Document:

<PAGE>
                                                                   EXHIBIT 10.12

                             INTERCREDITOR AGREEMENT

      THIS INTERCREDITOR AGREEMENT (which, together with all extensions and
renewals hereof, all modifications and amendments hereto, and all substitutions
and replacements herefor, is hereinafter referred to as the "Agreement"), is
dated as of May 20, 2004, and is made and entered into by and among THE DIRECTOR
OF THE DEPARTMENT OF DEVELOPMENT OF THE STATE OF OHIO, acting for and on behalf
of the State of Ohio (the "Director"), whose mailing address is 77 South High
Street, P.O. Box 1001, Columbus, Ohio 43216-1001 (Attention: Loan Servicing),
and whose telecopier number is (614) 644-1789, GENERAL ELECTRIC CAPITAL
CORPORATION, acting in its capacity as agent, on behalf of itself and the other
Lenders (as hereinafter defined) (the "Agent"), under that certain Credit
Agreement dated as May 20, by and among, the Agent, the Borrower (as hereinafter
defined), and certain other persons signatory thereto, (as amended, restated,
supplemented or otherwise modified from time to time, the "Credit Agreement"),
whose mailing address is 500 West Monroe Street, 12th Floor, Chicago, IL 60661
(Attention: Republic Steel Account Manager), and whose telecopier number is
(312) 463-3840, with copies to both Winston & Strawn LLP, whose mailing address
is 35 West Wacker Drive, Chicago, IL 60601 (Attention: Ronald H. Jacobson) and
whose telecopier number is (312) 558-5700 and General Electric Capital
Corporation, 201 Merritt 7, Stamford Connecticut 06856 (Attention: Corporate
Counsel-Commercial Finance) and whose telecopier number is (203) 956-7889,
REPUBLIC ENGINEERED PRODUCTS, INC., a Delaware corporation (the "Borrower"),
whose mailing address is 3770 Embassy Parkway, Akron, Ohio 44333 (Attention:
Chief Executive Officer), and whose telecopier number is (330) 670-3020, PAV
REPUBLIC, INC., a Delaware corporation (the "Parent") whose mailing address is
3770 Embassy Parkway, Akron, Ohio 44333 (Attention: Chief Executive Officer),
and whose telecopier number is (330) 670-3020, PAV RAILROAD, INC., a Delaware
corporation ("Railroad") whose mailing address is 3770 Embassy Parkway, Akron,
Ohio 44333 (Attention: Chief Executive Officer), and whose telecopier number is
(330) 670-3020, and PAV MACHINE, LLC, a Delaware limited liability company
("Machine") whose mailing address is 3770 Embassy Parkway, Akron, Ohio 44333
(Attention: Chief Executive Officer), and whose telecopier number is (330)
670-3020 (the Borrower, Parent, Railroad and Machine are collectively referred
to herein as the "Companies").

                                    RECITALS:

      WHEREAS, the Director has made a loan to the Borrower in the original
principal amount of $5,000,000 (the "State Loan"), which loan is secured by a
security interest in the property described in Exhibit A hereto (the "Shared
Collateral") and is evidenced by a Loan Agreement dated as of March 20, 2003
between the Director and the Borrower (the "Director Loan Agreement"; and
together with all other documents or instruments evidencing or securing the
State Loan hereinafter collectively referred to as the "State Loan Documents");
and

      WHEREAS, the lenders under the Credit Agreement have agreed to make loans
and provide credit to the Borrower pursuant to the Credit Agreement and the
Companies (other than the Borrower) have guaranteed the Borrower's and any other
Company's obligations (the "Working Capital Obligations") thereunder and under
any other Working Capital Loan Document (as hereinafter defined);
<PAGE>
      WHEREAS, the Credit Agreements together with all other documents or
instruments evidencing or securing the Working Capital Obligations are
hereinafter collectively referred to as the "Working Capital Loan Documents";

      WHEREAS, the obligations of the Companies under the Working Capital Loan
Documents are secured by, among other things, a lien upon and a security
interest in the Shared Collateral;

      WHEREAS, the Director and the Agent wish to enter into this Agreement for
the purpose of setting forth certain agreements between themselves with respect
to the matters set forth herein.

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the Director and the Agent hereby covenant and agree as follows:

      1. Incorporation of Recitals. The Recitals to this Agreement are
incorporated herein by this reference.

      2. Definitions. (a) "Hereof," "herein, "hereunder" and "hereto" and words
of similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement, and article,
section, subsection, paragraph, item, exhibit, and schedule references are to
this Agreement unless otherwise specified. All terms defined in this Agreement
in the singular shall have comparable meanings when used in the plural and vice
versa unless other specified.

     (b) As used herein the following terms shall have the meanings set forth
below:

            "Lenders" shall mean the lenders from time to time party to the
      Credit Agreement.

            "Security Documents" shall mean the State Loan Documents and the
      Working Capital Loan Documents.

      3. Shared Lien and Security Interest. Irrespective of (a) the time, order
or method of attachment or perfection of the respective security interests
and/or other liens granted to the Director or the Agent in or on any or all of
the property or assets of any of the Companies, including the Shared Collateral,
(b) the time or manner of the filing of their respective financing statements,
(c) the possession of any portion of the Shared Collateral, (d) the dating,
execution or delivery of any agreement granting to the Director or the Agent any
security interests and/or other liens in or on any or all of the assets and/or
property of any of the Companies, including the Shared Collateral, (e) the
giving of notice or the failing to give notice of any of the above, and (f) any
provision of law to the contrary, the Director and the Agent shall share a lien
on the Shared Collateral; provided that the Agent's lien on the Shared
Collateral shall be subordinate to the Director's lien on the Shared Collateral.

                                     - 2 -
<PAGE>
      4. Action to Be Taken upon Occurrence of Event of Default. The Agent and
the Director agree that, upon the occurrence of an event of default under either
the State Loan Documents or the Working Capital Loan Documents, the Director and
the Agent shall immediately consult in good faith with one another in an attempt
to agree upon a mutually acceptable course of conduct including, but not limited
to, actions to be taken with respect to the Shared Collateral. In the event that
the Director and the Agent are unable to so agree, then the Director and the
Agent may proceed to take action in accordance with the remedies available to
them in the State Loan Documents and the Working Capital Loan Documents,
respectively.

      5. Consent and Waiver. Notwithstanding anything contained in the State
Loan Documents to the contrary, including without limitation Sections 4.2(c) and
4.2(f) of the Director Loan Agreement, the Director hereby (i) acknowledges and
consents to the lien on the Shared Collateral which the Companies have granted
to the Agent pursuant to the Working Capital Loan Documents and (ii) waives any
default by the Companies under the State Loan Documents arising from the grant
of such lien.

      6. Insurance and Eminent Domain Proceeds. All insurance and eminent domain
proceeds, if any, with respect to the Shared Collateral shall be made payable to
the Director, but if payment shall be made to one of the parties to this
Agreement, such party will hold the proceeds in trust for the mutual benefit of
the other party pending application in accordance with this Agreement, the State
Loan Documents and the Working Capital Loan Documents. Whenever pursuant to the
State Loan Documents, the Working Capital Loan Documents or this Agreement a
procedure for the Director or the Agent to disburse such proceeds is required,
the Director and the Agent agree to cooperate with each other in good faith in
establishing a mutually acceptable procedure consistent with the provisions
thereof and hereof. The Director, and the Agent each acknowledge that under the
State Loan Documents and the Working Capital Loan Documents, respectively, they
have, under certain circumstances, the right to determine whether such proceeds
should be applied to reduce the obligations owing to them. If any such proceeds
are so applied, such proceeds will be subject to sharing in the same manner as
other proceeds of the Shared Collateral.

      7. Notices. The Indenture Trustee and the Agent shall deliver to the other
(a) as soon as practicable after receipt thereof, any notice which it receives
in connection with the loan obligations owed to it by the Companies, (b) prompt
notice of any fact or occurrence, excluding lapse of time but including such
things as any purported transfer or removal from the State of Ohio of all or any
part of the Shared Collateral, which may impair the priority of the parties
shared lien or the perfection of their respective security interests in the
Shared Collateral, and (c) at least ten (10) days' prior written notice of any
action either of them proposes to undertake under the last sentence of Section 4
hereof or otherwise with respect to the Shared Collateral.

      8. Method of Notification. All notices made or required to be given to any
party hereto pursuant to this Agreement shall be in writing and shall be sent to
the address appearing in the preamble to this Agreement by regular U.S. mail,
telecopier or overnight courier service. Each of the parties hereto may change
its address for service of notice by giving a notice complying with this Section
8 to the other parties hereto.

                                     - 3 -
<PAGE>
     9. Termination of Obligations. This Agreement shall automatically terminate
upon payment in full of all obligations of the Companies to either the Director
under the State Loan Documents or the Agent under the Working Capital Loan
Documents; provided, however, that if all or any part of any payment by any of
the Companies to the Director or the Agent is thereafter invalidated or set
aside or required to be repaid to any person in any bankruptcy or other
proceeding, then this Agreement shall be renewed as of such date and shall
thereafter continue in full force and effect to the extent of the obligations so
invalidated, set aside or repaid. Upon any such termination, all financing
statements and liens applicable to the satisfied obligations shall be terminated
by the appropriate party (and this obligation shall survive any termination of
this Agreement).

     10. Consents Amendments and Waivers. No amendment, waiver, or consent of
any provision of this Agreement shall be effective unless in writing and signed
by the Director and the Agent. Each waiver, if any, shall be a waiver only with
respect to the specific instance involved and shall in no way impair the rights
of the waiving party or the obligations of the Borrower to any party in any
other respect at any other time.

     11. Assignment and Parties in Interest. This Agreement may not be assigned
by any party without the advance written consent of the other parties hereto.
All terms of this Agreement shall be binding upon and shall inure to the benefit
of and be enforceable by the respective successors and permitted assigns of the
Director and the Agent.

     12. No Third-Party Beneficiaries. This Agreement is solely for the benefit
of the Director and the Agent and is not intended to grant any rights, benefits
or defenses to or for the benefit of any other person whatsoever. The parties
agree that the Companies are signing this Agreement solely for the purpose of
consenting to and acknowledging the rights and obligations of the Director and
the Agent. The Companies shall have no rights hereunder.

     13. Reservation of Security Interests as Against Third Parties. Nothing
contained herein is intended to affect or limit in any way the security
interests and/or other liens each of the parties hereto has in any and/or all of
the property and assets of the Companies, whether tangible or intangible,
insofar as the Companies and third parties are concerned. The parties hereto
specifically reserve all respective security interests and/or other liens and
rights to assert such security interests and/or other liens as against the
Companies and third parties.

     14. Headings. The headings of the Sections of this Agreement are inserted
for convenience only and shall not be deemed to constitute a part hereof.

     15. Applicable Law and Venue. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

     16. Severability. If any provision of this Agreement, or any term,
condition, covenant, obligation or agreement contained herein is determined by a
court to be invalid or unenforceable, such determination shall not affect any
other provision, term, condition, covenant, obligation or agreement, each of
which shall be construed and enforced as if such invalid or unenforceable
portion were not contained herein. Such invalidity or enforceability shall not
affect any valid

                                     - 4 -
<PAGE>
and enforceable application thereof, and each such provision, term, condition,
covenant, obligation or agreement, shall be deemed to be effective, operative,
made, entered into or taken in the manner and to the full extent permitted by
law.

     17. Integration and Controlling Effect. This Agreement sets forth the
entire agreement between the parties hereto relating to the matters set forth
herein and supersedes all prior understandings and agreements, whether written
or oral, between the parties hereto and the Companies relating to such matters.
If any of the terms or provisions of this Agreement are determined to be in
conflict with any of the provisions of the State Loan Documents or Working
Capital Loan Documents, the terms of this Agreement shall control.

     18. Interpretation. This Agreement shall be deemed to have been prepared
jointly by the parties hereto and any uncertainty or ambiguity existing herein
shall not be interpreted against any party but shall be interpreted according to
the rules for the interpretation of arm's-length agreements.

     19. Covenants of the Director. All covenants, obligations and agreements of
the Director contained in this Agreement shall be effective to the extent
authorized and permitted by applicable law. No such covenant, obligation or
agreement shall be deemed to be a covenant, obligation or agreement of any
present or future Director in other than his official capacity acting pursuant
to applicable law.

     20. Counterparts. This Agreement and any amendment hereto may be executed
in several counterparts and by each party on a separate counterpart, each of
which, when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument.

                                     - 5 -
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have caused this Intercreditor
Agreement to be executed, and delivered by their respective duly authorized
officers as of the date first hereinabove written.

                                       THE DIRECTOR OF THE DEPARTMENT OF
                                       DEVELOPMENT OF THE STATE OF OHIO, acting
                                       for and on behalf of the State of Ohio

                                       By: /s/ Marlo B. Tannous
                                           -----------------------------------
                                           Name Marlo B. Tannous
                                              --------------------------------
                                           Title Chief Legal Counsel
                                                ------------------------------

                                       GENERAL ELECTRIC CAPITAL CORPORATION, as
                                         Agent

                                       By: /s/ illegible
                                           ------------------------------------
                                               Its duly authorized signatory

     Signature page to Ohio Director of Development Intercreditor Agreement
<PAGE>
      Each of the undersigned hereby (i) acknowledges and consents to the terms
and conditions of the foregoing Agreement, as such Agreement maybe amended,
modified, supplemented, restated or replaced from time to time, (ii) agrees to
execute and deliver such other documents and instruments in connection herewith
as may be requested by the Director or the Agent, in form and substance
satisfactory to the Director or the Agent, and (iii) agrees to take such other
action as any of the Director or the Agent may request to effectuate and carry
out the provisions of the foregoing Agreement. Each of the undersigned further
acknowledges and agrees that the provisions of the foregoing Agreement are
intended to establish and define the relative rights and obligations as among
the Director and the Agent and shall not be deemed to extend or modify the
obligations of the undersigned (or any of them) to the Director or the Agent.

      By countersigning this Agreement, each of the undersigned agrees (i) to
reimburse each of the Director and the Agent, on demand, for any reasonable
expenses incurred by such person, including (1) counsel fees, (2) other charges
and (3) disbursements and compensation of agents, arising out of, in any way
connected with, or as a result of, the execution and delivery of the foregoing
Agreement or any of the Security Documents (as defined in the foregoing
Agreement) or any agreement or instrument contemplated thereby or the
performance by the parties to the foregoing Agreement or thereto of their
respective obligations under the foregoing Agreement or thereunder or in
connection with the enforcement or protection of the rights of the Director and
the Agent under the foregoing Agreement and the Security Documents and (ii) to
indemnify and hold harmless the Director and the Agent and each of their
respective directors, officers, employees and agents (each such person being
called an "Indemnitee"), on demand, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed
on, incurred by or asserted against any Indemnitee in their respective
capacities or any of them in any way relating to or arising out of the foregoing
Agreement or the Security Documents; provided, however, that the undersigned
shall not be liable to any Indemnitee for any such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements to the extent they have resulted from the gross negligence or
willful misconduct of such Indemnitee.

                                       REPUBLIC ENGINEERED PRODUCTS, INC.

                                       By: /s/ George Strickler
                                           ------------------------------------
                                           Name  George Strickler
                                                 ------------------------------
                                           Title Chief Financial Officer
                                                 ------------------------------

     Signature page to Ohio Director of Development Intercreditor Agreement
<PAGE>
                                       PAV REPUBLIC, INC.

                                       By: /s/ E.J. Antonio III
                                           ------------------------------------
                                           Name  E.J. Antonio III
                                                 ------------------------------
                                           Title Vice President
                                                 ------------------------------

                                       REPUBLIC N&T RAILROAD, INC.

                                       By: /s/ George Strickler
                                           ------------------------------------
                                           Name  George Strickler
                                                 ------------------------------
                                           Title Chief Financial Officer
                                                 ------------------------------

                                       REPUBLIC MACHINE, LLC

                                       By: /s/ George Strickler
                                           ------------------------------------
                                           Name  George Strickler
                                                 ------------------------------
                                           Title Chief Financial Officer
                                                 ------------------------------

     Signature page to Ohio Director of Development Intercreditor Agreement
<PAGE>
                                    EXHIBIT A

                     (will be identical to Exhibit A to the
                        existing Intercreditor Agreement)<PAGE>

                                                                   EXHIBIT 10.13

                                                                  EXECUTION COPY

                             INTERCREDITOR AGREEMENT

      THIS INTERCREDITOR AGREEMENT (which, together with all extensions and
renewals hereof, all modifications and amendments hereto, and all substitutions
and replacements herefor, is hereinafter referred to as the "Agreement"), is
dated as of May 20, 2004, and is made and entered into by and among THE DIRECTOR
OF THE DEPARTMENT OF DEVELOPMENT OF THE STATE OF OHIO, acting for and on behalf
of the State of Ohio (the "Director"), whose mailing address is 77 South High
Street, P.O. Box 1001, Columbus. Ohio 43216-1001 (Attention: Loan Servicing),
and whose Telecopier number is (614) 644-1789, PERRY PRINCIPALS INVESTMENTS,
L.L.C., acting in its capacity as a holder of the Senior Subordinated Notes (as
hereinafter defined), whose mailing address is 599 Lexington Avenue, New York,
New York 10022, (Attention: Rick Paige), and whose telecopier number is (212)
583-4125, PERRY PRINCIPALS INVESTMENTS, L.L.C. acting in its capacity as the
initial Collateral Agent (as hereinafter defined) for the Senior Notes (as
hereinafter defined), whose mailing address is 599 Lexington Avenue, New York,
New York 10022, (Attention: Rick Paige), and whose telecopier number is (212)
583-4125, REPUBLIC ENGINEERED PRODUCTS, INC., a Delaware corporation (the
"Borrower"), whose mailing address is 3770 Embassy Parkway, Akron, Ohio 44333
(Attention: Chief Executive Officer), and whose telecopier number is (330)
670-3020, PAV REPUBLIC, INC., a Delaware corporation (the "Parent") whose
mailing address is 3770 Embassy Parkway, Akron, Ohio 44333 (Attention: Chief
Executive Officer), and whose telecopier number is (330) 670-3020, PAV RAILROAD,
INC., a Delaware corporation ("Railroad") whose mailing address is 3770 Embassy
Parkway, Akron, Ohio 44333 (Attention: Chief Executive Officer), and whose
telecopier number is (330) 670-3020, and PAV MACHINE. LLC, a Delaware limited
liability company ("Machine") whose mailing address is 3770 Embassy Parkway,
Akron, Ohio 44333 (Attention: Chief Executive Officer), and whose telecopier
number is (330) 670-3020 (the Borrower, Parent, Railroad and Machine are
collectively referred to herein as the "Companies").

                                    RECITALS:

      WHEREAS, the Director has made a loan to the Borrower in the original
principal amount of $5,000,000 (the "State Loan"), which loan is secured by a
security interest in the property described in Exhibit A hereto (the "Shared
Collateral") and is evidenced by a Loan Agreement dated as of March 20, 2003
between the Director and the Borrower (the "Director Loan Agreement"; and
together with all other documents or instruments evidencing or securing the
State Loan hereinafter collectively referred to as the "State Loan Documents");
and

      WHEREAS, the Borrower has issued (i) to Perry Principals Investments.
L.L.C. (in such capacity, the "Subordinated Noteholder") a $10,000,000 Senior
Subordinated Promissory Note due August 20, 2009 (as from time to time amended
or supplemented, the "Subordinated Note") pursuant to that certain Senior
Subordinated Note Purchase Agreement dated as of May 20, 2004 (as from time to
time amended or supplemented, the "Subordinated Note Agreement") among the
Subordinated Noteholder and the Companies, and (ii) to Perry Principals
Investments, L.L.C., as collateral agent (in such capacity, the "Collateral
Agent") a $60,000,000 Senior Secured Promissory Note due August 20, 2009 (as
from time to time amended or supplemented, the "Senior Note" and collectively
with the Subordinated Note, the "Notes") pursuant to that certain Senior Note
Purchase Agreement dated as of May 20, 2004 (as from time to time amended or
supplemented, the "Senior Note Agreement" and collectively with the Subordinated
Note Agreement, the "Note Agreements") among the Subordinated Noteholder and the
Companies.

<PAGE>

      WHEREAS, the Note Agreements together with all other documents or
instruments evidencing or securing the Notes are hereinafter collectively
referred to as the "Note Documents";

      WHEREAS, the obligations of the Companies under the Note Documents are
secured by, among other things, a lien upon and a security interest in the
Shared Collateral;

      WHEREAS, the Director, the Subordinated Noteholder and the Collateral
Agent wish to enter into this Agreement for the purpose of setting forth certain
agreements between themselves with respect to the matters set forth herein..

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the Director, the Subordinated Noteholder and the Collateral Agent
hereby covenant and agree as follows:

      1.    Incorporation of Recitals. The Recitals to this Agreement are
incorporated herein by this reference.

      2.    Definitions. (a)(a) "Hereof," "herein, "hereunder" and "hereto" and
words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement, and
article, section, subsection, paragraph, item, exhibit, and schedule references
are to this Agreement unless otherwise specified. All terms defined in this
Agreement in the singular shall have comparable meanings when used in the plural
and vice versa unless other specified.

      (b) As used herein the following terms shall have the meanings set forth
below:

            "First Priority Notes" shall mean Notes issued in the principal
      amount of $11,479,000.

            "Noteholders" shall mean the holders of the Notes.

            "Second Priority Notes" shall mean all Notes other than the First
      Priority Notes issued in the initial principal amount of $58,521,000.

            "Security Documents" shall mean the State Loan Documents and the
      Note Documents.

      3.    Shared Lien and Security Interest. Irrespective of (a) the time,
order or method of attachment or perfection of the respective security interests
and/or other liens granted to the Director, the Subordinated Noteholder or the
Collateral Agent in or on any or all of the property or assets of any of the
Companies, including the Shared Collateral, (b) the time or manner of the filing
of their respective financing statements, (c) the possession of any portion of
the Shared Collateral, (d) the dating, execution or delivery of any agreement
granting to the Director, the Subordinated Noteholder or the Collateral Agent
any security interests and/or other liens in or on any or all of the assets
and/or property of any of the Companies, including the Shared Collateral, (e)
the giving of notice or the failing to give notice of any of the above, and (f)
any provision of law to the contrary, the Director and the Subordinated
Noteholder or the Collateral Agent with respect to the First Priority Notes.
shall share a first lien priority position concerning the Shared Collateral, and
their respective, security interests in the Shared Collateral shall rank pari
passu with respect thereto. The Subordinated Noteholder and the Collateral Agent
shall share a second lien priority position of the Shared Collateral with
respect to the Second Priority Notes. For purposes of this Agreement, all
payments made on the Notes shall be applied on a pro rata basis between

                                     - 2 -
<PAGE>

the First Priority Notes and Second Priority Notes. Any funds advanced by the
Director in excess of the State Loan (which is limited to $5 million in
principal amount) shall be subordinate to the Notes and all other amounts due
under and in connection with the Note Documents. Any Notes issued after the date
hereof in connection with the Note Documents shall be considered Second Priority
Notes for the purposes of this Agreement.

      4.    Action to Be Taken upon Occurrence of Event of Default. The
Subordinated Noteholder, the Collateral Agent and the Director agree that, upon
the occurrence of an event of default under either the State Loan Documents or
the Note Documents, the Director, the Subordinated Noteholder and the Collateral
Agent shall immediately consult in good faith with one another in an attempt to
agree upon a mutually acceptable course of conduct including, but not limited
to, actions to be taken with respect to the Shared Collateral. In the event that
the Director, the Subordinated Noteholder and the Collateral Agent are unable to
so agree, then the Director, the Subordinated Noteholder or the Collateral Agent
may proceed to take action in accordance with the remedies available to them in
the State Loan Documents and the Note Documents, respectively, for the mutual
benefit of each in accordance with Section 5 hereof; provided, however, that the
Director shall not permit or cause payment of the State Loan to be accelerated
unless and until the earlier of (a) payment of the Notes has been accelerated,
or (b) one hundred eighty (180) days after the occurrence of any event of
default under any of the State Loan Documents.

      5.    Pro Rata Sharing. If, following the occurrence and during the
continuance of an event of default under the State Loan Documents or the Note
Documents, amounts owing or to become owing under the State Loan Documents or
the Note Documents are accelerated (subject in the case of the State Loan
Documents to the promise contained in paragraph 4 above), or any foreclosure,
sale, or other disposition or liquidation proceedings concerning the Shared
Collateral are commenced by either the Director, the Subordinated Noteholder or
the Collateral Agent, all payments or amounts realized or received thereafter by
the Director, the Subordinated Noteholder or the Collateral Agent, which
payments or amounts are derived from the Shared Collateral, shall be shared by
the Director, the Subordinated Noteholder and the Collateral Agent on a pro rata
basis in accordance with the respective principal amounts of their obligations
then outstanding under the State Loan and First Priority Notes.

      6.    Insurance and Eminent Domain Proceeds. All insurance and eminent
domain proceeds, if any, with respect to the Shared Collateral shall be made
payable to the Subordinated Noteholder and/or the Collateral Agent, but if
payment shall be made to one of the parties to this Agreement, such party will
hold the proceeds in trust for the mutual benefit of the other party pending
application in accordance with this Agreement, the State Loan Documents and the
Note Documents. Whenever pursuant to the State Loan Documents, the Note
Documents or this Agreement a procedure for the Director the Subordinated
Noteholder or the Collateral Agent to disburse such proceeds is required, the
Director, the Subordinated Noteholder and the Collateral Agent agree to
cooperate with each other in good faith in establishing a mutually acceptable
procedure consistent with the provisions thereof and hereof. The Director, the
Subordinated Noteholder and the Collateral Agent each acknowledge that under the
State Loan Documents and the Note Documents, respectively, they have, under
certain circumstances, the right to determine whether such proceeds should be
applied to reduce the obligations owing to them. If any such proceeds are so
applied, such proceeds will be subject to sharing in the same manner as other
proceeds of the Shared Collateral.

      7.    Notices. The Director, the Subordinated Noteholder and the
Collateral Agent shall deliver to the other (a) as soon as practicable after
receipt thereof: any notice which it receives in connection with the loan
obligations owed to it by the Companies, (b) prompt notice of any fact or

                                     - 3 -
<PAGE>

occurrence, excluding lapse of time but including such things as any purported
transfer or removal from the State of Ohio of all or any part of the Shared
Collateral which may impair the priority of the parties shared lien or the
perfection of their respective security interests in the Shared Collateral, and
(c) at least ten (10) days' prior written notice of any action either of them
proposes to undertake under the last sentence of Section 4 hereof or otherwise
with respect to the Shared Collateral.

      8. Method of Notification. All notices made or required to be given to any
party hereto pursuant to this Agreement shall be in writing and shall be sent to
the address appearing in the preamble to this Agreement by regular U.S. mail,
telecopier or overnight courier service. Each of the parties hereto may change
its address for service of notice by giving a notice complying with this Section
8 to the other parties hereto.

      9. Termination of Obligations. This Agreement shall automatically
terminate upon payment in full of all obligations of the Companies to either the
Director under the State Loan Documents or the Subordinated Noteholder and the
Collateral Agent under the Note Documents; provided, however, that if all or any
part of any payment by any of the Companies to the Director, the Subordinated
Noteholder or the Collateral Agent is thereafter invalidated or set aside or
required to be repaid to any person in any bankruptcy or other proceeding, then
this Agreement shall be renewed as of such date and shall thereafter continue in
full force and effect to the extent of the obligations so invalidated, set aside
or repaid. Upon any such termination, all financing statements and liens
applicable to the satisfied obligations shall be terminated by the appropriate
party (and this obligation shall survive any termination of this Agreement).

      10. Consents Amendments and Waivers. No amendment, waiver, or consent of
any provision of this Agreement shall be effective unless in writing and signed
by the Director, the Subordinated Noteholder and the Collateral Agent. Each
waiver, if any, shall be a waiver only with respect to the specific instance
involved and shall in no way impair the rights of the waiving party or the
obligations of the Borrower to any party in any other respect at any other time.

      11. Assignment and Parties in Interest. This Agreement may not be assigned
by any party without the advance written consent of the other parties hereto.
All terms of this Agreement shall be binding upon and shall inure to the benefit
of and be enforceable by the respective successors and permitted assigns of the
Director, the Subordinated Noteholder and the Collateral Agent.

      12. No Third-Party Beneficiaries. This Agreement is solely for the benefit
of the Director, the Subordinated Noteholder and the Collateral Agent and is not
intended to grant any rights, benefits or defenses to or for the benefit of any
other person whatsoever. The parties agree that the Companies are signing this
Agreement solely for the purpose of consenting to and acknowledging the rights
and obligations of the Director, the Subordinated Noteholder and the Collateral
Agent. The Companies shall have no rights hereunder.

      13. Reservation of Security Interests as Against Third Parties. Nothing
contained herein is intended to affect or limit in any way the security
interests and/or other liens each of the parties hereto has in any and/or all of
the property and assets of the Companies, whether tangible or intangible,
insofar as the Companies and third parties are concerned. The parties hereto
specifically reserve all respective security interests and/or other liens and
rights to assert such security interests and/or other liens as against the
Companies and third parties.

                                     - 4 -

<PAGE>

      14. Headings. The headings of the Sections of this Agreement are inserted
for convenience only and shall not be deemed to constitute a part hereof.

      15. Applicable Law and Venue. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

      16. Severability. If any provision of this Agreement, or any term,
condition, covenant, obligation or agreement contained herein is determined by a
court to be invalid or unenforceable, such determination shall not affect any
other provision, term, condition, covenant, obligation or agreement, each of
which shall be construed and enforced as if such invalid or unenforceable
portion were not contained herein. Such invalidity or enforceability shall not
affect any valid and enforceable application thereof, and each such provision,
term, condition, covenant, obligation or agreement, shall be deemed to be
effective, operative, made, entered into or taken in the manner and to the full
extent permitted by law.

      17. Integration and Controlling Effect. This Agreement sets forth the
entire agreement between the parties hereto relating to the matters set forth
herein and supersedes all prior understandings and agreements, whether written
or oral, between the parties hereto and the Companies relating to such matters.
If any of the terms or provisions of this Agreement are determined to be in
conflict with any of the provisions of the State Loan Documents or Note
Documents, the terms of this Agreement shall control.

      18. Interpretation. This Agreement shall be deemed to have been prepared
jointly by the parties hereto and any uncertainty or ambiguity existing herein
shall not be interpreted against any party but shall be interpreted according to
the rules for the interpretation of arm's-length agreements.

      19. Covenants of the Director. All covenants, obligations and agreements
of the Director contained in this Agreement shall be effective to the extent
authorized and permitted by applicable law. No such covenant, obligation or
agreement shall be deemed to be a covenant, obligation or agreement of any
present or future Director in other than his official capacity acting pursuant
to applicable law.

      20. Counterparts. This Agreement and any amendment hereto may be executed
in several counterparts and by each party on a separate counterpart, each of
which, when so executed and delivered shall be an original, but all of which
together shall constitute but one and the same instrument.

                                     - 5 -

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Intercreditor
Agreement to be executed, and delivered by their respective duly authorized
officers as of the date first hereinabove written.

                       THE DIRECTOR OF THE DEPARTMENT OF
                           DEVELOPMENT OF THE STATE OF OHIO, acting
                           for and on behalf of the State of Ohio

                       By: /s/ Marlo B. Tannous
                           -----------------------------
                           Name:  Marlo B. Tannous
                           Title: Chief Legal Counsel

                       PERRY PRINCIPALS INVESTMENTS, L.L.C., as
                           Subordinated Noteholder

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

                       PERRY PRINCIPALS INVESTMENTS, L.L.C., as
                           Collateral Agent for the Senior Notes

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

                                     - 6 -

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Intercreditor
Agreement to be executed, and delivered by their respective duly authorized
officers as of the date first hereinabove written.

                       THE DIRECTOR OF THE DEPARTMENT OF DEVELOPMENT OF THE
                       STATE OF OHIO, acting for and on behalf of the State of
                       Ohio

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

                       PERRY PRINCIPALS INVESTMENTS, L.L.C., as
                           Term 1 Noteholder

                       By: /s/ Randall Borkenstein
                           -----------------------------
                           Name: Randall Borkenstein
                           Title: Authorized Person

                       PERRY PRINCIPALS INVESTMENTS, L.L.C., as
                           Collateral Agent for the Senior Notes

                       By: /s/ Randall Borkenstein
                           -----------------------------
                           Name: Randall Borkenstein
                           Title: Authorized Person

   [SIGNATURE PAGE TO PERRY INTERCREDITOR AND ACCESS AGREEMENT -- OHIO STATE]

<PAGE>

      Each of the undersigned hereby (i) acknowledges and consents to the terms
and conditions of the foregoing Agreement, as such Agreement maybe amended,
modified, supplemented, restated or replaced from time to time, (ii) agrees to
execute and deliver such other documents and instruments in connection herewith
as may be requested by the Director, the Subordinated Noteholder or the
Collateral Agent, in form and substance satisfactory to the Director, the
Subordinated Noteholder and the Collateral Agent, and (iii) agrees to take such
other action as any of the Director, the Subordinated Noteholder or the
Collateral Agent may request to effectuate and carry our the provisions of the
foregoing Agreement. Each of the undersigned further acknowledges and agrees
that the provisions of the foregoing Agreement are intended to establish and
define the relative rights and obligations as among the Director, the
Subordinated Noteholder and the Collateral Agent and shall not be deemed to
extend or modify the obligations of the undersigned (or any of them) to the
Director, the Subordinated Noteholder of the Collateral Agent.

      By countersigning this Agreement, each of the undersigned agrees (i) to
reimburse each of the Director, the Subordinated Noteholder and the Collateral
Agent, on demand, for any reasonable expenses incurred by such person, including
(1) counsel fees, (2) other charges and (3) disbursements and compensation of
agents, arising out of, in any way connected with, or as a result of, the
execution and delivery of the foregoing Agreement or any of the Security
Documents (as defined in the foregoing Agreement) or any agreement or instrument
contemplated thereby or the performance by the parties to the foregoing
Agreement or thereto of their respective obligations under the foregoing
Agreement or thereunder or in connection with the enforcement or protection of
the rights of the Director, the Subordinated Noteholder and the Collateral Agent
(as defined in the foregoing Agreement) under the foregoing Agreement and the
Security Documents and (ii) to indemnify and bold harmless the Director, the
Subordinated Noteholder and the Collateral Agent and each of their respective
directors, officers, employees and agents (each such person being called an
"Indemnitee"'), on demand, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed
on, incurred by or asserted against any Indemnitee in their respective
capacities or any of them in any way relating to or arising out of the foregoing
Agreement or the Security Documents; provided, however, that the undersigned
shall not be liable to any Indemnitee for any such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements to the extent they have resulted from the gross negligence or
willful misconduct of such Indemnitee.

                       REPUBLIC ENGINEERED PRODUCTS, INC.

                       By: /s/ George Strickler
                           -----------------------------
                           Name: George Strickler
                           Title: Chief Financial Officer

   [SIGNATURE PAGE TO PERRY INTERCREDITOR AND ACCESS AGREEMENT -- OHIO STATE]

<PAGE>

                               PAV REPUBLIC, INC.

                               By: /s/ E. J. Antonio III
                                   ---------------------------------
                                   Name:  E.J. Antonio III
                                   Title: Vice President

                               REPUBLIC N&T RAILROAD, INC.

                               By: /s/ George Strickler
                                   ---------------------------------
                                   Name: George Strickler
                                   Title: Chief Financial Officer

                               REPUBLIC MACHINE, LLC

                               By: /s/ George Strickler
                                   ---------------------------------
                                   Name: George Strickler
                                   Title: Chief Financial Officer

   [SIGNATURE PAGE TO PERRY INTERCREDITOR AND ACCESS AGREEMENT -- OHIO STATE]

<PAGE>

                                    Exhibit A

<TABLE>
<CAPTION>
                                                                                         CEA           OVER/         CURRENT
   PO                        CAPITAL                       DATE         VENDOR          AMOUNT        (UNDER)         AMOUNT
---------    ----------------------------------------    --------    -------------    ----------     ---------     ----------
<S>          <C>                                         <C>         <C>              <C>            <C>           <C>
N-53315-T    ROLLING MILL EQUIP                          5/10/02     QUAD              5,038,000     (763,000)      4,275,000
N-53316-T    COOLING BED EQUIP                           5/10/02     SES               4,593,000     (101,200)      4,491,800
N-54101-T    ENGMODIFY-TRUSS                             6/12/02     MIDDOUGH                  -       64,273          64,273
N-54194-T    ABRASIVE SAW (2)                            6/17/02     TRI-CAM INC.      1,500,000     (185,650)      1,314,350
N-55340-T    LAP GAGE                                    7/25/02     LAP LASER LLC       200,000       48,737         248,737
N-01206-C    JACK TRUSS FAB & INSTALL                    9/23/02     SPC                 694,000       80,832         774,832
N-02167-C    INST-CIVIL-CONC, CB, COND, BLDG SAW LINE    10/18/02    SPC                 781,420      235,629       1,017,045
N-02291-C    ELECTRICAL INSTALL PARTIAL                  10/28/02    ECA                 267,643            -         267,643
N-03031-C    CIVIL INSTALL PH II                         11/18/02    BENDER CORP         571,106            -         571,106
N-03032-C    MECHANICAL INSTALLATION                     11/21/02    SPC                 892,000      250,000       1,142,000
JOBORD01     MACHINE CRANK SHEAR ARMS                    11/25/02    REF FAB SHOP              -            -               -
N-03076-C    PIPING INSTALLATION                         11/25/02    SUBURBAN            440,087       21,226         461,313
N-03209-C    RIGGING PCR ROOMS FIND                      12/3/02     SPC                  26,185            -          26,185
N-03341-C    LAP GAUGE INTERFACE                         12/5/02     AURELIAN                  -       15,660          15,660
N-03492-C    ENG 3V & 4H TROUGHS & CHUTES                12/11/02    QUAD ENGR                 -        7,500           7,500
N-03524-C    DRILLING ON MILL STANDS                     12/16/02    TESARINC                  -       14,000          14,000
N-03630-C    MACHINE SHOP SERVICES                       12/16/02    DORAY MACHINE             -        5,000           5,000
N-03607-C    ELECTRICAL PHASE II                         12/19/02    ECA               1,005,267      513,679       1,518,946
N-03868-C    MECHANICAL SPARES                           1/18/03     SES                       -       68,665          68,665
N-04120-C    MECHANICAL SPARES                           1/22/03     QUAD                      -       53,878          53,878
999999       JOB ORDERS JANUARY                          1/31/03     REF FAB SHOP              -       32,845          32,845
N-04604-C    CONCRETE FLOOR SLABS                        2/20/03     SPC                       -       40,000          40,000
                                                                                                                   ----------
                                   TOTAL COMMITTED                                                                 16,410,782

                                 CONTINGENCY BALANCE                                     470,292     (402,074)         68,218

                                    TOTAL PROJECT                                     16,479,000            -      16,479,000
</TABLE>

<PAGE>

Page 2                                                                       RTI
May 23, 2002                                                      4 Stand Revamp

                       REPUBLIC TECHNOLOGIES INTERNATIONAL
                                 4 STAND REVAMP
                            TECHNICAL SPECIFICATIONS
                            SES Proposal No. 12916-E
                                  May 23, 2002

1.0   4 STAND MILL SHEAR DELIVERY TABLES

      1.1.  SES will supply twenty-six (26) rolls from parting shear to the
            cooling bed. See SES Drawing No. 12916A-04.

      1.2.  Table will consist of twenty-six (26) case iron rolls total.

      1.3.  Each roll will be 12" diameter, supported on 3 7/16" steel pillow
            blocks.

      1.4.  Each roll will be driven by one (1) 7-1/2 HP gearmotor designed to
            propel product at 60 to 600 FPM.

      1.5.  Table will consist of complete roll with drive assembly and table
            frame to concrete.

      1.6.  Tables will be provided with aprons and iron side guides.

      1.7.  Table will require approximately fifty two (52) lubricated  points.

      1.8.  Total table weight is 83,000#.

2.0   COOLING BED ENTRY TABLE

      2.1.  SES will supply a twenty-four (24) roll cooling bed entry table. See
            Drawing No. 12916A-01 and -06.

      2.2.  Each roll will be 12" diameter and will be cast iron.

      2.3.  Roll will be cantilevered on 3 7/16" steel pillow blocks.

      2.4.  Each roll will be driven by one (1) 5 HP gear motor designed to
            propel product at 60 to 600 FPM.

      2.5.  Table will have cast iron guiding.

      2.6.  Table will require approximately forty-eight (48) lubrication
            points.

      2.7.  Total table weight is 125,000#.

3.0   BAR KICK-IN DEVICE

      3.1.  SES will furnish one (1) bar kick-in device similar to that shown on
            Drawing No. 12916A-02, -06, -07, -08.

      3.2.  The bar kick-in device will be an iron type kick-in assembly with an
            articulating pivot pin lift arrangement.

      3.3.  This kick-in device will be activated via an electro-mechanical
            drive assembly.

      3.4.  An electro-mechanical bar transfer is provided at the first notch of
            the cooling bed. This device will transfer the bar to the second
            notch.

      3.5.  Bar transfer device will be powered by 7-1/2 HP AC motor on each
            bed.

      3.6.  Approximately 120 lubrication points will be required.

      3.7.  Total weight of bar kick-in system is 60,000#.

4.0   COOLING BED

      4.1.  Cooling bed will be similar to SES Reference Drawing Nos. 12916A-01
            and -02.

      4.2.  Cooling bed will be an electro-mechanical type bed consisting of two
            (2) independent halves with individual lift and traverse. Each half
            will be 52'-0" wide.

<PAGE>

Page 3                                                                       RTI
May 23, 2002                                                      4 Stand Revamp

      4.3.  Life till be accomplished via two (2) 250 HP DC electric motors
            coupled to a parallel shaft gear reducer with double output shafts.
            Gear reducer will have a 96:1 ratio.

      4.4.  The lift gearbox will be coupled to eccentrics, which will be
            supported on both sides by anti-friction bearings and connected to
            the lifting pull rod.

      4.5.  The traverse assembly will consist of two (2) 30 HP DC motors
            coupled to 97:1 gear ratio, parallel shaft reducers. These reducers
            will have double extended output shafts.

      4.6.  DC motors will be supplied with air-over blowers.

      4.7.  Output shafts will be connected to eccentric cranks, which in turn,
            connect to the pull rods for rolling the bed in a North-South
            direction.

      4.8.  Bed will be counter weighted. Billets for counterweight to be
            supplied by RTL.

      4.9.  Bed will roll round product with each walk.

      4.10. Bed will be designed for 3"-7" rounds.

      4.11. Total number of lubrication points required is approximately 320.

      4.12. Total weight of cooling bed is 1,460,000#. The weight of each half
            is 730,000#.
            Total weight is 1,460,000 for both halves.

5.0   SAW TABLE

      5.1.  SES will supply fifty-five (55) rolls in the saw table line.

      5.2.  Rolls will be similar to that shown on SES Drawing No. 12916A-05.

      5.3.  Each roll will be 12" diameter supported bon 3 7/16" steel pillow
            blocks.

      5.4.  Each roll will be driven by one (1) 7-1/2 HP gear motor designed to
            propel product at 250 FPM.

      5.5.  Table will consist of complete roll with drive assembly, and table
            frame to concrete.

      5.6.  Tables will be provided with steel side guides.

      5.7.  Two (2) fixed end stops will be provided.

      5.8.  One (1) disappearing stop will be provided.

      5.9.  Table will require approximately 106 lubrication points.

      5.10. Total table weight is 151,000#.

6.0   COOLING BED SURGE TABLE AND LETDOWNS

      6.1.  SES will provide two (2) cooling bed surge tables and letdowns
            similar to that shown on SES Drawing No. 12916-B.

      6.2.  Cooling bed discharge table will be heavy steel gravity ramps
            connecting the bed to the saw line table.

      6.3.  Each cooling bed will have one (1) pneumatic singulator and one (1)
            pneumatic hold back device for accumulating up to two (2) layers of
            product ahead of the saw line conveyor table.

      6.4.  Once product has been advanced to the saw line conveyor table, a
            hydraulic operated butterfly letdown device will allow the products
            to be lowered onto the saw line table.

      6.5.  The butterfly letdown arms will be mounted on iron pillow blocks and
            will be pull rod activated via hydraulic cylinder.

      6.6.  Total lubrication points will be approximately 60.

7.0   SLOW COOLED BUCKS

      7.1.  One (1) 52' wide section of slow cooled bucks will be provided on
            one (1) of the cooling beds.

      7.2.  This slow cooled buck will be designed to hold 7-1/2 ton of product.

      7.3.  Slow cooled buck will be provided with a pneumatic holdback
            assembly, which will hold product at the saw line table or allow the
            product to be placed into the buck.

<PAGE>

Page 4                                                                       RTI
May 23, 2002                                                      4 Stand Revamp

      7.4.  Total lubrication points will be approximately fifteen (15).

8.0   SAWLINE SHIPPING CRADLES

      8.1.  SES will provide two (2) 40' section of saw line shipping cradles
            similar to that shown on SES Drawing NO. 12916-C.

      8.2.  Product on the saw line table will be raised off of the table by a
            butterfly assembly.

      8.3.  Butterfly assembly will pivot on steel pillow blocks with bushings
            via hydraulic cylinders.

      8.4.  After product exists the table, two (2) sets of pneumatic holdback
            assemblies will be provided for holding two (2) layouts of product
            ahead of the shipping cradles.

      8.5.  Each shipping cradle will be designed for 14' to 40' of product
            length.

      8.6.  Each shipping cradle will be designed for a maximum of 22" diameter
            bundle and 7-1/2 ton capacity.

      8.7.  One (1) hydraulic power unit will be supplied for operation of the
            butterfly systems for the saw line and the slow cool bucks.

      8.8.  Total lubrication points will be approximately twenty-four (24).

9.0   ELECTRICAL SENSOR MOUNTING

      9.1.  SES will provide electrical sensor mounting for the entire 4 stand
            project on equipment supplied by SES.

      9.2.  SES will work with Quad Engineering on sensor device location and
            mounting.

      9.3.  All sensors are provided in Quad's scope of supply.

      9.4.  All wiring of sensors will be pre-wired where possible.

10.0  LUBRICATION

      10.1. SES has provided all hoses, fittings, and lot length of lubrication
            lines for lubrication system required on the cooling bed.

      10.2. Because of the method that the cooling bed is disassembled and
            shipped, all lubrication labor will be provided by the field
            installation contractor.

      10.3. All roller tables will be pre-plumbed to central blocks for hook up
            by installation contractor.

      10.4. Any other, parts, which cannot be shipped as assemblies, win be
            provided will lubrication line and hoses and fittings, but labor
            will be provided by installation contractor.

      10.5. SBS has not provided the main lubrication header lines, or the
            automatic lubrication pumps for any equipment on this project

11.0  PAINTING

      11.1. All machined surfaces will be free of paint and covered with a
            removable protective coating (oil film or equal).

      11.2. All non-machined surfaces will be free of loose scale/rust and
            painted with one (1) coat or red oxide primer and one (1) coat of
            machinery enamel -- color to be advised.

12.0  DOCUMENTATION

      12.1. Manuals

            12.1.1. Three (3) sets of operating and maintenance manuals will be
                    supplied with the equipment.

            12.1.2. Standard product brochures will be included where readily
                    available

      12.2. Drawings

<PAGE>

Page 5                                                                       RTI
May 23, 2002                                                      4 Stand Revamp

            12.2.1. All general arrangement and assembly drawing(s) complete
                    with itemized parts list will be provided.

            12.2.2. Drawings will be prepared on AutoCAD R14 -- electronic file
                    will be provided on compact disk.

            12.2.3. Drawings will generally be "D" size.
<PAGE>

Page 6                                                                       RTI
May 23, 2002                                                      4 Stand Revamp

                                   MOTOR LIST

<TABLE>
<CAPTION>
EQUIPMENT
   NO.                     DESCRIPTION                                       MOTORS
------------------------------------------------------------------------------------------------------
<S>              <C>                                             <C>
   1.0           Shear Run-Out -- 26 Rolls                       Table speed = shear table speed
                                                                 (26) 7 1/2 @ 1750 RPM AC VF
                                                                 Table speed = 700 FPM max.

   2.0           Cooling Bed Entry Roll Table --                 (24) 5 HP @ 1750 RPM AC VF
                 24 Rolls                                        Table speed = 700 FPM max.

   3.0           Cooling Bed Eatry Kick-In Device                (2) 60 HP @ 1750 RPM AC FVNR

   4.0           Bar Transfer Device                             (2) 7 1/2 @ 1750 HP AC @ 1750 RPM

   5.0           Cooling Bed Lift                                (2) MD 814 250 HP @ 1020 RPM 460VDC
                                                                 Max load = 200% base rating

   5.1           Motor Blower                                    (2) 5 HP 230/460/3/60

   5.2           Brake                                           (2) 19" DC type shoe brake.

   6.0           Cooling Bed Traverse                            (2) MD 804 30 HP @ 1530 RPM 460VDC04
                                                                 Max load = 200% base rating

   6.1           Motor Blower                                    (2) 1 HP 230/460/3/60

   6.2           Brake                                           (2) 10" DC type shoe brake

   7.0           Hydraulic Power Unit                            15 HP @ 1200 RPM AC

   8.0           Saw Tables                                      (55) 7 1/2 HP AC @ 1750 RPM
</TABLE>

<PAGE>

QUAD ENGINEERING                                                   SCOPE OF WORK

REPUBLIC TECHNOLOGIES INTERNATIONAL                                  Section: 04
4 STAND MILL UPGRADE                                               NEW EQUIPMENT
Specification: 2862MS001                                       Rev. 1 Page No. 9

4.    MECHANICAL EQUIPMENT

      4.1.  MILL ENTRY PINCH ROLL

            Detail design and supply only of one (1) pinch roll assembly.

            The pinch roll unit will be located directly in front of the first
            vertical stand and will be used to assist in entering the feedstock
            into the rolls.

            The unit will consist of a bottom roller mounted in pillow blocks on
            vertically, manually adjustable base frame. The top roll mounted in
            antifriction bearings on a pivoting arm that is attached to the main
            frame. The top roll is raised and lowered by hydraulic cylinders to
            provide grip to the billet for mill entry. Top and bottom rolls are
            driven and water cooled.

            The rolls will be designed to accept rounds.

            Foundation outline drawings and loading information will be
            provided.

            If possible, lubrication points will be prepiped with stainless
            steel tubing to distribution blocks for connection to centralized
            lubrication system. Supply of lubrication system and interconnection
            to block by others.

      4.2.  NEW SCREWDOWN DRIVES

            Detail design and supply only of four (4) screwdown drive
            assemblies.

            Each screwdown for stands V1/H2/V3/H4 will be upgraded to be driven
            by one (1) new 5 hp. gearmotor. New brackets as required to mount
            new drive units to existing screwdown mechanisms are also being
            supplied.

      4.3.  ROLL CHANGE RIG ASSEMBLIES

            Detail design and supply only of two (2) roll change rig assemblies
            for stands H2 and H4.

            A roll change rig will consist of a fabricated steel sled to support
            the roll and chock package for insertion into and extraction from of
            the mill housing. The sled will slide on and be guided by a
            fabricated steel frame, permanently mounted to the mill floor, and
            will be actuated by a hydraulic cylinder.

            Detail design and supply of components only for required
            modifications to the existing roll chocks for accommodation by the
            new sleds are included.

            One (1) sliding and one (1) fixed floor plate, per roll change rig,
            are included.

            Hydraulic valving for each roll change rig is included.

            Foundation outline drawings and loading information will be
            provided.

      4.4.  ENTRY AND DELIVERY GUIDES

            Detail design and supply only of one (1) complete fill of entry and
            delivery guides to roll rounds 3" diameter to 6-1/2" diameter for
            stands V1/H2/V3/H4.

<PAGE>

QUAD ENGINEERING                                                   SCOPE OF WORK

REPUBLIC TECHNOLOGIES INTERNATIONAL                                  Section: 04
4 STAND MILL UPGRADE                                               NEW EQUIPMENT
Specification: 2862MS001                                      Rev. 1 Page No. 10

            Center adjust roller entries are provided for stands V1/H2/V3/H4.
            The rollers are AISI 4140 and the profiled inserts are 416 stainless
            steel.

            Static nodular iron delivery guides are provided for stands
            V1/H2/V3/H4.

      4.5.  REST BARS

            Detail design and supply only of eight (8) adjustable rest bars for
            stands V1/H2/V3/H4.

      4.6.  AXIAL ADJUST MECHANISM

            Detail design and supply only of two (2) new axial adjustment
            mechanisms for . stands H2 and H4.

            Detail design and supply only of components to mount new axial
            adjustment mechanisms on existing chocks and mill stand housing is
            included.

            Detail design only of modifications to existing chocks and mill
            stand housing to accommodate new components for mounting of now
            axial adjustment mechanisms.

            Axial adjustment is provided for one bottom roll only - the top roll
            is fixed.

      4.7.  INTER STAND TROUGHS AND FLOOR PLATES

            Detail design and supply only of three (3) inter stand troughs
            between V1, H2 and H2, V3 and V3, H4.

            Detail design and supply only floor plates for H2 and H4 for roll
            change rig.

      4.8.  LAP GAUGE SUPPORT

            Detail design and supply only of one (1) fabricated steel support to
            mount the new LAP gauge (supplied by RTI)

            Foundation outline drawings and loading information will be provided

      4.9.  GAUGE BEAMS

            Detail design and supply only two (2) gauge beams.

            Two (2) gage beam assemblies are required for the tow (2) fixed saw
            system. The gage beam after the first fixed saw will gage product
            from 14' to 40'. The gage beam after the second fixed saw will gage
            product from 14' to 40'.

            The gauge beam consists of a long fabricated beam bolted to the mill
            foundations to which is fitted a traveling measuring head. The
            measuring head is designed to minimize cut length variation and has
            the following functions built into the design:

            -     Supported by four (4) wheels on the beam with two (2) wheels
                  driven by electronic gearmotor for cut length variation.

            -     Head clamping to gage beam.

            -     Raising lowering stop head by air cylinder for shock
                  absorption due to moving bars.

            -     Lifting/lowering stop plate in case of stop plate resting on
                  roller.

                                       10
<PAGE>

QUAD ENGINEERING                                                   SCOPE OF WORK

REPUBLIC TECHNOLOGIES INTERNATIONAL                                  Section: 04
4 STAND MILL UPGRADE                                               NEW EQUIPMENT
Specification: 2862MS001                                      Rev. 1 Page No. 11

            4.9.1 Gage Beam

                  The beam will be fabricated from heavy steel plate and
                  machined to accept the traveling gage head with wheels. The
                  beam will be supported with two gooseneck supports from one
                  side of the beam. The supports will be bolted to the mill
                  foundations and fabricated from heavy steel plate. The gauge
                  beam will be bolted to the gooseneck supports.

                  The beam. will be of sufficient length for the gage head to
                  measure 14' to 40' long bars.

                  The gauge beam will be provided with a painted-on scale or
                  other means of visually determining the approximate gauge head
                  position.

            4.9.2 Gage Head

                  Main Frame:

                  Fabricated from heavy steel plate, the frame will be machined
                  and drilled for the following sub items:

                  -     Wheels and drive:

                        Four (4) fabricated brackets are supplied with each
                        holding one wheel. The wheel brackets are bolted to the
                        main frame and support the frame on the beam.

                        Two (2) wheels are driven by a chain sprocket system
                        from a gear motor fastened to the main frame.

                        Stop head.

                        A pivoting stop head is located to the main frame. A
                        large bore air cylinder achieves raising and lowering of
                        the head. In the down position, the cylinder also
                        absorbs shock loads caused by moving bars.

                  Foundation outline drawings and loading information will be
                  provided.

      4.10. COLD SAW ENCLOSURES

            Design and supply only of two (2) fabricated steel saw enclosures.

            Environmental enclosure over each saw approximately 15' x 20' to
            contain fumes and sound.

            One (1) fume extraction system per cold saw will be supplied.

            Enclosures will be designed to mount on the travel frame of the cold
            saws (supplied by RTI).

            The enclosures would have a lift out roof panel. As much equipment
            as possible win be located outside the enclosures.

                                       11
<PAGE>

QUAD ENGINEERING                                                   SCOPE OF WORK

REPUBLIC TECHNOLOGIES INTERNATIONAL                                  Section: 04
4 STAND MILL UPGRADE                                               NEW EQUIPMENT
Specification: 2862MS001                                      Rev. 1 Page No. 12

            Design will incorporate access door to permit operations and blade
            changing as necessary.

      4.11. COLD SAW BLADE CHANGES JIB CRANES

            Design and supply only of two (2) jib cranes.

            Each jib crane will consist of a one (1) ton electric hoist and
            manual trolley suitability mounted for the purposes on blade change
            operations.

            Detail design and supply only of one (1) saw blade storage rack per
            cold saw is also included.

      4.12. SWARF AND SCRAP REMOVAL

            Design and supply only of four (4) 10 ton capacity scrap boxes to
            permit the collection and removal of swarf and scrap.

            Chutes required to direct scrap and swarf into the scrap boxes will
            be provided

            Foundation outline drawings and loading information will be provided

      4.13. SWARF WATER SYSTEM

            Design and equipment supply only for a swarf system for each saw as
            required by saw manufacturer.

            Process water from existing scale water system (tie-in-point(s) and
            interconnecting piping to be provided by RTI) will be sprayed to
            wash down scarf from tunder saws Pump(s) will be provided to
            recirculate swarf water back to the existing plant scale water
            system (tie-in-point(s) and interconnecting piping to be provided by
            RTI)

      Note: All lubrication points will typically be manual unless noted
            otherwise.

                                       12
<PAGE>

QUAD ENGINEERING                                                   SCOPE OF WORK

REPUBLIC TECHNOLOGIES INTERNATIONAL                                  Section: 04
4 STAND MILL UPGRADE                                               NEW EQUIPMENT
Specification: 2862MS001                                      Rev. 1 Page No. 13

5.    EQUIPMENT UPGRADES

      5.1.  HORIZONTAL MILL STAND HOUSING

            Detail design and supply only of components to upgrade the existing
            horizontal mill stand housings H2 and H4 including:

            -     New mill housing liners

            -     New mill housing foot brassess

      5.2.  VERTICAL MILL STAND HOUSING

            Detail design and supply of components only to upgrade the existing
            vertical mill stand housings V1 and V3 including:

            -     New mill housing liners

      5.3.  "JOHNSTOWN" FLYING DIVIDE SHEAR

            Detail design and supply only components to upgrade the existing
            divide shear as follows:

            -     Top and bottom knife holder assemblies including bushings and
                  hardward.

            -     Design of knives (RTI supply).

            -     Head and tail and sampling system.

            -     Shear support frame.

            -     Crop chute components.

            Foundation outline drawings and loadings will be provided.

      5.4.  ENTRY PINCH ROLL FOR "JOHNSTOWN" SHEAR

            An analysis regarding the cut length accuracy and repeatability of
            the final cut on any bar will be performed. From the result of the
            analysis RTI will determine if the shear entry pinch roll will be
            required.

            If the pinch roll is required QEI will provide:

                  Detail design and supply one of support steel as required to
                  install the shear entry pinch roll (supplied by RTI) between
                  stand 4H and the "Johnstown" shear.

                  Detail design only of required modifications and supply of
                  miscellaneous support steel to modify the existing roller
                  table between stand 4H and existing divide shear.

                  Foundation outline and loading drawing will be provided

            If the pinch roll not is required QHI will provide:

                  Detail design only of required modifications and supply of
                  miscellaneous support steel to modify the existing roller
                  table between stand 4H and existing divide shear.

                  Foundation outline and loading drawing will be provided

                                       13
<PAGE>

QUAD ENGINEERING                                                   SCOPE OF WORK

REPUBLIC TECHNOLOGIES INTERNATIONAL                                  Section: 04
4 STAND MILL UPGRADE                                               NEW EQUIPMENT
Specification: 2862MS001                                      Rev. 1 Page No. 14

6.    ELECTRICAL EQUIPMENT

      6.1.  Four (4) Rockwell (Reliance) DC mill stand non-regenerative drives,
            complete with:

            -     Reversible field regulators.

            -     Rated to power four (4) existing 1250 hp, 600V DC, 400/800RPM
                  Allis-Chalmers Mill motors.

      6.2.  Two (2) 3,600 kVA, 13.8kV-575V mill drive isolation transformers.

            -     Dry type.

            -     One delta -- delta/wye and One delta -- delta/delta.

            -     Copper windings.

            -     Electrostatice shield.

            -     150(degree)C temperature rise.

            -     Two (2) mill drives per transformer.

      6.3.  Two (2) 13.8kV, 600 Amp fused load break switches for the mill drive
            isolation transformers.

      6.4.  Two (2) Rockwell (Reliance) DC shear drives complete with:

            -     Four (4) field regulators rated to power the existing four (4)
                  300 hp., 230V DC, 390RPM MD820 AEL series motors. (Johnstown
                  shear)

      6.5.  One (1) 1,900 kVA shear drive isolation transformer with dual
            secondary

            -     One (1) for each shear drive

            -     Dry type, delta -- delta/wye

            -     Copper windings

            -     Electrostatic shield

            -     150(degree)C temperature rise

      6.6.  One (1) 13.8kV, 600 Amp fused load break switches for the shear
            drive isolation transformers.

      6.7.  One (1) GEC relay for the existing 13.8kV, 1,200 Amp breaker

      6.8.  One (1) 40 hp. DC and one (1) 30 hp. DC Rockwell drives for the mill
            entry and shear pinch rolls. Drive will be supplied for modified
            roller tables as required by mechanical equipment arrangement at the
            "Johnstown" shear.

      6.9.  Four (4) Shp. V.F. AC drives to power the mill stand screwdown
            motors.

      6.10. Two (2) 100 hp. and two (2) 75 hp. V.F. AC drives for the cooling
            bed run-in table

      6.11. Two (2) 75 hp. V.F. AC drives for the cooling bed kick-off

      6.12. Two (2) 10 hp. V.F. AC drives for the cooling bed transfer tables

      6.13. Two (2) DC drives for two 250 hp. DC motors for the cooling bed rake

      6.14. One (1) cooling bed rake drive isolation transformer with dual
            secondary windings

            -     Copper windings

            -     Electrostatic shield

            -     150(degree)C temperature rise

                                       14
<PAGE>

QUAD ENGINEERING                                                   SCOPE OF WORK

REPUBLIC TECHNOLOGIES INTERNATIONAL                                  Section: 04
4 STAND MILL UPGRADE                                               NEW EQUIPMENT
Specification: 2862MS001                                      Rev. 1 Page No. 15

            -     One (1) 13.8kV, 600 Amp fused load break.

      6.15. Two (2) 30 hp. DC drives for the cooling bed rake traverse
            mechanism.

      6.16. Six (6) 75 hp. V.F. AC drives for the cooling bed run-out, saw and
            cradles table motors.

      6.17. Two (2) 10 hp. V.F. AC drives for the Gauge Beam heads

      6.18. One (1) lot of MPP's (Motor Protection Panel) for the AC drives,
            where multiple motors are fed from a single drive.

      6.19. 480V Power Distribution

            -     One (1) MCC for the mill area equipment (Power obtained from
                  the existing mill MCC 11)

            -     One (1) 13.8kV, 600 Amp fused load break switches

            -     One (1) 1500 kVA 13.8 kV-480 V Dry type transformer, copper
                  windings, 150 (degree)C temperature rise

            -     One (1) MCC for the Saw area equipment, including two Saw
                  feeders

      6.20. One (1) Mill Speed Control system, including:

            -     Controls for the screw downs, shear, pinch rolls, cooling bed,
                  run-in and run-out tables, and related auxiliary equipment
                  such as hydraulics, interface with the existing Mill Level 2
                  system.

            -     PLC - Allen Bradley ControlLogix PLC, including Flex I/O
                  modules utilized in the remote I/O panel, consoles, et.

            -     HMI stations

                  &     One (1) Mill Set Up

                  &     One (1) Mill Control

                  &     One (1) Engineering Work Station,

                  &     One (1) Cooling Bed Bar Tracking station

                  &     One (1) Saws station

      6.21. One (1) lot sensors:

            -     HMD's,

            -     Resolvers/encoders, etc. (except sensors supplied with
                  machinery by others)

      6.22. Operator Consoles:

            -     One (1) control console for mill and shear. (Location: Mill
                  pulpit)

            -     One (1) control console at the cooling bed.

            -     One (1) control console for saws and tables (Location: Saws
                  pulpit)

      6.23. Pulpit:

            -     One (1) air-conditioned Mill Control Pulpit

            -     One (1) air-conditioned Saw Area Pulpit

      6.24. One (1) Prefabricated Control Room (PCR) for the Cooling Bed and Saw
            area equipment.

      Note: Except for the Mill Stands, Shear and Cooling bed Drives all other
      AC and DC drives will be equipped with the primary line reactors. AC
      drives will also be equipped with the DB resistors.

                                       15
<PAGE>

                                 PURCHASE ORDER
                                                                          PAGE 1
                                             INVOICE TO:

[REPUBLIC LOGO]                              Republic Technologies International
                                             Attn: Accounts Payable
                                             P.O. Box 5538
                                             Fairlawn, OH 44334-5538
<TABLE>
<S>         <C>                 <C>           <C>       <C>           <C>
   DATE         F.O.B.           DUE DATE                 VIA         PURCHASE ORDER NO.
06/17/2002  SHIPPING POINT      11/25/2002    CARRIER   BEST WAY          NST-54194-C
</TABLE>

    15733200
TO:
    TRI-CAM INC
    PO BOX 5046
    ROCKFORD, IL  61125-0046               SHIP TO:
                                                  REPUBLIC TECHNOLOGIES ACQ. LLP
                                                  BAR MILL MAINT OFC STOP #701
                                                  1807 EAST 28TH STREET
                                                  LORAIN, OH  44055  [AI]

                                                  CONTACT: BECKHAM, DAN
<TABLE>
<CAPTION>
  LINE           QUANTITY                            DESCRIPTION                             UNIT     UNIT PRICE      NET PRICE
---------        --------       ----------------------------------------------------------   ----     ----------     ------------
<S>              <C>            <C>                                                          <C>      <C>            <C>
   01            1306,450       ABRASIVE BATCH TYPE CUT-OFF SAWS (QTY = 2) MODEL              $          1.00        1,306,450.00
                                CMI STATIONARY CAH 1525-T ABRASIVE SAWS INCLUDING:
                                MAIN STAND AND FRAME
                                SWARF COLLECTION (EXCLUDING BOXES)
                                CARRIAGE WITH CUTTING BOOM
                                GEARDRIVEN SPINDLE ASSEMBLY
                                ELECTRO/HYDRAULIC SERVO CONTROLLED INFEED DEVICE
                                HYDRAULIC DOWN FEED DEVICE WITH ELECTRONIC POSITIONING
                                AUTOMATIC STROKE SETTING
                                WHEEL CHANGE INDICATOR
                                MATERIAL CLAMPING DEVICE WITH TOP CLAMPS, SIDE CLAMPS
                                AND MATERIAL LIFTING DEVICE.
                                CROP DUMPING DEVICE FOR FRONT AND TAIL CROPS
                                BLADE CHANGE PICKER (TO WORK WITH JIB CRANE)
                                MAIN DRIVE 500HP AC DRIVE
                                OPERATORS CONTROL PANEL
                                ALL NECESSARY ELECTRICAL EQUIP & CONTROLS
                                ALL NECESSARY HYDRAULIC EQUIPMENT & CONTROLS
                                **MUST MEET OR EXCEED ALL PERFORMANCE SPECS AS DESCRIBED
                                IN RTI "AS PURCHASED SPECIFICATION"
                                   PRICE OF $653,225 EA TO BE PAID WITH 15%
                                DOWN (NET 30 TERMS) FOLLOWED WITH (10) BI-MONTHLY PAYMENTS
                                BEGINNING 7/1/02 THRU 11/15/02. 5% WILL WILL BE PAID
                                N15 DAYS AFTER ACCEPTANCE OF SAWS AT TRI-CAM. THE FINAL 5%
                                WILL BE PAID UPON SUCCESSFUL PERFORMANCE OF SAWS AT
                                RTI (NO LATER THAN 60 DAYS AFTER DELIVERY) (N15).
                                   A 1% FEE PER WEEK FOR MAX OF 2 WEEKS WILL BE

TERMS:
                                                                                 Commodity: 41-09
NEXT DAY                                                                       09-1490-8051                      CONTINUED ON PAGE 2
</TABLE>

[BB/RCB 07/19 13:19]                 Buyer:
                              Buyer: R.C. BROWNING             Approved: /s/ RCB
                                     330-670-3153                        -------
                            Freight Bills, Bills of Lading, Packing Slips, and
                               invoices must include:

                                 - Purchase Order Number
                                 - Requisition Number
                                 - Item Number
                                 - Description of Material
                                 - Blanket Order Item Number
                                 - Shipping Point
                                 - Ship To Address
                                 - Terms of Payment
                                 - Freight Prepaid or Collect

<PAGE>

                                 PURCHASE ORDER
                                                                          PAGE 2
                                             INVOICE TO:

[REPUBLIC LOGO]                              Republic Technologies International
                                             Attn: Accounts Payable
                                             P.O. Box 5538
                                             Fairlawn, OH 44334-5538
<TABLE>
<S>         <C>                 <C>           <C>       <C>           <C>
   DATE         F.O.B.           DUE DATE                 VIA         PURCHASE ORDER NO.
06/17/2002  SHIPPING POINT      11/25/2002    CARRIER   BEST WAY          NST-54194-C
</TABLE>

    15733200
TO:
    TRI-CAM INC
    PO BOX 5046
    ROCKFORD, IL  61125-0046               SHIP TO:
                                                  REPUBLIC TECHNOLOGIES ACQ. LLP
                                                  BAR MILL MAINT OFC STOP #701
                                                  1807 EAST 28TH STREET
                                                  LORAIN, OH 44055 [AI]

                                                  CONTACT: BECKHAM, DAN
<TABLE>
<CAPTION>
  LINE           QUANTITY                            DESCRIPTION                             UNIT     UNIT PRICE      NET PRICE
---------        --------       ---------------------------------------------------------    ----     ----------     ------------
<S>              <C>            <C>                                                          <C>      <C>            <C>
                                CHARGED FOR ANY DELIVERY BEYOND 11/25/02
                                (PENDING FINALIZATION). Late shipment fees will
                                not be invoked if due to unpaid invoices beyond
                                agreed to terms at time of shipment.
                                    PRICE INCLUDES (3) DAYS OF SETUP AND
                                FINALIZATION OF ON-SITE ADJUSTMENTS AT RTI.

                                All materials used in product manufacturing
                                must satisfy current governmental and safety
                                requirements for restricted, toxic, and
                                hazardous materials. Material Safety Data
                                Sheets (MSDS) must accompany first shipment or
                                whenever a MSDS is revised.  Please mail MSDS to
                                the shipping address on this order.

                                                                       SUBTOTAL:                                     1,306,450.00

                                                                       TAX:                                                  0.00

TERMS:
                                                                                 Commodity: 41-09
NEXT DAY                                                                   09-1490-8051             TOTAL            1,306,450.00
</TABLE>

[BB/RCB 07/19 13:19]                 Buyer:
                              Buyer: R.C. BROWNING             Approved:
                                     330-670-315                         -------
                            Freight Bills, Bills of Lading, Packing Slips, and
                               invoices must include:

                                 - Purchase Order Number
                                 - Requisition Number
                                 - Item Number
                                 - Description of Material
                                 - Blanket Order Item Number
                                 - Shipping Point
                                 - Ship To Address
                                 - Terms of Payment
                                 - Freight Prepaid or Collect

                                       10
<PAGE>

[TRI-CAM, INC. LOGO]

                                                      2730 Eastrock Drive
                                                      P.O. Box 5046
                                                      Rockford, IL 61125-8046

                                                      Phone: 815/226-9200
                                                      Fax: 815/226-0661
                                                      Email: sales@tricaminc.com
May 23, 2002

Republic Technologies

Attn:    Mr. RC Browning

Subject: Abrasive Batch Type Cut-Off Saws Model CAH
         CMI Budgetary Quotation No. Q-012-008
         Project No. U2353

Dear Sir:

In response to your request, we are pleased to offer our quotation as follows:

ITEM A:

(1) One, CMI Stationery CAH 1525-T Abrasive Saw, including:

-     Main stand and frame
-     Swarf collection (excluding boxes)
-     Carriage with cutting boom
-     Gear driven spindle assembly
-     Electro/hydraulic servo controlled infeed device
-     Hydraulic down feed device with electronic positioning
-     Automatic stoke setting
-     Wheel change indicator
-     Material clamping device with top clamps, side clamps and material lifting
      device
-     Crop dumping device for front and tail crops
-     Crop stop adjustable
-     Main drive with 500 HP AC drive
-     Operator's control panel
-     All necessary electrical equipment and controls
-     All necessary hydraulic equipment and controls
-     Excluding interconnecting wiring, piping and dutctwork.

As described in attached Technical Specification.
         U.S. $653,225.00/ea(This Price based on Qty(2))
--------

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