attorneys', paralegal and law clerk fees and disbursements,
including, but not limited to fees and disbursements at the pre-trial, trial and
appellate levels incurred or paid by any Secured Party in protecting its
interest in the Collateral and enforcing its rights under the this Agreement.

         Section 11.6 Headings, Etc. The headings and captions of various
Sections of this Agreement are for convenience of reference only and are not to
be construed as defining or limiting, in any way, the scope or intent of the
provisions hereof.

         Section 11.7 No Oral Change. This Agreement and any provisions hereof,
may not be modified, amended, waived, extended, changed, discharged or
terminated orally or by any act or failure to act on the part of Debtor or
either of the Secured Parties, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.

         Section 11.8 Liability. This Agreement shall be binding upon the Debtor
and its successors and assigns and shall inure to the benefit of the Secured
Parties and their respective successors and assigns.

         Section 11.9 Number and Gender. Whenever the context may require, any
pronouns used herein shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the
plural and vice versa.

         Section 11.10 Preference. To the extent that either of the Secured
Parties receives any payment or proceeds of the Collateral for the Obligations,
which payment or proceeds or any part thereof are subsequently invalidated,
declared to be fraudulent or

                                       14
<PAGE>

preferential, set aside or required to be repaid to a trustee, receiver or any
other party under any bankruptcy law, state or federal law, common law or
equitable cause, then, to the extent of such payment or proceeds received, the
Obligations or part thereof intended to be satisfied shall be revived and
continue in full force and effect, as if such payment or proceeds had not been
received by such Secured Party.

         Section 11.11 Cumulative Remedies. The rights and remedies herein
provided are cumulative and may be exercised singly or concurrently and are not
exclusive of any right or remedy provided by law.

         Section 11.12 No Partial Release. The satisfaction or discharge of any
part of the Obligations hereby secured shall not in any way satisfy or discharge
this Agreement, but this Agreement shall remain in full force and effect so long
as any of the Obligations remain outstanding.

         Section 11.13 Limitation of Liability. Neither of the Secured Parties
nor any of their respective officers, directors, employees, agents or counsel
shall be liable for any action lawfully taken or omitted to be taken by it or
them hereunder or in connection herewith, except for its or their gross
negligence or willful misconduct.

         Section 11.14 Taxes. Should any documentary stamp or other tax now or
hereafter become payable with respect to this Agreement or its execution or
delivery, Debtor will promptly, following demand therefor, pay the same and hold
Secured Parties harmless from the cost of same.

         Section 11.15 First Lien Documents. With respect to that certain
Amended and Restated Loan and Security Agreement, dated as of ____________,
2002, by and among the Debtor, the First Secured Party, the other agent party
thereto and the lenders from time to time party thereto (the "Senior Loan
Agreement") and the other Loan Instruments (as defined in the Mortgages (as such
term is defined in the Senior Loan Agreement)) (together with the First Lien
Intercreditor Agreement, collectively, the "First Lien Documents"); Debtor
covenants and agrees to give the Secured Parties notice of any uncured default
following any applicable grace period by any party under the First Lien
Documents within ten (10) days of Debtor becoming aware of such default and
promptly to deliver to the Secured Parties a copy of each notice of default and
all other notices, amendments, communications, plans, specifications and other
statements, responses, similar instruments received or delivered by Debtor
relating thereto.

         Section 11.16 Subordination. (a) Each Secured Party acknowledges and
agrees that its respective security interests and rights hereunder are subject
to the rights of the First Secured Party as set forth in the First Lien
Documents.

         (b) Each Secured Party agrees to subordinate the lien of this Agreement
to (i) the lien described in subparagraph (a) of the definition of "Permitted
Liens" as set forth in (A) the Notes Indenture until the full repayment of the
Notes Debt and the termination and release of the Notes Secured Party's interest
in this Agreement, and thereafter, (B) the Bond Loan Agreement, and (ii) the
lien described in subparagraph (p) of the definition of

                                       15
<PAGE>

"Permitted Liens" (but only to the extent such lien secures refinancing
indebtedness secured by a lien referred to in subparagraph (a) of the definition
of "Permitted Liens") as set forth in (A) the Notes Indenture until full
repayment of the Notes Debt and termination and release of the Notes
Beneficiary's interest in this Agreement, and thereafter, (B) the Bond Loan
Agreement.

                   [THE REMAINDER OF THIS PAGE IS LEFT BLANK]

                                       16
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been executed by Debtor as of
the day and year first above written.

                                       WEIRTON STEEL CORPORATION,
                                       a Delaware corporation

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

                                       17

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