Document:

Warrant
      Agreement

    

    THIS
      WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
      AND
      THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED
      FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
      GENERAL STEEL HOLDINGS, INC. THAT
      SUCH REGISTRATION IS NOT REQUIRED.

     

    
      	 	
              Right
                to Purchase Common Stock of GENERAL
                STEEL 

              HOLDINGS,
                INC.
                (subject to adjustment as provided
                herein)

            

    

     

    COMMON
      STOCK PURCHASE WARRANT

     

    
      	
              No.
                ______

            	
              Issue
                Date: September
                1,
                2005

            

    

     

    
      GENERAL
        STEEL HOLDINGS, INC.,
        a
        corporation organized under the laws of the State of Nevada (the “Company”),
        hereby certifies that, for value received, INVESTOR,
        or its
        assigns (the “Holder”), is entitled, subject to the terms set forth below, to
        purchase from the Company at any time or from time to time after the Closing
        until the Expiration Date, as defined below, the Warrant Number of paid and
        nonassessable shares of the common stock of the Company (the “Common Stock”),
        $0.001 par value per share. 

       

      The
        Purchase Price per share, as adjusted from time to time as herein provided,
        is
        referred to herein as the “Exercise Price.” The number and character of such
        shares of Common Stock and the Exercise Price are subject to adjustment as
        provided herein. Capitalized terms used and not otherwise defined herein
        shall
        have the meanings set forth in that certain Subscription Agreement (the
“Subscription Agreement”), dated September 1, 2005, entered into by the Company
        and the Holder.

       

      As
        used
        herein the following terms, unless the context otherwise requires, have the
        following respective meanings:

       

      The
        term
“Company” shall include General Steel Holdings, Inc. and any corporation which
        shall succeed or assume the obligations of General Steel Holdings, Inc.
        hereunder

       

      The
        term
“Common Stock” shall have the meaning set forth in the recitals.

       

      The
        term
“Expiration Date” shall mean 5 p.m. E.S.T. on the third anniversary of the
        Closing as defined in the Subscription Agreement. 

       

      The
        term
“First Expiration Date” shall mean 5 p.m. E.S.T. on the second anniversary of
        the Closing as defined in the Subscription Agreement. 

       

      The
        term
“Registration Rights Agreement” shall mean that certain registration rights
        agreement, dated September 1, 2005, among the Company and the investors.
        

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      The
        term
“Second Expiration Date” shall mean 5 p.m. E.S.T. on the third anniversary of
        the Closing as defined in the Subscription Agreement. 

       

      The
        term
“Warrant Number” shall mean 2,000,000 shares.

       

      Exercise
        of Warrant:
        

       

      Exercise
        Price.
        In
        the
        event the Holder exercises this Warrant
        before the First Expiration Date, the Exercise Price will be $2.50 in lawful
        money of the United States. If the Holder chooses to exercise this Warrant
        after
        the First Expiration Date but before the Second Expiration Date the Exercise
        Price will be $5.00. 

       

      The
        Company shall prepare and file with the Securities and Exchange Commission
        a
        registration statement under the Securities Act of 1933, as amended (the
“1933
        Act”) registering the Common Stock issuable upon exercise of the Warrants for
        unrestricted public resale by the Holder as set forth in the Registration
        Rights
        Agreement. 

       

      Exercise;
        Delivery of Certificates.
        This
        Warrant may be exercised in full or in part at the option of the Holder,
        at any
        time or from time to time, by delivering an original or facsimile copy of
        the
        form of subscription attached as an Exhibit hereto (the “Subscription Form”)
        duly executed by such Holder to the Company at its principal office or at
        the
        office of its Warrant Agent (as provided hereinafter), accompanied by payment,
        in cash, wire transfer or by certified or official bank check payable to
        the
        order of the Company, in the amount obtained by multiplying the number of
        shares
        of Common Stock for which this Warrant is then exercisable by the Exercise
        Price
        then in effect. The Holder shall surrender the original Warrant within seven
        (7)
        days of exercise to the Company or Warrant Agent (as provided hereinafter).
        Certificates for Warrant Shares so purchased shall be delivered to the Holder
        after this Warrant has been exercised. Each stock certificate so delivered
        shall
        be registered in the name of the Holder or, subject to compliance with
        applicable laws, such other name as shall be designated by the Holder.

       

      Adjustments
        to the Number of Warrant Shares.
        The
        number of Warrant Shares for which this Warrant is exercisable and the Exercise
        Price shall be subject to adjustment from time to time as set forth
        below.

       

      (a) Stock
        Dividends, Subdivisions and Combinations. If at any time the Company
        shall:

       

      
        	 	
                (i)

              	
                pay
                  a dividend or other distribution on its Common Stock in shares
                  of Common
                  Stock or shares of any other class or series of capital
                  stock,

              

      

      

      
        	 	
                (ii)

              	
                subdivide
                  its outstanding shares of Common Stock into a larger number of
                  shares of
                  such Common Stock, or

              

      

       

      
        	 	
                (iii)

              	
                combine
                  its outstanding shares of Common Stock into a smaller number of
                  shares of
                  such Common Stock,

              

      

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      then
        the
        number of Warrant Shares purchasable upon exercise of this Warrant immediately
        prior to the record date for such dividend or distribution or the effective
        date
        of such subdivision or combination shall be adjusted so that the Holder of
        this
        Warrant shall thereafter be entitled to receive upon exercise of this Warrant
        the kind and number of shares of Common Stock that such Holder would have
        owned
        or have been entitled to receive immediately after such record date or effective
        date had this Warrant been exercised immediately prior to such record date
        or
        effective date. An adjustment made pursuant to this paragraph shall become
        effective immediately after the effective date of such event, but be retroactive
        to the record date, if any, for such event.

       

      (b) Upon
        any
        adjustment of the number of Warrant Shares purchasable upon the exercise
        of this
        Warrant as herein provided, the Exercise Price per share shall be adjusted
        by
        multiplying such Exercise Price immediately prior to such adjustment by a
        fraction, the numerator of which shall be the number of Warrant Shares
        purchasable upon the exercise of this Warrant immediately prior to such
        adjustment and the denominator of which shall be the number of Warrant Shares
        so
        purchasable immediately thereafter.

       

      Reorganization,
        Merger, Consolidation or Disposition of Assets.
        If
        at any
        time the Company shall reorganize its capital, consolidate, merge or combine
        with or into another Person (where the Company is not the surviving corporation
        or where there is any change whatsoever in, or distribution with respect
        to, the
        outstanding Common Stock of the Company), or the Company shall sell, transfer
        or
        otherwise dispose of all or substantially all of its property, assets or
        business to another Person, and, pursuant to the terms of such reorganization,
        reclassification, consolidation, merger, combination, sale, transfer or other
        disposition of assets, (i) shares of common stock of the successor or acquiring
        Person or of the Company (if it is the surviving corporation) or (ii) any
        cash,
        shares of stock or other securities or property of any nature whatsoever
        in
        addition to or in lieu of common stock of the successor or acquiring Person
        or
        the Company (“Other
        Property”)
        are to
        be received by or distributed to the holders of Common Stock of the Company
        who
        are holders immediately prior to such transaction, then the Holder of this
        Warrant shall have the right thereafter to receive, upon exercise of this
        Warrant, the number of shares of Common Stock, common stock of the successor
        or
        acquiring Person, and/or Other Property which holder of the number of shares
        of
        Common Stock for which this Warrant is exercisable immediately prior to such
        event would have owned or received immediately after and as a result of such
        event. In such event, the aggregate Exercise Price otherwise payable for
        the
        Warrant Shares issuable upon exercise of this Warrant shall be allocated
        among
        such securities and Other Property in proportion to the respective fair market
        values of such securities and Other Property as determined in good faith
        by the
        Board of Directors of the Company.

       

      Common
        Stock Legend.
        The
        Holder acknowledges and agrees that the shares of Common Stock of the Company,
        and, until such time as the Common Stock has been registered under the 1933
        Act
        and sold in accordance with an effective registration statement, or exemption
        from registration, certificates and other instruments representing any of
        the
        Common Stock shall bear a restrictive legend in substantially the following
        form
        and a stop-transfer order may be placed against transfer of any such
        securities:

      

        “THE
          SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED OR ANY APPLICABLE STATE SECURITIES LAWS.
          THESE SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR
          TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
          THE
          SECURITIES ACT OF 1933, AS AMENDED OR ANY APPLICABLE STATE SECURITIES LAW
          OR AN
          OPINION OF COUNSEL REASONABLY SATISFACTORY TO GENERAL STEEL HOLDINGS, INC.
          THAT
          SUCH REGISTRATION IS NOT REQUIRED.”

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      Warrant
        Agent.
        The
        Company may, by written notice to the Holder of the Warrant, appoint an agent
        (a
“Warrant Agent”) for the purpose of issuing Common Stock issuable on the
        exercise of this Warrant. 

       

      Issuance
        and Reservation of Shares.
        As long
        as any Warrant Shares remain outstanding or are issuable with respect to
        outstanding Warrants, the Company: (a) shall issue the Warrant Shares shall,
        upon issuance, be duly authorized, validly issued, fully paid and nonassessable
        shares of Common Stock; and (b) at all times prior to the Expiration Date,
        the
        Company shall reserve for issuance a sufficient number of authorized but
        unissued shares of Common Stock, to permit this Warrant to be exercised in
        full.

       

      Modification
        And Waiver.
        This
        Warrant and any provision hereof may be changed, waived, discharged or
        terminated only by an instrument in writing signed by the party against which
        enforcement is sought.

       

      Successors
        and Assigns.
        This
        Warrant shall be binding upon and inure to the benefit of the Company and
        the
        Holder of this Warrant, and their respective successors and permitted assigns
        and shall include, with respect to the Company, any Person succeeding the
        Company by merger, consolidation, combination or acquisition of all or
        substantially all of the Company's assets, and in such case, except as expressly
        provided herein, all of the obligations of the Company hereunder shall survive
        such merger, consolidation, combination or acquisition.

       

      Lost
        Warrant or Certificates.
        Upon
        receipt of evidence reasonably satisfactory to the Company of the loss, theft,
        destruction or mutilation of this Warrant or of a stock certificate evidencing
        Warrant Shares and, in the case of any such loss, theft or destruction, upon
        receipt of an indemnity reasonably satisfactory to the Company or, in the
        case
        of any such mutilation, upon surrender and cancellation of such Warrant or
        stock
        certificate, the Company shall make and deliver to Holder, a new Warrant
        or
        stock certificate, of like tenor, in lieu of the lost, stolen, destroyed
        or
        mutilated Warrant or stock certificate.

       

      Issue
        Tax. The
        issuance of shares of Common Stock upon the exercise of this Warrant shall
        be
        made without charge to the Holder for any issue tax in respect
        thereof.

       

      Miscellaneous.
        This
        Warrant and any term hereof may be changed, waived, discharged or terminated
        only by an instrument in writing signed by the party against which enforcement
        of such change, waiver, discharge or termination is sought. This Warrant
        shall
        be construed and enforced in accordance with and governed by the laws of
        the
        State of New York, without giving effect to the conflicts of laws principles
        thereof. 

      This
        Common
        Stock Purchase Warrant
        and the
        legal relations among the parties hereto shall be governed by and construed
        in
        accordance with the laws of the United States of America and State of New
        York,
        regardless of the laws that might otherwise govern under applicable
        choice-of-law principles. The parties hereby irrevocably submit to the
        non-exclusive jurisdiction of the state and federal courts located in the
        State
        and County of New York for purposes of all legal proceedings arising out
        of or
        relating to this Common
        Stock Purchase Warrant
        or the
        transactions contemplated hereby. The parties hereby irrevocably waive, to
        the
        fullest extent permitted by applicable law, the right to trial by jury, any
        objection which they may now or hereafter have to the laying of venue of
        any
        such proceeding brought in such a court and any claim that any such proceeding
        brought in such a court has been brought in an inconvenient forum. 

      

      [THE
        NEXT PAGE IS THE SIGNATURE PAGE]

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the Company has executed this Warrant as of the date first
        written above.

       

       

      
        	 	
                GENERAL
                  STEEL HOLDINGS, INC.

                 

                By:     
                  ______________________________________

                Name:
                  Zuo
                  Sheng Yu

                Title:
                  Chief Executive Officer and
                  Chairman

              

      

      

       

      
        
           

        

      
          5LOCK
      BOX AGREEMENT

     

    LOCK
      BOX
      AGREEMENT, dated as of 1st
      day of
      September, 2005 (this "Agreement"),
      among
      General Steel Holdings Inc., a Nevada corporation (the "Company"),
      each
      of the shareholders of the Company listed on the signature pages to this
      Agreement (each, a “Shareholder”
and,
      collectively, the “Shareholders”),
      and
      ____________, a _________, as lock box agent (the "Lock
      Box Agent").

    

    

    W
      I T N E S E T H:

    

    WHEREAS,
      the Company and each of the Shareholders have entered into a Subscription
      Agreement dated as of September 1st, 2005 (each, a "Subscription
      Agreement";
      capitalized terms not defined herein have the meanings ascribed to them in
      the
      Subscription Agreements) pursuant to which the Shareholders purchased from
      the
      Company, and the Company sold the Shareholders, Common Shares of the Company,
      upon the terms and subject to the conditions set forth in the Subscription
      Agreements;

     

    WHEREAS,
      it is contemplated under the Subscription Agreements that the Company will
      deposit or cause to be deposited into an account an
      appropriate amount to complete the Repurchase from any amounts it receives
      from
      assuming any debt obligations or the issuance
      and/or
      sale of debt or debt securities after the Closing (each such amount, the
“Sale
      Proceeds”
and,
      collectively, the “Escrow
      Amount”)
      to be
      held and disbursed by the Lock Box Agent in accordance with Section 5 of this
      Agreement; and

    

    WHEREAS,
      a copy of the Subscription Agreements has been delivered to the Lock Box Agent,
      and the Lock Box Agent is willing to act as the Lock Box Agent hereunder;

    

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual agreements contained
      herein and in the Subscription Agreements, and intending to be legally bound
      hereby, the parties hereby agree as follows:

    

    SECTION
      1. Appointment
      and Agreement of Lock Box Agent.
      The
      Company and the Shareholders hereby appoint the Lock Box Agent to serve as,
      and
      the Lock Box Agent hereby agrees to act as, lock box agent upon the terms and
      conditions of this Agreement.

    

    SECTION
      2. Establishment
      of the Escrow Fund.
      (a)
      Pursuant to Section 6.1(b) of each Subscription Agreement, each time the Company
      shall receive Sale Proceeds, it shall deliver to the Lock Box Agent by wire
      transfer in immediately available funds such Sale Proceeds on the first business
      day after it receives such funds. The Lock Box Agent shall hold each of the
      Sale
      Proceeds and all interest or other amounts earned thereon (the "Escrow
      Fund")
      in
      escrow pursuant to this Agreement. 

    

    (b)
      The
      Company confirms to the Lock Box Agent and to the Shareholders that the Escrow
      Fund is free and clear of all encumbrances except as may be created by this
      Agreement and the Subscription Agreements.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
      3. Purpose
      of the Escrow Fund.
      The
      Escrow Amount will be held by the Lock Box Agent to fund the obligations of
      the
      Company to make payments to each Shareholder with respect to the Company’s
      repurchase of such Shareholder’s Shares pursuant to Section 6.1 of each
      respective Subscription Agreement.

    

    SECTION
      4. Shareholders’
      Percentage Interest in Escrow Fund.
      Attached hereto as Schedule
      A
      is a
      schedule listing each Shareholder and such Shareholder’s initial interest in the
      Escrow Fund (expressed as a percentage, based on the number of Shares of the
      Company held by such Shareholder immediately after Closing (each a “Shareholder
      Percentage”)).
      Schedule
      A
      may be
      amended by the Lock Box Agent upon receipt of a joint written instruction from
      the Company and the Shareholders. 

    

    SECTION
      5. Payments
      from the Escrow Fund.
      The Lock
      Box Agent shall release the Escrow Amount as follows:

    

    (a)
       Upon
      and
      only upon receipt of a joint written instruction from the Company and the
      Shareholders, the Lock Box Agent shall release to the Company and Shareholders,
      as applicable, by wire transfer of immediately available funds, the amounts
      specified therein to be disbursed to such parties; or

    

    (b) At
      least
      fifteen (15) days prior to, but not more than twenty (20) days prior to, the
      Repurchase Date, the Company shall deliver to the Shareholders a certificate
      executed by its Chief Financial Officer describing (i) all issuances of Common
      Shares purchased by investors pursuant to the Offering, (ii) all amounts
      it received from the assumption any debt obligations or the issuance
      and/or
      sale of debt or debt securities after the Closing and (iii) any stock splits,
      dividends, subdivisions, combinations, reclassifications or other similar
      transaction in accordance with Section 6.1 of the Subscription Agreement on
      or
      prior to the Repurchase Date. At least ten (10) days prior to the Repurchase
      Date, [Shareholder’s Name], a Shareholder (“XXX”),
      will
      prepare, or cause to be prepared, and deliver to the Company a calculation
      of
      the Total Shareholder Distribution Proceeds (defined below) and the Company
      will
      deliver such calculation to each Shareholder. The Total Shareholder Distribution
      Proceeds shall be calculated by multiplying (i) the total number of Common
      Shares sold by the Company in connection with the Offering by (ii) the
      Repurchase Price. XXX’s calculation of the Total Shareholder Distribution
      Proceeds shall be final, conclusive and binding. On the day prior to the
      Repurchase Date, XXX shall notify the Lock Box Agent in writing of the Total
      Shareholder Distribution Proceeds. If the Lock Box Agent receives notice from
      a
      Shareholder that such Shareholder wishes to have its Shares repurchased, on
      the
      Repurchase Date, the Lock Box Agent shall release to such Shareholder, by wire
      transfer in immediately available funds to the account designated in
Exhibit
      D
      to each
      Subscription Agreement or such other account as the Shareholder has designated,
      in accordance with each Shareholder’s Shareholder Percentage, an amount equal to
      the product of (i) the Total Shareholder Distribution Proceeds multiplied by
      (ii) such Shareholder’s Shareholder Percentage. Within five (5) business days
      following payment to the Shareholders pursuant to the preceding sentence, the
      Lock Box Agent shall release to the Company, by wire transfer of immediately
      available funds, all funds then remaining in the Escrow Account (minus all
      applicable fees, costs and expenses).

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
      6. Liquidation
      of the Escrow Fund.
      Whenever the Lock Box Agent shall be required to make payment from the Escrow
      Fund, the Lock Box Agent shall pay such amounts by liquidating the investments
      of the Escrow Fund to the extent necessary to pay such amounts in full and
      in
      cash.

     

    SECTION
      7. Maintenance
      of the Escrow Fund; Termination of the Escrow Fund.
      The
      Lock Box Agent shall continue to maintain the Escrow Fund until the termination
      of this Agreement. Notwithstanding any other provision of this Agreement to
      the
      contrary, at any time prior to the termination of the Escrow Fund, the Lock
      Box
      Agent shall, if so instructed in a joint writing signed by the Company and
      the
      Shareholders, pay from the Escrow Fund to the Company or the Shareholders,
      as
      directed in such writing, the amount of cash so instructed (and if such cash
      is
      not available, shall liquidate such investments of the relevant Escrow Fund
      as
      are necessary to make such payment).

     

    SECTION
      8. Investment
      of Escrow Fund.
      (a)  The Lock Box Agent shall invest and reinvest moneys on deposit in the
      Escrow Fund, unless joint written notice to the contrary is received from the
      Company and the Shareholders, in any combination of the following: (i) readily
      marketable direct obligations of the Government of the United States or any
      agency or instrumentality thereof or readily marketable obligations
      unconditionally guaranteed by the full faith and credit of the Government of
      the
      United States, (ii) insured certificates of deposit of, or time deposits with,
      any commercial bank that is a member of the Federal Reserve System and which
      issues (or the parent of which issues) commercial paper rated as described
      in
      clause (iii), is organized under the laws of the United States or any State
      thereof and has combined capital and surplus of at least $1 billion, or (iii)
      commercial paper in an aggregate amount of no more than $1,000,000 per issuer
      outstanding at any time, issued by any corporation organized under the laws
      of
      any State of the United States, rated at least “Prime-1” (or the then equivalent
      grade) by Moody’s Investors Services, Inc. or “A-1” (or the then equivalent
      grade) by Standard & Poors, Inc.

     

    (b)
       The
      Lock
      Box Agent shall have the power to sell or liquidate the foregoing investments
      whenever the Lock Box Agent shall be required to distribute the Escrow Fund
      pursuant to the terms of this Agreement or as otherwise contemplated in this
      Agreement. The Lock Box Agent shall have no responsibility or liability for
      any
      diminution of the funds held in the Escrow Fund which may result from any
      investment made pursuant to this Escrow Agreement, including any losses on
      any
      investment required to be liquidated prior to maturity in order to make a
      payment or distribution required hereunder.

     

    SECTION
      9. Assignment
      of Rights to the Escrow Fund; Assignment of Obligations;
      Successors.
      This
      Agreement may not be assigned by operation of Law or otherwise without the
      express written consent of the other parties hereto (which consent may be
      granted or withheld in the sole discretion of such other parties). This
      Agreement shall be binding upon and inure solely to the benefit of the parties
      hereto and their permitted assigns.

     

    SECTION
      10. Lock
      Box Agent.
      (a) Except as expressly contemplated by this Agreement or by joint written
      instructions from the Company and the Shareholders, the Lock Box Agent shall
      not
      sell, transfer or otherwise dispose of in any manner all or any portion of
      the
      Escrow Fund, except pursuant to an order of a court of competent
      jurisdiction.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) The
      duties and obligations of the Lock Box Agent shall be determined solely by
      this
      Agreement, and the Lock Box Agent shall not be liable except for the performance
      of such duties and obligations as are specifically set forth in this
      Agreement.

     

    (c) In
      the
      performance of its duties hereunder, the Lock Box Agent shall be entitled to
      rely upon any document, instrument or signature believed by it in good faith
      to
      be genuine and signed by any party hereto or an authorized officer or agent
      thereof, and shall not be required to investigate the truth or accuracy of
      any
      statement contained in any such document or instrument. The Lock Box Agent
      may
      assume that any person purporting to give any notice in accordance with the
      provisions of this Agreement has been duly authorized to do so.

     

    (d) The
      Lock
      Box Agent shall not be liable for any error of judgment, or any action taken,
      suffered or omitted to be taken, hereunder except in the case of its gross
      negligence, bad faith or willful misconduct. The Lock Box Agent may consult
      with
      counsel of its own choice and shall have full and complete authorization and
      protection for any action taken or suffered by it hereunder in good faith and
      in
      accordance with the opinion of such counsel.

     

    (e) The
      Lock
      Box Agent shall have no duty as to the collection or protection of the Escrow
      Fund or income thereon, nor as to the preservation of any rights pertaining
      thereto, beyond the safe custody of any such funds actually in its
      possession.

     

    (f) As
      compensation for its services to be rendered under this Agreement, for each
      year
      or any portion thereof, the Lock Box Agent shall receive a fee in the amount
      specified in Schedule
      B
      to this
      Agreement. Except to the extent related to a breach of its obligations under
      this Agreement or its own negligence or willful misconduct, the Lock Box Agent
      shall be reimbursed upon request for all expenses, disbursements and advances,
      including reasonable fees of outside counsel, if any, incurred or made by it
      in
      connection with the preparation of this Agreement and the carrying out of its
      duties under this Agreement. All such fees and reimbursed expenses shall be
      borne by the Company.

     

    (g) The
      Lock
      Box Agent (and any successor lock box agent) may at any time resign as such
      by
      delivering the Escrow Fund to any successor lock box agent mutually designated
      by the Company and the Shareholders in writing, or to any court of competent
      jurisdiction, whereupon the Lock Box Agent shall be discharged of and from
      any
      and all further obligations arising in connection with this
      Agreement.

     

    SECTION
      11. Termination.
      This
      Escrow Agreement shall terminate on the date on which there are no funds
      remaining in the Escrow Fund.

     

    SECTION
      12. Notices.
      All
      notices, requests, claims, demands and other communications hereunder shall
      be
      in writing and shall be given or made (and shall be deemed to have been duly
      given or made upon receipt) by delivery in person, by courier service, by cable,
      by telecopy, by telegram, by telex or by registered or certified mail (postage
      prepaid, return receipt requested) to the respective parties at the following
      addresses (or at such other address for a party as shall be specified in a
      notice given in accordance with this Section 12):

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)     if
      to the
      Company:

     

    General
      Steel Holdings Inc.

    ________________________

    ________________________

     

    Facsimile:
      ________________

    Attention:
      ________________

     

    with
      a
      copy to:

     

    ________________________

    ________________________

    ________________________

    
      Facsimile:
        ________________

      Attention:
        ________________

    

     

    (b)     if
      to the
      Shareholders:

     

    
      ________________________

      ________________________

      ________________________

      
        Facsimile:
          ________________

        Attention:
          ________________

      

    

     

    with
      a
      copy to:

     

    
      ________________________

      ________________________

      ________________________

      
        Facsimile:
          ________________

        Attention:
          ________________

      

    

     

    (c)     if
      to the
      Lock Box Agent, to:

    
      ________________________

      ________________________

      ________________________

      
        Facsimile:
          ________________

        Attention:
          ________________

      

    

     

    SECTION
      13. Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of New York applicable to contracts executed and to be performed
      entirely within that State.

     

    SECTION
      14.  Amendments.
      This
      Agreement may not be amended or modified except by an instrument in writing
      signed by, or on behalf of, the Company, the Shareholders and the Lock Box
      Agent.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
      15. Severability.
      If any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of law or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect
      so long as the economic and legal substance of the transactions contemplated
      by
      this Agreement is not affected in any manner materially adverse to any party.
      Upon such determination that any term or other provision is invalid, illegal
      or
      incapable of being enforced, the parties hereto shall negotiate in good faith
      to
      modify this Agreement so as to effect the original intent of the parties as
      closely as possible in a mutually acceptable manner in order that the
      transactions contemplated by this Agreement be consummated as originally
      contemplated to the fullest extent possible.

     

    SECTION
      16. Entire
      Agreement.
      This
      Agreement and the Subscription Agreements constitute the entire agreement of
      the
      parties hereto with respect to the subject matter hereof and supersede all
      prior
      agreements and undertakings, both written and oral, among the Company, the
      Shareholders and the Lock Box Agent with respect to the subject matter
      hereof.

     

    SECTION
      17. No
      Third Party Beneficiaries.
      This
      Agreement is for the sole benefit of the parties hereto and their permitted
      assigns and nothing herein, express or implied, is intended to or shall confer
      upon any other person or entity any legal or equitable right, benefit or remedy
      of any nature whatsoever under or by reason of this Agreement.

     

    SECTION
      18. Headings.
      The
      descriptive headings contained in this Agreement are included for convenience
      of
      reference only and shall not affect in any way the meaning or interpretation
      of
      this Agreement.

     

    SECTION
      19. Counterparts.
      This
      Agreement may be executed in one or more counterparts, and by different parties
      hereto in separate counterparts, each of which when executed shall be deemed
      to
      be an original but all of which when taken together shall constitute one and
      the
      same agreement.

     

     

    [Remainder
      of page left blank intentionally]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

    

    
      	 	
              GENERAL
                STEEL HOLDINGS INC. 

            
	 	 
	 	 
	 	
              By  
                ________________________________

            
	 	
              Name:

              Title:

            
	 	 
	 	 
	 	
              SHAREHOLDERS:

            
	 	 
	 	 
	 	
              
                By  
                  ________________________________

              

            
	 	
              
                Name:

                Title:

              

            
	 	 
	 	 
	 	 
	 	
              
                By  
                  ________________________________

              

            
	 	
              
                Name:

                Title:

              

            
	 	
               

            
	 	 
	 	 
	 	
              
                By  
                  ________________________________

              

            
	 	
              
                Name:

                Title:

              

            
	 	 
	 	 
	 	
              [LOCK
                BOX AGENT]:

            
	 	 
	 	 
	 	
              
                By  
                  ________________________________

              

            
	 	
              
                Name:

                Title:

              

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      A

     

    [Shareholder
      Percentages]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      B

     

    [Lock
      Box
      Agent Fees]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]