Document:

Indenture by and among Ryerson Holding Corporation and Wells Fargo Bank, N.A.

 Exhibit 4.2 
 RYERSON HOLDING CORPORATION 
 as Issuer 
  
  
 14.5% SENIOR DISCOUNT NOTES DUE 2015 
  
  
 INDENTURE

 DATED AS OF JANUARY 29, 2010 
  
  
 WELLS FARGO BANK,
N.A. 
 as Trustee 

 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture Act Section
	  	Section in
Indenture
			
	310	  	(a)(1)	  	7.10
		  	(a)(2)	  	7.10
		  	(a)(3)	  	N.A.
		  	(a)(4)	  	N.A.
		  	(a)(5)	  	7.10
		  	(b)	  	7.3; 7.10
		  	(c)	  	N.A.
	311	  	(a)	  	7.11
		  	(b)	  	7.11
		  	(c)	  	N.A.
	312	  	(a)	  	2.5
		  	(b)	  	N.A.
		  	(c)	  	N.A.
	313	  	(a)	  	7.6
		  	(b)(1)	  	7.6
		  	(b)(2)	  	7.6; 7.7
		  	(c)	  	7.6
		  	(d)	  	7.6
	314	  	(a)	  	4.3;
		  	(b)	  	N.A.
		  	(c)(1)	  	N.A.
		  	(c)(2)	  	N.A.
		  	(c)(3)	  	N.A.
		  	(d)	  	9.1, 10.4, 10.5
		  	(e)	  	N.A.
		  	(f)	  	N.A.
	315	  	(a)	  	7.1
		  	(b)	  	1.1, 7.5
		  	(c)	  	7.1
		  	(d)	  	7.1
		  	(e)	  	6.11
	316	  	(a) (last sentence)	  	2.9
		  	(a)(1)(A)	  	6.5
		  	(a)(1)(B)	  	6.4
		  	(a)(2)	  	N.A.
		  	(b)	  	6.7
		  	(c)	  	2.13
	317	  	(a)(1)	  	6.8
		  	(a)(2)	  	6.9
		  	(b)	  	2.3
	318	  	(a)	  	N.A.
		  	(b)	  	N.A.
		  	(c)	  	N.A.

  
 N.A. means not applicable. 
  

	*	This Cross-Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	
	 ARTICLE I
  
 DEFINITIONS AND INCORPORATION BY REFERENCE

			
	 SECTION 1.1
	  	 Definitions.
	  	1
	 SECTION 1.2
	  	 Other Definitions.
	  	35
	 SECTION 1.3
	  	 Incorporation by Reference of Trust Indenture Act.
	  	36
	 SECTION 1.4
	  	 Rules of Construction.
	  	36
	
	ARTICLE II
	
	THE NOTES
			
	 SECTION 2.1
	  	 Form and Dating.
	  	37
	 SECTION 2.2
	  	 Execution and Authentication.
	  	38
	 SECTION 2.3
	  	 Registrar; Paying Agent.
	  	39
	 SECTION 2.4
	  	 Paying Agent to Hold Money in Trust.
	  	39
	 SECTION 2.5
	  	 Holder Lists.
	  	40
	 SECTION 2.6
	  	 Book-Entry Provisions for Global Securities.
	  	40
	 SECTION 2.7
	  	 Replacement Notes.
	  	42
	 SECTION 2.8
	  	 Outstanding Notes.
	  	42
	 SECTION 2.9
	  	 Treasury Notes.
	  	43
	 SECTION 2.10
	  	 Temporary Notes.
	  	43
	 SECTION 2.11
	  	 Cancellation.
	  	43
	 SECTION 2.12
	  	 Defaulted Interest.
	  	44
	 SECTION 2.13
	  	 Record Date.
	  	44
	 SECTION 2.14
	  	 Computation of Interest.
	  	44
	 SECTION 2.15
	  	 CUSIP Number.
	  	44
	 SECTION 2.16
	  	 Special Transfer Provisions.
	  	44
	 SECTION 2.17
	  	 Issuance of Additional Notes.
	  	46
	
	ARTICLE III
	
	REDEMPTION AND PREPAYMENT
			
	 SECTION 3.1
	  	 Notices to Trustee.
	  	47
	 SECTION 3.2
	  	 Selection of Notes to Be Redeemed.
	  	47
	 SECTION 3.3
	  	 Notice of Redemption.
	  	48
	 SECTION 3.4
	  	 Effect of Notice of Redemption.
	  	48
	 SECTION 3.5
	  	 Deposit of Redemption of Purchase Price.
	  	49
	 SECTION 3.6
	  	 Notes Redeemed in Part.
	  	49
	 SECTION 3.7
	  	 Optional Redemption.
	  	49
	 SECTION 3.8
	  	 Mandatory Redemption.
	  	50
	 SECTION 3.9
	  	 Offer to Purchase.
	  	50

  

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	 	  	 	  	Page
	
	ARTICLE IV
	
	COVENANTS
			
	 SECTION 4.1
	  	 Payment of Notes.
	  	51
	 SECTION 4.2
	  	 Maintenance of Office or Agency.
	  	52
	 SECTION 4.3
	  	 Provision of Financial Information.
	  	52
	 SECTION 4.4
	  	 Compliance Certificate.
	  	54
	 SECTION 4.5
	  	 Taxes.
	  	54
	 SECTION 4.6
	  	 Stay, Extension and Usury Laws.
	  	55
	 SECTION 4.7
	  	 Limitation on Restricted Payments.
	  	55
	 SECTION 4.8
	  	 Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries.
	  	60
	 SECTION 4.9
	  	 Limitation on Incurrence of Debt.
	  	62
	 SECTION 4.10
	  	 Limitation on Asset Sales.
	  	64
	 SECTION 4.11
	  	 Limitation on Transactions with Affiliates.
	  	65
	 SECTION 4.12
	  	 Limitation on Liens.
	  	67
	 SECTION 4.13
	  	 Limitation on Sale and Leaseback Transactions.
	  	68
	 SECTION 4.14
	  	 Offer to Purchase upon Change of Control.
	  	68
	 SECTION 4.15
	  	 Corporate Existence.
	  	69
	 SECTION 4.16
	  	 Redemption Upon Specified Change of Control.
	  	69
	 SECTION 4.17
	  	 Business Activities.
	  	70
	 SECTION 4.18
	  	 [Reserved].
	  	71
	 SECTION 4.19
	  	 Impairment of Security Interests.
	  	71
	 SECTION 4.20
	  	 Future Note Guarantees.
	  	71
	 SECTION 4.21
	  	 Limitation on Creation of Unrestricted Subsidiaries.
	  	71
	 SECTION 4.22
	  	 Redemption and Offer to Purchase upon Certain Equity Issuances.
	  	72
	 SECTION 4.23
	  	 Further Assurances.
	  	73
	 SECTION 4.24
	  	 Mandatory Dividend from Ryerson Inc. to the Company and Redemption.
	  	74
	
	ARTICLE V
	
	SUCCESSORS
			
	 SECTION 5.1
	  	 Consolidation, Merger, Conveyance, Transfer or Lease.
	  	74
	 SECTION 5.2
	  	 Successor Person Substituted.
	  	76
	
	ARTICLE VI
	
	DEFAULTS AND REMEDIES
			
	 SECTION 6.1
	  	 Events of Default.
	  	77
	 SECTION 6.2
	  	 Acceleration.
	  	79
	 SECTION 6.3
	  	 Other Remedies.
	  	80

  

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	 	  	 	  	Page
			
	 SECTION 6.4
	  	 Waiver of Past Defaults.
	  	80
	 SECTION 6.5
	  	 Control by Majority.
	  	80
	 SECTION 6.6
	  	 Limitation on Suits.
	  	81
	 SECTION 6.7
	  	 Rights of Holders of Notes to Receive Payment.
	  	81
	 SECTION 6.8
	  	 Collection Suit by Trustee.
	  	81
	 SECTION 6.9
	  	 Trustee May File Proofs of Claim.
	  	81
	 SECTION 6.10
	  	 Priorities.
	  	82
	 SECTION 6.11
	  	 Undertaking for Costs.
	  	83
	 SECTION 6.12
	  	 Appointment and Authorization of Wells Fargo Bank, N.A. as Collateral Agent.
	  	83
	
	ARTICLE VII
	
	TRUSTEE
			
	 SECTION 7.1
	  	 Duties of Trustee.
	  	83
	 SECTION 7.2
	  	 Rights of Trustee.
	  	85
	 SECTION 7.3
	  	 Individual Rights of Trustee.
	  	87
	 SECTION 7.4
	  	 Trustee’s Disclaimer.
	  	87
	 SECTION 7.5
	  	 Notice of Defaults.
	  	87
	 SECTION 7.6
	  	 Reports by Trustee to Holders of the Notes.
	  	87
	 SECTION 7.7
	  	 Compensation and Indemnity.
	  	88
	 SECTION 7.8
	  	 Replacement of Trustee.
	  	89
	 SECTION 7.9
	  	 Successor Trustee by Merger, Etc.
	  	90
	 SECTION 7.10
	  	 Eligibility; Disqualification.
	  	90
	 SECTION 7.11
	  	 Preferential Collection of Claims Against the Issuer.
	  	90
	 SECTION 7.12
	  	 Trustee’s Application for Instructions from the Issuer.
	  	90
	 SECTION 7.13
	  	 Limitation of Liability.
	  	91
	 SECTION 7.14
	  	 Collateral Agent.
	  	91
	 SECTION 7.15
	  	 Co-Trustees; Separate Trustee; Collateral Agent.
	  	91
	
	ARTICLE VIII
	
	DEFEASANCE AND COVENANT DEFEASANCE
			
	 SECTION 8.1
	  	 Option to Effect Defeasance or Covenant Defeasance.
	  	93
	 SECTION 8.2
	  	 Defeasance and Discharge.
	  	93
	 SECTION 8.3
	  	 Covenant Defeasance.
	  	95
	 SECTION 8.4
	  	 Conditions to Defeasance or Covenant Defeasance.
	  	95
	 SECTION 8.5
	  	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.
	  	97
	 SECTION 8.6
	  	 Repayment to Issuer.
	  	97
	 SECTION 8.7
	  	 Reinstatement.
	  	98

  

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	 	  	 	  	Page
	
	ARTICLE IX
	
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	 SECTION 9.1
	  	 Without Consent of Holders of the Notes.
	  	98
	 SECTION 9.2
	  	 With Consent of Holders of Notes.
	  	99
	 SECTION 9.3
	  	 Compliance with Trust Indenture Act.
	  	100
	 SECTION 9.4
	  	 Revocation and Effect of Consents.
	  	100
	 SECTION 9.5
	  	 Notation on or Exchange of Notes.
	  	101
	 SECTION 9.6
	  	 Trustee to Sign Amendments, Etc.
	  	101
	
	ARTICLE X
	
	SECURITY
			
	 SECTION 10.1
	  	 Pledge Agreement.
	  	101
	 SECTION 10.2
	  	 Recording, Registration and Opinions.
	  	102
	 SECTION 10.3
	  	 Release of Ryerson Stock.
	  	102
	 SECTION 10.4
	  	 Form and Sufficiency of Release.
	  	103
	 SECTION 10.5
	  	 Possession and Use of Collateral.
	  	104
	 SECTION 10.6
	  	 Specified Releases of Collateral.
	  	104
	 SECTION 10.7
	  	 [RESERVED].
	  	104
	 SECTION 10.8
	  	 Purchaser Protected.
	  	104
	 SECTION 10.9
	  	 Authorization of Actions to Be Taken by the Collateral Agent Under the Pledge Agreement.
	  	104
	 SECTION 10.10
	  	 Authorization of Receipt of Funds by the Trustee Under the Pledge Agreement.
	  	105
	 SECTION 10.11
	  	 Powers Exercisable by Receiver or Collateral Agent.
	  	105
	
	ARTICLE XI
	
	[RESERVED]
	
	ARTICLE XII
	
	NOTE GUARANTEES
			
	 SECTION 12.1
	  	 Note Guarantees.
	  	105
	 SECTION 12.2
	  	 Execution and Delivery of Note Guarantee.
	  	107
	 SECTION 12.3
	  	 Severability.
	  	107
	 SECTION 12.4
	  	 Limitation of Guarantors’ Liability.
	  	107
	 SECTION 12.5
	  	 Guarantors May Consolidate, Etc., on Certain Terms.
	  	107
	 SECTION 12.6
	  	 Releases Following Sale of Assets.
	  	108
	 SECTION 12.7
	  	 Release of a Guarantor.
	  	109
	 SECTION 12.8
	  	 Benefits Acknowledged.
	  	109
	 SECTION 12.9
	  	 Future Guarantors.
	  	109

  

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	 	  	 	  	Page
	
	ARTICLE XIII
	
	MISCELLANEOUS
			
	 SECTION 13.1
	  	 Trust Indenture Act Controls.
	  	109
	 SECTION 13.2
	  	 Notices.
	  	110
	 SECTION 13.3
	  	 Communication by Holders of Notes with Other Holders of Notes.
	  	111
	 SECTION 13.4
	  	 Certificate and Opinion as to Conditions Precedent.
	  	111
	 SECTION 13.5
	  	 Statements Required in Certificate or Opinion.
	  	111
	 SECTION 13.6
	  	 Rules by Trustee and Agents.
	  	112
	 SECTION 13.7
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders.
	  	112
	 SECTION 13.8
	  	 Governing Law.
	  	112
	 SECTION 13.9
	  	 No Adverse Interpretation of Other Agreements.
	  	112
	 SECTION 13.10
	  	 Successors.
	  	112
	 SECTION 13.11
	  	 Severability.
	  	113
	 SECTION 13.12
	  	 Counterpart Originals.
	  	113
	 SECTION 13.13
	  	 Table of Contents, Headings, Etc.
	  	113
	 SECTION 13.14
	  	 Acts of Holders.
	  	113

 EXHIBITS 
  

			
	 Exhibit A
	    	FORM OF 14.5% SENIOR DISCOUNT NOTE
		
	 Exhibit B
	    	FORM OF NOTATIONAL GUARANTEE
		
	 Exhibit C
	    	FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A
		
	 Exhibit D
	    	FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S

  

 -v- 

 This Indenture, dated as of January 29, 2010, is by and between Ryerson Holding
Corporation, a Delaware corporation (the “Company” or the “Issuer”), and Wells Fargo Bank, N.A., as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of (i) the
Issuer’s 14.5% Senior Discount Notes due 2015 issued on the date hereof that contain the restrictive legend in Exhibit A (the “Initial Notes”), (ii) Exchange Notes issued in exchange for the Initial Notes pursuant
to the Registration Rights Agreement or pursuant to an effective registration statement under the Securities Act without the restrictive legends in Exhibit A (the “Exchange Notes”) and (iii) Additional Notes issued from
time to time as either Initial Notes or Exchange Notes (together with the Initial Notes and any Exchange Notes, the “Notes”). 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. 
 “Accreted Value” means, as of any date (the “Specified Date”), the amount provided below for each $1,000 principal amount at maturity of notes: 
 (1) if the Specified Date occurs on one of the following dates (each, a “Determination Date” and each, other
than the Issue Date, November 1, 2010 and May 1, 2012, a “Semi-Annual Accrual Date”), the Accreted Value will equal the amount set forth below for such Determination Date: 
  

				
	 Determination Date
	  	Accreted
Value
	 Issue Date
	  	$	455.98
	 August 1, 2010
	  	$	489.41
	 November 1, 2010
	  	$	507.15
	 February 1, 2011
	  	$	526.11
	 August 1, 2011
	  	$	566.88
	 February 1, 2012
	  	$	613.65
	 May 1, 2012
	  	$	638.97
	 August 1, 2012
	  	$	665.05
	 February 1, 2013
	  	$	721.57
	 August 1, 2013
	  	$	782.91
	 February 1, 2014
	  	$	849.46
	 August 1, 2014
	  	$	921.66
	 February 1, 2015
	  	$	1,000.00

 The
foregoing Accreted Values shall be increased, if necessary, to reflect any accretion of Additional Interest; 

 (2) if the Specified Date occurs between two Determination Dates, the
Accreted Value will equal the sum of (A) the Accreted Value for the Determination Date immediately preceding such Specified Date and (B) an amount equal to the product of (x) the Accreted Value for the immediately following
Determination Date less the Accreted Value for the immediately preceding Determination Date multiplied by (y) a fraction, the numerator of which is the number of days elapsed from the immediately preceding Determination Date to the Specified
Date, using a 360-day year of twelve 30-day months, and the denominator of which is the number of days from and including the immediately preceding Determination Date to and excluding the immediately following Determination Date, using a 360-day
year of twelve 30-day months (or, if the Determination Date immediately preceding the Specified Date is the Issue Date, the denominator of which is the number of days from and including the Issue Date to and excluding the next Determination Date);
or 
 (3) subject to the last sentence of clause (1), if the Specified Date occurs after the last Determination
Date, the Accreted Value will equal $1,000. 
 “Acquired Debt” means Debt of a Person (including an
Unrestricted Subsidiary) existing at the time such Person becomes a Restricted Subsidiary or assumed in connection with the acquisition of assets from such Person. 
 “Additional Interest” means all additional interest owing on the Notes pursuant to the Registration Rights Agreement, together with any interest owing on such additional interest.

 “Additional Notes” means Notes (other than the Initial Notes on the Issue Date) issued pursuant to Article
II hereof and otherwise in compliance with the provisions of this Indenture. 
 “Affiliate” of any Person means
any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings that correspond to the
foregoing. For purposes of Section 4.11, any Person directly or indirectly owning 10% or more of the outstanding Capital Interests of the Company and any Person who is a Permitted Holder will be deemed an Affiliate. 
 “Agent” means any Registrar, Paying Agent or co-registrar. 
 “Asset Acquisition” means: 
 (a) an Investment by the Company or any Restricted Subsidiary in any other Person pursuant to which such Person shall become a Restricted Subsidiary or shall be merged with or into the Company or any
Restricted Subsidiary; or 
 (b) the acquisition by the Company or any Restricted Subsidiary of the assets of any
Person which constitute all or substantially all of the assets of such Person, any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business and consistent with past
practices. 
  

 -2- 

 “Asset Sale” means any transfer, conveyance, sale, lease or other
disposition (including, without limitation, dispositions pursuant to any consolidation or merger) by the Company or any of its Restricted Subsidiaries to any Person (other than to the Company or one or more of its Restricted Subsidiaries) in any
single transaction or series of transactions of: 
 (i) Capital Interests in another Person (other than
directors’ qualifying shares or shares or interests required to be held by foreign nationals pursuant to local law); or 
 (ii) any other property or assets (other than in the normal course of business, including any sale or other disposition of obsolete or permanently retired equipment); 
 provided, however, that the term “Asset Sale” shall exclude: 
 (a) any asset disposition permitted by Section 5.1 that constitutes a disposition of all or substantially all of the
assets of the Company and its Restricted Subsidiaries taken as a whole; 
 (b) any transfer, conveyance, sale,
lease or other disposition of property or assets, the gross proceeds of which (exclusive of indemnities) do not exceed in any one or related series of transactions $3.0 million; 
 (c) sales or other dispositions of cash or Eligible Cash Equivalents; 
 (d) sales of interests in Unrestricted Subsidiaries; 
 (e) the sale and leaseback of any assets within 90 days of the acquisition thereof; 
 (f) the disposition of assets that in the good faith judgment of the Board of Directors of the Company are no longer used or
useful in the business of such entity; 
 (g) a Restricted Payment or Permitted Investment that is otherwise
permitted by this Indenture; 
 (h) any trade-in of equipment in exchange for other equipment; provided that in
the good faith judgment of the Company, the Company or such Restricted Subsidiary receives equipment having a fair market value equal to or greater than the equipment being traded in; 
 (i) the creation of a Lien (but not the sale or other disposition of the property subject to such Lien); 
 (j) leases or subleases in the ordinary course of business to third persons not interfering in any material respect with the
business of the Company or any of its Restricted Subsidiaries and otherwise in accordance with the provisions of this Indenture; 
 (k) any disposition by a Subsidiary to the Company or by the Company or a Subsidiary to a Subsidiary; 
  

 -3- 

 (l) [Reserved]; 
 (m) dispositions of accounts receivable in connection with the collection or compromise thereof in the ordinary course of
business and consistent with past practice; 
 (n) licensing of intellectual property in accordance with industry
practice in the ordinary course of business; 
 (o) any transfer of accounts receivable, or a fractional
undivided interest therein, by a Receivable Subsidiary in a Qualified Receivables Transaction; or 
 (p) sales of
accounts receivable to a Receivable Subsidiary pursuant to a Qualified Receivables Transaction for the Fair Market Value thereof; including cash in an amount at least equal to 75% of the Fair Market Value thereof (for the purposes of this clause
(p), Purchase Money Notes will be deemed to be cash). 
 For purposes of this definition, any series of related transactions
that, if effected as a single transaction, would constitute an Asset Sale shall be deemed to be a single Asset Sale effected when the last such transaction which is a part thereof is effected. 
 “Asset Sale Offer” means an Offer to Purchase required to be made by the Company pursuant to Section 4.10 to all
Holders. 
 “Attributable Debt” under this Indenture in respect of a Sale and Leaseback Transaction means, at
the time of determination, the present value (discounted at the rate of interest implicit in such transaction) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Leaseback
Transaction (including any period for which such lease has been or may be extended). 
 “Average Life” means,
as of any date of determination, with respect to any Debt, the quotient obtained by dividing (i) the sum of the products of (x) the number of years from the date of determination to the dates of each successive scheduled principal payment
(including any sinking fund or mandatory redemption payment requirements) of such Debt multiplied by (y) the amount of such principal payment by (ii) the sum of all such principal payments. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that
in calculating the beneficial ownership of any particular “person,” as such term is used in Section 13(d)(3) of the Exchange Act, such “person” shall be deemed to have beneficial ownership of all securities that such
“person” has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. 
 “Board of Directors” means (i) with respect to the Company or any Restricted Subsidiary, its board of directors or any duly authorized committee thereof; (ii) with respect to a
corporation, the board of directors of such corporation or any duly authorized committee thereof; and (iii) with respect to any other entity, the board of directors or similar body of the general partner or managers of such entity or any duly
authorized committee thereof. 
  

 -4- 

 “Board Resolution” means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Company or any Restricted Subsidiary to have been duly adopted by the Board of Directors, unless the context specifically requires that such resolution be adopted by a majority of the Disinterested Directors, in
which case by a majority of such Disinterested Directors, and to be in full force and effect on the date of such certification and delivered to the Trustee. 
 “Business Day” means any day other than a Legal Holiday. 
 “Canadian Subsidiary” means any Restricted Subsidiary that is formed or otherwise incorporated or organized in Canada or any state or province thereof. 
 “Capital Interests” in any Person means any and all shares, interests (including Preferred Interests), participations or
other equivalents in the equity interest (however designated) in such Person and any rights (other than Debt securities convertible into an equity interest), warrants or options to acquire an equity interest in such Person. 
 “Capital Lease Obligations” means any obligation under a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last payment of
rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.12, a Capital Lease Obligation shall be deemed secured by a Lien
on the property being leased. 
 “Certificated Notes” means Notes that are in the form of Exhibit A
attached hereto. 
 “Change of Control” means the occurrence of any of the following events: 
 (a) the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) the acquisition by any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the ultimate
“beneficial owner” (as such term is used in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (a) such person or group shall be deemed to have “beneficial ownership” of all shares that any
such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the Voting Interests in the Company; 
 (b) after the consummation of an initial public offering, during any period of two consecutive years, individuals who at the
beginning of such period constituted the Board of Directors of the Company (together with any new directors whose election by the Board of Directors or whose nomination for election by the equityholders of the Company was approved by a vote of a
majority of the directors of the Company then still

  

 -5- 

 
in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the
Company’s Board of Directors then in office; 
 (c) the Company sells, conveys, transfers or leases (either
in one transaction or a series of related transactions) all or substantially all of its assets to, or merges or consolidates with, a Person other than (x) a Restricted Subsidiary of the Company or (y) a Successor Entity in which a majority
or more of the voting power of the Voting Interests is held by the Permitted Holders; or 
 (d) the Company
ceases to beneficially own (within the meaning of Rule l3d-3 under the Exchange Act, or any successor provision), directly or indirectly, 100% of the issued and outstanding Capital Interests of Ryerson (except to the extent Ryerson is merged with or
into the Company in accordance with the terms of this Indenture). 
 “Code” means the Internal Revenue Code of
1986, as amended from time to time, and the regulations promulgated thereunder. 
 “Collateral” means all of
the Collateral (as such term is defined in the Pledge Agreement). 
 “Collateral Agent” means Wells Fargo Bank,
N.A. or other financial institution or entity that, in the determination of the Company is acceptable and may include, without limitation, an entity affiliated with the initial purchasers, any lenders or an entity affiliated with the lenders under
the Credit Agreement or an affiliate thereof. 
 “Commission” means the Securities and Exchange Commission and
any successor thereto. 
 “Common Interests” of any Person means Capital Interests in such Person that do not
rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person. 
 “Company” or “Issuer” has the meaning set forth in the preamble hereto until a successor replaces it in
accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 
 “Consolidated Cash
Flow Available for Fixed Charges” means, with respect to any Person for any period: 
 (a) the sum of,
without duplication, the amounts for such period, taken as a single accounting period, of: 
 (i) Consolidated
Net Income; 
 (ii) Consolidated Non-cash Charges; 
  

 -6- 

 (iii) Consolidated Interest Expense to the extent the same was deducted in
computing Consolidated Net Income; 
 (iv) Consolidated Income Tax Expense (other than income tax expense (either
positive or negative) attributable to extraordinary gains or losses); 
 (v) facility closure and severance costs
and charges; 
 (vi) impairment charges, including the write-down of Investments; 
 (vii) restructuring expenses and charges; 
 (viii) acquisition integration expenses and charges; 
 (ix) systems implementation expenses related to SAP Platform; 
 (x) any expenses or charges related to any equity offering, Permitted Investment, recapitalization or Debt permitted to be
Incurred by this Indenture (whether or not successful) or related to the offering of the Notes under the Offering Memorandum or the issuance of the Ryerson Notes; and 
 (xi) the Historical Costs and Expenses; and 
 (b) less non-cash items increasing Consolidated Net Income for such period, other than (i) the accrual of revenue
consistent with past practice, and (ii) reversals of prior accruals or reserves for cash items previously excluded in the calculation of Consolidated Non-cash Charges. 
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of the aggregate amount of
Consolidated Cash Flow Available for Fixed Charges of such Person for the four full fiscal quarters, treated as one period, for which financial information in respect thereof is available immediately preceding the date of the transaction (the
“Transaction Date”) giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio (such four full fiscal quarter period being referred to herein as the “Four Quarter Period”) to the aggregate
amount of Consolidated Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated Cash Flow Available for Fixed Charges” and
“Consolidated Fixed Charges” shall be calculated after giving effect (i) to the cost of any compensation, remuneration or other benefit paid or provided to any employee, consultant, Affiliate, equity owner of the entity involved in
any such Asset Acquisition to the extent such costs are eliminated or reduced (or public announcement has been made of the intent to eliminate or reduce such costs) prior to the date of such calculation and not replaced; and (ii) on a pro forma
basis for the period of such calculation, to any Asset Sales or other dispositions or Asset Acquisitions, investments, mergers, consolidations and discontinued operations (as determined in accordance with GAAP) occurring during the Four-Quarter
Period or any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence or assumption of any such Acquired Debt),
investment, merger, consolidation or disposed operation occurred on the first day of the Four-Quarter Period. 
  

 -7- 

 For purposes of this definition, pro forma calculations shall be made in accordance with
Article XI of Regulation S-X promulgated under the Securities Act, except that such pro forma calculations may also include operating expense reductions for such period resulting from the Asset Sale or other disposition or Asset Acquisition,
investment, merger, consolidation or discontinued operation (as determined in accordance with GAAP) for which pro forma effect is being given that (A) have been realized or (B) for which steps have been taken or are reasonably expected to
be taken within six months of the date of such transaction and are supportable and quantifiable and, in each case, including, but not limited to, (a) reduction in personnel expenses, (b) reduction of costs related to administrative
functions, (c) reduction of costs related to leased or owned properties and (d) reductions from the consolidation of operations and streamlining of corporate overhead, provided that, in either case, such adjustments are set forth in
an Officers’ Certificate signed by the Company’s chief financial or similar officer that states (i) the amount of such adjustment or adjustments and (ii) that such adjustment or adjustments are based on the reasonable good faith
belief of the Officer executing such Officers’ Certificate at the time of such execution. 
 Furthermore, in calculating
“Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio”: 
 (a) interest on outstanding Debt determined on a fluctuating basis as of the Transaction Date and which will continue to be
so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Debt in effect on the Transaction Date; and 
 (b) if interest on any Debt actually incurred on the Transaction Date may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period. 
 If such Person or any of its Restricted Subsidiaries directly or indirectly Guarantees Debt of a third Person, the above clause shall give
effect to the incurrence of such Guaranteed Debt as if such Person or such Subsidiary had directly incurred or otherwise assumed such Guaranteed Debt. 
 “Consolidated Fixed Charges” means, with respect to any Person for any period, the sum of, without duplication, the amounts for such period of: 
 (a) Consolidated Interest Expense; and 
 (b) the product of (i) all dividends and other distributions paid or accrued during such period in respect of Redeemable
Capital Interests of such Person and its Restricted Subsidiaries, times (ii) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate
of such Person, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Income Tax Expense” means, with respect to any Person for any period, (x) if such Person is not a corporation, the permitted tax payments of such Person for such period

  

 -8- 

 
or (y) if such Person is a corporation, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a
consolidated basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, with respect to any
Person for any period, without duplication, the sum of: 
 (i) the interest expense of such Person and its
Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP, including, without limitation: 
 (a) any amortization of debt discount and the payment of non-cash interest relating to the Notes; 
 (b) the net cost under Interest Rate Protection Obligations (including any amortization of discounts); 
 (c) the interest portion of any deferred payment obligation; 
 (d)
all commissions, discounts and other fees and charges owed with respect to letters of credit, bankers’ acceptance financing or similar activities; and 
 (e) all accrued interest; 
 (ii) the interest component of Capital
Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period determined on a consolidated basis in accordance with GAAP; 
 (iii) all capitalized interest of such Person and its Restricted Subsidiaries for such period; and 
 (iv) less interest income of such Person and its Restricted Subsidiaries for such period; 
 provided, however, that Consolidated Interest Expense will exclude (I) the amortization or write off of debt issuance costs and deferred
financing fees, commissions, fees and expenses and (II) any expensing of interim loan commitment and other financing fees. 
 “Consolidated Net Income” means, with respect to any Person, for any period, the consolidated net income (or loss) of such Person and its Restricted Subsidiaries for such period as determined in accordance with GAAP,
adjusted, to the extent included in calculating such net income, by: 
 (A) excluding, without duplication,

 (i) all extraordinary gains or losses (net of fees and expense relating to the transaction giving rise
thereto), income, expenses or charges; 
  

 -9- 

 (ii) the portion of net income of such Person and its Restricted
Subsidiaries allocable to minority interest in unconsolidated Persons or Investments in Unrestricted Subsidiaries to the extent that cash dividends or distributions have not actually been received by such Person or one of its Restricted
Subsidiaries; 
 (iii) gains or losses in respect of any Asset Sales by such Person or one of its Restricted
Subsidiaries (net of fees and expenses relating to the transaction giving rise thereto), on an after-tax basis; 
 (iv) the net income (loss) from any disposed or discontinued operations or any net gains or losses on disposed or discontinued operations, on an after-tax basis; 
 (v) solely for purposes of determining the amount available for Restricted Payments under clause (c) of the first
paragraph of Section 4.7, the net income of any Restricted Subsidiary other than a Guarantor under the Ryerson Indenture of the specified Person, in each case, or such Person to the extent that the declaration of dividends or similar
distributions by that Restricted Subsidiary of that income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulations applicable to that Restricted Subsidiary or its stockholders; 
 (vi) any gain or loss realized as a
result of the cumulative effect of a change in accounting principles; 
 (vii) any fees and expenses paid in
connection with the issuance of the Notes; 
 (viii) non-cash compensation expense incurred with any issuance of
equity interests to an employee of such Person or any Restricted Subsidiary; 
 (ix) any net after-tax gains or
losses attributable to the early extinguishment of Debt; 
 (x) any non-cash impairment charges or asset
write-off or write-down resulting from the application of Statement of Financial Accounting Standards No. 142 or Statement of Financial Accounting Standards No. 144, and the amortization of intangibles arising pursuant to Statement of
Financial Accounting Standards No. 141; 
 (xi) non-cash gains, losses, income and expenses resulting from
fair value accounting required by Statement of Financial Accounting Standards No. 133; and 
  

 -10- 

 (xii) solely for the purpose of determining the amount available for
Restricted Payments under clause (c)(1) of the first paragraph of Section 4.7, the payment of non-cash interest relating to the Notes shall be excluded; and 
 (B) including, without duplication, dividends from joint ventures actually received in cash by the Company. 
 “Consolidated Non-cash Charges” means, with respect to any Person for any period, the aggregate depreciation, amortization
(including amortization of goodwill and other intangibles) and other non-cash expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, determined on a
consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss and excluding any charges constituting an extraordinary item or loss or any charge which requires an accrual of or a reserve for cash
charges for any future period). 
 “Consolidated Total Debt” means, as of any date of determination, an amount
equal to the aggregate principal amount of all outstanding Debt of the Company and its Restricted Subsidiaries (excluding Hedging Obligations and any undrawn letters of credit issued in the ordinary course of business). 
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 13.2 hereof or
such other address as to which the Trustee may give notice to the Company. 
 “Credit Agreement” means any
credit agreement, including Ryerson’s Credit Agreement, dated as of October 19, 2007, among Ryerson, Ryerson Canada, Inc. and the other co-borrowers and guarantors named therein and Bank of America, N.A., as administrative agent and the
other agents and lenders named therein, together with all related notes, letters of credit, collateral documents, guarantees, and any other related agreements and instruments executed and delivered in connection therewith, in each case as amended,
modified, supplemented, restated, refinanced, refunded or replaced in whole or in part from time to time including by or pursuant to one or more agreements or instruments that extend the maturity of any Debt thereunder, or increase the amount of
available borrowings thereunder (provided that such increase in borrowings is permitted under clause (i) or (xv) of the definition of the term “Permitted Debt”), or add Subsidiaries of Ryerson as additional borrowers or
guarantors thereunder, in each case with respect to any such agreement or any successor or replacement agreement and whether by the same or any other agent, lender, group of lenders, purchasers or debt holders. 
 “Currency Hedge Obligations” means the obligations of a Person Incurred pursuant to any foreign currency exchange
agreement, option or futures contract or other similar agreement or arrangement designed to protect against or manage such Person’s exposure to fluctuations in foreign currency exchange rates on Debt permitted under this Indenture. 

“Debt” means at any time (without duplication), with respect to any Person, whether recourse is to all or a portion of
the assets of such Person, or non-recourse, the following: (i) all indebtedness of such Person for money borrowed or for deferred purchase price of property,

  

 -11- 

 
excluding any trade payables or other current liabilities incurred in the normal course of business; (ii) all obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments; (iii) all obligations of such Person with respect to letters of credit (other than letters of credit that are secured by cash or Eligible Cash Equivalents), bankers’ acceptances or similar facilities issued for the
account of such Person; (iv) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property or assets acquired by such Person (even if the rights and remedies of the seller or lender
under such agreement in the event of default are limited to repossession or sale of such property or assets); (v) all Capital Lease Obligations of such Person; (vi) the maximum fixed redemption or repurchase price of Redeemable Capital
Interests in such Person at the time of determination; (vii) any Swap Contracts and Currency Hedge Obligations of such Person at the time of determination; (viii) Attributable Debt with respect to any Sale and Leaseback Transaction to
which such Person is a party; and (ix) all obligations of the types referred to in clauses (i) through (viii) of this definition of another Person and all dividends and other distributions of another Person, the payment of which, in
either case, (A) such Person has Guaranteed or (B) is secured by (or the holder of such Debt or the recipient of such dividends or other distributions has an existing right, whether contingent or otherwise, to be secured by) any Lien upon
the property or other assets of such Person, even though such Person has not assumed or become liable for the payment of such Debt, dividends or other distributions. For purposes of the foregoing: (a) the maximum fixed repurchase price of any
Redeemable Capital Interests that do not have a fixed repurchase price shall be calculated in accordance with the terms of such Redeemable Capital Interests as if such Redeemable Capital Interests were repurchased on any date on which Debt shall be
required to be determined pursuant to this Indenture; provided, however, that, if such Redeemable Capital Interests are not then permitted to be repurchased, the repurchase price shall be the book value of such Redeemable Capital Interests;
(b) the amount outstanding at any time of any Debt issued with original issue discount is the principal amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt at such time as determined in
conformity with GAAP, but such Debt shall be deemed Incurred only as of the date of original issuance thereof; (c) the amount of any Debt described in clause (ix)(A) above shall be the maximum liability under any such Guarantee; (d) the
amount of any Debt described in clause (ix)(B) above shall be the lesser of (I) the maximum amount of the obligations so secured and (II) the Fair Market Value of such property or other assets; and (e) interest, fees, premium, and expenses
and additional payments, if any, will not constitute Debt. 
 Notwithstanding the foregoing, in connection with the purchase by
the Company or any Restricted Subsidiary of any business, the term “Debt” will exclude (x) customary indemnification obligations and (y) post-closing payment adjustments to which the seller may become entitled to the extent such
payment is determined by a final closing balance sheet or such payment is otherwise contingent; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment
thereafter becomes fixed and determined, the amount is paid within 60 days thereafter. 
 The amount of Debt of any Person at
any date shall be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligations, of any contingent obligations at such date;
provided, however, that in the case of Debt sold at a discount, the amount of such Debt at any time will be the accreted value thereof at such time. 
  

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 “Default” means any event that is, or after notice or passage of time, or
both, would be, an Event of Default. 
 “Depositary” means, with respect to the Notes issuable or issued in
whole or in part in global form, the Person specified in Section 2.3 hereof as the Depositary with respect to the Notes, until a successor shall have been appointed and become such pursuant to Section 2.6 hereof, and, thereafter,
“Depositary” shall mean or include such successor. 
 “Disinterested Director” means, with respect to
any proposed transaction between (i) the Company or a Restricted Subsidiary, as applicable, and (ii) an Affiliate thereof (other than the Company or a Restricted Subsidiary), a member of the Board of Directors of the Company or such
Restricted Subsidiary, as applicable, who would not be a party to, or have a financial interest in, such transaction and is not an officer, director or employee of, and does not have a financial interest in, such Affiliate. For purposes of this
definition, no person would be deemed not to be a Disinterested Director solely because such person holds Capital Interests in the Company or is an employee of the Company. 
 “Domestic Restricted Subsidiary” means any Restricted Subsidiary that is formed or otherwise incorporated in the United
States or a State thereof or the District of Columbia or that Guarantees or otherwise provides direct credit support for any Debt of the Company. 
 “DTC” means The Depository Trust Company (55 Water Street, New York, New York). 
 “Eligible Bank” means a bank or trust company that (i) is organized and existing under the laws of the United States of America or Canada, or any state, territory, province or
possession thereof, (ii) as of the time of the making or acquisition of an Investment in such bank or trust company, has combined capital and surplus in excess of $500.0 million and (iii) the senior Debt of which is rated at least
“A-2” by Moody’s or at least “A” by Standard & Poor’s. 
 “Eligible Cash
Equivalents” means any of the following Investments: (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the
United States is pledged in support thereof) maturing not more than one year after the date of acquisition; (ii) time deposits in and certificates of deposit of any Eligible Bank, provided that such Investments have a maturity date not
more than two years after date of acquisition and that the Average Life of all such Investments is one year or less from the respective dates of acquisition; (iii) repurchase obligations with a term of not more than 180 days for underlying
securities of the types described in clause (i) above entered into with any Eligible Bank; (iv) direct obligations issued by any state of the United States or any political subdivision or public instrumentality thereof, provided that such
Investments mature, or are subject to tender at the option of the Holder thereof, within 365 days after the date of acquisition and, at the time of acquisition, have a rating of at least A from Standard & Poor’s or A-2 from
Moody’s (or an equivalent rating by any other nationally recognized rating agency); (v) commercial paper of any Person other than an Affiliate of the Company, provided that such Investments have one of the two highest ratings
obtainable from either Standard & Poor’s or Moody’s and mature within 180 days after the date of acquisition; (vi) overnight and demand deposits in and bankers’ acceptances of any Eligible Bank and demand deposits in any
bank or trust company to the extent insured by the Federal Deposit

  

 -13- 

 
Insurance Corporation against the Bank Insurance Fund; (vii) money market funds substantially all of the assets of which comprise Investments of the types described in clauses
(i) through (vi), and (viii) instruments equivalent to those referred to in clauses (i) through (vi) above or funds equivalent to those referred to in clause (vii) above denominated in Euros or any other foreign currency
comparable in credit quality and tenor to those referred to in such clauses and customarily used by corporations for cash management purposes in jurisdictions outside the United States to the extent reasonably required in connection with any
business conducted by any Restricted Subsidiary organized in such jurisdiction, all as determined in good faith by the Company. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange
Notes” has the meaning set forth in the Preamble. 
 “Exchange Offer” means an offer that may be made
by the Issuer pursuant to the Registration Rights Agreement to exchange Notes bearing the Restricted Notes Legend for the Exchange Notes. 
 “Exchange Offer Registration Statement” has the meaning given to such term in the Registration Rights Agreement. 
 “Excluded Contribution” means net cash proceeds received by the Company and its Restricted Subsidiaries from: 

(1) contributions to its common equity capital (or equivalent); and 
 (2) the sale (other than to a Subsidiary or pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement of the Company or any Subsidiary) of Capital Interests (other than Redeemable Capital Interests) of the Company, 
 in each case, designated as Excluded Contributions pursuant to an Officers’ Certificate on the date such capital contribution is made or such Capital Interests are sold, as the case may be, which
amounts shall be excluded from the calculation set forth in clause (c) of the first paragraph of Section 4.7. 
 “Expiration Date” has the meaning set forth in the definition of “Offer to Purchase.” 
 “Fair Market Value” means, with respect to the consideration received or paid in any transaction or series of transactions, the fair market value thereof as determined in good faith by the Board of Directors. In the case of
a transaction between the Company or a Restricted Subsidiary, on the one hand, and a Receivable Subsidiary, on the other hand, if the Board of Directors determines in its sole discretion that such determination is appropriate, a determination as to
Fair Market Value may be made at the commencement of the transaction and be applicable to all dealings between the Receivable Subsidiary and the Company or such Restricted Subsidiary during the course of such transaction. 
  

 -14- 

 “Four Quarter Period” has the meaning set forth in the definition of
“Consolidated Fixed Charge Coverage Ratio.” 
 “GAAP” means generally accepted accounting principles
in the United States, consistently applied, as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board, or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date. 
 “Global Note Legend” means the legend identified as such in Exhibit A hereto. 
 “Global Notes” means the Notes in global form that are in the form of Exhibit A hereto. 
 “Guarantee” means, as applied to any Debt of another Person, (i) a guarantee (other than by endorsement of negotiable
instruments for collection in the normal course of business), direct or indirect, in any manner, of any part or all of such Debt, (ii) any direct or indirect obligation, contingent or otherwise, of a Person guaranteeing or having the effect of
guaranteeing the Debt of any other Person in any manner and (iii) an agreement of a Person, direct or indirect, contingent or otherwise, the practical effect of which is to assure in any way the payment or performance (or payment of damages in
the event of non-performance) of all or any part of such Debt of another Person (and “Guaranteed” and “Guaranteeing” shall have meanings that correspond to the foregoing). 
 “Guarantor” means any Person that executes a Note Guarantee or supplemental indenture in accordance with the provisions of
this Indenture and their respective successors and assigns. 
 “Hedging Obligations” of any Person means the
obligations of such person pursuant to any interest rate agreement, currency agreement or commodity agreement. 
 “Historical Costs and Expenses” means public company costs, merger and proxy related expenses, workers’ compensation reserve adjustments, legal settlements and historical costs associated with closed facilities to the
extent incurred prior to the Issue Date and, in each case, on a basis consistent with the calculation of pro forma Adjusted EBITDA as set forth in the Offering Memorandum. 
 “Holder” means a Person in whose name a Note is registered in the Note Register. 
 “Incur” means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by conversion, exchange
or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Debt or other obligation on the balance sheet of such Person;
provided, however, that a change in GAAP that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such Debt. Debt otherwise Incurred by a Person before it becomes a
Subsidiary of the Company shall be deemed to be Incurred at the time at which such Person becomes a Subsidiary of the Company. “Incurrence,” “Incurred,” “Incurrable” and “Incurring”
shall have meanings that correspond to the foregoing. A

  

 -15- 

 
Guarantee by the Company or a Restricted Subsidiary of Debt Incurred by the Company or a Restricted Subsidiary, as applicable, shall not be a separate Incurrence of Debt. In addition, the
following shall not be deemed a separate Incurrence of Debt: 
 (1) amortization of debt discount or accretion of
principal with respect to a non-interest bearing or other discount security; 
 (2) the payment of regularly
scheduled interest in the form of additional Debt of the same instrument or the payment of regularly scheduled dividends on Capital Interests in the form of additional Capital Interests of the same class and with the same terms; 
 (3) the obligation to pay a premium in respect of Debt arising in connection with the issuance of a notice of redemption or
making of a mandatory offer to purchase such Debt; and 
 (4) unrealized losses or charges in respect of Hedging
Obligations. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Initial Notes” has the meaning set forth in the preamble hereto. 
 “Initial Purchasers” means Banc of America Securities LLC, UBS Securities LLC and KeyBank Capital Markets Inc. and such
other initial purchasers party to the Purchase Agreement and any similar purchase agreement in connection with any Additional Notes. 
 “Interest Rate Protection Agreements” means, with respect to any Person, any arrangement with any other Person whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments
calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such Person calculated by applying a fixed or a floating rate of interest on the same notional amount and
shall include without limitation, interest rate swaps, caps, floors, collars and similar agreements. 
 “Interest Rate
Protection Obligations” means the obligations of any Person pursuant to any Interest Rate Protection Agreements. 
 “Investment” by any Person means any direct or indirect loan, advance (or other extension of credit) or capital contribution to (by means of any transfer of cash or other property or assets to another Person or any other
payments for property or services for the account or use of another Person) another Person, including, without limitation, the following: (i) the purchase or acquisition of any Capital Interest or other evidence of beneficial ownership in
another Person; (ii) the purchase, acquisition or Guarantee of the Debt of another Person or the issuance of a “keep-well” with respect thereto; and (iii) the purchase or acquisition of the business or assets of another Person,
but shall exclude: (a) accounts receivable and other extensions of trade credit on commercially reasonable terms in accordance with normal trade practices; (b) the acquisition of property and assets from suppliers and other vendors in the
normal course of business; and (c) prepaid expenses and workers’ compensation, utility, lease and similar deposits in the normal course of business. 
  

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 “Issue Date” means January 29, 2010 the date on which the initial
$483,000,000 in aggregate principal amount at maturity of Notes are originally issued under this Indenture. 
 “Issuer” or “Company” has the meaning set forth in the preamble hereto until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor.

 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York,
the city in which the principal Corporate Trust Office of the Trustee is located or at a place of payment are authorized or required by law, regulation or executive order to remain closed. If a payment date in a place of payment is a Legal Holiday,
payment shall be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
 “Lien” means, with respect to any property or other asset, any mortgage, deed of trust, deed to secure debt, pledge, hypothecation, assignment, deposit arrangement, security interest,
lien (statutory or otherwise), charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or other asset (including, without
limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). 
 “Management Agreement” means the corporate advisory services agreement by and among the Company and the Permitted Holders as in effect on the Issue Date. 
 “Master Agreement” has the meaning set forth in the definition of “Swap Contract.” 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 
 “Net Cash Proceeds” means, with respect to Asset Sales of any Person, cash and Eligible Cash Equivalents received, net of:
(i) all reasonable out-of-pocket costs and expenses of such Person incurred in connection with such a sale, including, without limitation, all legal, accounting, title and recording tax expenses, commissions and other fees and expenses incurred
and all federal, state, foreign and local taxes arising in connection with such an Asset Sale that are paid or required to be accrued as a liability under GAAP by such Person; (ii) all payments made by such Person on any Debt that is secured by
such properties or other assets in accordance with the terms of any Lien upon or with respect to such properties or other assets or that must, by the terms of such Lien or such Debt, or in order to obtain a necessary consent to such transaction or
by applicable law, be repaid to any other Person (other than the Company or a Restricted Subsidiary thereof) in connection with such Asset Sale; and (iii) all contractually required distributions and other payments made to minority interest
holders in Restricted Subsidiaries of such Person as a result of such transaction; provided, however, that: (a) in the event that any consideration for an Asset Sale (which would otherwise constitute Net Cash Proceeds) is required
by (I) contract to be held in escrow pending determination of whether a purchase price adjustment will be made or (II) GAAP to be reserved against other liabilities in connection with

  

 -17- 

 
such Asset Sale, such consideration (or any portion thereof) shall become Net Cash Proceeds only at such time as it is released to such Person from escrow or otherwise; and (b) any non-cash
consideration received in connection with any transaction, which is subsequently converted to cash, shall become Net Cash Proceeds only at such time as it is so converted. 
 “Non-Recourse Receivable Subsidiary Indebtedness” has the meaning set forth in the definition of “Receivable
Subsidiary.” 
 “Note Custodian” means the Trustee when serving as custodian for the Depositary with
respect to the Global Notes, or any successor entity thereto. 
 “Note Guarantee” means any guarantee of the
Notes by any Guarantor pursuant to this Indenture. 
 “Note Liens” means all Liens in favor of the Collateral
Agent on Collateral securing the Note Obligations. 
 “Note Obligations” means the Debt Incurred and
Obligations under the Senior Note Documents. 
 “Notes” has the meaning set forth in the preamble to this
Indenture. 
 “Obligations” means any principal, premium, interest (including any interest accruing subsequent
to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law),
penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties,
fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Debt. 
 “Offer” has the meaning set forth in the definition of “Offer to Purchase.” 
 “Offer to Purchase” means a written offer (the “Offer”) sent by the Company by electronic transmission or by first class mail, postage prepaid, to each Holder at his address appearing in the Note Register
on the date of the Offer, offering to purchase up to the aggregate principal amount of Notes set forth in such Offer at the purchase price set forth in such Offer (as determined pursuant to this Indenture). Unless otherwise required by applicable
law, the offer shall specify an expiration date (the “Expiration Date”) of the Offer to Purchase which shall be, subject to any contrary requirements of applicable law, not less than 45 days or more than 75 days after the date of
mailing of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes within five Business Days after the Expiration Date. The Company shall notify the Trustee at least 15 days (or such shorter period as is
acceptable to the Trustee) prior to the mailing of the Offer of the Company’s obligation to make an Offer to Purchase, and the Offer shall be mailed by the Company or, at the Company’s request, by the Trustee in the name and at the expense
of the Company. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also state: 
 (1) the Section of this Indenture pursuant to which the Offer to Purchase is being made; 
  

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 (2) the Expiration Date and the Purchase Date; 
 (3) the principal amount at maturity and the Accreted Value of the outstanding Notes offered to be purchased pursuant to the
Offer to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to Indenture covenants requiring the Offer to Purchase) (the “Purchase Amount”); 
 (4) the purchase price to be paid by the Company for the then Accreted Value of each $2,000 principal amount at maturity of
Notes (and integral multiples of $1.00 in excess thereof (rounded up to the nearest whole dollar)) accepted for payment (as specified pursuant to the Indenture) (the “Purchase Price”); 
 (5) that the Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion of
a Note tendered must be tendered in a minimum amount of $2,000 principal amount at maturity (and integral multiples of $1.00 in excess thereof (rounded up to the nearest whole dollar)); 
 (6) the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase, if applicable;

 (7) that, unless the Company defaults in making such purchase, any Note accepted for purchase pursuant to the
Offer to Purchase will cease to accrue interest on and after the Purchase Date, but that any Note not tendered or tendered but not purchased by the Company pursuant to the Offer to Purchase will continue to accrue interest at the same rate;

 (8) that, on the Purchase Date, the Purchase Price will become due and payable upon each Note accepted for
payment pursuant to the Offer to Purchase; 
 (9) that each Holder electing to tender a Note pursuant to the
Offer to Purchase will be required to surrender such Note or cause such Note to be surrendered at the place or places set forth in the Offer prior to the close of business on the Expiration Date (such Note being, if the Company or the Trustee so
requires, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing); 
 (10) that Holders will be entitled to withdraw all or any portion of Notes tendered if the Company (or its paying agent)
receives, not later than the close of business on the Expiration Date, a facsimile transmission or letter setting forth the name of the Holder, the Accreted Value of the Notes the Holder tendered, the certificate number of the Note the Holder
tendered and a statement that such Holder is withdrawing all or a portion of his tender; 
  

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 (11) that (a) if Notes having an Accreted Value less than or equal to
the Purchase Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase all such Notes and (b) if Notes having an Accreted Value in excess of the Purchase Amount are tendered and not withdrawn
pursuant to the Offer to Purchase, the Company shall purchase Notes having an Accreted Value equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes in denominations of $2,000
principal amount at maturity or integral multiples of $1.00 in excess thereof shall be purchased (rounded up to the nearest whole dollar)); and 
 (12) if applicable, that, in the case of any Holder whose Note is purchased only in part, the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without
service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, with an Accreted Value and in the aggregate principal amount at maturity equal to and in exchange for the unpurchased portion of the Accreted Value and
aggregate principal amount at maturity of the Notes so tendered. 
 “Offering Memorandum” means the offering
memorandum related to the issuance of the Initial Notes on the Issue Date, dated January 26, 2010. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary, any Assistant Secretary or any Vice-President of such Person. 
 “Officers’
Certificate” means a certificate signed by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company. 
 “Operating Company Debt” means the Ryerson Notes and any capital markets debt that is incurred to refinance the Ryerson
Notes containing a debt covenant substantially similar to the Ryerson Notes as in existence on the Issue Date. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 
 “Participant” means, with respect to DTC, a Person who has an account with DTC. 
 “Paying Agent” means any Person authorized by the Issuer to pay the Accreted Value of, premium, if any, or Additional
Interest, if any, on, or redemption, purchase, retirement, defeasance, covenant defeasance or similar payment with respect to, any Notes on behalf of the Issuer. 
 “Permitted Business” means any business similar in nature to any business conducted by the Issuer and the Restricted Subsidiaries on the Issue Date and any business reasonably ancillary,
incidental, complementary or related to, or a reasonable extension, development or expansion of, the business conducted by the Issuer and the Restricted Subsidiaries on the Issue Date, in each case, as determined in good faith by the Board of
Directors of the Company. 
  

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 “Permitted Collateral Liens” means Liens (i) securing the Notes
outstanding on the Issue Date, (ii) securing any Additional Notes permitted to be incurred under this Indenture and any Obligations with respect to such Notes and Additional Notes and (iii) for taxes or assessments or other governmental
charges or levies not then due and payable (or which, if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained to the extent required by GAAP and such proceedings have the
effect of preventing the forfeiture or sale of the Collateral subject to any such Lien). 
 “Permitted Debt”
means 
 (i) Debt Incurred pursuant to any Credit Agreement in an aggregate principal amount at any one time
outstanding not to exceed the greater of (x) $1,400.0 million and (y) the sum of (A) 75% of the book value calculated in accordance with GAAP of the inventory of the Company and its Restricted Subsidiaries (excluding LIFO reserves)
and (B) 90% of the book value of the accounts receivable of the Company and its Restricted Subsidiaries (in each case, determined by the book value set forth on the consolidated balance sheet of the Company for the fiscal quarter immediately
preceding the date on which such Debt is Incurred for which internal financial statements are available) and, minus (A) any amounts Incurred and outstanding pursuant to a Qualified Receivables Transaction permitted under clause (xvi) below
and (B) with respect to clause (xv) below, any amount used to permanently repay such Obligations (or permanently reduce commitments with respect thereto) pursuant to Section 4.10; 
 (ii) Debt outstanding under the Notes on the Issue Date (and any Exchange Notes pursuant to the Registration Rights
Agreement), together with any Guarantees of such Notes, and contribution, indemnification and reimbursement obligations owed by the Company in respect of amounts paid or payable on such Initial Notes; 
 (iii) if any, Guarantees of the Notes (and any Exchange Notes); 
 (iv) Debt of the Company or any Restricted Subsidiary outstanding at the time of the Issue Date (other than clauses (i),
(ii) or (iii) above); 
 (v) Debt owed to and held by the Company or a Restricted Subsidiary;

 (vi) Guarantees Incurred by the Company of Debt of a Restricted Subsidiary otherwise permitted to be incurred
under this Indenture; 
 (vii) Guarantees by any Restricted Subsidiary of Debt of the Company or any Restricted
Subsidiary, including Guarantees by any Restricted Subsidiary of Debt under the Credit Agreement, provided that (a) such Debt is Permitted Debt or is otherwise Incurred in accordance with Section 4.9 hereof and (b) such
Guarantees are subordinated to the Notes to the same extent as the Debt being guaranteed; 
  

 -21- 

 (viii) Debt incurred in respect of workers’ compensation claims,
self-insurance obligations, indemnity, bid, performance, warranty, release, appeal, surety and similar bonds, letters of credit for operating purposes and completion guarantees provided or incurred (including Guarantees thereof) by the Company or a
Restricted Subsidiary in the ordinary course of business; 
 (ix) Debt under Swap Contracts and Currency Hedge
Obligations; 
 (x) Debt owed by the Company to any Restricted Subsidiary, provided that if for any reason
such Debt ceases to be held by the Company or a Restricted Subsidiary, as applicable, such Debt shall cease to be Permitted Debt and shall be deemed Incurred as Debt of the Company for purposes of this Indenture; 
 (xi) Debt of the Company or any Restricted Subsidiary pursuant to Capital Lease Obligations and Purchase Money Debt under
this clause (xi), provided that the aggregate principal amount of such Debt outstanding at any time may not exceed $75.0 million in the aggregate; 
 (xii) Debt arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, contribution, earnout, adjustment of purchase price or similar obligations, in each case,
incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Interests of a Restricted Subsidiary otherwise permitted under this Indenture; 
 (xiii) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted
Subsidiaries of shares of preferred stock; provided, however, that: 
 (a) any subsequent issuance
or transfer of Capital Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary; and 
 (b) any sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary; 
 shall be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this
clause (xiii); 
 (xiv) Debt arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Debt is extinguished within five Business Days of Incurrence; 
 (xv) Debt of the Company or any Restricted Subsidiary not otherwise permitted pursuant to this definition, in an aggregate
principal amount not to exceed $75.0 million at any time outstanding, which Debt may be Incurred under a Credit Agreement; 
  

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 (xvi) Purchase Money Notes Incurred by any Receivable Subsidiary that is a
Restricted Subsidiary in a Qualified Receivables Transaction and Non-Recourse Receivable Subsidiary Indebtedness; 
 (xvii) Refinancing Debt; and 
 (xviii) Debt of the Company or any of its Restricted Subsidiaries
arising from customary cash management services or the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the
ordinary course of business and consistent with past practices; provided, however, that such Debt is extinguished within five Business Days of Incurrence. 
 Notwithstanding anything herein to the contrary, Debt permitted under clause (i) of this definition of “Permitted Debt” shall not constitute “Refinancing Debt” under clause
(xvii) of this definition of “Permitted Debt.” 
 “Permitted Holders” means Platinum Equity
Advisors, LLC, a Delaware limited liability company, or any of its Affiliates. 
 “Permitted Investments”
means: 
 (a) Investments in existence on the Issue Date; 
 (b) Investments required pursuant to any agreement or obligation of the Company or a Restricted Subsidiary, in effect on the
Issue Date, to make such Investments; 
 (c) Eligible Cash Equivalents; 
 (d) Investments in property and other assets owned or used by the Company or any Restricted Subsidiary in the normal course
of business; 
 (e) Investments by the Company or any of its Restricted Subsidiaries in the Company or any
Restricted Subsidiary; 
 (f) Investments by the Company or any Restricted Subsidiary in a Person, if as a result
of such Investment (A) such Person becomes a Restricted Subsidiary or (B) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated or wound-up into, the
Company or a Restricted Subsidiary; 
 (g) Swap Contracts and Currency Hedge Obligations; 
 (h) non-cash consideration received in conjunction with an Asset Sale that is otherwise permitted under Section 4.10;

  

 -23- 

 (i) Investments received in settlement of obligations owed to the Company or
any Restricted Subsidiary and as a result of bankruptcy or insolvency proceedings or upon the foreclosure or enforcement of any Lien in favor of the Company or any Restricted Subsidiary; 
 (j) Investments by the Company or any Restricted Subsidiary (other than in an Affiliate) not otherwise permitted under this
definition, in an aggregate amount not to exceed $50.0 million at any one time outstanding; 
 (k) any Investment
by the Company or any of its Restricted Subsidiaries in a joint venture in an aggregate amount not to exceed $75.0 million; 
 (l) loans and advances (including for travel and relocation) to employees in an amount not to exceed $1.0 million in the aggregate at any one time outstanding; 
 (m) Investments the payment for which consists solely of Capital Interests of the Company; 
 (n) any Investment in any Person to the extent such Investment represents the non-cash portion of the consideration received
in connection with an Asset Sale consummated in compliance with Section 4.10 or any other disposition of property not constituting an Asset Sale; 
 (o) any acquisition of assets or Capital Interests solely in exchange for the issuance of Capital Interests (other than Redeemable Capital Interests) of the Company; 
 (p) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be
treated as expenses for accounting purposes and that are made in the ordinary course of business and consistent with past practice; 
 (q) guarantees by the Company or any Restricted Subsidiary of Debt of the Company or a Restricted Subsidiary (other than a Receivables Subsidiary) of Debt otherwise permitted by Section 4.9; and

 (r) any Investment by the Company or any Restricted Subsidiary in a Receivables Subsidiary or any Investment
by a Receivable Subsidiary in any other Person in connection with a Qualified Receivables Transaction, so long as any Investment in a Receivable Subsidiary is in the form of a Purchase Money Note or an Investment in Capital Interests. 
 “Permitted Liens” means: 
 (a) Liens existing at the Issue Date; 
 (b) Liens that secure
Obligations of a Restricted Subsidiary of the Company that is not a Guarantor (including Liens incurred pursuant to clause (i) or (xvi) of the definition of “Permitted Debt” (and any related Currency Hedge Obligations and Swap
Contracts permitted under the agreement related thereto)); 
  

 -24- 

 (c) any Lien for taxes or assessments or other governmental charges or
levies not then due and payable (or which, if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained to the extent required by GAAP and such proceedings have the effect of
preventing the forfeiture or sale of the property or assets subject to any such Lien); 
 (d) any
warehousemen’s, materialmen’s, landlord’s or other similar Liens arising by Law for sums not then due and payable (or which, if due and payable, are being contested in good faith by appropriate proceedings and with respect to which
adequate reserves are being maintained to the extent required by GAAP and such proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien); 
 (e) survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other similar restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its
properties which were not incurred in connection with Debt and which do not individually or in the aggregate materially adversely affect the value of the Company or materially impair the operation of the business of such Person; 
 (f) pledges or deposits (i) in connection with workers’ compensation, unemployment insurance and other types of
statutory obligations or the requirements of any official body; or (ii) to secure the performance of tenders, bids, surety or performance bonds, leases, purchase, construction, sales or servicing contracts and other similar obligations Incurred
in the normal course of business consistent with industry practice; or (iii) to obtain or secure obligations with respect to letters of credit, Guarantees, bonds or other sureties or assurances given in connection with the activities described
in clauses (i) and (ii) above, in each case not Incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property or services or imposed by ERISA or
the Code in connection with a “plan” (as defined in ERISA) or (iv) arising in connection with any attachment unless such Liens shall not be satisfied or discharged or stayed pending appeal within 60 days after the entry thereof or the
expiration of any such stay; 
 (g) Liens on property of a Person existing at the time such Person is merged with
or into or consolidated with the Company or a Restricted Subsidiary, or becomes a Restricted Subsidiary (and not created or Incurred in anticipation of such transaction), provided that such Liens are not extended to the property and assets of
the Company and its Restricted Subsidiaries other than the property or assets acquired; 
 (h) Liens securing
Debt of a Restricted Subsidiary owed to and held by the Company or a Restricted Subsidiary; 
 (i) other Liens
(not securing Debt) incidental to the conduct of the business of the Company or any of its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not individually or in the aggregate materially adversely affect the
value of the Company or materially impair the operation of the business of the Company or its Restricted Subsidiaries; 
  

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 (j) [Reserved]; 
 (k) [Reserved]; 
 (l) Liens to secure any permitted extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings or refundings), in whole or in part, of any Debt secured by Liens referred
to in the foregoing clauses (a), (b) and (g); provided that such Liens do not extend to any other property or assets and the principal amount of the obligations secured by such Liens is not increased; 
 (m) Liens in favor of customs or revenue authorities arising as a matter of law to secure payment of custom duties in
connection with the importation of goods incurred in the ordinary course of business; 
 (n) licenses of
intellectual property granted in the ordinary course of business; 
 (o) Liens to secure Capital Lease
Obligations permitted to be incurred pursuant to clause (xi) of the definition of “Permitted Debt”; 
 (p) Liens in favor of the Company; 
 (q) [Reserved]; 
 (r) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligation
in respect of banker’s acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods; 
 (s) [Reserved]; 
 (t) Liens securing Debt Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however,
that the Lien may not extend to any other property owned by such Person or any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto and any proceeds thereof), and the Debt
(other than any interest thereon) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to
the Lien; 
 (u) Liens on property or shares of Capital Interests of another Person at the time such other Person
becomes a Subsidiary of such Person; provided, however, that (i) the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant
thereto) and (ii) such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Restricted Subsidiary; 
  

 -26- 

 (v) [Reserved]; 
 (w) [Reserved]; 
 (x) Liens (i) that are contractual rights of set-off (A) relating to the establishment of depository relations with banks not given in connection with the issuance of Debt, (B) relating to
pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations and other cash management activities incurred in the ordinary course of business of the Company and/or
any of its Restricted Subsidiaries or (C) relating to purchase orders and other agreements entered into with customers of the Company or any of its Restricted Subsidiaries in the ordinary course of business and (ii) of a collection bank
arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, (Y) encumbering reasonable customary initial deposits and margin deposits and attaching to commodity trading accounts or other brokerage
accounts incurred in the ordinary course of business, and (Z) in favor of banking institutions arising as a matter of law or pursuant to customary account agreements encumbering deposits (including the right of set-off) and which are within the
general parameters customary in the banking industry; 
 (y) Liens securing judgments for the payment of money
not constituting an Event of Default under clause (7) of Section 6.1 of this Indenture so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have
not been finally terminated or the period within which such proceedings may be initiated has not expired; 
 (z)
Deposits made in the ordinary course of business to secure liability to insurance carriers; 
 (aa) leases,
subleases, licenses or sublicenses granted to others in the ordinary course of business so long as such leases, subleases, licenses or sublicenses that do not materially interfere with the ordinary conduct of the business of the Company or any
Restricted Subsidiaries; 
 (bb) Liens arising from Uniform Commercial Code financing statement filings regarding
operating leases entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 
 (cc) Liens on the Ryerson Stock granted under the Pledge Agreement in favor of the Collateral Agent to secure the Notes and, if any, the Additional Notes; and 
 (dd) any extensions, substitutions, replacements or renewals of the foregoing. 
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
  

 -27- 

 “Pledge Agreement” means the pledge agreement to be dated as of the Issue
Date between the Company and the Trustee, in its capacity as Collateral Agent, granting a first priority Lien on the Ryerson Stock in favor of the Collateral Agent for its benefit and for the benefit of the Trustee and the Holders of the Notes, as
amended, modified, restated, supplemented or replaced from time to time in accordance with its terms. 
 “Preferred
Interests,” as applied to the Capital Interests in any Person, means Capital Interests in such Person of any class or classes (however designated) that rank prior, as to the payment of dividends or as to the distribution of assets upon any
voluntary or involuntary liquidation, dissolution or winding up of such Person, to shares of Common Interests in such Person. 
 “Purchase Agreement” means the purchase agreement dated January 26, 2010 by and among the Company and the Initial Purchasers. 
 “Purchase Amount” has the meaning set forth in the definition of “Offer to Purchase.” 
 “Purchase Date” has the meaning set forth in the definition of “Offer to Purchase.” 
 “Purchase Money Debt” means Debt 
 (i) Incurred to
finance the purchase or construction (including additions and improvements thereto) of any assets (other than Capital Interests) of such Person or any Restricted Subsidiary; and 
 (ii) that is secured by a Lien on such assets where the lender’s sole security is to the assets so purchased or
constructed, 
 in either case that does not exceed 100% of the cost and to the extent the purchase or construction prices for such assets are
or should be included in “addition to property, plant or equipment” in accordance with GAAP. 
 “Purchase
Money Note” means a promissory note of a Receivable Subsidiary to the Company or any Restricted Subsidiary, which note must be repaid from cash available to the Receivable Subsidiary, other than amounts required to be established as
reserves pursuant to agreements, amounts paid to investors in respect of interest, principal and other amounts owing to such investors and amounts paid in connection with the purchase of newly generated receivables. The repayment of a Purchase Money
Note may be subordinated to the repayment of other liabilities of the Receivable Subsidiary on terms determined in good faith by the Company to be substantially consistent with market practice in connection with Qualified Receivables Transactions.

 “Purchase Price” has the meaning set forth in the definition of “Offer to Purchase.” 

“Qualified Capital Interests” in any Person means a class of Capital Interests other than Redeemable Capital Interests.

  

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 “Qualified Equity Issuance” means (i) an underwritten public equity
offering of Qualified Capital Interests pursuant to an effective registration statement under the Securities Act yielding gross proceeds to either of the Company, or any direct or indirect parent company of the Company, of at least $25.0 million or
(ii) a private equity offering of Qualified Capital Interests of the Company, or any direct or indirect parent company of the Company, other than (x) any such public or private sale to an entity that is an Affiliate of the Company and
(y) any public offerings registered on Form S-8; provided that, in the case of an offering or sale by a direct or indirect parent company of the Company, such parent company contributes to the capital of the Company the portion of the
net cash proceeds of such offering or sale necessary to pay the aggregate Redemption Price (plus accrued interest to the redemption date) of the Notes to be redeemed pursuant to Section 3.7. 
 “Qualified Equity Issuance Net Proceeds” means the aggregate cash proceeds received by the Company in respect of any
Qualified Equity Issuance, net of the direct costs, fees and expenses relating to such Qualified Equity Issuance (including legal, accounting, transfer agent, printing and investment banking fees, SEC and FINRA filing fees, and brokerage and sales
commissions), and any taxes paid or payable as a result thereof. 
 “Qualified Equity Issuance Redemption” has
the meaning set forth in Section 4.22. 
 “Qualified Receivables Transaction” means any transaction or
series of transactions entered into by the Company or any of its Restricted Subsidiaries pursuant to which the Company or such Restricted Subsidiary transfers to (a) a Receivable Subsidiary (in the case of a transfer by the Company or any of
its Restricted Subsidiaries) or (b) any other Person (in the case of a transfer by a Receivable Subsidiary), or grants a security interest in, any accounts receivable (whether now existing or arising in the future) of the Company or any of its
Restricted Subsidiaries, and any assets related thereto, including, without limitation, all collateral securing such accounts receivable, all contracts and all Guarantees or other obligations in respect of such accounts receivable, proceeds of such
accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with an accounts receivable financing transaction; provided such transaction is on market
terms as determined in good faith by the Board of Directors of the Company at the time the Company or such Restricted Subsidiary enters into such transaction. 
 “Receivable Subsidiary” means a Subsidiary of the Company: 
 (1) that is formed solely for the purpose of, and that engages in no activities other than activities in connection with, financing accounts receivable of the Company and/or its Restricted Subsidiaries;

 (2) that is designated by the Board of Directors as a Receivable Subsidiary pursuant to a Board of
Directors’ resolution set forth in an Officers’ Certificate and delivered to the Trustee; 
 (3) that
is either (a) a Restricted Subsidiary or (b) an Unrestricted Subsidiary designated in accordance with Section 4.21; 
  

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 (4) no portion of the Debt or any other obligation (contingent or otherwise)
of which (a) is at any time Guaranteed by the Company or any Restricted Subsidiary (excluding Guarantees of obligations (other than any Guarantee of Debt) pursuant to Standard Securitization Undertakings), (b) is at any time recourse to or
obligates the Company or any Restricted Subsidiary in any way, other than pursuant to Standard Securitization Undertakings or (c) subjects any asset of the Company or any other Restricted Subsidiary of the Company, directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings (such Indebtedness, “Non-Recourse Receivable Subsidiary Debt”); 
 (5) with which neither the Company nor any Restricted Subsidiary has any material contract, agreement, arrangement or
understanding other than (a) contracts, agreements, arrangements and understandings entered into in the ordinary course of business on terms no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the
time from Persons that are not Affiliates of the Company in connection with a Qualified Receivables Transaction as determined in good faith by the Board of Directors of the Company, (b) fees payable in the ordinary course of business in
connection with servicing accounts receivable in connection with such a Qualified Receivables Transaction as determined in good faith by the Board of Directors of the Company and (c) any Purchase Money Note issued by such Receivable Subsidiary
to the Company or a Restricted Subsidiary; and 
 (6) with respect to which neither the Company nor any other
Restricted Subsidiary has any obligation (a) to subscribe for additional shares of Capital Interests therein or make any additional capital contribution or similar payment or transfer thereto except in connection with a Qualified Receivables
Transaction or (b) to maintain or preserve the solvency or any balance sheet term, financial condition, level of income or results of operations thereof. 
 “Redeemable Capital Interests” in any Person means any equity security of such Person that by its terms (or by terms of any security into which it is convertible or for which it is
exchangeable), or otherwise (including the passage of time or the happening of an event), is required to be redeemed, is redeemable at the option of the holder thereof in whole or in part (including by operation of a sinking fund), or is convertible
or exchangeable for Debt of such Person at the option of the holder thereof, in whole or in part, at any time prior to the Stated Maturity of the Notes; provided that only the portion of such equity security which is required to be redeemed,
is so convertible or exchangeable or is so redeemable at the option of the holder thereof before such date will be deemed to be Redeemable Capital Interests. Notwithstanding the preceding sentence, any equity security that would constitute
Redeemable Capital Interests solely because the holders of the equity security have the right to require the Company to repurchase such equity security upon the occurrence of a change of control or an asset sale will not constitute Redeemable
Capital Interests if the terms of such equity security provide that the Company may not repurchase or redeem any such equity security pursuant to such provisions unless such repurchase or redemption complies with Section 4.7. The amount of
Redeemable Capital Interests deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any
mandatory redemption provisions of, such Redeemable Capital Interests or portion thereof, exclusive of accrued dividends. 
  

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 “Redemption Price,” when used with respect to any Note to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture. 
 “Refinancing Debt” means Debt that
refunds, refinances, renews, replaces or extends any Debt permitted to be Incurred by the Company or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or
creditors, but only to the extent that 
 (i) the Refinancing Debt is subordinated to the Notes to at least the
same extent as the Debt being refunded, refinanced or extended, if such Debt was subordinated to the Notes, 
 (ii) the Refinancing Debt is scheduled to mature either (a) no earlier than the Debt being refunded, refinanced or extended or (b) at least 91 days after the maturity date of the Notes, 
 (iii) the Refinancing Debt has a weighted average life to maturity at the time such Refinancing Debt is Incurred that is
equal to or greater than the weighted average life to maturity of the Debt being refunded, refinanced, renewed, replaced or extended, 
 (iv) such Refinancing Debt is in an aggregate principal amount that is less than or equal to the sum of (a) the aggregate principal or accreted amount (in the case of any Debt issued with original
issue discount, as such) then outstanding under the Debt being refunded, refinanced, renewed, replaced or extended, (b) the amount of accrued and unpaid interest, if any, and premiums owed, if any, not in excess of preexisting prepayment
provisions on such Debt being refunded, refinanced, renewed, replaced or extended and (c) the amount of reasonable and customary fees, expenses and costs related to the Incurrence of such Refinancing Debt, and 
 (v) such Refinancing Debt is Incurred by the same Person (or its successor) that initially Incurred the Debt being refunded,
refinanced, renewed, replaced or extended, except that the Company may Incur Refinancing Debt to refund, refinance, renew, replace or extend Debt of any Restricted Subsidiary of the Company. 
 “Registration Rights Agreement” means the Registration Rights Agreement, to be dated the date of this Indenture, among the
Company and the Initial Purchasers and any similar agreement entered into in connection with any Additional Notes. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer within the Corporate Trust Office of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant
treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because
of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
  

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 “Restricted Notes Legend” means the legend identified as such in Exhibit
A hereto. 
 “Restricted Payment” is defined to mean any of the following: 
 (a) any dividend or other distribution declared and paid on the Capital Interests in the Company or on the Capital Interests
in any Restricted Subsidiary of the Company that are held by, or declared and paid to, any Person other than the Company or a Restricted Subsidiary of the Company (other than (i) dividends, distributions or payments made solely in Qualified
Capital Interests in the Company) and (ii) dividends or distributions payable to the Company or a Restricted Subsidiary of the Company or to other holders of Capital Interests of a Restricted Subsidiary on a pro rata basis); 

(b) any payment made by the Company or any of its Restricted Subsidiaries to purchase, redeem, acquire or retire any
Capital Interests in the Company (including the conversion into, or exchange for, Debt, of any Capital Interests) other than any such Capital Interests owned by the Company or any Restricted Subsidiary; 
 (c) any payment made by the Company or any of its Restricted Subsidiaries (other than a payment made solely in Qualified
Capital Interests in the Company) to redeem, repurchase, defease (including an in substance or legal defeasance) or otherwise acquire or retire for value (including pursuant to mandatory repurchase covenants), prior to any scheduled maturity,
scheduled sinking fund or mandatory redemption payment, Debt of the Company that is subordinate (whether pursuant to its terms or by operation of law) in right of payment to the Notes (excluding any Debt owed to the Company or any Restricted
Subsidiary); except payments of principal and interest in anticipation of satisfying a sinking fund obligation or final maturity, in each case, within one year of the due date thereof; 
 (d) any Investment by the Company or a Restricted Subsidiary in any Person, other than a Permitted Investment; and

 (e) any designation of a Restricted Subsidiary as an Unrestricted Subsidiary; 
 provided, however, the transactions contemplated under the heading “Use of Proceeds” in the Offering Memorandum shall not constitute
Restricted Payments. 
 “Restricted Subsidiary” means any Subsidiary that has not been designated as an
“Unrestricted Subsidiary” in accordance with this Indenture. 
 “Ryerson” means Ryerson Inc. until a
successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 
 “Ryerson Indenture” means the indenture, dated as of October 19, 2007, by and between Ryerson, the Guarantors party thereto and the Trustee that governs the Ryerson Notes. 
 “Ryerson Notes” means the 12% Senior Secured Notes due 2015 of Ryerson and the Floating Rate Senior Secured Notes due 2014
of Ryerson. 
  

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 “Ryerson Restricted Subsidiary” means any subsidiary that has not been
designated as an “Unrestricted Subsidiary” in accordance with the Ryerson Indenture. 
 “Ryerson
Stock” has the meaning set forth in Section 10.1. 
 “Sale and Leaseback Transaction” means any
direct or indirect arrangement pursuant to which property is sold or transferred by the Company or a Restricted Subsidiary and is thereafter leased back as a capital lease by the Company or a Restricted Subsidiary. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Security Interests” means the Liens on the Ryerson Stock created by the Pledge Agreement in favor of the Collateral Agent
for its benefit and for the benefit of the Trustee and the Holders of the Notes (including any Additional Notes). 
 “Senior Note Documents” means this Indenture, the Notes, and the Pledge Agreement. 
 “Significant Subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X under the Securities Act and Exchange Act, but shall not include any Unrestricted Subsidiary. 
 “Specified Change of Control” means a Change of Control described in clause (c) or (d) of the definition of
“Change of Control.” 
 “Specified Change of Control Redemption” has the meaning set forth in
Section 4.16(a). 
 “Specified Date” shall have the meaning set forth in the definition of “Accreted
Value.” 
 “Standard Securitization Undertakings” means representations, warranties, covenants and
indemnities entered into by the Company or any Restricted Subsidiary which are reasonably customary in an accounts receivable securitization transaction as determined in good faith by the Board of Directors of the Company, including Guarantees by
the Company or any Restricted Subsidiary of any of the foregoing obligations of the Company or a Restricted Subsidiary. 
 “Stated Maturity,” when used with respect to (i) any Note or any installment of interest thereon, means the date specified in such Note as the fixed date on which the principal amount of such Note or such installment
of interest is due and payable and (ii) any other Debt or any installment of interest thereon, means the date specified in the instrument governing such Debt as the fixed date on which the principal of such Debt or such installment of interest
is due and payable. 
 “Subsidiary” means, with respect to any Person, any corporation, limited or general
partnership, trust, association or other business entity of which an aggregate of at least a majority of the outstanding Capital Interests therein is, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such
Person. 
 “Successor Entity” means a corporation or other entity that succeeds to and continues the business
of Ryerson Holding Corporation. 
  

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 “Swap Contract” means (a) any and all rate swap transactions, basis
swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including, without limitation, any fuel price caps and fuel price collar or floor agreements and similar agreements or arrangements designed to
protect against or manage fluctuations in fuel prices and any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement or
any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended, as in effect on the date
hereof. 
 “Transaction Date” has the meaning set forth in the definition of “Consolidated Fixed Charge
Coverage Ratio.” 
 “Transfer Restricted Notes” means Notes that bear or are required to bear the
Restricted Notes Legend. 
 “Trustee” has the meaning set forth in the preamble to this Indenture until a
successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection
or priority of the Collateral Agent’s security interest in the Ryerson Stock is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial
Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 “Unrestricted Subsidiary” means: 
 (1) any Subsidiary designated as such by the Board of Directors of the Company as set forth below where (a) neither the
Company nor any of its Restricted Subsidiaries (i) provides credit support for, or Guarantee of, any Debt of such Subsidiary or any Subsidiary of such Subsidiary (including any undertaking, agreement or instrument evidencing such Debt, but
excluding in the case of a Receivable Subsidiary any Standard Securitization Undertakings) or (ii) is directly or indirectly liable for any

  

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Debt of such Subsidiary or any Subsidiary of such Subsidiary (except in the case of a Receivable Subsidiary any Standard Securitization Undertakings), and (b) no default with respect to any
Debt of such Subsidiary or any Subsidiary of such Subsidiary (including any right which the holders thereof may have to take enforcement action against such Subsidiary) would permit (upon notice, lapse of time or both) any Holder of any other Debt
of the Company and its Restricted Subsidiaries to declare a default on such other Debt or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity (except in the case of a Receivable Subsidiary any Standard
Securitization Undertakings); and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 
 “Voting Interests” means, with respect to any Person, securities of any class or classes of Capital Interests in such
Person entitling the holders thereof generally to vote on the election of members of the Board of Directors or comparable body of such Person. 
 SECTION 1.2 Other Definitions. 
  

					
	 Term
	    	Defined in Section
			
	“Act”	    		    	13.14
	“Affiliate Transaction”	    		    	4.11
	“Agent Members”	    		    	2.6
	“Available Amount”	    		    	4.24
	“Change of Control Offer”	    		    	4.14
	“Change of Control Payment”	    		    	4.14
	“covenant defeasance”	    		    	8.3
	“Custodian”	    		    	6.1
	“defeasance”	    		    	8.2
	“Discharge”	    		    	8.2
	“Event of Default”	    		    	6.1
	“Excess Proceeds”	    		    	4.10
	“Excess Qualified Equity Issuance Proceeds”	    		    	4.22
	“Independent Financial Advisor”	    		    	4.11
	“Note Register”	    		    	2.3
	“Offer Amount”	    		    	3.9
	“Purchase Date”	    		    	3.9
	“QIB”	    		    	2.1
	“QIB Global Note”	    		    	2.1
	“redemption date”	    		    	3.1
	“Registrar”	    		    	2.3
	“Regulation S”	    		    	2.1
	“Regulation S Global Note”	    		    	2.1
	“Rule 144A”	    		    	2.1
	“Surviving Entity”	    		    	5.1

  

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 SECTION 1.3 Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in, and made a part of, this Indenture.

 The following TIA term used in this Indenture has the following meaning: 
 “obligor” on the Notes means the Issuer, the Guarantors, if any, and any successor obligor upon the Notes. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by the Commission
rule under the TIA have the meanings so assigned to them therein. 
 SECTION 1.4 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it herein; 
 (2) an
accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP; 
 (3)
“or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the
singular; 
 (5) unless otherwise specified, any reference to a Section or an Article refers to such Section or
Article of this Indenture; 
 (6) provisions apply to successive events and transactions; 
 (7) references to sections of or rules under the Securities Act, the Exchange Act or the TIA shall be deemed to include
substitute, replacement or successor sections or rules adopted by the Commission from time to time; and 
 (8)
for the avoidance of doubt, any references to “interest” shall include any Additional Interest that may be payable. 
  

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 ARTICLE II 
 THE NOTES 
 SECTION 2.1 Form and Dating. 
 (a) The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes initially shall be issued only in denominations of $2,000 and any integral
multiple of $1.00 in excess thereof (rounded up to the nearest whole dollar). 
 The terms and provisions contained in the Notes
shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the Guarantors, if any, and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be issued initially in the form of one or more Global Notes substantially in the form attached as Exhibit A hereto
and shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as Note Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Issuer and authenticated by the
Trustee as hereinafter provided. 
 Each Global Note shall represent such of the outstanding Notes as shall be specified therein
and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges, redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the
Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.6 hereof. 
 Except as set forth in Section 2.6 hereof, the Global Notes may be transferred, in whole and not in part, only to another nominee of the Depositary or to a successor of the Depositary or its nominee.

 (b) The Initial Notes are being issued by the Issuer only (i) to “qualified institutional buyers” (as defined
in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) and (ii) in reliance on Regulation S under the Securities Act (“Regulation S”). After such initial offers, Initial Notes that are
Transfer Restricted Notes may be transferred to QIBs, in reliance on Rule 144A, outside the United States pursuant to Regulation S or to the Company, in accordance with certain transfer restrictions. Initial Notes that are offered in reliance on
Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A (the “QIB Global Note”) deposited with the Trustee, as Note Custodian, duly executed by the Company
and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation S shall be issued in the form of one or

  

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more Global Notes substantially in the form set forth in Exhibit A (the “Regulation S Global Note”) deposited with the Trustee, as Note Custodian, duly executed by the
Company and authenticated by the Trustee as hereinafter provided. The QIB Global Note and the Regulation S Global Note shall each be issued with separate CUSIP numbers. The aggregate principal amount at maturity of each Global Note may from time to
time be increased or decreased by adjustments made on the records of the Trustee, as Note Custodian. Transfers of Notes between QIBs and to or by purchasers pursuant to Regulation S shall be represented by appropriate increases and decreases to the
respective amounts of the appropriate Global Notes, as more fully provided in Section 2.16. 
 (c) Section 2.1(b)
shall apply only to Global Notes deposited with or on behalf of the Depositary. 
 The Issuer shall execute and the Trustee
shall, in accordance with Section 2.1(b) and this Section 2.1(c), authenticate and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered
by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Trustee as Note Custodian. 
 Participants shall have no rights either under this Indenture with respect to any Global Note held on their behalf by the Depositary or by the Note Custodian or under such Global Note, and the Depositary may be treated by the Issuer, the
Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any Agent or other agent of the Issuer
or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Participants, the operation of customary practices of such Depositary governing the
exercise of the rights of an owner of a beneficial interest in any Global Note. 
 The Trustee shall have no responsibility or
obligation to any Holder, any member of (or a participant in) DTC or any other Person with respect to the accuracy of the records of DTC (or its nominee) or of any participant or member thereof, with respect to any ownership interest in the Notes or
with respect to the delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The Trustee may rely (and shall be fully
protected in relying) upon information furnished by DTC with respect to its members, participants and any Beneficial Owners in the Notes. 
 (d) Notes issued in certificated form, including Global Notes, shall be substantially in the form of Exhibit A attached hereto. 
 SECTION 2.2 Execution and Authentication. 
 An Officer shall sign the Notes
for the Issuer by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at
the time a Note is authenticated, the Note shall nevertheless be valid. 
  

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 A Note shall not be valid until authenticated by the manual signature of an authorized
signatory of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall, upon a written order of the Issuer signed by one Officer directing the Trustee to authenticate and deliver the Notes and certifying that all conditions precedent to the issuance of the Notes contained herein have been
complied with, authenticate Notes for original issue up to the aggregate principal amount at maturity stated in paragraph 4 of the Notes. The aggregate principal amount at maturity of Notes outstanding at any time may not exceed such amount except
as provided in Section 2.17 hereof. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer
to authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with Holders or the Issuer or an Affiliate of the Issuer. 
 SECTION 2.3
Registrar; Paying Agent. 
 The Issuer shall maintain (i) an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes (the “Note
Register”) and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional paying agents; provided, however, that at all times there shall be only one Note Register. The term
“Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer shall notify the Trustee and the
Holders in writing of the name and address of any Agent not a party to this Indenture. The Issuer or any of its Restricted Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which shall incorporate the
provisions of Section 317(b) of the TIA. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer shall notify the Trustee of the name and address of any such Agent. 
 The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and initially appoints the Corporate Trust Office of the
Trustee as the office or agency of the Company for such purposes and as the office or agency of the Company where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served and the Trustee as the agent of the
Issuer to receive such notices and demands. 
 The Issuer initially appoints DTC to act as the Depositary with respect to the
Global Notes. 
 SECTION 2.4 Paying Agent to Hold Money in Trust. 
 The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of the Holders or the Trustee all money held

  

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by the Paying Agent for the payment of Accreted Value of, or premium, if any, or Additional Interest on the Notes, and shall notify the Trustee of any Default by the Issuer in making any such
payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Issuer or a Subsidiary) shall have no further liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the
Holders all money held by it as Paying Agent. Upon the occurrence of events specified in Section 6.1(8) hereof, the Trustee shall serve as Paying Agent for the Notes. 
 SECTION 2.5 Holder Lists. 
 The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least
seven (7) Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders,
including the aggregate principal amount at maturity of the Notes held by each Holder thereof, and the Issuer shall otherwise comply with TIA § 312(a). 
 SECTION 2.6 Book-Entry Provisions for Global Securities. 
 (a) Each Global
Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such Depositary, (ii) be delivered to the Trustee as Note Custodian and (iii) bear legends as required by Section 2.6(e).

 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture
with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 
 (b) Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its
successors or their respective nominees. Interests of Beneficial Owners in a Global Note may be transferred in accordance with Section 2.16 and the rules and procedures of the Depositary. In addition, Certificated Notes shall be transferred to
all Beneficial Owners in exchange for their beneficial interests if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes or the Depositary ceases to be a “clearing
agency” registered under the Exchange Act and a successor depositary is not appointed by the Company within ninety (90) days of such notice or (ii) an Event of Default of which a Responsible Officer of the Trustee has actual notice
has occurred and is continuing and the Registrar has received a written request from the Depositary to issue such Certificated Notes. 
  

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 (c) In connection with the transfer of the entire Global Note to beneficial owners pursuant
to clause (b) of this Section, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and upon the written order of the Issuer signed by an Officer of the Issuer the Trustee shall
authenticate and deliver, to each Beneficial Owner identified by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount at maturity of Certificated Notes of authorized denominations.

 (d) The registered holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and
persons that may hold interest through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (e) Each Global Note shall bear the Global Note Legend on the face thereof. 
 (f)
At such time as all beneficial interests in Global Notes have been exchanged for Certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with
Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Certificated Notes, redeemed, repurchased or cancelled, the principal amount at maturity of Notes represented by such
Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee or the Note Custodian, at the direction of the Trustee, to reflect such reduction. 
 (g) General Provisions Relating to Transfers and Exchanges. 
 (i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and
Certificated Notes at the Registrar’s request. 
 (ii) No service charge shall be made to a Holder for any registration of
transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than any such stamp or transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.2, 2.10, 3.6, 4.10, 4.14 and 9.5 hereto). 
 (iii) All Global
Notes and Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Certificated Notes surrendered upon such registration of transfer or exchange. 
 (iv) The Registrar
shall not be required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of fifteen (15) days before the day of any selection of Notes for redemption under Section 3.2 hereof and
ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
  

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 (v) Prior to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of Accreted Value of and Additional Interest on such Notes and for all other
purposes, and neither the Trustee, any Agent nor the Issuer shall be affected by notice to the contrary. 
 (vi) The Trustee
shall authenticate Global Notes and Certificated Notes in accordance with the provisions of Section 2.2 hereof. Except as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any Certificated Note
in exchange for a Global Note. 
 (vii) Each Holder agrees to provide reasonable indemnity to the Issuer and the Trustee against
any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 
 (viii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or Beneficial Owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 SECTION 2.7 Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee, or the Issuer and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon the written order of the Issuer signed by an Officer of the Issuer, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by
the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of (i) the Trustee to protect the Trustee and (ii) the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may require the payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection therewith in replacing a Note.
The Issuer and the Trustee may charge for their expenses in replacing a Note. 
 Every replacement Note is an additional
obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 SECTION 2.8 Outstanding Notes. 
 The Notes outstanding at any time are all
the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.8 as not outstanding. Except as set forth in Section 2.9 hereof, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 
  

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 If a Note is replaced pursuant to Section 2.7 hereof, it ceases to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 If the value at
maturity of any Note is considered paid under Section 4.1 hereof, it ceases to be outstanding and its Accreted Value ceases to increase. 
 If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after
that date such Notes shall be deemed to be no longer outstanding and its Accreted Value ceases to increase. 
 SECTION 2.9 Treasury
Notes. 
 In determining whether the Holders of the required aggregate principal amount at maturity of Notes have concurred
in any direction, waiver or consent, Notes owned by the Issuer or by any Affiliate of the Issuer shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned shall be disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the Issuer pursuant to an
exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to such Notes passes to such entity. 
 SECTION 2.10 Temporary Notes. 
 Until Certificated Notes are ready for delivery, the Issuer may prepare and the
Trustee shall authenticate temporary Notes upon a written order of the Issuer signed by two Officers of the Issuer. Temporary Notes shall be substantially in the form of Certificated Notes but may have variations that the Issuer considers
appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall upon receipt of a written order of the Issuer signed by two Officers authenticate Certificated Notes in exchange for temporary Notes.

 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 
 SECTION 2.11 Cancellation. 
 The Issuer at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly
cancelled by the Trustee. All Notes surrendered for registration of transfer, exchange or payment, if surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered
for registration of transfer, exchange, payment, replacement or cancellation. Subject to Section 2.7 hereof, the Issuer may not issue new Notes to replace Notes that they have redeemed or paid or that have been delivered to the Trustee for
cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary practice (subject to the record retention requirement of the Exchange Act). Certification of the destruction or cancellation of all cancelled
Notes shall be delivered to the Company upon written request. 
  

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 SECTION 2.12 Defaulted Interest. 
 If the Issuer defaults in a payment of Additional Interest on the Notes, it shall pay the defaulted Additional Interest in any lawful manner
plus, to the extent lawful, interest payable on the defaulted Additional Interest, to the Persons who are Holders on a subsequent special record date, which date shall be at the earliest practicable date but in all events at least five
(5) Business Days prior to the payment date, in each case at the rate provided in the Notes and in Section 4.1 hereof. The Issuer shall fix or cause to be fixed each such special record date and payment date and shall promptly thereafter
notify the Trustee of any such date. At least fifteen (15) days before the special record date, the Issuer (or the Trustee, in the name and at the expense of the Issuer) shall deliver or cause to be delivered to Holders a notice that states the
special record date, the related payment date and the amount of such interest to be paid. 
 SECTION 2.13 Record Date. 
 The record date for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized
or permitted under this Indenture shall be determined as provided for in TIA § 316 (c). 
 SECTION 2.14 Computation of Interest.

 Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 SECTION 2.15 CUSIP Number. 
 The Issuer in issuing the Notes may use a “CUSIP” and/or ISIN or other similar number, and if it does so, the Company may use the CUSIP and/or ISIN or other similar number in notices of redemption or exchange as a convenience to
Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN or other similar number printed in the notice or on the Notes and that reliance may be placed only on
the other identification numbers printed on the Notes. The Issuer shall promptly notify the Trustee of any change in the CUSIP and/or ISIN or other similar number. 
 SECTION 2.16 Special Transfer Provisions. 
 Unless and until a Transfer
Restricted Note is transferred or exchanged pursuant to an exemption under the Securities Act or under an effective registration statement under the Securities Act, the following provisions shall apply: 
 (a) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer
of a Transfer Restricted Note (other than pursuant to Regulation S): 
 (i) The Registrar shall register the
transfer of a Transfer Restricted Note by a Holder to a QIB if such transfer is being made by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate of transfer in the form attached to the Note and
(b) a letter substantially in the form set forth in Exhibit C hereto. 
  

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 (ii) If the proposed transferee is an Agent Member and the Transfer
Restricted Note to be transferred consists of an interest in the Regulation S Global Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and (y) instructions given in accordance with the
Depositary’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount at maturity of the QIB Global Note in an amount equal to the principal amount at
maturity of the beneficial interest in the Regulation S Global Note to be so transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount at maturity of such Regulation S Global
Note. 
 (b) Transfers Pursuant to Regulation S. The Registrar shall register the transfer of any
Regulation S Global Note without requiring any additional certification. The following provisions shall apply with respect to registration of any proposed transfer of a Transfer Restricted Note pursuant to Regulation S: 
 (i) The Registrar shall register any proposed transfer of a Transfer Restricted Note pursuant to Regulation S by a Holder
upon receipt of (a) an appropriately competed certificate of transfer in the form attached to the Note and (b) a letter substantially in the form set forth in Exhibit D hereto from the proposed transferor. 
 (ii) If the proposed transferee is an Agent Member holding a beneficial interest in a QIB Global Note and the Transfer
Restricted Note to be transferred consists of an interest in a QIB Global Note, upon receipt by the Registrar of (x) the letter, if any, required by paragraph (i) above and (y) instructions in accordance with the Depositary’s and
the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount at maturity of the Regulation S Global Note in an amount equal to the principal amount at maturity of the
beneficial interest in the QIB Global Note to be transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount at maturity of the QIB Global Note. 
 (c) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement,
the Issuer shall issue and, upon receipt of an authentication order in accordance with Section 2.2, the Trustee shall authenticate, one or more Global Notes not bearing the Restricted Notes Legend in an aggregate principal amount at maturity
equal to the principal amount at maturity of the beneficial interests in the Global Notes that are Transfer Restricted Notes tendered for acceptance in accordance with the Exchange Offer and accepted for exchange in the Exchange Offer. 

 

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 (d) Concurrently with the issuance of such Global Notes, the Registrar shall
cause the aggregate principal amount at maturity of the applicable Transfer Restricted Notes to be reduced accordingly, and the Registrar shall deliver to the Persons designated by the Holders of Transfer Restricted Notes so accepted Global Notes
not bearing the Restricted Notes Legend in the appropriate principal amount at maturity. 
 (e) Restricted
Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes
bearing the Restricted Notes Legend, the Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer and the Trustee to the effect
that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. 
 (f) General. By its acceptance of any Note bearing the Restricted Notes Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in
the Restricted Notes Legend and agrees that it shall transfer such Note only as provided in this Indenture. 
 The Registrar
shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.16. 
 SECTION 2.17
Issuance of Additional Notes. 
 The Company shall be entitled to issue Additional Notes under this Indenture that shall
have identical terms as the Initial Notes, other than with respect to the date of issuance, issue price, the amount of the Accreted Value on the first Semi-Annual Accrual Date applicable thereto and any customary escrow provisions (and, if such
Additional Notes shall be issued in the form of Transfer Restricted Notes, other than with respect to transfer restrictions, any Registration Rights Agreement and additional interest with respect thereto); provided that such issuance is not
prohibited by the terms of this Indenture, including Section 4.9. The Initial Notes and any Additional Notes and all Exchange Notes shall be treated as a single class for all purposes under this Indenture. 
 With respect to any Additional Notes, the Company shall set forth in a resolution of its Board of Directors and in an Officers’
Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 
 (1) the
Accreted Value and aggregate principal amount at maturity of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (2) the issue price, the Issue Date, the CUSIP number of such Additional Notes, the first Semi-Annual Accrual Date and the amount of the Accreted Value on the first Semi-Annual Accrual Date applicable
thereto and the date from which the Accreted Value will increase; and 
  

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 (3) whether such Additional Notes shall be Transfer Restricted Notes.

 ARTICLE III 
 REDEMPTION AND PREPAYMENT 
 SECTION 3.1 Notices to Trustee. 
 If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.7 hereof, it shall furnish to the
Trustee, at least forty-five (45) days (or such shorter period as is acceptable to the Trustee) before a date fixed for redemption (the “redemption date”), an Officers’ Certificate setting forth (i) the section of
this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount at maturity of Notes to be redeemed and (iv) the Redemption Price. 
 If the Issuer is required to make an Offer to Purchase pursuant to Section 4.10 or 4.14 hereof, it shall furnish to the Trustee, at
least forty-five (45) days (or such shorter period as is acceptable to the Trustee) before the scheduled purchase date, an Officers’ Certificate setting forth (i) the section of this Indenture pursuant to which the offer to purchase
shall occur, (ii) the terms of the offer, (iii) the principal amount at maturity of Notes to be purchased, (iv) the purchase price and (v) the purchase date and further setting forth a statement to the effect that (a) the
Issuer or one of its Subsidiaries has effected an Asset Sale and there are Excess Proceeds aggregating more than $10.0 million or (b) a Change of Control has occurred, as applicable. 
 SECTION 3.2 Selection of Notes to Be Redeemed. 
 If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed among the Holders, on a pro rata basis, by lot or by such method as the Trustee shall
deem fair and appropriate (and in a manner that complies with applicable requirements of the Depositary); provided that no Notes of $2,000 principal amount at maturity or less shall be redeemed in part. Notices of redemption shall be sent
electronically or mailed by first class mail at least 30 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address. If any Note is to be redeemed in part only, the notice of redemption that
relates to such Note shall state the portion of the principal amount at maturity thereof to be redeemed. In the case of certificates, a new Note in principal amount at maturity equal to the unredeemed portion of the original Note will be issued in
the name of the Holder thereof upon cancellation of the original Note. On and after the redemption date, Additional Interest ceases to accrue on Notes or portions of them called for redemption. The Trustee shall make the selection from the Notes
outstanding and not previously called for redemption and shall promptly notify the Issuer in writing of the Notes selected for redemption. The Trustee may select for redemption portions (equal to $1.00 or any integral multiple thereof (rounded up to
the nearest whole dollar)) of the principal of the Notes that have denominations larger than $2,000 principal amount at maturity. 
  

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 SECTION 3.3 Notice of Redemption. 
 Subject to the provisions of Section 3.9, at least 30 days but not more than 60 days before a redemption date, the Issuer shall send or
cause to be sent by electronic transmission or by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed. 
 The notice shall identify the Notes to be redeemed and shall state: 
 (1) the redemption date; 
 (2) the Redemption Price; 
 (3) if any Note is being redeemed in part, the portion of the Accreted Value and principal amount at maturity of such Notes
to be redeemed and that, after the redemption date, upon surrender of such Note, a new Note or Notes in Accreted Value and principal amount at maturity equal to the unredeemed portion shall be issued upon cancellation of the original Note;

 (4) the name, telephone number and address of the Paying Agent; 
 (5) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price; 
 (6) that, unless the Issuer defaults in making such redemption payment, the Accreted Value of the Notes or portions of them
called for redemption ceases to increase on and after the redemption date; 
 (7) the paragraph of the Notes
and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
 (8)
that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense; provided, however, that the Issuer shall have
delivered to the Trustee at least 45 days prior to the redemption date (or such shorter period as is acceptable to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be
stated in the notices as provided in the preceding paragraph. The notice sent in the manner herein provided shall be conclusively presumed to have been duly given whether or not a Holder receives such notice. In any case, failure to give such notice
by electronic transmission or by mail or any defect in the notice to the Holder of any Note shall not affect the validity of the proceeding for the redemption of any other Note. 
 SECTION 3.4 Effect of Notice of Redemption. 
 Once notice of redemption is
sent in accordance with Section 3.3 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the Redemption Price plus accrued and unpaid Additional Interest, if any, to such date. A notice of redemption
may not be conditional. 
  

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 SECTION 3.5 Deposit of Redemption of Purchase Price. 
 On or before 10:00 a.m. (New York City time) on each redemption date or the date on which Notes must be accepted for purchase pursuant to
Section 4.10, 4.14, 4.16, 4.22, or 4.24, the Issuer shall deposit with the Trustee or with the Paying Agent (other than the Issuer or an Affiliate of the Issuer) money sufficient to pay the Redemption Price of and accrued and unpaid Additional
Interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to
pay the Redemption Price of (including any applicable premium), and accrued Additional Interest, if any, on, all Notes to be redeemed or purchased. 
 If Notes called for redemption or tendered in an Asset Sale Offer or Change of Control Offer are paid or if Issuer has deposited with the Trustee or Paying Agent money sufficient to pay the redemption or
purchase price of, and unpaid and accrued Additional Interest, if any, on, all Notes to be redeemed or purchased, on and after the redemption or purchase date, the Accreted Value shall cease to increase and Additional Interest, if any, shall cease
to accrue, in each case on the Notes or the portions of Notes called for redemption or tendered and not withdrawn in an Asset Sale Offer or Change of Control Offer (regardless of whether certificates for such securities are actually surrendered). If
a Note is redeemed or purchased on or after a regular record date but on or prior to the related Semi-Annual Accrual Date, then any accrued and unpaid Additional Interest, if any, shall be paid to the Person in whose name such Note was registered at
the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid
Accreted Value from the redemption or purchase date until such Accreted Value is paid, and to the extent lawful on any Additional Interest not paid on such unpaid Accreted Value, in each case, at the rate provided in the Notes and in
Section 4.1 hereof. 
 SECTION 3.6 Notes Redeemed in Part. 
 Upon surrender of a Note that is redeemed in part, the Issuer shall issue and, upon the written request of an Officer of the Issuer, the
Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in Accreted Value and principal amount at maturity to the unredeemed portion of the Note surrendered. 
 SECTION 3.7 Optional Redemption. 
 (a) The Notes. The Notes will not be redeemable prior to May 1, 2010. Thereafter, the Notes are subject to redemption, at the option of the Company, in whole or in part, at any time upon not less than 30 nor more than 60
days’ prior notice sent electronically or mailed by first class mail to each Holder’s registered address, at the following Redemption Prices (expressed as percentages of the Accreted Value to be redeemed) set forth below, plus accrued and
unpaid Additional Interest, if any, to, but not including, the redemption date (subject to the

  

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right of Holders of record on the relevant regular record date to receive interest due on a Semi-Annual Accrual Date that is on or prior to the redemption date) if redeemed during the periods
indicated below: 
  

				
	 Year
	  	Redemption Price	 
	 May 1, 2010 until (but not including) August 1, 2011
	  	102.000	% 
	 August 1, 2011 until (but not including) August 1, 2014
	  	104.000	% 
	 August 1, 2014 and thereafter
	  	100.000	% 

 (b) The Issuer
may, at any time and from time to time, purchase Notes in the open market or otherwise, subject to compliance with this Indenture and compliance with all applicable securities laws. 
 SECTION 3.8 Mandatory Redemption. 
 Except as set forth under Sections 3.9,
4.10, 4.14, 4.16, 4.22 and 4.24 hereof, the Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 SECTION 3.9 Offer to Purchase. 
 In the event that the Issuer shall be
required to commence an Offer to Purchase pursuant to an Asset Sale Offer or a Change of Control Offer, the Issuer shall follow the procedures specified below. 
 Unless otherwise required by applicable law, an Offer to Purchase shall specify an Expiration Date of the Offer to Purchase, which shall be, subject to any contrary requirements of applicable law, not
less than 30 days or more than 60 days after the date of delivering of such Offer, and a settlement date (the “Purchase Date”) for purchase of Notes within five Business Days after the Expiration Date. On the Purchase Date, the
Company shall purchase the aggregate principal amount of Notes required to be purchased pursuant to Section 4.10 or Section 4.14 hereof (the “Offer Amount”), or if less than the Offer Amount has been tendered, all Notes
tendered in response to the Offer to Purchase. Payment for any Notes so purchased shall be made in cash. If the Purchase Date is on or after the regular record date and on or before the related Semi-Annual Accrual Date, any accrued and unpaid
Additional Interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no Additional Interest, if any, shall be payable to the Holders who tender Notes pursuant to the Offer to
Purchase. The Company shall notify the Trustee at least 15 days (or such shorter period as is acceptable to the Trustee) prior to the delivering of the Offer of the Company’s obligation to make an Offer to Purchase, and the Offer shall be sent
electronically or mailed by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant
to the Offer to Purchase. 
 On or before 10:00 a.m. (New York City time) on each Purchase Date, the Issuer shall irrevocably
deposit with the Trustee or Paying Agent (other than the Issuer or an Affiliate of the Issuer) in immediately available funds the aggregate purchase price equal to the Offer Amount,

  

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together with accrued and unpaid Additional Interest, if any, thereon, to be held for payment in accordance with the terms of this Section 3.9. On the Purchase Date, the Issuer shall, to the
extent lawful, (i) accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all Notes
tendered, (ii) deliver or cause the Paying Agent or depositary, as the case may be, to deliver to the Trustee Notes so accepted and (iii) deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were
accepted for payment by the Issuer in accordance with the terms of this Section 3.9. The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than three (3) Business Days after the
Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuer for purchase, plus any accrued and unpaid Additional Interest, if any, thereon, and the
Issuer in the case of certificated Notes shall promptly issue a new Note, and the Trustee, at the written request of an Officer of the Issuer, shall authenticate and mail or deliver at the expense of the Issuer such new Note to such Holder, equal in
Accreted Value and principal amount at maturity to any unpurchased portion of such Holder’s Notes surrendered. Any certificated Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall
publicly announce in a newspaper of general circulation or in a press release provided to a nationally recognized financial wire service the results of the Offer to Purchase on the Purchase Date. 
 Other than as specifically provided in this Section 3.9, any purchase pursuant to this Section 3.9 shall be made pursuant to the
provisions of Sections 3.1 through 3.6 hereof. 
 ARTICLE IV 
 COVENANTS 
 SECTION 4.1 Payment of Notes. 
 (a) The Issuer shall pay or cause to be paid the Accreted Value of, premium, if any, and Additional Interest on the Notes on the dates and
in the manner provided in the Notes. Accreted Value and premium, if any, and Additional Interest, if any, shall be considered paid for all purposes hereunder on the date the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds, as
of 10:00 a.m. (New York City time), money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all such Accreted Value, premium, if any, and Additional Interest, if any, then due. 
 (b) The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue Accreted Value at
the rate equal to 1% per annum in excess of the then applicable rate of accretion on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace period) at the same rate to the extent lawful. Such interest shall be paid in the form of an increase in Accreted Value. 
  

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 SECTION 4.2 Maintenance of Office or Agency. 
 The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.3 hereof. If at any time the
Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee
and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands. 
 The
Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.3 hereof. 
 SECTION 4.3 Provision of Financial Information. 
 So long as any Notes are
outstanding (unless defeased in a legal defeasance), the Company will have its annual financial statements audited, and its interim financial statements reviewed, by a nationally recognized firm of independent accountants and will furnish to the
Holders of Notes and the Trustee, all quarterly and annual financial statements in the form included in the Offering Memorandum prepared in accordance with GAAP that would be required to be contained in a filing with the Commission on Forms 10-Q and
10-K if the Company was required to file those Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual
financial statements by the Company’s certified independent accountants; provided, however, that such information and such reports shall not be required to comply with any segment reporting requirements (whether pursuant to GAAP
or Regulation S-X) in greater detail than is provided in the Offering Memorandum. Any reports on Form 10-Q shall be provided within 45 days after the end of each of the first three fiscal quarters and annual reports on Form 10-K shall be provided
within 90 days after the end of each fiscal year. To the extent that the Company does not file such information with the Commission, the Company will distribute such information and such reports (as well as the details regarding the conference call
described below) electronically to (a) any Holder of the Notes, (b) to any beneficial owner of the Notes who provides their email address to the Company and certifies that they are a beneficial owner of Notes, (c) to any prospective
investor who provides their email address to the Company and certifies that they are a Qualified Institutional Buyer (as defined in the Securities Act) or (d) any securities analyst who provides their email address to the Company and certifies
that they are a securities analyst. Unless the Company is subject to the reporting requirements of the

  

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Exchange Act, the Company will also hold a quarterly conference call for the Holders of the Notes to discuss such financial information to the extent that (i) Ryerson does not hold a similar
quarterly conference call for holders of the Ryerson Notes (the “Ryerson Conference Call”) or (ii) if the Ryerson Conference Call is held, Holders of the Notes are not permitted to join the Ryerson Conference Call. The
conference call will not be later than five Business Days from the time that the Company distributes the financial information as set forth above. 
 If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then, to the extent that any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries would (but for its or
their being designated as an Unrestricted Subsidiary or Subsidiaries) constitute a Significant Subsidiary or Subsidiaries, the quarterly and annual financial information required by the preceding paragraph shall include a reasonably detailed
presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of
operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 
 The Company has agreed that, for so long as any of the Notes remain outstanding, it will furnish to the Holders of the Notes and to any prospective investor that certifies that it is a Qualified
Institutional Buyer, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) of the Securities Act. 
 Following the consummation of the Exchange Offer (as defined in the Registration Rights Agreement), whether or not required by the Commission, the Company will file a copy of all of the information and reports that would be required by the
Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a filing) and make such information available to securities analysts and prospective
investors upon request. In addition, the Company and the Guarantors, if any, will, for so long as any Notes remain outstanding, furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 In the event that any parent of the Company becomes a
Guarantor or co-obligor of the Notes, the Company may satisfy its obligations under this Section 4.3 with respect to financial information relating to the Company by furnishing financial information relating to such parent; provided
that, if required by Regulation S-X under the Securities Act, the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such parent and any of its Subsidiaries other
than the Company and its Subsidiaries, on the one hand, and the information relating to the Company, the Guarantors, if any, and the other Subsidiaries of the Company on a standalone basis, on the other hand. 
 Notwithstanding the foregoing, the Company will be deemed to have furnished such reports referred to above to the Holders and the Trustee if
it or any parent of the Company has filed such reports with the Commission via the EDGAR filing system and after written notification to the Trustee that it has filed or furnished such reports with the Commission via the Edgar filing system, and
such reports, information or documents are publicly available. In addition, such requirements shall be deemed satisfied prior to the commencement of the

  

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Exchange Offer or the effectiveness of the Shelf Registration Statement (as defined in the Registration Rights Agreement) by the filing with the Commission of the Exchange Offer Registration
Statement (as defined in the Registration Rights Agreement) and/or Shelf Registration Statement in accordance with the provisions of the Registration Rights Agreement, and any amendments thereto, with such financial information that satisfies
Regulation S-X of the Securities Act and such registration statement and/or amendments thereto are filed at times that otherwise satisfy the time requirements set forth in the first paragraph of this Section 4.3. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable form information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates as provided in Section 4.4). 
 SECTION 4.4 Compliance Certificate. 
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a
review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether each has kept, observed, performed and fulfilled its
obligations under this Indenture (including, with respect to any Restricted Payments made during such year, the basis upon which the calculations required by Section 4.7 hereof were computed, which calculations may be based upon the
Company’s latest available financial statements), and further stating, as to each such Officer signing such certificate, that, to his or her knowledge, each entity is not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take
with respect thereto) and that, to his or her knowledge, no event has occurred and remains in existence by reason of which payments on account of the Accreted Value of, premium, if any, or Additional Interest on the Notes is prohibited or if such
event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
 The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto. 
 SECTION 4.5 Taxes. 
 The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency all material taxes, assessments and
governmental levies, except such as are contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been taken in accordance with GAAP or where the failure to effect such payment is not adverse in any
material respect to the Holders of the Notes. 
  

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 SECTION 4.6 Stay, Extension and Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the
Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 
 SECTION 4.7 Limitation
on Restricted Payments. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, make any Restricted Payment unless, at the time of and after giving effect to the proposed Restricted Payment: 
 (a) no Default or Event of Default shall have occurred and be continuing or will occur as a consequence thereof; 
 (b) after giving effect to such Restricted Payment on a pro forma basis, the Company would be permitted to Incur at least
$1.00 of additional Debt (other than Permitted Debt) pursuant to the provisions described in clause (A)(i) of the first paragraph under Section 4.9; and 
 (c) after giving effect to such Restricted Payment on a pro forma basis, the aggregate amount expended or declared for all
Restricted Payments made on or after the Issue Date (excluding Restricted Payments permitted by clauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (x), (xii), (xiii), (xiv) and (xvi) of the next succeeding paragraph), shall not exceed
the sum (without duplication) of 
 (1) 50% of the Consolidated Net Income (or, if Consolidated Net Income shall
be a deficit, minus 100% of such deficit) of the Company accrued on a cumulative basis during the period (taken as one accounting period) from the beginning of the first full fiscal quarter during which the Issue Date occurred and ending on the last
day of the fiscal quarter immediately preceding the date of such proposed Restricted Payment, plus 
 (2)
100% of the aggregate net proceeds (including the Fair Market Value of property other than cash) received by the Company subsequent to the initial issuance of the Notes either (i) as a contribution to its common equity capital or (ii) from
the issuance and sale (other than to a Restricted Subsidiary) of its Qualified Capital Interests, including Qualified Capital Interests issued upon the conversion of Debt or Redeemable Capital Interests of the Company, and from the exercise of
options, warrants or other rights to purchase such Qualified Capital Interests (other than, in each case, (x) Capital Interests or Debt sold to a Subsidiary of the Company, (y) the Excluded Contributions and (z) proceeds from the sale
of Capital Interests of the Company or any Subsidiary that are used to redeem any Notes in accordance with “Redemption and Offer to Purchase upon Certain Equity Issuances,”) plus  
  

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 (3) 100% of the net reduction in Investments (other than Permitted
Investments), subsequent to the date of the initial issuance of the Notes, in any Person, resulting from payments of interest on Debt, dividends, repayments of loans or advances (but only to the extent such interest, dividends or repayments are not
included in the calculation of Consolidated Net Income), in each case to the Company or any Subsidiary from any Person, not to exceed in the case of any Person the amount of Investments previously made by the Company or any Restricted Subsidiary in
such Person. 
 Notwithstanding the foregoing provisions, the Company and its Restricted Subsidiaries may take
the following actions, provided that, in the case of clause (iv) or (xii) of this Section 4.7(c)(3) immediately after giving effect to such action, no Default or Event of Default has occurred and is continuing: 
 (i) the payment of any dividend on Capital Interests in the Company or a Restricted Subsidiary within 60 days after
declaration thereof if at the declaration date such payment would not have been prohibited by the foregoing provisions of this Section 4.7; 
 (ii) the retirement of any Qualified Capital Interests of the Company by conversion into, or by or in exchange for, Qualified Capital Interests, or out of net cash proceeds of the substantially concurrent
sale (other than to a Subsidiary of the Company) of other Qualified Capital Interests of the Company; 
 (iii)
the redemption, defeasance, repurchase or acquisition or retirement for value of any Debt of the Company or a Guarantor, if any, that is subordinate in right of payment to the Notes or the applicable Note Guarantee, if any, out of the net cash
proceeds of a substantially concurrent issue and sale (other than to a Subsidiary of the Company) of (x) new subordinated Debt of the Company or such Guarantor, if any, as the case may be, Incurred in accordance with this Indenture or
(y) of Qualified Capital Interests of the Company; 
 (iv) the purchase, redemption, retirement or other
acquisition for value of Capital Interests in the Company or any direct or indirect parent of the Company (or any payments to a direct or indirect parent company of the Company or Ryerson for the purposes of permitting any such repurchase) held by
employees or former employees of the Company or any Restricted Subsidiary (or their estates or beneficiaries under their estates) upon death, disability, retirement or termination of employment or pursuant to the terms of any agreement under which
such Capital Interests were issued; provided that the aggregate cash consideration paid for such purchase, redemption, retirement or other acquisition of such Capital

  

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Interests does not exceed $1.0 million in any calendar year, provided that any unused amounts in any calendar year may be carried forward to one or more future periods; provided,
further, that the aggregate amount of repurchases made pursuant to this clause (iv) may not exceed $2.0 million in any calendar year; provided, however, that such amount in any calendar year may be increased by an amount
not to exceed the cash proceeds of key man life insurance policies received by the Company and its Restricted Subsidiaries after the Issue Date; (provided, however, that the Company may elect to apply all or any portion of the
aggregate increase contemplated by the proviso of this clause (iv) in any calendar year and, to the extent any payment described under this clause (iv) is made by delivery of Debt and not in cash, such payment shall be deemed to occur only
when, and to the extent, the obligor on such Debt makes payments with respect to such Debt); 
 (v) repurchase
of Capital Interests deemed to occur upon the exercise of stock options, warrants or other convertible or exchangeable securities; 
 (vi) the payment of intercompany Debt, the Incurrence of which was permitted pursuant to Section 4.9; 
 (vii) cash payment, in lieu of issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for the Capital Interests of the
Company or a Restricted Subsidiary; 
 (viii) the declaration and payment of dividends to holders of any class
or series of Redeemable Capital Interests of the Company or any Restricted Subsidiary issued or Incurred in compliance with the first paragraph of Section 4.9 to the extent such dividends are included in the definition of Consolidated Fixed
Charges; 
 (ix) upon the occurrence of a Change of Control or an Asset Sale, the defeasance, redemption,
repurchase or other acquisition of any subordinated Debt pursuant to provisions substantially similar to those contained in Section 4.10 and Section 4.14 at a purchase price not greater than 101% of the Accreted Value thereof (in the case
of a Change of Control) or 100% of the Accreted Value thereof (in the case of an Asset Sale), plus any accrued and unpaid Additional Interest thereon; provided that prior to or contemporaneously with such defeasance, redemption, repurchase or
other acquisition, the Company has made an Offer to Purchase with respect to the Notes and has repurchased all Notes validly tendered for payment and not withdrawn in connection therewith; 
  

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 (x) the declaration and payment of dividends to, or the making of loans to
any direct or indirect parent company of the Company required for it to pay: 
 (1) federal, state and local
income taxes to the extent such income taxes are directly attributable to the income of the Company and its Restricted Subsidiaries and, to the extent of the amount actually received from Unrestricted Subsidiaries, in amounts required to pay such
taxes to the extent directly attributable to the income of such Unrestricted Subsidiaries; provided, however, that in each case, the amount of such payments in any fiscal year does not exceed the amount that the Company and the
Restricted Subsidiaries would be required to pay in respect of federal, state and local taxes for such fiscal year if the Company and the Restricted Subsidiaries had paid such taxes on a stand-alone basis; 
 (2) customary salary, bonus and other benefits payable to officers and employees of any direct or indirect parent entity of
the Company to the extent such salaries, bonuses and other benefits are directly attributable to the ownership or operation of the Company and the Restricted Subsidiaries; and 
 (3) general corporate overhead expenses (including professional and administrative expenses) and franchise taxes and other
fees, taxes and expenses required to maintain its corporate existence to the extent such expenses are directly attributable to the ownership or operation of the Company and its Restricted Subsidiaries; 
 provided, however, that the aggregate amount of any payments made pursuant to clauses (2) and (3) above shall not
exceed $1.0 million in any fiscal year; 
 (xi) the payment of dividends on the Company’s common stock (or
the payment of dividends to any direct or indirect parent of the Company to fund the payment by any direct or indirect parent of the Company of dividends on such entity’s common stock) of up to 3.0% per annum of the net proceeds received
by the Company from any public offering of common stock or contributed to the Company by any direct or indirect parent of the Company from any public offering of common stock; 
 (xii) payments pursuant to the Management Agreement as in effect on the Issue Date, not in excess of $5.0 million in the
aggregate in any fiscal year and reasonable related expenses; 
  

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 (xiii) Restricted Payments that are made with any Excluded Contributions;

 (xiv) the payment of fees and expenses in connection with a Qualified Receivables Transaction; 
 (xv) the declaration and payment of dividends at any time and from time to time to holders of the Company’s common
stock with the proceeds (net of discount and commissions to the Initial Purchaser) received by the Company from the sale of the Notes on the Issue Date; and 
 (xvi) other Restricted Payments not in excess of $7.5 million in the aggregate. 
 If the Company makes a Restricted Payment which, at the time of the making of such Restricted Payment, in the good faith determination of
the Board of Directors of the Company, would be permitted under the requirements of this Indenture, such Restricted Payment shall be deemed to have been made in compliance with this Indenture notwithstanding any subsequent adjustment made in good
faith to the Company’s financial statements affecting Consolidated Net Income. 
 If any Person in which an Investment is
made, which Investment constitutes a Restricted Payment when made, thereafter becomes a Restricted Subsidiary in accordance with this Indenture, all such Investments previously made in such Person shall no longer be counted as Restricted Payments
for purposes of calculating the aggregate amount of Restricted Payments pursuant to clause (c) of the first paragraph under this Section 4.7, in each case to the extent such Investments would otherwise be so counted. 
 If the Company or a Restricted Subsidiary transfers, conveys, sells, leases or otherwise disposes of an Investment in accordance with
Section 4.10, which Investment was originally included in the aggregate amount expended or declared for all Restricted Payments pursuant to clause (c) of the definition of “Restricted Payment,” the aggregate amount expended or
declared for all Restricted Payments shall be reduced by the lesser of (i) the Net Cash Proceeds from the transfer, conveyance, sale, lease or other disposition of such Investment or (ii) the amount of the original Investment, in each
case, to the extent originally included in the aggregate amount expended or declared for all Restricted Payments pursuant to clause (c) of the definition of “Restricted Payments.” 
 For purposes of this Section 4.7, if a particular Restricted Payment involves a non-cash payment, including a distribution of assets,
then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any, plus an amount equal to the Fair Market Value of the non-cash portion of such Restricted Payment. 
 By way of clarification, while payments under the Management Agreement are not prohibited by this Section 4.7, any payments made
pursuant to the Management Agreement will reduce Consolidated Net Income and thereby reduce the amount available for Restricted Payments pursuant to clause (c)(1) of the first paragraph under this Section 4.7. 
  

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 Notwithstanding the foregoing provisions of this Section 4.7, if and to the extent
Ryerson or any of the Ryerson Restricted Subsidiaries would be permitted to make a Restricted Payment (as defined in the Ryerson Indenture) pursuant to the Ryerson Indenture to the extent the Ryerson Notes are outstanding at such time, Ryerson or
such Ryerson Restricted Subsidiary, as the case may be, shall be permitted to make under this Indenture a Restricted Payment permitted to be made thereunder. 
 SECTION 4.8 Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, cause or suffer to exist or become effective or enter into any encumbrance or restriction (other
than pursuant to this Indenture, law, rules or regulation) on the ability of any Restricted Subsidiary to (i) pay dividends or make any other distributions on its Capital Interests owned by the Company or any Restricted Subsidiary or pay any
Debt or other obligation owed to the Company or any Restricted Subsidiary, (ii) make loans or advances to the Company or any Restricted Subsidiary thereof or (iii) transfer any of its property or assets to the Company or any Restricted
Subsidiary. 
 However, the preceding restrictions will not apply to the following encumbrances or restrictions existing under
or by reason of: 
 (a) any encumbrance or restriction in existence on the Issue Date, including those required
by the Ryerson Indenture, the Ryerson Notes and, if any, the related guarantees thereof, the Credit Agreement and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof;
provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings, in the good faith judgment of the Company, are no more restrictive, taken as a whole, with respect to such
dividend or other payment restrictions, than those contained in these agreements on the Issue Date or refinancings thereof; 
 (b) any encumbrance or restriction pursuant to an agreement relating to an acquisition of property, so long as the encumbrances or restrictions in any such agreement relate solely to the property so
acquired (and are not or were not created in anticipation of or in connection with the acquisition thereof); 
 (c) any encumbrance or restriction which exists with respect to a Person that becomes a Restricted Subsidiary or merges with or into a Restricted Subsidiary of the Company on or after the Issue Date, which is in existence at the time such
Person becomes a Restricted Subsidiary, but not created in connection with or in anticipation of such Person becoming a Restricted Subsidiary, and which is not applicable to any Person or the property or assets of any Person other than such Person
or the property or assets of such Person becoming a Restricted Subsidiary; 
 (d) any encumbrance or restriction
pursuant to an agreement effecting a permitted renewal, refunding, replacement, refinancing or extension of Debt issued

  

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pursuant to an agreement containing any encumbrance or restriction referred to in the foregoing clauses (a) through (c), so long as the encumbrances and restrictions contained in any such
refinancing agreement are no less favorable in any material respect to the Holders than the encumbrances and restrictions contained in the agreements governing the Debt being renewed, refunded, replaced, refinanced or extended in the good faith
judgment of the Board of Directors of the Company; 
 (e) customary provisions restricting subletting or
assignment of any lease, contract, or license of the Company or any Restricted Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights thereunder; 
 (f) any restriction on the sale or other disposition of assets or property securing Debt as a result of a Permitted Lien on
such assets or property; 
 (g) any encumbrance or restriction by reason of applicable law, rule, regulation or
order; 
 (h) any encumbrance or restriction under this Indenture, the Notes and, if any, the Note Guarantees;

 (i) any encumbrance or restriction under the sale of assets, including, without limitation, any agreement for
the sale or other disposition of a subsidiary that restricts distributions by that Subsidiary pending its sale or other disposition; 
 (j) restrictions on cash and other deposits or net worth imposed by customers under contracts entered into the ordinary course of business; 
 (k) provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale
agreements, stock sale agreements and other similar agreements entered into the ordinary course of business; 
 (l) any instrument governing Debt or Capital Interests of a Person acquired by the Company or any of the Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt or Capital Interests were incurred
in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired,
provided that, in the case of Debt, such Debt was permitted by the terms of this Indenture to be incurred; 
 (m) purchase money obligations (including Capital Lease Obligations) for property acquired in the ordinary course of business that impose restrictions on that property so acquired of the nature described in clause (iii) of the first
paragraph of this Section 4.8; 
 (n) Liens securing Debt otherwise permitted to be incurred under this
Indenture, including pursuant to Section 4.12, that limit the right of the debtor to dispose of the assets subject to such Liens; 
  

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 (o) customary provisions limiting the disposition or distribution of assets
or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements otherwise permitted by this Indenture entered into with the approval of the Company’s Board of
Directors, which limitation is applicable only to the assets that are the subject of such agreements; and 
 (p)
any Non-Recourse Receivable Subsidiary Indebtedness or other contractual requirements of a Receivable Subsidiary that is a Restricted Subsidiary in connection with a Qualified Receivables Transaction; provided that such restrictions apply
only to such Receivable Subsidiary or the receivables and related assets described in the definition of Qualified Receivables Transaction which are subject to such Qualified Receivables Transaction. 
 Nothing contained in this Section 4.8 shall prevent the Company or any Restricted Subsidiary from (i) creating, incurring,
assuming or suffering to exist any Liens otherwise permitted under Section 4.12 or (ii) restricting the sale or other disposition of property or assets of the Company or any of its Restricted Subsidiaries that secure Debt of the Company or
any of its Restricted Subsidiaries Incurred in accordance with this Indenture. 
 SECTION 4.9 Limitation on Incurrence of Debt.

 The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt);
unless (A) if and for so long as the Ryerson Notes (or other Operating Company Debt) remain outstanding, immediately after giving effect to the Incurrence of such Debt and the receipt and application of the proceeds therefrom, (i) with
respect to the Company and any of its Restricted Subsidiaries (other than Ryerson and the Ryerson Restricted Subsidiaries) the Consolidated Fixed Charge Coverage Ratio of the Company and any of its Restricted Subsidiaries (other than Ryerson and the
Ryerson Restricted Subsidiaries) would be greater than 2.75:1 and (ii) with respect to Ryerson and the Ryerson Restricted Subsidiaries, the Consolidated Fixed Charge Coverage Ratio of Ryerson and the Ryerson Restricted Subsidiaries would be
greater than 2.75:1, (B) if otherwise, immediately after giving effect to the Incurrence of such Debt, the Consolidated Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries would be greater than 2.75:1, in each case
determined on a pro forma basis as if any such Debt (including any other Debt being Incurred contemporaneously), and any other Debt Incurred since the beginning of the Four Quarter Period (as defined below) had been Incurred at the beginning of the
Four Quarter Period and (C) no Default or Event of Default shall have occurred and be continuing at the time or as a consequence of the Incurrence of such Debt. 
 If, during the Four Quarter Period or subsequent thereto and prior to the date of determination, the Company or any of its Restricted Subsidiaries shall have engaged in any Asset Sale or Asset
Acquisition, Investments, mergers, consolidations, discontinued operations (as determined in accordance with GAAP) or shall have designated any Restricted Subsidiary to be an Unrestricted Subsidiary or any Unrestricted Subsidiary to be a Restricted
Subsidiary, Consolidated Cash Flow Available for Fixed Charges and Consolidated Interest Expense for the Four Quarter Period shall be calculated on a pro forma basis giving effect to such Asset Sale or Asset Acquisition, Investments, mergers,
consolidations, discontinued operations or designation, as the case may be, and the application of any proceeds therefrom as if such Asset Sale or Asset Acquisition or designation had occurred on the first day of the Four Quarter Period. 

 

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 If the Debt which is the subject of a determination under this provision is Acquired Debt,
or Debt Incurred in connection with the simultaneous acquisition of any Person, business, property or assets, or Debt of an Unrestricted Subsidiary being designated as a Restricted Subsidiary, then such ratio shall be determined by giving effect (on
a pro forma basis, as if the transaction had occurred at the beginning of the Four Quarter Period) to the Incurrence of such Acquired Debt or such other Debt by the Company or any of its Restricted Subsidiaries and the inclusion, in Consolidated
Cash Flow Available for Fixed Charges, of the Consolidated Cash Flow Available for Fixed Charges of the acquired Person, business, property or assets or redesignated Subsidiary. 
 Notwithstanding the first paragraph above, the Company and its Restricted Subsidiaries may Incur Permitted Debt; provided, however,
that the Company will not incur any Debt (whether pursuant to the first paragraph hereof or as Permitted Debt), the proceeds of which shall be used to make a dividend, distribution or other payment to the direct or indirect parent company of the
Company unless at such time, on a pro forma basis after giving effect to such transactions, Ryerson would be permitted to (x) incur $1.00 of Debt pursuant to the first paragraph of Section 4.9 of the Ryerson Indenture (as in effect on the
Issue Date) and (y) make a Restricted Payment pursuant to Section 4.7(a)-(c)(1)-(3) of the Ryerson Indenture (as in effect on the Issue Date). 
 For purposes of determining any particular amount of Debt under this Section 4.9, (x) Debt Incurred under the Credit Agreement on the Issue Date shall initially be treated as Incurred pursuant
to clause (i) of the definition of “Permitted Debt,” and may not later be re-classified and (y) Guarantees or obligations with respect to letters of credit supporting Debt otherwise included in the determination of such
particular amount shall not be included. For purposes of determining compliance with this Section 4.9, in the event that an item of Debt meets the criteria of more than one of the types of Debt described above, including categories of Permitted
Debt and under part (A) in the first paragraph of this Section 4.9, the Company, in its sole discretion, shall classify, and from time to time may reclassify, all or any portion of such item of Debt. 
 The accrual of interest, the accretion or amortization of original issue discount and the payment of interest on Debt in the form of
additional Debt or payment of dividends on Capital Interests in the forms of additional shares of Capital Interests with the same terms will not be deemed to be an Incurrence of Debt or issuance of Capital Interests for purposes of this
Section 4.9. 
 The Company and any Guarantor, if applicable will not Incur any Debt that pursuant to its terms is
subordinate or junior in right of payment to any Debt unless such Debt is subordinated in right of payment to the Notes and the Note Guarantees, if applicable, to the same extent; provided that Debt will not be considered subordinate or
junior in right of payment to any other Debt solely by virtue of being unsecured or secured to a greater or lesser extent or with greater or lower priority. 
  

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 SECTION 4.10 Limitation on Asset Sales. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
 (1) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at
least equal to the Fair Market Value of the assets or Capital Interests issued or sold or otherwise disposed of; 
 (2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or Eligible Cash Equivalents. For purposes of this provision, each of the following will be deemed to be
cash: 
 (a) any liabilities, as shown on the most recent consolidated balance sheet of the Company or any
Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes, the Ryerson Notes or any guarantees thereof) that are assumed by the transferee of any such assets pursuant to a customary
assignment and assumption agreement that releases the Company or such Restricted Subsidiary from further liability; and 
 (b) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days of their receipt to the
extent of the cash received in that conversion; 
 Within 390 days after the receipt of any Net Cash Proceeds from an Asset
Sale, the Company (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Cash Proceeds at its option: 
 (1) to permanently repay Debt of Ryerson or its Restricted Subsidiaries and, if the Obligation repaid is revolving credit Debt, to correspondingly reduce commitments with respect thereto; 
 (2) to acquire all or substantially all of the assets of, or any Capital Interests of, another Permitted Business, if, after
giving effect to any such acquisition of Capital Interests, the Permitted Business is or becomes a Restricted Subsidiary of the Company; 
 (3) to make a capital expenditure in or that is used or useful in a Permitted Business or to make expenditures for maintenance, repair or improvement of existing properties and assets in accordance with
the provisions of this Indenture; 
 (4) to acquire other assets that are not classified as current assets under
GAAP and that are used or useful in a Permitted Business; or 
 (5) any combination of the foregoing. 

 

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 Any Net Cash Proceeds from Asset Sales that are not applied or invested as provided in the
preceding paragraph of this Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $20.0 million, within thirty days thereof, the Company will make an Offer to Purchase to all
Holders of Notes, and to all holders of other Debt ranking pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to assets sales, equal to the Excess Proceeds. The offer price in any Offer
to Purchase will be equal to 100% of Accreted Value thereof plus accrued and unpaid Additional Interest to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Offer to Purchase, the Company may
use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the Accreted Value of and such Additional Notes are the accreted value or principal amount of other pari passu debt tendered into such Offer to Purchase
exceeds the amount of Excess Proceeds, the Trustee will select the Notes and such Additional Notes and the Company shall select such other pari passu debt to be purchased on a pro rata basis among each series. Upon completion of each
Offer to Purchase, the amount of Excess Proceeds will be reset at zero. 
 The Company will comply with the requirements of Rule
14e-1 under the Exchange Act and any other applicable securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Offer to Purchase. To the extent that
the provisions of any securities laws or regulations conflict with the Asset Sale provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
the Asset Sale provisions of this Indenture by virtue of such compliance. 
 SECTION 4.11 Limitation on Transactions with Affiliates.

 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to,
or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of related transactions, contract, agreement, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $2.0 million, unless: 
 (i) such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Subsidiary
than those that could reasonably have been obtained in a comparable arm’s length transaction by the Company or such Subsidiary with an unaffiliated party; and 
 (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $5.0 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Company approving such Affiliate Transaction and set forth in an Officers’ Certificate certifying
that such Affiliate Transaction complies with clause (a) above; and 
 (iii) with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $15.0 million, the Company

  

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must obtain and deliver to the Trustee a written opinion of a nationally recognized investment banking, accounting or appraisal firm (an “Independent Financial Advisor”) stating
that the transaction is fair to the Company or such Restricted Subsidiary, as the case may be, from a financial point of view. 
 The foregoing limitation does not limit, and shall not apply to: 
 (1) Restricted Payments that are
permitted by the provisions of this Indenture pursuant to Section 4.7 and Permitted Investments permitted under this Indenture; 
 (2) the payment of reasonable and customary fees and indemnities to members of the Board of Directors of the Company or a Restricted Subsidiary who are outside directors; 
 (3) the payment of reasonable and customary compensation and other benefits (including retirement, health, option, deferred
compensation and other benefit plans) and indemnities to officers and employees of the Company or any Restricted Subsidiary as determined by the Board of Directors thereof in good faith; 
 (4) transactions between or among the Company and/or its Restricted Subsidiaries; 
 (5) the issuance of Capital Interests (other than Redeemable Capital Interests) of the Company otherwise permitted hereunder;

 (6) any agreement or arrangement as in effect on the Issue Date (other than the Management Agreement) and any
amendment or modification thereto so long as such amendment or modification is not more disadvantageous to the holders of the Notes in any material respect; 
 (7) transactions in which the Company delivers to the Trustee a written opinion from an Independent Financial Advisor to the
effect that the transaction is fair, from a financial point of view, to the Company and any relevant Restricted Subsidiaries; 
 (8) the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under the terms of, any stockholders agreement (including any registration rights agreement
or purchase agreement related thereto) to which it is a party as of the Issue Date and any similar agreements which it may enter into thereafter; provided, however, that the existence of, or the performance by the Company or any of its
Restricted Subsidiaries of obligations under, any future amendment to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (8) to the extent that the terms of any
such amendment or new agreement are not otherwise disadvantageous to the holders of the Notes in any material respect as determined in good faith by the Board of Directors of the Company; 
  

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 (9) the transactions described in the Offering Memorandum and the payment of
all fees and expenses in connection therewith; 
 (10) any contribution of capital to the Company; 
 (11) transactions permitted by, and complying with, Section 5.1; 
 (12) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case, in the
ordinary course of business and consistent with past practice and on terms that are no less favorable to the Company or such Restricted Subsidiary, as the case may be, as determined in good faith by the Company, than those that could be obtained in
a comparable arm’s length transaction with a Person that is not an Affiliate of the Company; 
 (13) the
payment to the Permitted Holders and any of their Affiliates of annual management, consulting, monitoring and advisory fees pursuant to the Management Agreement in an aggregate amount not to exceed $5.0 million per year, and reasonable related
expenses; and 
 (14) transactions effected as part of a Qualified Receivables Transaction. 
 Notwithstanding the foregoing provisions of this Section 4.11, and for so long as the Ryerson Notes are outstanding, if and to the
extent any action by Ryerson or any Ryerson Restricted Subsidiary is not deemed to be an Affiliate Transaction (as defined in the Ryerson Indenture) under the Ryerson Indenture, such action by Ryerson or such Ryerson Restricted Subsidiary, as the
case may be, shall not be deemed to be an Affiliate Transaction under this Indenture and, therefore, will not be subject to the provisions of this Section 4.11. 
 SECTION 4.12 Limitation on Liens. 
 (a) The Company will not, and will not
permit any of its Restricted Subsidiaries, directly or indirectly, to enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to the Ryerson Stock other than Permitted Collateral Liens. 
 (b) Subject to the immediately preceding paragraph of this Section 4.12, the Company will not, and will not permit any of its
Restricted Subsidiaries, directly or indirectly, to, enter into, create, incur, assume or suffer to exist any Liens of any kind, other than Permitted Liens, on or with respect to any of its property or assets now owned or hereafter acquired by the
Company or any of its Restricted Subsidiaries or any interest therein or any income or profits therefrom except the Ryerson Stock without securing the Notes and all other amounts due under this Indenture and the Pledge Agreement (for so long as such
Lien exists) equally and ratably with (or prior to) the obligation or liability secured by such Lien. 
  

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 (c) In addition, the Company will not, and will not permit any of its Canadian Subsidiaries,
directly or indirectly, to enter into, create, incur, assume or suffer to exist any Liens of any kind, other than Permitted Liens, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any
income or profits therefrom without securing the Notes and all other amounts due under this Indenture and the Pledge Agreement (for so long as such Lien exists) equally and ratably with (or prior to) the obligation or liability secured by such Lien.

 SECTION 4.13 Limitation on Sale and Leaseback Transactions. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale and Leaseback Transaction unless:

 (i) the consideration received in such Sale and Leaseback Transaction is at least equal to the fair market
value of the property sold, as determined by a Board Resolution of the Board of Directors of the Company or by an Officers’ Certificate, 
 (ii) prior to and after giving effect to the Attributable Debt in respect of such Sale and Leaseback Transaction, the Company and such Restricted Subsidiary comply with Section 4.9, and 

(iii) at or after such time the Company and such Restricted Subsidiary also comply with Section 4.10. 
 SECTION 4.14 Offer to Purchase upon Change of Control. 
 Subject to Section 4.16, upon the occurrence of a Change of Control, the Issuer will make an Offer to Purchase (the “Change of Control Offer”) all of the outstanding Notes at a
Purchase Price in cash equal to 101% of the Accreted Value thereof tendered, together with accrued and unpaid Additional Interest, if any, to but not including the Purchase Date (the “Change of Control Payment”). For purposes of the
foregoing, an Offer to Purchase shall be deemed to have been made if (i) within 30 days following the date of the consummation of a transaction or series of transactions that constitutes a Change of Control, the Issuer commences an Offer to
Purchase all outstanding Notes at the Purchase Price (provided that the running of such 30-day period shall be suspended, for up to a maximum of 30 days, during any period when the commencement of such Offer to Purchase is delayed or
suspended by reason of any court’s or governmental authority’s review of or ruling on any materials being employed by the Issuer to effect such Offer to Purchase, so long as the Issuer has used and continues to use its commercial best
efforts to make and conclude such Offer to Purchase promptly) and (ii) all Notes properly tendered pursuant to the Offer to Purchase are purchased on the terms of such Offer to Purchase. The Issuer shall comply with the requirements of any
applicable securities laws and any regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. 
 On the Purchase Date, the Issuer shall, to the extent lawful, (a) accept for payment all Notes or portions thereof properly tendered
pursuant to the Change of Control Offer, (b) deposit with the Paying Agent no later than 10:00am (New York Time) an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered and (c) deliver or

  

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cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the Accreted Value and aggregate principal amount at maturity of Notes or portions
thereof being purchased by the Issuer. The Paying Agent will promptly mail (or wire transfer) to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be
transferred by book entry) to each Holder a new Note equal in Accreted Value and principal amount at maturity to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of
$2,000 or any integral multiple of $1.00 in excess thereof (rounding up the nearest whole dollar). The Issuer will announce the results of the Change of Control Offer to all Holders on or as soon as practicable after the Purchase Date. 

The Issuer shall not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer (ii) a notice of redemption has been given pursuant to Section 3.7, (iii) a notice of redemption has been given pursuant to Section 4.22 or (iv) a notice of redemption has been given pursuant to
Section 4.16. 
 To the extent that the provisions of any applicable securities laws or regulations conflict with the
Change of Control provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions of this Indenture by virtue of
such conflict. 
 In addition, an Offer to Purchase may be made in advance of a Change of Control, conditional upon such Change
of Control, if a definitive agreement is in place for the Change of Control at the time of launching the Offer to Purchase. 
 SECTION 4.15
Corporate Existence. 
 Subject to Section 4.14, Section 4.16 and Article V hereof, as the case may be, the
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership, limited liability company or other existence of each of its Subsidiaries in accordance
with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary and the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors of the Company shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 
 SECTION 4.16 Redemption Upon Specified Change of Control. 
 (a) Upon the occurrence of a Specified Change of Control, the Company will be required to redeem the Notes at a price in cash equal to the Redemption Price applicable to the Notes on the date on which
notice of such redemption is given as set forth above in Section

  

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3.07(a), in each case plus accrued and unpaid Additional Interest, if any, to the date fixed for the closing of such redemption, in accordance with the procedures set forth herein, unless the
Company has given notice of redemption as described in Section 4.22, in each case with respect to all the Notes. Not later than 60 days following the Specified Change of Control, unless the Company has given notice of redemption pursuant to
Section 3.7(a) or pursuant to Section 4.22, in each case with respect to all the Notes, the Company will mail a notice of redemption to each Holder with a copy to the Trustee (such redemption, a “Specified Change of Control
Redemption”) stating: 
 (i) that a Specified Change of Control has occurred and that the Company will
redeem such Holder’s Notes, as discussed below, at a purchase price in cash in an amount equal to the Redemption Price applicable to such Notes on the date on which notice of such redemption is given as set forth above under the caption
“— Optional Redemption,” in each case plus accrued and unpaid Additional Interest thereon, if any, to the date of redemption (subject to the right of holders of record on a record date to receive Additional Interest on the relevant
Semi-Annual Accrual Date, to the extent that such Additional Interest has not been added to the Accreted Value); 
 (ii) the circumstances and relevant facts regarding such Specified Change of Control; 
 (iii) the
redemption date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and 
 (iv) the procedures determined by the Company, consistent with this Section 4.16, pursuant to which a Holder’s Notes shall be redeemed. 
 (b) Notice of a Specified Change of Control Redemption may be delivered in advance of a Specified Change of Control, conditional upon such
Specified Change of Control, if a definitive agreement is in place for the Specified Change of Control at the time of delivery of the notice of such Specified Change of Control Redemption. 
 (c) The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other applicable
securities laws or regulations in connection with the redemption of Notes pursuant to a Specified Change of Control Redemption. To the extent that the provisions of any applicable securities laws or regulations conflict with provisions of this
Indenture applicable to a Specified Change of Control Redemption, the Company will comply with such securities laws and regulations and will not be deemed to have failed to make a Specified Change of Control Redemption or redeem Notes pursuant
thereto as described above by virtue thereof. 
 SECTION 4.17 Business Activities. 
 The Issuer will not, and will not permit any Restricted Subsidiary to, engage in any business other than a Permitted Business. 

 

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 SECTION 4.18 [Reserved]. 
 SECTION 4.19 Impairment of Security Interests. 
 The Company will not, and
will not permit any of its Restricted Subsidiaries to, (i) take or omit to take any action with respect to the Ryerson Stock that could reasonably be expected to have the result of affecting or impairing the security interest in the Ryerson
Stock in favor of the Collateral Agent for the benefit of the Trustee and for the benefit of the Holders of the Notes or (ii) grant to any Person (other than the Collateral Agent for the benefit of the Trustee and the Holders of the Notes and,
if any, the Additional Notes) any interest whatsoever in the Ryerson Stock. 
 SECTION 4.20 Future Note Guarantees. 
 The Company shall cause each of its Domestic Restricted Subsidiaries that guarantees any Debt of the Company to execute and deliver to the
Trustee a supplemental indenture pursuant to which such Subsidiary will guarantee payment of the Notes on the terms and conditions set forth herein. 
 SECTION 4.21 Limitation on Creation of Unrestricted Subsidiaries. 
 The Company may designate any Subsidiary of
the Company to be an “Unrestricted Subsidiary” as provided below, in which event such Subsidiary and each other Person that is then or thereafter becomes a Subsidiary of such Subsidiary will be deemed to be an Unrestricted Subsidiary.

 The Company may designate any Subsidiary to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Interests
of, or owns or holds any Lien on any property of, any other Restricted Subsidiary of the Company, provided that either: 
 (x) the Subsidiary to be so designated has total assets of $1,000 or less; or 
 (y) immediately after giving effect to such designation, the Company or its Restricted Subsidiaries, as applicable, could Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to
the applicable provision of the first paragraph of Section 4.9; 
 provided further that the Company could make a Restricted Payment
in an amount equal to the greater of the Fair Market Value or book value of such Subsidiary pursuant to Section 4.7 and such amount is thereafter treated as a Restricted Payment for the purpose of calculating the amount available for Restricted
Payments thereunder. 
 An Unrestricted Subsidiary may be designated as a Restricted Subsidiary if (i) all the Debt of such
Unrestricted Subsidiary could be Incurred pursuant to Section 4.9 and (ii) all the Liens on the property and assets of such Unrestricted Subsidiary could be incurred pursuant to Section 4.12. 
  

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 SECTION 4.22 Redemption and Offer to Purchase upon Certain Equity Issuances. 
 The Company will be required to redeem the then Accreted Value of the maximum principal amount at maturity of Notes that is a minimum
principal amount at maturity of $2,000 and an integral multiple of $1.00 in excess thereof that may be redeemed out of any Qualified Equity Issuance Net Proceeds at a price in cash in an amount equal to the Redemption Price applicable to such Notes
on the date on which notice of such redemption is given as set forth above in Section 3.07(a) in each case plus accrued and unpaid Additional Interest, if any, to the date fixed for the closing of such redemption, in accordance with the
procedures set forth in this Indenture, unless the Company has given notice of redemption pursuant to Section 3.07(a) and Section 4.14(a), in each case with respect to all the Notes. Not later than 60 days following the receipt of the
Qualified Equity Issuance Net Proceeds from any Qualified Equity Issuance, unless the Company has given notice of redemption pursuant to Section 3.07(a) and Section 4.14(a), in each case with respect to all the Notes, the Company will mail
a notice of redemption to each Holder with a copy to the Trustee (such redemption, a “Qualified Equity Issuance Redemption”) stating: 
 (1) that a Qualified Equity Issuance has occurred, the amount of Qualified Equity Issuance Net Proceeds received by the Company, and that the Company will redeem such Holder’s Notes or a pro
rata portion thereof, as discussed below, at a purchase price in cash in an amount equal to the Redemption Price applicable to such Notes on the date on which notice of such redemption is given as set forth above under the caption “—
Optional Redemption,” in each case plus accrued and unpaid Additional Interest thereon, if any, to the date of redemption (subject to the right of holders of record on a record date to receive interest on the relevant Semi-Annual Accrual Date);

 (2) the circumstances and relevant facts regarding such Qualified Equity Issuance, and the then Accreted Value
of the maximum principal amount at maturity of Notes that may be redeemed by the Company in the Qualified Equity Issuance Redemption; 
 (3) the redemption date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and 
 (4) the procedures determined by the Company, consistent with this Section 4.22, pursuant to which a Holder’s Notes
shall be redeemed. 
 If more Notes are tendered pursuant to a Qualified Equity Issuance Redemption than the Company is required
to redeem, the then Accreted Value of the principal amount at maturity of the Notes to be redeemed will be determined pro rata based on the principal amount at maturity so tendered and the selection of the actual Notes for redemption will be
made by the Trustee by lot, pro rata or by any other method the Trustee shall deem fair and appropriate (subject to the Depository Trust Company procedures) to the extent practicable; provided, however, that no Notes of $2,000
principal amount at maturity or less shall be redeemed in part. 
 In addition, the Company will, and will cause its Restricted
Subsidiaries (including Ryerson) to, use an amount equal to (x) 50% of any remaining Qualified Equity Issuance Net

  

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Proceeds that are not applied in accordance with the terms set forth above, less (y) any amounts previously paid by Ryerson to repurchase Ryerson Inc.’s 12% Senior Secured Notes due
2015 pursuant to the “equity claw” provision set forth in Section 3.7(a)(iii) of the Ryerson Indenture (as in effect on the Issue Date) (such amount, “Excess Qualified Equity Issuance Proceeds”) to make an Offer to
Purchase to all holders of Ryerson Notes equal to the Excess Qualified Equity Issuance Proceeds. Any such Offer to Purchase shall be made in accordance with the terms of the Ryerson Indenture. The offer price in any such Offer to Purchase will be
equal to 100% of the principal amount thereof, plus accrued and unpaid Additional Interest, if any. If any Excess Qualified Equity Issuance Proceeds remain outstanding after consummation of any such Offer to Purchase, the Company may use the Excess
Qualified Equity Issuance Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Ryerson Notes tendered into such Offer to Purchase exceeds the amount of the Excess Proceeds, the trustee under the
Ryerson Indenture will select the Ryerson Notes to be purchased on a pro rata basis. Upon the completion of each Offer to Purchase, the amount of Excess Qualified Equity Issuance Proceeds will be reset at zero. 
 Notice of a Qualified Equity Issuance Redemption may be delivered in advance of a Qualified Equity Issuance, conditional upon such Qualified
Equity Issuance, if a definitive agreement is in place for the Qualified Equity Issuance at the time of delivery of the notice of such Qualified Equity Issuance Redemption. 
 The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other applicable
securities laws or regulations in connection with the redemption of Notes pursuant to a Qualified Equity Issuance Redemption. To the extent that the provisions of any applicable securities laws or regulations conflict with provisions of the
Indenture applicable to a Qualified Equity Issuance Redemption, the Company will comply with such securities laws and regulations and will not be deemed to have failed to make a Qualified Equity Issuance Redemption or redeem Notes pursuant thereto
as described above by virtue thereof. 
 SECTION 4.23 Further Assurances. 
 The Company shall execute and deliver such additional instruments, certificates or documents, and take all such actions as may be reasonably
required from time to time in order to: 
 (1) carry out more effectively this Indenture and the purposes of the
Pledge Agreement; 
 (2) create, grant, perfect and maintain the validity, effectiveness and priority of and the
Liens created, or intended to be created, by the Pledge Agreement; and 
 (3) ensure the protection and
enforcement of any of the rights granted or intended to be granted to the Collateral Agent or Trustee under any other instrument executed in connection therewith. 
 Upon the exercise by the Trustee or any Holder of any power, right, privilege or remedy under this Indenture or the Pledge Agreement which requires any consent, approval, recording, qualification or
authorization of any governmental authority, the Company shall execute and

  

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deliver all applications, certifications, instruments and other documents and papers that may be required from the Company for such governmental consent, approval, recording, qualification or
authorization. 
 SECTION 4.24 Mandatory Dividend from Ryerson Inc. to the Company and Redemption. 
 The Company will cause Ryerson to make a dividend, distribution or other payment to the Company on March 31 of each year, commencing on
March 31, 2011, in a maximum amount each year equal to the lesser of (x) the maximum amount then permitted to be made as a dividend, distribution or other payment under Section 4.7(a)-(c)(1)-(3) of the Ryerson Indenture and
clause (i), (ii) or (iii) of the definition of “Distribution” under the Credit Agreement (each as in effect on the Issue Date) and (y) $25 million (such amount, the “Available Amount”). At such time that the
aggregate amount of all Available Amounts dividended, distributed or paid to the Company pursuant to the immediately preceding sentence exceeds $10 million, the Company will use such aggregate amount of all Available Amounts to redeem the Notes at a
price in cash equal to the Redemption Price applicable to the Notes on the date on which notice of such redemption is given as set forth above under Section 3.7 hereof, in each case plus accrued and unpaid Additional Interest, if any, to the
date fixed for the closing of such redemption, in accordance with the procedures set forth herein, unless the Company has given notice of redemption as described under Section 3.7 or 4.22 hereof, in each case with respect to all Notes then
outstanding. 
 ARTICLE V 
 SUCCESSORS 
 SECTION 5.1 Consolidation, Merger, Conveyance, Transfer or Lease. 

The Company will not in any transaction or series of transactions, consolidate with or merge into any other Person (other than a merger
of a Restricted Subsidiary into the Company in which the Company is the continuing Person or the merger of a Restricted Subsidiary into or with another Restricted Subsidiary or another Person that as a result of such transaction becomes or merges
into a Restricted Subsidiary), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its Restricted Subsidiaries (determined on a consolidated basis), taken as a whole, to any
other Person, unless: 
 (i) either: (a) the Company shall be the continuing Person or (b) the Person
(if other than the Company) formed by such consolidation or into which the Company is merged, or the Person that acquires, by sale, assignment, conveyance, transfer, lease or other disposition, all or substantially all of the property and assets of
the Company (such Person, the “Surviving Entity”), (1) shall be a corporation, partnership, limited liability company or similar entity organized and validly existing under the laws of the United States, any political
subdivision thereof or any state thereof or the District of Columbia, (2) shall expressly assume, by a supplemental indenture, the due and punctual payment of all amounts due in respect of the Accreted Value of (and premium, if any) and
Additional Interest on all the Notes and the performance of the covenants and obligations of the

  

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Company under this Indenture and (3) shall expressly assume the due and punctual performance of the covenants and obligations of the Company under the Pledge Agreement; provided that
at any time the Company or its successor is not a corporation, there shall be a co-issuer of the Notes that is a corporation; 
 (ii) immediately before and immediately after giving effect to such transaction or series of transactions on a pro forma basis (including, without limitation, any Debt Incurred or anticipated to be
Incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing or would result therefrom; 
 (iii) immediately after giving effect to any such transaction or series of transactions on a pro forma basis
(including, without limitation, any Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of transactions) as if such transaction or series of transactions had occurred on the first day of the
determination period, the Company or its Restricted Subsidiaries, as applicable (or the Surviving Entity if the Company is not continuing) could Incur $1.00 of additional Debt (other than Permitted Debt) under the applicable provision of the first
paragraph of Section 4.9; 
 (iv) the Company delivers, or causes to be delivered, to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, assignment, transfer, lease or other disposition complies with the requirements of this Indenture; 
 (v) the Surviving Entity causes such amendments, supplements or other instruments to be executed, delivered, filed and
recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien of the Pledge Agreement on the Ryerson Stock owned by or transferred to the Surviving Entity, together with such financing statements as may be
required to perfect any security interests in the Ryerson Stock which may be perfected by the filing of a financing statement under the Uniform Commercial Code of the relevant states; 
 (vi) the Ryerson Stock owned by or transferred to the Surviving Entity shall (a) continue to constitute Collateral under
this Indenture and the Pledge Agreement, (b) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the Holders of the Notes and (c) not be subject to any Lien other than Permitted Collateral Liens; and

 (vii) the Ryerson Stock, if owned by the Person which is merged or consolidated with or into the Surviving
Entity shall be treated as after-acquired property and the Surviving Entity shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the Pledge Agreement in the manner and to the
extent required in this Indenture. 
  

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 The preceding clause (iii) will not prohibit: 
 (a) a merger between the Company and a Restricted Subsidiary that is a wholly owned Subsidiary of the Company; or 

(b) a merger between the Company and an Affiliate incorporated solely for the purpose of converting the Company into a
corporation organized under the laws of the United States or any political subdivision or state thereof; 
 so long as, in each case, the amount
of Debt of the Company and its Restricted Subsidiaries is not increased thereby. 
 For all purposes of this Indenture and the
Notes, Subsidiaries of any Surviving Entity will, upon such transaction or series of transactions, become Restricted Subsidiaries or Unrestricted Subsidiaries as provided pursuant to this Indenture and all Debt, and all Liens on property or assets,
of the Surviving Entity and its Subsidiaries that was not Debt, or were not Liens on property or assets, of the Company and its Subsidiaries immediately prior to such transaction or series of transactions shall be deemed to have been Incurred upon
such transaction or series of transactions. 
 Upon any transaction or series of transactions that are of the type described in,
and are effected in accordance with, conditions described in the immediately preceding paragraphs, the Surviving Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company, under this Indenture with the
same effect as if such Surviving Entity had been named as the Company therein; and when a Surviving Entity duly assumes all of the obligations and covenants of the Company pursuant to this Indenture and the Notes, except in the case of a lease, the
predecessor Person shall be relieved of all such obligations. 
 SECTION 5.2 Successor Person Substituted. 
 Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of
the assets of the Company in accordance with Section 5.1 hereof, the successor corporation formed by such consolidation or into or with which the Company (and, if necessary, any co-issuer) is merged or to which such sale, assignment,
conveyance, transfer, lease or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture
referring to the “Company” shall refer instead to the successor corporation and not to the Company), and shall exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been
named as the Company herein; provided, however, that in the event of a transfer or lease, the predecessor shall not be released from the payment of Accreted Value and Additional Interest or other obligations on the Notes. 

 

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 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 SECTION 6.1 Events of Default. 
 Each of the following constitutes an “Event of Default”: 
 (1) default in the payment in respect of the Accreted Value of (or premium, if any, on) any Note (whether at Stated Maturity
or upon repurchase, acceleration, optional redemption, mandatory redemption or otherwise); 
 (2) default in the
payment of any Additional Interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30 days; 
 (3) failure to perform or comply with Section 5.1; 
 (4)
default in the performance, or breach, of any covenant or agreement of the Company in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clause (1), (2) or
(3) above), and continuance of such default or breach for a period of 30 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal
amount at maturity of the outstanding Notes; 
 (5) a default or defaults under any bonds, debentures, notes or
other evidences of Debt (including the Ryerson Notes but excluding the Notes) by the Company, Ryerson or any Restricted Subsidiary having, individually or in the aggregate, a principal or similar amount outstanding of at least $10.0 million, whether
such Debt now exists or shall hereafter be created, which default or defaults shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a failure to pay at least $10.0 million of such Debt
when due and payable after the expiration of any applicable grace period with respect thereto; 
 (6) the entry
against the Company or any Restricted Subsidiary that is a Significant Subsidiary of a final judgment or final judgments for the payment of money in an aggregate amount in excess of $10.0 million, by a court or courts of competent jurisdiction,
which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days; 
 (7) (i) the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy
Law: 
 (a) commences a voluntary case, 
  

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 (b) consents to the entry of an order for relief against it in an
involuntary case, 
 (c) consents to the appointment of a Custodian of it or for all or substantially all of its
property, 
 (d) makes a general assignment for the benefit of its creditors, or 
 (e) generally is not paying its debts as they become due; 
 (ii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (a) is for relief against the Company or any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in an involuntary case; 
 (b) appoints a Custodian of the Company or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of
the property of the Company or any of its Restricted Subsidiaries; or 
 (c) orders the liquidation of the
Company or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary and the order or decree remains unstayed and in effect for 60 consecutive
days; or 
 (8) unless all of the Ryerson Stock has been released from the Liens in
accordance with the provisions of this Indenture, default by the Company in the performance of Pledge Agreement which adversely affects the enforceability, validity, perfection or priority of the Liens on the Ryerson Stock granted to the Collateral
Agent for the benefit of the Trustee and the Holders of the Notes, the repudiation or disaffirmation by the Company or any Subsidiary of its material obligations under the Pledge Agreement or the determination in a judicial proceeding that the
Pledge Agreement is unenforceable or invalid against the Company or any Subsidiary party thereto for any reason with respect to a material portion of the Collateral (which default, repudiation, disaffirmation or determination is not rescinded,
stayed or waived by the Persons having such authority pursuant to the Pledge Agreement) or otherwise cured within 60 days after the Company receives written notice thereof specifying such occurrence from the Trustee or the Holders of at least
66 2/3% of the outstanding principal amount of the
Notes Obligations and demanding that such default be remedied. 
 The term “Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
  

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 SECTION 6.2 Acceleration. 
 If an Event of Default (other than an Event of Default specified in clause (7) of Section 6.1) occurs and is continuing, then and
in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount at maturity of the outstanding Notes may declare the Accreted Value of the Notes and any accrued but unpaid Additional Interest, if any, on the Notes to
be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by Holders); provided, however, that after such acceleration, but before a judgment or decree based on acceleration, the Holders of a
majority in aggregate principal amount at maturity of the outstanding Notes may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated Accreted Value of or Additional
Interest on the Notes, have been cured or waived as provided in this Indenture. 
 In the event of a declaration of acceleration
of the Notes solely because an Event of Default described in clause (5) of Section 6.1 has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or
payment default triggering such Event of Default pursuant to clause (5) of Section 6.1 shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 20 Business
Days after the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the
payment of amounts due on the Notes. 
 If an Event of Default specified in clause (7) of Section 6.1 occurs with
respect to the Company, the Accreted Value of, and Additional Interest, if any, on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The
Trustee may withhold from Holders notice of any Default (except Default in payment of Accreted Value of, premium, if any, and Additional Interest) if the Trustee determines that withholding notice is in the interest of the Holders to do so.

 No Holder of any Note will have any right to institute any proceeding with respect to this Indenture or for any remedy
thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default and unless also the Holders of at least 25% in aggregate principal amount at maturity of the outstanding Notes shall have made
written request to the Trustee, and provided indemnity reasonably satisfactory to the Trustee to institute such proceeding as Trustee, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount at maturity
of the outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days. Such limitations do not apply, however, to a suit instituted by a Holder of a Note directly (as opposed to through
the Trustee) for enforcement of payment of the Accreted Value of (and premium, if any) or Additional Interest on such Note on or after the respective due dates expressed in such Note. 
 In the case of any Event of Default occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the
Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to Section 3.7 hereof, an equivalent premium shall also become and be immediately
due and payable to the extent permitted by law upon the acceleration of the Notes. 
  

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 SECTION 6.3 Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may (i) pursue any available remedy to collect the payment of Accreted
Value of, premium, if any, and Additional Interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture and (ii) instruct the Collateral Agent to exercise any available remedies under the Pledge
Agreement. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them
in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All
remedies are cumulative to the extent permitted by law. 
 Pursuant to Section 4.4, the Company is required to deliver to
the Trustee annually a statement regarding compliance with this Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto. 
 SECTION 6.4 Waiver of Past Defaults. 
 The Holders of a majority in aggregate principal amount at maturity of the Notes then outstanding by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of Additional Interest on, or the Accreted Value of, the Notes
(other than as a result of an acceleration), which shall require the consent of all of the Holders of the Notes then outstanding. 
 SECTION 6.5
Control by Majority. 
 The Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes
may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust power conferred on it. However, (i) the Trustee may refuse to follow any direction that conflicts with
law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders or that may involve the Trustee in personal liability, and (ii) the Trustee may take any other action deemed proper by the Trustee which
is not inconsistent with such direction. In case an Event of Default shall occur (which shall not be cured), the Trustee will be required, in the exercise of its power, to use the degree of care of a prudent man in the conduct of his own affairs.
Notwithstanding any provision to the contrary in this Indenture, the Trustee is under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holder, unless such Holder shall offer to the Trustee security and
indemnity satisfactory to it against any loss, liability or expense. 
  

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 SECTION 6.6 Limitation on Suits. 
 A Holder may pursue a remedy with respect to this Indenture, or the Notes or the Pledge Agreement only if: 
 (a) the Holder gives to the Trustee written notice of a continuing Event of Default or the Trustee receives such notice from
the Company; 
 (b) the Holders of at least 25% in aggregate principal amount at maturity of the then outstanding
Notes make a written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer and, if
requested, provide to the Trustee indemnity or security reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of such indemnity or security; and 
 (e) during such 60-day period the Holders of a majority in aggregate principal amount at maturity of the then outstanding
Notes do not give the Trustee a direction inconsistent with the request. 
 A Holder may not use this Indenture to prejudice the
rights of another Holder or to obtain a preference or priority over another Holder. 
 SECTION 6.7 Rights of Holders of Notes to Receive
Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of Accreted
Value, premium, if any, and Additional Interest, if any, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.8 Collection Suit by Trustee.

 If an Event of Default specified in Section 6.1(1) or (2) hereof occurs and is continuing, the Trustee is
authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of Accreted Value of, premium and Additional Interest remaining unpaid on the Notes and interest on overdue Accreted Value and,
to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 SECTION 6.9 Trustee May File Proofs of Claim. 
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for

  

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the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other
obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the conversion or exchange of the Notes or on any
such claims and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to
the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof. To the extent that the payment of any
such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of
the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.10 Priorities. 
 Subject to the terms of the Pledge Agreement with respect to any proceeds of
Collateral, any money or property collected by the Trustee or the Collateral Agent pursuant to this Article VI and any money or other property distributable in respect of the Company’s obligations under this Indenture after an Event of Default
shall be applied in the following order, at the date or dates fixed by the Trustee or the Collateral Agent and, in case of the distribution of such money or property on account of Accreted Value (or premium, if any) or Additional Interest, if any,
upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 First: to the Trustee and the Collateral Agent (including any predecessor Trustee or Collateral Agent), its agents and attorneys for amounts due under Section 7.7 hereof, including payment of
all reasonable compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for Accreted Value, premium, if any, and Additional Interest, if any, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes for principal, premium, if any, and Additional Interest respectively; 
 Third: without duplication, to the Holders for any other Obligations owing to the Holders under this Indenture and the Notes; and 
 Fourth: to the Issuer or to such party as a court of competent jurisdiction shall direct. 
  

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 The Trustee may fix a record date and payment date for any payment to Holders pursuant to
this Section 6.10. 
 SECTION 6.11 Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.7 hereof, or a suit by Holders of more than 10% in aggregate principal amount at maturity of the then outstanding Notes. 
 SECTION 6.12 Appointment and Authorization of Wells Fargo Bank, N.A. as Collateral Agent. 
 (a) Wells Fargo
Bank, N.A. is hereby designated and appointed as the Collateral Agent of the Holders under the Pledge Agreement, and is authorized as the Collateral Agent for such Holders to execute and enter into the Pledge Agreement and all other instruments
relating to the Pledge Agreement and (i) to take action and exercise such powers and use such discretion as are expressly required or permitted hereunder and under the Pledge Agreement and all instruments relating hereto and thereto and
(ii) to exercise such powers and perform such duties as are, in each case, expressly delegated to the Collateral Agent by the terms hereof and thereof together with such other powers and discretion as are reasonably incidental hereto and
thereto. 
 (b) Notwithstanding any provision to the contrary elsewhere in this Indenture or the Pledge Agreement, the
Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein or therein or any fiduciary relationship with any Holder, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Indenture or the Pledge Agreement or otherwise exist against the Collateral Agent. 
 (c)
The Collateral Agent may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered
by it hereunder or under the Pledge Agreement in good faith and in accordance with the advice or opinion of such counsel. 
 ARTICLE VII 
 TRUSTEE 
 SECTION 7.1 Duties of Trustee. 
 (a) If an Event of Default has occurred
and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and the Pledge Agreement, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 
  

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 (b) Except during the continuance of an Event of Default: 
 (i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture, the Pledge Agreement
and the TIA and the Trustee need perform only those duties that are specifically set forth in this Indenture, the Pledge Agreement or the TIA and no others, and no implied covenants or obligations shall be read into this Indenture or the Pledge
Agreement against the Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture or the Pledge Agreement. However, the Trustee
shall be under a duty to examine the certificates and opinions specifically required to be furnished to it to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts or conclusions stated therein). 
 (c) The Trustee may not be relieved from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraphs (b) or (e) of this Section 7.1; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by an officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.5 hereof or otherwise in accordance with the direction of the Holders of a majority in aggregate principal amount at maturity of outstanding Notes relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture or any provision of the Pledge Agreement that in any way relates to the Trustee is subject to paragraphs (a), (b), (c),
(e) and (f) of this Section 7.1. 
 (e) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and
indemnity satisfactory to it against any loss, liability or expense. 
  

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 (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 SECTION 7.2 Rights of Trustee. 
 (a) The Trustee may conclusively rely and
shall be fully protected in acting or refraining from acting on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in any such document.

 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or
both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of the Trustee’s own choosing and the
Trustee shall be fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance on the advice or opinion of such counsel or on any Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or
agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution. Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company or a Guarantor shall
be sufficient if signed by an Officer of the Company or such Guarantor. 
 (f) The Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security and indemnity reasonably satisfactory to the Trustee
against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 
 (g)
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or documents, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine during normal business hours the books,

  

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records and premises of the Company or any Guarantor, personally or by agent or attorney at the sole cost of the Company, and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation. 
 (h) The rights, privileges, protections and benefits given to the Trustee,
including, without limitation, its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Persons employed to act hereunder or under the Pledge
Agreement (including, without limitation, the Collateral Agent). 
 (i) The Trustee may request that the Company deliver an
Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign
an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 (j) Beyond the exercise of reasonable care in the custody thereof, the Trustee shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee
or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Trustee shall not be responsible for filing any financing or continuation statements or recording any documents or instruments
in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Trustee shall be deemed to have exercised reasonable care in the custody of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or
omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee in good faith. 
 (k) The Trustee
shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any
action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence, bad faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any
agreement or assignment contained therein, for the validity of the title of the Company to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance
of the Collateral. The Trustee shall have no duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture or the Pledge Agreement by the Company, the Issuer or the Collateral Agent. 
 (l) The Trustee shall not be charged with knowledge of any Default or Event of Default under Section 6.1 (other than under
Section 6.1(1) or Section 6.1(2)) unless either (i) a Responsible Officer shall have actual knowledge thereof, or (ii) the Trustee shall have received notice thereof in accordance with Section 13.2 from the Issuer or any
Holder of the Notes. 
 (m) The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act,
the Trustee, like all financial institutions and in order to help fight the funding of

  

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terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 (n) The Company shall provide to the Trustee on a timely basis such information as the Trustee requires to enable the Trustee to prepare and
file any form required to be submitted by the Company with the Internal Revenue Service and the Holders of the Notes relating to original issue discount, including, without limitation, Form 1099-OID or any successor form. 
 SECTION 7.3 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it
were not Trustee. However, in the event that the Trustee acquires any conflicting interest as defined in Section 310(b) of the TIA, it must eliminate such conflict within 90 days, apply to the Commission for permission to continue as Trustee or
resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 SECTION 7.4
Trustee’s Disclaimer. 
 The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, or the existence, genuineness, value or protection of any Collateral (except for the safe custody of Collateral in its possession) for the legality, effectiveness or sufficiency of the Pledge Agreement, or
for the creation, perfection, priority, sufficiency or protection of any Note Lien, and it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer’s or upon the Issuer’s direction
under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in
the Notes, any statement or recital in any document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication on the Notes. 
 SECTION 7.5 Notice of Defaults. 
 If a Default occurs and is continuing and
if it is actually known to a Responsible Officer of the Trustee, the Trustee shall send electronically or mail to Holders a notice of the Default within 90 days after it occurs. Except in the case of a Default in payment of Accreted Value of,
premium, if any, or Additional Interest, if any, on any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of the Holders. 
 SECTION 7.6 Reports by Trustee to Holders of the Notes. 
 Within 60 days after each June 1 beginning with the June 1, 2010, and for so long as Notes remain outstanding, the Trustee shall send to the Holders a brief report dated as of such

  

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reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be
transmitted). The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all reports as required by TIA § 313(c). 
 A copy of each report at the time of its delivery to the Holders shall be mailed or delivered to the Company and filed with the Commission and each stock exchange on which the Company has informed the
Trustee in writing the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee in writing when the Notes are listed on any stock exchange and of any delisting thereof. 
 SECTION 7.7 Compensation and Indemnity. 
 The Issuer shall pay to the Trustee from time to time compensation for its acceptance of this Indenture and services hereunder as the parties will agree from time to time. The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the
compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 The Issuer and the Guarantors, if any, jointly and severally, shall indemnify the Trustee (which for purposes of this Section 7.7 shall include its officers, directors, employees and agents) against
any and all claims, damage, losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against
the Issuer (including this Section 7.7) and defending itself against any claim (whether asserted by the Issuer or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder except to the extent any such loss, claim, damage, liability or expense may be attributable to its negligence or willful misconduct. The Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuer shall pay the
reasonable fees and expenses of one such counsel. The Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 The obligations of the Issuer and the Guarantors, if any, under this Section 7.7 shall survive the satisfaction and discharge or termination for any reason of this Indenture or the resignation or
removal of the Trustee. 
 To secure the Issuer’s and the Guarantors’, if any, obligations in this Section 7.7,
the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay Accreted Value or Additional Interest, if any, on particular Notes. Such Lien shall survive the satisfaction
and discharge or termination for any reason of this Indenture and the resignation or removal of the Trustee. 
  

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 In addition, and without prejudice to the rights provided to the Trustee under any of the
provisions of this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(8) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its
agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 “Trustee” for the purposes of this Section 7.7 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder and each agent, custodian and other person employed to act hereunder or under the
Pledge Agreement; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
 The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
 SECTION 7.8 Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.8.

 The Trustee may resign at any time and be discharged from the trust hereby created by so notifying the Issuer in writing. The
Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 
 (a) the Trustee fails to comply with Section 7.10 hereof; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (c) a Custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall notify each Holder of
such event and shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount at maturity of all outstanding Notes may appoint a successor Trustee to
replace the successor Trustee appointed by the Issuer. 
 A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuer. Promptly after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided in Section 7.7 hereof, the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall deliver notice of its succession to each Holder.

  

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 If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10% in aggregate principal amount at maturity of all outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 If the Trustee fails to comply with Section 7.10 hereof, any Holder may petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding replacement of the Trustee pursuant to
this Section 7.08, the Issuer’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee. 
 SECTION 7.9 Successor Trustee by Merger, Etc. 
 If the Trustee or any Agent consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any further act shall be the successor Trustee or any Agent, as applicable. 
 SECTION 7.10 Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws
to exercise corporate trustee power and that is subject to supervision or examination by federal or state authorities. The Trustee together with its affiliates shall at all times have a combined capital surplus of at least $50.0 million as set forth
in its most recent annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the requirements of
TIA §§ 310(a)(l), (2) and (5). The Trustee is subject to TIA § 310(b) including the provision in § 310(b)(1); provided that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or
indentures under which other securities, or certificates of interest or participation in other securities, of the Issuer or the Guarantors, if any, are outstanding if the requirements for exclusion set forth in TIA § 310(b)(1) are met.

 SECTION 7.11 Preferential Collection of Claims Against the Issuer. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 SECTION 7.12 Trustee’s Application for
Instructions from the Issuer. 
 Any application by the Trustee for written instructions from the Issuer may, at the option
of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable
for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than twenty Business Days after the

  

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date any officer of the Issuer actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the
effective date in the case of an omission), a Responsible Officer of the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 
 SECTION 7.13 Limitation of Liability. 
 In no event shall the Trustee, in its capacity as such or as Collateral Agent, Paying Agent or Registrar or in any other capacity hereunder, be liable under or in connection with this Indenture for
indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee has been advised of the possibility thereof and regardless
of the form of action in which such damages are sought. The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by
circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities,
computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. The provisions of this Section shall survive satisfaction and discharge or the termination for any
reason of this Indenture and the resignation or removal of the Trustee. 
 SECTION 7.14 Collateral Agent. 
 The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Collateral Agent as if the Collateral Agent were named as the Trustee herein. 
 SECTION 7.15 Co-Trustees; Separate Trustee; Collateral Agent. 
 At any time or times, the Issuer, the
Collateral Agent and the Trustee shall have power to appoint, and, upon the written request of (i) the Trustee or the Collateral Agent or (ii) the holders of at least 25% of the outstanding principal amount at maturity of the Notes, the
Issuer shall for such purpose join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either to act as co-trustee, jointly with
the Trustee, or to act as separate trustee, co-collateral agent, sub-collateral agent or separate collateral agent of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person
or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 7.15. If the Issuer does not join in such appointment within 15 days after the receipt by
it of a request so to do, or in case an Event of Default has occurred and is continuing, the Trustee or the Collateral Agent alone shall have power to make such appointment. 
 Should any written instrument from the Issuer be requested by any co-trustee or separate trustee or co-collateral agent, sub-collateral
agent or separate collateral agent so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right or power, any and all such instruments shall, on request of such co-trustee or separate trustee or separate
collateral agent, be executed, acknowledged and delivered by the Issuer. 
  

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 Any co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate
collateral agent shall agree in writing to be and shall be subject to the provisions of the Pledge Agreement as if it were the Trustee thereunder (and the Trustee shall continue to be so subject). 
 Every co-trustee or separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent shall, to the extent
permitted by law, but to such extent only, be appointed subject to the following terms, namely: 
 (a) The Notes
shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder,
shall be exercised solely, by the Trustee. 
 (b) The rights, powers, duties and obligations hereby conferred or
imposed upon the Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee or separate trustee jointly, or by the Trustee and
such co-collateral agent, sub-collateral agent or separate collateral agent jointly as shall be provided in the instrument appointing such co-trustee, separate trustee or separate collateral agent, except to the extent that under any law of any
jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee,
separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent. 
 (c) The Trustee at
any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee, separate trustee or co-collateral agent, sub-collateral agent or
separate collateral agent appointed under this Section 7.15, and, in case an Event of Default has occurred and is continuing, the Trustee shall have power to accept the resignation of, or remove, any such co-trustee, separate trustee or
co-collateral agent, sub-collateral agent or separate collateral agent without the concurrence of the Issuer. Upon the written request of the Trustee, the Issuer shall join with the Trustee in the execution, delivery and performance of all
instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent so resigned or removed may be
appointed in the manner provided in this Section 7.15. 
 (d) No co-trustee, separate trustee or
co-collateral agent, sub-collateral agent or separate collateral agent hereunder shall be liable by reason of any act or omission of the Trustee, or any other such trustee, co-trustee, separate trustee, co-collateral agent, sub-collateral agent or
separate collateral agent hereunder. 
  

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 (e) The Trustee shall not be liable by reason of any act or omission of any
co-trustee, separate trustee, co-collateral agent, sub-collateral agent or separate collateral agent. 
 (f) Any
act of holders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent, as the case may be. 
 ARTICLE VIII 
 DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 8.1 Option to Effect Defeasance or Covenant Defeasance. 
 The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officers’ Certificate, at any
time, elect to have either Section 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 
 SECTION 8.2 Defeasance and Discharge. 
 Upon the Issuer’s exercise
under Section 8.1 hereof of the option applicable to this Section 8.2, the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its obligations with
respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “defeasance”). For this purpose, defeasance means that the Issuer shall be deemed to have paid and discharged the entire Debt
represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have
satisfied all of its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall
survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the Accreted Value of, premium, if any, and Additional Interest, if any, on such Notes when such
payments are due from the trust referred to in Section 8.4(l); (b) the Issuer’s obligations with respect to such Notes under Sections 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.10 and 4.2 hereof; (c) the rights, powers, trusts, benefits and
immunities of the Trustee, including without limitation thereunder, under Section 7.7, 8.5 and 8.7 hereof and the Issuer’s obligations in connection therewith; (d) the Company’s rights pursuant to Section 3.7; and
(e) the provisions of this Article VIII. Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof. 
  

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 The Issuer and the Guarantors, if any, may terminate the obligations under this Indenture
when: 
 (1) either: (A) all Notes theretofore authenticated and delivered have been delivered to the
Trustee for cancellation, or (B) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable or (ii) will become due and payable within one year or are to be called for redemption within
one year (a “Discharge”) under irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company has irrevocably deposited or
caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire indebtedness on the Notes, not theretofore delivered to the Trustee for cancellation, for Accreted Value of, premium, if any, and interest to the
Stated Maturity or date of redemption; 
 (2) the Issuer has paid or caused to be paid all other sums then due
and payable under this Indenture by the Issuer; 
 (3) the deposit will not result in a breach or violation of,
or constitute a default under, any other instrument to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 
 (4) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case
may be; and 
 (5) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel reasonably acceptable to the Trustee, each stating that all conditions precedent under this Indenture relating to the Discharge have been complied with. 
 The Issuer may elect, at its option, to have its obligations discharged with respect to the outstanding Notes. Such defeasance means that the Issuer will be deemed to have paid and discharged the entire
indebtedness represented by the outstanding Notes, except for: 
 (1) the rights of Holders of such Notes to
receive payments in respect of the Accreted Value of and any premium and Additional Interest on such Notes when payments are due, 
 (2) the Issuer’s obligations with respect to such Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or
agency for payment and money for security payments held in trust, 
 (3) the rights, powers, trusts, duties and
immunities of the Trustee, 
 (4) the Company’s right of optional redemption, and 
 (5) the defeasance provisions of this Indenture. 
  

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 SECTION 8.3 Covenant Defeasance. 
 Upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Issuer shall, subject
to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from its obligations under the covenants contained in Sections 4.3, 4.4, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.17, 4.20, 4.21 and 5.1 hereof with
respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that
such Notes shall not be deemed outstanding for accounting purposes). For this purpose, covenant defeasance means that, with respect to the outstanding Notes, the Issuer or any of its Subsidiaries may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be
unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(3) and
(5) hereof shall not constitute Events of Default. 
 SECTION 8.4 Conditions to Defeasance or Covenant Defeasance. 
 The following shall be the conditions to the application of either Section 8.2 or 8.3 hereof to the outstanding Notes: 
 In order to exercise either defeasance or covenant defeasance: 
 (1) the Issuer must irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefits of the Holders of such Notes: (A) money in an amount, or (B) U.S. government obligations which through the scheduled
payment of Accreted Value and Additional Interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount or (C) a combination thereof, in each case sufficient without
reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and
discharge, the entire indebtedness in respect of the Accreted Value of and premium, if any, and Additional Interest on such Notes on the Stated Maturity thereof or (if the Issuer has made irrevocable arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name and at the expense of the Issuer) the redemption date thereof, as the case may be, in accordance with the terms of this Indenture and such Notes; 
  

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 (2) in the case of defeasance, the Issuer shall have delivered to the
Trustee an Opinion of Counsel stating that (A) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the applicable United
States federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Notes will not recognize gain or loss for United States federal income tax purposes as a
result of the deposit, defeasance and discharge to be effected with respect to such Notes and will be subject to United States federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit,
defeasance and discharge were not to occur; 
 (3) in the case of covenant defeasance, the Issuer shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such outstanding Notes will not recognize gain or loss for United States federal income tax purposes as a result of the deposit and covenant defeasance to be effected
with respect to such Notes and will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and covenant defeasance were not to occur; 
 (4) no Default or Event of Default with respect to the outstanding Notes shall have occurred and be continuing at the time of
such deposit after giving effect thereto (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien to secure such borrowing); 
 (5) such defeasance or covenant defeasance shall not cause the Trustee to have a conflicting interest within the meaning of
the TIA (assuming all Notes are in default within the meaning of the TIA); 
 (6) such defeasance or covenant
defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or material instrument (other than this Indenture) to which the Company is a party or by which the Company is bound; and 
 (7) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent with respect to such defeasance or covenant defeasance have been complied with. 
 In the event of
a defeasance or a Discharge, a Holder whose taxable year straddles the deposit of funds and the distribution in redemption to such Holder would be subject to tax on any gain (whether characterized as capital gain or market discount) in the year of
deposit rather than in the year of receipt. In connection with a Discharge, in the event the Issuer becomes insolvent within the applicable preference period after the date of deposit, monies held for the payment of the Notes may be part of the
bankruptcy estate of the Issuer, disbursement of such monies may be subject to the automatic stay of the Bankruptcy Code and monies disbursed to Holders may be subject to disgorgement in favor of the Issuer’s estate. Similar results may apply
upon the insolvency of the Issuer during the applicable preference period following the deposit of monies in connection with defeasance. 
  

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 Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above with
respect to a Defeasance need not to be delivered if all Notes not therefore delivered to the Trustee for cancellation (x) have become due and payable, or (y) will become due and payable at Stated Maturity within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 SECTION
8.5 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 
 Subject to
Section 8.6 hereof, all money and non-callable U.S. government obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5, the
“Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes shall be held in trust, shall not be invested, and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company or any Subsidiary acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of Accreted Value,
premium, if any, and Additional Interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. government obligations deposited pursuant to Section 8.4 hereof or the Accreted Value and
Additional Interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the written request of the Issuer and be relieved of all liability with
respect to any money or non-callable U.S. government obligations held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent defeasance or covenant defeasance. 
 SECTION 8.6 Repayment to Issuer. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the Accreted Value of, premium, if any, or Additional Interest, if any, on any Note and remaining unclaimed for one year after
such Accreted Value and premium, if any, or Additional Interest has become due and payable shall be paid to the Issuer on its written request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in The New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then
remaining shall be repaid to the Issuer. 
  

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 SECTION 8.7 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S. government obligations in accordance with
Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations of the Issuer under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or 8.3
hereof, as the case may be; provided, however, that, if the Issuer makes any payment of Accreted Value of, premium, if any, or Additional Interest on any Note following the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE IX 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 SECTION 9.1 Without Consent of Holders of the Notes. 
 Notwithstanding
Section 9.2 of this Indenture, without the consent of any Holders, the Company, the Guarantors, if any, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to this Indenture and the Guarantees,
if any, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Company and
the assumption by any such successor of the covenants of the Company in the Indenture and in the Notes; 
 (2) to
add to the covenants of the Company for the benefit of the Holders, or to surrender any right or power herein conferred upon the Issuer; 
 (3) to add additional Events of Default; 
 (4) to provide for
Global Notes in addition to or in place of the certificated Notes; 
 (5) to evidence and provide for the
acceptance of appointment under this Indenture by a successor Trustee; 
 (6) to provide for or confirm the
issuance of Additional Notes in accordance with the terms of this Indenture; 
  

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 (7) to add a Guarantor or to release a Guarantor in accordance with this
Indenture; 
 (8) to cure any ambiguity, defect, omission, mistake or inconsistency; 
 (9) to make any other provisions with respect to matters or questions arising under this Indenture, provided that such
actions pursuant to this clause shall not adversely affect the interests of the Holders in any material respect, as determined in good faith by the Board of Directors of the Company; 
 (10) to conform the text of this Indenture or the Notes to any provision of the “Description of Notes” in the
Offering Memorandum to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in the “Description of Notes”;

 (11) to provide for the release of the Ryerson Stock from the Lien of this Indenture and the Pledge Agreement
when permitted or required by the Pledge Agreement or this Indenture; or 
 (12) to increase the amount payable
in respect of the Accreted Value thereof or the rate of interest thereon or any premium payable thereon 
 SECTION 9.2 With Consent of
Holders of Notes. 
 With the consent of the Holders of not less than a majority in aggregate principal amount at maturity
of the outstanding Notes, the Company, the Guarantors, if any, and the Trustee may enter into an indenture or indentures supplemental to this Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or the Notes or of modifying in any manner the rights of the Holders under this Indenture, including the definitions herein; provided, however, that no such supplemental indenture shall, without the consent
of the Holder of each outstanding Note affected thereby: 
 (1) change the Stated Maturity of any Note or of any
installment of interest on any Note, or reduce the amount payable in respect of the Accreted Value thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due and payable on acceleration of the
maturity thereof, or change the place of payment where, or the coin or currency in which, any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or change the date on which any Notes may be subject to redemption or reduce the Redemption Price therefor, 
 (2) reduce the percentage in aggregate principal amount at maturity of the outstanding Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders
is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, 
  

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 (3) modify the obligations of the Company to make redemptions or Offers to
Purchase upon a Change of Control, Qualified Equity Issuances of Available Amount or from the Excess Proceeds of Asset Sales if such modification was done after the occurrence of the applicable event, 
 (4) subordinate, in right of payment, the Notes to any other Debt of the Company, 
 (5) modify any of the provisions of this paragraph or provisions relating to waiver of defaults or certain covenants, except
to increase any such percentage required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby; or 
 (6) change the method of calculating Accreted Value except as provided in the Indenture (other than in accordance with the
terms of this indenture). 
 In addition, any amendment to, or waiver of, the provisions of this Indenture or the Pledge
Agreement that has the effect of releasing the Ryerson Stock from the Liens securing the Notes will require the consent of the Holders of at least 100% in aggregate principal amount at maturity of the Notes then outstanding. 
 The Holders of not less than a majority in aggregate principal amount at maturity of the outstanding Notes may on behalf of the Holders of
all the Notes waive any past default under this Indenture and its consequences, except a default: 
 (1) in any
payment in respect of the Accreted Value of (or premium, if any) or interest on any Notes (including any Note which is required to have been purchased pursuant to an Offer to Purchase which has been made by the Issuer), or 
 (2) in respect of a covenant or provision hereof which under this Indenture cannot be modified or amended without the consent
of the Holder of each outstanding Note affected. 
 SECTION 9.3 Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with
the TIA as then in effect. 
 SECTION 9.4 Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder and
every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on the Note. However, any such Holder or subsequent Holder may revoke the
consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. When an amendment, supplement or waiver becomes effective in accordance with its terms, it thereafter
binds every Holder. 
  

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 The Issuer may, but shall not be obligated to, fix a record date for determining which
Holders consent to such amendment, supplement or waiver. If the Issuer fixes a record date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of
Holders furnished for the Trustee prior to such solicitation pursuant to Section 2.5 hereof or (ii) such other date as the Issuer shall designate. 
 SECTION 9.5 Notation on or Exchange of Notes. 
 The Trustee may upon the
written request of an Officer of the Issuer, place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee upon the written request of an
Officer of the Issuer shall authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the
appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
 After any amendment, supplement or waiver becomes effective, the Company shall mail to Holders a notice briefly describing such amendment, supplement or waiver. The failure to give such notice shall not affect the validity and effect of
such amendment, supplement or waiver. 
 SECTION 9.6 Trustee to Sign Amendments, Etc. 
 The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuer and the Guarantors, if any, may not sign an amendment or supplemental indenture until their respective Boards of Directors approve it. In signing or refusing
to sign any amendment or supplemental indenture the Trustee shall be entitled to receive and (subject to Section 7.1 hereof) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such amendment or supplemental indenture is authorized or permitted by this Indenture, that all conditions precedent thereto have been met or waived, that such amendment or supplemental indenture is not inconsistent herewith, and that
it will be valid and binding upon the Issuer in accordance with its terms. 
 ARTICLE X 
 SECURITY 
 SECTION 10.1 Pledge
Agreement. 
 In order to secure the due and punctual payment of the Note Obligations, in the case of the Issuer, and the
Guarantees in Article XII hereof, if any, in the case of the Guarantors, when

  

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and as the same shall be due and payable, the Company, the Guarantors, if any, and the Collateral Agent have simultaneously with the execution of this Indenture entered into the Pledge Agreement
or transfers of security to create the Security Interests securing such obligations and for other matters. The Issuer shall do all filings (including filings of continuation statements and amendments to UCC financing statements that may be necessary
to continue the effectiveness of such UCC financing statements) and execute, acknowledge and deliver to the Collateral Agent such assignments, transfers, assurances or other instruments and do all other actions as are necessary or required by, at or
prior to the times required hereby or by the Pledge Agreement, to maintain (at the sole cost and expense of the Company and its Restricted Subsidiaries) the Security Interest created by the Pledge Agreement in the Collateral (other than with respect
to any Collateral the Security Interest in which is not required to be perfected under the Pledge Agreement) as a perfected first priority Security Interest subject only to Permitted Collateral Liens. 
 SECTION 10.2 Recording, Registration and Opinions. 
 The Issuer shall furnish to the Trustee at least thirty (30) days prior to the anniversary of the Issue Date in each year, beginning with 2011, an Opinion of Counsel, dated as of such date, either
(i) (x) stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording, and refiling of this Indenture or the Pledge Agreement, as applicable, as are necessary to maintain the
perfected Liens of the Pledge Agreement securing Note Obligations under applicable law other than any action as described therein to be taken and such opinion may refer to prior Opinions of Counsel, contain customary qualifications and exceptions
and rely on an Officer’s Certificate of the Issuer, and (y) stating that on the date of such Opinion of Counsel, all financing statements, financing statement amendments and continuation statements have been or will be executed and filed
that are necessary, as of such date or promptly thereafter and during the succeeding 12 months, fully to maintain the perfection of the security interests of the Collateral Agent securing Note Obligations with respect to the Collateral and such
Opinion of Counsel may contain customary qualifications and exceptions and may rely on an Officer’s Certificate; provided that if there is a required filing of a continuation statement or other instrument within such 12 month period and
such continuation statement or amendment is not effective if filed at the time of the opinion, such opinion may so state and in that case the Issuer shall cause a continuation statement or amendment to be timely filed so as to maintain such Liens
and security interests securing Note Obligations or (ii) stating that, in the opinion of such counsel, no such action is necessary to maintain such Liens or security interests. 
 SECTION 10.3 Release of Ryerson Stock. 
 The Indenture and the Pledge
Agreement provide that the Lien on the Ryerson Stock securing the Notes will, upon compliance with the conditions precedent to the release of the Collateral together with such documentation, if any, as may be required by the Trust Indenture Act and
this Indenture, automatically and without the need for any further action by any Person be released so long as such release is otherwise in compliance with the TIA: 
 (1) upon: 
 (a) payment in full of the Accreted Value of, accrued and unpaid interest and premium on the Notes; or 
  

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 (b) satisfaction and discharge of this Indenture under Section 8.2
hereof; or 
 (c) legal defeasance or covenant defeasance of this Indenture under Article VIII hereof; or

 (2) with the consent of the holders of at least 100% in aggregate principal amount at maturity of the Notes.

 Notwithstanding anything to the contrary herein, the Issuer will not be required to comply with all or any portion of
Section 314(d) of the TIA if they determine, in good faith based on advice of counsel, that under the terms of that section and/or any interpretation or guidance as to the meaning thereof of the Commission and its staff, including “no
action” letters or exemptive orders, all or any portion of Section 314(d) of the TIA is inapplicable to the released Collateral. Without limiting the generality of the foregoing, certain no-action letters issued by the Commission have
permitted an indenture qualified under the Trust Indenture Act to contain provisions permitting the release of collateral from Liens under such indenture in the ordinary course of the Issuer’s business without requiring the Issuer to provide
certificates and other documents under Section 314(d) of the TIA. 
 If any Collateral is released in accordance with the
Pledge Agreement (other than as otherwise permitted by this Indenture) and if the Issuer has delivered the certificates and documents required by the Pledge Agreement, the Trustee will determine whether it has received all documentation required by
Section 314(d) of the TIA in connection with such release. 
 SECTION 10.4 Form and Sufficiency of Release. 
 In the event that the Company has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any
portion of the Ryerson Stock that, under the terms of this Indenture may be sold, exchanged or otherwise disposed of by the Company, and the Issuer requests (which shall be accompanied by an Officers’ Certificate and Opinion of Counsel, each to
the effect that such conditions precedent have been compiled with in regards to such request) the Collateral Agent to furnish a written disclaimer, release or quitclaim of any interest in such property under this Indenture and the Pledge Agreement,
upon being satisfied that the Company is selling, exchanging or otherwise disposing of the Collateral in accordance with the provisions of Section 10.3, the Collateral Agent shall execute, acknowledge and deliver to the Company such an
instrument in the form provided by the Company, and providing for release without recourse, promptly after satisfaction of the conditions set forth herein for delivery of such release and shall take such other action as the Company may reasonably
request and as necessary to effect such release. Notwithstanding the preceding sentence, all purchasers and grantees of any property or rights purporting to be released shall be entitled to rely upon any release executed by the Collateral Agent
hereunder as sufficient for the purpose of this Indenture and as constituting a good and valid release of the property therein described from the Lien of this Indenture and the Pledge Agreement. 
  

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 SECTION 10.5 Possession and Use of Collateral. 
 Subject to and in accordance with the provisions of this Indenture and the Pledge Agreement, so long as the Trustee has not exercised rights
or remedies with respect to the Collateral in connection with an Event of Default that has occurred and is continuing, the Company shall have the right to remain in possession and retain exclusive control of and to exercise all rights with respect
to the Collateral (other than monies or Eligible Cash Equivalents deposited pursuant to Article VIII, and other than as set forth in the Pledge Agreement and this Indenture), to operate, manage, develop, lease, use, consume and enjoy the Collateral
(other than monies and Eligible Cash Equivalents deposited pursuant to Article VIII and other than as set forth in the Pledge Agreement and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not in any
material respect impair the Lien of the Pledge Agreement thereon, do not otherwise allow any Liens thereon other than Permitted Collateral Liens and otherwise comply with Section 10.7 hereof, and to collect, receive, use, invest and dispose of
the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof. 
 SECTION 10.6
Specified Releases of Collateral. 
 Company shall be entitled to obtain a full release of all of the Ryerson Stock from
the Liens of this Indenture and of the Pledge Agreement upon payment in full of all Accreted Value, premium, if any, interest and Additional Interest, if any, on the Notes and of all Obligations for the payment of money due and owing to the Trustee
or the Holders, or upon compliance with the conditions precedent set forth in Article VIII for legal defeasance or covenant defeasance. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel, each to
the effect that such conditions precedent have been complied with (and which may be the same Officers’ Certificate and Opinion of Counsel required by Article VIII), together with such documentation, if any, as may be required by the Trustee or
the TIA (including, without limitation, TIA § 314(d)) prior to the release of such Collateral, the Trustee shall forthwith take all necessary action (at the request of and the expense of the Company) to release and reconvey to the Company and
the applicable Guarantors without recourse all of the Collateral, and shall deliver such Collateral in its possession to the Company and the applicable Guarantors including, without limitation, the execution and delivery of releases and
satisfactions wherever required. 
 SECTION 10.7 [RESERVED]. 
 SECTION 10.8 Purchaser Protected. 
 No purchaser or grantee of any property
or rights purporting to be released shall be bound to ascertain the authority of the Trustee to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority. 
 SECTION 10.9 Authorization of Actions to Be Taken by the Collateral Agent Under the Pledge Agreement. 
 The holders of Notes agree that the Collateral Agent shall be entitled to the rights, privileges, protections, immunities, indemnities and
benefits provided to the Collateral Agent by the Pledge Agreement. Furthermore, each holder of a Note, by accepting such Note, consents to the terms of and authorizes and directs the Trustee (in each of its capacities) and the Collateral Agent to
enter into and perform the Pledge Agreement in each of its capacities thereunder. 
  

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 SECTION 10.10 Authorization of Receipt of Funds by the Trustee Under the Pledge Agreement.

 The Trustee is authorized to receive any funds for the benefit of holders distributed under the Pledge Agreement to the
Trustee, to apply such funds as provided in this Indenture and to make further distributions of such funds in accordance with the applicable provisions of Section 6.10. 
 SECTION 10.11 Powers Exercisable by Receiver or Collateral Agent. 
 In case
the Ryerson Stock shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article X upon the Company, with respect to the release, sale or other disposition of such property may be exercised by such
receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company, or of any officer or officers thereof required by the provisions of this Article X. 
 ARTICLE XI 
 [RESERVED] 
 ARTICLE XII 
 NOTE GUARANTEES 
 SECTION 12.1 Note Guarantees. 
 (a) Each Guarantor hereby jointly and severally, fully, unconditionally and irrevocably guarantees the Notes and obligations of the Issuer
hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee on behalf of such Holder, that (i) the Accreted Value of and premium, if any and interest on the Notes shall be paid
in full when due, whether at Stated Maturity, by acceleration, call for redemption or otherwise (including, without limitation, the amount that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy
Code), together with interest on the overdue Accreted Value, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder shall be paid in full or
performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Note Guarantees shall be a guarantee of payment and not of collection. 
  

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 (b) Each Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any
judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 
 (c) Each Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Note Guarantee of such Guarantor shall not be discharged as
to any Note except by complete performance of the obligations contained in such Note and such Note Guarantee or as provided for in this Indenture. Each of the Guarantors hereby agrees that, in the event of a default in payment of principal or
premium, if any or interest on such Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the
terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce such Guarantor’s Note Guarantee without first proceeding against the Company or any other Guarantor. Each Guarantor agrees that if, after the
occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to
enforce or exercise any other right or remedy with respect to the Notes, such Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and
remedies been permitted to be exercised by the Trustee or any of the Holders. 
 (d) If any Holder or the Trustee is required by
any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the
Note Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which may be taken by the Trustee or any
Holder in reliance upon such amount required to be returned. This paragraph (d) shall survive the termination of this Indenture. 
 (e) Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI
hereof for the purposes of the Note Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of
such obligations as provided in Article VI hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Note Guarantee of such Guarantor. 
  

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 SECTION 12.2 Execution and Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 12.1, each Guarantor agrees that a notation of such Note Guarantee substantially in
the form attached hereto as Exhibit B shall be endorsed on each Note authenticated and delivered by the Trustee. Such notation of Note Guarantee shall be signed on behalf of such Guarantor by an officer of such Guarantor (or, if an officer is
not available, by a board member or director) on behalf of such Guarantor by manual or facsimile signature. In case the officer, board member or director of such Guarantor who shall have signed such notation of Note Guarantee shall cease to be such
officer, board member or director before the Note on which such Note Guarantee is endorsed shall have been authenticated and delivered by the Trustee, such Note nevertheless may be authenticated and delivered as though the Person who signed such
notation of Note Guarantee had not ceased to be such officer, board member or director. 
 Each Guarantor agrees that its Note
Guarantee set forth in Section 12.1 shall remain in full force and effect and apply to all the Notes notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. The delivery of any Note by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of any Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 The failure to endorse a Note Guarantee shall not affect or impair the validity thereof. 
 SECTION
12.3 Severability. 
 In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 12.4
Limitation of Guarantors’ Liability. 
 Each Guarantor and by its acceptance hereof each Holder confirms that it is
the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Federal Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or
any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders and Guarantors hereby irrevocably agree that the obligations of such
Guarantor under its Note Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Note Guarantee, result in the obligations of such Guarantor under its Note Guarantee constituting a fraudulent
transfer or conveyance. 
 SECTION 12.5 Guarantors May Consolidate, Etc., on Certain Terms. 
 Except as otherwise provided in Section 12.6, a Guarantor may not sell or otherwise dispose of all or substantially all of its assets,
or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person unless: 
 (1) immediately after giving effect to such transactions, no Default or Event of Default exists; and 
  

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 (2) either: 
 (A) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger assumes all the obligations of that Guarantor under this Indenture pursuant to a supplemental indenture satisfactory to the Trustee; or 
 (B) the Net Cash Proceeds of any such sale or other disposition of a Guarantor are applied in accordance with the provisions
of Section 4.10 hereof; and 
 (3) the Company delivers, or causes to be delivered, to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such sale, other disposition, consolidation or merger complies with the requirements of this Indenture. 
 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor
Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the
Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all such Note Guarantees had been issued at the date of the execution hereof. 
 Except as set forth in Articles IV and V hereof, and notwithstanding clauses (1) and (2) above, nothing contained in this
Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Issuer or another Guarantor. 
 SECTION 12.6 Releases Following Sale of Assets. 
 Any Guarantor shall be released and relieved of any obligations under this Note Guarantee, (1) in connection with any sale or other
disposition by the Issuer or any Subsidiary of the Issuer of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) a
Subsidiary, if the Issuer or the Guarantor applies the Net Proceeds of that sale or other disposition in accordance with the provisions of Section 4.10 hereof; or (2) in connection with any sale of all of the Capital Interests of a
Guarantor by the Issuer or any Subsidiary of the Issuer to a Person that is not (either before or after giving effect to such transaction) a Subsidiary, if the Issuer applies the Net Cash Proceeds of that sale in accordance with the provisions of
Section 4.10 hereof. Upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Issuer in accordance with the provisions of this Indenture, including
without limitation Section 4.10 hereof, the Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
  

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 Any Guarantor not released from its obligations under this Note Guarantee shall remain
liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article XII. 
 SECTION 12.7 Release of a Guarantor. 
 Any Guarantor that is designated by
the Board of Directors of the Company as an Unrestricted Subsidiary in accordance with the terms of this Indenture shall, at such time, be deemed automatically and unconditionally released and discharged of its obligations under its Note Guarantee
without any further action on the part of the Trustee or any Holder. The Trustee shall deliver an appropriate instrument evidencing such release upon receipt of the Company’s request for such release accompanied by an Officers’ Certificate
certifying as to the compliance with this Section 12.7. Any Guarantor not so released shall remain liable for the full amount of principal of and interest on the Notes as provided in its Note Guarantee. 
 SECTION 12.8 Benefits Acknowledged. 
 Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Note
Guarantee are knowingly made in contemplation of such benefits. 
 SECTION 12.9 Future Guarantors. 
 Each Person that is required to become a Guarantor after the Issue Date pursuant to Section 4.20 shall promptly execute and deliver to
the Trustee a supplemental indenture pursuant to which such Person shall become a Guarantor. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee an Opinion of Counsel and an
Officers’ Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer
and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Guarantor is a legal, valid and binding obligation of such Guarantor,
enforceable against such Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request. 
 ARTICLE XIII 
 MISCELLANEOUS 
 SECTION 13.1 Trust Indenture Act Controls. 
 If any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall control. 
  

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 SECTION 13.2 Notices. 
 Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return
receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others address: 
 If to the
Company or any Guarantor: 
 Ryerson Holding Corporation 
 c/o Platinum Equity Advisors, LLC 
 360 North Crescent Drive, South Building 
 Beverly Hills, California 90210 
 Facsimile: (310) 712-1863 
 Attention: Eva M. Kalawski, Vice
President and Secretary 
 With a copy to: 
 Willkie Farr & Gallagher LLP 
 787 Seventh Avenue 
 New York, New York 10019 
 Facsimile: (212) 728-9214

 Attention: Cristopher Greer 
 If to the Trustee: 
 Wells Fargo Bank, National Association

 Corporate Trust Services 
 MAC N9311-110 
 625 Marquette Avenue 
 Minneapolis, Minnesota 55479 
 Facsimile: (612) 667-9825 
 Attention: Ryerson Account Manager 
 The Issuer, the Guarantors, if any, and the
Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders and the Trustee) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier promising next Business Day delivery. 
 Any notice or communication to a Holder shall be sent electronically or mailed by first class mail or by overnight air courier promising
next Business Day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so sent to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to send a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  

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 If a notice or communication is mailed or delivered in the manner provided above within the
time prescribed, it is duly given, whether or not the addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt. 
 If the Issuer mails or delivers a notice or communication to Holders, it shall mail or deliver a copy to the Trustee and each Agent at the
same time. 
 SECTION 13.3 Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The
Issuer, the Guarantors, if any, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 SECTION 13.4
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Issuer to the Trustee to
take any action under this Indenture (other than the initial issuance of the Notes), the Issuer shall furnish to the Trustee upon request: 
 (a) an Officers’ Certificate (which shall include the statements set forth in Section 13.5 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been satisfied; and 
 (b) an Opinion of
Counsel (which shall include the statements set forth in Section 13.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 SECTION 13.5 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with
the provisions of TIA § 314(e) and shall include: 
 (a) a statement that the Person making such certificate
or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

  

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 (d) a statement as to whether or not, in the opinion of such Person, such
condition or covenant has been satisfied. 
 SECTION 13.6 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 SECTION 13.7 No Personal Liability of Directors, Officers, Employees and Stockholders.

 No director, officer, employee, stockholder, general or limited partner or incorporator, past, present or future, of the
Company or any of its Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Issuer under the Notes, or this Indenture by reason of his, her or its status as such director, officer, employee,
stockholder, general or limited partner or incorporator. 
 SECTION 13.8 Governing Law. 
 THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES, IF ANY. The parties
to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the
Notes, the Note Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court and hereby irrevocably waive, to
the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 13.9 No Adverse Interpretation of Other Agreements. 
 This
Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 13.10 Successors. 
 All agreements of the Issuer and the Guarantors, if any, in this Indenture and the Notes and the Note Guarantees, as applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind
its successors and assigns. 
  

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 SECTION 13.11 Severability. 
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 13.12 Counterpart Originals.

 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. 
 SECTION 13.13 Table of Contents, Headings, Etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 13.14 Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 13.14. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such
signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustee deems sufficient. 
 (c) The ownership of Notes shall be
proved by the Holder list maintained under Section 2.5 hereunder. 
 (d) Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
  

 -113- 

 (e) If the Issuer shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Issuer may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other Act, but the Issuer shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record
date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have authorized or agreed or consented
to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the
Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
 [Signatures on following page] 
  

 -114- 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the date first above written. 
  

			
	RYERSON HOLDING CORPORATION
		
	By:	 	/s/ Terence R. Rogers
		 	Name:
		 	Title:

  

 S-1 

			
	 WELLS FARGO BANK, N.A.,
 as Trustee

		
	By:	 	/s/ Lynn M. Steiner
		 	Name:
		 	Title:

  

 S-2 

 EXHIBIT A 
 [FORM OF FACE OF INITIAL NOTE] 
 14 1/2% Senior Discount Note due 2015 
 [Global Notes Legend] 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 
 [Restricted Notes Legend] 
 THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION

  

 A-1 

 
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE
(A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 
 THIS NOTE IS A CONTINGENT PAYMENT DEBT INSTRUMENT ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF
ORIGINAL ISSUE DISCOUNT. ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTES, AS WELL AS THE COMPARABLE YIELD AND PROJECTED PAYMENTS SCHEDULE, BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: RYERSON HOLDING
CORPORATION, C/O PLATINUM EQUITY ADVISORS, LLC, 360 NORTH CRESCENT DRIVE, SOUTH BUILDING, BEVERLY HILLS, CALIFORNIA 90210, ATTENTION: EVA M. KALAWSKI, VICE PRESIDENT AND SECRETARY. 
  

 A-2 

 RYERSON HOLDING CORPORATION 
 14 1/
2% SENIOR DISCOUNT NOTE DUE 2015 
  

			
	No. [    ]	    	 144A CUSIP: 783754 AA2
 144A
ISIN: US783754AA23
  
 REG S CUSIP: U75042 AA6
 REG S ISIN: USU75042AA60

 Ryerson Holding Corporation promises to pay to Cede & Co. or registered assigns, the principal sum of              Dollars
($         ) on February 1, 2015. 
 Reference is made to further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture
referred to on the reverse hereof or be valid or obligatory for any purpose. 
  

 A-3 

			
	RYERSON HOLDING CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	This is one of the 14 1/2% Senior Discount Notes referred to in the within-mentioned Indenture:
	Dated: January 29, 2010
	
	WELLS FARGO BANK, N.A, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

 A-4 

 [FORM OF REVERSE SIDE OF INITIAL NOTE] 
 14 1/2% Senior Discount Note due 2015 
 RYERSON HOLDING CORPORATION 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated. 
 (1) Interest. 
 (a) Ryerson Holding Corporation, a Delaware corporation, or its successor (together the “Company” or the
“Issuer”), will pay the principal amount at maturity of this Note on February 1, 2015, or if any such day is not a Business Day, on the next succeeding Business Day. The regular record dates are January 15 and
July 15. 
 At the Issue Date, the Notes have an initial Accreted Value of $455.98 per $1,000.00 aggregate principal amount
at maturity. Interest on this Note will accrue in the form of an increase in the Accreted Value of this Note and, except with respect to Additional Interest that does not increase the Accreted Value, no cash interest shall be paid and no cash
interest will accrue on the Notes. The accreted value of each note will increase from Issue Date to and including October 31, 2010 at a rate of 14.50%. Thereafter, the interest rate will increase by 1.00% (to 15.50%) to and including
July 31, 2011, increasing by an additional 1.00% (to 16.50%) on August 1, 2011 to and including April 30, 2012, and increasing by an additional 0.50% to (17.00%) on May 1, 2012 until the maturity date. Interest will be
compounded semi-annually such that the Accreted Value will equal the Accreted Value of each note as of the Specified Date, as described in the definition of Accreted Value in the Indenture. 
 The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on any overdue Accreted Value at
maturity at the rate equal to 1% per annum in excess of the then applicable rate of accretion on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful. Subject to the right of the Company, at its option, to pay interest on Additional Interest in cash, such interest shall be paid in the form of
an increase in Accreted Value. 
 [(b) Registration Rights Agreement. The Holder of this Note is
entitled to the benefits of a Registration Rights Agreement, dated as of January 29, 2010, among the Company and the Initial Purchasers named therein.]1 
 (2) Method of Payment. Except with respect to Additional Interest that
does not increase the Accreted Value, no cash interest shall be paid on this Note. Accreted Value and 
  

	1	To be included only in the Initial Notes on the Issue Date and any Additional Notes that bear the Restricted Note Legend. 

  

 A-5 

 
premium, if any, and Additional Interest (to the extent such Additional Interest does not increase the Accreted Value), if any, shall be considered paid for all purposes hereunder on the date the
Paying Agent, if other than the Issuer or a Subsidiary thereof, holds, as of 10:00 a.m. (New York City time), money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all such Accreted Value, premium, if
any, and Additional Interest (to the extent such Additional Interest does not increase the Accreted Value), if any, then due. 
 (3) Paying Agent and Registrar. Initially, Wells Fargo Bank, N.A., the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer
or any of its Restricted Subsidiaries may act in any such capacity. 
 (4) Indenture. The Issuer
issued the 14 1/2% Senior Discount Notes under an
Indenture, dated as of January 29, 2010 (the “Indenture”), among Ryerson Holding Corporation and the Trustee. The terms of the 14 1
/2% Senior Discount Notes include those stated in the Indenture and those made a part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”). To the extent the provisions of this 14 1/
2% Senior Discount Note are inconsistent with the provisions of the Indenture, the Indenture shall govern. The 14 1/2% Senior Discount Notes are subject to all such terms, and Holders
are referred to the Indenture and such the TIA for a statement of such terms. The 14 1/2% Senior Discount Notes issued on the Issue Date are senior Obligations of the Issuer limited to $483,000,000 in aggregate principal amount at maturity, plus amounts, if any, sufficient to pay premium, if
any, and Additional Interest, if any, on outstanding 14 1/2% Senior Discount Notes as set forth in Paragraph 1 hereof. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions. 
 (5) Optional Redemption. 
 (a) The Notes. The Notes will not be redeemable prior to May 1, 2010. Thereafter, the Notes are subject to redemption, at the option of the Company, in whole or in part, at any time upon not
less than 30 nor more than 60 days’ prior notice sent electronically or mailed by first-class mail to each Holder’s registered address, at the following Redemption Prices (expressed as percentages of the Accreted Value to be redeemed) set
forth below, plus accrued and unpaid Additional Interest, if any, to, but not including, the redemption date (subject to the right of Holders of record on the relevant regular record date to receive interest due on a Semi-Annual Accrual Date that is
on or prior to the redemption date) if redeemed during the periods indicated below: 
  

				
	 Year
	  	Redemption
Price	 
	 May 1, 2010 until (but not including) August 1, 2011
	  	102.000	% 
	 August 1, 2011 until (but not including) August 1, 2014
	  	104.000	% 
	 August 1, 2014 and thereafter
	  	100.000	% 

 (b) The Issuer
may, at any time and from time to time, purchase Notes in the open market or otherwise, subject to compliance with the Indenture and compliance with all applicable securities laws. 
  

 A-6 

 (6) Mandatory Redemption. Except as set forth under Sections 3.9, 4.10, 4.14, 4.16,
4.22 and 4.24 of the Indenture, the Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 (7) Repurchase at Option of Holder. 
 (a) Subject to Section 4.16 of
the Indenture, upon the occurrence of a Change of Control, each Holder will have the right to require the Issuer to repurchase all or any part (equal to $2,000 and any integral multiple of $1.00 in excess thereof (rounded up to the nearest whole
dollar)) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) at an offer price in cash equal to 101% of the Accreted Value thereof plus accrued and unpaid Additional Interest, if any,
thereon to the date of purchase. Within 30 days following any Change of Control, the Issuer will mail or deliver a notice to each Holder describing the transaction or transactions that constitute the Change of Control and setting forth the
procedures governing the Change of Control Offer required by the Indenture. 
 (b) Upon the occurrence of certain Asset Sales,
the Company may be required to offer to purchase Notes. 
 (c) Holders of the Notes that are the subject of an Offer to Purchase
will receive notice of an Offer to Purchase pursuant to an Asset Sale or a Change of Control from the Issuer prior to any related Purchase Date and may elect to have such Notes purchased by completing the form titled “Option of Holder to Elect
Purchase” appearing below. 
 (8) Redemption upon Certain Events. 
 (a) Redemption on Specified Change of Control. Upon the occurrence of a Specified Change of Control, the Issuer is required to redeem
the Notes at a price in cash equal to the Redemption Price applicable to the Notes pursuant to a Specified Change of Control Redemption. Not later than 60 days following the Specified Change of Control, subject to certain exceptions set forth in the
Indenture, the Issuer will mail a notice of redemption to each Holder and the Trustee describing the transaction or transactions that constitute the Specified Change of Control and setting forth the procedures governing the Specified Change of
Control Redemption required by the Indenture. 
 (b) Redemption and Offer to Purchase upon Certain Equity Issuances. The
Company will be required to redeem the maximum principal amount at maturity of Notes that is a minimum principal amount at maturity of $2,000 and an integral multiple of $1.00 in excess thereof that may be redeemed out of any Qualified Equity
Issuance Net Proceeds at a price in cash in an amount equal to the Redemption Price applicable to such Notes on the date on which notice of such redemption is given as set forth in Section 3.07(a) of the Indenture, in each case plus accrued and
unpaid Additional Interest, if any, to the date fixed for the closing of such redemption, in accordance with the procedures set forth in the Indenture, unless the Company has given notice of redemption as described in Section 3.07(a) of the
Indenture and Section 4.14(a) of the Indenture, in each case with respect to all the Notes. In addition, the Company will, and will cause its Restricted Subsidiaries (including Ryerson) to, use an amount equal to (x) 50% of any remaining
Qualified Equity Issuance Net Proceeds that are not applied in

  

 A-7 

 
accordance with the terms set forth above, less (y) any amounts previously paid by Ryerson to repurchase Ryerson Inc.’s 12% Senior Secured Notes due 2015 pursuant to the “equity
claw” provision set forth in Section 3.7(a)(iii) of the Ryerson Indenture (as in effect on the Issue Date) to make an Offer to Purchase to all holders of Ryerson Notes equal to the Excess Qualified Equity Issuance Proceeds. 
 (c) Mandatory Dividend from Ryerson Inc. to the Company and Redemption. At any time that the aggregate amount of all Available
Amounts dividended, distributed or paid to the Issuer pursuant Section 4.24 of the Indenture exceeds $10 million, the Issuer will use such aggregate amount of all Available Amounts to redeem the Notes at a price in cash equal to the Redemption
Price applicable to the Notes, in each case plus accrued and unpaid Additional Interest, if any, to the date fixed for the closing of such redemption, in accordance with the procedures set forth in the Indenture, unless the Issuer has given notice
of redemption as described under Section 3.7 or 4.22 of the Indenture, in each case with respect to all Notes then outstanding. 
 (9) Notice of Redemption. Notice of redemption shall be delivered in accordance with the provisions of the Indenture to each Holder whose Notes are to be redeemed. 
 (10) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in initial denominations of $2,000 and any
integral multiple of $1.00 in excess thereof (rounded up to the nearest whole dollar). The transfer of the Notes may be registered and the Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note
or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed
or during the period between a record date and the corresponding Interest Payment Date. 
 (11) Persons Deemed Owners.
The registered holder of a Note may be treated as its owner for all purposes. 
 (12) Amendment, Supplement and Waiver.
Subject to the following paragraphs, the Indenture and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount at maturity of the then outstanding Notes, including, without
limitation, consents obtained in connection with a purchase of or tender offer or exchange offer for Notes, and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes may be waived with the consent of
the Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes, including consents obtained in connection with a tender offer or exchange offer for the Notes. 
 (a) Amendment Without Consent of Holders. Notwithstanding Section 9.2 of the Indenture, without the consent of any Holders, the
Company, the Guarantors, if any, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture and the Guarantees, if any, for any of the following purposes: 
 (i) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of
the Company in the Indenture and in the Notes; 
  

 A-8 

 (ii) to add to the covenants of the Company for the benefit of the Holders,
or to surrender any right or power herein conferred upon the Issuer; 
 (iii) to add additional Events of
Default; 
 (iv) to provide for uncertificated Notes in addition to or in place of the certificated Notes;

 (v) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee;

 (vi) to provide for or confirm the issuance of Additional Notes in accordance with the terms of the Indenture;

 (vii) to add a Guarantor or to release a Guarantor in accordance with the Indenture; 
 (viii) to cure any ambiguity, defect, omission, mistake or inconsistency; 
 (ix) to make any other provisions with respect to matters or questions arising under the Indenture, provided that such
actions pursuant to this clause shall not adversely affect the interests of the Holders in any material respect, as determined in good faith by the Board of Directors of the Company; 
 (x) to conform the text of the Indenture or the Notes to any provision of the “Description of Notes” in the
Offering Memorandum to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in the “Description of Notes”;

 (xi) to provide for the release of the Ryerson Stock from the Lien of the Indenture and the Pledge Agreement
when permitted or required by the Pledge Agreement or the Indenture; or 
 (xii) to increase the amount payable
in respect of the Accreted Value thereof or the rate of interest thereon or any premium payable thereon. 
 (b) Amendment
With Consent of Holders. With the consent of the Holders of not less than a majority in aggregate principal amount at maturity of the outstanding Notes, the Company, the Guarantors, if any, and the Trustee may enter into an indenture or
indentures supplemental to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or the Notes or of modifying in any manner the rights of the Holders under the
Indenture, including the definitions therein; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each outstanding Note affected thereby: 
 (i) change the Stated Maturity of any Note or of any installment of interest on any Note, or reduce the amount payable in
respect of the Accreted Value thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due and payable on acceleration of the maturity thereof, or change the place of payment where, or the coin or
currency in which, any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or change the date on which any Notes may be subject to
redemption or reduce the Redemption Price therefor, 
  

 A-9 

 (ii) reduce the percentage in aggregate principal amount at maturity of the
outstanding Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults hereunder and
their consequences) provided for in the Indenture, 
 (iii) modify the obligations of the Company to make
redemptions or Offers to Purchase upon a Change of Control, Qualified Equity Issuances of Available Amount or from the Excess Proceeds of Asset Sales if such modification was done after the occurrence of the applicable event, 
 (iv) subordinate, in right of payment, the Notes to any other Debt of the Company, 
 (v) modify any of the provisions of this paragraph or provisions relating to waiver of defaults or certain covenants, except
to increase any such percentage required for such actions or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby; or 
 (vi) change the method of calculating Accreted Value except as provided in the Indenture. 
 In addition, any amendment to, or waiver of, the provisions of the Indenture or the Pledge Agreement that has the effect of releasing the
Ryerson Stock from the Liens securing the Notes will require the consent of the Holders of at least 100% in aggregate principal amount at maturity of the Notes then outstanding. 
 (c) Waiver of Defaults. The Holders of not less than a majority in aggregate principal amount at maturity of the outstanding Notes
may on behalf of the Holders of all the Notes waive any past default under the Indenture and its consequences, except a default: 
 (i) in any payment in respect of the Accreted Value of (or premium, if any) or interest on any Notes (including any Note which is required to have been purchased pursuant to an Offer to Purchase which has
been made by the Issuer), or 
 (ii) in respect of a covenant or provision hereof which under the Indenture
cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 
  

 A-10 

 (13) Defaults and Remedies. 
 Events of Default include: 
 (a) default in the payment in respect of the Accreted Value of (or premium, if any, on) any Note (whether at Stated Maturity or upon repurchase, acceleration, optional redemption, mandatory redemption or
otherwise); 
 (b) default in the payment of any Additional Interest upon any Note when it becomes due and
payable, and continuance of such default for a period of 30 days; 
 (c) failure to perform or comply with
Section 5.1 of the Indenture; 
 (d) default in the performance, or breach, of any covenant or agreement of
the Company in the Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clause (1), (2) or (3) above), and continuance of such default or breach for a period of 30 days
after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount at maturity of the outstanding Notes; 
 (e) a default or defaults under any bonds, debentures, notes or other evidences of Debt (including the Ryerson Notes but
excluding the Notes) by the Company, Ryerson or any Restricted Subsidiary having, individually or in the aggregate, a principal or similar amount outstanding of at least $10.0 million, whether such Debt now exists or shall hereafter be created,
which default or defaults shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a failure to pay at least $10.0 million of such Debt when due and payable after the expiration of any
applicable grace period with respect thereto; 
 (f) the entry against the Company or any Restricted Subsidiary
that is a Significant Subsidiary of a final judgment or final judgments for the payment of money in an aggregate amount in excess of $10.0 million, by a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived,
unstayed, unbonded or unsatisfied for a period of 60 consecutive days; 
 (g) the Company, any Restricted
Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case, 
 (ii) consents to the entry of an order for relief against it in an involuntary case, 
 (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, 
  

 A-11 

 (iv) makes a general assignment for the benefit of its creditors, or

 (v) generally is not paying its debts as they become due; 
 (h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief against the Company or any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in an involuntary case; 
 (ii) appoints a Custodian of the Company or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all
of the property of the Company or any of its Restricted Subsidiaries; or 
 (iii) orders the liquidation of the
Company or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary and the order or decree remains unstayed and in effect for 60 consecutive
days; or 
 (iv) unless all of the Ryerson Stock has been released from the Liens in
accordance with the provisions of the Indenture, default by the Company in the performance of Pledge Agreement which adversely affects the enforceability, validity, perfection or priority of the Liens on the Ryerson Stock granted to the Collateral
Agent for the benefit of the Trustee and the Holders of the Notes, the repudiation or disaffirmation by the Company or any Subsidiary of its material obligations under the Pledge Agreement or the determination in a judicial proceeding that the
Pledge Agreement is unenforceable or invalid against the Company or any Subsidiary party thereto for any reason with respect to a material portion of the Collateral (which default, repudiation, disaffirmation or determination is not rescinded,
stayed or waived by the Persons having such authority pursuant to the Pledge Agreement) or otherwise cured within 60 days after the Company receives written notice thereof specifying such occurrence from the Trustee or the Holders of at least
66 2/3% of the outstanding principal amount of the
Notes Obligations and demanding that such default be remedied. 
 Acceleration: 
 If an Event of Default (other than an Event of Default specified in clause (7) of Section 6.1 of the Indenture) occurs and is
continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount at maturity of the outstanding Notes may declare the Accreted Value of the Notes and any accrued but unpaid Additional Interest, if
any, on the Notes to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by Holders); provided, however, that after such acceleration, but before a judgment or decree based on acceleration,
the Holders of a majority in aggregate principal amount at maturity of the outstanding Notes may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated Accreted Value of
or interest on the Notes, have been cured or waived as provided in the Indenture. 
  

 A-12 

 In the event of a declaration of acceleration of the Notes solely because an Event of
Default described in clause (5) of Section 6.1 of the Indenture has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or payment default
triggering such Event of Default pursuant to clause (5) of Section 6.1 of the Indenture shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 20 Business
Days after the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the
payment of amounts due on the Notes. 
 If an Event of Default specified in clause (7) of Section 6.1 of the Indenture
occurs with respect to the Company, the Accreted Value of, and accrued Additional Interest, if any, on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or
any Holder. The Trustee may withhold from Holders notice of any Default (except Default in payment of Accreted Value of, premium, if any, and Additional Interest, if any,) if the Trustee determines that withholding notice is in the interest of the
Holders to do so. 
 (14) Trustee Dealings with the Issuer and Affiliates of the Issuer. The Trustee in its individual or
any other capacity, may make loans to, accept deposits from, and perform services for the Company and its Affiliates, and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee.

 (15) No Recourse Against Others. No director, officer, employee, stockholder, general or limited partner or
incorporator, past, present or future, of the Company or any of its Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Issuer under the Notes or the Indenture by reason of his, her or its status
as such director, officer, employee, stockholder, general or limited partner or incorporator. 
 (16)
Authentication. This 14 1/2% Senior Discount
Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 (17)
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (18) CUSIP, ISIN
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the 14 1/2% Senior Discount Notes and the Trustee may use CUSIP, ISIN or other
similar numbers in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the 14 1/2% Senior Discount Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon. 
  

 A-13 

 The Issuer shall furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Ryerson Holding Corporation 
 c/o Platinum Equity Advisors, LLC 
 360 North Crescent Drive, South Building 
 Beverly Hills, California 90210

 Facsimile: (310) 712-1863 
 Attention: Eva M. Kalawski, Vice President and Secretary 
  

 A-14 

 ASSIGNMENT FORM 
 To assign this 14 1/2% Senior Discount Note, fill in the form below: (I) or (we)
assign and transfer this 14 1/2% Senior Discount
Note to 
  
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  
  
  
  
  
  
 (Print or type assignee’s name,
address and zip code) 
  

			
	and irrevocably appoint	 	  

 to transfer this 14 1/2% Senior Discount Note on the books of Ryerson Holding Corporation. The agent may substitute another to act for him. 
  

			
	Date:	 	
                                         
       

  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this 14 1/
2% Senior Discount Note)

  

			
	Signature guarantee:	 	  

		 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

  

 A-15 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this 14 1/2% Senior Discount Note purchased by Ryerson Holding Corporation
pursuant to Section 4.10 (Asset Sale), 4.14 (Change of Control) or 4.22 (Equity Issuance) of the Indenture, check the box below: 
 [    ] Section 4.10            [    ]
Section 4.14            [    ] Section 4.22 
 If you want to elect to have only part of the 14 1/2% Senior Secured Note purchased by Ryerson Holding Corporation pursuant to Section 4.10, 4.14 or 4.22 of the Indenture, state the amount you elect to have purchased: $ 
  

									
	Date:	 	
                                         
       	 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the 14 1/2% Senior Discount Note)

  

			
	Signature guarantee:	 	  

		 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

  

 A-16 

 CERTIFICATE TO BE DELIVERED UPON 
 EXCHANGE OR REGISTRATION 
 OF TRANSFER RESTRICTED NOTES

 Ryerson Holding Corporation 
 c/o
Platinum Equity Advisors, LLC 
 360 North Crescent Drive, South Building 
 Beverly Hills, California 90210 
 Facsimile: (310) 712-1863 
 Attention: Eva M. Kalawski, Vice President and Secretary 
 Wells Fargo Bank, National Association, as Trustee 
 Corporate Trust Services 
 MAC N9311-110 
 625 Marquette Avenue 
 Minneapolis, MN 55479 
 Facsimile:
(612) 667-9825 
 Attention: Ryerson Holding Corporation Account Manager 
  

	 	Re:	 Ryerson Holding Corporation 14 1/
2% Senior Discount Note due 2015 

 CUSIP #
                                         
                                         
               
 Reference is hereby made to that
certain Indenture dated January 29, 2010 (the “Indenture”) among Ryerson Holding Corporation (“Holdco”) and Wells Fargo Bank, N.A., as trustee (the “Trustee”). Capitalized terms used but not
defined herein shall have the meanings set forth in the Indenture. 
 This certificate relates to
$             principal amount at maturity of Notes held in (check applicable space)            book-entry or
             definitive form by the undersigned. 
 The
undersigned                      (transferor) (check one box below): 
  ̈ hereby requests the Registrar to deliver in exchange for its beneficial interest in the
Global Note held by the Depository a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount at maturity equal to its beneficial interest in such Global Note (or the portion thereof indicated
above), in accordance with Section 2.6 of the Indenture; 
  ̈ pursuant to
an effective registration statement under the Securities Act of 1933, as amended; or 
  ̈ hereby requests the Trustee to exchange or register the transfer of a Note or Notes to
                     (transferee). 
  

 A-17 

 In connection with any transfer of any of the Notes evidenced by this certificate occurring
prior to the expiration of the periods referred to in Rule 144(k) under the Securities Act of 1933, as amended, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW: 
 (1)  ̈ to Ryerson Holding Corporation or any of its subsidiaries; or 
 (2)  ̈ inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended) that purchases for its own account or for
the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as amended, in each case pursuant to and in compliance with Rule 144A thereunder; or

 (3)  ̈ outside the United States in an offshore transaction within the meaning
of Regulation S under the Securities Act of 1933, as amended, in compliance with Rule 904 thereunder. 
  

 A-18 

 Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes
evidenced by this certificate in the name of any person other than the registered holder thereof. 
  

	
	  

	Signature

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is
a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing
representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
		 		 		 	[Name of Transferee]
				
	Dated:	 	
                                         
                   	 		 	  

	
	NOTICE: To be executed by an executive officer

  

 A-19 

 SCHEDULE OF EXCHANGES OF 14 1/2% SENIOR DISCOUNT NOTES 
 The following exchanges of a part of this Global Note for other 14 1/2% Senior Discount Notes have been made: 
  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal Amount
at Maturity of this
Global
Note	  	Amount of
Increase in
Principal Amount
at Maturity of this
Global
Note	  	Principal Amount
at Maturity of this
Global Note
Following Such
Decrease
(or
Increase)	  	Signature of
Authorized Officer
of Trustee or
14 1/2% Senior
Discount Note
Custodian
		  		  		  		  	

  

 A-20 

 EXHIBIT B 
 FORM OF NOTATIONAL GUARANTEE 
 The Guarantor listed below (hereinafter referred to
as the “Guarantor,” which term includes any successors or assigns under that certain Indenture, dated as of January 29, 2010, by and among Ryerson Holding Corporation (“Ryerson Holding” or the
“Company”), the Guarantors, if any, party thereto and the Trustee (as amended and supplemented from time to time, the “Indenture”) and any additional Guarantors) has guaranteed the Notes and the obligations of
Ryerson Holding under the Indenture, which include (i) the due and punctual payment of the Accreted Value of, premium, if any, and Additional Interest, if any, on the Notes of the Company, whether at stated maturity, by acceleration or
otherwise, the due and punctual payment of interest on the overdue Accreted Value and premium, if any, and (to the extent permitted by law) interest on any Additional Interest, if any, on the Notes, and the due and punctual performance of all other
obligations of the Company to the Holders or the Trustee all in accordance with the terms set forth in Article XII of the Indenture, (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations,
that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise, and (iii) the payment of any and all costs and expenses
(including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Note Guarantee or the Indenture. 
 The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Note Guarantee and the Indenture are expressly set forth in Article XII of the Indenture and reference is hereby
made to such Indenture for the precise terms of this Note Guarantee. 
 No stockholder, employee, officer, director or
incorporator, as such, past, present or future of each Guarantor shall have any liability under this Note Guarantee by reason of his or its status as such stockholder, employee, officer, director or incorporator. 
 This is a continuing Note Guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its successors
and assigns until full and final payment of all of Ryerson Holdings’ obligations under the Notes and Indenture or until released in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and
the Holders, and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject
to the terms and conditions hereof. This is a Note Guarantee of payment and not of collectibility. 
 This Note Guarantee shall
not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Note Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized
officers. The Obligations of each Guarantor under its Note Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law. 
 THE TERMS OF ARTICLE XII OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 
  

 B-1 

 Capitalized terms used herein have the same meanings given in the Indenture unless otherwise
indicated. 
 Dated as of
                     
  

			
	 [NAME OF GUARANTOR]

		
	             By:
	 	  

		 	 Name:

		 	 Title:

		
		 	 (SEAL)

  

 B-2 

 EXHIBIT C 
 [FORM OF CERTIFICATE TO BE DELIVERED 
 IN CONNECTION WITH TRANSFERS PURSUANT TO RULE
144A] 
 Ryerson Holding Corporation 
 c/o Platinum Equity Advisors, LLC 
 360 North Crescent Drive, South Building 
 Beverly Hills, California 90210 
 Facsimile:
(310) 712-1863 
 Attention: Eva M. Kalawski, Vice President and Secretary 
 Wells Fargo Bank, N.A. 
 Corporate Trust Services 
 MAC N9311-110 
 625 Marquette Avenue 
 Minneapolis, MN 55479 
 Facsimile:
(612) 667-9825 
 Attention: Ryerson Holding Corporation Account Manager 
  

	 	Re:	 Ryerson Holding Corporation’s 14 1/2% Senior  

 Discount Notes due 2015 (the “Notes”) 
 Ladies and Gentlemen: 
 In connection with our proposed sale of $             aggregate principal amount
at maturity of the Notes, we hereby certify that such transfer is being effected pursuant to and in accordance with Rule 144A (“Rule 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, we hereby further certify that the Notes are being transferred to a person that we reasonably believe is purchasing the Notes for its own account, or for one or more accounts with respect to which such person exercises sole investment
discretion, and such person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Notes are being transferred in compliance with any
applicable blue sky securities laws of any state of the United States. 
 You are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

 C-1 

					
	Very truly yours,
	
	  

	[Name of Transferor]
			
		 	By:	 	  

		 		 	Authorized Signature

  

 C-2 

			
	Signature guarantee:	 	  

 (Signature must be guaranteed by a participant in a recognized signature guarantee medallion program) 
  

 C-3 

 EXHIBIT D 
 [FORM OF CERTIFICATE TO BE DELIVERED 
 IN CONNECTION WITH TRANSFERS 
 PURSUANT TO REGULATION S] 
 Ryerson
Holding Corporation 
 c/o Platinum Equity Advisors, LLC 
 360 North Crescent Drive, South Building 
 Beverly Hills, California 90210 
 Facsimile: (310) 712-1863 
 Attention: Eva M.
Kalawski, Vice President and Secretary 
 Wells Fargo Bank, N.A. 
 Corporate Trust Services 
 MAC N9311-110 
 625 Marquette Avenue 
 Minneapolis, MN 55479

 Facsimile: (612) 667-9825 
 Attention: Ryerson Account Manager 
  

	 	Re:	 Ryerson Holding Corporation’s 14 1/2% Senior  

 Discount Notes due 2015 (the “Notes”) 
 Ladies and Gentlemen: 
 In connection with our proposed sale of $            aggregate principal amount
at maturity of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

 (1) the offer of the Notes was not made to a person in the United States; 
 (2) either (a) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on
our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf
knows that the transaction has been pre-arranged with a buyer in the United States; 
 (3) no directed selling efforts have been
made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 
 In
addition, if the sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or
Rule 904(b), as the case may be. 
  

 D-1 

 You are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 
  

					
	Very truly yours,
	
	  

	[Name of Transferor]
			
		 	By:	 	  

		 		 	Authorized Signature

 Signature guarantee:                              
 (Signature must be guaranteed by a participant in a recognized signature guarantee medallion program) 
  

 D-2Enertopia Corp: Exhibit 10.1 - Prepared by newsfilecorp.com

Exhibit 10.1

STOCK OPTION AGREEMENT 

ENERTOPIA CORP. 

THIS AGREEMENT is entered into as of the 5th day of March,
2010 (the "Date of Grant") 

BETWEEN: 

ENERTOPIA CORP.,
a company incorporated pursuant to the 

laws of the State of Nevada, of Suite 950 1130 West Pender, 

Vancouver, BC V6E 4A4 

(the "Company") 

AND: 

Brian Thomas,
of Suite 2 – 1540 West 13th Avenue, 

Vancouver, BC V6JP 2G4 

(the "Optionee") 

WHEREAS: 

A.     The Board of
Directors of the Company (the "Board") has approved and adopted the 2010 Stock
Option Plan (the "Plan"), pursuant to which the Board is authorized to grant to
employees and other selected persons stock options to purchase common shares of
the Company (the "Common Stock"); 

B.     The Plan provides
for the granting of stock options that either (i) are intended to qualify as
"Incentive Stock Options" within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the "Code"), or (ii) do not qualify under
Section 422 of the Code ("Non-Qualified Stock Options"); and 

C.     The Board has authorized the grant
to the Optionee of options to purchase a total of 100,000 shares of
Common Stock (the "Options"), which Options are intended to be (select one):

[  ] Incentive Stock Options;

[ X ] Non Qualified Stock Options 

NOW THEREFORE, the Company agrees to offer to
the Optionee the option to purchase, upon the terms and conditions set forth
herein and in the Plan, 100,000 shares of Common Stock. Capitalized terms
not otherwise defined herein shall have the meanings ascribed thereto in the
Plan. 

1.     Exercise Price. The exercise
price of the options shall be US $0.20 per share. 

- 2 - 

2.     Limitation on the Number of
Shares. If the Options granted hereby are Incentive Stock Options, the
number of shares which may be acquired upon exercise thereof is subject to the
limitations set forth in Section 5.1 of the Plan. 

3.     Vesting Schedule. The
Options shall vest in accordance with Exhibit A. 

4.     Options not
Transferable. The Options may not be transferred, assigned, pledged or
hypothecated in any manner (whether by operation of law or otherwise) other than
by will, by applicable laws of descent and distribution or, in the case of a
Non-Qualified Stock Option, pursuant to a qualified domestic relations order,
and shall not be subject to execution, attachment or similar process; 
provided, however, that if the Options represent a Non-Qualified Stock
Option, such Option is transferable without payment of consideration to
immediate family members of the Optionee or to trusts or partnerships
established exclusively for the benefit of the Optionee and Optionee's immediate
family members. Upon any attempt to transfer, pledge, hypothecate or otherwise
dispose of any Option or of any right or privilege conferred by the Plan
contrary to the provisions thereof, or upon the sale, levy or attachment or
similar process upon the rights and privileges conferred by the Plan, such
Option shall thereupon terminate and become null and void. 

5.     Investment
Intent. By accepting the Options, the Optionee represents and agrees that
none of the shares of Common Stock purchased upon exercise of the Options will
be distributed in violation of applicable federal and state laws and
regulations. In addition, the Company may require, as a condition of exercising
the Options, that the Optionee execute an undertaking, in such a form as the
Company shall reasonably specify, that the Stock is being purchased only for
investment and without any then-present intention to sell or distribute such
shares. 

6.     Termination of Employment and
Options. Vested Options shall terminate, to the extent not previously
exercised, upon the occurrence of the first of the following events: 

(a) 

Expiration.
Five (5) years from the Date of Grant. 

(b) 

Termination for Cause. The date of the first discovery by
the Company of any reason for the termination of an Optionee's employment or
contractual relationship with the Company or any related company for cause (as
determined in the sole discretion of the Plan Administrator), and, if an
Optionee's employment is suspended pending any investigation by the Company as
to whether the Optionee's employment should be terminated for cause, the
Optionee's rights under this Agreement and the Plan shall likewise be suspended
during the period of any such investigation. 

(c) 

Termination Due to Death or Disability. The expiration of
one (1) year from the date of the death of the Optionee or cessation of an
Optionee's employment or contractual relationship by reason of disability (as
defined in Section 5.1(g) of the Plan). If an Optionee's employment or
contractual relationship is terminated by death, any Option held by the Optionee
shall be exercisable only by the person or persons to whom such Optionee's
rights under such Option shall pass by the Optionee's will or by the laws of
descent and distribution. 

- 3 - 

(d) 

Termination for Any Other Reason. The expiration of ninety
(90) days from the date of an Optionee's termination of employment or
contractual relationship with the Company or any Related Corporation for any
reason whatsoever other than termination of service as a director, cause, death
or Disability (as defined in Section 5.1(g) of the Plan). 

Each unvested Option granted pursuant hereto
shall terminate immediately upon termination of the Optionee's employment or
contractual relationship with the Company for any reason whatsoever, including
Disability unless vesting is accelerated in accordance with Section 5.1(f) of
the Plan. 

7.     Stock. In
the case of any stock split, stock dividend or like change in the nature of
shares of Stock covered by this Agreement, the number of shares and exercise
price shall be proportionately adjusted as set forth in Section 5.1(m) of the
Plan. 

8.     Exercise of
Option. Options shall be exercisable, in full or in part, at any time after
vesting, until termination; provided, however, that any Optionee who is
subject to the reporting and liability provisions of Section 16 of the 
Securities Exchange Act of 1934 with respect to the Common Stock shall be
precluded from selling or transferring any Common Stock or other security
underlying an Option during the six (6) months immediately following the grant
of that Option. If less than all of the shares included in the vested portion of
any Option are purchased, the remainder may be purchased at any subsequent time
prior to the expiration of the Option term. No portion of any Option for less
than fifty (50) shares (as adjusted pursuant to Section 5.1(m) of the Plan) may
be exercised; provided, that if the vested portion of any Option is less than
fifty (50) shares, it may be exercised with respect to all shares for which it
is vested. Only whole shares may be issued pursuant to an Option, and to the
extent that an Option covers less than one (1) share, it is unexercisable.

Each exercise of the Option shall be by means
of delivery of a notice of election to exercise (which may be in the form
attached hereto as Exhibit B) to the President of the Company at its
principal executive office, specifying the number of shares of Common Stock to
be purchased and accompanied by payment in cash by certified check or cashier's
check in the amount of the full exercise price for the Common Stock to be
purchased. In addition to payment in cash by certified check or cashier's check,
an Optionee or transferee of an Option may pay for all or any portion of the
aggregate exercise price by complying with one or more of the following
alternatives: 

(a) 

by delivering to the Company shares of Common Stock previously
held by such person, duly endorsed for transfer to the Company, or by the
Company withholding shares of Common Stock otherwise deliverable pursuant to
exercise of the Option, which shares of Common Stock received or withheld shall
have a fair market value at the date of exercise (as determined by the Plan
Administrator) equal to the aggregate purchase price to be paid by the Optionee
upon such exercise; or 

(b) 

by complying
with any other payment mechanism approved by the Plan Administrator at the time
of exercise. 

- 4 - 

It is a condition precedent to the issuance of
shares of Common Stock that the Optionee execute and/or deliver to the Company
all documents and withholding taxes required in accordance with Section 5.1 of
the Plan. 

9.     Holding period
for Incentive Stock Options. In order to obtain the tax treatment provided
for Incentive Stock Options by Section 422 of the Code, the shares of Common
Stock received upon exercising any Incentive Stock Options received pursuant to
this Agreement must be sold, if at all, after a date which is later of two (2)
years from the date of this agreement is entered into or one (1) year from the
date upon which the Options are exercised. The Optionee agrees to report sales
of shares prior to the above determined date to the Company within one (1)
business day after such sale is concluded. The Optionee also agrees to pay to
the Company, within five (5) business days after such sale is concluded, the
amount necessary for the Company to satisfy its withholding requirement required
by the Code in the manner specified in Section 5.1(l) of the Plan. Nothing in
this Section 9 is intended as a representation that Common Stock may be sold
without registration under state and federal securities laws or an exemption
therefrom or that such registration or exemption will be available at any
specified time. 

10.     Resale
restrictions may apply. Any resale of the shares of Common Stock received
upon exercising any Options will be subject to resale restrictions contained in
the securities legislation applicable to the Optionee. The Optionee acknowledges
and agrees that the Optionee is solely responsible (and the Company is not in
any way responsible) for compliance with applicable resale restrictions. 

11.     Subject to 2010
Stock Option Plan. The terms of the Options are subject to the provisions of
the Plan, as the same may from time to time be amended, and any inconsistencies
between this Agreement and the Plan, as the same may be from time to time
amended, shall be governed by the provisions of the Plan, a copy of which has
been delivered to the Optionee, and which is available for inspection at the
principal offices of the Company. 

12.     Professional
Advice. The acceptance of the Options and the sale of Common Stock issued
pursuant to the exercise of Options may have consequences under federal and
state tax and securities laws which may vary depending upon the individual
circumstances of the Optionee. Accordingly, the Optionee acknowledges that he or
she has been advised to consult his or her personal legal and tax advisor in
connection with this Agreement and his or her dealings with respect to Options.
Without limiting other matters to be considered with the assistance of the
Optionee's professional advisors, the Optionee should consider: (a) whether upon
the exercise of Options, the Optionee will file an election with the Internal
Revenue Service pursuant to Section 83(b) of the Code and the implications of
alternative minimum tax pursuant to the Code; (b) the merits and risks of an
investment in the underlying shares of Common Stock; and (c) any resale
restrictions that might apply under applicable securities laws. 

13.     No Employment
Relationship. Whether or not any Options are to be granted under this Plan
shall be exclusively within the discretion of the Plan Administrator, and
nothing contained in this Plan shall be construed as giving any person any right
to participate under this Plan. The grant of an Option shall in no way
constitute any form of agreement or understanding binding on the Company or any
Related Company, express or implied, that the Company or any Related Company
will employ or contract with an Optionee, for any length of time, nor shall it
interfere in any way with the Company's or, where applicable, a Related
Company's right to terminate Optionee's employment at any time, which right is
hereby reserved. 

- 5 - 

14.     Entire
Agreement. This Agreement is the only agreement between the Optionee and the
Company with respect to the Options, and this Agreement and the Plan supersede
all prior and contemporaneous oral and written statements and representations
and contain the entire agreement between the parties with respect to the
Options. 

15.     Notices.
Any notice required or permitted to be made or given hereunder shall be mailed
or delivered personally to the addresses set forth below, or as changed from
time to time by written notice to the other: 

	
    The Company:
	 
	
     
	Enertopia Corp.
	
     
	Suite 950 1130 West Pender Street
	
     
	Vancouver, BC V6E 4A4
	
     
	Attention: President
	
    With a copy to:
	 
	
     
	Clark Wilson LLP
	
     
	800-885 West Georgia Street
	
     
	Vancouver, British Columbia V6C 3H1
	
     
	Attention: Conrad Nest
	
    The Optionee:
	 
	
     
	___________________
	
     
	___________________
	
     
	___________________

ENERTOPIA CORP. 

Per: ___________________

       Authorized Signatory 

 

_______________________

[Brian Thomas] 

- 6 - 

EXHIBIT A 

TERMS OF THE OPTION 

	 	 
	Name of the Optionee:	Brian Thomas
	 	 
	Date of Grant:	March 5, 2010
	 	 
	Designation:	Qualified Stock Options
	 	 
	1.       Number
    of Options granted:	100,000 stock options
	 	 
	2.      
    Purchase Price:	$0.20 per share
	 	 
	3.      
    Vesting Date:	50,000 options on March 5, 2010
	 	50,000 options on August 31, 2010;
	 	 
	 	 
	4.      
    Expiration Date:	March 5, 2015
	 	 

 

- 7 - 

EXHIBIT B 

To: 

Enertopia Corp. 

Suite 950 1130 West Pender 

Vancouver, BC V6E 4A4 

Attention: President 

Notice of Election to Exercise 

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.1(h) of Enertopia Corp.'s (the "Company") 2010
Stock Option Plan (the "Plan") and Section 8 of that certain Stock Option
Agreement (the "Agreement") dated as of the _______ day of __________________,
20___, between the Company and the undersigned. 

The undersigned hereby elects to exercise Optionee's option
to purchase __________________ shares of the common stock of the Company at a
price of US$0.20 per share, for aggregate consideration of US$__________, on the
terms and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 8 of the Agreement, accompanies
this notice. 

The Optionee hereby directs the Company to issue, register and deliver the
certificates representing the shares as follows: 

	
     
	
     
	
     

	
    
    Registration Information:
	
     
	
    
    Delivery Instructions:

	
     
	
     
	
     

	
    
    Name to appear on certificates
	
     
	
    
    Name

	
     
	
     
	
     

	
    
    Address
	
     
	
    
    Address

	
     
	
     
	
     

	
     
	
     
	
     

	
     
	
     
	
     

	
     
	
     
	
    
    Telephone Number

DATED at ____________________________________, the _______ day of
________________________, 20___. 

	 	 
	 	
    (Name of Optionee – Please type or
    print)
	 	 
	 	 
	 	 
	 	
    (Signature and, if applicable, Office)
	 	 
	 	 
	 	 
	 	
    (Address of Optionee)
	 	 
	 	 
	 	 
	 	
    (City, State, and Zip Code of Optionee)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]