Document:

EXHIBIT 10.3

                                                     As of  February 18, 2005

International Metal Enterprises, Inc.
1 Penn Plaza
Suite 2514
New York, New York 10119

Sunrise Securities Corp.
641 Lexington Avenue
25th Floor
New York, New York 10022

                  Re:   Initial Public Offering
                        -----------------------

Gentlemen:

                  The undersigned stockholder, officer and director of
International Metal Enterprises, Inc. ("Company"), in consideration of Sunrise
Securities Corp. ("Sunrise") entering into a letter of intent ("Letter of
Intent") to underwrite an initial public offering of the securities of the
Company ("IPO") and embarking on the IPO process, hereby agrees as follows
(certain capitalized terms used herein are defined in paragraph 11 hereof):

                  1. If the Company solicits approval of its stockholders of a
Business Combination, the undersigned will vote all Insider Shares owned by him
in accordance with the majority of the votes cast by the holders of the IPO
Shares.

                  2. In the event that the Company fails to consummate a
Business Combination within 12 months from the effective date ("Effective Date")
of the registration statement relating to the IPO (or 18 months under the
circumstances described in the prospectus relating to the IPO), the undersigned
will take all reasonable actions within his power to cause the Company to
liquidate as soon as reasonably practicable. In such event, the undersigned
hereby waives any and all right, title, interest or claim of any kind in or to
any liquidating distributions by the Company including, without limitation, any
distribution of the Trust Fund (as defined in the Letter of Intent) as a result
of such liquidation with respect to his Insider Shares ("Claim") and hereby

International Metal Enterprises, Inc.
Sunrise Securities Corp.
As of February 18, 2005
Page 2

waives any Claim the undersigned may have in the future as a result of, or
arising out of, any contracts or agreements with the Company and will not seek
recourse against the Trust Fund for any reason whatsoever.

                  3. In order to minimize potential conflicts of interest which
may arise from multiple affiliations, the undersigned agrees to present to the
Company for its consideration, prior to presentation to any other person or
entity, any suitable opportunity to acquire an operating business in the metals
and mining industries, until the earlier of the consummation by the Company of a
Business Combination, the commencement of liquidation proceedings of the Company
or until such time as the undersigned ceases to be an officer or director of the
Company, subject to any pre-existing fiduciary and/or contractual obligations
the undersigned might have.

                  4. The undersigned acknowledges and agrees that the Company
will not consummate any Business Combination which involves a company which is
affiliated with any of the Insiders unless the Company obtains an opinion from
an independent investment banking firm reasonably acceptable to Sunrise that the
business combination is fair to the Company's stockholders from a financial
perspective.

                  5. Neither the undersigned, any member of the family of the
undersigned, nor any affiliate of the undersigned ("Affiliate") will be entitled
to receive and will not accept any compensation for services rendered to the
Company prior to the consummation of the Business Combination; provided that the
undersigned shall be entitled to reimbursement from the Company for his
out-of-pocket expenses incurred in connection with seeking and consummating a
Business Combination.

                  6. Neither the undersigned, any member of the family of the
undersigned, or any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other compensation in the event the undersigned,
any member of the family of the undersigned or any Affiliate of the undersigned
originates a Business Combination.

                  7. The undersigned will escrow his Insider Shares for the
three year period commencing on the Effective Date subject to the terms of a
Stock Escrow Agreement which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

                  8. The undersigned agrees to be the President and a member of
the Board of Directors of the Company until the earlier of the consummation by
the Company of a Business Combination or the liquidation of the Company. The
undersigned's

International Metal Enterprises, Inc.
Sunrise Securities Corp.
As of February 18, 2005
Page 3

biographical information furnished to the Company and Sunrise and attached
hereto as Exhibit A is true and accurate in all respects, does not omit any
material information with respect to the undersigned's background and contains
all of the information required to be disclosed pursuant to Section 401 of
Regulation S-K, promulgated under the Securities Act of 1933. The undersigned's
Questionnaire furnished to the Company and Sunrise and annexed as Exhibit B
hereto is true and accurate in all respects. The undersigned represents and
warrants that:

     (a) he is not subject to or a respondent in any legal action for, any
injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any
jurisdiction;

     (b) he has never been convicted of or pleaded guilty to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person, or (iii) pertaining to any dealings in any securities
and he is not currently a defendant in any such criminal proceeding; and

     (c) he has never been suspended or expelled from membership in any
securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked.

                  9. The undersigned has full right and power, without violating
any agreement by which he is bound, to enter into this letter agreement and to
serve as President and a member of the Board of Directors of the Company.

                  10. The undersigned authorizes any employer, financial
institution, or consumer credit reporting agency to release to Sunrise and its
legal representatives or agents (including any investigative search firm
retained by Sunrise) any information they may have about the undersigned's
background and finances ("Information"). Neither Sunrise nor its agents shall be
violating the undersigned's right of privacy in any manner in requesting and
obtaining the Information and the undersigned hereby releases them from
liability for any damage whatsoever in that connection.

                  11. As used herein, (i) a "Business Combination" shall mean an
acquisition by merger, capital stock exchange, asset or stock acquisition,
reorganization or otherwise, of an operating business in the metals and/or
mining industries; (ii) "Insiders" shall mean all officers, directors and
stockholders of the Company immediately prior to the IPO; (iii) "Insider Shares"
shall mean all of the shares of Common Stock of the Company owned by an Insider
prior to the IPO; and (iv) "IPO Shares" shall mean the shares of Common Stock
issued in the Company's IPO.

International Metal Enterprises, Inc.
Sunrise Securities Corp.
As of February 18, 2005
Page 4

                                                     Ted Heilman
                                                     -----------
                                                     Print Name of Insider

                                                     /s/ Ted Heilman
                                                     ---------------
                                                     Signature

EXHIBIT A

     TED HEILMAN has been our president and a member of our board of directors
since our inception. He has over 25 years' management and financial experience
in international business and commodities. Since January 2003, Mr. Heilman has
been the president of the finance division of Marco International, where he has
managed that company's relationship with metals producer, Globe Metallurgical.
From 1999 to June 2002, Mr. Heilman served as president and chief executive
officer of InterCommercial Markets LLC, an online commodity logistics and
trading services and software company that he founded and merged with ExImWare,
Inc., where he remained as resident founder until January 2003. From 1989 to
1999, Mr. Heilman was affiliated with the Mercon Group, a multinational
commodity trading and processing group, where he served in various capacities
including executive vice president and chief operating officer. From 1984 to
1989, he was affiliated with the J. Aron Commodities Division of Goldman Sachs
& Co. in New York, where he was named a vice president in sales and trading,
managing major U.S. Corporate accounts and Latin American supplier
relationships. Mr. Heilman began his business career as an international
lending officer with the Bank of New York (Irving Trust Co.). He received a
B.S. in Economics from the Wharton School of the University of Pennsylvania and
an M.B.A. from Harvard University. He speaks fluent Spanish.EXHIBIT 10.4

                                              As of  February 18, 2005

International Metal Enterprises, Inc.
1 Penn Plaza
Suite 2514
New York, New York 10119

Sunrise Securities Corp.
641 Lexington Avenue
25th Floor
New York, New York 10022

                  Re:   Initial Public Offering
                        -----------------------
Gentlemen:

         The undersigned stockholder of International Metal Enterprises, Inc.
("Company"), in consideration of Sunrise Securities Corp. ("Sunrise") entering
into a letter of intent ("Letter of Intent") to underwrite an initial public
offering of the securities of the Company ("IPO") and embarking on the IPO
process, hereby agrees as follows (certain capitalized terms used herein are
defined in paragraph 9 hereof):

         1. If the Company solicits approval of its stockholders of a Business
Combination, the undersigned will vote all Insider Shares owned by him in
accordance with the majority of the votes cast by the holders of the IPO Shares.

         2. In the event that the Company fails to consummate a Business
Combination within 12 months from the effective date ("Effective Date") of the
registration statement relating to the IPO (or 18 months under the circumstances
described in the prospectus relating to the IPO), the undersigned will vote all
Insider Shares owned by him in favor of the Company's decision to liquidate. The
undersigned hereby waives any and all right, title, interest or claim of any
kind in or to any liquidating distributions by the Company including, without
limitation, any distribution of the Trust Fund (as defined in the Letter of
Intent) as a result of such liquidation with respect to his Insider Shares
("Claim") and hereby waives any Claim the undersigned may have in the future as
a result of, or arising out of, any contracts or agreements with the Company and

International Metal Enterprises, Inc.
Sunrise Securities Corp.
As of February 18, 2005
Page 2

will not seek recourse against the Trust Fund for any reason whatsoever.

         3. The undersigned acknowledges and agrees that the Company will not
consummate any Business Combination which involves a company which is affiliated
with any of the Insiders unless the Company obtains an opinion from an
independent investment banking firm reasonably acceptable to Sunrise that the
business combination is fair to the Company's stockholders from a financial
perspective.

         4. Neither the undersigned, any member of the family of the
undersigned, nor any affiliate of the undersigned ("Affiliate") will be entitled
to receive and will not accept any compensation for services rendered to the
Company prior to the consummation of the Business Combination; provided that the
undersigned shall be entitled to reimbursement from the Company for his
out-of-pocket expenses incurred in connection with seeking and consummating a
Business Combination.

         5. Neither the undersigned, any member of the family of the
undersigned, or any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other compensation in the event the undersigned,
any member of the family of the undersigned or any Affiliate of the undersigned
originates a Business Combination.

         6. The undersigned will escrow his Insider Shares for the three year
period commencing on the Effective Date subject to the terms of a Stock Escrow
Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company.

         7. The undersigned's Questionnaire furnished to the Company and Sunrise
and annexed as Exhibit A hereto is true and accurate in all respects. The
undersigned represents and warrants that:

     (a) he is not subject to or a respondent in any legal action for, any
injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any
jurisdiction;

     (b) he has never been convicted of or pleaded guilty to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person, or (iii) pertaining to any dealings in any securities
and he is not currently a defendant in any such criminal proceeding; and

     (c) he has never been suspended or expelled from membership in any

International Metal Enterprises, Inc.
Sunrise Securities Corp.
As of February 18, 2005
Page 3

securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked.

         8. The undersigned has full right and power, without violating any
agreement by which he is bound, to enter into this letter agreement.

         9. As used herein, (i) a "Business Combination" shall mean an
acquisition by merger, capital stock exchange, asset or stock acquisition,
reorganization or otherwise, of an operating business in the metals and/or
mining industries; (ii) "Insiders" shall mean all officers, directors and
stockholders of the Company immediately prior to the IPO; (iii) "Insider Shares"
shall mean all of the shares of Common Stock of the Company owned by an Insider
prior to the IPO; and (iv) "IPO Shares" shall mean the shares of Common Stock
issued in the Company's IPO.

                                              Jordan Kestenbaum
                                              -----------------
                                              Print Name of Insider

                                              /s/ Jordan Kestenbaum
                                              ---------------------
                                              Signature

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