Document:

General Security Agreement

 Exhibit 10.4 
 Execution Copy 
 RYERSON CANADA, INC. 
 as Grantor 
 - and - 

BANK OF AMERICA, N.A. (acting through its Canada branch) 
 as Canadian Agent 
  
  
 GENERAL SECURITY AGREEMENT 
  
  
 Dated as of October 19, 2007 

 Execution Copy 
 GENERAL SECURITY AGREEMENT 
 General security agreement dated as of October 19, 2007 between Ryerson Canada,
Inc. (the “Grantor”) and Bank of America, NA. (acting through its Canada branch), in its capacity as Canadian Agent for the benefit of the Canadian Secured Parties (in such capacity together with any successor in such capacity, the
“Canadian Agent”). 
 WHEREAS the Lenders have agreed to make certain Loans available to the Grantor upon the terms
and conditions contained in a credit agreement among, inter alia, the Grantor, as Canadian Borrower, Rhombus Merger Corporation (to be merged with and into Ryerson Inc.) and Joseph T. Ryerson & Son, Inc., as U.S. Borrowers, the
financial institutions party thereto, as Lenders, Bank of America, NA., as Administrative Agent and the Canadian Agent dated as of the date hereof (such credit agreement as it may at any time or from time to time, be amended, supplemented, restated
or replaced, the “Credit Agreement”); 
 AND WHEREAS the Grantor has agreed to execute and deliver this security
agreement to and in favour of the Canadian Agent as security for the payment and performance of the Grantor’s obligations to the Canadian Agent and the other Canadian Secured Parties under or in connection with the Credit Agreement and the
other Credit Documents to which the Grantor is a party; 
 NOW THEREFORE, in consideration of the foregoing premises and for other
good and valuable consideration, the receipt and sufficiency of which are acknowledged by the parties, the parties agree as follows: 
 ARTICLE 1 
 SECURITY 
 Section 1.01 Terms Incorporated by Reference. 
 In this security agreement, “PPSA” shall mean the
Personal Property Security Act as in effect from time to time in the Province of Ontario; provided that, if validity, perfection or the effect of perfection or non-perfection or the priority of the security interest granted by the Grantor in
any collateral and the rights and remedies of the Canadian Agent are governed by the PPSA or other similar legislation as in effect in a jurisdiction other than Ontario, then “PPSA” shall mean the Personal Property Security
Act or other similar legislation as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such validity, perfection, effect of perfection or non-perfection or priority and to such rights and
remedies. As used herein the following term shall have the meaning specified in the section of the PPSA set forth in the column beside it below: 
  

			
	 Term
	  	 PPSA

	Control	  	1(2)

 Other terms defined in the PPSA and used in this security agreement shall, unless otherwise defined herein, have the same
meaning as ascribed to such terms in the PPSA. 
 The Canadian Agent and each Canadian Secured Party agree that the Perfection Certificate and all
descriptions of Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this security agreement. For the purposes hereof; “Perfection Certificate” shall mean that certain perfection
certificate dated on or about the date hereof executed and delivered by the Grantor in favour of the Canadian Agent for the benefit of the Canadian Secured Parties. 
 Section 1.02 Grant of Security. 
 Subject to Section 1.05, as collateral security for the
payment and performance in full of its Obligations (as hereinafter defined), the Grantor hereby pledges and grants to the Canadian Agent for the benefit of the Canadian Secured Parties, a lien on and security interest in all of its right, title and
interest in, to and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Collateral”): 
  

	 	(1)	(a) all accounts and (b) other rights to payment for inventory or related services to the extent evidenced by chattel paper or instruments; 

  

	 	(ii)	all inventory or documents of title for any inventory; 

  

	 	(iii)	all money and all deposit accounts; 

  

	 	(iv)	all intangibles pertaining to the items referred to in clauses (i) through (iii) above, including, without limitation, all contingent rights with respect to warranties on
inventory or accounts; 

  

	 	(v)	all records, supporting obligations and related Letters of Credit and rights under Letters of Credit, pertaining to the items referred to in clauses (i) through
(iv) above, commercial tort claims (including commercial tort claims described on Schedule 12 of the Perfection Certificate) or other claims and causes of action, in each case, pertaining to the items referred to in clauses (i) through
(iv) above; 

  

	 	(vi)	all books and records relating to the Collateral referred to in clauses (i) through (v) above; and 

  

	 	(vii)	substitutions, replacements, accessions, products and proceeds (including, without limitation, insurance proceeds, licenses, royalties, income, payments, claims, damages and
proceeds of suit) of any or all of the foregoing, only to the extent any of the foregoing would constitute property of the type described in clauses (i) through (vi) above. 

 Section 1.03 Obligations Secured. 
 (1) The security interest granted hereby (the “Security Interest”) secures the payment and performance of all of the Canadian Obligations (as such term is defined in the Credit Agreement) of the Grantor (collectively, the
“Obligations”). 
  

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 Section 1.04 Attachment. 
 (1) The Grantor acknowledges that (i) value has been given, (ii) it has rights in the Collateral (other than after-acquired
Collateral) or the power to transfer rights in the Collateral (other than after-acquired Collateral) to the Canadian Agent, (iii) it has not agreed to postpone the time of attachment of the Security Interest, and (iv) it has received a
duplicate original copy of this security agreement. 
 Section 1.05 Scope of Security Interest. 
 (1) Notwithstanding anything to the contrary contained in Section 1.02, the Security Interest created hereunder shall not extend to,
and the term “Collateral” shall not include, the following assets (collectively, the “Excluded Assets” and each, an “Excluded Asset”): 
 (a) any permit, license, contract or other asset issued by a Governmental Authority to the Grantor or any contract or other agreement to
which the Grantor is a party, in each case, only to the extent and for so long as the terms of such permit, license, contract or other asset issued by a Governmental Authority to the Grantor of such contract or other agreement or any provision of
law applicable thereto, validly prohibit the creation by the Grantor of a security interest in such permit, license or agreement in favour of the Canadian Agent (after giving effect to the PPSA, any other applicable law (including the Bankruptcy
and Insolvency Act (Canada)) or principles of equity); and 
 (b) all accounts resulting from the sale or disposition of
all property of the Grantor other than the Collateral and all supporting obligations and books and records relating thereto, 
 provided,
however, that Excluded Assets shall not include any proceeds, substitutions or replacements of any Excluded Assets referred to in clauses (a) and (b) (unless such proceeds, substitutions or replacements would constitute an Excluded
Asset referred to in clauses (a) and (b). 
 (2) The Security Interest shall not extend to consumer goods. 
 (3) The Security Interest shall not extend or apply to the last day of the term of any lease or sublease or any agreement for a lease or
sublease, now held or hereafter acquired by the Grantor in respect of real property, but the Grantor shall stand possessed of any such last day upon trust to assign and dispose of it as the Canadian Agent may direct. 
 Section 1.06 Care and Custody of Collateral. 
 (1) The Canadian Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is treated substantially equivalent to that which the
Canadian Agent, its individual capacity, accords its own property consisting of similar instruments, it being understood that neither the Canadian Agent nor any of the Canadian Secured Parties shall have responsibility for taking any necessary steps
to preserve rights against any person with respect to any Collateral. 
  

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 (2) The Canadian Agent may, after the Security Interest shall have become enforceable,
(i) notify any person obligated on an account or on chattel paper or any obligor on an instrument to make payments to the Canadian Agent whether or not the Grantor was previously making collections on such accounts, chattel paper or
instruments, and (ii) assume control of any proceeds arising from the Collateral. 
 Section 1.07 Perfection; Other Actions 
 (1) Financing Statements and Other Filings: Maintenance of Perfected Security Interest. The Grantor represents and warrants that
all financing statements, agreements, instruments and other documents necessary to perfect the Security Interest granted by it to the Canadian Agent in respect of the Collateral have been delivered to the Canadian Agent in completed and, to the
extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate. The Grantor agrees that at the sole cost and expense of the Grantor, the
Grantor will maintain the Security Interest created hereunder in the Collateral as a perfected first priority security interest subject only to Permitted Liens. Notwithstanding anything contained herein to the contrary, perfection of the Canadian
Agent’s security interest in money shall not be required other than to the extent it is (1) perfected as proceeds of collateral or (ii) deposited in a deposit account subject to a Control of the Canadian Agent. 
 (2) Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Canadian Agent to
enforce, the Canadian Agent’s Security Interest in the Collateral, the Grantor represents and warrants as follows and agrees, at the Grantor’s own expense, to take the following actions with respect to the following Collateral: 

 

	 	(a)	Instruments and Tangible Chattel Paper. As of the date hereof, no amounts payable under or in connection with any of the Collateral are evidenced by any instrument or
tangible chattel paper other than such instruments and tangible chattel paper listed in Schedule 10 to the Perfection Certificate. Each instrument and each item of tangible chattel paper evidencing any of the Collateral listed in Schedule
10 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Canadian Agent, accompanied by instruments of transfer or assignment duly executed in blank. If any amount then payable under or in connection with any of
the Collateral shall be evidenced by any instrument or tangible chattel paper, and such amount, together with all amounts payable evidenced by any instrument or tangible chattel paper evidencing any of the Collateral not previously delivered to the
Canadian Agent exceeds $5,000,000 individually or $10,000,000 in the aggregate for the Grantor and all Canadian Subsidiary Guarantors, the Grantor acquiring such instrument or tangible chattel paper shall on or before the first date of delivery of
quarterly financial statements pursuant to Section 10.1.3(iii) of the Credit Agreement (the “Quarterly Update Date”) following the receipt thereof by the Grantor endorse, assign and deliver the same to the Canadian Agent,
accompanied by such instruments of transfer or assignment duly executed in blank as the Canadian Agent may from time to time specify. 

  

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	 	(b)	Deposit Accounts. As of the date hereof, the Grantor does not have any deposit accounts other than the accounts listed in Schedule 13 to the Perfection Certificate.
The Canadian Agent has a first priority security interest in each such deposit account subject as to priority only to Permitted Liens. The Grantor shall not hereafter establish and maintain any deposit account unless (1) it shall give the
Canadian Agent prompt written notice that such new deposit account has been established with a bank and (2) such bank, the Grantor and the Canadian Agent shall within thirty (30) days of the date of acquisition of such deposit account have
duly executed and delivered to the Canadian Agent a deposit account control agreement or a blocked account agreement with respect to such deposit account, such time to be extended in the Canadian Agent’s reasonable sole discretion. The Canadian
Agent agrees with the Grantor that the Canadian Agent shall not give any instructions directing the disposition of finds from time to time credited to any deposit account or withhold any withdrawal rights from the Grantor with respect to funds from
time to time credited to any deposit account unless a Cash Dominion Event or an Event of Default has occurred and is continuing. The provisions of this Section 1.07(2)(b) shall not apply to deposit accounts (i) for which the Canadian Agent
is the bank, (ii) for which all of the funds on deposit are used for funding (w) payroll, (x) retirement plans and employee benefits, including rabbi trusts for deferred compensation, (y) health care benefits and (z) escrow
arrangements (e.g., environmental indemnity accounts), (iii) (not already subject to the provisions of this paragraph) with an aggregate avenge daily balance of all funds in all such other deposit accounts for the Grantor and all
Canadian Subsidiary Guarantors not in excess of $10,000,000 at any time and (iv) located outside of Canada. The Grantor shall not grant Control of any deposit account to any person other than the Canadian Agent. 

  

	 	(c)	Electronic Chattel Paper and Transferable Records. As of the date hereof, no amount under or in connection with any of the Collateral is evidenced by any electronic chattel
paper other than such electronic chattel paper and transferable records listed in Schedule 10 to the Perfection Certificate. If any amount payable under or in connection with any of the Collateral shall be evidenced by any electronic chattel
paper or transferable record, the Grantor shall on or before the first Quarterly Update Date following the receipt thereof by the Grantor notify the Canadian Agent thereof and shall take such action as the Canadian Agent may reasonably request to
vest in the Canadian Agent Control of such electronic chattel paper or transferable record under the PPSA. The requirement in the preceding sentence shall not apply to the extent that such amount, together with all amounts payable evidenced by
electronic chattel paper or transferable record in which the Canadian Agent has not been vested Control within the meaning of the PPSA, does not exceed $5,000,000 individually or $10,000,000 in the aggregate for the Grantor and all Canadian
Subsidiary Guarantors. The Canadian Agent agrees with the Grantor that the Canadian Agent will arrange, pursuant to procedures satisfactory to the Canadian Agent and so long as such procedures will not result in the Canadian Agent’s loss of
Control, for the Grantor to make alterations to the electronic chattel paper or transferable record permitted under the PPSA for a party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would
occur after taking into account any action by the Grantor with respect to such electronic chattel paper or transferable record. 

  

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	 	(d)	Letter-of-Credit Rights. If the Grantor is at any time a beneficiary under a letter of credit relating to the Collateral now or hereafter issued, the Grantor shall on or
before the first Quarterly Update Date following the receipt thereof by the Grantor notify the Canadian Agent thereof and the Grantor shall, at the request of the Canadian Agent, pursuant to an agreement in form and substance reasonably satisfactory
to the Canadian Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Canadian Agent of the proceeds of any drawing under the letter of credit relating to the Collateral or
(ii) arrange for the Canadian Agent to become the transferee beneficiary of such letter of credit, with the Canadian Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be applied as provided in the
Credit Agreement. The actions in the preceding sentence shall not be required to the extent that the amount of any such letter of credit, together with the aggregate amount of all other letters of credit relating to the Collateral for which the
actions described above in clause (i) and (ii) have not been taken, does not exceed $5,000,000 individually or $10,000,000 in the aggregate for the Grantor and all Canadian Subsidiary Guarantors. 

  

	 	(e)	Commercial Tort Claims. As of the date hereof, the Grantor hereby represents and warrants that it holds no commercial tort claims other than those listed in Schedule
12 to the Perfection Certificate. If the Grantor shall at any time hold or acquire a commercial tort claim relating to the Collateral, the Grantor shall immediately notify the Canadian Agent in writing signed by the Grantor of the brief details
thereof and grant to the Canadian Agent in such writing a security interest therein and in the proceeds thereof, all upon the terms of this security agreement, with such writing to be in form and substance reasonably satisfactory to the Canadian
Agent The requirement in the preceding sentence shall not apply to the extent that the amount of such commercial tort claim, together with the amount of all other commercial tort claims relating to the Collateral held by the Grantor and the Canadian
Subsidiary Guarantors in which the Canadian Agent does not have a security interest, does not exceed $10,000,000 in the aggregate for the Grantor and all Canadian Subsidiary Guarantors. 

 Section 1.08 Representations and Covenants. 
 The
Grantor represents and warrants to the Canadian Agent, acknowledging and confirming that the Canadian Agent is relying thereon without independent inquiry, that: 
 (1) Title. Except for the security interest granted to the Canadian Agent for the benefit of the Canadian Secured Parties pursuant
to this security agreement and Permitted Liens, the Grantor owns and has rights and, as to Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Collateral pledged by it hereunder, free and clear
of any and all Liens or claims of others. 
 (2) Validity of Security Interest. The Security Interest in and Lien on
the Collateral granted to the Canadian Agent for the benefit of the Canadian Secured Parties 

  

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hereunder constitutes (a) a legal and valid security interest in all the Collateral securing the payment and performance of the Obligations, and
(b) subject to the filings and other actions described in Schedule 6 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed
made) being duly made, a perfected security interest in all the Collateral, except as otherwise provided herein. The Security Interest and Lien granted to the Canadian Agent for the benefit of the Canadian Secured Parties pursuant to this security
agreement in and on the Collateral will at all times constitute a perfected, continuing security interest therein, prior to all other Liens on the Collateral except for Permitted Liens. 
 (3) Defense of Claims: Transferability of Collateral. The Grantor shall, at its own cost and expense, defend title to the
Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Canadian Agent and the priority thereof against all material claims and demands of all persons, at its own cost and expense, at any time claiming
any interest therein adverse to the Canadian Agent or any other Canadian Secured Party other than Permitted Liens. There is no agreement, order, judgment or decree, and the Grantor shall not enter into any agreement or take any other action, that
would restrict the transferability of any of the Collateral or otherwise impair or conflict with the Grantor’s obligations or the rights of the Canadian Agent hereunder to the extent reasonably likely to have a Material Adverse Effect and after
giving effect to the PPSA, any other applicable law (including the Bankruptcy and Insolvency Act (Canada)) or principles of equity. 
 (4) Other Financing Statements. The Grantor has not filed, nor authorized any third party to file (nor will there be), any valid or effective financing statement (or similar statement, instrument of
registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Collateral, except such as have been filed in favour of the Canadian Agent pursuant to this security agreement or in
favour of any holder of a Permitted Lien with respect to such Permitted Lien or financing statements or public notices relating to the termination statements listed on Schedule 8 to the Perfection Certificate. The Grantor shall not execute,
authorize or permit to be filed in any public office any financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) relating to any Collateral, except financing statements and other
statements and instruments filed or to be filed in respect of and covering the security interests granted by the Grantor to the Canadian Agent and the holders of the Permitted Liens. 
 (5) Location of Inventory. In no event shall any inventory of the Grantor be moved to any location except in accordance with the
Credit Agreement and in particular, Section 8.1.1 thereof. 
 (6) Consents. In the event that the Canadian Agent
desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this security agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor,
then, upon the reasonable request of the Canadian Agent, the Grantor agrees to use its best efforts to assist and aid the Canadian Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies,
rights and powers. 
  

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 (7) Collateral. All information set forth herein, including the schedules hereto,
and all information contained in any documents, schedules and lists heretofore delivered to any Canadian Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this security agreement, in each case,
relating to the Collateral, is accurate and complete in all material respects. 
 (8) Insurance. In the event that the
proceeds of any insurance claim with respect to any of the Collateral are paid to the Grantor after the Canadian Agent has exercised its right to foreclose after an Event of Default, such net cash proceeds shall be held in trust for the benefit of
the Canadian Agent and immediately after receipt thereof shall be paid to the Canadian Agent in the amount and for application in accordance with the Credit Agreement. 
 (9) Chief Executive Office; Change of Name; Jurisdiction of Organization. The Grantor will not effect any change (i) to its
legal name, (ii) in its identity or organizational structure, (iii) in its organizational identification number, if any, or (iv) in its jurisdiction of organization (in each case, including by merging with or into any other entity,
reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), unless (A) it shall have given the Canadian Agent promptly but in any event within 30 days after such change, written notice clearly describing such
change and providing such other information in connection therewith as the Canadian Agent may reasonably request and (B) it shall have taken or will promptly take all action necessary to maintain the perfection and priority of the Security
Interest of the Canadian Agent for the benefit of the Canadian Secured Parties in the Collateral. The Canadian Agent shall have no duty to inquire about any of the changes described in clauses (i) through (iv) inclusively, the parties
acknowledging and agreeing that the Grantor is solely responsible to take all action described in Section 1.08(9)(B) above. 
 (10) Transfer of Collateral. The Grantor shall not sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral pledged or charged by it hereunder except as permitted by the Credit
Agreement. 
 ARTICLE 2 
 ENFORCEMENT 
 Section 2.01 Enforcement. 
 (1) The Security Interest shall be and become enforceable against the Grantor upon the occurrence and during the continuance of an Event
of Default. 
 Section 2.02 Remedies. 
 Whenever the Security Interest has become enforceable, the Canadian Agent, for the benefit of the Canadian Secured Parties, may realize upon the Collateral and enforce the rights of the Canadian Agent by: 
  

	 	(a)	entry onto any premises where the Collateral consisting of tangible personal property may be located; 

  

	 	(b)	entry into possession of the Collateral by any method permitted by law; 

  

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	 	(c)	sale or lease of all or any part of the Collateral; 

  

	 	(d)	collection of any proceeds arising in respect of the Collateral; 

  

	 	(e)	collection, realization or sale of; or other dealing with, the accounts; 

  

	 	(f)	appointment by instrument in writing of a receiver (which term as used in this security agreement includes a receiver and manager) or agent of all or any part of the Collateral and
removal or replacement from time to time of any receiver or agent; 

  

	 	(g)	institution of proceedings in any court of competent jurisdiction for the appointment of a receiver of all or any part of the Collateral; 

  

	 	(h)	institution of proceedings in any court of competent jurisdiction for sale or foreclosure of all or any part of the Collateral; 

  

	 	(i)	filing of proofs of claim and other documents to establish claims to the Collateral in any proceeding relating to the Grantor; and 

  

	 	(j)	any other remedy or proceeding authorized or permitted under the PPSA or otherwise by law or equity. 

 Such remedies may be exercised from time to time separately or in combination and are in addition to, and not in substitution for, any other rights of the Canadian Agent however created. The Canadian Agent shall not
be bound to exercise any right or remedy, and the exercise of rights and remedies shall be without prejudice to any other rights of the Canadian Agent in respect of the Obligations including the right to claim for any deficiency. The taking of any
action or proceeding or refraining from doing so, or any other dealings with any other security for the Obligations secured by this security agreement shall not release or affect the Collateral or the Security Interest. 
 Section 2.03 Additional Rights. 
 In addition to
the remedies set forth in Section 2.02, the Canadian Agent, for the benefit of the Canadian Secured Parties, may, whenever the Security Interest has become enforceable: 
  

	 	(a)	require the Grantor, at the Grantor’s expense, to assemble the Collateral at a place or places designated by notice in writing and the Grantor agrees to so assemble the
Collateral; 

  

	 	(b)	require the Grantor, by notice in writing, to disclose to the Canadian Agent the location or locations of the Collateral and the Grantor agrees to make such disclosure when so
required; 

  

	 	(c)	repair, process, modify, complete or otherwise deal with the Collateral and prepare for the disposition of the Collateral, whether on the premises of the Grantor or otherwise;

  

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	 	(d)	carry on all or any part of the business of the Grantor and, to the exclusion of all others including the Grantor, enter upon, occupy and use all or any of the premises, buildings,
and other property of or used by the Grantor for such time as the Canadian Agent sees fit, free of charge, and the Canadian Agent shall not be liable to the Grantor for any act, omission or negligence in so doing or for any rent charges,
depreciation or damages incurred in connection with or resulting from such action; 

  

	 	(e)	borrow for the purpose of carrying on the business of the Grantor or for the maintenance, preservation or protection of the Collateral and mortgage, grant or charge a security
interest in the Collateral, whether or not in priority to the Security interest, to secure repayment; and 

  

	 	(f)	commence, continue or defend any judicial or administrative proceedings for the purpose of protecting, seizing, collecting, realizing or obtaining possession or payment of the
Collateral, and give good and valid receipts and discharges in respect of the Collateral and compromise or give time for the payment or performance of all or any part of the accounts or any other obligation of any third party to the Grantor.

 Section 2.04 Concerning the Receiver. 
 (1) Any receiver appointed by the Canadian Agent shall be vested with the rights and remedies which could have been exercised by the
Canadian Agent in respect of the Grantor or the Collateral and such other powers and discretions as are granted in the instrument of appointment and any supplemental instruments. The identity of the receiver, its replacement and its remuneration
shall be within the sole and unfettered discretion of the Canadian Agent. 
 (2) Any receiver appointed by the Canadian Agent
shall act as agent for the Canadian Agent for the purposes of taking possession of the Collateral, but otherwise and for all other purposes (except as provided below), as agent for the Grantor. The receiver may sell, lease, or otherwise dispose of
Collateral as agent for the Grantor or as agent for the Canadian Agent as the Canadian Agent may determine in its discretion. The Grantor agrees to ratify and confirm all actions of the receiver acting as agent for the. Grantor, and to release and
indemnify the receiver in respect of all such actions. 
 (3) The Canadian Agent, in appointing or refraining from appointing
any receiver, shall not incur liability to the receiver, the Grantor or otherwise and shall not be responsible for any misconduct or negligence of such receiver. 
 Section 2.05 Appointment of Attorney. 
 The Grantor irrevocably appoints the Canadian Agent (and any of its officers) as
attorney of the Grantor (with full power of substitution), whenever the Security Interest has become enforceable, to do, make and execute, in the name of and on behalf of the Grantor, all such further acts, documents, matters and things which the
Canadian Agent may deem necessary or advisable to accomplish the purposes of this security agreement including the execution, endorsement and delivery of documents and any notices, receipts, assignments or verifications of 

  

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the accounts and the delivery and transfer of any Collateral to the Canadian Agent to its nominees or transferees. The powers of attorney herein granted is
in addition to, and not in substitution for any transfer power of attorney delivered by the Grantor and such power of attorney may be relied upon by the Canadian Agent severally or in combination. All acts of the attorney are ratified and approved,
and the attorney shall not be liable for any act, failure to act or any other matter or thing, except for its own gross negligence or wilful misconduct. 
 Section 2.06 Dealing with the Collateral. 
 (1) The Canadian Agent shall not be obliged to exhaust its
recourse against the Grantor or any other Person or against any other security it may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Canadian Agent may consider desirable.

 (2) The Canadian Agent may grant extensions or other indulgences, take and give up securities, accept compositions, grant
releases and discharges and otherwise deal with the Grantor and with other Persons, sureties or securities as it may see fit without prejudice to the Obligations, the liability of the Grantor or the rights of the Canadian Agent in respect of the
Collateral. 
 (3) The Canadian Agent shall not be (i) liable or accountable for any failure to collect realize or obtain
payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of the
Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from
depreciating in value or becoming worthless. 
 Section 2.07 Standards of Sale. 
 Without prejudice to the ability of the Canadian Agent to dispose of the Collateral in any manner which is commercially reasonable, the Grantor
acknowledges that a disposition of Collateral by the Canadian Agent which takes place substantially in accordance with the following provisions shall be deemed to be commercially reasonable: 
  

	 	(a)	the Collateral may be disposed of in whole or in part; 

  

	 	(b)	the Collateral may be disposed of by public auction, public tender or private contract, with or without advertising and without any other formality; 

  

	 	(c)	any assignee of such Collateral may be the Canadian Agent or a customer of the Canadian Agent; 

  

	 	(d)	any sale conducted by the Canadian Agent shall be at such time and place, on such notice and in accordance with such procedures as the Canadian Agent, in its sole discretion, may
deem advantageous; 

  

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	 	(e)	a disposition of Collateral may be on such terms and conditions as to credit or otherwise as the Canadian Agent in its sole discretion, may deem advantageous; and

  

	 	(f)	the Canadian Agent may establish an upset or reserve bid or price in respect of any Collateral. 

 Section 2.08 Application of Proceeds. 
 The proceeds received by the Canadian Agent in respect of
any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Canadian Agent of its remedies shall be applied, together with any other sums then held by the Canadian Agent pursuant to this
security agreement, in accordance with the Credit Agreement. 
 Section 2.09 Dealings by Third Parties. 
 (1) No Person dealing with the Canadian Agent or an agent or receiver shall be required to determine (i) whether the Security
Interest has become enforceable, (ii) whether the powers which such Person is purporting to exercise have become exercisable, (iii) whether any money remains due to the Canadian Agent by the Grantor, (iv) the necessity or expediency
of the stipulations and conditions subject to which any sale or lease is made, (v) the propriety or regularity of any sale or other dealing by the Canadian Agent with the Collateral, or (vi) how any money paid to the Canadian Agent has
been applied. 
 ARTICLE 3 
 GENERAL 
 Section 3.01 Notices, etc. 
 Any notice, direction, demand or other communication required or permitted to be given under this security agreement shall be given in the same manner as provided in the Credit Agreement. 
 Section 3.02 Defined Terms. 
 Capitalized terms
used in this security agreement and not otherwise defined shall have the respective meanings attributed to them in the Credit Agreement. 
 Section 3.03 Discharge. 
 When all the Obligations have been paid in full and no commitments remain under the Credit
Agreement, this security agreement shall terminate. Upon termination of this security agreement the Collateral shall be released from the Lien of this security agreement. In addition, the Collateral or any portion thereof shall be released from the
Lien of this security agreement pursuant to the Credit Agreement. Upon such release, the Canadian Agent shall, upon the request and at the sole cost and expense of the Grantor, assign, transfer and deliver to the Grantor, against receipt and without
recourse to or warranty by the Canadian Agent except as to the fact that the Canadian Agent has not encumbered the released assets, such of the Collateral or any part thereof to be released (in the case of a release) as may be in possession of the
Canadian 

  

 - 12 - 

 
Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Collateral proper documents and
instruments (including termination financing statements or releases, terminations of deposit account control agreements acknowledging the termination hereof or the release of such Collateral as the case may be). 
 Section 3.04 No Merger. 
 This security agreement
shall not operate by way of merger of any of the Obligations and no judgment recovered by the Canadian Agent shall operate by way of merger of, or in any way affect, the Security Interest, which is in addition to, and not in substitution for, any
other security now or hereafter held by the Canadian Agent in respect of the Obligations. 
 Section 3.05 Further Assurances. 
 The Grantor shall take such further actions, and execute and/or deliver to the Canadian Agent such additional financing statements, amendments,
assignments, agreements, supplements, powers and instruments, as the Canadian Agent may in its reasonable judgment deem necessary or appropriate in order to create, perfect, preserve and protect the Security Interest in the Collateral as provided
herein and the rights and interests granted to the Canadian Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority of the Canadian Agent’s Security Interest in the
Collateral or permit the Canadian Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Collateral, including the filing of financing statements, continuation statements and other documents (including this
security agreement) under the Personal Property Security Act (Ontario) or other similar laws in effect in any jurisdiction with respect to the Security Interest created hereby and the execution and delivery of deposit account control
agreements, all in form reasonably satisfactory to the Canadian Agent and in such offices wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Collateral as provided
herein and to preserve the other rights and interests granted to the Canadian Agent hereunder, as against third parties, with respect to the Collateral. Without limiting the generality of the foregoing, the Grantor shall make, execute, endorse,
acknowledge, file or refile and/or deliver to the Canadian Agent from time to time upon reasonable request by the Canadian Agent such lists, schedules, descriptions and designations of the Collateral, copies of warehouse receipts, receipts in the
nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer endorsements, powers of attorney,
certificates, reports and other assurances or instruments as the Canadian Agent shall reasonably request. If an Event of Default has occurred and is continuing, the Canadian Agent may institute and maintain, in its own name or in the name of the
Grantor, such suits and proceedings as the Canadian Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the Security Interest in or the perfection thereof in the Collateral, All of the foregoing shall be at
the sole cost and expense of the Grantor. 
 Section 3.06 Supplemental Security. 
 This security agreement is in addition to and without prejudice to all other security now held or which may hereafter be held by the Canadian Agent.

  

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 Section 3.07 Successors and Assigns. 
 This security agreement shall be binding upon the Grantor, its successors and assigns, and shall enure to the benefit of the Canadian Agent and its
successors and assigns. All rights of the Canadian Agent shall be assignable and in any action brought by an assignee to enforce any of those rights. 
 Section 3.08 Headings, etc. 
 The division of this security agreement into articles, sections and subsections and the
insertion of headings are for convenience of reference only and shall not affect the meaning or construction of this security agreement. 
 Section 3.09 Gender and Number. 
 Any reference in this security agreement to gender shall include all genders and words
importing the singular number only shall include the plural and vice versa. 
 Section 3.10 Severability. 
 If any provision of this security agreement shall be deemed by any court of competent jurisdiction to be invalid or void, the remaining provisions shall
remain in full force and effect. 
 Section 3.11 Governing Law. 
 (1) This security agreement shall be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and
the laws of Canada applicable therein. 
 (2) The Grantor hereby (i) irrevocably submits to the non-exclusive
jurisdiction of any court sitting in the Province of Ontario over any suit, action or proceeding arising out of or relating to this security agreement; (ii) irrevocably agrees that all claims in respect of any suit, action or proceeding may be
heard and determined in such court; and (iii) irrevocably waives, to the fullest extent permitted by law, any objection which it may have or hereafter have to the laying of the venue of any such suit, action or proceeding brought in such a
court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. The Grantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in any
other manner provided by law. Nothing in this section shall affect the right of the Canadian Agent to serve process in any manner permitted by law or limit the rights of the Canadian Agent to bring proceedings against the Grantor in the courts of
any other jurisdiction. 
 (3) The Grantor hereby consents generally in respect of any legal action or proceedings arising out
of or in connection with this security agreement to the giving of any relief or the issue of any process in connection with such action or proceedings, including, without limitation, the making, enforcement or execution against the Grantor of any
order or judgment which may be made or given in such action or proceedings. 
  

 - 14 - 

 (4) To the extent that the Grantor has or hereafter may acquire any immunity from the
jurisdiction of any court or from any legal process (whether service of notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) with respect to itself or its assets, the Grantor hereby irrevocably waives, to
the fullest extent permitted by law, such immunity in respect of its obligations under this security agreement. 
 Section 3.12 Counterparts. 

 This security agreement may be executed in counterparts (including by way of facsimile) and all such counterparts taken together shall be
deemed to constitute one and the same instrument. 
 (The remainder of this page is intentionally left blank] 
  

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 IN WITNESS WHEREOF the parties have caused this security agreement to be executed by their
respective duly authorized officers as of the date first above written. 
  

			
	RYERSON CANADA, INC.,
	as Grantor
		
	Per:	 	 /s/ Eva M. Kalawski

	Name:	 	Eva M. Kalawski
	Title:	 	Vice President & Secretary
	
	 BANK OF AMERICA, N.A. (acting through its Canada branch),
 as Canadian Agent

		
	Per:	 	 /s/ Medina Sales De Andrade

	Name:	 	MEDINA SALES DE ANDRADE
	Title:	 	VICE PRESIDENT

 Signature Page- General Security Agreement (Ryerson Canada, Inc.)Employment Agreement - Stephen E. Makarewicz

 Exhibit 10.5 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”), by and between
Ryerson Inc. (the “Corporation”) and Stephen E. Makarewicz (the “Executive”) effective as of February 28, 2007 (the “Effective Date”). 
 The Corporation desires to appoint the Executive to the position of President Ryerson South Business Unit and Chicago Division, and the Executive desires to accept such appointment. In that employment the Executive
will be entrusted with knowledge of the Corporation’s business and operational methods. The Corporation wishes to protect its business and operational methods through the restrictions and covenants specified herein. The Executive recognizes
that the Corporation’s business and operational methods require protection, and the Executive is willing to protect the Corporation’s business and operational methods through the restrictions and covenants specified herein. 
 NOW, THEREFORE, the Executive and the Corporation hereby agree as follows. 
 1. Position and Duties. Effective as of the Effective Date, the Executive will serve as President Ryerson South Business Unit and Chicago
Division and in such capacity shall have such duties and responsibilities as may be assigned to him or her from time to time by the Corporation. 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 Corporation understand and agree that the responsibilities and duties of the Executive, in
the capacity of President Ryerson South Business Unit and Chicago Division of the Corporation, may change from time to time due to changes in the nature, structure or needs of the Corporation’s business and that any such changes in the
Executive’s duties and responsibilities that are consistent with such changes in the Corporation’s business shall not constitute a reduction or increase in the Executive’s duties and responsibilities for purposes of this Agreement.

 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 Corporation 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 Corporation under this Agreement, the Executive shall be compensated for services as follows: 
  

	 	(A)	Effective January 29, 2007, the Executive’s annual base salary shall be $335,000 (“Annual Base Salary”), payable in bi-weekly installments under the
Corporation’s general payroll practices, subject to customary withholding. 

  

 -1- 

	 	(B)	The Executive will be eligible for an incentive bonus payment from the Corporation each calendar year or applicable performance period (the “Performance Bonus”) in
accordance with the Corporation’s Annual Incentive Plan (or successor plan) of the Corporation as in effect from time to time. The Target Bonus Percentage shall be 60% of Annual Base Salary. The Corporation reserves the right, in its sole
discretion, to terminate or modify the Annual Incentive Plan or to change the target bonus percentage. 

  

	 	(C)	Except as otherwise specifically provided herein, the Executive shall be provided with health, welfare and other benefits to the same extent and on the same terms as those benefits
are provided by the Corporation from time to time to other similarly situated executives of the Corporation. Nothing in this Agreement precludes the Corporation 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 Corporation, on terms and conditions that are applicable to other similarly situated executives of the Corporation, for reasonable
out-of-pocket expenses for entertainment, travel, meals, lodging and similar items, consistent with the Corporation’s expense reimbursement policy in effect at the time. Nothing in this Agreement precludes the Corporation from amending or
terminating its expense reimbursement policy. 

  

	 	(E)	The Corporation shall pay or shall reimburse the Executive for the amount of the monthly lease payment for the automobile approved by the Corporation for the Executive’s
business; provided however, that the Corporation shall report as income to the Executive any amounts required by law or the policies of the Corporation for the Executive’s personal use of such automobile. 

  

	 	(F)	The Corporation shall grant the Executive 5,000 shares of restricted stock of the Corporation, pursuant and subject in all respects to the provisions of the Ryerson Tull, 2002
Incentive Stock Plan. Each of the 5,000 shares of restricted stock would have a three-year cliff vesting, subject to the Executive’s continued employment with the Corporation (or an affiliate) from the date of the grant through the applicable
vesting date. 

  

 -2- 

	 	(G)	The Company shall pay or shall reimburse the Executive for his or her monthly dues and assessments at one country club approved by the Company in Atlanta plus one dinner club in
Chicago. 

 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 Corporation terminates for any reason (the “Termination Date”) shall be determined in accordance with this Paragraph 3: 
  

	 	(A)	Termination by the Corporation for Reasons Other Than Cause; Termination by the Executive for Good Reason. If the Corporation terminates the Executive’s
employment for reasons other than Cause or as a result of termination by the Executive for Good Reason, then for the period (the “Benefit Period”) commencing on the Executive’s Termination Date and ending on the earliest of:

  

	 	(i)	the twenty fourth month after the Termination Date (less the period attributable to any pay in lieu of notice in accordance with the final sentence of Paragraph 4 of this
Agreement); 

  

	 	(ii)	the date the Executive violates or initiates any legal challenge to the provisions of Paragraphs 4, 5 or 6 of this Agreement; or 

  

	 	(iii)	the date of the Executive’s death or the date the Executive is determined to be eligible for benefits under the Corporation’s Long Term Disability Plan;

 The Executive shall continue to receive from the Corporation bi-weekly payments based on his or her Annual Base Salary, a
Bonus (as defined below), and certain other benefits in effect as of the Termination Date. 
 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,) on the Termination Date and payments under this Agreement are not exempt from the any of the exceptions to Code Section 409A exceptions, 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. Such pay 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 

  

 -3- 

 
six month following the Termination Date, if the Executive were not a specified person , plus (2) the first be-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. 
 Benefits provided under the terms of this Paragraph 3(A) are medical and dental coverage only [unless the Executive is eligible for retiree medical
benefits on the Termination Date, in which case only dental coverage is offered under this Paragraph 3(A)]. All other benefits shall be terminated on the Termination Date. To retain eligibility for medical and dental benefit coverage, the Executive
must pay premiums equivalent to the amounts required of active employee participants in these benefit plans. 
 “Bonus” shall mean
two payments of the average annual amount of the Performance Bonus paid to the Executive under the Annual Incentive Plan or successor plan based on the last three or fewer Bonus payments paid to the Executive immediately preceding the year in which
the Termination Date occurs. If the Executive’s period of employment with the Corporation is less than one year, the Bonus payment shall be based on the Target bonus Percentage established for the Executive under the Corporation’s Annual
Incentive Plan (or successor plan). For purposes of calculating the average annual amount of the Performance Bonus, where no Performance Bonus is paid in any of the three or fewer years preceding the Termination Date used in the calculation
described herein, any such year or years will be included in the average calculation as zero. This bonus payment is payable on the later to occur of (1) date in the first quarter of the year following the year in which the Executive’s
termination occurs or (2) if the Executive is a specified person (within the meaning of Code Section 409A), a date which is at least six months after the Executive’s Termination Date. 
 In addition to the Performance Bonus described above, provided that the Executive has not violated any of the provisions of Paragraphs 4, 5 or 6 of this
Agreement, the Executive may be entitled to an additional Final Bonus (as defined below) for the year in which the Termination Date occurs. “Final Bonus” means an amount equal to the product of (1) the Executive’s Annual Base
Salary multiplied by (2) the most recent Target Bonus Percentage established for the Executive under the Corporation’s Annual Incentive Plan (or successor plan); (3) multiplied by the percent attainment of the applicable performance
measures, and multiplied by (4) a proration factor which is a fraction, the numerator of which is the number of whole 

  

 -4- 

 
months determined under (a) or (b) below, and the denominator of which is the number of whole months in the applicable bonus performance period.
The valuation date for purposes of determining the proration factor is: 
  

	 	(a)	the last day of the month preceding the Termination Date if the Termination Date occurs from the 1st through the 15th of the month, or 

  

	 	(b)	the last day of the month in which the Termination Date occurs if the Termination Date occurs from the 16th through the last day of the month. 

 The percent attainment of the applicable performance measure is not prorated and is determined at the end of the bonus performance period as defined in
accordance with the Corporation’s Annual Incentive Plan (or successor plan). The final bonus payment is payable in the first quarter of the year following the year in which the Executive’s termination occurs. 
 Annual Base Salary payments to the Executive during the Benefit Period shall not preclude the Executive’s eligibility for cash severance payments
under the Corporation Severance Plan, provided, however, that any benefit continuation period under this Agreement shall run concurrently with the applicable benefit period under such Severance Plan and thus (i) the Executive shall not be
eligible for noncash benefits under the Severance Plan during the Benefit Period, and (ii) cash payments due under the Severance Plan shall be reduced by the amount of cash payments made under this Agreement. 
 All payments to the Executive subsequent to a termination of the Executive by the Corporation for reasons other than cause or termination by the
Executive for Good Reason are subject to and conditioned on the Executive signing and not revoking a Release of Claims in the form attached hereto subsequent to the Executive’s termination of employment. Additionally, none of the payments to
the Executive subsequent to a termination of the Executive by the Corporation for reasons other than cause or termination by the Executive for Good Reason which are provided for in this Agreement will be paid unless and until the Executive has
signed the attached Release of Claims and the time period for the Executive to consider and not revoke the attached Release of Claims has passed. 
 Twenty-four months of additional age and service credit will be provided to the Executive=s RT Pension and the RT Supplemental Plan using the methodology 

  

 -5- 

 
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 Corporation for Cause. If the Corporation terminates the Executive’s employment for Cause, then except as agreed in writing between the Executive
and the Corporation, 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 with respect to the
period after the Executive’s Termination Date and the Corporation shall have no obligation to make any additional payments or provide any other benefits with respect to the period 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 (as that term is defined under
the Corporation’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 or her Termination Date occurs; (ii) the date on which the Executive violates the provisions of Paragraphs 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 or her 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 Corporation, the Executive shall not be entitled to receive any
payments or benefits under this Agreement with respect to the period after the Executive’s Termination Date and the Corporation shall have no obligation to make any additional payments or provide any additional benefits with respect to the
period 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 performance by the Executive of his or her duties under this Agreement in a manner that is inconsistent with past, acceptable performance or in a way that has a demonstrably
negative impact on business results of the Corporation, its subsidiaries or affiliates, as determined by the Corporation in its sole discretion; or 

  

 -6- 

	 	(b)	the willful engaging by the Executive in conduct which is materially injurious to the Corporation or its affiliates, monetarily or otherwise, as determined by the Corporation in its
sole discretion; or 

  

	 	(c)	conduct by the Executive that involves a material and substantial violation of Corporation Policy, a violation of criminal law, illegal harassment of other employees, theft, fraud
or dishonesty; or 

  

	 	(d)	the Executive’s violation of the provisions of Paragraphs 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 Executive’s 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 Corporation, after written notice by the Executive to the Corporation of such diminution or
reduction giving the Corporation reasonable opportunity to cure; or 

  

	 	(b)	the involuntary relocation of the Executive to a location that is not within the Atlanta metropolitan area; or 

  

	 	(c)	Notwithstanding the foregoing, nothing herein shall limit the ability of the Corporation to change the job duties of the Executive consistent with Paragraph 1 of this Agreement.

 In order to assert a termination for Good Reason, Executive must give the written notice required in Paragraph 4 within thirty
(30) days after an event described in Paragraph 3 E (ii) occurs. This time requirement may only be amended or waived by written agreement of the parties pursuant to Paragraph 23 of this Agreement. 
 Notwithstanding any other provision of this Agreement, upon the Executive’s termination for any reason, the Executive shall automatically cease to be an employee of
the Corporation and its affiliates as of his or her Termination Date and, to the extent permitted by applicable law, any and all monies that the Executive owes to the Corporation shall be repaid before any post-termination payments are made to the
Executive under this Agreement. 
  

 -7- 

 4. Termination by Executive or Corporation with Notice. Subject to the payment obligations
and rights set forth in Paragraph 3 above, the Corporation and the Executive agree that either party may terminate the Executive’s employment under this Agreement for any or no reason. Each party is obligated to give the other thirty
(30) days written notice (the “Notice Period”) before terminating the Executive’s employment relationship, except that no such notice shall be required in the case of the death of the Executive or the Corporation’s
termination of the Executive’s employment for Cause or if the Corporation and the Executive otherwise agree in writing. 
 During the
Notice Period, the Executive shall (i) meet with the Executive Vice President or his or her 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 Corporation to identify key Confidential Information (as defined in Paragraph 5 below) likely to be in the Executive’s possession and provide it to the Corporation as
instructed; (iii) disclose and discuss the Executive’s future employment plans in light of the Executive’s obligations under this Agreement; (iv) deliver to the Corporation all property belonging to the Corporation, including any
duplicates, copies or abstracts thereof; and (v) devote full time and attention to these obligations and the Executive’s other responsibilities as directed by the Corporation. Notwithstanding the foregoing, the Corporation may, in its sole
discretion, terminate the duties of the Executive at any time during the Notice Period providing that the Corporation continues to pay the Executive any Base Salary that may be due to the Executive for any portion of such thirty (30) days
Notice Period remaining after the Corporation terminates the duties of the Executive. 
 5. Confidentiality and Ownership. The
Executive acknowledges and agrees that the Confidential Information (as defined in Paragraph 5(A) below) is the property of the Corporation, its subsidiaries and affiliates. Accordingly, the Executive agrees as follows: 
  

	 	(A)	 Confidential Information. 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 in writing from the Corporation to do otherwise, the Executive will keep secret and confidential, during the Executive’s employment and at all times thereafter, 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 Corporation, its subsidiaries or affiliates, its customers and/or vendors and suppliers, which the Executive has learned or will 

  

 -8- 

	 	 
learn during his or her employment with the Corporation, 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) 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,
licensors 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, pricing strategies, plans and techniques; (x) computer programs; (xi) research and development activities; (xii) litigation and pending
litigation; (xiii) personnel information; and (xiv) any other information or documents which the Executive is told or reasonably ought to know the Corporation, its subsidiaries or affiliates regard as proprietary or confidential.

  

	 	(B)	Upon the Executive’s Termination Date or at the Corporation’s earlier request, the Executive will promptly return to the Corporation 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 Corporation and its subsidiaries and affiliates obtained by the Executive during his or
her employment with the Corporation, its subsidiaries or affiliates. The Executive further agrees to deliver to the Corporation, at its request, any computer(s) in the Executive’s possession or control, regardless of who owns the computer, on
which is stored, in any way, any Confidential Information for the purpose of ensuring that all Confidential Information stored on the computer(s) has been delivered to the Corporation. 

  

	 	(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 Corporation’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, in whole or in part, by the Executive while employed by the Corporation or its subsidiaries or affiliates (“Work Product”) belong to the Corporation or such subsidiary or affiliate. The
Executive shall promptly inform the Corporation of such Work Product, and shall execute such 

  

 -9- 

	 	 
assignments as may be necessary to transfer to the Corporation or its affiliates the benefits of the Work Product. This Paragraph applies to any Work Product
which the Executive may do for or at the request of the Corporation, whether alone or with others, whether conceived by the Executive while at work, on the Executive’s non-work time or off the premises of the Corporation, including such of the
foregoing items conceived during the course of employment which are developed or perfected after the Executive’s Termination Date. The Executive shall assist the Corporation 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 Corporation and its subsidiaries and affiliates the benefits thereof. Such patents, trademarks and service marks shall
become the property of the Corporation and its affiliates. The Executive shall deliver to the Corporation 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 immediately inform the Corporation, and the Executive shall
take such reasonable steps to prevent disclosure of Confidential Information until the Corporation has been informed of such requested disclosure. To the extent that the Executive obtains information on behalf of the Corporation or any of its
affiliates that may be subject to attorney-client privilege as to the Corporation’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 Paragraph 5 shall be construed so as to prevent the Executive from using, after the Executive’s termination of employment with the
Corporation, in connection with his or her employment for himself or an employer other than the Corporation or any of its affiliates, knowledge which was acquired by him or her during the course of his or her employment with the Corporation and its
affiliates, and which is generally known to persons of his or her experience in other companies in the same industry. 

 6.
Noncompetition/Nonsolicitation. The Executive acknowledges that the industry in which the Corporation is engaged is an international business which is highly competitive and that the Executive is a key executive of the Corporation. The
Executive further acknowledges that as a result of his or her senior position within the Corporation, he/she has acquired and will acquire extensive Confidential Information and knowledge of the Corporation’s business and the industry in which
it operates and will develop relationships with and knowledge of customers, employees, vendors and 

  

 -10- 

 
suppliers of the Corporation and its subsidiaries and affiliates. Accordingly, the Executive agrees that during the time the Executive is employed by the
Corporation, its subsidiaries or affiliates (the “Employment Period”) and for a period of 12 (twelve) months after the Termination Date (the “Restricted Period”): 
  

	 	(A)	The Executive will not directly or indirectly, own, operate, manage, control, participate, consult with, advise, or have any financial interest (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), in any Competitor of the Corporation, 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 Corporation’s business 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 Corporation. “Competitor” refers to a person or entity, including metals-related Internet marketplaces, engaged in the metal service center processing and/or distribution business. 

  

	 	(B)	The Executive will not directly or indirectly contact, call upon, solicit business from, or sell any products sold or distributed by the Corporation to any customer or prospective
customer of the Corporation with whom employees of the Corporation had contact during the Employment Period. 

  

	 	(C)	The Executive will not directly or indirectly either alone or in cooperation with others, encourage any employees of the Corporation to seek or accept an employment or business
relationship with a person or entity other than the Corporation, or in any way interfere with the relationship of the Corporation 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 Corporation who were employed by the Corporation during the Employment Period; provided however, this shall not apply to an employee whose employment was terminated by the
Corporation before the Termination Date, if such termination was not caused by any direct or indirect involvement of the Executive or a subsequent employer of the Executive. 

  

	 	(D)	 The Executive will not directly or indirectly either alone or in cooperation with others, encourage any supplier, distributor, franchisee, licensee, or other
business 

  

 -11- 

	 	 
relation of the Corporation, any subsidiary or affiliate of the Corporation to cease or curtail doing business with the Corporation, any subsidiary or
affiliate of the Corporation, or in any way interfere with the relationship between any such customer, supplier, distributor, franchisee, licensee or business relation and the Corporation or subsidiary or affiliate. 

 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 (a) 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 Corporation’s interests as described in this
Agreement, without negating or impairing any other restrictions or agreements set forth herein, and (b) the Benefit Period shall be reduced so as not to exceed any revised Restricted Period. 
 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, non-solicitation provision, confidentiality provision or any other restriction that would prohibit or restrict the Executive’s employment with the Corporation or any part of the services which the Executive provides
to the Corporation 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 Corporation and that the Executive has no rights which
may conflict with the interests of the Corporation or with the Executive’s obligations hereunder. The Executive represents that the Executive does not possess any documents or material containing confidential information from any prior employer
and, to the extent the Executive knows or possesses any such confidential information, the Executive agrees not to disclose it to the Corporation. Finally, the Executive states that he/she has disclosed to the Corporation all prior confidentiality,
non-solicitation and non-compete agreements which he/she has entered into with his prior employers. 
 8. Change of Title,
Duties. The Executive agrees that if, at any time, the Executive’s title or duties is changed by the Corporation consistent with Paragraph 1 of this Agreement, the Executive nevertheless will continue to be bound in all particulars to
the terms and conditions of this Agreement. 
 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. 
  

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 10. Reasonableness of Restrictions/Injunctive Relief. 
  

	 	(A)	The Executive acknowledges that his or her rights to compete and disclose Confidential Information and trade secrets are limited hereby only to the extent necessary to protect the
Corporation against unfair competition and that, in the event the Executive’s employment with the Corporation 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 Corporation’s legitimate business interests. 

  

	 	(B)	The Executive acknowledges that the services to be rendered by the Executive as the President Ryerson South Business Unit and Chicago Division are of a special, unique and
extraordinary character and, in connection with such services, the Executive will, by virtue of his/her senior position with the Corporation, have access to confidential information vital to the Corporation’s business. The Executive consents
and agrees that if the Executive violates any of the provisions of this Agreement, the Corporation would sustain irreparable harm and, therefore, in addition to any other remedies which the Corporation may have under this Agreement or otherwise, the
Corporation shall be entitled to an injunction from any court of 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 Corporation. 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 Corporation from pursuing any other remedies available to it for such breach or
threatened breach, including the recovery of damages. 

  

	 	(C)	The parties agree that money damages would be inadequate for any breaches of Paragraphs 4, 5 and 6 of this Agreement. Therefore, in the event of a breach or threatened breach of
Paragraphs 4, 5 or 6, the Corporation, 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). 

  

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	 	(D)	The Executive agrees that: (i) the covenants set forth in Paragraph 6 are reasonable, (ii) the Corporation would not have entered into this Agreement but for the covenants
of the Executive contained in Paragraph 6, and (iii) the covenants contained in Paragraph 6 have been made in order to induce the Corporation to enter into this Agreement. 

 11. Successors and Assigns. This Agreement shall be binding on, and inure to the benefit of, the Corporation and its successors and assigns
and any person acquiring, whether by merger, reorganization, consolidation, or by purchase of all or substantially all of the assets of the Corporation. The Executive agrees that the Corporation may assign its rights and obligations under this
Agreement. This Agreement shall be binding upon the Executive, without regard to the duration of his employment by the Corporation or reasons for the cessation of such employment, and inure to the benefit of his administrators, executors, and heirs,
although the obligations of the Executive are personal and may be performed only by the Executive. The interests of the Executive under this Agreement may not be voluntarily assigned, alienated or encumbered by the Executive or his successors in
interest, and any attempt to do so shall be void and of no effect. 
 12. Notification. The Executive shall notify all future
employers of the existence of Paragraphs 4, 5, 6, 9, 10, 17 and 18 of this Agreement and the terms thereof. The Executive will also provide the Corporation with information the Corporation may from time to time request to determine the
Executive’s compliance with the terms of this Agreement. The Executive hereby authorizes the Corporation to contact the Executive’s future employers and other parties with whom the Executive 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. 
 13. Cooperation in Certain Matters. The Executive agrees that, during the Employment Period and after the Termination Date, the Executive will cooperate with the Corporation in any current or future or
potential legal, business, or other matters in any reasonable manner as the Corporation may request, including but not limited to meeting with and fully answering the questions of the Corporation or its representatives or agents, and in any legal
matter testifying and preparing to testify at any deposition or trial. The Corporation agrees to compensate the Executive for any reasonable expenses incurred as a result of such cooperation. 
 14. Captions. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. 
 15. No Mitigation. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of
the amounts payable to the Executive under any of the provisions of this Agreement and, except as specifically provided in Paragraph 3(A) hereof, the amount of any payment or benefit provided for in this Agreement shall not be reduced by any
compensation or benefits earned by the Executive as the result of employment by another employer. 
  

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 16. Counterparts. This Agreement may be executed in several counterparts, each of which
shall be deemed an original but which together shall constitute one and the same instrument. 
 17. 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. 
 18. Enforcement. The Corporation 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 and agree that services by registered mail to the addresses set forth below shall constitute sufficient
service of process for any such action. 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 Corporation is
required to seek enforcement of any of the provisions of this Agreement, the Corporation will be entitled to recover from the Executive its reasonable attorneys’ fees plus costs and expenses as to any issues on which it prevails. 
 19. 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 third business day following deposit in the United States registered or certified mail, return receipt requested, postage
prepaid and addressed, in the case of the Corporation to the following address: 
 Ryerson Inc. 
 2621 W. 15th Place 
 Chicago, IL 60608

 Attention: William Korda 
 or to the Executive:

 Stephen E. Makarewicz 
 740
Vista Bluff Drive 
 Duluth, GA 30097 
 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. 
  

 -15- 

 20. Waiver of Breach. The waiver by either the Corporation 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 Corporation or the Executive. Continuation of payments hereunder by the Corporation following a breach by the Executive of any
provision of this Agreement shall not preclude the Corporation from thereafter terminating said payments based upon the same violation. 
 21. 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
Corporation. 
 22. Acknowledgment by Executive. The Executive represents to the Corporation that he/she is knowledgeable and
sophisticated as to business matters, including the subject matter of this Agreement, that he/she has read this Agreement and that he/she 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 Corporation as to the contents. 
 23. Other Agreements and Modification. This Agreement may be amended or cancelled only by written mutual Agreement executed by the parties. This Agreement constitutes the sole and complete Agreement
between the Corporation and the Executive and supersedes all other agreements, both oral and written, between the Corporation 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. The parties acknowledge that other than what is contained in this Agreement, no verbal or other statements, inducements, or representations have
been made to or relied upon by the Executive. The parties each represent to the other that they have read and understand this Agreement. 
 24. 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 Corporation 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. 
 IN WITNESS WHEREOF, the Executive has hereunto set his or her hand, and the Corporation has caused these presents to be
executed in its name and on its behalf, as of the date above first written. 
  

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	 	 	RYERSON INC.
		
	Dated:  3/6/2007	 	 /s/ William Korda

		 	William Korda
		 	Vice President Human Resources
		
	Dated:  3/6/2007	 	 /s/ Stephen E. Makarewicz

		 	Stephen E. Makarewicz
		 	President Ryerson South Business Unit and Chicago Division

  

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