Document:

Conformed Employment Agreement between the Company and Neil S. Novich

 EXHIBIT 10.20 
  
 EMPLOYMENT AGREEMENT 
 (conformed) 
  
 THIS
AGREEMENT, by and between Ryerson Inc. (the “Company”) and Neil S. Novich (the “Executive”) effective as of December 1, 1999 (the “Effective Date”) and as amended and restated January 1, 2006. 

 
 WITNESSETH THAT: 
  
 WHEREAS, the Company has appointed Executive to the position of
Chairman, President and CEO, and Executive has accepted such appointment; 
  
 WHEREAS, in connection with such appointment, the Company and Executive desire to enter into this Agreement; and 
  
 WHEREAS, this Agreement is amended effective January 1, 2006 to conform to the requirements of the Internal Revenue Code Section 409A;

  
 NOW, THEREFORE, in consideration of the
Executive’s appointment as Chairman, President and CEO, and for other good and valuable consideration the receipt of which is hereby acknowledged, it is agreed by the Executive and Company as follows: 
  
 1. Duties. The Executive agrees that while he is employed by
the Company, he will devote his full business time, energies and talents to serving as the Chairman, President and CEO of the Company and providing services for the Company at the direction of the Board of Directors of the Company. The Executive
shall have such duties and responsibilities as may be assigned to him from time to time by the Board of Directors, shall perform all duties assigned to him faithfully and efficiently, subject to the direction of the Board of Directors, and shall
have such authorities and powers as are inherent to the undertakings applicable to his position and necessary to carry out the responsibilities and duties required of him hereunder; provided, however, that the Executive shall not be required to
perform any duties while he is disabled. Both parties understand and agree that the Executive may serve on boards of directors of other businesses which are not in competition with the Company and may engage in civic and charitable activities
provided that such service and activities do not materially interfere with the performance of the Executive’s duties. 

 2. Compensation. Subject to the terms and conditions of this Agreement, during the
Employment Period while the Executive is employed by the Company, the Company shall compensate him for his services as follows: 
  
 (A) The Executive shall receive, for each twelve-consecutive month period beginning on February 8, 1999, and each anniversary thereof, an annual
salary not less than $500,000 (the “Annual Base Salary”), which Annual Base Salary shall be payable in substantially equal bi-weekly installments. The Executive’s rate of Annual Base Salary shall be reviewed annually beginning in
February, 2000 and may be increased at that time with the Compensation Committee’s approval. 
  
 (B) The Executive shall be entitled to receive bonuses from the Company in accordance with the bonus plans of the Company as in effect from time to time.
As Chairman, President and CEO his target bonus award percentage shall be 70% of the median annual salary of the CEO position within the Hewitt comparator survey, subject to annual approval of the Compensation Committee of the Board of Directors.

  
 (C) Except as otherwise specifically provided to the contrary
in this Agreement, the Executive shall be provided with health, welfare and other fringe benefits to the same extent and on the same terms as those benefits are provided by the Company from time to time to the Company’s other senior management
executives. 
  
 (D) The Executive shall be reimbursed by the
Company, on terms and conditions that are substantially similar to those that apply to other similarly situated senior management executives of the Company, for reasonable out-of-pocket expenses for entertainment, travel, meals, lodging and similar
items which are consistent with the Company’s expense reimbursement policy and actually incurred by the Executive in the promotion of the Company’s business. 
  
 (E) The Company shall pay or shall reimburse the Executive for both of his monthly club dues and assessments; 
  
 (F) The Company shall pay the Executive for the amount of the monthly lease
payment for the automobile that the Executive uses for business; provided, however, that the Company shall report as income to the Executive any amounts required by law or the policies of the Company relating to the Executive’s personal use of
such automobile. 
  

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 (G) The Executive shall be recommended for stock awards in the future utilizing the methodology in place
for the 1999 grant. The methodology in place for 1999 will not be changed in a manner which is less favorable to the Executive. 
  
 (H) The Executive shall be provided financial services counseling. 
  
 3. Rights and Payments Upon Termination. The Executive’s right to benefits and payments, if any, for
periods after the date on which his employment with the Company terminates for any reason (his “Termination Date”) shall be determined in accordance with this Section 3: 
  
 (A) Termination by the Company for Reasons Other Than Cause; Termination by the Executive for Good Reason. If
the Executive’s termination by the Company occurs for any reason other than Cause or is a result of the Executive’s termination of employment for Good Reason (and is not on account of the Executive’s death, disability, or voluntary
resignation, the mutual agreement of the parties or any other reason), then the period (the “Benefit Period”) commencing on his Termination Date and ending on the earliest of (i) the thirty-sixth month after the Executive’s
Termination Date; (ii) the date on which the Executive violates the provisions of Sections 4, 5 or 6 of this Agreement; or (iii) the date of the Executive’s death, the Executive shall continue to receive from the Company bi-weekly
Annual Base Salary (based on his Annual Base Salary as in effect on his Termination Date) and “Bonus” (as defined below) payments. Such continued bi-weekly base salary payments shall be made on the regularly scheduled pay dates following
the Executive’s Termination Date. Notwithstanding the foregoing provisions of this Paragraph 3(a), if the Executive is a “specified person” (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended
(“Code”)) on the Termination Date and payments under this Agreement are not exempt from Code Section 409A under the exception for separation payments on involuntary termination that do not exceed two times the limit under
Section 401(a)(17) of the Code, then the first payment of continued Annual Base Salary shall not be made until the first regularly scheduled pay date that is six months after the Termination Date and shall consist of (a) an initial payment
equal to the sum of (1) the total bi-weekly payments the Executive would have been entitled to receive during the first six months following the Termination Date if the Executive were not a specified person plus (2) the first bi-weekly
payment due in the seventh month following the Termination Date, and (b) subsequent to the initial payment, bi-weekly payments based on his or her Annual Base Salary to the extent not paid with the initial payment. 
  

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 Benefits that will continue will include medical, dental, basic life insurance, financial counseling
services, any optional life insurance and any optional accidental death and dismemberment insurance. “Bonus” shall mean three payments of the average annual amount of the award paid to the Executive pursuant to the annual incentive plan or
successor plan with respect to the three years immediately preceding that in which the Termination Date occurs; excluding any years in which the bonus was zero. If all three immediately preceding bonus payments were equal to zero, then no bonus
payment would be continued for the next three years. 
  
 Base
salary payments to the Executive during the aforementioned Benefit Period shall not preclude the Executive’s eligibility for payments under the Company’s severance plan. 
  
 Thirty-six months of additional age and service credit will be provided to the Executive’s RT Pension and the RT
Supplemental Plan using the methodology described in the Executive’s Change in Control Agreement except that any lump sum payment will be made thirty-six months after the Executive’s Termination Date and only if the Executive has not
violated the Confidentiality, Nonsolicitation and Noncompetition provisions of this Agreement. 
  
 All existing unvested options as of the Termination Date will become vested and the Executive shall be afforded a 36 month extension period of time (but
not beyond the original Termination Date of the option) from the Termination Date to exercise any remaining unexercised options that had not expired before the Termination Date. 
  
 It is expected that the Executive would have an opportunity to exercise said options in a cashless exchange from the first
window period (post earnings public release period) after the Executive’s Termination Date and thereafter. The Company expects that such a transaction could be accomplished very promptly at the beginning of said window period and thereafter.
The Executive may exercise a cashless exchange of options before the date mentioned above if the Company is in agreement on the efficacy of such action and such agreement would not be unreasonably withheld by the Company. 
  
 The Company will, to the maximum extent permitted by law, defend, indemnify
and hold harmless the Executive and the Executive’s heirs, estate, executors and administrators 

  

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against any costs, losses, claims, suits, proceedings, damages or liabilities to which the Executive may become subject which arise out of, are based upon or
relate to the Executive’s employment by the Company (and any predecessor company to the Company), or the Executive’s service as an officer or member of the Board of Directors of the Company (or any predecessor company to the Company),
including without limitation reimbursement for any legal or other expenses reasonably incurred by the Executive in connection with investigation and defending against any such costs, losses, claims, suits, proceedings, damages or liabilities. The
Company shall maintain directors and officers liability insurance in commercially reasonable amounts (as reasonably determined by the Board), and the Executive shall be covered under such insurance to the same extent as other senior management
employees of the Company with respect to matters which occurred during such period of employment. 
  
 The Executive will be provided one-on-one Executive out placement and office services following his Termination Date. Such services will be paid for by
the Company and consistent with the existing Company program and appropriate to his level. 
  
 The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking outside employment or otherwise and such payments shall not be reduced by any other income earned by
Executive. 
  
 (B) Termination By Company for
Cause. If the Executive’s termination is a result of the Company’s termination of the Executive’s employment on account of Cause, then, except as agreed in writing between the Executive and the Company, the Executive shall
have no right to future payments or benefits under this Agreement (and the Company shall have no obligation to make any such future payments or provide any such future benefits) for periods after the Executive’s Termination Date. 
  
 (C) Termination for Death or Disability. If the
Executive’s termination is caused by the Executive’s death or permanent disability, then the Executive (or in the event of his death, his estate) shall be entitled to continuing payments of his Salary for the period commencing on his
Termination Date and ending on the earlier of (i) the last day of the calendar month in which his Termination Date occurs or (ii) the date on which the Executive violates the provisions of Sections 4, 5 or 6 of this Agreement. 

 
 (D) Termination for Voluntary Resignation, Mutual Agreement or
Other Reasons. If the Executive’s termination occurs on account of his voluntary resignation, mutual agreement of the parties, or any reason other than those specified in Paragraphs 

  

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(A), (B) or (C) above then, except as agreed in writing between the Executive and the Company, the Executive shall have no right to future payments
or benefits under this Agreement (and the Company shall have no obligation to make any such future payments or provide any such future benefits) for periods after the Executive’s Termination Date. The Executive’s termination of employment
for Good Reason shall not be treated as a voluntary resignation for purposes of this Agreement. 
  
 (E) Definitions. For purposes of this Agreement: 
  

(i) The term “Cause” shall mean: 
  
 (a) the willful engaging by the Executive in conduct which is demonstrably and materially injurious to the Company or its affiliates, monetarily or
otherwise, as determined by the Board of Directors; or 
  
 (b)
conduct by the Executive that involves theft, fraud or dishonesty; or 
  
 (c) the Executive’s violation of the provisions of Sections 4, 5 or 6 hereof. 
  
 (ii) The term “Good Reason” means (a) the assignment to the Executive duties which are materially inconsistent with his duties as Chairman, President and CEO of the Company, including, without
limitation, a material diminution or reduction in his title, office or responsibilities or a reduction in his rate of Salary, failure to provide bonus opportunities or stock awards in accordance with the requirements in Section 2, or
(b) the relocation of the Executive to a location that is not within the greater Chicago metropolitan area. 
  
 Notwithstanding any other provision of this Agreement, the Executive shall automatically cease to be an employee of the Company and its affiliates as of
his Termination Date and, to the extent permitted by applicable law, any and all monies that the Executive owes to the Company shall be repaid before any post-termination payments are made pursuant to the Executive pursuant to this Agreement.

  

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 4. Confidential Information. The Executive agrees that: 
  
 (A) Except as may be required by the lawful order of a court or
agency of competent jurisdiction, or except to the extent that the Executive has express authorization from the Company, he shall keep secret and confidential indefinitely all non-public information (including, without limitation, information
regarding litigation and pending litigation) concerning the Company and its affiliates which was acquired by or disclosed to the Executive during the course of his employment with the Company, and not to disclose the same, either directly or
indirectly, to any other person, firm, or business entity, or to use it in any way. 
  
 (B) Upon his Termination Date or at the Company’s earlier request, he will promptly return to the Company any and all records, documents, physical property, information, computer disks or other materials relating
to the business of the Company and its affiliates obtained by him during his course of employment with the Company. 
  
 (C) The Executive shall keep the Company informed of, and shall execute such assignments as may be necessary to transfer to the Company or its affiliates
the benefits of, any inventions, discoveries, improvements, trade secrets, developments, processes, and procedures made by the Executive, in whole or in part, or conceived by the Executive either alone or with others, which result from any work
which the Executive may do for or at the request of the Company, whether or not conceived by the Executive while on holiday, on vacation, or off the premises of the Company, including such of the foregoing items conceived during the course of
employment which are developed or perfected after the Executive’s termination of employment. The Executive shall assist the Company or other nominated by it, to obtain patents, trademarks and service marks and the Executive agrees to execute
all documents and to take all other actions which are necessary or appropriate to secure to the Company and its affiliates the benefits thereof. Such patents, trademarks and service marks shall become the property of the Company and its affiliates.
The Executive shall deliver to the Company all sketches, drawings, models, figures, plans, outlines, descriptions or other information with respect thereto. 
  
 (D) To the extent that any court or agency seeks to have the Executive disclose confidential information, he shall promptly inform the Company, and he
shall take such reasonable steps to prevent disclosure of Confidential Information until the Company has been informed of such requested disclosure. To the extent that the Executive obtains information on behalf of the Company or any of its
affiliates that may be subject to attorney-client privilege as to the Company’s attorneys, the Executive shall take reasonable steps to maintain the confidentiality of such information and to preserve such privilege. 
  

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 (E) Nothing in the foregoing provisions of this Section 4 shall be construed so as to prevent the
Executive from using, in connection with his employment for himself or an employer other than the Company or any of its affiliates, knowledge which was acquired by him during the course of his employment with the Company and its affiliates, and
which is generally known to persons of his experience in other companies in the same industry. 
  
 5. Nonsolicitation. While the Executive is employed by the Company and its affiliates and for a period of three years after the date the Executive terminates employment with the Company and its
affiliates for any reason, the Executive covenants and agrees that he will not, whether for himself or for any other person, business, partnership, association, firm, company or corporation, directly or indirectly, call upon, solicit, divert or take
away or attempt to solicit, divert or take away, any of the customers or employees of the Company or its affiliates in existence from time to time during his employment with the Company and its affiliates. 
  
 6. Noncompetition. While the Executive is employed by the
Company and its affiliates, and for a period of three years after the date the Executive terminates employment with the Company and its affiliates, the Executive covenants and agrees that he will not, directly or indirectly, engage in, assist,
perform services for, plan for, establish or open, or have any financial interest (other than (i) ownership of 1% or less of the outstanding stock of any corporation listed on the New York or American Stock Exchange or included in the National
Association of Securities Dealers Automated Quotation System or (ii) ownership of securities in any entity affiliated with the Company) in any person, firm, corporation, or business entity (whether as an employee, officer, director or
consultant) that engages in an activity in any state in which the Company or its affiliates is conducting or has reasonable expectations of commencing business activities at the date of the Executive’s termination of employment, which is the
same as, similar to, or competitive with the metals service center, processing and distribution business of the Company and its affiliates. 
  
 Employment of the Executive by a metals manufacturing organization is not considered a violation of this noncompetition section as long as the Executive does not
personally engage in activities with the metals manufacturer to obtain or increase business from the Company’s customers through mill direct or competitor supported business activities. 
  
 7. Equitable Remedies. The Executive acknowledges that the
Company would be irreparably injured by a violation of Sections 4, 5 and 6 and agrees that the Company, in addition 

  

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to other remedies available to it for such breach or threatened breach, shall be entitled to a preliminary injunction, temporary restraining order, other
equivalent relief, restraining the Executive from any actual or threatened breach of Sections 4, 5 and 6 without any bond or other security being required. 
  
 8. Defense of Claims. The Executive agrees that, during his employment with the Company and after his termination, he will cooperate with
the Company and its affiliates in the defense of any claims that may be made against the Company or its affiliates to the extent that such claims may relate to services performed by him for the Company. To the extent travel is required to comply
with the requirements of this Section 8, the Company, shall to the extent possible, provide the Executive with notice at least 10 days prior to the date on which such travel would be required and the Company agrees to reimburse the Executive
for all of his reasonable actual expenses associated with such travel; provided, however, that if the Company reasonably expects the travel to be extensive or unduly burdensome to the Executive from a financial perspective, the Company may provide
to the Executive pre-paid tickets for transportation in connection with such travel. 
  
 9. Notices. Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received when delivered in person or sent by facsimile transmission, on the first business day
after it is sent by air express courier service or on the second business day following deposit in the United States registered or certified mail, return receipt requested, postage prepaid and addressed, in the case of the Company to the following
address: 
  
 Ryerson Inc. 
 2621 W. 15th Place 
 Chicago, IL 60608

 Attention: William Korda 
  
 or to the Executive: 
  
 Neil S. Novich 
 431 Washington Avenue

 Wilmette, IL 60091 
  
 or such other address as either party may have furnished to the other in writing in accordance herewith, except that a notice of change of address shall be effective only
upon actual receipt. 
  
 10. Withholding. All
compensation payable under this Agreement shall be subject to customary withholding taxes and other employment taxes as required with respect to compensation paid by a corporation to an employee and the amount of compensation payable hereunder shall
be reduced appropriately to reflect the amount of any required withholding. The Company shall have no obligation to make any payments to the Executive or to make the Executive whole for the amount of any required taxes. 
  

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 11. Successors. This Agreement shall be binding on, and inure to the benefit of, the
Company and its successors and assigns and any person acquiring, whether by merger, reorganization, consolidation, by purchase of assets or otherwise, all or substantially all of the assets of the Company. 
  
 12. Nonalienation. The interests of the Executive under this
Agreement are not subject to the claims of his creditors, other than the Company, and may not otherwise be voluntarily or involuntarily assigned, alienated or encumbered. 
  
 13. Waiver of Breach. The waiver by either the Company or the Executive of a breach of any provision of this
Agreement shall not operate as or be deemed a waiver of any subsequent breach by either the Company or the Executive. Continuation of payments hereunder by the Company following a breach by the Executive of any provision of this Agreement shall not
preclude the Company from thereafter terminating said payments based upon the same violation. 
  
 14. Severability. It is mutually agreed and understood by the parties that should any of the agreements and covenants contained herein be determined by any court of competent jurisdiction to be invalid
by virtue of being vague or unreasonable, including but not limited to the provisions of Sections 4, 5 and 6, then the parties hereto consent that this Agreement shall be amended retroactive to the date of its execution to include the terms and
conditions said court deems to be reasonable and in conformity with the original intent of the parties and the parties hereto consent that under such circumstances, said court shall have the power and authority to determine what is reasonable and in
conformity with the original intent of the parties to the extent that said covenants and/or agreements are enforceable. 
  
 15. Applicable Law. This Agreement shall be construed in accordance with the laws of the State of Illinois. 
  
 16. Amendment. This Agreement may be amended or cancelled by
mutual Agreement of the parties in writing without the consent of any other person. 
  
 17. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one
and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party hereto, but together signed by both of the parties hereto. 
  

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 18. Arbitration & Legal Fees. Disputes arising out of or in connection with the
interpretation and application of this Agreement shall be discussed by the Executive and the Company in good faith negotiations for the purpose of reaching an amicable resolution. Without prejudice to the Company’s rights under Section 7
of this Agreement, any such disputes which cannot be settled amicably within thirty (30) days after written notice by one party to the other (or after such longer period agreed to in writing by the parties), shall thereafter be settled by
binding arbitration in Chicago, Illinois, to be conducted pursuant to the rules and procedures then obtaining of the American Arbitration Association and judgement on the award rendered in such arbitration may be entered in any court of competent
jurisdiction. 
  
 The Executive is entitled to timely payments
(not later than 30 calendar days after notice from the Executive) from the Company of reasonable attorney fees incurred by the Executive in the event of a dispute arising out of or in connection with the interpretation and application of this
Agreement. 
  
 19. Other Agreements. This Agreement
constitutes the sole and complete Agreement between the Company and the Executive and supersedes all other agreements, both oral and written, between the Company and the Executive with respect to the matters contained herein, provided, however, that
this Agreement does not supersede the Change in Control Agreement or Severance Plan. No verbal or other statements, inducements, or representations have been made to or relied upon by the Executive. The parties have read and understand this
Agreement. 
  

					
	 	 	 	 	RYERSON INC.
			
	Dated:	 	  

	 	  

	 	 	 	 	William Korda
	 	 	 	 	Vice President Human Resources
			
	Dated:	 	  

	 	  

	 	 	 	 	Neil S. Novich
	 	 	 	 	Chairman, President & CEO

  

 -11-Conformed Employment Agreement between the Company and James M. Delaney

 EXHIBIT 10.21 
  
 EMPLOYMENT AGREEMENT 
 (conformed) 
  
 THIS
AGREEMENT, by and between Ryerson Inc. (the “Company”) and James M. Delaney (the “Executive”) effective as of July 23, 2001 (the “Effective Date”) and as amended and restated January 1, 2006. 

 
 WITNESSETH THAT: 
  
 WHEREAS, the Company has appointed Executive to the position of
President Customer Solutions Team & CCO, and Executive has accepted such appointment; 
  
 WHEREAS, in connection with such appointment, the Company and Executive desire to enter into this Agreement; and 
  
 WHEREAS, this Agreement is amended effective January 1, 2006 to conform to the requirements of the Internal Revenue Code Section 409A;

  
 NOW, THEREFORE, in consideration of the
Executive’s appointment as President Customer Solutions Team & CCO, and for other good and valuable consideration the receipt of which is hereby acknowledged, it is agreed by the Executive and Company as follows: 
  
 1. Duties. The Executive will serve as President Customer
Solutions Team & CCO and in such capacity shall have such duties and responsibilities as may be assigned to him or her from time to time by the Company. The Executive shall have such authorities and powers as are inherent to the undertaking
of this position and necessary to carry out these responsibilities and duties. Notwithstanding the foregoing or any other provisions of this Agreement, the Executive and the Company understand and agree that the responsibilities and duties of the
Executive, in the capacity of President Customer Solutions Team& CCO of the Company, may change from time to time due to changes in the nature, structure or needs of the Company’s business and that any such changes in the Executive’s
duties and responsibilities that are consistent with such changes in the Company’s business shall not constitute a reduction or increase in the Executive’s duties and responsibilities for purposes of this Agreement. 
  

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 The Executive shall devote his or her best efforts and full business time and attention (except for
permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company and its affiliated companies. The Executive shall perform all assigned duties to the best of his or her abilities in a
diligent, trustworthy, businesslike and efficient manner. 
  
 2. Compensation. Subject to the terms and conditions of this Agreement, while the Executive is employed by the Company under this Agreement, Executive shall be compensated for services as follows: 
  
 (A) Effective July 23, 2001 the Executive’s annual base salary
shall be $239,000 (“Annual Base Salary”), payable in installments under the Company’s general payroll practices, subject to customary withholding. The Executive’s rate of Annual Base Salary shall be reviewed annually beginning
January 2002. 
  
 (B) The Executive will be eligible for an
incentive bonus payment from the Company each calendar year or applicable performance period (the “Performance Bonus”) in accordance with the bonus plans of the Company as in effect from time to time. The Executive’s target bonus
award payment is 36% of Annual Base Salary. 
  
 (C) Except as
otherwise specifically provided herein, the Executive shall be provided with health, welfare and other fringe benefits to the same extent and on the same terms as those benefits are provided by the Company from time to time to other similarly
situated executives of the Company, provided that, nothing in the Agreement will preclude the Company from amending or terminating any plans or programs generally applicable to salaried employees or executives, as the case may be. 
  
 (D) The Executive shall be reimbursed by the Company, on terms and
conditions that are substantially similar to those applicable to other similarly situated executives of the Company, for reasonable out-of-pocket expenses for entertainment, travel, meals, lodging and similar items, consistent with the
Company’s expense reimbursement policy, actually incurred by the Executive in the promotion of the Company’s business. 
  

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 (E) The Company shall pay or shall reimburse the Executive for his monthly country club dues and
assessments; provided, however, that such payment or reimbursement, as applicable, shall apply only to one club at any given point in time. 
  
 (F) The Company shall pay or shall reimburse the Executive for the amount of the monthly lease payment for the automobile approved by the Company for the
Executive’s business; provided however, that the Company shall report as income to the Executive any amounts required by law or the policies of the Company for the Executive’s personal use of such automobile. 
  
 (G) The Executive shall be recommended for stock options in the same manner
as may be in effect from time to time for other similarly situated executives of the Company. 
  
 (H) The Company shall provide a two year Change in Control Agreement. 
  
 3. Rights and Payments Upon Termination. The Executive’s right to benefits and payments, if any, for periods after the date the
Executive’s employment with the Company terminates for any reason (the “Termination Date”) shall be determined in accordance with this Section 3: 
  
 (A) Termination by the Company for Reasons Other Than Cause; Termination by the Executive for Good Reason. If
the Executive’s termination by the Company occurs for any reason other than Cause or is a result of the Executive’s termination of employment for Good Reason (and is not on account of the Executive’s death, disability, or voluntary
resignation, the mutual agreement of the parties or any other reason), then the period (the “Benefit Period”) commencing on his Termination Date and ending on the earliest of (i) the thirty-sixth month after the Executive’s
Termination Date; (ii) the date on which the Executive violates the provisions of Sections 4, 5 or 6 of this Agreement; or (iii) the date of the Executive’s death, the Executive shall continue to receive from the Company bi-weekly
Annual Base Salary (based on his Annual Base Salary as in effect on his Termination Date) and “Bonus” (as defined below) payments. Such continued 

  

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bi-weekly base salary payments shall be made on the regularly scheduled pay dates following the Executive’s Termination Date. Notwithstanding the
foregoing provisions of this Paragraph 3(a), if the Executive is a “specified person” (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”)) on the Termination Date and payments under
this Agreement are not exempt from Code Section 409A under the exception for separation payments on involuntary termination that do not exceed two times the limit under Section 401(a)(17) of the Code, then the first payment of continued
Annual Base Salary shall not be made until the first regularly scheduled pay date that is six months after the Termination Date and shall consist of (a) an initial payment equal to the sum of (1) the total bi-weekly payments the Executive
would have been entitled to receive during the first six months following the Termination Date if the Executive were not a specified person plus (2) the first bi-weekly payment due in the seventh month following the Termination Date, and
(b) subsequent to the initial payment, bi-weekly payments based on his or her Annual Base Salary to the extent not paid with the initial payment. 
  
 Annual Base Salary payments to the Executive during the Benefit Period shall not preclude the Executive’s eligibility for payments under the Company
Severance Plan, provided, however, that any benefit continuation period under this Agreement shall run concurrently with the applicable benefit period under the Severance Plan. 
  
 Twenty-four months of additional age and service credit will be provided to the Executive’s Ryerson Pension and the
Ryerson Supplemental Plan using the methodology described in the Executive’s Change in Control Agreement except that any lump sum payment will be made twenty-four months after the Executive’s Termination Date and only if the Executive has
not violated the Confidentiality, Nonsolicitation and Noncompetition provisions of this Agreement. 
  
 (B) Termination By Company for Cause. If the Company terminates the Executive’s employment for Cause, then except as agreed in writing
between the Executive and the Company, the Executive shall be entitled to receive only compensation and benefits earned up to the Date of Termination. The Executive shall not be entitled to receive any payments or benefits under this Agreement after
the Executive’s Termination Date and the Company shall have no obligation to make any additional payments or provide any other benefits after the Executive’s Termination Date. 
  

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 (C) Termination for Death or Disability. If the Executive’s termination is caused by
the Executive’s death or permanent disability (as that term is defined under the Company’s Long Term Disability Plan), then the Executive (or in the event of his or her death, his or her estate) shall be entitled to continued payments of
Annual Base Salary for the period commencing on the Termination Date and ending on the earlier of (i) the last day of the calendar month in which his Termination Date occurs; (ii) the date on which the Executive violates the provisions of
Sections 4, 5 or 6 of this Agreement; (iii) the date of the Executive’s death; or (iv) the date of the Executive’s permanent disability. 
  
 (D) Termination for Voluntary Resignation, Mutual Agreement or Other Reasons. If the Executive’s termination occurs on account of his
voluntary resignation, mutual agreement of the parties, or any reason other than those specified in Paragraphs (A), (B) or (C) above, then, except as agreed in writing between the Executive and the Company, the Executive shall not be
entitled to receive any payments or benefits under this Agreement after the Executive’s Termination Date and the Company shall have no obligation to make any additional payments or provide any additional benefits after the Executive’s
Termination Date. The Executive’s termination of employment for Good Reason shall not be treated as a voluntary resignation for purposes of this Agreement. 
  
 (E) Definitions. For purposes of this Agreement: 
  
 (i) The term “Cause” shall mean: 
  
 (a) the continuous performance of his duties (under this Agreement) in a
manner that is inconsistent with past, acceptable performance over a normal business cycle; or in a way that has a demonstrable negative impact on the results of the business unit. The Executive Vice President must provide a notice of unsatisfactory
performance and a reasonable corrective action period. The Chairman and CEO must review and approve the action; or 
  

 5 

 (b) the willful engaging by the Executive in conduct which is demonstrably and materially injurious to
the Company or its affiliates, monetarily or otherwise, as determined by the Executive Vice President; or 
  
 (c) conduct by the Executive that involves theft, fraud or dishonesty; or 
  
 (d) the Executive’s violation of the provisions of Sections 4, 5 or 6 hereof. 
  
 (ii) The term “Good Reason” means (a) the assignment to the
Executive of duties which are materially inconsistent with the Position and Duties under this Agreement, including, without limitation, a material diminution or reduction in title, office or responsibilities or a reduction in Annual Base Salary, if
such assignment is not changed by the Company, after written notice by the Executive to the Company of such diminution or reduction giving the Company reasonable opportunity to cure, or (b) the involuntary relocation of the Executive to a
location that is not within the Chicago metropolitan area. 
  
 Notwithstanding any other provision of this Agreement, the Executive shall automatically cease to be an employee of the Company and its affiliates as of his Termination Date and, to the extent permitted by applicable
law, any and all monies that the Executive owes to the Company shall be repaid before any post-termination payments are made to the Executive under this Agreement. 
  
 4. Termination by Executive or Company with Notice. Subject to the payment obligations and rights set forth in
Section 3 above, the Company and Executive agree that either party may terminate Executive’s employment under this Agreement for any or no reason. Provided that, except in the case of the death of the Executive, or mutual written agreement
of termination, or the Company’s termination of the Executive’s employment for Cause, each party is obligated to give the other sixty (60) days written notice (the “Notice Period”) before terminating the Executive’s
employment relationship for any reason. 
  

 6 

 During the Notice Period, the Executive shall (i) meet with Executive Vice President or his designee
to wind up any pending work and provide an orderly transfer to other employees of the duties, responsibilities, accounts, customers and clients for which the Executive has been responsible; (ii) work with the Company to identify key
Confidential Information (as defined in Section 5 below) likely to be in the Executive’s possession and provide it to the Company as instructed; (iii) disclose and discuss the Executive’s future employment plans in light of
Executive’s obligations under this Agreement; (iv) deliver to the Company all property belonging to the Company, including any duplicates, copies or abstracts thereof; (v) devote full time and attention to these obligations and
Executive’s other responsibilities as directed by the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, terminate the Executive at any time during the Notice Period, in which event Executive’s employment
terminates effective with written notice by the Company to the Executive of this decision, provided that, if the Executive has given notice of his intent to terminate his employment under this Agreement, then, unless the Executive dies, the parties
mutually agree otherwise in writing, or the Company terminates the Executive for Cause, the Company will pay to the Executive, in lieu of notice, any Annual Base Salary and benefits that may be due to the Executive for any portion of such sixty
(60) days Notice Period remaining after the Termination Date. 
  
 5. Confidentiality and Ownership. The Executive acknowledges and agrees that the Confidential Information (as defined in Section 5(A) below) is the property of the Company, its subsidiaries and affiliates. Accordingly,
except as may be required by applicable law or the lawful order of a court or regulatory body, or except to the extent that the Executive has express authorization from the Company to do otherwise, Executive will: 
  
 (A) Confidential Information. Keep secret and confidential
indefinitely all Confidential Information and not disclose such Confidential Information, either directly or indirectly, to any other person, firm or business entity, or to use it in any way. For purposes of this Agreement, “Confidential
Information” means all non-public information, observations or data relating to the Company, its subsidiaries or affiliates which the Executive has learned or will learn during his employment with the Company, its subsidiaries or affiliates,
whether or not a trade secret within the meaning of applicable law, including but not limited to: (i) new products and new product development; (ii) marketing strategies and plans, market experience with products, and market research;
(iii) manufacturing processes, technologies and production plans and methods; (iv)

  

 7 

 
formulas, research in progress and unpublished manuals or know how devices, methods, techniques, processes and inventions; (v) regulatory filings and
communications; (vi) identity of and relationship with licensees, licensers or suppliers; (vi) finances, financial information, and financial management systems; (vii) technological and engineering data; (viii) identities of and
information concerning customers, vendors and suppliers and prospective customers, vendors and suppliers; (ix) development, expansion and business strategies, plans and techniques; (x) computer programs; (xi) research and development
activities; and (xii) litigation and pending litigation. 
  
 (B) Upon the Executive’s Termination Date or at the Company’s earlier request, the Executive will promptly return to the Company any and all records, documents, data, memoranda, reports, physical property, information, computer
disks, tapes or software or other materials, and all copies thereof, relating to the business of the Company and its subsidiaries and affiliates obtained by the Executive during his or her employment with the Company, its subsidiaries or affiliates.
The Executive further agrees to deliver to the Company, at its request, any computer in the Executive’s possession or control which has contained any Confidential Information for the purpose of ensuring that all Confidential Information stored
on the computer has been delivered to the Company. The Company will also promptly return to the Executive any and all personal property on Company premises. 
  
 (C) The Executive agrees that all inventions, innovations, discoveries, improvements, developments, trade secrets, processes, procedures, methods,
designs, analyses, drawings, reports, and all similar or related information which relates to the Company’s or any of its subsidiaries’ or affiliates’ actual or anticipated business, research and development or existing or future
products or services and which are conceived, developed or made by the Executive while employed by the Company or its subsidiaries or affiliates (“Work Product”) belong to the Company or such subsidiary or affiliate. The Executive shall
promptly inform the Company of such Work Product, and shall execute such assignments as may be necessary to transfer to the Company or its affiliates the benefits of the Work Product, in whole or in part, or conceived by the Executive either alone
or with others, which result from any work which the Executive may do for or at the request of the Company, whether or not conceived by the Executive while on holiday, on vacation, or off the premises of the Company, including such of the foregoing
items conceived during 

  

 8 

 
the course of employment which are developed or perfected after the Executive’s Termination Date. The Executive shall assist the Company or its nominee,
to obtain patents, trademarks and service marks and the Executive agrees to execute all documents and to take all other actions which are necessary or appropriate to secure to the Company and its subsidiaries and affiliates the benefits thereof.
Such patents, trademarks and service marks shall become the property of the Company and its affiliates. The Executive shall deliver to the Company all sketches, drawings, models, figures, plans, outlines, descriptions or other information with
respect thereto. 
  
 (D) To the extent that any court or agency
seeks to have the Executive disclose Confidential Information, the Executive shall promptly inform the Company, and the Executive shall take such reasonable steps to prevent disclosure of Confidential Information until the Company has been informed
of such requested disclosure. To the extent that the Executive obtains information on behalf of the Company or any of its affiliates that may be subject to attorney-client privilege as to the Company’s attorneys, the Executive shall take
reasonable steps to maintain the confidentiality of such information and to preserve such privilege. 
  
 (E) Nothing in the foregoing provisions of this Section 5 shall be construed so as to prevent the Executive from using, in connection with his or her
employment for himself or an employer other than the Company or any of its affiliates, knowledge which was acquired by him during the course of his employment with the Company and its affiliates, and which is generally known to persons of his
experience in other companies in the same industry through Executive’s acts or omission to act. 
  
 6. Noncompetition/Nonsolicitation. The Executive acknowledges that the industry in which the Company is engaged is a highly competitive
business, and that the Executive is a key executive of the Company. The Executive further acknowledges that as a result of his senior position within the Company, he has acquired and will acquire extensive Confidential Information and knowledge of
the Company’s business and the industry in which it operates and will develop relationships with and knowledge of customers, employees, vendors and suppliers of the Company and its subsidiaries and affiliates. Accordingly, the Executive agrees
that during the time the Executive is employed by the Company, its subsidiaries or affiliates (the “Employment 

  

 9 

 
Period”) and for a period of twenty-four months after the Termination Date (the “Severance Period”), the Executive agrees as follows:

  
 (A) The Executive will not directly or indirectly, own,
operate, manage, control, participate or have any financial interest in, consult with, advise, engage in services for (whether for himself or for any other person and whether as proprietor, principal, stockholder, partner, agent, director, officer,
employee, consultant, independent contractor or in any other capacity), any Competitor of the Company, or in any manner engage in the start-up of a business (including by himself or in association with any person, firm, corporate or other business
organization through any other entity) in Competition with the Company, provided that, this shall not prevent the Executive from ownership of 1% or less of the outstanding stock of any corporation listed on the New York or American Stock Exchange or
included in the National Association of Securities Dealers Automated Quotation System or ownership of securities in any entity affiliated with the Company. “Competitor” or “in Competition” refers to a person or entity, including
metals-related Internet marketplaces, engaged in the metal service center processing and/or distribution business. 
  
 (B) Executive will not directly or indirectly contact, call upon, solicit business from, sell or render services to, any customer of the Company with
respect to the provision of services identical or similar to any service provided by the Company during the Employment Period or in the process of being provided as of the Termination Date, for which Executive had any responsibility or about which
Executive had any Confidential Information during the Employment Period; or 
  
 (C) Executive will not directly or indirectly either alone or in cooperation with others, encourage any employees of the Company to seek or accept an employment or business relationship with a person or entity other
than the Company, or in any way interfere with the relationship of the Company and any subsidiary or affiliate and any employee thereof, including without limitation, to hire, solicit for hire, or discuss or encourage the employment of, any of the
employees of the Company who were employed by the Company during the Employment Period; provided however, this shall not apply to an employee whose employment was terminated by the Company before the Termination Date, if such termination was not
caused by any direct or indirect involvement of the Executive or a subsequent employer of Executive. 
  

 10 

 (D) Executive will not directly or indirectly either alone or in cooperation with others, encourage any
supplier, distributor, franchisee, licensee, or other business relation of the Company, any subsidiary or affiliate of the Company to cease or curtail doing business with the Company, any subsidiary or affiliate of the Company, or in any way
interfere with the relationship between any such customer, supplier, distributor, franchisee, licensee or business relation and the Company or subsidiary or affiliate. 
  
 (E) The parties agree that money damages would be inadequate for any breaches of paragraphs 4, 5 and this paragraph 6.
Therefore, in the event of a breach or threatened breach of paragraphs 4, 5 or 6, the Company, or its successors or assigns may, in addition to other rights and remedies existing in its favor, apply to any court of competent jurisdiction for
specific performance and/or injunctive or other relief, to enforce, or prevent any violation of, the provisions hereof (without posting a bond or other security). 
  
 (F) The Executive agrees that: (i) the covenants set forth in this Section are reasonable in geographical and temporal
scope and in all other respects, (ii) the Company would not have entered into this Agreement but for the covenants of the Executive contained herein and (iii) the covenants contained herein have been made in order to induce the Company to
enter into this Agreement. 
  
 7. No Conflict. The
Executive represents that the Executive is not a party to any agreement with any third party containing a non-competition provision or other restriction, which would prohibit or restrict the Executive’s employment with the Company or any part
of the services which the Executive provides to the Company or its clients. Moreover, the Executive represents that the Executive is not limited by any court order or other legal obligation from performing any assigned duties for the Company and the
Executive has no rights which may conflict with the interests of the Company or with the Executive’s obligations hereunder. 
  
 8. Change of Title, Duties. The Executive agrees that if, at any time, the Executive’s title or duties is changed by the Company the
Executive will continue to be bound in all particulars to the terms and conditions of this Agreement. This provision does not limit the Executive’s or Company’s rights under Section 1 and Section 3 of this Agreement. 

 

 11 

 9. Validity. If any one or more of the provisions contained in the Agreement shall, for any
reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and this Agreement shall be constructed as if such invalid, illegal, or
unenforceable provision had never been contained herein. 
  
 If
any restriction set forth in this Agreement is determined by a court of competent jurisdiction to be unreasonable or unenforceable with respect to scope, time, geographical, customer or other coverage under circumstances then existing, the parties
agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum
period, scope and area permitted by law, so as to provide the maximum legally enforceable protection of the Company’s interests as described in this Agreement, without negating or impairing any other restrictions or agreements set forth herein.

  
 10. Reasonableness of Restrictions/Injunctive
Relief. 
  
 (A) The Executive acknowledges that his
rights to compete and disclose Confidential Information and trade secrets are limited hereby only to the extent necessary to protect the Company and that, in the event the Executive’s employment with the Company terminates for any reason, the
Executive will be able to earn a livelihood without violating the foregoing restrictions. The Executive acknowledges that the restrictions cited herein are reasonable and necessary for the protection of the Company’s legitimate business
interests. 
  
 (B) The Executive acknowledges that the services
to be rendered by the Executive are of a special, unique and extraordinary character and, in connection with such services, the Executive will have access to confidential information vital to the Company’s businesses. By reason of this, the
Executive consents and agrees that if the Executive violates any of the provisions of this Agreement, the Company would sustain irreparable harm and, therefore, in addition to any other remedies which the Company may have under this Agreement or
otherwise, the Company shall be entitled to an injunction from any court of 

  

 12 

 
competent jurisdiction restraining the Executive from committing or continuing any such violation of this Agreement, including, without limitation,
restraining the Executive from disclosing, using for any purpose, selling, transferring or otherwise disposing of, in whole or in part, any trade secrets, Confidential Information, proprietary information, client or customer lists or other
information pertaining to the financial condition, business, manner of operation, affairs, plans or prospects of the Company. The Executive acknowledges that damages at law would not be an adequate remedy for violation of this Agreement, and the
Executive therefore agrees that the provisions may be specifically enforced against the Executive in any court of competent jurisdiction. Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies
available to it for such breach or threatened breach, including the recovery of damages. 
  
 11. Withholding. All compensation payable under this Agreement shall be subject to customary withholding taxes and other employment taxes as required with respect to compensation paid by a corporation to
an employee and the amount of compensation payable hereunder shall be reduced appropriately to reflect the amount of any required withholding. The Company shall have no obligation to make any payments to the Executive or to make the Executive whole
for the amount of any required taxes. 
  
 12.
Successors. This Agreement shall be binding on, and inure to the benefit of, the Company and its successors and assigns and any person acquiring, whether by merger, reorganization, consolidation, by purchase of assets or otherwise, all or
substantially all of the assets of the Company. The Executive agrees that the Company may assign its rights and obligations under this Agreement. 
  
 13. Nonalienation. The interests of the Executive and the Company under this Agreement are not subject to the claims of their creditors,
other than the Company, and may not otherwise be voluntarily or involuntarily assigned, alienated or encumbered. 
  
 14. Notification. The Executive shall notify all future employers of the existence of Sections 4, 5 and 6 of this Agreement and the terms
thereof. The Executive will also provide the Company with information the Company may from time to time request to determine the Executive’s compliance with the terms of this Agreement. The Executive hereby authorizes the Company to contact the
Executive’s future employers and other parties with whom the Executive 

  

 13 

 
has engaged or may engage in any business relationship to determine the Executive’s compliance with this Agreement and to communicate the contents of
this Agreement to such employers and parties. 
  
 15.
Cooperation in Certain Matters. The Executive agrees that, during the Employment Period and after the Termination Date until the expiration of the severance period, the Executive will cooperate with the Company in any current or future or
potential legal, business, or other matters in any reasonable manner as the Company may request, including but not limited to meeting with and fully answering the questions of the Company or its representatives or agents, and in any legal matter
testifying and preparing to testify at any deposition or trial. The Company agrees to compensate the Executive for any reasonable expenses, including but not limited to attorneys’ fees, incurred as a result of such cooperation. 
  
 16. Governing Law. In the event of any dispute arising under
this Agreement, it is agreed that the law of the State of Illinois shall govern the interpretation, validity, and effect of this Agreement without regard to the place of performance or execution thereof. 
  
 17. Enforcement. The Company and the Executive hereby submit to
the jurisdiction and venue of any state or federal court located within Cook County, Illinois for resolution of any and all claims, causes of action or disputes arising out of, related to or concerning this Agreement. The parties further agree that
venue for all disputes between them, including those related to this Agreement, shall be with a state or federal court located within Cook County, Illinois. If the Company is required to seek enforcement of any of the provisions of this Agreement,
the Company will be entitled to recover from the Executive its reasonable attorneys’ fees plus costs and expenses as to any issues on which it prevails. If the Executive prevails in any action taken by the Company relative to the enforcement
provisions of this Agreement, the Executive will be entitled to recover from the Company its reasonable attorney’s fees plus costs and expenses as to any issues on which he prevails. 
  
 18. Notices. Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly
received when delivered in person or sent by facsimile transmission, on the first business day after it is sent by air express courier service or on the second business day following deposit in the United States registered or certified mail, return
receipt requested, postage prepaid and addressed, in the case of the Company to the following address: 
  
 Ryerson Inc. 
 2621 W. 15th Place 
 Chicago,
IL 60608 
 Attention: William Korda 
  

 14 

 or to the Executive: 
  
 James M. Delaney 
 122 South Bruner

 Hinsdale, IL 60521 
  
 or such other address as either party may have furnished to the other in writing in accordance herewith, except that a notice of change of address shall be effective only
upon actual receipt. 
  
 19. Waiver of Breach. The
waiver by either the Company or the Executive of a breach of any provision of this Agreement shall not operate as or be deemed a waiver of any subsequent breach by either the Company or the Executive. Continuation of payments hereunder by the
Company following a breach by the Executive of any provision of this Agreement shall not preclude the Company from thereafter terminating said payments based upon the same violation. 
  
 20. Survival of Agreement. Except as otherwise expressly provided in this Agreement, the rights and
obligations of the parties to this Agreement shall survive the termination of the Executive’s employment with the Company. 
  
 21. Acknowledgment by Executive. The Executive represents to the Company that he is knowledgeable and sophisticated as to business matters,
including the subject matter of this Agreement, that he has read this Agreement and that he understands its terms. The Executive acknowledges that, before assenting to the terms of this Agreement, the Executive has been given a reasonable time to
review it, to consult with counsel of choice, and to negotiate at arm’s-length with the Company as to the contents. 
  
 22. Other Agreements and Modification. This Agreement may only be amended or cancelled by written mutual Agreement executed by the parties.
This Agreement constitutes the sole and complete Agreement between the Company and the Executive and supersedes all other agreements, both oral and written, between the Company and the Executive with respect to the matters contained herein;
provided, however, that this Agreement does not supersede any Change in Control Agreement or Severance Plan, except as specifically addressed in this Agreement. No verbal or other statements, inducements, or representations have been made to or
relied upon by the Executive. The parties have read and understand this Agreement. 
  
 23. Ambiguities. This Agreement has been negotiated at arms-length between persons knowledgeable in the matters dealt with herein. In addition, each party has been represented by experienced and
knowledgeable legal counsel. Accordingly, the parties agree that neither the Company nor the Executive is the drafting party and that any rule of law or any other statutes, legal decisions or common law principles of similar effect that require
interpretation of any ambiguities in this Agreement against the party that has drafted it is of no application and is hereby expressly waived. The provisions of this Agreement shall be interpreted in a reasonable manner to give effect to the
intentions of the parties hereto. 
  

 15 

 IN WITNESS WHEREOF, the Executive has hereunto set his or her hand, and the Company has caused these
presents to be executed in its name and on its behalf, as of the date above first written. 
  

					
	 	 	 	 	RYERSON INC.
			
	Dated:	 	  

	 	  

	 	 	 	 	William Korda
	 	 	 	 	Vice President — Human Resources
			
	Dated:	 	  

	 	  

	 	 	 	 	James M. Delaney
	 	 	 	 	President Customer Solutions Team & CCO

  

 16

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