Document:

Directors'  Compensation Plan

 EXHIBIT 10.3(f)-1 
 RYERSON 
 DIRECTORS’ COMPENSATION PLAN 
 (As amended through November 28, 2006) 
 SECTION 1 
 General 
 1.1 Purpose and Effective Date. The Ryerson Directors’ Compensation Plan (the “Plan”) has been established by Ryerson Inc. (the “Company”) to provide alternative methods of compensating
those directors of the Company who do not otherwise receive compensation as employees of the Company or its affiliates in order to aid the Company in attracting and retaining as directors persons whose abilities, experience and judgment can
contribute to the continued progress of the Company, and to facilitate the directors’ ability to acquire a proprietary interest in the Company through the acquisition of the Company’s common stock, $1.00 par value per share
(“Stock”). The provisions of the Plan as set forth herein constitute an amendment, restatement and continuation of the Plan, and an amendment, restatement and continuation of the Ryerson Directors’ 1999 Stock Option Plan (the
“Option Plan”) and the combination thereof, each as in effect immediately prior to January 22, 2003, the “Effective Date” hereof. 
 1.2 Participation. Only Non-Employee Directors of the Company shall be eligible to participate in the Plan. As of any applicable date, a “Non-Employee Director” is a person who is serving as a
director of the Company who is not an employee of the Company or any affiliate of the Company as of that date. 
 1.3 Administration.
The authority to manage and control the operation and administration of the Plan shall be vested in a committee of the Board of Directors of the Company (the “Board”) which committee (the “Committee”) shall have such authorities
as delegated to it from time to time by the Board. Subject to the limitations of the Plan and any limitations on authorities imposed on the Committee by the Board, the Committee shall have the sole and complete authority to: 
 (a) interpret the Plan and to adopt, amend and rescind administrative guidelines and other rules and regulations relating to the Plan;

 (b) correct any defect or omission and reconcile any inconsistency in the Plan or in any payment made hereunder; and

 (c) make all other determinations and take all other actions necessary or advisable for the implementation and
administration of the Plan. 
 The Committee’s determinations on matters within its control shall be conclusive and binding on the Company and all other
persons. 

 1.4 Shares Subject to the Plan. The Stock which shall be available for distribution pursuant to
the Plan shall be treasury shares (including, in the discretion of the Company, shares purchased in the open market). The maximum number of shares of Stock to be distributed pursuant to the Plan shall be 461,000, inclusive of the number of shares
previously distributed under the Plan and the Option Plan each as in effect immediately prior to the Effective Date; provided, however, that: 
 (a) in the event of any merger, consolidation, reorganization, recapitalization, spinoff, stock dividend, stock split, reverse stock split, rights offering, exchange or other change in the corporate structure or
capitalization of the Company affecting the Stock, the number and kind of shares of Stock available for awards under the Plan shall be equitably adjusted in such manner as the Committee shall determine in its sole judgment; 
 (b) in determining what adjustment, if any, is appropriate pursuant to paragraph (a), the Committee may rely on the advice of such experts
as it deems appropriate, including, but not limited to, counsel, investment bankers and accountants of the Company; and 
 (c)
no fractional shares shall be granted or authorized pursuant to any adjustment in accordance with paragraph (a), although cash payments may be authorized in lieu of fractional shares that may otherwise result from such an equitable adjustment.

 (d) in the event of the exercise or termination (by reason of forfeiture, expiration, cancellation, surrender or otherwise)
of any award under the Plan, that number of shares of Stock that was subject to the award, but not delivered, shall again be available for awards under the Plan; provided, however, that shares which are surrendered in payment of the Option Price
upon the exercise of an Option in accordance with subsection 2.1 shall not again be available for issuance under the Plan. 
 1.5
Compliance with Applicable Laws. Notwithstanding any other provision of the Plan, the Company shall have no obligation to deliver any shares of Stock under the Plan unless such delivery would comply with all applicable laws and the applicable
requirements of any securities exchange or similar entity. Prior to the delivery of any shares of Stock under the Plan, the Company may require a written statement that the recipient is acquiring the shares for investment and not for the purpose or
with the intention of distributing the shares. If the redistribution of shares is restricted pursuant to this subsection 1.5, the certificates representing such shares may bear a legend referring to such restrictions. 
 1.6 Director and Shareholder Status. The Plan will not give any person the right to continue as a director of the Company, or any right or claim
to any benefits under the Plan unless such right or claim to any benefits has specifically accrued under the terms of the Plan. Participation in the Plan and any right to accrued benefits shall not create any rights in a director (or any other
person) as a shareholder of the Company until shares of Stock are registered in the name of the director (or such other person). 
 1.7
Definition of Fair Market Value. The “Fair Market Value” of a share of Stock on any date shall be equal to the closing price of a share of Stock reported on the New York Stock Exchange Composite Transactions for the applicable date
or, if there are no reported trades for such date, for the last previous date for which trades were reported. 
  

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 1.8 Source of Payments. Except for Stock actually delivered pursuant to the Plan, the Plan
constitutes only an unfunded, unsecured promise of the Company to make payments or awards to directors (or other persons) or deliver Stock in the future in accordance with the terms of the Plan. 
 1.9 Nonassignment. Neither a director’s nor any other person’s rights to payments or awards under the Plan are subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the director. 
 1.10
Elections. Any notice or document required to be filed with the Committee under the Plan will be properly filed if delivered or mailed by registered mail, postage prepaid, to the Committee, in care of the Company, at the Company’s
principal executive offices. The Committee may, by advance written notice to affected persons, revise such notice procedure from time to time. Any notice required under the Plan may be waived by the person entitled thereto. 
 SECTION 2 
 Payment of Retainer

 2.1 Payment of Retainer. Subject to the terms and conditions of the Plan, for each Award Year (as defined below), each
individual who is a Non-Employee Director during such Award Year shall be paid an annual retainer in an amount determined from time to time by the Board (the “Retainer”). The term “Award Year” means a twelve-month period
beginning as of the first day of the first month following a regular annual meeting of the Company’s shareholders. Each Non-Employee Director shall have his or her Retainer for any Award Year paid in cash (a “Cash Retainer”), shares
of restricted Stock (a “Restricted Stock Retainer”), shares of unrestricted stock (a “Stock Retainer”) or options (an “Option Retainer”), or a combination thereof, as determined by the Board from time to time or, to the
extent authorized by the Board, as elected by the Non-Employee Director, all in accordance with and subject to the following: 
 (a) Prior Award Years. Any Retainer for an Award Year commencing prior to the Effective Date which was payable in accordance with Section 2 of the Plan as in effect immediately prior to the Effective Date shall continue to be
payable in accordance with the terms thereof. 
 (b) Cash Retainer. As of the last day of each calendar quarter which
includes any calendar month of an Award Year commencing after the Effective Date, each Non-Employee Director shall be paid an amount equal to one-twelfth of his or her annual Cash Retainer for such Award Year multiplied by the number of months of
such Award Year occurring in such calendar quarter, excluding any such month in which the individual did not serve as a Non-Employee Director. 
 (c) Restricted Stock Retainer. As of the first day of any Award Year commencing after the Effective Date, each Non-Employee Director shall be paid his or 

  

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her Restricted Stock Retainer for such Award Year in the form of shares of Stock which are nontransferable and subject to forfeiture until earned as
described below (“Restricted Stock”), subject to the following: 
 (i) In the event that an individual becomes a
Non-Employee Director after the first day of an Award Year, the Restricted Stock Retainer payable with respect to such individual shall be paid as of the first day of the month coincident with or immediately following the date on which he or she
becomes a Non-Employee Director and the amount of such Restricted Stock Retainer shall be equal to (x) the otherwise applicable annual Restricted Stock Retainer reduced by (y) one-twelfth thereof multiplied by the number of full months of
such Award Year, if any, preceding the date on which such individual became a Non-Employee Director. 
 (ii) The number of
shares of Restricted Stock payable to any Non-Employee Director with respect to an Award Year in accordance with the foregoing provisions of this paragraph (c) shall be determined on the basis of the Fair Market Value of a share of Stock on the
date as of which such payment is made. 
 (iii) The shares of Restricted Stock payable to a Non-Employee Director for an Award
Year pursuant to this paragraph (c) shall be earned by him or her, and the restrictions on transfer of such shares shall lapse, in quarterly installments on the last day of each calendar quarter, beginning with the last day of the calendar
quarter in which the shares of Restricted Stock became payable; provided, however, that any shares of Restricted Stock which are not earned by a Non-Employee Director as of the last day of the calendar quarter in which his or her service as a
Non-Employee Director terminates shall be forfeited. 
 (iv) The number of shares of Restricted Stock for any Award Year which
are earned by a Non-Employee Director for any calendar quarter shall be equal to the product of (A) the total number of shares of Restricted Stock awarded to him or her for the Award Year, multiplied by (B) a fraction, the numerator of
which is the number of months of such Award Year occurring in such calendar quarter during any portion of which the individual served as a Non-Employee Director, and the denominator of which is twelve; provided, however, that in the case of an
individual who first becomes a Non-Employee Director after the first full month of such Award Year, the denominator shall be reduced by the number of full calendar months of such Award Year elapsed prior to the date he or she became a Non-Employee
Director. In the event that this subparagraph (iv) results in a fractional share of Restricted Stock being earned as of the last day of a calendar quarter, such fractional share shall be rounded up to a whole share. 
 (d) Stock Retainer. As of the last day of each calendar quarter which includes any calendar month of an Award Year commencing after
the Effective Date, each Non-Employee Director shall be paid an amount in shares of Stock (based on the Fair Market Value of a share of Stock on that date) equal to one-twelfth of his or her annual Stock 

  

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Retainer for such Award Year multiplied by the number of months of such Award Year occurring in such calendar quarter, excluding any such month in which the
individual did not serve as a Non-Employee Director. In the event that a fractional share of Stock is payable in accordance with the foregoing sentence as of the last day of any calendar quarter, such fractional share shall be rounded up to a whole
share. 
 (e) Option Retainer. As of the date of each regular annual meeting of the Company’s stockholders, each
person who is a Non-Employee Director immediately after such annual meeting shall be paid his or her Option Retainer for the following Award Year in the form of an option to acquire shares of Stock (an “Option”) at an aggregate Option
Price (as defined below) having a Black-Scholes value equal to such Option Retainer, subject to the following: 
 (i) Each individual who first becomes a Non-Employee Director after the date of the
Annual Meeting shall be awarded, as of the date the individual becomes a Non-Employee Director, an Option having a Black-Scholes value equal to the otherwise applicable annual Option Retainer, multiplied by a fraction the denominator of which is 12
and the numerator of which is the number of whole calendar months remaining until the date of the next regular annual meeting of the Company’s shareholders; provided, however, that if the individual becomes a Non-Employee Director prior to the
15th day of any calendar month, the month in which he or she becomes a Non-Employee Director shall be included in
the numerator described in this sentence. 
 (ii) For purposes of the Plan, the Black-Scholes value of an Option shall be
determined in the sole discretion of the Board. 
 (iii) The price at which shares of Stock may be purchased upon the exercise
of an Option (the “Option Price”) shall be equal to the greater of (a) the Fair Market Value of a share of Stock as of the date on which the Option is granted, or (b) the par value of a share of Stock on such date. 
 (iv) Each Option granted to a Non-Employee Director under this subsection 2.1(e) shall be exercisable in whole or in part at such times as
may be determined by the Committee at the time of grant; provided, however, that in no event shall an Option be exercisable prior to the day after the six-month anniversary of the date on which the Option was granted or on or after the ten-year
anniversary of the date of grant. The full Option Price of each share of Stock purchased upon the exercise of any Option shall be paid at the time of such exercise and, as soon as practicable thereafter, a certificate representing the shares so
purchased shall be so delivered to the person entitled thereto. The Option Price shall be payable in cash or in shares of Stock (valued at Fair Market Value as of the day of exercise), including through cashless exercise as permitted under
regulations promulgated by the Board of Governors of the Federal Reserve System (subject to any applicable restrictions necessary to comply with section 402 of the Sarbanes-Oxley Act of 2002 or rules adopted by the Securities and Exchange
Commission), or in any combination thereof. 
  

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 (v) To the extent provided by the Board, an Option may include a tandem stock
appreciation right which a Non-Employee Director may exercise in lieu of exercising the Option for one or more shares of Stock, and which will entitle the Non-Employee Director to receive the difference between the Option Price with respect to such
shares and the then Fair Market Value of such shares either in cash or in shares of Stock with a Fair Market Value equal to such difference, provided, however, that the Non-Employee Director will be paid cash in lieu of any fractional share to which
he or she would otherwise be entitled upon exercise of such stock appreciation right. Notwithstanding the preceding sentence, no stock appreciation right shall be granted under the Plan on or after January 1, 2005, unless such stock
appreciation right meets the applicable requirements of paragraphs (2), (3) and (4) of Section 409A(a) of the Internal Revenue code of 1986 as amended (the “Code”). 
 2.2 Elections as to Form of Payment. To the extent that the Board authorizes Non-Employee Directors to elect to receive all or any portion of
their annual Retainer, expressed as a dollar amount, in the form of Restricted Stock, Stock or Options, the number of shares of Restricted Stock or Stock or the number of Options payable with respect to such election shall be determined in
accordance with paragraphs 2.1 (c), (d), and (e), respectively. A Non-Employee Director’s election as to the form of payment of his or Retainer shall be valid only if it is in writing, signed by the Non-Employee Director, and with respect to
deferred compensation filed with the Committee prior to the beginning of the calendar year for which it is effective in accordance with uniform and nondiscriminatory rules adopted by the Committee. Once effective, a Non-Employee Director’s
election pursuant to this subsection 2.2 shall remain in effect for successive calendar years until it is revised or revoked. Any such revision or revocation shall be in writing, signed by the Non-Employee Director and filed with the Committee and
shall be effective for the calendar year next following the date on which it is received by the Committee, or such later date specified in such notice. 
 SECTION 3 
 Deferrals 
 3.1 Elective Deferrals. Subject to the terms and conditions of the Plan, each Non-Employee Director may elect to defer the receipt of all or any
portion of his or her Cash Retainer or Stock Retainer and Eligible Fees (as defined below) by filing a written “Deferral Election” with the Committee in accordance with uniform and nondiscriminatory rules adopted by the Committee. A
Non-Employee Director’s Deferral Election shall specify the portion of his or her Retainer and Eligible Fees to be deferred and the future date as of which distribution of the deferred amounts is to be made in accordance with the terms and
conditions of the Plan (the “Distribution Date”). If no Distribution Date is specified in a Non-Employee Director’s Deferral Election, the Distribution Date shall be deemed to be the first business day in January of the year
following the date on which (i) in the case of compensation deferred prior to January 1, 2005, the Non-Employee Director ceases to be a director of the Company for any reason, or (ii) in the case of compensation deferred after
December 31, 2004, the Non-Employee Director separates from service with the Company within the meaning of Section 409A of the Code. A Non-Employee Director’s Deferral Election shall be effective with respect to the portion of his or
her Retainer 

  

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and Eligible Fees otherwise payable to him or her for services rendered after the last day of the calendar year in which such election is filed with the
Committee; provided, however, that: 
 (a) a Deferral Election which is filed within 30 days of the date on which a director
first becomes a Non-Employee Director shall be effective with respect to all Eligible Fees and Retainer otherwise payable to him or her after the date of the Deferral Election; and 
 (b) by notice filed with the Committee in accordance with uniform and nondiscriminatory rules established by it, a Non-Employee Director
may terminate or modify any Deferral Election as to his or her Retainer and Eligible Fees payable to him or her for services rendered after the last day of the calendar year in which such notice is filed with the Committee. 
 For purposes of the Plan, the term “Eligible Fees” means the meeting fees, committee fees and committee chair fees (and does not include any portion of the
Retainer) that would otherwise be payable to the Non-Employee Director by the Company as established, from time to time, by the Board or any committee thereof. 
 3.2 Mandatory Deferrals. The Board may from time to time require that all or any portion of any Retainer be deferred in accordance with uniform nondiscriminatory rules established by it. 
 3.3 Crediting and Adjustment of Deferred Amounts. The amount of any Retainer and Eligible Fees deferred pursuant to subsection 3.1 or, except as
otherwise provided by the Board, subsection 3.2 (“Deferred Compensation”) shall be credited to a bookkeeping account maintained by the Company in the name of the Non-Employee Director (the “Deferred Compensation Account”), which
account shall consist of two subaccounts, the “Company Stock Subaccount” and the “Cash Subaccount.” The amount, if any, of the Stock Retainer with respect to which a Non-Employee Director has filed a Deferral Election pursuant to
subsection 3.1 or which is deferred pursuant to subsection 3.2 shall be credited to his or her Company Stock Subaccount. Any other Deferred Compensation shall be credited to his or her Cash Subaccount. A Non-Employee Director’s Deferred
Compensation Account shall be adjusted as follows: 
 (a) As of the first day of each calendar quarter (which dates are
referred to herein as “Accounting Dates”), the Non-Employee Director’s Cash Subaccount shall be adjusted as follows: 
 (i) first, the amount of any distributions made since the last preceding Accounting Date and attributable to the Cash Subaccount shall be charged to the Cash Subaccount; 
 (ii) next, the balance of the Cash Subaccount after adjustment in accordance with subparagraph (i) next above shall be
credited with interest since the last preceding Accounting Date computed at the prime rate as reported by Bank One (or its successor) for such date or, if such date is not a business day, for the next preceding business day; 
  

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 (iii) finally, after adjustment in accordance with the foregoing provisions of
this paragraph (a), the Cash Subaccount shall be credited with the portion of the Deferred Compensation otherwise payable to the Non-Employee Director since the last preceding Accounting Date which is to be credited to the Cash Subaccount.

 (b) The Non-Employee Director’s Company Stock Subaccount shall be adjusted as follows: 
 (i) as of any date on or after the Effective Date on which any portion of a Non-Employee Director’s Retainer would have been payable
to the Non-Employee Director in Stock but for deferral in accordance with this Section 3, the Company Stock Subaccount shall be credited with a number of “Stock Units” equal to the number of shares of Stock (including any fractional
shares) to which he or she would have been entitled pursuant to subsection 2.1(d); 
 (ii) as of the date on which shares of
Stock are distributed to the Non-Employee Director in accordance with subsection 3.4 below, an equal number of Stock Units will be subtracted from the Company Stock Subaccount; and 
 (iii) as of the record date for any dividend paid on Stock, the Company Stock Subaccount shall be credited with that number of additional
Stock Units which is equal to the number obtained by multiplying the number of Stock Units then credited to the Company Stock Subaccount by the amount of the cash dividend or the fair market value (as determined by the Board) of any dividend in kind
payable on a share of Stock, and dividing that product by the then Fair Market Value of a share of Stock. 
 In the event of any merger,
consolidation, reorganization, recapitalization, spinoff, stock split, reverse stock split, rights offering, exchange or other change in the corporate structure or capitalization of the Company affecting the Stock, each Non-Employee Director’s
Company Stock Subaccount shall be equitably adjusted in such manner as the Committee shall determine in its sole judgment. 
 (c) Each Non-Employee Director’s Deferred Compensation Account and each subaccount thereof shall separately reflect the portion of such account or subaccount which is attributable to compensation deferred prior to January 1, 2005,
and the portion attributable to compensation deferred after December 31, 2004. 
 3.4 Payment of Deferred Compensation Account.
Except as otherwise provided in this subsection 3.4 or subsection 3.5, the balances credited to the Cash Subaccount and Company Stock Subaccount of a Non-Employee Director’s Deferred Compensation Account shall each be payable to the
Non-Employee Director in a lump sum or quarterly installments (over a period not exceeding ten years) as elected by the Non-Employee Director in his or her Deferral Election; provided, however, that if no distribution form was elected by the
Non-Employee Director in his or her Deferral Election, payment shall be made in a lump sum. Installment distributions shall commence as of the first day of the first calendar quarter after the Distribution Date and shall 

  

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continue as of the first day of each calendar quarter thereafter for the applicable period. Notwithstanding the foregoing, a Non-Employee Director, by filing
a notice with the Committee at least one year prior to the Distribution Date, may elect to change the number of payments to a single payment or to any number of quarterly payments not in excess of forty; provided, however, that with respect to the
deferrals made after December 31, 2004, no such election shall be permitted which would (i) accelerate the time or schedule of any payment, except as permitted by regulations promulgated under Section 409A of the Code, or
(ii) delay a payment unless the first payment with respect to which such election is made is deferred for a period of not less than five years from the date the payment would otherwise have been made and, if payments would otherwise be made in
installments commencing prior to the Non-Employee Director’s separation from service, the election is made at least 12 months prior to the first scheduled installment payment.. Each installment payment shall include a cash portion, if
applicable, and a Stock portion, if applicable, as follows: 
 (a) The cash portion to be paid as of any date determined under
the foregoing provisions of this Section 3.4 and charged to the Cash Subaccount shall be equal to the balance of the Cash Subaccount multiplied by a fraction, the numerator of which is one and the denominator of which is the number of remaining
payments to be made, including such payment. 
 (b) The Stock portion to be paid as of any date determined under the foregoing
provisions of this Section 3.4 and charged to the Company Stock Subaccount shall be distributed or paid in (i) whole shares of Stock, the number of shares of which shall be determined by rounding to the next lower integer the product
obtained by multiplying the number of Stock Units then credited to the Non-Employee Director’s Company Stock Subaccount by a fraction, the numerator of which is one and the denominator of which is the number of remaining payments to be made,
including such payment, (ii) cash equal to the Fair Market Value of the Stock that would be distributable under the immediately preceding clause, or (iii) a combination of Stock and cash as elected by the Non-Employee Director by written
notice filed with the Company prior to such distribution. The Fair Market Value of any fractional share of Stock remaining after all installment Stock distributions have been made to the Non-Employee Director pursuant to this paragraph
(b) shall be paid to the Non-Employee Director in cash. 
 Notwithstanding the foregoing, the Committee, in its sole discretion, may distribute all
balances in any Deferred Compensation Account which are attributable to deferrals made prior to January 1, 2005, to a Non-Employee Director (or former Non-Employee Director) in a lump sum as of any date. 
 3.5 Payments in the Event of Death. If a Non-Employee Director dies before payment of his or her Deferred Compensation Account is completed, all
amounts then credited to his or her Deferred Compensation Account shall be distributed to his or her Beneficiary (as described below), as soon as practicable after his or her death, in a lump sum. Any amounts in the Cash Subaccount shall be
distributed in cash and any amounts in the Stock Subaccount shall be distributed in whole shares of Stock determined in accordance with paragraph 3.4(b), and the Fair Market Value of any fractional share of Stock shall be distributed in cash. For
purposes of the Plan, the Non-Employee Director’s “Beneficiary” is the person or persons the Non-Employee 

  

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Director designates, which designation shall be in writing, signed by the Non-Employee Director and filed with the Committee prior to the Non-Employee
Director’s death. A Beneficiary designation shall be effective when filed with the Committee in accordance with the preceding sentence. If more than one Beneficiary has been designated, the balance in the Non-Employee Director’s Deferred
Compensation Account shall be distributed to each such Beneficiary per capita (with cash distributed in lieu of any fractional share of Stock). In the absence of a Beneficiary designation or if no Beneficiary survives the Non-Employee Director, the
Beneficiary shall be the Non-Employee Director’s estate. 
 SECTION 4 
 Amendment and Termination 
 While the Company expects and intends to continue
the Plan, the Board reserves the right to, at any time and in any way, amend, suspend or terminate the Plan; provided, however, that no amendment, suspension or termination shall: 
 (a) be made without shareholder approval to the extent such approval is required by law, agreement or the rules of any exchange or
automated quotation system upon which the Stock is listed or quoted; 
 (b) except as provided in subsection 3.3 (relating to
lump sum payments of amounts held in a Non-Employee Director’s Deferred Compensation Account) or this Section 4, materially alter or impair the rights of a Non-Employee Director under the Plan without the consent of the Non-Employee
Director with respect to rights already accrued hereunder; 
 (c) make any change that would disqualify the Plan or any other
plan of the Company intended to be so qualified from the exemption provided by Rule 16b-3 under the Securities Exchange Act of 1934, as amended; or 
 (d) make any change which would cause the Plan to fail to meet the requirements of paragraph (2), (3) and (4) of Section 409A(a) of the Code. 
  

 10Ryerson Annual Incentive Plan

 EXHIBIT 10.4(a) 
 RYERSON 
 ANNUAL INCENTIVE PLAN 
 (As amended through March 10, 2007) 
  

	1.	Purpose 

 The purpose of the Ryerson Annual Incentive Plan (the
“Plan”) is to promote the interests of Ryerson Inc. (the “Company”) and its stockholders by (i) attracting and retaining salaried employees of outstanding ability; (ii) strengthening the Company’s capability to
develop, maintain and direct a competent employee population; (iii) motivating salaried employees, by means of performance-related incentives, to achieve financial rewards; (iv) providing annual incentive compensation opportunities which
are competitive with those of other major corporations; and (v) enabling salaried employees to participate in the growth and financial success of the Company. The provisions of the Plan as set forth herein constitute an amendment and
restatement of the Plan as in effect immediately prior to January 22, 2003, the “Effective Date” hereof. 
  

	2.	Definitions 

 “Affiliate” means any corporation or other
entity which is not a Subsidiary but as to which the Company possesses a direct or indirect ownership interest and has power to exercise management control. 
 “Award” means an amount for an Award Period determined to be payable to a Participant under the Plan. 
 “Award Period” means
such calendar quarters or calendar years as the Committee may establish from time to time with respect to any applicable salary grade designation, to any Corporate Unit or to a combination of these factors. 
 “Award Schedule” means the schedule to be used for determining Awards as established by the Committee and set forth in the Addendum to the Plan applicable to
the Corporate Unit covered thereby. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee” means the Compensation Committee of the Board of Directors of the Company. 
 “Corporate Unit” means the Company, Ryerson Heartland, Ryerson Pacific, Ryerson Chicago, Ryerson North, Ryerson Great Lakes, Ryerson South, Ryerson Coil Processing, Ryerson Canada/New England, Customer
Solutions Team, and any Affiliate, other Subsidiary or any division or group of the Company or any Subsidiary designated as a Corporate Unit from time to time by the Committee of the Company. 
 “Employee” means an employee eligible to be designated as a Participant in the Plan. 

 “Named Executive Officer” means a Participant who is one of the group of “covered employees” as
defined in the regulations promulgated under Section 162(m) of the Code. 
 “Participant” means an Employee who is designated by the Committee
to be eligible to receive an Award under the Plan. 
 “Performance-Based Exception” means the performance-based exception from the deductibility
limitations as set forth in Section 162(m) of the Code. 
 “Subsidiary” means any corporation in which the Company possesses directly or
indirectly more than fifty percent (50%) of the total combined voting power of all classes of its stock. 
 “Target Award” means the
percentage of a Participant’s base salary earnings or base annual salary for an Award Period as established by the Committee pursuant to paragraph 6 of the Plan and set forth in the Addendum to the Plan applicable to the Corporate Unit in which
such Participant is employed. 
 “Threshold” means the minimum financial performance (established by the Committee and set forth in the Addendum to
the Plan applicable to such Corporate Unit) required by a Corporate Unit before an Award may be paid to a Participant employed in such Corporate Unit. 
  

	3.	Administration 

 The Plan shall be administered by the Committee. No
member of the Committee shall be eligible to receive an Award while serving on the Committee. The Committee shall have the authority to interpret the Plan and to establish, amend and rescind rules and regulations for the administration of the Plan,
and all such interpretations, rules and regulations shall be conclusive and binding on all persons. In addition, the Committee may delegate to one or more senior executive officers of the Company the right to administer the Plan as it pertains to
employees who are not officers of the Company or of any other Corporate Unit. Subject to the provisions of paragraph 7 hereof, the Committee may impose such conditions on participation in and Awards under the Plan as it deems appropriate.

  

	4.	Eligibility 

 Except as otherwise provided by the Committee and
subject to paragraph 9 hereof, all full-time salaried employees of a Corporate Unit as of the first day and the last day of an Award Period are eligible to be designated as Participants in the Plan for such Award Period; provided, however, that,
with respect to Award Periods that extend for at least one year, individuals who are full-time salaried employees of a Corporate Unit on August 1 of the first year of the Award Period and the last day of the Award Period shall also be eligible
to be designated as Participants in the Plan for such Award Period. Notwithstanding the foregoing, the Committee may adopt criteria restricting the number of full-time salaried employees of a Corporate Unit eligible to be designated as Participants
in the Plan for any Award Period, which criteria shall be set forth in the Addendum to the Plan applicable to such Corporate Unit. 

	5.	Designation of Participants 

 The Committee shall determine and
designate from time to time those Employees who shall be Participants. The designation of an Employee as a Participant in the Plan for any Award period shall not bestow upon such Employee any right to receive an Award for such Award Period or the
right to be designated as a Participant for any subsequent Award Period. 
  

	6.	Individual Award Opportunity 

 For each Award Period, the Committee
shall establish for each Participant a Target Award, expressed as a percentage of his or her base salary earnings or base annual salary for such Award Period, on the basis of his or her salary grade designation. 
  

	7.	Determination of Awards 

 Except as otherwise provided by the
Committee, Awards for each Award Period for Participants in each Corporate Unit shall be determined in accordance with the Award Schedule established by the Committee for such Corporate Unit and no Award shall be paid to any Participant in a
Corporate Unit for any Award Period in which the performance of such Corporate Unit does not equal or exceed the Threshold applicable to such Corporate Unit. The Award for each Participant in a Corporate Unit shall be his or her Target Award
multiplied by the Percent Attainment (determined in accordance with the applicable Award Schedule), subject to the following: 
 (a) Subject to paragraph 3 and the provisions of this paragraph 7, the Committee may adjust such Award for individual performance on the basis of such quantitative and qualitative performance measures and evaluations as it deems
appropriate. 
 (b) Subject to the restrictions set forth in paragraph 7(c) below, the Committee may make such adjustments as
it deems appropriate in the case of any Participant whose salary grade designation has changed during the applicable Award Period or who has been employed in more than one Corporate Unit during an Award Period. 
 (c) Unless and until the Committee proposes for stockholder vote a change in the general performance measures set forth in this paragraph
7(c), the attainment of which may determine the degree of payout with respect to Awards under the Plan which are designed to qualify for the Performance-Based Exception, the performance measure(s) to be used for purposes of such Awards shall be
chosen from among the following alternatives: return on operating assets, operating profit, return on equity, net income, stock price, revenue growth, marginal income, expense management, inventory management, quality management, customer service
performance, shareholder return, gross margin management; market share improvement, safety results, quality results, price margin management, on time delivery, productivity and days sales outstanding (accounts receivable management). The Committee
shall have the discretion to establish performance goals based upon the foregoing performance measures and to adjust such 

  

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goals and the methodology used to measure the determination of the degree of attainment of such goals; provided, however, that Awards under the Plan that are
intended to qualify for the Performance-Based Exception and that are issued to or held by any Named Executive Officer may not be adjusted in a manner that increases such Award. The Committee shall retain the discretion to adjust such Awards in a
manner that does not increase such Awards. Furthermore, the Committee shall not make any adjustment to Awards under the Plan issued to or held by any Named Executive Officer that are intended to comply with the Performance-Based Exception if the
result of such adjustment would be the disqualification of such Award under the Performance-Based Exception. Any Award granted after the Effective Date which is intended to qualify for the Performance-Based Exception shall be contingent upon
stockholder approval of the Plan at the Company’s 2007 annual meeting of stockholders. In the event that applicable laws change to permit the Committee greater discretion to amend or replace the foregoing performance measures applicable to
Awards to Named Executive Officers without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining such approval. In addition, in the event that the Committee determines that it
is advisable to grant Awards under the Plan to Named Executive Officers or other Participants that are not intended to qualify for the Performance-Based Exception, the Committee may make such grants upon any objective or subjective performance
criteria it deems appropriate with the understanding that they will not satisfy the requirements of Section 162(m) of the Code. 
 Notwithstanding any
other provision of the Plan, in no event may a Participant be paid an Award in any calendar year in excess of $2,000,000. No segregation of any moneys or the creation of any trust or the making of any special deposit shall be required in connection
with any awards made or to be made under the Plan. 
  

	8.	Payment of Awards 

 Awards shall be paid in cash as soon as
practicable after the end of the Award Period for which the Award is made, but in no event later than 2-1/2 months after the end of the calendar year in which the Award Period ends; provided, further that that no payment shall be made with respect
to an Award which is intended to qualify under the Performance-Based Exception until the Committee has certified in writing that the performance goals and other materials terms of the Award have been met. If a Participant to whom an Award has been
made dies prior to the payment of the Award, such Award shall be delivered to his or her legal representative or to such other person or persons as shall be determined by the Chairman, the President, the Chief Executive Officer or the Vice
President-Human Resources of the Company. The Company or other applicable Corporate Unit shall have the right to deduct from all Awards payable under the Plan any taxes required by law to be withheld by the Company or other Corporate Unit with
respect thereto; provided, however, that to the extent provided by the Committee, any payment under the Plan may be deferred and to the extent deferred, may be credited with an interest or earnings factor as determined by the Committee; provided,
however, that in the case of an Award which is intended to qualify for the Performance-Based Exception, such interest or earnings factor shall comply with the requirements applicable to such Exception under Treas. Reg. § 1.162-27(e)(iii). If
the Committee determines that payment of an Award may be deferred, such deferral arrangement shall be in writing and shall comply with the requirements of Code Section 409A. 
  

 3 

	9.	Termination of Employment 

 Except in the case of death, disability,
normal retirement (determined in accordance with the qualified retirement plans of the Corporation) or release (determined in accordance with the Ryerson Severance Plan or any successor or substituted plan) or except as provided in paragraph 10, a
Participant must be an employee as of the end of the Award Period in order to be eligible for an Award. 
  

	10.	Change of Control 

 In the event of a Change of Control of the
Company (as hereinafter defined), the Plan shall remain in full force and effect for the remainder of any Award Period (or, if longer, the remainder of the calendar year) during which such Change of Control of the Company occurs, and each
Participant shall receive an Award for such Award Periods (or any Award Periods occurring in such calendar year), at least equal to his or her Target Award pro-rated to the date on which the Participant ceases to be an Employee if such date occurs
prior to the last day of the applicable Award Period, regardless of whether or not Awards would otherwise have been payable under the Plan for such Award Periods and regardless of whether or not such Participant was an Employee at the end of any
such Award Period. 
 A “Change of Control of the Company” shall be deemed to have occurred if: 
 (a) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), other than (w) the Company, (x) a trustee or other fiduciary holding voting securities under an employee benefit plan of the Company, (y) an underwriter temporarily holding voting securities pursuant to an offering of
such securities, or (z) a corporation owned, directly or indirectly, by the security holders of the Company in substantially the same proportions as their ownership of voting securities of the Company, is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company (not including in the voting securities beneficially owned by such person any voting securities acquired directly from the
Company or its affiliates) representing 20% or more of the combined voting power of the Company’s then outstanding voting securities; 
 (b) during any period of two consecutive years (not including any period prior to the execution of the Plan), individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or
nomination for election by the Company’s security holders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved (“Continuing Directors”), cease for any 

  

 4 

 
reason to constitute a majority thereof, provided, however, that no director designated by a person who has entered into an agreement with the Company to
effect a transaction described in clauses (a), (c) or (d) of this Section 10 shall be deemed a Continuing Director for the purposes of this clause (b) and, provided, further that if any new director assumes office in connection
with or as a result of an actual or threatened proxy or other election contest of the Board, then the nomination or election of such new director shall not constitute, or be deemed to constitute, an approval by the Continuing Directors, for purposes
of this Section 10; 
 (c) there occurs a merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), in
combination with the ownership of any trustee or other fiduciary holding voting securities under an employee benefit plan of the Company, at least 60% of the combined voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation, or a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person acquires more than 50% of the combined voting power of the
Company’s then outstanding voting securities; 
 (d) the holders of voting securities of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; or 
 (e) there occurs: 
 (x) a sale or disposition, directly or indirectly, other than to a person described in subclause
(w), (x) or (z) of clause (a) of this Section 10, of voting securities of your employer, any direct or indirect parent company of your employer or any company that is a subsidiary of your employer and is also a significant
subsidiary (as defined below) of the Company (your employer and such a parent or subsidiary being a “Related Company”), representing 50% or more of the combined voting power of the securities of such Related Company then outstanding;

 (y) a merger or consolidation of a Related Company with any other corporation, other than: 
 (1) a merger or consolidation which would result in the voting securities of the Related Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity), in combination with the ownership of any trustee or other fiduciary holding voting securities under an employee benefit
plan of the Company, at least 60% of 

  

 5 

 
the combined voting power of the voting securities of the Related Company or such surviving entity outstanding immediately after such merger or
consolidation; 
 (2) a merger or consolidation effected to implement a recapitalization of the Related Company (or similar
transaction) in which no person acquires more than 50% of the combined voting power of the Related Company’s then outstanding voting securities; or 
 (3) a merger or consolidation which would result in 50% or more of the combined voting power of the surviving company being beneficially owned by the Company or by a majority owned direct or indirect subsidiary of the
Company; or 
 (z) the sale or disposition of all or substantially all the assets of a Related Company to a person other than
the Company or a majority owned direct or indirect subsidiary of the Company. 
 Notwithstanding the foregoing, no Change in Control shall be deemed to have
occurred with respect to a Participant for purposes of the Plan if (I) such transaction includes or involves a sale to the public or a distribution to the stockholders of the Company of more than 50% of the voting securities of the
Participant’s employer or a direct or indirect parent of the Participant’s employer, and (II) the Participant’s employer or a direct or indirect parent of the Participant’s employer agrees to become a successor to the Company
under an individual agreement between the Company and the Participant or the Participant is covered by an agreement providing for benefits upon a change in control of his or her employer following an event described this section For purposes of the
Plan, the term “significant subsidiary” has the meaning given to such term under Rule 405 of the Securities Act of 1933, as amended. 
  

	11.	Transferability 

 Any payment to which a Participant may be entitled
under the Plan shall be free from the control or interference of any creditor of such Participant and shall not be subject to attachment or susceptible of anticipation or alienation. The interest of a Participant shall not be transferable except by
will or the laws of descent and distribution. 
  

	12.	No Right to Participate; Employment 

 Neither the adoption of the
Plan nor any action of the Committee shall be deemed to give any Employee any right to be designated as a Participant under the Plan. Further, nothing contained in the Plan, nor any action by the Committee or any other person hereunder, shall be
deemed to confer upon any Employee any right of continued employment with any Corporate Unit or to limit or diminish in any way the right of any Corporate Unit to terminate his or her employment at any time with or without cause. 
  

 6 

	13.	Nonexclusivity of the Plan 

 This Plan is not intended to and shall
not preclude the Board of Directors of the Company from adopting or continuing such additional compensation arrangements as it deems desirable for Participants under this Plan, including any thrift, savings, investment, stock purchase, stock option,
profit sharing, pension, retirement, insurance or other incentive, compensation or benefit plan or program, including, without limitation, a bonus arrangement or award based on subjective performance factors. 
  

 7

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