Document:

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EXHIBIT 10.5
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                                FIRST AMENDMENT
                                      TO
                           FLORIDA STEEL CORPORATION
                             EQUITY OWNERSHIP PLAN

     This First Amendment to the Florida Steel Corporation Equity Ownership Plan
(the "Plan") is made and entered into by AmeriSteel Corporation (the "Company",
which was formerly known as "Florida Steel Corporation") this 1/st/ day of
April, 1996.

                              W I T N E S S E T H:

     WHEREAS, the Company has previously adopted the Plan; and

     WHEREAS, Section 10.3 of the Plan authorizes the Company to amend the
Plan at any time with the approval of the Company's Board of Directors; and

     WHEREAS, the Company desires to amend the Plan in certain respects.

     NOW, THEREFORE, in consideration of the premises, the Plan is hereby
amended as follows:

     1.       Section 1.1 of the Plan is hereby amended in its entirety to read
              as follows:

              1.1      Establishment. AmeriSteel Corporation, a Florida
                       -------------
                       corporation, (the "Company") hereby establishes an
                       incentive compensation plan to be known as the
                       "AmeriSteel Equity Ownership Plan" (the "Plan").

     2.       Section 2.1.7 of the Plan is hereby amended in its entirety to
              read as follows

              2.1.7    "Company" shall mean AmeriSteel Corporation, a Florida
                        -------
     corporation, and its successors.

     3.       Section 2.1.16 of the Plan is hereby amended in its entirety to
              read as follows:

              2.1.16   "Plan" shall mean the AmeriSteel Equity Ownership Plan,
                        ----
     as set forth herein and as amended from time to time.
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     4.       Section 5.6.1 of the Plan is hereby amended in its entirety to
              read as follows:

              5.6.1 Unless otherwise specified by the Board of Directors, each
     ISO shall be exercisable, in whole or in part, only in accordance with the
     following chart:

                 ---------------------------------------- ----------------------
                                                          Percentage of Shares
                          Number of Years from                 Exercisable
                         Date Option is Granted

                 ---------------------------------------- ----------------------
                            Less than 2 years                         0%
                 ---------------------------------------- ----------------------
                      2 years but less than 3 years              33 1/3%
                 ---------------------------------------- ----------------------
                      3 years but less than 4 years              66 2/3%
                 ---------------------------------------- ----------------------
                             4 years or more                        100%
                 ---------------------------------------- ----------------------

     5.       Section 5.6.4 of the Plan is hereby amended in its entirety to
              read as follows:

              5.6.4    Within the limits described above, the Board of Directors
     may impose additional requirements on the exercise of ISOs. When it deems
     special circumstances to exist, the Board of Directors in its discretion
     may accelerate the time at which an ISO may be exercised if, under
     previously established exercise terms, such Option was not immediately
     exercisable in full, even if the acceleration would permit the Option to be
     exercised more rapidly than the vesting set forth above in the chart would
     permit.

     6.       Section 6.6.1 of the Plan is hereby amended in its entirety to
              read as follows:

              6.6.1 Unless otherwise specified by the Board of Directors, each
     NSO shall be exercisable, in whole or in part, only in accordance with the
     following chart:

             --------------------------------------- ------------------------
                                                          Percentage of
                    Number of Years from                     Shares
                    Date Option is Granted                 Exercisable

             --------------------------------------- ------------------------
                       Less than 2 years                            0%
             --------------------------------------- ------------------------
                   2 years but less than 3 years               33 1/3%
             --------------------------------------- ------------------------
                   3 years but less than 4 years               66 2/3%
             --------------------------------------- ------------------------
                         4 years or more                          100%
             --------------------------------------- ------------------------
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     7.   Section 6.6.4 of the Plan is hereby amended in its entirety to read as
          follows:

          6.6.4  Within the limits described above, the Board of Directors may
     impose additional requirements on the exercise of NSOs. When it deems
     special circumstances to exist, the Board of Directors in its discretion
     may accelerate the time at which a NSO may be exercised if, under
     previously established exercise terms, such Option was not immediately
     exercisable in full, even if the acceleration would permit the Option to be
     exercised more rapidly than the vesting set forth above in the chart would
     permit.

     IN WITNESS WHEREOF, the foregoing First Amendment is Adopted by the
     Company.

     AMERISTEEL CORPORATION

     By:   /s/  Thomas G. Creed
        ---------------------------------<PAGE>

EXHIBIT 10.6
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                               SECOND AMENDMENT
                                      TO
                            AMERISTEEL CORPORATION
                             EQUITY OWNERSHIP PLAN

     THIS SECOND AMENDMENT TO AMERISTEEL CORPORATION EQUITY OWNERSHIP PLAN is
made and entered into as of the 8/th/ day of December, 1997, but is effective
for all purposes as of the date set forth below, by AMERISTEEL CORPORATION (the
"Company").

                             W I T N E S S E T H:

     WHEREAS, the Company has previously adopted the AmeriSteel Corporation
Equity Ownership Plan (as amended to date, the "Plan"); and

     WHEREAS, the Plan provides that, in general, it may be amended by the Board
of Directors of the Company; and

     WHEREAS, the Company's Board of Directors has approved, and recommended to
the stockholders of the Company the approval of, an amendment to the Company's
Articles of Incorporation whereby the Company will have two classes of capital
stock, Class A Common Stock and Class B Common Stock, and with all existing
shares being automatically converted into one share of Class B Common Stock (the
"Recapitalization").

     NOW, THEREFORE, in consideration of the premises, this Second Amendment to
the Plan is hereby adopted to be effective upon the effective date of the
Recapitalization.

     1.   Section 2.1.19 of the Plan is hereby amended to read as follows:

          2.1.19 "Shares" shall mean shares of the common stock of the Company.
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     From and after December 8, 1997, any award of shares and grants of options
     or other benefits hereunder shall be of or with respect to Class A Common
     Stock of the Company, whereas any shares issued upon the exercise of
     options outstanding as of such date shall be of Class B Common Stock of the
     Company (which shall be convertible into Class A Common Stock of the
     Company in accordance with the terms of such stock).

     2.   The Plan, as amended by this Second Amendment, shall remain in full
force and effect in accordance with its terms.

     IN WITNESS WHEREOF, this Second Amendment is hereby executed by a duly
authorized officer of the Company.

                                          AMERISTEEL CORPORATION

                                          By: /s/ Phillip E. Casey
                                              -------------------------<PAGE>

EXHIBIT 10.7
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                                FIRST AMENDMENT
                                      TO
                       AMERISTEEL STRATEGIC VALUE ADDED
                      EXECUTIVE SHORT-TERM INCENTIVE PLAN

         This First Amendment to the AmeriSteel Strategic Value Added Executive
Short-Term Incentive Plan (the "Plan", which was formerly known as the "Florida
Steel Corporation Value Added Executive Short-Term Incentive Plan") is made and
entered into by AmeriSteel Corporation (the "Company", which was formerly known
as "Florida Steel Corporation") this 15 day of May, 1996, but is effective for
all purposes as of April 1, 1996.

                             W I T N E S S E T H:

         WHEREAS, the Company has previously adopted the Plan; and

         WHEREAS, Article VI of the Plan authorizes the Company to amend the
Plan at any time with the approval of the Company's Board of Directors; and

         WHEREAS, the Company desires to amend the Plan in certain respects.

         NOW, THEREFORE, in consideration of the premises, the Plan is hereby
amended as follows:

         1.    Article I(a) of the Plan is hereby amended to read as follows:

         (a)   "Annual Base Salary" shall mean, with respect to any Participant,
         such Participant's base salary in effect at the end of a Plan Year
         annualized; provided, however, that in the event the Participant's
         employment Terminates prior to the end of a Plan Year, "Annual Base
         Salary" shall mean such Participant's annualized base salary as in
         effect on the date his employment Terminates.

         2.    Article I is further amended by adding the following as a new
         paragraph (p) thereof:

         (p)   "Terminates" or Terminated" shall refer to the termination of the
         employment of a Participant with the Company; provided, that with
         respect to any termination event other than normal retirement, early
         retirement or death, the event of termination shall be deemed to occur
         on the last day of the Participant's active work with the Company even
         thought the Participant's last day of employment may be a later date.

         3.    Article III(a) of the Plan in hereby amended to read as follows:
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         (a) If the employment of a Participant Terminates during a Plan Year
         for normal retirement (at or after age 65), early retirement (within
         the meaning of Section 4.01 of the Company's Pension Plan), total and
         permanent disability (as defined in the Company's Long-Term Disability
         Plan), death or by reason of Special Circumstances (as defined below),
         the Participant shall participate in the Plan for such Plan Year until
         the date his employment Terminates and shall be eligible to receive an
         Award after the end of the Plan Year. Such award shall be Calculated by
         multiplying the full year Award that would have been payable to the
         Participant if his employment had not Terminated by a fraction, the
         numerator of which is the number of days during the Plan Year in which
         the Participant participated in the Plan (i.e., the number of days
         prior to and including the date his employment Terminated) and the
         denominator of which is the number of days in the Plan Year. For
         purposes of this paragraph (a), "Special Circumstances" shall mean a
         situation where the employment of a Participant Terminates as a direct
         result of the Company selling or closing on a permanent basis a mill or
         other facility operated by the Company, with the determination of
         whether Special Circumstances exist in a particular case to be made in
         the sole discretion of the Committee.

         4.  Article III(b) of the Plan is hereby amended to read as follows:

         (b) If the employment of a Participant Terminates prior to the end of a
         Plan Year for any reason other than a reason specified in paragraph (a)
         above, the Participant shall forfeit any right to receive an Award
         under this Plan for such Plan Year.

         5.  Article V(d) of the Plan is amended to read as follows:

         (d) Notwithstanding the provisions of paragraph (b) above, in the event
         that the employment of a Participant Terminates during the Plan Year
         but the Participant is entitled to an Award for the Plan Year under the
         provisions of Article III(a), or in the event that the employment of a
         Participant who is entitled to an Award for the Plan Year Terminates
         for any reason (including death) after the end of the Plan Year but
         before the Participant has received the shares of common stock of the
         Company, if any, to which he is entitled under paragraph (b) above, no
         shares of stock shall be issued to the Participant or his beneficiary
         or beneficiaries, as the case may be, but instead the Participant's
         entire Award shall be paid in cash.

         IN WITNESS WHEREOF, the foregoing First Amendment is adopted by the
Company.

                                       AMERISTEEL CORPORATION

                                       By: /s/ Phillip E. Casey
                                          -----------------------------

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