Document:

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                                                                     Exhibit 4.7

            COLLATERAL AGENCY AND SECOND LIEN INTERCREDITOR AGREEMENT

         This COLLATERAL AGENCY AND SECOND LIEN INTERCREDITOR AGREEMENT (this
"Agreement") is made and entered into as of June 18, 2002, by and among J. P.
MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, in
its capacity as trustee (the "Notes Trustee") for the benefit of the holders of
the Notes (as hereinafter defined) under the Notes Indenture (as hereinafter
defined), J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a national banking
association, in its capacity as trustee under the Bond Indenture (as hereinafter
defined) (the "Bond Trustee"; the Notes Trustee and the Bond Trustee are
hereinafter sometimes collectively referred to as the "Beneficiaries" and
individually as a "Beneficiary") for the benefit of the holders of the Bonds (as
hereinafter defined) under the Bond Indenture, and J. P. MORGAN TRUST COMPANY,
NATIONAL ASSOCIATION, a national banking association, in its capacity as
Collateral Agent (as hereinafter defined) hereunder. All initially capitalized
terms used herein, unless otherwise specifically defined herein, shall have the
respective meanings assigned thereto in Section 1 hereof.

         WHEREAS, pursuant to the Notes Indenture, the Company has issued the
Notes;

         WHEREAS, pursuant to the Bond Indenture, the Bond Issuer has issued the
Bonds;

         WHEREAS, pursuant to the terms of the Bond Loan Agreement, the Bond
Issuer has loaned the proceeds derived from the sale or exchange of the Bonds to
the Company;

         WHEREAS, the Company has executed and delivered each of the Deeds of
Trust for the benefit of the Notes Trustee and the Bond Issuer, to secure the
Secured Debt;

         WHEREAS, pursuant to the terms of the Bond Indenture and the Bond
Assignment Agreement, the Bond Issuer has assigned certain of its right, title
and interest in the Bond Loan Agreement, Deeds of Trust and other Bond Documents
to the Bond Trustee;

         WHEREAS, the Beneficiaries hereby desire to set forth their agreement
with respect to the enforcement, exercise and administration of their respective
rights, interests, powers and authorities as beneficiaries and/or secured
parties under the respective Deeds of Trust and any other security documents now
or hereafter made, given or granted in favor of each of the Beneficiaries with
respect to all or any portion of the Collateral.

         Therefore, in consideration of the foregoing and the mutual covenants
set forth below, the parties hereby agree as follows.

         1. Definitions. For purposes of this Agreement:

         "Bankruptcy Law" means Title 11, United States Code, and any other
state or federal insolvency, reorganization, moratorium or similar law for the
relief of debtors.

         "Bankruptcy Proceeding" means any proceeding commenced under any
Bankruptcy Law.

         "Beneficiaries" means the Notes Trustee and the Bond Trustee and their
respective successors under the terms of the Notes Indenture and Bond Indenture,
respectively, regardless of whether or not, in connection with the appointment
of any such successor, the rights of the Notes Trustee or Bond Trustee, as the
case may be, under the Deeds of Trust, or any of them, or this Agreement, have
been formally and specifically assigned to such successor trustee by separate
instrument. For purposes of convenience in this Agreement, references to any
Notes Debt, Secured Debt and/or other debt being held by the Notes Trustee as a
Beneficiary, shall be understood to mean Notes Debt, Secured Debt and/or other
debt being held by the respective holders of the Notes.

         "Bond Assignment Agreement" means that certain Assignment and Transfer
of Deeds of Trust and Security Agreement dated as of June 18, 2002, from the
Bond Issuer to the Bond Trustee.

         "Bond Debt" means, collectively, the Bond Loan and all other
obligations, liabilities and indebtedness owing by the Company to the Bond
Issuer, the Bond Trustee and/or the holders of the Bonds, including, without
limitation, principal, repurchase price, and interest (including, without
limitation, any interest accruing after the

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commencement of a Bankruptcy Proceeding with respect to the Company, whether or
not such interest is allowed as a claim in such Bankruptcy Proceeding), fees and
premiums owing by the Company to the Bond Trustee and/or the holders of the
Bonds (including, without limitation, reasonable attorneys' fees and
disbursements), and all other amounts owing under the Bond Loan Agreement, Deeds
of Trust or any of the other Bond Documents.

         "Bond Documents" means, collectively, the Bonds, the Bond Indenture,
the Bond Loan Agreement, the Bond Assignment Agreement, the Deeds of Trust and
all other documents, instruments and agreements now or hereafter evidencing,
governing, securing or otherwise pertaining to the Bond Loan or the Bonds or
otherwise executed and delivered by or on behalf of the Company or any other
party in connection with the Bond Loan or the Bonds or any of the foregoing
documents, together with all amendments, modifications, renewals, substitutions
and replacements of or to any of the foregoing.

         "Bond Indenture" means that certain Indenture of Trust dated as of June
18, 2002 between the Bond Issuer and the Bond Trustee, pursuant to which the
Bonds were issued, as in effect on the date hereof and as amended, supplemented,
restated or otherwise modified from time to time.

         "Bond Issuer" means the City of Weirton, West Virginia, a municipal
corporation duly organized and existing under the Constitution and laws of the
State of West Virginia.

         "Bond Loan" means the loan made or deemed to have been made by the Bond
Issuer to the Company in the aggregate principal amount of $27,348,000 pursuant
to the terms of and as evidence by the Bond Loan Agreement.

         "Bond Loan Agreement" means that certain Agreement dated as of June 18,
2002 between Company and the Bond Issuer, as assigned to the Bond Trustee
pursuant to the terms of the Bond Indenture, and as amended, supplemented,
restated or otherwise modified from time to time.

         "Bond Trustee" means J.P. Morgan Trust Company, National Association, a
national banking association, in its capacity as trustee under the Bond
Indenture, until a successor trustee shall have become such pursuant to the
applicable provisions of the Bond Indenture, and thereafter "Bond Trustee" shall
mean such successor.

         "Bonds" means those certain Secured Pollution Control Revenue Refunding
Bonds (Weirton Steel Corporation Project) Series 2002 issued by the Bond Issuer
pursuant to the Bond Indenture.

         "Collateral" means, collectively, (i) the Tandem Mill Collateral, (ii)
the Tin Mill Collateral, (iii) the Hot Mill Collateral, (iv) all other real or
personal property hereafter pledged to or mortgaged or conveyed by deed of
trust, mortgage, deed to secure debt, security agreement or otherwise to each of
the Beneficiaries to secure all or any portion of both the Bond Debt and the
Notes Debt, (v) all proceeds of any of the foregoing, and (vi) all other assets
of the Company or any Subsidiary or affiliate thereof on which each of the
Beneficiaries are granted a Lien to secure all or any portion of both the Bond
Debt and the Notes Debt. Notwithstanding the foregoing, the Collateral shall not
include any assets or properties consisting of the "Project" as defined in the
Bond Loan Agreement.

         "Collateral Agent" has the meaning assigned thereto in Section 2.1
hereof.

         "Company" means Weirton Steel Corporation, a Delaware corporation,
together with its such successors and assigns as are permitted under the terms
of the Notes Indenture and Bond Loan Agreement.

         "Controlling Party" has the meaning assigned thereto in Section 4
hereof.

         "Credit Documents" means collectively, the Bond Documents and the Notes
Documents.

         "Deeds of Trust" means, collectively, (i) the Hot Mill Deed of Trust,
(ii) the Tandem Mill Deed of Trust, (iii) the Tin Mill Deed of Trust, (iv) the
Security Agreement and (v) any other deed of trust, mortgage, deed to secure
debt, security agreement or other instrument encumbering any Collateral which is
given or made by the Company

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or any Subsidiary thereof to or for the benefit of each of the Beneficiaries to
secure all or any portion of both the Bond Debt and the Notes Debt.

         "Excluded Indebtedness" means any Bonds or Notes which are owned by or
held for the account of the Company, the Bond Issuer or any other obligor on the
Bonds or Notes, or any Subsidiary or affiliate thereof, unless all Bonds and all
Notes are owned by or held for the account of one or more such Persons.

         "Hot Mill Collateral" means the real property constituting the
Company's Hot Strip Mill located at Company's Weirton, West Virginia
steel-making facility, which converts slabs into flat rolled coils, together
with all equipment and fixtures now or hereafter located thereon (whether or not
later moved), as described with particularity in the Hot Mill Deed of Trust,
together with all other property, real or personal, conveyed by or pledged under
or pursuant to the Hot Mill Deed of Trust and/or the Security Agreement and
otherwise described as "Property" or "Collateral", respectively, therein;
provided, however, that only that portion of the "Collateral" described in the
Security Agreement which is located on, is used in connection with or is
proceeds of the Hot Strip Mill shall be included as part of the "Hot Mill
Collateral."

         "Hot Mill Deed of Trust" means that certain Deed of Trust dated as of
June 18, 2002, made by the Company in favor of Joyce Ofsa, as trustee, for the
benefit of the Notes Trustee and Bond Issuer, as beneficiaries, and encumbering
the portion of the Hot Mill Collateral which constitutes real property, as the
Bond Issuer's rights thereunder have been assigned to the Bond Trustee pursuant
to the Bond Indenture and Bond Assignment Agreement, and as amended,
supplemented, restated or otherwise modified from time to time.

         "Lien" means, with respect to any property, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such
property.

         "Master Intercreditor Agreement" means that certain Intercreditor
Agreement, dated as of June 18, 2002, by and among each Beneficiary, the
Collateral Agent on behalf of the Beneficiaries, and Fleet Capital Corporation,
as agent for certain lenders to the Company, as amended, modified, supplemented
or restated from time to time.

         "Minority Party" has the meaning assigned thereto in Section 4 hereof.

         "Notes" means those certain 10% Senior Secured Notes due 2008, issued
by Company pursuant to the Notes Indenture.

         "Notes Debt" means, collectively, the indebtedness evidenced by the
Notes and all other obligations, liabilities and indebtedness owing by the
Company to the Notes Trustee and/or the holders of the Notes, including, without
limitation, principal and interest (including, without limitation, any interest
accruing after the commencement of a Bankruptcy Proceeding with respect to the
Company, whether or not such interest is allowed as a claim in such Bankruptcy
Proceeding), fees and premiums owing by the Company to the Notes Trustee and/or
the holders of the Notes (including, without limitation, reasonable attorneys'
fees and disbursements), and all other amounts owing under the Notes Indenture,
Deeds of Trust or any of the other Notes Documents.

         "Notes Documents" means, collectively, the Notes, the Notes Indenture,
the Deeds of Trust and all other documents, instruments and agreements now or
hereafter evidencing, governing, securing or otherwise pertaining to the Notes
or otherwise executed and delivered by or on behalf of the Company or any other
party in connection with the Notes or any of the foregoing documents, together
with all amendments, modifications, renewals, substitutions and replacements of
or to any of the foregoing.

         "Notes Indenture" means that certain Indenture dated as of June 18,
2002 between the Company and the Notes Trustee, pursuant to which the Notes have
been issued, as in effect on the date hereof, and as amended, supplemented,
restated or otherwise modified from time to time.

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         "Notes Trustee" means J.P. Morgan Trust Company, National Association,
a national banking association, in its capacity as trustee under the Notes
Indenture, until a successor trustee shall have become such pursuant to the
applicable provisions of the Notes Indenture, and thereafter "Notes Trustee"
shall mean such successor.

         "Person" means any individual, corporation, limited or general
partnership, joint venture, association, joint stock company, trust, trustee,
estate, limited liability company, unincorporated organization, real estate
investment trust, or government or any agency or political subdivision thereof
or any other form of entity.

         "Proceeds" has the meaning assigned thereto in Section 6 hereof.

         "Security Agreement" means that certain Security Agreement, dated as of
June 18, 2002, made by the Company for the benefit of the Bond Issuer and the
Notes Trustee and encumbering a portion of the Hot Mill Collateral, Tandem Mill
Collateral and Tin Mill Collateral which constitutes personal property, as the
Bond Issuer's rights thereunder have been assigned to the Bond Trustee pursuant
to the Bond Indenture and Bond Assignment Agreement, and as amended,
supplemented, restated or otherwise modified from time to time.

         "Secured Debt" means, collectively, the Bond Debt and the Notes Debt.

         "Subsidiary" means any entity of which another entity owns, directly or
indirectly through one or more intermediaries, more than 50% of the voting
interests at the time of determination.

         "Tandem Mill Collateral" means the real property constituting Company's
No. 9 Tandem Mill located at Company's Weirton, West Virginia steel-making
facility, together with all equipment and fixtures now or hereafter located
thereon (whether or not later moved), as described with more particularity in
the Tandem Mill Deed of Trust, together with all other property, real or
personal, conveyed by or pledged under or pursuant to the Tandem Mill Deed of
Trust and/or the Security Agreement and otherwise described as "Property" or
"Collateral", respectively, therein; provided, however, that only that portion
of the "Collateral" described in the Security Agreement which is located on, is
used in connection with or is proceeds of the No. 9 Tandem Mill shall be
included as part of the "Tandem Mill Collateral".

         "Tandem Mill Deed of Trust" means that certain Deed of Trust, dated as
of June 18, 2002, made by the Company in favor of Joyce Ofsa, as trustee, for
the benefit of the Notes Trustee and Bond Issuer, as beneficiaries, and
encumbering the portion of the Tandem Mill Collateral which constitutes real
property, as the Bond Issuer's rights thereunder have been assigned to the Bond
Trustee pursuant to the Bond Indenture and Bond Assignment Agreement, and as
amended, supplemented, restated or otherwise modified from time to time.

         "Tin Mill Collateral" means the real property constituting Company's
Tin Mill located at Company's Weirton, West Virginia steel-making facility,
together with all equipment and fixtures now or hereafter located thereon
(whether or not later moved), as described with more particularity in the Tin
Mill Deed of Trust (excluding the assets set forth in Exhibit B to the Tin Mill
Deed of Trust), together with all other property, real or personal, conveyed by
or pledged under or pursuant to the Tin Mill Deed of Trust and/or the Security
Agreement and otherwise described as "Property" or "Collateral", respectively,
therein; provided, however, that only that portion of the "Collateral" described
in the Security Agreement which is located on, is used in connection with or is
proceeds of the Tin Mill shall be included as part of the "Tin Mill Collateral".

                  "Tin Mill Deed of Trust" means that certain Deed of Trust
dated as of June 18, 2002, made by the Company in favor of Joyce Ofsa, as
trustee, for the benefit of the Notes Trustee and Bond Issuer, as beneficiaries,
and encumbering the portion of the Tin Mill Collateral which constitutes real
property, as the Bond Issuer's rights thereunder have been assigned to the Bond
Trustee pursuant to the Bond Indenture and Bond Assignment Agreement, and as
amended, supplemented, restated or otherwise modified from time to time

         2. Appointment of Collateral Agent

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         2.1 Appointment, Powers and Immunities

                  (a) The Notes Trustee (for itself and on behalf of the holders
of the Notes) and the Bond Trustee (for itself and on behalf of the holders of
the Bonds) hereby irrevocably (i) designate, appoint and authorize J.P. Morgan
Trust Company, National Association, a national banking association (together
with any successor Collateral Agent appointed pursuant to Section 2.6 hereof,
the "Collateral Agent") to act as Collateral Agent hereunder with such powers as
are specifically delegated to Collateral Agent by the terms of this Agreement,
together with such other powers as are reasonably incidental thereto, and (ii)
authorize and direct the Collateral Agent to execute, deliver and perform the
Master Intercreditor Agreement, in its capacity as Collateral Agent hereunder
and thereunder on behalf of the Notes Trustee and Bond Trustee.

                  (b) The Collateral Agent hereby accepts its appointment as the
Collateral Agent hereunder upon the terms and conditions of this Agreement, and
hereby agrees to act as representative and bailee with respect to any Proceeds
delivered to the Collateral Agent pursuant to this Agreement for the benefit of
the Beneficiaries upon and subject to the terms and conditions of this
Agreement.

                  (c) Collateral Agent (i) shall have no duties or
responsibilities except those expressly set forth in this Agreement and, subject
to Section 2.5 hereof, the Master Intercreditor Agreement; (ii) shall not be
responsible to the Beneficiaries for any recitals, statements, representations
or warranties contained in this Agreement or in the Master Intercreditor
Agreement, or in any certificate or other document referred to or provided for
in, or received by any of them in connection with this Agreement or the Master
Intercreditor Agreement, or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or the Master Intercreditor
Agreement or any other document referred to or provided for herein or therein or
for any failure by the Company or any other Person (other than the Collateral
Agent) to perform any of its obligations hereunder or thereunder; and (iii)
except as expressly provided herein, shall not be responsible to the
Beneficiaries for any action taken or omitted to be taken by it hereunder or
under the Master Intercreditor Agreement or under any other document or
instrument referred to or provided for herein or therein or in connection
herewith or therewith, except for its own gross negligence or willful misconduct
as determined by a final non-appealable order of a court of competent
jurisdiction. Collateral Agent may employ agents and attorneys-in-fact and shall
not be responsible for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it in good faith.

         2.2 Reliance by Collateral Agent. Collateral Agent shall be entitled to
rely upon any certification, notice or other communication (including any
thereof by telephone, telecopy, telex, telegram, cable or email) believed by it
to be genuine and correct and to have been signed or sent by or on behalf of the
proper Person or Persons, without inquiry or investigation and upon advice and
statements of legal counsel, independent accountants and other experts selected
by Collateral Agent in good faith. As to any matters not expressly provided for
by this Agreement, Collateral Agent shall in all cases be fully protected in
acting, or in refraining from acting, hereunder in accordance with instructions
given by the Controlling Party to the extent such instructions are otherwise
consistent and in compliance with the terms hereof. Any action taken or failure
to act pursuant to the instructions of the Controlling Party shall be binding on
the Bond Trustee and the Notes Trustee provided that such instructions are
otherwise consistent and in compliance with the terms hereof. Collateral Agent
shall have no obligation to take or not to take any action pursuant to any
instructions of (a) any holder of Notes or any group of holders of Notes
(regardless of the percentage of the outstanding Notes Debt held by such holder
or holders of Notes), except for instructions in writing received by Collateral
Agent from the Notes Trustee, or (b) any holder of Bonds or any group of holders
of Bonds (regardless of the percentage of the outstanding Bonds held by such
holder or holders of Bonds), except for instructions in writing received by
Collateral Agent from the Bond Trustee, except, in either case, to the extent
that such holders have the legal right to direct such action or prevent any
action under the terms of the applicable Credit Documents.

         2.3 Non-Reliance on Collateral Agent and Other Lenders. Collateral
Agent has no responsibility to make and has made no representation and has not
furnished documents or information to support any credit analysis by Notes
Trustee or Bond Trustee, and neither Notes Trustee nor Bond Trustee may claim
reliance on Collateral Agent. Collateral Agent shall not be required to keep
itself informed as to the performance or observance by any Person of any term or
provision of any Credit Document or any other document referred to or provided
for herein or therein or to inspect the properties or books of the Company.
Collateral Agent shall not have any duty or responsibility to provide Notes
Trustee or Bond Trustee with any credit or other information concerning the
affairs, financial condition or business of the Company that may come into the
possession of Collateral Agent.

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         2.4 Failure to Act. Collateral Agent shall in all cases be fully
justified in failing or refusing to act hereunder and under the Master
Intercreditor Agreement unless it shall receive further assurances to its
satisfaction from the Beneficiaries that Collateral Agent shall have no
liability to the Beneficiaries as a result of any such action.

         2.5 Master Intercreditor Agreement.

                  (a) Each Beneficiary hereby authorizes, instructs and directs
the Collateral Agent on behalf of such Beneficiary and without the requirement
of further instruction from such Beneficiary to (i) execute and deliver any
subordination agreement, intercreditor agreement or any other similar agreement
pursuant to the provisions of Section 10(h) of the Master Intercreditor
Agreement or on behalf of, or which agreement is otherwise binding upon, the
Beneficiaries or either of them (each, an "Additional Intercreditor Agreement"),
or (ii) execute and deliver or otherwise cause to occur, by consent,
acquiescence or otherwise, a release of any portion of the Collateral or a
subordination of either Beneficiary's interest in the Collateral, in each case,
to the extent required under the Master Intercreditor Agreement. Notwithstanding
anything to the contrary contained in this Agreement or in the Master
Intercreditor Agreement, the Collateral Agent shall not, without the prior
written consent and direction of each of the Beneficiaries, enter into, execute,
deliver or otherwise agree to any amendment, modification or supplement to or
any restatement or confirmation of or any waiver of any term or provision set
forth in, the Master Intercreditor Agreement or any Additional Intercreditor
Agreement or of any of the rights of the Collateral Agent, on behalf of the
Beneficiaries, thereunder. The Beneficiaries shall indemnify and hold the
Collateral Agent harmless from any liability or expense incurred by the
Collateral Agent in connection with any action taken or omitted to be taken by
the Collateral Agent under the Master Intercreditor Agreement upon and in
compliance with the written consent and direction of each of the Beneficiaries.

                  (b) In the event that either the Notes Debt or the Bond Debt
which is secured by the Collateral has been fully repaid and the applicable
Beneficiary's interest in the Collateral has been released by such Beneficiary
and thus, this Agreement is to be terminated in accordance with its terms, the
Collateral Agent shall assign all of its right, title and interest in, to and
under, and all of its obligations under, the Master Intercreditor Agreement to
the Beneficiary which continues to have an interest in the Collateral, or any
portion thereof. This Section 2.5(b) shall survive the termination of this
Agreement.

         2.6 Removal; Resignation.

                  (a) The Collateral Agent may be removed at any time by the
Controlling Party by an instrument in writing delivered to the Collateral Agent
and the Minority Party. Collateral Agent may resign at any time by giving thirty
(30) days prior written notice thereof to each of the Beneficiaries. In the
event of any such removal or resignation, the Controlling Party shall have the
right to appoint a successor Collateral Agent reasonably acceptable to the
Minority Party. The removal or resignation of the Collateral Agent shall not
take effect until the appointment of a successor Collateral Agent.

                  (b) Upon the acceptance of any appointment as Collateral Agent
hereunder by a successor Collateral Agent and the delivery of any Collateral or
Proceeds that may be in the possession of the former Collateral Agent, (i) the
successor Collateral Agent shall succeed to and become vested with all the
rights, powers, privileges and duties of the former Collateral Agent, and shall
execute and deliver such instrument acknowledging same, as may be reasonably
requested by the agent for the lenders to the Company pursuant to the Master
Intercreditor Agreement, (ii) the former Collateral Agent shall have no further
duties and obligations hereunder and (iii) the former Collateral Agent shall, at
the expense of the Beneficiaries and upon the written request of the successor
Collateral Agent and without representation, warranty or recourse, execute and
deliver such documents, instruments and agreements as are reasonably necessary
to effect an assignment of the rights and obligations of the former Collateral
Agent to the successor Collateral Agent including, without limitation, an
assignment of its rights and obligations under the Master Intercreditor
Agreement. After any former Collateral Agent's resignation or removal hereunder
as Collateral Agent, the provisions of this Section 2 shall continue in effect
for its benefit in respect of any actions taken or omitted to be taken by it
while it was acting as Collateral Agent.

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         3. Pari Passu Priority; Lien Priority.

                  (a) The Notes Trustee hereby agrees that each Lien of the
Notes Trustee for the benefit of the holders of the Notes in the property and
assets constituting the Collateral pursuant to the Notes Documents, to the
extent of the obligations secured by such Lien (provided that the aggregate
principal amount of the indebtedness secured by such Liens shall not exceed
$118,242,300) shall be equal in priority with each Lien of the Bond Trustee for
the benefit of the holders of the Bonds in the property and assets constituting
the Collateral pursuant to the Bond Documents, to the extent of the obligations
secured by such Lien (provided that the aggregate principal amount of the
indebtedness secured by such Lien shall not exceed $27,348,000).

                  (b) The Bond Trustee hereby agrees that each Lien held by the
Bond Trustee for the benefit of the holders of the Bonds in the property and
assets constituting the Collateral pursuant to the Bond Documents, to the extent
of the obligations secured by such Lien (provided that the aggregate principal
amount of the indebtedness secured by such Lien shall not exceed $27,348,000)
shall be equal in priority with each Lien of the Notes Trustee on behalf of the
holders of the Notes in the property and assets constituting the Collateral
pursuant to the Notes Documents, to the extent of the obligations secured by
such Lien (provided that the aggregate principal amount of indebtedness secured
by such Liens shall not exceed $118,242,300).

                  (c) The priorities of the Liens established, altered or
specified herein are applicable irrespective of:

                           (i) the time or order of attachment or perfection
thereof;

                           (ii) the method of perfection;

                           (iii) the time or order of filing or recording of
financing statements, mortgages, deeds of trust, or any other instruments; or

                           (iv) any amendments to the Liens established, altered
or specified herein, provided that such amendment does not alter the aggregate
principal amount of the indebtedness secured by such Lien; and

                           (v) the time or order of foreclosure, taking of
possession or the exercise of any remedy.

provided, however, that the priorities of any Liens which are not established,
altered or specified herein shall be unaffected and shall exist and continue in
accordance with applicable law. The agreements in this Section 3(c) are solely
for the purpose of establishing the relative priorities of the interests of the
Beneficiaries in the Collateral and shall not inure to the benefit of any other
Person.

         4. Controlling Party. The Beneficiary or Beneficiaries holding a
majority in principal amount of indebtedness secured by the Collateral
(excluding, however, the principal amount of any Excluded Indebtedness) (the
"Controlling Party") shall have the sole right, without the affirmative consent
of, but with written notice to, any other Beneficiary or Beneficiaries (the
"Minority Party"), and on behalf of itself and each Beneficiary to (a) take any
action, or fail to take any action, to enforce or exercise (or decline to
exercise) any right or remedy with respect to the Collateral and to foreclose
upon, collect and dispose of the Collateral or any portion thereof in accordance
with one or more of the applicable Deeds of Trust and (b) exercise any right or
remedy, or decline to exercise any right or remedy, with respect to the
Collateral in accordance with one or more of the applicable Deeds of Trust in
any Bankruptcy Proceeding, including, without limitation, any right of election
under Sections 1111(b) or 365(h) of the Bankruptcy Code, any other rights of
election, determinations, proofs of claims or other rights or remedies in
connection with any Bankruptcy Proceeding; provided that each Minority Party
shall have the right to file its own proof(s) of claim in any Bankruptcy
Proceeding.

         5. Rights of Minority Party. In accordance with Section 4 hereof, the
Minority Party agrees (regardless of whether any Beneficiary agrees, disagrees
or abstains with respect to any action or failure to act by the Controlling
Party) that the Controlling Party shall have the authority to act or fail to
act, as it deems necessary in its sole

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discretion, with respect to the rights and remedies of all of the Beneficiaries
with respect to the Collateral and that the Controlling Party shall have no
liability for acting or failing to act (provided such action or failure to act
does not conflict with the express terms of this Agreement). Each Beneficiary
further acknowledges and agrees that the only right of such Beneficiary with
respect to the Collateral is to be secured by the Collateral as and to the
extent provided in its respective Credit Documents and as provided herein and to
receive a share of the Proceeds (as hereinafter defined) of the Collateral, if
any, to the extent provided under Section 6 hereof; provided, however, that, in
no event shall any rights or benefits accorded any Beneficiary include any right
to challenge, contest or dispute any action taken or not taken, with respect to
the Collateral by the Controlling Party, the Collateral Agent or the other
Beneficiary in accordance with this Agreement, and in no event shall any
security interest granted to any Beneficiary entitle such Beneficiary to enforce
its respective rights in respect of the Collateral except through the
Controlling Party and the Collateral Agent in accordance with this Agreement;
provided, further, that notwithstanding the foregoing, no provision of this
Agreement shall be construed to relieve the Controlling Party from liability for
its own grossly negligent action, its own grossly negligent failure to act, its
own willful misconduct or any action taken by it in bad faith. In addition, the
Minority Party agrees that it (a) will release all Liens in all or any portion
of the Collateral (to the extent of its respective interest therein) in the
event that the Controlling Party elects to sell all or any portion of the
Collateral in exercising any right or remedy with respect to the Collateral; and
(b) waives any right of election, determination, proof of claim (except as set
forth in the last proviso set forth in Section 4 hereof) or other rights or
remedies in connection with any Bankruptcy Proceeding with respect to the
Collateral. Each of the Beneficiary's hereby agrees that it (i) shall not
contest or challenge the validity, perfection or priority of the other
Beneficiaries' Liens with respect to the Collateral; and (ii) waives any right
of claim of equitable subordination which it may have in connection with the
bankruptcy of any Person.

         6. Collection and Distribution of Proceeds. The Beneficiaries each
agree that all money, funds or property collected or acquired with respect to
the Collateral (including, without limitation, any net condemnation proceeds or
other awards, insurance or other loss recoveries which are required or permitted
under each of the Credit Documents to be applied to the indebtedness secured
thereby and any property (real and personal) and any amounts in respect of any
deficiency recoveries) (collectively, "Proceeds") in connection with the
enforcement or exercise of any right or remedy with respect to the Collateral
following the acceleration of the Secured Debt of the Company by either of the
Beneficiaries or in connection with a sale, exchange, refinancing or other
disposition of any portion of the Collateral which is permitted under the Bond
Documents, the Note Documents or the Master Intercreditor Agreement and complies
with the terms thereof and is not otherwise held in a Pledged Account (as such
term is defined in the Master Intercreditor Agreement and/or the Security
Agreement and upon the terms and conditions of the Master Intercreditor
Agreement or the Bond Documents or Note Documents), shall be directed to the
Collateral Agent, which Collateral Agent shall be instructed by the Controlling
Party to distribute such Proceeds in the following order of priority: First: to
the payment to the Collateral Agent in respect of all reasonable expenses in
connection with the collection or realization of such Proceeds or the
administration of this Agreement in connection with the collection or
realization of such Proceeds; Second: to the payment to each Beneficiary in
respect of all reasonable expenses in connection with the collection or
realization of such Proceeds or the administration of this Agreement in
connection with the collection or realization of such Proceeds; Third: to each
Beneficiary, a proportion of such remaining Proceeds in the same proportion as
the total principal amount of the outstanding Secured Debt secured by a Lien on
the Collateral held by such Beneficiary bears to the total amount of principal
amount of the outstanding Secured Debt secured by Liens on the Collateral held
by all Beneficiaries until all such Secured Debt of such Beneficiary has been
paid in full disregarding any reduction of any such Secured Debt arising or
occurring because of a foreclosure (or the exercise of any other right or remedy
with respect to the Collateral); Fourth: after full payment of all Secured Debt,
to the Company, except as a court of competent jurisdiction may otherwise
direct. The foregoing distribution of Proceeds shall be subject to the terms and
provisions of the Master Intercreditor Agreement to the extent then in effect.

         7. Directions to Collateral Agent. The Collateral Agent may at any time
request directions from the Controlling Party with respect to any Credit
Document of any Beneficiary as to any course of action or other matter relating
hereto or to such Credit Document of any Beneficiary. Except as otherwise
provided in Section 2.5 hereof, directions given by the Controlling Party or
Collateral Agent hereunder shall be binding on all Beneficiaries for all
purposes (provided such directions do not conflict with the express terms of
this Agreement).

                                     - 8 -
<PAGE>

         8. Enforcement of Rights by Beneficiaries. Each Beneficiary agrees not
to take any action whatsoever to enforce any of its rights in respect of the
Collateral except through the Controlling Party in accordance with Sections 4, 5
and 6 hereof unless reasonably requested to do so by the Controlling Party in
connection with the Controlling Party's exercise or enforcement of the
Beneficiaries' rights and/or remedies under the Deeds of Trust and then only to
the extent so requested; provided, however, that this Agreement shall not
prevent any Beneficiary from enforcing or exercising any right or remedy, to the
extent that such enforcement or exercise of rights or remedies does not impair
the security interest or the rights and/or remedies of the Controlling Party or
any other Beneficiary in the Collateral or otherwise, (i) with respect to
Collateral granted to it alone and not to all other Beneficiaries by its
respective Credit Documents, (ii) with respect to any collateral given or made
to or in favor of such Beneficiary which is not otherwise Collateral or (iii)
with respect to any of the payment and/or performance obligations owing to it
under its respective Credit Documents; nor shall this Agreement grant any of the
Beneficiaries any right or remedy pursuant to the Credit Documents of the other
Beneficiaries. Each Beneficiary waives any requirement for marshaling of assets
by the other Beneficiaries in connection with any foreclosure or realization of
Liens on any collateral other than the Collateral (including the proceeds
thereof) and any other principle of election of remedies.

         9. Payment of Secured Debt. In the event that any payment in respect
of, or distribution of the Collateral required to be directed to the Collateral
Agent pursuant to Section 6 hereof, of any kind or character, whether in cash,
property or securities, shall be received by any Beneficiary before all Secured
Debt secured by the Collateral is paid in full, such payment or distribution
shall be held in trust for the benefit of, and shall be paid over to, the
Beneficiaries in accordance with Section 6 hereof.

         10. Communications. Each of the Beneficiaries agrees to transmit to all
other Beneficiaries a copy of any communication sent by such Beneficiary to the
Company or any other Person (contemporaneously with the transmittal of any such
communication) with respect to any event of default, any acceleration of
indebtedness, or any notice of sale of any Collateral as a result of a default.
Any failure by any Beneficiary to furnish a notice pursuant to this Section 10
shall in no way diminish the rights of such party hereunder.

         11. Governing Law; Transfer or Assignment of Rights. This Agreement
shall be governed by and construed in accordance with the laws of the State of
New York, without regard to the principles of conflicts of law, and shall be
binding upon and inure to the benefit of the Beneficiaries and their respective
successors, designees and assigns. Any transferee or assignee (as may be
permitted under the respective Notes Indenture or Bond Indenture) of either the
Notes Trustee or the Bond Trustee shall, as a condition to such transfer or
assignment, deliver to all parties hereto a written agreement by which such
transferee or assignee agrees to be bound by the obligations imposed by this
Agreement upon the Notes Trustee or the Bond Trustee, as applicable, to the same
extent as if such transferee or assignee was either the Notes Trustee or the
Bond Trustee hereunder. Such transferee or assignee, along with either the Notes
Trustee or the Bond Trustee, as applicable, shall execute all other documents
and instruments reasonably necessary to evidence or carry out the provisions of
the preceding sentence.

         12. No Third Party Beneficiaries. This Agreement is solely for the
purpose of establishing the relative interests of the Notes Trustee, the holders
of the Notes, the Bond Issuer, the Bond Trustee and the holders of the Bonds,
and is not for the benefit of any other party other than the Collateral Agent.
No Person shall have the right to enforce any of the provisions hereof other
than the Notes Trustee, on behalf of the holders of the Notes, the Bond Trustee,
on behalf of the holders of the Bonds and the Bond Issuer, and the Collateral
Agent; provided, however, the Company shall have the right to enforce the
provisions of Section 6 to the extent those provisions involve the interests of
the Company.

         13. Notices. All notices, consents, approvals or other communications
required under the terms and provisions of this Agreement shall be in writing
and sent to the following addresses:

         If to Notes Trustee:    J.P. Morgan Trust Company,
                                    National Association
                                 One Oxford Centre
                                 301 Grant Street, Suite 1100
                                 Pittsburgh, Pennsylvania  15219
                                 Attention:  Institutional Trust Services
                                 Facsimile No.: (412) 291-2070 or (412) 291-2071

                                     - 9 -
<PAGE>

         If to Bond Trustee:      J.P. Morgan Trust Company,
                                     National Association
                                  One Oxford Centre
                                  301 Grant Street, Suite 1100
                                  Pittsburgh, Pennsylvania  15219
                                  Attention:  Institutional Trust Services
                                  Facsimile No.: (412) 291-2070 or
                                                 (412) 291-2071

         If to Collateral Agent:  J.P. Morgan Trust Company,
                                     National Association
                                  One Oxford Centre
                                  301 Grant Street, Suite 1100
                                  Pittsburgh, Pennsylvania  15219
                                  Attention:  Institutional Trust Services
                                  Facsimile No.: (412) 291-2070 or
                                                 (412) 291-2071

         With copies to:          Weirton Steel Corporation
                                  400 Three Springs Drive
                                  Weirton, West Virginia  26062
                                  Attention:  Mark E. Kaplan,
                                              Senior Vice President,
                                              Finance and Administration
                                  Facsimile #: (304) 797-2991

Notices shall be deemed to have been duly given (a) if delivered personally or
otherwise actually received, (b) if sent by overnight delivery service, (c) if
mailed by first class United States mail, postage prepaid, registered or
certified, with return receipt requested, or (d) if sent by facsimile. Notice
mailed as provided in clause (c) above shall be effective on the earlier of the
date of actual receipt or three (3) business days after its deposit. Notice
given in any other manner described in this paragraph shall be effective upon
receipt by the addressee thereof; provided, however, that if any notice is
tendered to an addressee and delivery thereof is refused by such addressee, such
notice shall be effective upon such tender.

         14. Repayment of Secured Debt. Simultaneously with the repayment or
other discharge of the Notes Debt or the Bond Debt, as the case may be, which is
secured by the Collateral, the Beneficiary whose Secured Debt is so repaid or
discharged shall execute and deliver all instruments as may be reasonably
required by the other Beneficiary to release or relinquish such Beneficiary's
interest in the Collateral.

         15. Exculpation. No Beneficiary shall be liable to any other
Beneficiary for any action taken by it, including the payment of any monies
hereunder, in connection with this Agreement, provided the same is taken in good
faith and did not constitute gross negligence or willful misconduct.

         16. Credit Documents. Each Beneficiary shall have the right to alter or
amend its respective Credit Documents and to release or take additional
collateral pursuant thereto. Nothing in this Agreement is intended to alter or
amend the obligations of any Beneficiary with respect to the Company or any of
its Subsidiaries under their respective Credit Documents. Nothing herein is
intended to convey upon the Company or any of its Subsidiaries any right or
benefit with respect to any Beneficiary, and the Company hereby acknowledges,
for itself and its Subsidiaries, that they have no right to enforce the terms
hereunder against any Beneficiary. The Company's signature hereto is merely to
acknowledge this Agreement, which is for the sole benefit of the Beneficiaries.

         17. No Recording; Counterparts. This Agreement may not be recorded.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original but all of which together shall constitute one and
the same instrument.

         18. Conflicts. To the extent that the Master Intercreditor Agreement
remains in effect and there is a conflict or inconsistency between any provision
hereof and thereof, the provisions of the Master Intercreditor Agreement

                                     - 10 -
<PAGE>

shall control and prevail in all respects. To the extent there is a conflict or
inconsistency between any provision hereof regarding the rights as to the
Collateral, on the one hand, and any provision of the Credit Documents, on the
other hand, this Agreement shall control and prevail as among the Beneficiaries
and the Credit Documents shall control and prevail as to the Company.

         19. Severability. In case any one or more of the provisions contained
in this Agreement shall be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby.

         20. Modifications. Neither this Agreement nor any provision hereof may
be modified or terminated orally, but only by an instrument in writing, signed
by the party against whom enforcement of the modification or termination is
sought.

         21. Termination of Agreement. Upon the full repayment of the Bond Debt
or the Notes Debt, as the case may be, which is secured by the Collateral, this
Agreement shall terminate in all respects except that the party which has been
so repaid shall execute and deliver releases and other instruments in form and
substance as shall be sufficient to terminate such party's interest in the
Collateral.

         22. Representations Concerning Company: Liability of Beneficiaries.
None of the Beneficiaries, nor any of their respective directors, officers,
agents or employees, shall be responsible to any other Beneficiary or to any
other Person for (a) the Company's solvency, financial condition or ability to
repay the Secured Debt or any portion thereof or any other indebtedness to any
Beneficiary, (b) any oral or written statements of the Company, or (c) the
validity, sufficiency or enforceability of the Secured Debt or any other
indebtedness to any Beneficiary, the Credit Documents or the security interests
and Liens granted by the Company to any Beneficiary. Each Beneficiary has
entered into its financing arrangement with the Company based upon such
Beneficiary's own independent investigation, and makes no warranty or
representation to any other Beneficiary, nor does such Beneficiary rely on any
warranty or representation of any other Beneficiary, with respect to the matters
referred to in this paragraph.

         23. Authority. Each of the parties hereto hereby represents to the
other parties hereto that it has full right, power and authority to execute and
deliver this Agreement and to perform its obligations hereunder.

         24. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES ITS
RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR
STATUTORY CLAIMS. EACH PARTY REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. IN THE EVENT OF
LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A
TRIAL BY THE COURT.

         25. No Waiver. The failure by any party hereto to exercise any right
hereunder shall not be construed as a waiver of the right to exercise the same
or any other right at any other time and from time to time thereafter, and such
rights shall be cumulative and not exclusive.

         26. Headings. Paragraph headings used herein are for convenience only,
and shall not affect the meaning of any provision of this Agreement.

         27. Exhibits. The exhibits attached to this Agreement are incorporated
herein and shall be considered part of this Agreement for all purposes
hereunder.

         28. Assignment. Each of the Beneficiaries covenants that it has not
assigned or transferred, and agrees that it will not assign or transfer at any
time this Agreement remains in effect, any right, claim or interest of any kind
in or to the Collateral, unless such right, claim and interest remains subject
to this Agreement.

                                     - 11 -
<PAGE>

IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date
first written above.

                                     NOTES TRUSTEE:

                                     J.P. MORGAN TRUST COMPANY, NATIONAL
                                     ASSOCIATION, as Trustee for the holders of
                                     the notes under that certain Indenture,
                                     dated as of June 18, 2002, between the
                                     Issuer and the Trustee (each as defined
                                     therein),

                                     By: /s/ David M. Babich
                                         ------------------------------------
                                         Name:  David M. Babich
                                         Title:  Vice President

                                     Address: Corporate Trust Office
                                              One Oxford Centre
                                              301 Grant Street, Suite 1100
                                              Pittsburgh, PA  15219
                                              Attn: Institutional Trust Services

                                     BOND TRUSTEE:

                                     J.P. MORGAN TRUST COMPANY, NATIONAL
                                     ASSOCIATION, as Trustee for the holders of
                                     the bonds under that certain Indenture of
                                     Trust, dated as of June 18, 2002, between
                                     the Issuer and the Trustee (each as defined
                                     therein),

                                     By: /s/ David M. Babich
                                         ------------------------------------
                                         Name:  David M. Babich
                                         Title:  Vice President

                                     Address: Corporate Trust Office
                                              One Oxford Centre
                                              301 Grant Street, Suite 1100
                                              Pittsburgh, PA  15219
                                              Attn: Institutional Trust Services

                                     COLLATERAL AGENT:

                                     J.P. MORGAN TRUST COMPANY, NATIONAL
                                     ASSOCIATION, as Collateral Agent

                                     By: /s/ David M. Babich
                                         ------------------------------------
                                         Name:  David M. Babich
                                         Title:  Vice President

                                     Address: Corporate Trust Office
                                              One Oxford Centre
                                              301 Grant Street, Suite 1100
                                              Pittsburgh, PA  15219
                                              Attn: Institutional Trust Services

<PAGE>

                                     CONSENT

         The undersigned hereby consents to the terms of the foregoing
Collateral Agency and Second Lien Intercreditor Agreement and agrees to be bound
by the terms thereof.

WEIRTON STEEL CORPORATION,
a Delaware Corporation

By  /s/ Mark E. Kaplan
    --------------------------------
    Name:  Mark E. Kaplan
    Title: Senior Vice President Finance and
    Administration
        Address: 400 Three Springs Drive
                 Weirton, West Virginia 26062<PAGE>
                                                                     Exhibit 4.8

                               SECURITY AGREEMENT
                               ------------------

         THIS SECURITY AGREEMENT (the "Agreement") is made as of the 18th day of
June, 2002, by WEIRTON STEEL CORPORATION, a Delaware corporation, having an
address at 400 Three Springs Drive, Weirton, West Virginia 26062 ("Debtor"), to
and for the benefit of J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a
national banking association, as trustee under the Notes Indenture (as
hereinafter defined) ("Notes Secured Party"), having an address at One Oxford
Center, 301 Grant Street, Suite 1100, Pittsburgh, Pennsylvania 15219 and CITY OF
WEIRTON, WEST VIRGINIA, a municipal corporation duly organized and existing
under the Constitution and laws of the State of West Virginia ("Bond Issuer"),
having an address at 200 Municipal Plaza, Weirton, West Virginia 26062 (the Bond
Issuer and any other holder of the Bond Issuer's interest in this Agreement
including, without limitation, the Bond Trustee (as hereinafter defined), shall
sometimes hereinafter be referred to as the "Bond Secured Party"; the Notes
Secured Party and the Bond Secured Party are hereinafter sometimes collectively
referred to as the "Secured Parties" and individually referred to as a "Secured
Party").

                                    RECITALS:

         A. In connection with the Debtor's issuance of its 10% Senior Secured
Notes Due 2008 in the original aggregate principal amount of $118,242,300 (the
"Notes"), Debtor and Notes Secured Party executed that certain Indenture, dated
as of even date herewith (as amended from time to time, the "Notes Indenture").

         B. The Bond Issuer has entered into an Indenture of Trust, dated as of
even date herewith (as amended from time to time, the "Bond Indenture"), with
J.P Morgan Trust Company, National Association, as trustee (the "Bond Trustee")
for the purpose of issuing and securing the Bond Issuer's Secured Pollution
Control Revenue Refunding Bonds (Weirton Steel Corporation Project) Series 2002
in the original aggregate principal amount of $27,348,000 (the "Bonds").

         C. Contemporaneously with the execution of the Bond Indenture, the Bond
Issuer and Debtor have entered into that certain Agreement, dated as of even
date herewith (as amended from time to time, the "Bond Loan Agreement"), whereby
the Bond Issuer has agreed to make a loan to Debtor in the original principal
amount of $27,348,000 from the proceeds of the issuance or exchange of the Bonds
(the "Bond Loan").

         D. Debtor is the owner of certain real and personal property more
particularly described in the Notes Indenture and Bond Loan Agreement as the
"Hot Mill Collateral", the "Tandem Mill Collateral" and the "Tin Mill
Collateral".

         E. As security for the Obligations (as hereinafter defined), the Debtor
has executed and delivered certain deeds of trust (collectively, the "Deeds of
Trust") for the benefit of the Secured Parties encumbering the real property
constituting the "Hot Mill Collateral", the "Tandem Mill Collateral" and the
"Tin Mill Collateral" (as such terms are defined in the Notes Indenture and Bond
Loan Agreement).

<PAGE>

         F. Fleet Capital Corporation, a Rhode Island corporation ("First
Secured Party"), J.P. Morgan Trust Company, National Association, in its
capacity as collateral agent ("Collateral Agent") under the Second Lien
Intercreditor Agreement (as hereinafter defined), the Notes Secured Party, and
the Bonds Secured Party have entered into that certain Intercreditor Agreement,
dated of even date herewith (as amended from time to time, the "First Lien
Intercreditor Agreement") that, among other things, governs the relative rights,
responsibilities and obligations between First Secured Party and Collateral
Agent, on behalf of each of the Secured Parties, with respect to, among other
things, the Collateral (as hereinafter defined).

         G. The Notes Secured Party, Bond Secured Party and Collateral Agent
have entered into that certain Collateral Agency and Second Lien Intercreditor
Agreement, dated of even date herewith (as amended from time to time, the
"Second Lien Intercreditor Agreement"), that, among other things, governs the
relative rights, responsibilities and obligations between the Notes Secured
Party and Bond Secured Party with respect to, among other things, the
Collateral.

         H. Notes Secured Party and Bond Secured Party require, as a condition
to their entering into the Notes Indenture and Bond Loan Agreement,
respectively, that Debtor grant a security interest to the Secured Parties of
all of its right, title and interest in and to the Collateral as additional
security for the Obligations.

         NOW, THEREFORE, in consideration of the covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Debtor hereby agrees as follows:

                                   ARTICLE 1

                               GRANTS OF SECURITY

         Section 1.1 COLLATERAL. Debtor does hereby irrevocably pledge and
assign to Secured Parties, and grant a security interest to Secured Parties in,
subject to the rights of the First Secured Party under the First Lien Documents
(as hereinafter defined in Section 11.15), the following property, rights,
interests and estates now owned or leased, or hereafter acquired by Debtor
(collectively, the "Collateral"):

                    (a) All equipment and fixtures (as such terms are defined in
               the Uniform Commercial Code of West Virginia (the "UCC")) now
               owned or existing or hereafter created, acquired or arising
               (whether or not later moved) now or hereafter located on or
               within any portion of the real property more particularly
               described on EXHIBIT A-1, EXHIBIT A-2, and EXHIBIT A-3 attached
               hereto (the "Land"), including without limitation the assets
               described on EXHIBIT B-1, EXHIBIT B-2, and EXHIBIT B-3 attached
               hereto (but specifically excluding those assets described on
               EXHIBIT C attached hereto), and all accessories, additions,
               attachments, improvements, substitutions and replacements thereto
               and therefor, together with all books, records, writings, data
               bases, information and other similar property relating to, used
               or useful in connection with, or evidencing, embodying,
               incorporating or referring to the Land or any of the foregoing
               (collectively, "Equipment");

                                       2
<PAGE>

                    (b) All Pledged Accounts (as hereinafter defined) and other
               accounts held by or for the benefit of each of the Secured
               Parties pursuant to the terms of their respective Debt
               Instruments (as hereinafter defined) and all other reserves,
               escrows or impounds required under the Debt Instruments, together
               with all books, records, writings, data bases, information and
               other similar property relating to, used, or useful in connection
               with, or evidencing, embodying, incorporating or referring to the
               Pledged Accounts;

                    (c) All proceeds (as such term is defined in the UCC),
               products, rents, profits and returns of and from all or any part
               of the property described in the preceding clauses (a) and (b);
               and

                    (d) Any and all after-acquired right, title and interest of
               Debtor in and to any of the property described in clause (c)
               above.

         Notwithstanding anything to the contrary contained herein, in no event
shall the Collateral include, nor shall Debtor be deemed to have granted to
Secured Parties a lien on or security interest in, any of the Project Assets or
any property arising from or as a result of the disposition of any of the
Project Assets. As used herein, "Project Assets" shall mean all of the pollution
control equipment (as equipment is defined in the UCC) and fixtures (as defined
in the UCC) located at Debtor's Weirton, West Virginia steel making facility,
the purchase and/or installation of which were financed or refinanced with the
proceeds of the City of Weirton, West Virginia's Pollution Control Revenue
Refunding Bonds (Weirton Steel Corporation Project) Series 1989 issued by the
City of Weirton, West Virginia.

         Section 1.2 SECURITY AGREEMENT. This Agreement constitutes a "security
agreement" within the meaning of the UCC and other applicable law and with
respect to the Collateral. The Collateral includes personal property and all
other rights and interests, whether tangible or intangible in nature, of Debtor
in the Collateral. By executing and delivering this Agreement, Debtor hereby
grants to Secured Parties, as security for the Obligations, a security interest
in the Collateral to the full extent that the Collateral may be subject to the
UCC.

         Section 1.3 FINANCING STATEMENTS. Debtor hereby authorizes the
recordation and filing by the Secured Parties, or either of them, of one or more
financing statements and any continuations thereof to perfect their security
interest in the Collateral.

         Section 1.4 PLEDGE OF MONIES HELD. Debtor hereby pledges to the Secured
Parties, subject to the rights of the First Secured Party under the First Lien
Documents, any and all monies now or hereafter held by or for the benefit of the
Secured Parties as additional security for the Obligations until expended or
applied as provided in the Debt Instruments. Such monies pledged hereunder shall
include, without limitation, (i) any sums deposited with the "Agent" (as such
term is defined in the First Lien Intercreditor Agreement) and held in a
"Pledged Account" (as defined in the First Lien Intercreditor Agreement), (ii)
any sums deposited with the Secured Parties, or otherwise held by the Collateral
Agent for the benefit of the Secured Parties, and held in an account by or for
the benefit of the Secured Parties, and (iii) any insurance or condemnation
proceeds of the Collateral held by or for the benefit of the Secured Parties.

                                       3
<PAGE>

                                   ARTICLE 2

                               OBLIGATIONS SECURED

         Section 2.1 OBLIGATIONS. This Agreement is given to secure the
following (collectively, the "Obligations"):

                    (a) the payment of amounts owing under the Notes (the "Notes
               Debt") and the performance and observance of all covenants and
               conditions contained in this Agreement, the Deeds of Trust, the
               Notes Indenture and any other documents and instruments now or
               hereafter executed by Debtor to evidence, secure or guarantee the
               payment of all or any portion of the Notes Debt under the Notes
               Indenture, this Agreement or the Deeds of Trust, and any and all
               renewals, extensions, amendments and replacements of this
               Agreement, the Deeds of Trust, the Notes Indenture and any such
               other documents and instruments (the Notes, the Notes Indenture,
               this Agreement, the Deeds of Trust and any other documents and
               instruments now or hereafter executed and delivered in connection
               with the Notes, the Notes Indenture and any and all amendments,
               renewals, extensions and replacements hereof and thereof, being
               sometimes referred to collectively as the "Notes Instruments");
               and

                    (b) the payment of amounts owing under the Bond Loan
               Agreement and the performance and observance of all covenants and
               conditions contained in this Agreement, the Deeds of Trust, the
               Bond Loan Agreement and any other documents and instruments now
               or hereafter executed by Debtor to evidence, secure or guarantee
               the payment of all or any portion of the Bond Loan under the Bond
               Loan Agreement, this Agreement or the Deeds of Trust, and any and
               all renewals, extensions, amendments and replacements of this
               Agreement, the Deeds of Trust, the Bond Loan Agreement and any
               such other documents and instruments (the Bond Loan Agreement,
               this Agreement, the Deeds of Trust and any other documents and
               instruments now or hereafter executed and delivered in connection
               with the Bond Loan, the Bond Loan Agreement and any and all
               amendments, renewals, extensions and replacements hereof and
               thereof, being sometimes referred to collectively as the "Bond
               Instruments"; the Notes Instruments and the Bond Instruments are
               hereinafter sometimes collectively referred to as the "Debt
               Instruments").

                                   ARTICLE 3

                      DEBTOR REPRESENTATIONS AND WARRANTIES

         Debtor represents and warrants to Secured Parties that:

         Section 3.1 WARRANTY OF TITLE. Debtor has good title to all of the
Collateral, free and clear of all liens, encumbrances, charges and security
interests whatsoever except for the Authorized Liens (as defined in each of the
respective Deeds of Trust). This Agreement creates valid, enforceable second
priority security interests against the Collateral subject only to the

                                       4
<PAGE>

Permitted Encumbrances (as defined in each of the respective Deeds of Trust) and
the lien of the First Secured Party under the First Lien Documents.

         Section 3.2 FINANCING STATEMENTS. As of the date hereof, no financing
statements covering the Collateral are on file in any public office, except the
financing statements relating to the security interest created hereby and
financing statements filed in connection with the First Lien Documents.

         Section 3.3 POWER AND AUTHORITY. Debtor has full power, authority and
legal right to execute this Agreement and to pledge, assign, sell, transfer and
warrant the Collateral pursuant to the terms hereof and to keep and observe all
of the terms hereof and has obtained all consents required to grant to Secured
Parties a security interest in the Collateral.

         Section 3.4 VALID OBLIGATIONS. Debtor has duly executed and delivered
this Agreement and this Agreement constitutes a legal, valid and binding
obligation of Debtor, enforceable against it in accordance with the terms of
this Agreement.

         Section 3.5 PLACE OF BUSINESS; JURISDICTION OF INCORPORATION. Debtor's
principal place of business is located in Hancock County, West Virginia and its
chief executive office is located in Brooke County, West Virginia at the address
set forth in the first paragraph of this Agreement. Debtor is incorporated and
existing under the laws of the State of Delaware and its Delaware corporate
identification number is 0948572. Debtor is duly authorized to transact business
in the State of West Virginia.

                                   ARTICLE 4

                                DEBTOR COVENANTS

         Debtor covenants and agrees that:

         Section 4.1 OBLIGATIONS AND THIS SECURITY AGREEMENT. Debtor shall
perform promptly all of its agreements herein.

         Section 4.2 COLLECTION; SECURED PARTY'S COSTS. Debtor shall pay all
costs necessary to obtain, preserve, perfect, defend and enforce the security
interests hereby granted and preserve, defend, enforce and collect the
Collateral. Whether Collateral is or is not in the possession of the Secured
Parties, and without any obligation to do so and without waiving Debtor's
default for failure to make any such payment, either of the Secured Parties at
its option, may pay any such costs and expenses and/or discharge encumbrances on
Collateral, and such payment shall be a part of the Obligations. Debtor agrees
to reimburse such Secured Party on demand for any costs so incurred.

         Section 4.3 ADDITIONAL DOCUMENTS. Debtor shall sign any papers
reasonably furnished by the Secured Parties or do and perform such other acts
and things which are reasonably necessary in the judgment of the Secured Parties
to obtain, maintain and perfect the security interests created hereby and to
enable the Secured Parties to comply with the Federal Assignment of Claims Act
or any other federal or state law necessary to obtain or perfect the Secured
Parties' interests in Collateral or to obtain proceeds of Collateral.

                                       5
<PAGE>

         Section 4.4 DELIVERY OF RECEIPTS TO SECURED PARTY. Subject to the
rights of the First Secured Party under the First Lien Documents, upon Secured
Parties' demand and to the extent required under the Debt Instruments, Debtor
will deposit, upon receipt, all checks, drafts, cash or other remittances
received as proceeds of any Collateral in a special bank account in a bank of
Secured Parties' choice over which Secured Parties alone shall have power of
withdrawal. The funds in said account shall be held by Secured Parties or the
Collateral Agent on their behalf as security for the Obligations. Said proceeds
shall be deposited in the form received, except the endorsement of Debtor where
necessary to permit collection of items, which endorsements Debtor agrees to
make, but which each of the Secured Parties is authorized to make on Debtor's
behalf. Pending such deposits, Debtor agrees that it will not mingle any such
checks, drafts, cash or remittances required to be deposited with any of the
Debtor's other funds or property, but will hold them separate and apart
therefrom and upon an express trust for the Secured Parties until deposit
thereof is made in the special account. Subject to the rights of the First
Secured Party under the First Lien Documents, Secured Parties may from time to
time apply the whole or any part of the funds in the special account against the
Obligations.

         Section 4.5 RECORDS OF COLLATERAL. Debtor at all times will maintain
accurate books and records covering the Collateral. Secured Parties are hereby
given the right to audit the books and records of Debtor relating to Collateral
upon reasonable written notice to Debtor.

         Section 4.6 NOTICE OF CHANGES. Debtor will notify the Secured Parties
of any change in the Collateral that could reasonably be expected to have a
material adverse effect on the Collateral as a whole, of a change in the
location of its principal place of business or chief executive offices, and of
any Event of Default (as hereinafter defined).

         Section 4.7 WAIVERS BY DEBTOR. Debtor hereby waives (i) notices of the
creation, advance, increase, existence, extension or renewal of, and of any
indulgence with respect to, the Obligations, (ii) presentment, demand, notice of
dishonor, and protest, and (iii) notice of the amount of the Obligations
outstanding at any time, notice of any change in financial condition of any
person liable for the Obligations or any part thereof, notice of any Event of
Default, and all other notices respecting the Obligations; and agrees that
maturity of the Obligations and any part thereof may be accelerated, extended or
renewed one or more times by the Secured Parties in their discretion, without
notice to Debtor.

         Section 4.8 OTHER PARTIES AND OTHER COLLATERAL. No renewal or extension
of or any other indulgence with respect to the Obligations or any part thereof,
no release of any security, no release of any person (including any maker,
endorser, guarantor or surety) liable on the Obligations, no delay in
enforcement of payment, and no delay or omission or lack of diligence or care in
exercising any right or power with respect to the Obligations or any security
therefor or guaranty thereof or under this Agreement shall in any manner impair
or affect the rights of the Secured Parties under the law, hereunder, or under
any other agreement pertaining to the Collateral. Secured Parties need not file
suit or assert a claim for personal judgment against any person for any part of
the Obligations or seek to realize upon any other security for the Obligations,
before foreclosing upon the Collateral for the purpose of paying the
Obligations. Debtor waives any right to the benefit of or to require or control
application of any other security or proceeds thereof, and agrees that the
Secured Parties shall have no duty or obligation to Debtor to apply to the
Obligations any such other security or proceeds thereof.

                                       6
<PAGE>

         Section 4.9 CHANGE OF NAME, IDENTITY OR STRUCTURE. Debtor will not
change Debtor's name or its jurisdiction of incorporation without providing
thirty (30) days prior written notice to the Secured Parties.

         Section 4.10 COVENANTS RESPECTING TAXES, LIENS AND CARE OF COLLATERAL.
Each of the covenants set forth in Sections 1.4, 1.5 and 1.8 of the respective
Deeds of Trust shall also be applicable to the Collateral to the same extent as
if such covenants were set forth herein in their entirety and were specifically
made applicable to the Collateral, this Agreement and/or the Obligations, as
applicable. Such covenants are hereby incorporated herein by reference as if
fully set forth herein, modified, as applicable, to apply to the Collateral
(rather than the "Property"), this Agreement (rather than the "Deed of Trust")
and the Obligations (rather than the "Borrower's Liabilities").

         Section 4.11 LIENS ON COLLATERAL. Debtor shall keep the Collateral free
from all liens, encumbrances, charges and security interests except for the
security interest hereby created and except for Authorized Liens.

         Section 4.12 TRANSFER OR ENCUMBRANCE OF COLLATERAL. Debtor shall not
permit or suffer to occur any sale, assignment, conveyance, transfer, mortgage,
lease or encumbrance of the Collateral, any part thereof, or any interest
therein in violation of the Debt Instruments.

                                   ARTICLE 5

                          DEBTOR/CREDITOR RELATIONSHIP

         Section 5.1 RELATIONSHIP OF DEBTOR AND SECURED PARTY. The relationship
between Debtor and each of the Secured Parties is solely that of debtor and
creditor, and neither of the Secured Parties has any fiduciary or other special
relationship with Debtor, and no term or condition of the Debt Instruments shall
be construed so as to deem the relationship between Debtor and either of the
Secured Parties to be other than that of debtor and creditor.

                                   ARTICLE 6

                               FURTHER ASSURANCES

         Section 6.1 RECORDING OF SECURITY INSTRUMENT, ETC. Debtor forthwith
upon the execution and delivery of this Agreement and thereafter, from time to
time, will cause this Agreement and each instrument of further assurance to be
filed, registered or recorded in such manner and in such places as may be
required by any present or future law in order to publish notice of and fully to
protect and perfect the lien or security interest hereof upon, and the interest
of Secured Parties in, the Collateral. Debtor will pay all taxes, filing,
registration or recording fees, and all expenses incident to the preparation,
execution, acknowledgment and/or recording of the Debt Instruments and any note
or mortgage supplemental hereto, any security instrument with respect to the
Collateral and any instrument of further assurance, and any modification or
amendment of the foregoing documents, and all federal, state, county and
municipal taxes, duties, imposts, assessments and charges arising out of or in
connection with the execution and delivery of this Agreement, any security
instrument with respect to the Collateral or any

                                       7
<PAGE>

instrument of further assurance, and any modification or amendment of the
foregoing documents, except where prohibited by law so to do.

         Section 6.2 FURTHER ACTS, ETC. Debtor will, at the cost of Debtor, and
without expense to the Secured Parties, do, execute, acknowledge and deliver all
and every such further acts, deeds, conveyances, mortgages, assignments, notices
of assignments, transfers and assurances as Secured Parties shall, from time to
time, reasonably require, for the better assuring, conveying, assigning,
transferring, and confirming unto Secured Parties the property and rights hereby
granted, confirmed, pledged, assigned, and warranted or intended now or
hereafter so to be, or which Debtor may be or may hereafter become bound to
convey or assign to Secured Parties, or for carrying out the intention or
facilitating the performance of the terms of the Agreement.

         Section 6.3 AMENDED FINANCING STATEMENTS. Debtor will execute and
deliver to the Secured Parties, prior to or contemporaneously with the effective
date of any such change, any financing statement or change thereof required by
the Secured Parties to establish or maintain the validity, perfection and
priority of the security interest granted herein. At the request of the Secured
Parties, Debtor shall execute a certificate in form satisfactory to the Secured
Parties listing the trade names under which Debtor intends to operate the
Collateral, and representing and warranting that Debtor does business under no
other trade name with respect to the Collateral.

                                   ARTICLE 7

                                     DEFAULT

         Section 7.1 EVENTS OF DEFAULT. The occurrence of any one or more of the
following events shall constitute an event of default hereunder ("Event of
Default"):

         (a) an "Event of Default" under and as defined in the Notes Indenture
or any of the other Notes Instruments;

         (b) an "Event of Default" under and as defined in the Bond Loan
Agreement or any of the other Bond Instruments; and

         (c) a failure by Debtor to timely perform or observe any material
covenant, obligation or liability contained in this Agreement and, unless such
failure is an "Event of Default" under Section 7.1(a) or (b) above, such failure
is not cured within sixty (60) days after the sooner to occur of (i) Debtor's
receipt of notice of such failure from the Secured Parties or either one or (ii)
the date on which such failure first becomes known to any officer of Debtor.

                                   ARTICLE 8

                               RIGHTS AND REMEDIES

         Section 8.1 REMEDIES. (a) Subject to the rights of the First Secured
Party under the First Lien Documents to the extent then in effect, upon the
occurrence of any Event of Default and at any time thereafter, Debtor agrees
that the Secured Parties may declare the Obligations in

                                       8
<PAGE>

whole or in part immediately due and payable and may enforce payment of the same
and take such action, without notice or demand, as they deem advisable to
protect and enforce their rights against Debtor and in and to the Collateral,
including, but not limited to the following, each of which may be pursued
concurrently or otherwise, at such time and in such order as the Secured Parties
may determine, in their sole discretion, without impairing or otherwise
affecting the other rights and remedies of the Secured Parties:

         (i) exercise any and all rights and remedies granted to a secured party
upon default under the UCC, as amended from time to time, or any other
applicable uniform commercial code, or any other statute or rule of law or
equity or under the provisions of any third party agreement in favor of the
Secured Parties, all of which may be exercised successively or concurrently,
including, without limiting the generality of the foregoing: (i) the right to
take possession of the Collateral or any part thereof, and to take such other
measures as Secured Parties may deem necessary for the care, protection and
preservation of the Collateral, and (ii) request Debtor at its expense to
assemble the Collateral and make it available to Secured Parties at a convenient
place in Weirton, West Virginia acceptable to Secured Parties; further, Secured
Parties may sell, assign, give option or options to purchase, contract to sell
or otherwise dispose of and deliver the Collateral, or any part thereof, in one
or more lots at public or private sale or sales, at any exchange, broker's board
or at any of the Secured Parties' offices or elsewhere upon such terms and
conditions as they may deem advisable and at such prices as they may deem best,
for cash or on credit or for future delivery without assumption of any credit
risk, with the right to the Secured Parties upon any such sale or sales, public
or private, to purchase the whole or any part of said Collateral so sold, free
of any right or equity of redemption in the Debtor, which right or equity is, to
the extent permitted by law, hereby expressly waived or released. Any notice of
sale, disposition or other intended action by Secured Parties with respect to
the Collateral sent to Debtor in accordance with the provisions hereof at least
ten (10) days prior to such action, shall constitute commercially reasonable
notice to Debtor; and

         (ii) exercise all other rights and remedies of the Secured Parties
under this Agreement and all other rights and remedies available to the Secured
Parties under applicable law.

         (b) The Secured Parties will give Debtor reasonable notice of the time
and place of any public sale of the Collateral or of the time after which any
private sale or other intended disposition thereof is to be made. Expenses of
retaking, holding, preparing for sale, selling, leasing or the like shall
include Secured Parties' reasonable attorney's fees and legal expenses. The
Debtor acknowledges and agrees that any private sale of the Collateral may
result in prices and other terms less favorable than if such sale were a public
sale and, notwithstanding such circumstances, agrees, to the extent permitted by
applicable law, that any such private sale shall be deemed to have been made in
a commercially reasonable manner. To the extent permitted by the laws of the
State of West Virginia, in the event of a sale, by foreclosure, power of sale,
or otherwise, of less than all of the Collateral, this Agreement shall continue
as a lien and security interest on the remaining portion of the Collateral
unimpaired and without loss of priority.

         Section 8.2 APPLICATION OF PROCEEDS. Subject to the rights of the First
Secured Party under the First Lien Documents, after deducting all reasonable
costs and expenses of every kind incurred by the Secured Parties or incidental
to the care, safekeeping or otherwise of any and all of the Collateral, the
purchase money, proceeds and avails of any disposition of the Collateral, or

                                       9
<PAGE>

any part thereof, or any other sums collected by the Secured Parties pursuant to
this Agreement or the Deeds of Trust, may be applied by the Secured Parties to
the payment of the Obligations in accordance with the Second Lien Intercreditor
Agreement to the extent then in effect. Only after credit against the
Obligations and after the payment by the Secured Parties of any other amount
required by any provision of law, including, without limitation, the UCC, need
the Secured Parties' account for the surplus, if any, to the Debtor.

         Section 8.3 WAIVER OF RIGHTS UNDER UCC; DEFICIENCY. The Debtor shall be
liable for the deficiency if the proceeds of any sale or other disposition of
the Collateral are insufficient to pay all amounts to which the Secured Parties
are entitled and the reasonable costs, fees and expenses of any attorney
employed by the Secured Parties to collect such deficiency.

         Section 8.4 ACTIONS AND PROCEEDINGS. After the occurrence and during
the continuance of an Event of Default, the Secured Parties have the right to
appear in and defend any action or proceeding brought with respect to the
Collateral and to bring any action or proceeding, in the name and on behalf of
Debtor, which Secured Parties, in their discretion, decide should be brought to
protect their interest in the Collateral.

         Section 8.5 OTHER RIGHTS, ETC. (a) No delay or failure of the Secured
Parties in the exercise of any right or remedy hereunder shall operate as a
waiver thereof, and no single or partial exercise of any right or remedy
hereunder shall preclude other or further exercise thereof or the exercise of
any other right or remedy. No action or forbearance by the Secured Parties
contrary to the provisions of this Agreement shall be construed to constitute a
waiver of any of the express provisions hereof. The Secured Parties may
specifically waive any of their rights under this Agreement without invalidating
the entire Agreement. Nothing herein contained, nor anything done or omitted to
be done by the Secured Parties pursuant hereto, shall be deemed a waiver by the
Secured Parties of any of their rights or remedies hereunder or under any of the
Debt Instruments or under applicable law.

         (b) The rights of the Secured Parties under this Agreement shall be
separate, distinct and cumulative and none shall be given effect to the
exclusion of the others. No act of the Secured Parties shall be construed as an
election to proceed under any one provision herein to the exclusion of any other
provision. The Secured Parties shall not be limited exclusively to the rights
and remedies herein stated but shall be entitled to every right and remedy now
or hereafter afforded at law or in equity.

         Section 8.6 RIGHT TO RELEASE ANY PORTION OF THE COLLATERAL. The Secured
Parties, or the Collateral Agent on their behalf to the extent provided in the
Debt Instruments, may release any portion of the Collateral for such
consideration as Secured Parties or Collateral Agent, as applicable, may require
and in accordance with the terms of the Debt Instruments without, as to the
remainder of the Collateral, in any way impairing or affecting the lien or
priority of this Agreement, or improving the position of any subordinate
lienholder with respect thereto, except to the extent that the obligations
hereunder shall have been reduced by the actual monetary consideration, if any,
received by Secured Parties for such release, and may accept by assignment,
pledge or otherwise any other property in place thereof as Secured Parties may
require without being accountable for so doing to any other lienholder. This
Agreement shall continue as a lien and security interest in the remaining
portion of the Collateral.

                                       10
<PAGE>

         Section 8.7 RIGHT OF ENTRY. Each of the Secured Parties and its agents
shall have the right upon prior written notice to enter and inspect the
Collateral at all reasonable times upon reasonable advance notice to Debtor.

         Section 8.8 EXERCISE OF REMEDIES BY SECURED PARTIES. Notwithstanding
anything to the contrary contained herein, the ability of a Secured Party to
accelerate the Debtor's Obligations hereunder and/or exercise any of the
remedies provided for in this Article 8, shall be subject to and governed by any
limitations or restrictions on such rights as may be set forth in the Notes
Indenture (if such Secured Party is the Notes Secured Party) or the Bond Loan
Agreement (if such Secured Party is the Bond Secured Party), and in either case,
by any limitations or restrictions on such rights as may be set forth in the
First Lien Intercreditor Agreement to the extent then in effect (provided,
however, for purposes of the foregoing and in the interest of clarity, Debtor is
not intended to be a third party beneficiary of the limitations and restrictions
on the Secured Parties' rights to accelerate and exercise remedies contained in
the First Lien Intercreditor Agreement).

                                    ARTICLE 9

                                     WAIVERS

         Section 9.1 WAIVERS BY DEBTOR. DEBTOR WAIVES (a) PRESENTMENT, DEMAND
AND PROTEST AND NOTICE OF PRESENTMENT, PROTEST, DEFAULT, NON-PAYMENT, MATURITY,
RELEASE, COMPROMISE, SETTLEMENT, EXTENSION OR RENEWAL OF ANY OR ALL COMMERCIAL
PAPER, ACCOUNTS, CONTRACT RIGHTS, DOCUMENTS, INSTRUMENTS, CHATTEL PAPER AND
GUARANTIES AT ANY TIME HELD BY THE SECURED PARTIES ON WHICH DEBTOR MAY IN ANY
WAY BE LIABLE AND HEREBY RATIFIES AND CONFIRMS WHATEVER SECURED PARTIES MAY DO
IN THIS REGARD; (b) NOTICE PRIOR TO SECURED PARTIES' TAKING POSSESSION OR
CONTROL OF THE COLLATERAL OR ANY BOND OR SECURITY WHICH MIGHT BE REQUIRED BY ANY
COURT PRIOR TO ALLOWING THE SECURED PARTIES TO EXERCISE ANY OF SECURED PARTIES'
REMEDIES; (c) THE BENEFIT OF ALL VALUATION, APPRAISEMENT AND EXEMPTION LAWS; AND
(d) NOTICE OF ACCEPTANCE HEREOF.

         Section 9.2 WAIVER OF TRIAL BY JURY. DEBTOR AND SECURED PARTIES HEREBY
WAIVE ANY RESPECTIVE RIGHT THEY MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY REPRESENTS THAT
IT HAS REVIEWED THIS WAIVER AND KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT.

                                       11
<PAGE>

                                   ARTICLE 10

                                     NOTICES

         Section 10.1 NOTICES. All notices, consents, approvals or other
communications required under the terms and provisions of this Agreement shall
be in writing and sent to the following addresses:

<TABLE>
<CAPTION>

<S>                                         <C>
         If to Notes Secured Party:         J.P. Morgan Trust Company,  National Association
                                            Pittsburgh Corporate Trust Office
                                            One Oxford Center
                                            301 Grant Street, Suite 1100
                                            Pittsburgh, Pennsylvania  15219
                                            Attention:  Institutional Trust Services
                                            Facsimile No. (412) 291-2070 or (412) 291-2071

         With a copy to:                    J.P. Morgan Trust Company, National Association
                                            Dallas Corporate Trust Office
                                            2001 Bryan Street, 9th Floor
                                            Dallas, Texas 75201
                                            Attention: Institutional Trust Services

         If to Bond Secured Party:          J.P. Morgan Trust Company, National Association
                                            Pittsburgh Corporate Trust Office
                                            One Oxford Center
                                            301 Grant Street, Suite 1100
                                            Pittsburgh, Pennsylvania  15219
                                            Attention:  Institutional Trust Services
                                            Facsimile No. (412) 291-2070 or (412) 291-2071

         With a copy to:                    J.P. Morgan Trust Company, National Association
                                            Dallas Corporate Trust Office
                                            2001 Bryan Street, 9th Floor
                                            Dallas, Texas 75201
                                            Attention: Institutional Trust Services

         If to Debtor:                      Weirton Steel Corporation
                                            400 Three Springs Drive
                                            Weirton, West Virginia 26062
                                            Attention:  Secretary and General Counsel
                                            Facsimile No. (304) 797-3484
</TABLE>

Notices shall be deemed to have been duly given (a) if delivered personally or
otherwise actually received, (b) if sent by overnight delivery service, (c) if
mailed by first class United States mail, postage prepaid, registered or
certified, with return receipt requested, or (d) if sent by facsimile. Notice
mailed as provided in clause (c) above shall be effective on the earlier of the
date of actual receipt or three (3) business days after its deposit. Notice
given in any other manner described in this paragraph shall be effective upon
receipt by the addressee thereof; PROVIDED, HOWEVER, that if any notice is
tendered to an addressee and delivery thereof is refused by such addressee, such
notice shall be effective upon such tender.

                                       12
<PAGE>

                                   ARTICLE 11

                            MISCELLANEOUS PROVISIONS

         Section 11.1 CHOICE OF LAW. This agreement shall be governed,
construed, applied and enforced in accordance with the laws of the State of West
Virginia, without regard to the principles of conflicts of laws.

         Section 11.2 PROVISIONS SUBJECT TO APPLICABLE LAW. All rights, powers
and remedies provided in this Agreement may be exercised only to the extent that
the exercise thereof does not violate any applicable provisions of law and are
intended to be limited to the extent necessary so that they will not render this
Agreement invalid, unenforceable or not entitled to be recorded, registered or
filed under the provisions of any applicable law.

         Section 11.3 INAPPLICABLE PROVISION. If any term of this Agreement or
any application thereof shall be invalid or unenforceable, the remainder of this
Agreement and any other application of the term shall not be affected thereby.

         Section 11.4 ATTORNEY'S FEES FOR ENFORCEMENT. Debtor shall pay, on
demand, any and all expenses, including legal expenses and reasonable attorneys'
fees, incurred or paid by any Secured Party in protecting its interest in the
Collateral or in collecting any amount payable hereunder or in enforcing its
rights hereunder with respect to the Collateral, whether or not any legal
proceeding is commenced hereunder or thereunder and whether or not any default
or Event of Default shall have occurred and is continuing, together with
interest thereon at the Default Rate (as such term is defined in the respective
Deeds of Trust) from the date paid or incurred by such Secured Party until such
expenses are paid by Debtor.

         Section 11.5 GENERAL DEFINITIONS. Unless the context clearly indicates
a contrary intent or unless otherwise specifically provided herein, words used
in this Agreement may be used interchangeably in singular or plural form and the
word "Debtor" shall mean "each Debtor and any subsequent owner or owners of the
Collateral or any part thereof or any interest therein," the word "Secured
Party" or "Secured Parties" shall mean "Secured Party[ies] and any subsequent
holder of the Obligations," the word "person" shall include an individual,
corporation, limited liability company, partnership, trust, unincorporated
association, government, governmental authority, and any other entity, the word
"Collateral" shall include any portion of the Collateral and any interest
therein, and the phrases "attorneys' fees" and "counsel fees" shall include any
and all reasonable attorneys', paralegal and law clerk fees and disbursements,
including, but not limited to fees and disbursements at the pre-trial, trial and
appellate levels incurred or paid by any Secured Party in protecting its
interest in the Collateral and enforcing its rights under the this Agreement.

         Section 11.6 HEADINGS, ETC. The headings and captions of various
Sections of this Agreement are for convenience of reference only and are not to
be construed as defining or limiting, in any way, the scope or intent of the
provisions hereof.

         Section 11.7 NO ORAL CHANGE. This Agreement and any provisions hereof,
may not be modified, amended, waived, extended, changed, discharged or
terminated orally or by any act or

                                       13
<PAGE>

failure to act on the part of Debtor or either of the Secured Parties, but only
by an agreement in writing signed by the party against whom enforcement of any
modification, amendment, waiver, extension, change, discharge or termination is
sought.

         Section 11.8 LIABILITY. This Agreement shall be binding upon the Debtor
and its successors and assigns and shall inure to the benefit of the Secured
Parties and their respective successors and assigns.

         Section 11.9 NUMBER AND GENDER. Whenever the context may require, any
pronouns used herein shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the
plural and vice versa.

         Section 11.10 PREFERENCE. To the extent that either of the Secured
Parties receives any payment or proceeds of the Collateral for the Obligations,
which payment or proceeds or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to
a trustee, receiver or any other party under any bankruptcy law, state or
federal law, common law or equitable cause, then, to the extent of such payment
or proceeds received, the Obligations or part thereof intended to be satisfied
shall be revived and continue in full force and effect, as if such payment or
proceeds had not been received by such Secured Party.

         Section 11.11 CUMULATIVE REMEDIES. The rights and remedies herein
provided are cumulative and may be exercised singly or concurrently and are not
exclusive of any right or remedy provided by law.

         Section 11.12 NO PARTIAL RELEASE. The satisfaction or discharge of any
part of the Obligations hereby secured shall not in any way satisfy or discharge
this Agreement, but this Agreement shall remain in full force and effect so long
as any of the Obligations remain outstanding.

         Section 11.13 LIMITATION OF LIABILITY. Neither of the Secured Parties
nor any of their respective officers, directors, employees, agents or counsel
shall be liable for any action lawfully taken or omitted to be taken by it or
them hereunder or in connection herewith, except for its or their gross
negligence or willful misconduct.

         Section 11.14 TAXES. Should any documentary stamp or other tax now or
hereafter become payable with respect to this Agreement or its execution or
delivery, Debtor will promptly, following demand therefor, pay the same and hold
Secured Parties harmless from the cost of same.

         Section 11.15 FIRST LIEN DOCUMENTS. With respect to that certain
Amended and Restated Loan and Security Agreement, dated as of May 3, 2002, as
amended, by and among the Debtor, the First Secured Party, the other agent party
thereto and the lenders from time to time party thereto (the "Senior Loan
Agreement") and the other Loan Instruments (as defined in the Mortgages (as such
term is defined in the Senior Loan Agreement)) (together with the First Lien
Intercreditor Agreement, collectively, the "First Lien Documents"); Debtor
covenants and agrees to give the Secured Parties notice of any uncured default
following any applicable grace period by any party under the First Lien
Documents within ten (10) days of Debtor becoming aware of

                                       14
<PAGE>

such default and promptly to deliver to the Secured Parties a copy of each
notice of default and all other notices, amendments, communications, plans,
specifications and other statements, responses, similar instruments received or
delivered by Debtor relating thereto.

         Section 11.16 SUBORDINATION. (a) Each Secured Party acknowledges and
agrees that its respective security interests and rights hereunder are subject
to the rights of the First Secured Party as set forth in the First Lien
Documents.

         (b) Each Secured Party agrees to subordinate the lien of this Agreement
to (i) the lien described in subparagraph (a) of the definition of "Permitted
Liens" as set forth in (A) the Notes Indenture until the full repayment of the
Notes Debt and the termination and release of the Notes Secured Party's interest
in this Agreement, and thereafter, (B) the Bond Loan Agreement, and (ii) the
lien described in subparagraph (p) of the definition of "Permitted Liens" (but
only to the extent such lien secures refinancing indebtedness secured by a lien
referred to in subparagraph (a) of the definition of "Permitted Liens") as set
forth in (A) the Notes Indenture until full repayment of the Notes Debt and
termination and release of the Notes Beneficiary's interest in this Agreement,
and thereafter, (B) the Bond Loan Agreement.

                   [THE REMAINDER OF THIS PAGE IS LEFT BLANK]

                                       15
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been executed by Debtor as of
the day and year first above written.

                                WEIRTON STEEL CORPORATION, a
                                Delaware corporation

                                By:  /s/ Mark E. Kaplan
                                     ---------------------------------------
                                     Name:  Mark E. Kaplan
                                     Title:  Senior Vice President - Finance
                                             and Administration

                                       16
<PAGE>

                                   EXHIBIT A-1
                                   -----------

                          TANDEM MILL LEGAL DESCRIPTION

#9 Tandem Mill

         The following tract of land situate in the City of Weirton, Weirton
(formerly Butler) District, Hancock County, West Virginia and being more
particularly bounded and described as follows:

         Beginning at a point at the southwesterly corner of the hereindescribed
         tract, said point being the southwest corner of the building located on
         the hereindescribed tract, said point being located the following two
         (2) bearings and distances from a point at the intersection of the
         south line of Virginia Avenue with the westerly line of West Virginia
         State Route No. 2: S. 87(0) 30' E. (along the easterly extension of
         said southerly line) 141 and 2/10 feet to a point; thence N. 02(0) 30'
         E. 104 and 46/100 feet to said beginning point; thence from said
         beginning point and with the westerly line of said building N. 02(0)
         40' 38" E. 135 feet to a point; thence N. 87(0) 19' 22" W. 48 and
         25/100 feet to a point in the easterly line of a right of way or
         roadway, hereinafter mentioned; thence with same and then its northerly
         extension N. 03(0) 40' 40" E. (at 460 and 12/100 feet passing the
         northerly line of said right of way or roadway) 744 and 31/100 feet to
         a point in the westerly extension of the north wall of the aforesaid
         building; thence with said extension and then with said wall S. 87(0)
         19' 22" E. (at 96 and 54/100 feet passing the northerly extension of
         column line X) 176 and 5/10 feet to a point in the centerline of column
         line W; thence with same S. 02(0) 40' 38" W. (at 9 and 41/100 feet
         passing the centerline of column line 111, and at 133 and 71/100 feet
         passing the centerline of column line 106, and at 834 and 39/100 feet
         passing the centerline of column line 78) 879 and 2/10 feet to a point
         in the south line of said building; thence with same N. 87(0) 19' 22"
         W. (at 80 feet passing the centerline of column line X) 141 and 25/100
         feet to the place of beginning, containing by survey made by Stegman &
         Schellhase, Inc., Civil Engineers and Surveyors on September 26, 2001,
         Three and Five Hundred Sixty-Four One Thousandths (3 and 564/1000)
         acres, more or less as shown on the # 9 Tandem Mill Subdivision Plan
         recorded in the Office of the Clerk of the County Commission of Hancock
         County, West Virginia in Plat Cabinet 1, Slide 45-B.

                  Together with the non-exclusive easement and right to use a
         right of way or roadway, generally twenty (20) feet wide, leading from
         West Virginia State Route No. 2 to the aforementioned point along the
         line N. 03(0)40' 40" E", said right of way or roadway being more
         particularly bounded and described as follows: beginning at the
         aforesaid point at the northeasterly corner of the hereindescribed;
         thence from said beginning point S. 03(0)40' 40" W. 460 and 12/100 feet
         to a point; thence S. 01(0)03' 30" E. 233 and 84/100 feet to a point;
         thence N. 87(0)30' W. (at 45 and 68/100 feet passing the south post of
         Gate 5) 47 and 86/100 feet to a point in the easterly line of West
         Virginia State Route No. 2; thence with same N. 02(0)40' 21" E. 44 and
         47/100 feet to a point; thence S. 87(0)30' E. (at 2 and 22/100 feet

                                  Exhibit A-1
                                     Page 1

<PAGE>

         passing the north post of Gate 5) 24 and 92/100 feet to a point; thence
         N. 01(0)03' 30" W. 188 and 87/100 feet to a point; thence N. 03(0)40'
         40" E. 460 and 94/100 feet to a point; thence S. 86(0)19' 20" E. 20
         feet to the place of beginning.

                  Together with the non-exclusive easement and right to use a
         right of way or roadway twenty (20) feet wide, leading from the
         northerly line of the above described 3 and 564/1000 acre tract in a
         northerly, then westerly and then southerly direction to Gate 11 on the
         westerly side of State Route No. 2, the centerline of said right of way
         or roadway being more particularly described as follows: Beginning at a
         point in the northerly line of said 3 and 564/1000 acre tract at its
         intersection with said centerline, said point being located N. 87(0)19
         22" W. 101 and 14/100 feet from the northeasterly corner of said tract;
         thence from said beginning point and with said centerline the following
         twenty-one (21) bearings and distances: N. 36(0)32' 38" E. 32 and 5/10
         feet to a point; thence N. 08(0) 59' 28" E. 52 and 73/100 feet to a
         point; thence N. 02(0)05' E. 49 and 81/100 feet to a point; thence N.
         01(0)37" 04' W. 89 and 36/100 feet to a point; thence N. 05(0)33' 09"
         E. 74 and 18/100 feet to a point; thence N. 12(0)47' 29" E. 148 and
         45/100 feet to a point; thence N. 04(0)33' 48" E. 43 and 39/100 feet to
         a point; thence N. 01(0)19' 05" W. 38 and 71/100 feet to a point;
         thence N. 14(0)21' 48" W. 92 and 79/100 feet to a point; thence N.
         59(0)24' 28" W. 90 and 08/100 feet to a point; thence N. 47(0)30' W. 64
         and 27/100 feet to a point; thence N. 43(0)40' 37" W. 63 feet to a
         point; thence N. 63(0)30' 47" W. 34 and 36/100 feet to a point; thence
         N. 89(0)12' 38" W. 26 and 91/100 feet to a point; thence S. 52(0)00'
         46" W. 19 and 44/100 feet to a point; thence S. 27(0)34' 45" W. 28 and
         76/100 feet to a point; thence S. 03(0)12' 16" E. 290 and 79/100 feet
         to a point; thence S. 02(0)03' 06" W. 60 and 17/100 feet to a point;
         thence S. 04(0)56' 39" W. 56 and 36/100 feet to a point; thence S.
         08(0)46' 03" E. 44 and 12/100 feet to a point; thence S. 38(0)14' 27"
         E. 36 and 1/10 feet to a point in the centerline of Gate 11 at its
         intersection with the westerly line of State Route No. 2, said point
         being located N. 02(0)40' 21" E. 1218 and 12/100 feet along said
         westerly line from its intersection with the southerly line of Virginia
         Avenue.

         Together with those certain nonexclusive reciprocal easements
appurtenant to the above described property as set forth and described in that
certain Master Declaration of Easements, Covenants and Restrictions For Weirton,
West Virginia Plant Site dated October 25, 2001, recorded in the Office of the
Clerk of the County Commission of Hancock County, West Virginia in Lease Book
36, at page 633, as amended under that certain First Amendment To Master
Declaration of Easements, Covenants and Restrictions for Weirton, West Virginia
Plant Site dated October 26, 2001 recorded in the Office of the Clerk of the
County Commission of Hancock County West Virginia in Lease Book 36, at page 685
as re-recorded in the Office of the Clerk of the County Commission of Hancock
County, West Virginia in Lease Book 37, at page 5 and as further amended under
that certain Second Amendment To Master Declaration of Easements, Covenants and
Restrictions for Weirton, West Virginia Plant Site dated May 14, 2002 recorded
in the Office of the Clerk of the County Commission of Hancock County, West
Virginia in Lease Book 37, at page 26, as further amended from time to time.

                                  Exhibit A-1
                                     Page 2

<PAGE>

                                   EXHIBIT A-2
                                   -----------

                           HOT MILL LEGAL DESCRIPTION

DESCRIPTION OF THE 10 AND 114/1000 ACRE TRACT OF LAND (HOT MILL) NOW OWNED BY
WEIRTON STEEL CORPORATION

         The following tract of land situate in the City of Weirton, Butler
District, Hancock County, West Virginia and being more particularly bounded and
described as follows:

         Beginning at a point in the northerly line of Lee Avenue, at its
intersection with the centerline of column line A, said beginning point being
located S. 87(degree)19' 22" E. 302 and 98/100 feet from a point at the
intersection of said northerly line with the easterly line of West Virginia
Route No. 2; thence from said beginning point and with said centerline N.
02(degree)40' 38" E. 2405 feet to a point in the centerline of the column line
97; thence with the same S. 87(degree)19' 22" E. 123 and 17/100 feet to a point
in the centerline of column line AA; thence with the same S. 02(degree)40' 38"
W. 50 feet to a point in the centerline of column line 95; thence with the same
S. 87(degree)19' 22" E. 128 feet to a point in the centerline of column line BB;
thence with same S. 02(degree)40' 38" W. 880 feet to a point; thence S.
87(degree)19' 22" E. 116 and 38/100 feet to a point; thence S. 02(degree)40' 38"
W. 120 feet to a point in the centerline of column line 55; thence with the same
N. 87(degree)19' 22" W. 116 and 38/100 feet to a point in the centerline of
column line BB; thence with the same S. 02(degree)40' 38" W. 125 feet to a
point; thence S. 87(degree)19' 22" E. 29 and 52/100 feet to a point; thence S.
02(degree)40' 38" W. 100 feet to a point in the centerline of column line 46;
thence with the same N. 87(degree)19' 22" W. 157 and 52/100 feet to a point in
the centerline of column line AA; thence with the same S. 02(degree)40' 38" W.
450 feet to a point in the centerline of column line 28; thence with the same N.
87(degree)19' 22" W. 43 and 17/100 feet to a point in the centerline of column
line E; thence with the same S. 02(degree)40' 38" W. 680 feet to a point in said
northerly line of Lee Avenue; thence with the same N. 87(degree)19' 22" W. 80
feet to the place of beginning, containing by survey made by Stegman &
Schellhase, Inc., Civil Engineers and Surveyors on November 29, 2001, Ten and
One Hundred Fourteen One Thousandths (10 and 114/1000) acres, more or less as
shown on the Hot Mill Subdivision Plan recorded in the Office of the Clerk of
the County Commission of Hancock County, West Virginia in Plat Cabinet 1, Slide
45A.

         Together with a non-exclusive easement or right to use a right of way
or roadway twenty (20) feet wide, leading from the northerly line of the above
described 10 and 114/1000 acre tract in a northerly, then westerly and then
southerly direction to Gate 11 on the westerly side of State Route No. 2, the
centerline of said right of way or roadway being more particularly described as
follows: Beginning at a point in the northerly line of said 10 and114/1000 acre
tract at its intersection with said centerline, said point being located S.
87(degree)19' 22" E. 13 and 86/100 feet from the northwesterly corner of said
tract; thence from said beginning point and with said centerline the following
twenty (20) bearings and distances: N. 05(degree)33' 26" E. 77 and 43/100 feet
to a point; thence N. 14(degree)28' 03" E. 36 and 31/100 feet to a point; thence
N. 21(degree)41' 14" E. 116 and 08/100 feet to a point; thence N. 18(degree)17'
05" E. 38 and 57/100 feet to a point; thence N. 02(degree)34' 55" E. 471 and
9/10 feet to a point; thence N. 24(degree)49' 04' W. 112 and 1/10 feet to a
point; thence N. 55(degree)24' 15" W. 138 and 57/100 feet to a point; thence N.
43(degree)12' 58" W. 92 and 34/100 feet to a point; thence N. 59(degree)24' 28"
W. 90 and 08/100 feet to a point; thence N. 47(degree)30' W. 64 and 27/100 feet
to a point; thence N. 43(degree)40' 37" W. 63 feet to a point; thence N.
63(degree)30'

                                  Exhibit A-2
                                     Page 1

<PAGE>

47" W. 34 and 36/100 feet to a point; thence N. 89(degree)12' 38" W. 26 and
91/100 feet to a point; thence S. 52(degree)00' 46" W. 19 and 44/100 feet to a
point; thence S. 27(degree)34' 45" W. 28 and 76/100 feet to a point; thence S.
03(degree)12' 16" E. 290 and 79/100 feet to a point; thence S. 02(degree)03' 06"
W. 60 and 17/100 feet to a point; thence S. 04(degree)56' 39" W. 56 and 36/100
feet to a point; thence S. 08(degree)46' 03" E. 44 and 12/100 feet to a point;
thence S. 38(degree)14' 27" E. 36 and 1/10 feet to a point in the centerline of
Gate 11 at its intersection with the westerly line of State Route No. 2, said
point being located N. 02(degree)40' 21" E. 1,218 and 12/100 feet along said
westerly line from its intersection with the southerly line of Virginia Avenue,
said right of way or roadway to be used in common by both parties hereto, their
heirs and assigns.

         Said 10 and 114/1000 acre tract being part of the 796.52 acre tract of
land that was conveyed by National Steel Corporation to Weirton Steel
Corporation by deed dated January 10, 1984 and recorded in the Office of the
Clerk of the County Commission of Hancock County, West Virginia in Deed Book
193, at page 116.

         Said 10 and 114/1000 acre tract is part of the following four (4)
tracts that are part of the 796.52 acre tract that was conveyed by Weirton Steel
Company to National Steel Corporation by deed dated May 31, 1939 and recorded in
the Office of the Clerk of the County Commission of Hancock County, West
Virginia in Deed Book 55, at page 236:

         (1) 25 acres, tract 3 first parcel which was conveyed to Weirton Steel
         Company by C. Ferguson and Mary E. Ferguson, his wife, by deed dated
         November 1, 1912 and recorded in said County Clerk's Office in Deed
         Book 27, at page 597;

         (2) 1.06 acres, tract 3 third parcel which is part of the same land
         that was conveyed to Phillips Sheet and Tin Plate Company by C.
         Ferguson and wife by deed dated January 6, 1910 and recorded in said
         County Clerk's Office in Deed Book 29, at page 403;

         (3) 12.29 acres, tract 3 fifth parcel which is a part of the land that
         was conveyed by Cyrus Ferguson and Mary E. Ferguson, his wife, to the
         Weirton Improvement Company by deed dated August 7, 1918 and recorded
         in said County Clerk's Office in Deed Book 31, at page 148;

         (4) 5.386 acres, tract 3 seventh parcel, reference hereby being made to
         said Deed Book 55 at page 236 for a more particular description of said
         tract and title thereto.

Together with those certain nonexclusive reciprocal easements appurtenant to the
above described property as set forth and described in that certain Master
Declaration of Easements, Covenants and Restrictions For Weirton, West Virginia
Plant Site dated October 25, 2001, recorded in the Office of the Clerk of the
County Commission of Hancock County, West Virginia in Lease Book 36, at page
633, as amended under that certain First Amendment To Master Declaration of
Easements, Covenants and Restrictions for Weirton, West Virginia Plant Site
dated October 26, 2001 recorded in the Office of the Clerk of the County
Commission of Hancock County West Virginia in Lease Book 36, at page 685 as
re-recorded in the Office of the Clerk of the County Commission of Hancock
County, West Virginia in Lease Book 37, at page 5

                                  Exhibit A-2
                                     Page 2

<PAGE>

and as further amended under that certain Second Amendment To Master Declaration
of Easements, Covenants and Restrictions for Weirton, West Virginia Plant Site
dated May 14, 2002 recorded in the Office of the Clerk of the County Commission
of Hancock County, West Virginia in Lease Book 37, at page 26, as further
amended from time to time.

                                  Exhibit A-2
                                     Page 3

<PAGE>

                                   EXHIBIT A-3
                                   -----------

                           TIN MILL LEGAL DESCRIPTION

DESCRIPTION OF THE 25 AND 105/1000 ACRE TRACT OF LAND SURROUNDING THE WEIRTON
STEEL CORPORATION'S TIN MILL SITE

         The following tract of land situate in the City of Weirton, Butler
District, Hancock County, West Virginia and being more particularly bounded and
described as follows:

         Beginning at a point at the southeasterly corner of the herein
described tract, said beginning point being located N. 35(degree) 04' 05" W.
4,599 and 64/100 feet from a point at the intersection of the westerly line of
Main Street with the northerly line of Virginia Avenue, said tie point being the
beginning point in the description of the 796.52 acre tract of land (of which
the herein described is a part), that was conveyed by National Steel Corporation
to Weirton Steel Corporation by deed dated January 10, 1984 and recorded in the
Office of the Clerk of the County Commission of Hancock County, West Virginia in
Deed Book 193, at page 116, the bearing on said northerly line of Virginia
Avenue being N. 87(degree)19' 39" W.; thence from said beginning point and with
the northerly line of a twenty (20) feet wide existing roadway hereinafter
mentioned, the following three (3) bearings and distances: N. 87(degree)30' 33"
W. 446 and 17/100 feet to a point; thence S. 68(degree)59' 42" W. 134 and 39/100
feet to a point; thence S. 83(degree)47' 03" W. 139 and 16/100 feet to a point;
thence crossing said roadway and following along lines of the raw water
clarification area, included in the herein described tract, the following three
(3) bearings and distances: S. 05(degree)00' W. 140 feet to a point; thence N.
85(degree)00' W. 305 feet to a point; thence N. 05(degree)00' E. (re-crossing
said roadway) 140 feet to a point in the northerly side of said roadway; thence
with the same following two (2) bearings and distances: N. 87(degree)18' 51" W.
290 and 48/100 feet to a point; thence S. 75(degree)08' 01" W. 68 and 95/100
feet to a point; thence crossing said roadway and following along lines of the
de-mineralizing area, included in the herein described tract the following three
(3) bearings and distances: S. 05(degree)00' W. (crossing said road) 180 feet to
a point; thence N. 85(degree)00' W. 80 feet to a point; thence N. 05(degree)00'
E. (re-crossing said road) 182 and 29/100 feet to a point; thence following
along the southerly face of the Tin Mill building the following three (3)
bearings and distances: N. 87(degree)29' 48" W. 137 feet to a point; thence N.
02(degree)30' 12" E. 1 and 03/100 feet to a point; thence N. 87(degree)24' 36"
W. 129 and 72/100 feet to a point; thence on a line parallel to and 3 feet west
of the west face of the west wall of said building N. 02(degree)32' 52" E. 823
feet to a point; thence on a line parallel to and approximately 3 feet north of
the north face of the overhang on said building S. 87(degree)27' 08" E. 127 and
5/10 feet to a point; thence S. 02(degree)30' 10" W. (with the northerly
extension and then with a face of said building) 129 and 83/100 feet to a point;
thence following along another overhang S. 87(degree)22' 08" E. 233 feet to a
point; thence S. 02(degree)32' 52" W. 35 feet to a point 3 feet east of a face
of said building; thence on a line parallel to and 13 feet north of the north
face of the north wall of said building S. 87(degree)32' 43" E. 935 and 75/100
feet to a point; thence with the westerly line of a twenty (20) feet wide right
of way or roadway the following three (3) bearings and distances: S.
52(degree)37' 36" E. 257 and 34/100 feet to a point; thence S. 33(degree)31' 38"
E. 351 and 79/100 feet to a point; thence S. 02(degree)39' 50" W. 152 and 56/100
feet to the place of beginning, containing by survey made by Stegman &
Schellhase, Inc., Civil Engineers and Surveyors on February 5, 2002, Twenty-Five
and One Hundred Five One Thousandths (25 and 105/1000)

                                  Exhibit A-3
                                     Page 1

<PAGE>

acres, more or less as shown on the Tin Mill Subdivision Plan recorded in the
Office of the Clerk of the County Commission of Hancock County, West Virginia in
Plat Cabinet 1, Slide 46-A.

         Together with a non-exclusive easement, with all rights of ingress and
egress presently enjoyed by the party of the first part hereto, with particular
mention hereby being made to the aforementioned twenty (20) feet wide roadways
and their westerly extensions.

         Said 25 and 105/1000 acre tract being subject to that part of said
roadway that is included within the boundaries of the raw water clarification
area and de-mineralizing area.

         Together with a non-exclusive easement or right to use the twenty (20)
feet wide right of way or roadway leading from the southeasterly corner of said
25 and 105/1000 acre tract in a southeasterly direction to West Street (Gate 13
entrance), the centerline of same being more particularly described as follows:

         Beginning at a point at the intersection of the easterly line of said
25 and 105/1000 acre tract with said centerline, said beginning point being
located N. 02(degree)39' 50" E. 8 and 19/100 feet from the southeasterly corner
of said tract; thence from said beginning point and with said centerline the
following thirty-eight (38) bearings and distances: S. 45(degree)31' 53" E. 63
and 56/100 feet to a point; thence S. 79(degree)26' 20" E. 49 and 78/100 feet to
a point; thence S. 74(degree)43' 07" E. 66 and 13/100 feet to a point; thence S.
57(degree)02' 46" E. 63 and 87/100 feet to a point, thence S. 45(degree)19' 41"
E. 55 and 6/10 feet to a point; thence S. 43(degree)55' 27" E. 47 and 5/10 feet
to a point; thence S. 58(degree)06' 33" E. 105 and 77/100 feet to a point;
thence S. 54(degree)00" 19" E. 120 and 52/100 feet to a point; thence S.
50(degree)19' 36" E. 93 and 39/100 feet to a point; thence S. 47(degree)25' 43"
E. 358 and 3/10 feet to a point; thence S. 46(degree) 29' 20" E. 92 and 27/100
feet to a point; thence S. 43(degree)55' 43" E. 97 and 08/100 feet to a point;
thence S. 41(degree)56' 21" E. 101 and 04/100 feet to a point; thence S.
38(degree)41' 14" E. 89 and 89/100 feet to a point; thence S. 36(degree)32' 15"
E. 100 and 96/100 feet to a point; thence S. 34(degree)27' 50" E. 102 and 33/100
feet to a point; thence S. 31(degree)47' 08" E. 106 and 04/100 feet to a point;
thence S. 28(degree)44' 37" E. 736 and 23/100 feet to a point; thence S.
28(degree)26' 36" E. 138 and 74/100 feet to a point; thence S. 28(degree)27' E.
238 and 58/100 feet to a point; thence S. 28(degree)30' 20" E. 94 and 37/100
feet to a point; thence S. 24(degree)25' 33" E. 60 and 03/100 feet to a point;
thence S. 17(degree)48' 21" E. 100 and 05/100 feet to a point; thence S.
13(degree)21' 14" E. 289 and 09/100 feet to a point; thence S. 14(degree)08' 08"
E. 277 and 28/100 feet to a point; thence S. 13(degree)25' 28" E. 136 and 21/100
feet to a point; thence S. 17(degree)45' 53" E. 66 and 34/100 feet to a point;
thence S. 19(degree)24' 23" E. 71 and 07/100 feet to a point; thence S.
33(degree)40' 42" E. 71 and 26/100 feet to a point; thence S. 32(degree)35' 27"
E. 58 and 14/100 feet to a point; thence S. 20(degree)07' 27" E. 50 and 55/100
feet to a point; thence S. 10(degree) 56' 56" E. 93 and 32/100 feet to a point;
thence S. 16(degree)52' E. 50 and 41/100 feet to a point; thence S.
44(degree)59' 06" E. 20 and 92/100 feet to a point; thence S. 70(degree)01' 33"
E. 40 and 58/100 feet to a point; thence S. 84(degree)33' 23" E. 56 and 81/100
feet to a point; thence N. 83(degree)14' 56" E. 57 and 6/10 feet to a point
designated herein as point x, the beginning point of another twenty (20) feet
wide right of way hereinafter described; thence S. 03(degree)04' 24" W. 31 and
76/100 feet to a point at the northerly end of West Street; fifty (50) feet
wide, at Gate 13, said right of way or roadway to be used in common by both
parties hereto, their heirs and assigns.

                                  Exhibit A-3
                                     Page 2

<PAGE>

         Together with a non-exclusive easement or right to use the twenty (20)
feet wide right of way or roadway leading from the aforesaid point x in a
northeasterly direction to Main Street (Gate 4 entrance), the centerline of same
being more particularly described as follows: beginning at said point x; thence
from said beginning point and with said centerline the following eight (8)
bearings and distances: N. 75(degree)59' 46" E. 122 and 41/100 feet to a point;
thence N. 58(degree)10' 24" E. 13 and 06/100 feet to a point; thence N.
26(degree)33' 03" E. 41 and 63/100 feet to a point; thence N. 07(degree)46' 45"
E. 86 and 67/100 feet to a point; thence N. 03(degree)38' 59" E. 75 and 18/100
feet to a point; thence N. 09(degree)23' 31" E. 51 and 85/100 feet to a point;
thence N. 64(degree)45' 15" E. 32 and 3/10 feet to a point; thence S.
85(degree)57' 21" E. 96 and 33/100 feet to a point in the westerly line of Main
Street at Gate 4 entrance, said point being located N. 02(degree)40' 21" E. 578
and 15/100 feet from a point at the intersection of said westerly line with the
northerly line of Virginia Avenue, said right of way or roadway to be used in
common by both parties hereto, their heirs and assigns.

         Being a part of the 796 and 52/100 acre tract of land that was conveyed
by National Steel Corporation to Weirton Steel Corporation by deed dated January
10, 1984 and recorded in the Office of the Clerk of the County Commission of
Hancock County, West Virginia in Deed Book 193, at page 116.

         Together with those certain nonexclusive reciprocal easements
appurtenant to the above described property as set forth and described in that
certain Master Declaration of Easements, Covenants and Restrictions For Weirton,
West Virginia Plant Site dated October 25, 2001, recorded in the Office of the
Clerk of the County Commission of Hancock County, West Virginia in Lease Book
36, at page 633, as amended under that certain First Amendment To Master
Declaration of Easements, Covenants and Restrictions for Weirton, West Virginia
Plant Site dated October 26, 2001 recorded in the Office of the Clerk of the
County Commission of Hancock County West Virginia in Lease Book 36, at page 685
as re-recorded in the Office of the Clerk of the County Commission of Hancock
County, West Virginia in Lease Book 37, at page 5 and as further amended under
that certain Second Amendment To Master Declaration of Easements, Covenants and
Restrictions for Weirton, West Virginia Plant Site dated May 14, 2002 recorded
in the Office of the Clerk of the County Commission of Hancock County, West
Virginia in Lease Book 37, at page 26, as further amended from time to time.

                                  Exhibit A-3
                                     Page 3

<PAGE>

                                   EXHIBIT B-1
                                   -----------

                        TANDEM MILL EQUIPMENT DESCRIPTION

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
    CO DIV         FACILITY        EQUIP ID                     EQUIPMENT DESCRIPTION                      DEPT.
------------------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>          <C>                                                         <C>
    226010           2337          01001010     #9 TANDEM SUMP PUMPS                                        140
------------------------------------------------------------------------------------------------------------------
    226010           2337          01001020     #9 TANDEM DAILY HOUSEKEEPING                                107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002052     #1 WALKING BEAM                                             101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002053     #1 COIL O.D. MEASURING DEVICE                               101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002054     #1 ENTRY COIL CAR                                           101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002055     #1 PAYOFF REEL                                              101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002056     #1 PAYOFF REEL SIDE REGISTER                                101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002057     CARRYOVER TABLE FOR 3 OR 5 ROLL FLATNER                     101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002058     #1 CRADLE ROLL                                              101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002061     #1 NORTH GROSS OVER CONVEYOR                                101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002062     #2 SOUTH CROSS OVER CONVEYOR                                101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002072     #2 WALKING BEAM                                             101
------------------------------------------------------------------------------------------------------------------
    225010           2337          01002073     #2 COIL O.D. MEASURING DEVICE                               101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002074     #2 ENTRY COIL CAR                                           101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002075     #2 PAYOFF REEL                                              101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002076     #2 PAYOFF REEL SIDE REGISTER                                101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002077     #2 CRADLE ROLL                                              101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002090     #3 ROLL FLATTENER ENTRY                                     101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002091     #3 ROLL FLATTENER EXIT                                      101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002098     #5 ROLL FLATTENER                                           101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002099     #5 ROLL FLATTENER EXIT                                      101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002100     ENTRY & EXIT SIDE GUIDES                                    101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002103     STRIP CENTER GUIDE                                          101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002104     #5 STEERING ROLL UNIT                                       101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002106     SQUARING SHEAR                                              101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002108     SHEAR SCRAP CAR DOORS                                       101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002116     SHEAR EXIT PINCH ROLL                                       101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002118     WELDER                                                      101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002122     CARRY OUT TABLE - WELDER/LOOPER BRIDGE                      101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002129     LOOPER ENTRY BRIDLE - MISCELLANEOUS EQUIP.                  101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002130     LOWER ENTRY BRIDLE - ENTRY ROLL DRIVE & CONTROL             101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002131     LOWER ENTRY BRIDGE - MIDDLE ROLL DRIVE & CONTROL            101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002133     LOWER ENTRY BRIDGE - EXIT ROLL DRIVE & CONTROL              101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002140     #2 WELD DETECTOR (LOOPER EXIT)                              102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002150     ENTRY FARVAL SYSTEM                                         101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002179     TOP LOOPER                                                  102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002181     #1 TOP LOOP CAR, DRUM, DRIVE & CONTROL                      102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002183     TOP (1) LOOP CAR                                            102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002185     TOP LOOPER SEPERATOR ARM 1 TO 7 OPERATOR & DRIVE SIDE       102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002186     BOTTOM LOOPER SEPERATOR ARM 1 TO 7 OPERATOR & DRIVE         102
                                                SIDE
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002187     BOTTOM (2) LOOP CAR                                         102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002190     LOOPER BOTTOM EXIT - S-ROLL                                 102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002191     BOTTOM LOOPER                                               102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002193     #2 BOTTOM LOOP CAR, DRUM, DRIVE & CONTROL                   102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002201     #1 DEFLECTOR ROLL ENTRY (46 IN)                             101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002202     #2 DEFLECTOR ROLL ENTRY (46 IN)                             101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002203     #3 DEFLECTOR ROLL ENTRY (46 IN)                             101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002276     #1 WELD DETECTOR/LOOPER ENTRY                               102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002277     #1 STEERING ROLL UNIT                                       102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002279     #2 STEERING ROLL UNIT                                       102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002281     #3 STEERING ROLL UNIT TOP/BOT                               102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002282     #4 STEERING ROLL UNIT                                       102
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002284     MILL ENTRY BRIDLE MISCELLANEOUS EQUIPMENT                   101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002285     MILL ENTRY BRIDLE - ENTRY, DRIVE TRAIN & CONTROL            101
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Exhibit B-1
                                     Page 1

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
    CO DIV         FACILITY        EQUIP ID                     EQUIPMENT DESCRIPTION                      DEPT.
------------------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>          <C>                                                         <C>
    226010           2337          01002286     MILL ENTRY BRIDLE - MIDDLE, DRIVE TRAIN & CONTROL           101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002287     MILL ENTRY BRIDLE - EXIT, DRIVE TRAIN & CONTROL             101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002300     #1 ENTRY O/C EXHAUST FAN                                    101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002301     #2 ENTRY O/C EXHAUST FAN                                    101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002349     #1 THROUGH #5 MILL STAND BACKUP ROLLS                       101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002350     #1 MILL STAND BACKUP ROLLS                                  103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002351     #2 MILL STAND BACKUP ROLLS                                  103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002352     #2 MILL STAND BACKUP ROLLS                                  103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002353     #4 MILL STAND BACKUP ROLLS                                  103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002354     #5 MILL STAND BACKUP ROLLS                                  103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002355     #1 THROUGH #5 MILL STAND WORK ROLLS                         103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #1 MILL STAND WORK ROLLS                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #2 MILL STAND WORK ROLLS                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #3 MILL STAND WORK ROLLS                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #4 MILL STAND WORK ROLLS                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #5 MILL STAND WORK ROLLS                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002400     #1 ROLL CHANGE RIG                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002401     #1 BACK-UP SLED & LATCH                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002402     #1 STAND ENTRY TENSION ROLL                                 103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002403     #1 ROLL FORGE CYLINDER                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002404     #1 MAE WEST & MILL HOUSING                                  103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002405     #1 STAND SCREW DOWNS                                        103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002406     #1 STAND DRIVE TRAIN & CONTROL                              103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       PINION STAND                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEAR REDUCER                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEARS                                                       103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       DRIVE MOTOR                                                 103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       SPINDLES                                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       COUPLINGS                                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       ELECTRICAL DRIVE/CONTROL                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002407     #1 HOLD DOWN ROLL                                           103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002408     #1 STD EXIT TENSION ROLL                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002420     #2 ROLL CHANGE RIG                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002421     #2 BACK-UP-SLED & LATCH                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002422     #2 THREADING TABLE                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002423     #2 ROLL FORCE CYLINDER                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002424     #2 MAE WEST & MILLHOUSE                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002425     #2 STAND SCREW DOWNS                                        103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002426     #2 STAND DRIVE TRAIN & CONTROL                              103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       PINION STAND                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEAR REDUCER                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEARS                                                       103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       DRIVE MOTOR                                                 103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       SPINDLES                                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       COUPLINGS                                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       ELECTRICAL DRIVE/CONTROLS                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002427     #2 HOLD DOWN ROLLS                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002428     #2 STAND TENSION ROLL                                       103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002440     #3 ROLL CHANGE RIG                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002441     #3 BACKUP SLED & LATCH                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002442     #3 THREADING TABLE                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002443     #3 ROLL FORCE CYLINDERS                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002444     #3 MAE WEST & MILLHOUSE                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002445     #3 STAND SCREW DOWNS                                        103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002446     #3 STAND DRIVE TRAIN & CONTROL                              103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       PINION STAND                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEAR REDUCER                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEARS                                                       103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       DRIVE MOTOR                                                 103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       SPINDLES                                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       COUPLINGS                                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       ELECTRICAL DRIVE/CONTROLS                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002447     #3 HOLD DOWN ROLL                                           103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002448     #3 STAND TENSION ROLL                                       103
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Exhibit B-1
                                     Page 2

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
    CO DIV         FACILITY        EQUIP ID                     EQUIPMENT DESCRIPTION                      DEPT.
------------------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>          <C>                                                         <C>
    226010           2337          01002460     #4 ROLL CHANGE RIG                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002461     #4 BACK-UP SLED & LATCH                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002462     #4 THREADING TABLE                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002463     #4 ROLL FORCE CYLINDER                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002464     #4 MAE WEST & MILLHOUSE                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002465     #4 STAND SCREW DOWNS                                        103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002466     #4 STAND DRIVE TRAIN & CONTROL                              103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       PINION STAND                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEAR REDUCER                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEARS                                                       103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       DRIVE MOTOR                                                 103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       SPINDLES                                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       COUPLINGS                                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       ELECTRICAL DRIVE/CONTROLS                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002467     #4 HOLD DOWN ROLL                                           103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002468     #4 STAND TENSION ROLL                                       103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002480     #5 ROLL CHANGE RIG                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002481     #5 BACK-UP SLED & LATCH                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002482     #5 THREADING TABLE                                          103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002483     #5 ROLL FORCE CYLINDERS                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002484     #5 MAE WEST & MILLHOUSE                                     103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002485     #5 STAND SCREW DOWN                                         103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002486     #5 STAND DRIVE TRAIN & CONTROL                              103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       PINION STAND                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEAR REDUCER                                                103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       GEARS                                                       103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       DRIVE MOTOR                                                 103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       SPINDLES                                                    103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       COUPLINGS                                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       ELECTRICAL DRIVE/CONTROLS                                   103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002487     #5 HOLD DOWN ROLL                                           103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002488     #5 STAND ENTRY/EXIT TENSION ROLL                            103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002489     #5 STAND BRONER SHAPE ROLL                                  103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002490     MILL DOORS                                                  103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002600     MILL EXIT PINCH ROLL                                        104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002603     PARTING SHEAR                                               104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002606     CARRYOVER TABLE                                             104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002615     #1 DEFLECTOR BELT                                           104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002616     #1 TENSION REEL                                             104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002617     # 1  DEFLECTOR ROLL                                         104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002618     #1 BELT WRAPPER                                             104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002619     #1 DELIVERY COIL CAR                                        104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002621     #1 THREAD GUIDE TOP/BOTTOM                                  104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002625     #2 DEFLECTOR BELT                                           104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002626     #2 TENSION REEL                                             104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002627     #2 DEFLECTOR ROLL                                           104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002828     #2 BELT WRAPPER                                             104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002629     #2 DELIVERY COIL CAR                                        104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002630     #1 TAILING ROLLS                                            104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002632     #2 THREAD GUIDE TOP/BOTTOM                                  104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002634     #2 TAILING ROLLS                                            104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002636     DELIVERY CONVEYOR                                           104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002641     COIL SCALE & HOIST                                          104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002642     SPC SHAPE GAUGE                                             104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002646     TEST STATION COIL CAR                                       104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002647     TEST STATION REEL                                           104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002648     TEST STATION INSPECTION TABLE                               104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002660     SIGNODE COIL BANDER                                         104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002670     #1 DELIVERY O/C EXHAUST FANS                                104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002671     #2 DELIVERY O/C EXHAUST FANS                                104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002681     FARVAL SYS-(MILL STAND ROLL)                                104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002682     FARVAL SYS-(DELIVERY END)                                   104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002685     #1 SUPPLY FAN (FAN ROOM)                                    111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002686     #2 SUPPLY FAN (FAN ROOM)                                    111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002687     #3 SUPPLY FAN (FAN ROOM                                     111
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Exhibit B-1
                                     Page 3
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
    CO DIV         FACILITY        EQUIP ID                     EQUIPMENT DESCRIPTION                      DEPT.
------------------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>          <C>                                                         <C>
    226010           2337          01002688     #4 SUPPLY FAN (FAN ROOM)                                    111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002689     #5 SUPPLY FAN (FAN ROOM)                                    111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002690     #6 SUPPLY FAN (FAN ROOM)                                    111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002790     LOW PRESSURE - ROLL FORCE HYDRAULIC - MISCELLANEOUS         105
                                                EQUIPMENT1
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002791     #1 ROLL CHANGE PUMP                                         105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002792     #2 ROLL CHANGE PUMP                                         105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002793     #3 ROLL CHANGE PUMP                                         105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002803     HIGH PRESSURE - ROLL FORCE HYDRAULIC - MISCELLANEOUS        105
                                                EQUIPMENT
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002804     #1 ROLL FORCE BOOSTER PUMP                                  105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002805     #2 ROLL FORCE BOOSTER PUMP                                  105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002806     #3 ROLL FORCE BOOSTER PUMP                                  105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002807     #1 ROLL FORCE PUMP                                          105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002808     #2 ROLL FORCE PUMP                                          105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002809     #3 ROLL FORCE PUMP                                          105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002810     #1A ROLL FORCE PUMP                                         105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002812     ROLL BALANCE HYDRAULIC - MISCELLANEOUS EQUIPMENT            105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002813     #1 ROLL BALANCE PUMP                                        105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002814     #2 ROLL BALANCE PUMP                                        105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002815     #3 ROLL BALANCE PUMP                                        105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002816     #1 ROLL BALANCE BOOSTER PUMP                                105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002817     #2 ROLL BALANCE BOOSTER PUMP                                105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002818     AUXILIARY HYDRAULIC - MISCELLANEOUS EQUIPMENT               106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002819     #1 AUXILLIARY HYDRAULIC PUMP                                106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002820     #2 AUXILLIARY HYDRAULIC PUMP                                106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002821     #3 AUXILLIARY HYDRAULIC PUMP                                106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002822     #4 AUXILLIARY HYDRAULIC PUMP                                106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002823     #5 AUXILLIARY HYDRAULIC PUMP                                106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002824     #6 AUXILLIARY HYDRAULIC PUMP                                106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002831     #1 AUXILLIARY HYD BOOSTER PUMP                              106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002832     #2 AUXILLIARY HYDRAULIC BOOSTER PUMP                        106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002833     #3 AUXILLIARY HYDRAULIC BOOSTER PUMP                        106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002834     #1A - MORGOIL SYSTEM PUMP                                   106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002835     #2A - MORGOIL SYSTEM PUMP                                   106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002836     A- MORGOIL SYS & MISC EQUIP                                 106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002837     B - MORGOIL SYS & MISC EQUIP                                106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002838     #1B - MORGOIL SYSTEM PUMP                                   105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002839     #2B - MORGOIL SYSTEM PUMP                                   105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002840     #1 - 8 OIL CELLAR VENT FANS                                 120
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002842     DRIVE OIL SYSTEM MISC EQUIP                                 105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002843     #1 LUBE PUMP (DRIVE OIL)                                    105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002844     #2 LUBE PUMP (DRIVE OIL)                                    105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002846     FLOOD LUBE SYSTEM                                           109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002847     NORTH CIRCULATING OIL PUMP (FLOOD LUBE)                     109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002848     SOUTH CIRCULATING OIL PUMP (FLOOD LUBE)                     109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002856     SOLUTION SYSTEM MISCELLANEOUS EQUIPMENT                     108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002857     SOLUTION PUMP E1                                            108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002858     SOLUTION PUMP E2                                            108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002859     SOLUTION PUMP E3                                            108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002860     SOLUTION PUMP F1                                            108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002861     SOLUTION PUMP F2                                            108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002862     SOLUTION PUMP F3                                            108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002870     A-HYDROSTATIC MISC.                                         109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002872     #1A - HYDROSTATIC PUMP                                      109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002874     #2A - HYDROSTATIC PUMP                                      109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002876     #3A - HYDROSTATIC PUMP                                      109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002878     #4A - HYRDOSTATIC PUMP                                      109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002880     B 5 HYDROSTATIC MISC.                                       109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002882     #1B - HYDROSTATIC PUMP                                      109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002884     #2 - HYDROSTATIC PUMP                                       109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002886     #3 - HYDROSTATIC PUMP                                       109
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002890     ROLL OIL SYS (NEAT) MISC EQUIP                              108
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Exhibit B-1
                                     Page 4

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
    CO DIV         FACILITY        EQUIP ID                     EQUIPMENT DESCRIPTION                      DEPT.
------------------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>          <C>                                                         <C>
    226010           2337          01002891     #1 ROLL OIL (NEAT OIL) PUMP                                 108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002892     #2 ROLL OIL (NEAT OIL) PUMP                                 108
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002922     #1 COOLING TOWER/PUMPS                                      107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002924     #3 COOLING TOWER/PUMPS                                      107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002930     AUXILLIARY HYDRAULIC & AIR VALVE STANDS                     107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002940     COOLING TOWER RECIRCULATING PUMPS                           107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002942     #1 COOLING TOWER RECIRCULATING PUMP                         107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002944     #2 COOLING TOWER RECIRCULATING PUMP                         107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002946     #3 COOLING TOWER RECIRCULATING PUMP                         107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002960     NORTH AIR COMPRESSOR - DRIVE & RECEIVER                     107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002961     SOUTH AIR COMPRESSOR - DRIVE & RECEIVER                     107
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002998     ROLL TRANSFER CAR                                           200
------------------------------------------------------------------------------------------------------------------
    226010           2337          01002999     CHOCK CARS (DRIVE & OPER SIDE)                              200
------------------------------------------------------------------------------------------------------------------
    226010           2337          01003100     DELIVERY HOOD FOG EXHAUST FAN                               104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01004000     #1 TO #5 STAND WORK ROLL CHOCKS                             200
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006000     23KV & 6900 V TRANSFORMERS                                  111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006005     ENTRY 90/70 PLC AND I/O                                     111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006010     EXIT 90/70 AND I/O                                          111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006015     MCC 90/70 AND I/O                                           111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006020     PAC 90/70  AND I/O                                          111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006025     MM 2000 AND I/O                                             111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006030     ASEA RF LOAD CELL & CNTRL                                   111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006035     KELK TENSION LOAD CELL & CNTRL                              111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006040     SC 2000 AND INDUCTOSYNS                                     111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006045     DOM 2 LOGIC AND POWER SUPPLIES                              111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006050     MOTOR CNTRL CENTERS & CNTRL                                 111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006055     6900/480 VAC LOAD CENTERS                                   111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006060     250 VOC RECT & LOAD CENTER                                  990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006100     MAGNETIC SEPERATOR                                          110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006500     #1 MILL STAND VENT FAN                                      110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006501     #2 MILL STAND VENT FAN                                      110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006502     #3 MILL STAND VENT FAN                                      110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006503     #4 MILL STAND VENT FAN                                      110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006510     #1 TENSION REEL WEST FAN                                    110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006511     #1 TENSION REEL EAST FAN                                    110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006520     #2 TENSION REEL WEST FAN                                    110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006521     #2 TENSION REEL EAST FAN                                    110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006530     #1 PAYOFF REEL VENT FAN                                     110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006531     #2 PAYOFF REEL VENT FAN                                     110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006540     MILL ENTRY BRIDLE ENTRY FAN                                 110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006541     MILL ENTRY BRIDLE EXIT FAN                                  110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006550     #2 DEFLECTOR ROLL VENT FAN                                  110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006551     #1 DEFLECTOR ROLL VENT FAN                                  110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006560     EXIT PINCH ROLL VENT FAN                                    110
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006950     SERVO VALVE REPAIR                                          990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01006952     FUEL DEPT CHARTS                                            990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007000     LIMIT PM CHECKLIST                                          990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007001     ENTRY MTR BRUSHES PM CHECKLIST                              101
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007003     MAIN DRV MTR BRUSHES PM CHKLST                              111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007004     DELIVERY MTR BRUSH PM CHKLST                                104
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007005     ELECTRICAL GREASING CHECKLIST                               990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007010     X-RAY GAGES CHILLER                                         103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007011     STAND X-RAY GAGES                                           103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #1 STAND - X-RAY GAUGE                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #2 STAND - X-RAY GAUGE                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #3 STAND - X-RAY GAUGE                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #4 STAND - X-RAY GAUGE                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337                       #5 STAND - X-RAY GAUGE                                      103
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007012     PHOTO EYES                                                  990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007013     PYROLMETERS                                                 990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007014     TV MONITORS, CAMERAS, DISPLAYS                              990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007015     OIL CELLAR CHECKLISTS                                       105
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007016     PRINTERS & RECORDERS                                        990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007017     OPERATOR STATIONS & DESKS                                   990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007018     P.A. SYSTEM                                                 990
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Exhibit B-1
                                     Page 5

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
    CO DIV         FACILITY        EQUIP ID                     EQUIPMENT DESCRIPTION                      DEPT.
------------------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>          <C>                                                         <C>
    226010           2337          01007019     ELECTRICAL ELECTRONIC INSPECTIONS                           990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007030     MAIN DRIVE CURRENT ISOLATORS                                111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007045     SAC COMPUTER                                                111
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007050     APACS SYSTEM (FUEL)                                         106
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007700     HEATING, VENTILATION & AC                                   990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007705     WATER STRAINERS                                             990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007710     LIGHTING                                                    990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007711     EMERGENCY LIGHTING                                          990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007800     STEAM TRAPS                                                 990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007900     FOG EXHAUST SYSTEM MISC EQUIP                               300
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007901     EAST FOG EXHAUST FAN                                        300
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007902     WEST FOG EXHAUST FAN                                        300
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007990     FIRE & SAFETY                                               990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01007991     OSHA/EPA                                                    990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01008000     MISCELLANEOUS ELECTRICAL EQUIPMENT                          990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01008001     MISCELLANEOUS MECHANICAL EQUIPMENT                          990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01008003     FUEL - ROUTINE MAINTENANCE                                  990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01008005     WATER FOUNTAINS PREVENTIVE MAINTENANCE                      990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01008990     MAINTENANCE ADMINISTRATION                                  990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01009980     MISCELLANEOUS EQUIPMENT NOT ON PM-30                        999
------------------------------------------------------------------------------------------------------------------
    226010           2337          01009981     RWO'S RETN'D TO MTC TO CORRECT                              990
------------------------------------------------------------------------------------------------------------------
    226010           2337          01009990     PROJECTS & OTHERWORK                                        999
------------------------------------------------------------------------------------------------------------------
    226010           2337          01009999     GLOBAL MESSAGES WF AVAILABLE                                999
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  Exhibit B-1
                                     Page 6

<PAGE>

                                   EXHIBIT B-2
                                   -----------

                         HOT MILL EQUIPMENT DESCRIPTION

<TABLE>
<CAPTION>

<S>                                                 <C>
2    Walking beam reheat furnaces
     Rated Throughput:                              700 tons/hour (350 tons/hour/furnace)
     Hearth Length:                                 155'
     Hearth Width:                                  35'
     Fuels:                                         Natural gas, coke oven gas, and #6 fuel oil
     Fuel Consumption:                              1.20 M.M. BTU/ton
     Slab Length Range:                             220" to 400" max.
     Slab Thickness Range:                          9" through 10"
     Rated Charge Temp:                             70(0)F ambient cold charge; 1,000(0)F hot charge
     Rated Discharge Temp:                          2,350(0)F
     Air Preheat Temp:                              1,120(0)F max.
     Burners:                                       64 in total of eight zones
     Roof:                                          28 roof-mounted in soak zone
     Preheat:                                       20 top and bottom burners
     Heat Zone:                                     16 top and bottom burners
     Gap Between Slabs:                             2"
     Number of Walking Beams:                       4 moveable and 4 fixed skids, all water cooled through closed
                                                    loop circulating system
     Transfer Cylinder:                             10" x 25 1/4" stroke
     Lift Cylinder:                                 12" x 45" stroke
     Mineral Oil Hydraulic System:                  10 - 200 hp 1,200 rpm powered pumps with 8 operating and 2 on
                                                    standby.  Pumps are 122 gpm rated at 2,300 psi.  Also provides
                                                    power to reversing rougher and future sizing press areas in
                                                    addition to depiler, chargers and extractors.
     Recuperator Type:                              Metallic - tube bundle
     Combustion Air Fans:                           600 hp, 1,200 rpm motors, 45,000 cfm each (2 per furnace)
     Type of Stack:                                 Fabricated steel - lined with refractory 200' high
     Refractory:                                    Plastic ram on roof and sidewalls
     Slab Depiler:                                  Overhead hydraulic actuated design - grab and lift.  83 ton lift
                                                    capability.  Lifts top slabs from pile of 4 to permit bottom
                                                    slab to be transferred.
     Slab Chargers:                                 Overhead DC motor powered unit on traverse drive with hydraulic
                                                    slab pickup action.  28-ton lift capacity.
     Slab Extractors:                               Overhead design, nearly duplicating chargers
     Furnace Tables:                                16" dia. driven by DC mill motors
     Automation Functions:                          Automatic slab sequencing for prefurnace and furnace.
                                                    Models/controls furnace
                                                    temperature and delay/pacing
                                                    strategies, critical slab
                                                    modeling, slab thermal
                                                    historical trending, soft
                                                    touch walking beam.

1    Descaling and roll coolant systems
</TABLE>

                                  Exhibit B-2
                                     Page 1

<PAGE>

<TABLE>
<CAPTION>

<S>                                                 <C>
     Descaling Pumps:                               4 Union pump type, 8 x 8 MQE-6
     Delivery Rate:                                 1,500 gpm each
     Maximum Pressure:                              2,127 psi
     Drive:                                         2,500 hp, 1,785 rpm
     Gearbox:                                       Lufkin speed increaser, 2,217:1
     Accumulator Capacity:                          2,500 gallons
     Roll Coolant Pumps:                            4 Union pumps, 12 x 14 x 23 HOL
     Delivery Rate:                                 6,667 gpm each
     Drives:                                        1,250 hp, 1,750 rpm

1    Reversing Roughing Mill
     Size:                                          46" and 54" x 58" four-high stand
     Housing Post Area:                             900 square inches
     Drive Power:                                   7,000 hp motor for each roll (40 to 100 rpm - driver)
     Screwdown:                                     Drive power:  2 MD 812, 100 hp at 515/1030 rpm DC mill motors
     Screwdown Reduction:                           20:1 total
     Screw Rev./Min.:                               25.75/51.5 rpm
     Screw Speed:                                   51.5"/103" per minute
     Screw Diameter:                                20" dia.
     Screw Pitch:                                   2"
     Maximum Opening:                               12" with maximum rolls
     Work Roll:                                     46" max./42" min. dia. x 58" long face with 27" I.D. x 34 1/2"
                                                    O.D. x 14" wide tapered roller bearing
     Backup Roll:                                   54" max./50" min. dia. x 58" long face with 50"-90 Morgoil oil
                                                    film bearing
     Descaling Headers:                             Entry and delivery top and bottom, 2000 psi
     Screw Disengagement Device:                    Hydraulic actuated addition to each screw with manual engagement
     Load Cells:                                    ASEA carried in sled - 2500M ton capacity
     Roll Change Equipment:                         Portable work roll changer.  Sled-type B.U. roll changer.
     Hydraulic Power Supply:                        Furnace hydraulic system
     Tables:                                        Individually driven by DC mill motors; 16" approach and runout,
                                                    18" operating, 20" feed rollers
     Delivery Width Gauge:                          Overhead design.  Kelk Accuband
     Entry and Delivery Sideguides:                 Rack and pinion arrangement with bell mouth entry guide
     Attached Edger:                                42" dia. x 15" face.  Unit powered by one 1,000 hp 340/8 rpm DC
                                                    motor at 481/1202 fpm.
     Automation Functions:                          Multiple pass modeling with:  energy/thermal conservation,
                                                    references for edger and work roll speed and gap settings;
                                                    sequence drives and sprays to control width, thickness,
                                                    temperature, descaling, and process time
</TABLE>

                                  Exhibit B-2
                                     Page 2

<PAGE>

<TABLE>
<CAPTION>

<S>                                                 <C>
1    R-5 Roughing Stand
     Mill Rolls:                                    34" and 49" x 54" four-high stand
     Mill Drive:                                    6,000 hp AC, 565 fpm
     Edger:                                         24" attached entry edger
     Width Gauge:                                   Overhead Kelk Accuband delivery side

8    Heat retention covers,
     hydraulic cylinder pivot
     actuated, lining -
     stainless foil covered
     fiber

1    Rotary crop shear
     Capacity:                                      630 tons - cartridge type design, 2 knives per drum - double
                                                    geared
     Drive:                                         2 MDP 822, 500/1,000 hp, 360/720 rpm DC motors,
                                                    14,105-1 reduction
     Mild Steel:                                    2" x 50" max.
     Crop Optimization Gauge:                       Kelk unit with LDV laser velocimeter
     Pinch Roll Scale Breaker:                      2 top and 2 bottom descale headers with entry and delivery pinch
                                                    roll assembly.  2,000 psi pressure.
     Automation Functions:                          Automatic crop optimization control

1    Finishing Mill
     Size:                                          26.5" and 49" x 54" - four high (7 stands)

               Stand No.                                  HP                               FPM Max. Rolls
                 F-6                                     7000                                  186/559
                 F-7                                     7000                                  248/744
                 F-8                                     7000                                 509/1018
                 F-9                                     7000                                 704/1408
                 F-10                                    7000                                 1029/2058
                 F-11                                    7000                                 971/2913
                 F-12                                    7000                                 1570/3140

     Hydraulic Automatic Gauge                      All stands - 32" dia. bore x 1 1/4" stroke - 2,500 ton rolling
         Control Cylinders:                         force per cylinder, 4,000 psi system
     Work Roll Shifting/Continuous                  Last 6 stands - Mae West mounted 4,000 psi system
         Variable Crown (CVC):
     Work Roll Balance/Blending and Backup:         Roll balance cylinders in all Mae Wests.  100 ton (per side -
                                                    hydraulic roll bending force)
     Screwdown:                                     F-6 through F-10 - two 75 hp 515/1300 rpm motors - 202.9:1 ratio
                                                    F-11 and F-12 - two 50 hp 500 rpm motors - 194.44:1 ratio
                                                    18" dia. screws - .4" pitch.
     Housing Post Area:                             F-6 through F-10 - 870 square inches
                                                    F-11 and F-12 - 576 square inches
</TABLE>

                                  Exhibit B-2
                                     Page 3

<PAGE>

<TABLE>
<CAPTION>

<S>                                                 <C>
     Direct Drive Low Inertia Loopers:              Powered by DC mill motor.  Torque rating - 14,000 foot pounds.
     Mill Interstand Guides:                        Hydraulic actuated width, height, and pull back with vertical
                                                    rollers in chutes
     Roll Cooling:                                  Capacity - 2,246 gpm each stand
     Interstand Cooling:                            Top and bottom curtains 1,650 gpm total
     Oxide Sprays:                                  80 gpm per stand
     Automation Functions:                          Bar finishing:  transverse, longitudinal, cross-sectional,
                                                    dimensional, and thermal property modeling and control
     Work Rolls:                                    26.5" max./24.25" min. dia.
     Backup Rolls:                                  49" max./44" min. dia.
     Work Roll Material:                            F-6, F-7, F-8 stands:  Double pour, hi-chrome, cast iron shell
                                                    with nodular iron core
                                                    F-9, F-10, F-11, F-12 stands:  Double pour, ni-hard, cast iron
                                                    shell with flake iron core
     Backup Roll Material:                          Alloy cast steel
     Work Roll Bearings:                            TQO tapered roller bearings - 16.125" I.D. x 21.500"
                                                    O.D. x 13.1875" width
     Backup Roll Bearings:                          Morgoil - 42"-90 oil film type
     Roll Changers:                                 Hydraulic actuated side shift work roll change.  1,400 metric
                                                    top ASEA load cells under each bottom backup roll chock in
                                                    backup sled.
</TABLE>

                                  Exhibit B-2
                                     Page 4

<PAGE>

<TABLE>
<CAPTION>

QTY.                                                                  DESCRIPTION
----                                                                  -----------
<S>                                                                   <C>
1         Laminar cooling system
          Cooling Section Length:                                     222'
          System Capacity:                                            20,000 gpm
          Number of Top Curtains:                                     18
          Number of Bottom Curtains                                   36
          Automation Functions                                        Coiling temperature modeling and control

2         Downcoilers #1 and #2
          Mandrel Diameter:                                           Double-expand 4 segment wedge-type design with
                                                                      rotating hydraulic cylinder for
                                                                      expansion/collapse action

          Diameters - fully/nominal/collapsed:                        30.3"/30"/28.5"
          Max. to Min. Coil Dia.:                                     86" to 56"
          Coiler Speed:                                               3,220 fpm max.
          Strip Width:                                                50" max. to 24" min.
          Coil Weight:                                                56,000 pounds max.
          Mandrel Drive:                                              800 hp 300/910 rpm DC motor
          Drive Ratio:                                                2.23:I reduction
          Wrapper Rolls:                                              3 hydraulic cylinder actuated with automatic
                                                                      jump control (AJC); 13.7" max. dia. Solid
                                                                      forged steel - hard faced, MD 808 frame,
                                                                      50/100 hp, 575/1,150 rpm motor
          Width Gauges (2):                                           Overhead:  Kelk Accuband, Rericon/Weirton
          Coil Stripper Car:                                          Hydraulically operated hoist and MD 804 frame,
                                                                      200 hp, 725 rpm, Dc motor on rack and pinion
                                                                      drive
          Hydraulic System
          (mineral oil):                                              3 - 200 hp, 1,200 rpm AC motors (high
                                                                      pressure), 150 gpm, 3,000 psi.
                                                                      3 - 100 hp, 1,200 rpm AC motors (low
                                                                      pressure), 150 gpm, 2,000 psi.
                                                                      2 - 15 hp, 1,200 rpm AC motors (filter system)
          Automation Functions:                                       Automatic sequencing and tracking including:
                                                                      wrapper roll jump control,
                                                                      pressure/tension/torsional control and tail
                                                                      spotting
          Coil handling equipment - eye horizontal:
          Banders:                                                    2 Signode automatic banders, one at each
                                                                      stripper car
          Marker:                                                     1 Telesis dot matrix paint type - 2 head
                                                                      design marks on the face and side of
</TABLE>

                                  Exhibit B-2
                                     Page 5

<PAGE>

<TABLE>
<CAPTION>

QTY.                                                                  DESCRIPTION
----                                                                  -----------
<S>                                                                   <C>
                                                                      coils
          Load Cell:                                                  Weightronics MTSK50 dual load cell unit
          Shuttle Car:                                                2 cars move coils to captive crane for placing
                                                                      coils on cooling conveyers
          North Captive Crane:                                        Hydraulic actuated unit designed to handle 2
                                                                      coils at a time and place coils on the cooling
                                                                      conveyers
          Coil Cooling Conveyors:                                     2 saddle design, 26 coil capacity (each).
          South Captive Crane:                                        Duplicate of North unit, removes coils from
                                                                      cooling conveyor and places them on transport
                                                                      conveyor
          Transport Conveyor:                                         Saddle design, 46 coil capacity.  Moves coils
                                                                      into band wareroom.
          Automation Functions:                                       Sequences operation of system, controls and
                                                                      monitors coils through handling system,
                                                                      transmits coil data to the mill control
                                                                      computer
</TABLE>

1         Group Hot Mill tables

1         Edge heating system

1         Group of Hot Mill computers, consisting of:
          2 - DEC VAX 8530 mainframe computers
          14 - DEC Micro VAX computers
          110 - General Electric DMC's (distributed micro
          controllers)
          10 - General Electric Series Six PLC's (programmable logic
          controllers)
          7 - Motorola 68000 computers
          12 - personal computers
          1 - Deonet/Ethernet communications highway
          2 - General Electric control signal freeways (CSF)

4         Slab Yard EOT cranes, #30,#31,#47,#49
          60-30-30 tons capacity, 125' span

1         Mill Bay EOT crane #5, 10 tons capacity, 76'2" span

1         Mill Bay EOT crane #54, 60-10 tons capacity, 76'2" span

1         Mill Bay EOT crane #59, 30-7-5 tongs capacity, 76'2" span

                                  Exhibit B-2
                                     Page 6

<PAGE>

<TABLE>
<CAPTION>

QTY.                                                                  DESCRIPTION
----                                                                  -----------
<S>                                                                   <C>
1         Mill Bay EOT crane #65, 75-30 tons capacity, 76'2" span

1         Motor Room EOT crane #34, 110-10 tons capacity, 37'11"
          span

2         Roll grinders - work rolls

1         Mill Electrical Service System including                    **The below listed transformers are not
          **transformers, switchgear, cable, conduit,                 located on the Hot Mill Parcel, are not owned
          cable trays, wire and specialties                           and are not part of the equipment included in
                                                                      the Hot Mill Cltr
1         Mill Piping System including pipe, valves, fittings
          and specialties

1         Group General Plant Equipment including hand tools, power
          tools, material handling equipment and safety equipment
</TABLE>

** EQUIPMENT IDENTIFIED AS TRANSFORMERS INCLUDED IN THE COLLATERAL DOES NOT
INCLUDE THE FOLLOWING SIX SUB-STATION TRANSFORMERS WHICH ARE NOT LOCATED ON THE
HOT MILL PARCEL AND ARE NOT OWNED BY DEBTOR:

1        WAGNER OIL FILLED PAD MOUNTED TRANSFORMER # L9E1003, PLANT
         # 613, 20,000/25,000/33,333 KVA, 132,000 VOLT PRIMARY,
         25,000/14,435 VOLT SECONDARY, 3 PHASE, 60 CYCLE, DATE 1953

1        WAGNER OIL FILLED PAD MOUNTED TRANSFORMER # D9H1011 PLANT
         # 614, 20,000/25,000/33,333 KVA, 132,000 VOLT PRIMARY,
         25,000/14,435 VOLT SECONDARY, 3 PHASE, 60 CYCLE, DATE 1955

1        WESTINGHOUSE OIL FILLED PAD MOUNTED TRANSFORMER, # RBR64871, PLANT
         # 615, 20,000/26,667/33,333/37,333 KVA, 132,000 VOLT
         PRIMARY, 25,000 VOLT SECONDARY, 3 PHASE, 60 CYCLE, DATE 1965

1        GE  OIL FILLED PAD MOUNTED TRANSFORMER, # K546996, PLANT
         # 616, 30,000/40,000 KVA 132,000 VOLT PRIMARY, 24,000 VOLT
         SECONDARY, 3 PHASE, 60 CYCLE, DATE 1977

1        GE  OIL FILLED PAD MOUNTED TRANSFORMER, #   M162091B, PLANT # 617,
         20,000/26,667/33,33/37,333 KVA 132,000 VOLT PRIMARY,
         25,000 VOLT SECONDARY, 3 PHASE, 60 CYCLE, DATE 1990

                                  Exhibit B-2
                                     Page 7

<PAGE>

1        GE  OIL FILLED PAD MOUNTED TRANSFORMER, #   M162091A, PLANT # 618,
         20,000/26,667/33,33/37,333 KVA 132,000 VOLT PRIMARY,  25,000 VOLT
         SECONDARY, 3 PHASE, 60 CYCLE, DATE 1990

                                  Exhibit B-2
                                     Page 8

<PAGE>

                                   EXHIBIT B-3
                                   -----------

                         TIN MILL EQUIPMENT DESCRIPTION

Qty.                                                              Description
      MACHINERY AND EQUIPMENT

      CONTINUOUS ANNEALING BUILDING
      -----------------------------

<TABLE>

<S>                                                               <C>
1     Mesta/Westinghouse No. 1 continuous annealing line

      Installed:                                                  1957
      A.R. No.:                                                   1801
      Latest Revamp (Yr.):                                        1995
      A.R. No.:                                                   6061

      Gauge Range:                                                .0075"-.0170"
      Width Range:                                                20"-45"
      Entry Coil I.D.:                                            16.5"
      Max Entry Coil O.D.                                         84"
      Max. Entry Weight (lb.):                                    60,000
      Exit Coil I.D.                                              16.5"
      Max. Exit Coil O.D.:                                        84"
      Max. Exit Weight (lb.):                                     60,000

      Payoff Real/Type:                                           2-Mandrels
      Entry Tension Bridle:                                       Yes
      Exit Tension Bridle:                                        Yes
      Tension Reel/Type:                                          2-Mandrels
      Belt Wrapper(s):                                            Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Strip Speed (FPM):                                          2000

      Capacity:                                                   31.8 Tons per Hour
                                                                  254.4 Tons per Turn
                                                                  21,878 Tons per Month
                                                                  262,541 Tons per Year

1     Mesta/Westinghouse No. 2 continuous annealing line

      Installed:                                                  1958
      A.R. No.:                                                   1949

      Gauge Range:                                                .0075"-.0150"
</TABLE>

                                  Exhibit B-3
                                     Page 1

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      Width Range:                                                20"-45"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       84"
      Max. Entry Weight (lb.):                                    60,000
      Exit Coil I.D.                                              16.5"
      Max. Exit Coil O.D.:                                        84"
      Max. Exit Weight (lb.):                                     60,000

      Payoff Reel/Type:                                           2-Mandrels
      Entry Tension Bridle:                                       Yes
      Exit Tension Bridle:                                        Yes
      Tension Reel/Type:                                          2-Mandrels
      Belt Wrapper(s):                                            Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Strip Speed (FPM):                                          2000

      Capacity:                                                   36 Tons per Hour
                                                                  288 Tons per Turn
                                                                  24,768 Tons per Month
                                                                  297,216 Tons per Year

1     Wean/Drever No. 3 continuous annealing line

      Installed:                                                  1969
      A.R. No.:                                                   2637
      Latest Revamp (Yr.):                                        1997

      Gauge Range:                                                .0040"-.0450"
      Width Range:                                                18"-45"
      Entry Coil I.D.:                                            16.5"/24"
      Max. Entry Coil O.D.:                                       84"
      Max. Entry Weight (lb.):                                    60,000
      Exit Coil I.D.                                              16.5"
      Max. Exit Coil O.D.:                                        84"
      Max. Exit Weight (lb.):                                     60,000
      Payoff Reel/Type:                                           2-Mandrels
      Entry Tension Bridle:                                       Yes
      Exit Tension Bridle:                                        Yes
      Tension Reel/Type:                                          2-Mandrels
      Belt Wrapper(s):                                            Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Strip Speed (FPM):                                          2000
</TABLE>

                                  Exhibit B-3
                                     Page 2

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      Capacity:                                                   46 Tons per Hour
                                                                  368 Tons per Turn
                                                                  31,648 Tons per Month
                                                                  379,776 Tons per Year

1     No. 27 E.O.T. crane, 30/5 ton capacity, 115' span

1     No. 28 E.O.T. crane, 30/5 ton capacity, 115' span

1     No. 30 E.O.T. crane 30/5 ton capacity, 115' span

      WEIRLITE AND CUTTING/BUNDLING LINE BUILDING
      -------------------------------------------

1     Mesta No. 1 Weirlite mill

      Installed:                                                  1962
      A.R. No.:                                                   2139
      Latest Revamp (Yr.):                                        1996
      A.R. No.:                                                   6740

      Entry Gauge Range:                                          .0015"-.0350"
      Width Range:                                                20"-40"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       85"
      Max. Entry Coil Wgt. (lbs.):                                60,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        85"
      Max. Exit Coil Wgt. (lbs.):                                 60,000
      Payoff Reel Type:                                           Double Mandrel
      Entry Tension Bridle:                                       Yes
      No. of Stands:                                              Two (2)
      No. 1 Stand Rolls:                                          4-High
      No. 1 Stand W.R.:                                           19.5" dia. x 52"
      No. 1 Stand B.U.:                                           56" dia. x 51"
      No. 2 Stand Rolls:                                          4-High
      No. 2 Stand W.R.:                                           19.5" dia. x 52"
      No. 2 Stand B.U.:                                           56" dia. x 51"

      Exit Tension Bridle:                                        Yes
      Tension Reel Type:                                          Mandrel
      Belt Wrapper:                                               Yes
      Mill Speed (FPM):                                           5000
      No. 1 Stand Motors:                                         2@2000 hp
      No. 2 Stand Motors:                                         2@2000 hp
</TABLE>

                                  Exhibit B-3
                                     Page 3

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description

      Capacity:                                                   42.8 Tons per Hour
                                                                  342.4 Tons per Turn
                                                                  29,446 Tons per Month
                                                                  353,357 Tons per Year

1     Mesta No. 2 Weirlite mill

      Installed:                                                  1966
      A.R. No.:                                                   2321
      Latest Revamp (Yr.):                                        1998
      A.R. No.:                                                   7460

      Entry Gauge Range:                                          .0015"-.0320"
      Width Range:                                                20"-40"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       85"
      Max. Entry Coil Wgt. (lbs.):                                60,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        85"
      Max. Exit Coil Wgt. (lbs.):                                 60,000
      Payoff Reel Type:                                           Double Mandrel
      Entry Tension Bridle:                                       Yes
      No. of Stands:                                              Two (2)
      No. 1 Stand Rolls:                                          4-High
      No. 1 Stand W.R.:                                           19.5" dia. x 52"
      No. 1 Stand B.U.:                                           56" dia. x 52"
      No. 2 Stand Rolls:                                          4-High
      No. 2 Stand W.R.:                                           19.5" dia. x 52"
      No. 2 Stand B.U.:                                           56" dia. x 52"

      Exit Tension Bridle:                                        Yes
      Tension Reel Type:                                          Double Mandrel
      Belt Wrapper                                                Yes
      Mill Speed (FPM):                                           5000
      No. 1 Stand Motors:                                         6@1000 hp
      No. 2 Stand Motors                                          2@1000 hp

      Capacity                                                    62.1 Tons per Hour
                                                                  496.8 Tons per Turn
                                                                  42,725 Tons per Month
                                                                  512,698 Tons per Year

1     Wean No. 1 bundling line

      Installed:                                                  1957
      A.R. No.:                                                   1801
</TABLE>

                                  Exhibit B-3
                                     Page 4

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description

      Latest Revamp (Yr.)                                         1996
      A.R. No.:                                                   0639

      Gauge Range:                                                .0075"-.0150"
      Width Range:                                                20"-45"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       84"
      Max. Entry Coil Weight (lb.):                               60,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        84"
      Max. Exit Coil Weight (lb.):                                60,000

      Capacity:                                                   254 per Turn
                                                                  25,800 per Month
                                                                  96 Coils per Turn

1     No. 26 E.O.T. crane, 50/40/5 ton, 115' span

1     No. 25 E.O.T. crane, 25/5 ton, 115' span

      SIDE TRIMMERS AND COIL STORAGE BUILDING
      ---------------------------------------

1     Wean No. 4 side trimmer

      Installed:                                                  1978
      A.R. No.:                                                   3722

      Entry Gauge Range:                                          .0030"-.0290"
      Width Range:                                                18"-37"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       76"
      Delivery Gauge Range:                                       .0030"-.0290"
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        76"
      Max. Exit Coil Weight (lbs.):                               35,000

      Payoff Reel Type:                                           Mandrel
      Entry Tension Bridle:                                       No
      Welder:                                                     Yes
      Belt Wrapper:                                               Yes
      Exit Tension Bridle:                                        No
      Tension Reel:                                               Mandrel
      Line Speed (FPM):                                           4,000

      Pin Hole Detector:                                          No
      Thickness Gauge:                                            No
      Strip Inspection:                                           Yes
</TABLE>

                                  Exhibit B-3
                                     Page 5

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description

      Trimmer:                                                    Yes
      Scrap Discharger:                                           No
      Oiler:                                                      No

      Capacity:                                                   50.2 Tons per Hour
                                                                  401.6 Tons per Turn
                                                                  34,538 Tons per Month
                                                                  414,451 Tons per Year

1     Wean No. 5 side trimmer

      Installed:                                                  1959
      A.R. No.:                                                   1978
      Latest Revamp (Yr.)                                         1997
      A.R. No.:                                                   6810

      Entry Gauge Range:                                          .0044"-.0150"
      Width Range:                                                18"-45"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       85"
      Delivery Gauge Range:                                       .0044"-.0150"
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        85"
      Max. Exit Coil Weight (lb.):                                35,000

      Payoff Reel Type:                                           Mandrel
      Entry Tension Bridle:                                       No
      Welder:                                                     Yes
      Belt Wrapper:                                               Yes
      Exit Tension Bridle:                                        No
      Tension Reel:                                               Mandrel
      Line Speed (FPM):                                           3,800

      Pin Hole Detector:                                          Yes
      Thickness Gauge:                                            Yes
      Strip Inspection:                                           Yes
      Trimmer:                                                    Yes
      Scrap Discharger:                                           Yes
      Oiler:                                                      No

      Capacity:                                                   44.6 Tons per Hour
                                                                  356.8 Tons per Turn
                                                                  30,685 Tons per Month
                                                                  368,218 Tons per Year

1     No. 22 E.O.T. crane, 30 ton, 105' span
</TABLE>

                                  Exhibit B-3
                                     Page 6

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description

      JUMBO ANNEALING AND CLEANING/CHEM TREAT BUILDING
      ------------------------------------------------

1     Batch annealing, consisting of:

      Installed:                                                  1957
      A.R. No.:                                                   1801
      Latest Revamp (Yr.):                                        1982
      A.R. No.:                                                   4178

      BASES:                                                      33

      Surface Combustion                                          25
      Swindell Dressler                                           8

      FURNACES:

      Number                                                      12
      Max. Coil O.D.:                                             66"
      Max. Charge Height:                                         161.5"

      ANNEALING TEMPS. (DEG F);

      Weirzin                                                     1220 to 1260
      Tin Plate                                                   1150 to 1220

      Capacity:                                                   63.5 Tons per Hour
                                                                  508 Tons per Turn
                                                                  41,667 Tons per Month
                                                                  500,000 Tons per Year

1     No. 3 E.O.T. crane, 60/30 ton, 75' span

1     No. 4 E.O.T. crane, 60/30 ton, 75' span

1     Wean No. 1 chemical treat line

      Installed:                                                  10/10/39
      A.R. No.:                                                   392
      Latest Revamp (Yr.):                                        1961
      A.R. No.:                                                   2131

      Gauge Range:                                                .0059"-.0290"
      Width Range:                                                18"-43"
      Entry Coil I.D.:                                            16.5"/20"/24"
      Max. Entry Coil O.D.:                                       85"
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        66"
      Max. Exit Coil Weight (lb.):                                20,000
</TABLE>

                                  Exhibit B-3
                                     Page 7

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      Payoff Reel Type:                                           Mandrel
      Entry Tension Bridle:                                       None
      Exit Tension Bridle:                                        Yes
      Tension Reel:                                               Yes
      Belt Wrapper:                                               Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Strip Speed (FPM):                                          1,100

      Capacity:                                                   23.8 Tons per Hour
                                                                  190.4 Tons per Turn
                                                                  16,374 Tons per Month
                                                                  196,493 Tons per Year

1     Wean No. 3 electrolytic cleaning line

      Installed:                                                  09/04/50
      A.R. No.:                                                   1492
      Latest Revamp (Yr.):                                        1998
      A.R. No.:                                                   7470

      Gauge Range:                                                .0071"-.0500"
      Width Range:                                                18"-42"
      Entry Coil I.D.:                                            16.5"/20"/24"
      Max. Entry Coil O.D.:                                       82"
      Max. Exit Coil Weight (lb.):                                50,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        66"
      Max. Exit Weight (lb.):                                     30,000
      Payoff Reel Type:                                           Double Cone
      Entry Tension Bridle:                                       None
      Exit Tension Bridle:                                        Yes
      Tension Reel:                                               Yes
      Belt Wrapper:                                               Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Dip Tank (Ft.):                                             14'-7"
      Electrolytic Tank (Ft.):                                    56'-6"
      Rinse Tank (Ft):                                            22'-0"
      Strip Speed (FPM):                                          2,000

      Capacity:                                                   48.4 Tons per Hour
                                                                  387.2 Tons per Turn
                                                                  33,299 Tons per Month
</TABLE>

                                  Exhibit B-3
                                     Page 8

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
                                                                  399,590 Tons per Year

1     No. 1 E.O.T. crane, 30 ton, 55' span

1     No. 2 E.O.T. crane, 25 ton, 55' span

      STORAGE BUILDING
      ----------------

1     No. 10 roll grinder

1     No. 11 roll grinder

1     No. 7 E.O.T. crane, 30 ton, 55' span

1     No. 6 E.O.T. crane, 30 ton, 55' span

1     No. 5 E.O.T. crane, 30 ton, 55' span

      ROLL GRINDERS AND TEMPER MILLS/NO. 9 BAY BUILDING
      -------------------------------------------------

1     Bliss No. 4 temper mill

      Installed:                                                  1956
      A.R. No.:                                                   1801

      Gauge Range:                                                .0059"-.0650"
      Width Range:                                                20"-45"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       84"
      Max. Exit Coil Weight (lb.):                                60,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        84"
      Max. Exit Coil Weight (lbs.):                               60,000

      Payoff Reel Type:                                           Mandrel
      Entry Tension Bridle:                                       Yes
      No. of Stands:                                              Two (2)
      No. 1 Stand Rolls:                                          4-High
      No. 1 Stand W.R.:                                           9" dia. x 52"
      No. 1 Stand B.U.:                                           38" dia. x 52"
      No. 2 Stand Rolls:                                          2-High
      No. 2 Stand W.R.:                                           30" dia. x 52"

      Exit Tension Bridle:                                        Yes
      Tension Reel Type:                                          Mandrel
      Belt Wrapper:                                               Yes
</TABLE>

                                  Exhibit B-3
                                     Page 9

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      Mill Speed (FPM):                                           6,000
      No. 1 Stand Motors:                                         2@1,000 hp
      No. 2 Stand Motors:                                         2@750 hp

      Capacity:                                                   69.3 Tons per Hour
                                                                  554.4 Tons per Turn
                                                                  47,678 Tons per Month
                                                                  572.141 Tons per Year

1     Bliss No. 5 temper mill

      Installed:                                                  1970
      A.R. No.:                                                   2963

      Gauge Range:                                                .0040"-.0650"
      Width Range:                                                20"-42"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       85"
      Max. Exit Coil Weight (lb.):                                60,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        85"
      Max. Exit Coil Weight (lbs.):                               60,000

      Payoff Reel Type:                                           Double Mandrel
      Entry Tension Bridle:                                       Yes
      No. of Stands:                                              Two (2)
      No. 1 Stand Rolls:                                          4-High
      No. 1 Stand W.R.:                                           23" dia. x 52"
      No. 1 Stand B.U.:                                           56" dia. x 51"
      No. 2 Stand Rolls:                                          4-High
      No. 2 Stand W.R.:                                           23" dia. x 52"
      No. 2 Stand B.U.:                                           56" dia. x 51"

      Exit Tension Bridle:                                        Yes
      Tension Reel Type:                                          Mandrel
      Belt Wrapper:                                               Yes
      Mill Speed (FPM):                                           7,000
      No. 1 Stand Motors:                                         2@1,000 hp
      No. 2 Stand Motors:                                         2@1,000 hp

      Capacity:                                                   71.9 Tons per Hour
                                                                  575.2 Tons per Turn
                                                                  49,467 Tons per Month
                                                                  593,606 Tons per Year

1     No. 12 E.O.T. crane, 30/5 ton, 75' span
</TABLE>

                                  Exhibit B-3
                                    Page 10

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
1     No. 14 E.O.T. crane, 30/5 ton, 75' span

1     No. 1 roll grinder

1     No. 3 sand blaster

1     No. 10 E.O.T. crane, 50 ton, 55' span

1     No. 9 E.O.T. crane, 25 ton, 55' span

1     No. 8 E.O.T. crane, 25 ton, 55' span

      NO. 1 AND NO. 2 PLATER AND MAINTENANCE SHOPS BUILDING
      ----------------------------------------------------

1     Wean No. 1 electrolytic zinc plating line

      Installed:                                                  1943
      A.R. No.:                                                   532/723

      Gauge Range:                                                .0100"-.0600"
      Width Range:                                                24"-38"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       67.5"
      Max. Entry Weight (lb.):                                    30,000
      Exit Coil I.D.:                                             16.5"/18/20/24"
      Max. Exit Coil O.D.:                                        66.5"
      Max. Exit Weight (lbs.):                                    30,000

      Payoff Reel Type:                                           2-Mandrels
      Entry Tension Bridle:                                       Yes
      Exit Tension Bridle:                                        Yes
      Tension Reel/Type:                                          2-Mandrels
      Belt Wrapper(s):                                            Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Plating Cells (Top/Btm.):                                   15/14
      Cell Current Max. Amps:                                     290,000
      Cell Current Avg. Amps:                                     232,000
      Strip Speed (FPM):                                          150-500

      Capacity:                                                   21.6 Tons per Hour
                                                                  172.8 Tons per Turn
                                                                  14,861 Tons per Month
                                                                  178,330 Tons per Year
</TABLE>

                                  Exhibit B-3
                                    Page 11

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
1     Wean No. 2 electrolytic chrome plating line

      Installed:                                                  1943
      A.R. No.:                                                   562/2264
      Latest Revamp (Yr.):                                        1979
      A.R. No.:                                                   6790

      Gauge Range:                                                .0050"-.0200"
      Width Range:                                                24"-38"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       85"
      Max. Entry Weight (lb.):                                    45,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        66"
      Max. Exit Weight (lb.):                                     30,000

      Payoff Reel Type:                                           2-Mandrels
      Entry Tension Bridle:                                       Yes
      Exit Tension Bridle:                                        Yes
      Tension Reel/Type:                                          2-Mandrels
      Belt Wrapper(s):                                            Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Plating Cells (Top/Btm.):                                   6/6
      Cell Current Max. Amps:                                     120,000
      Cell Current Avg. Amps:                                     120,000
      Reflow:                                                     Not Used
      Strip Speed (FPM):                                          1500

      Capacity:                                                   38.6 Tons per Hour
                                                                  308.8 Tons per Turn
                                                                  26,557 Tons per Month
                                                                  318,682 Tons per Year

1     No. 33 E.O.T. crane, 20 ton (machine shop)

1     No. 34 E.O.T. crane, 5 ton (electric shop)

      NO. 4 AND NO. 5 PLATER AND SIDE TRIM/ROLL GRINDERS BUILDING
      -----------------------------------------------------------

1     Wean No. 4 electrolytic tin plating line

      Installed:                                                  1950
      A.R. No.:                                                   1324
      Latest Revamp (Yr.):                                        1996
</TABLE>

                                  Exhibit B-3
                                    Page 12

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      A.R. No.:                                                   638

      Gauge Range:                                                .0045"-.0200"
      Width Range:                                                24"-39"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       85"
      Max. Entry Weight (lb.):                                    60,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        78"
      Max. Exit Weight (lb.):                                     30,000

      Payoff Reel Type:                                           2-Mandrels
      Entry Tension Bridle:                                       Yes
      Exit Tension Bridle:                                        Yes
      Tension Reel/Type:                                          2-Mandrels
      Belt Wrapper(s):                                            Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Plating Cells (Top/Btm.):                                   14/14
      Cell Current Max. Amps:                                     252,000
      Cell Current Avg. Amps:                                     252,000
      Reflow (kW):                                                2,400

      Capacity:                                                   39.8 Tons per Hour
                                                                  318.4 Tons per Turn
                                                                  27,382 Tons per Month
                                                                  328,589 Tons per Year

1     Wean No. 5 electrolytic tin/chrome plating line

      Installed:                                                  1956
      A.R. No.:                                                   1801
      Latest Revamp (Yr.):                                        1995
      A.R. No.:                                                   382

      Gauge Range:                                                .0050"-.0300"
      Width Range:                                                24"-38"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       85"
      Max. Entry Weight (lb.):                                    60,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        85"
      Max. Exit Weight (lb.):                                     30,000

      Payoff Reel Type:                                           2-Mandrels
      Entry Tension Bridle:                                       Yes
</TABLE>

                                  Exhibit B-3
                                    Page 13

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      Exit Tension Bridle:                                        Yes
      Tension Reel/Type:                                          2-Mandrels
      Belt Wrapper(s):                                            Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Plating Cells (Top/Btm.):                                   15/17
      Cell Current Max. Amps:                                     288,000
      Cell Current Avg. Amps:                                     272,000
      Reflow (kW):                                                2,400
      Plating Cells (Chrome):                                     5
      Cell Current Max. Amps:                                     250,000

      Capacity:                                                   39.1 Tons per Hour
                                                                  312.8 Tons per Turn
                                                                  26,901 Tons per Month
                                                                  322,810 Tons per Year

1     Wean No. 1 side trimmer

      Installed:                                                  1959
      A.R. No.:                                                   1978
      Latest Revamp (Yr.):                                        1961
      A.R. No.:                                                   2131

      Entry Gauge Range:                                          .0044"-.0500"
      Width Range:                                                16"-37"
      Entry Coil I.D.:                                            16.5"/24"
      Max. Entry Coil O.D.:                                       69"
      Max. Entry Weight (lb.):                                    30,000
      Delivery Gauge Range:                                       .0044"-.0500"
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        69"
      Max. Coil Weight (lb.):                                     40,000

      Payoff Reel Type:                                           Dual Cones
      Entry Tension Bridle:                                       No
      Welder:                                                     No
      Belt Wrapper:                                               Yes
      Exit Tension Bridle:                                        Yes
      Tension Reel:                                               Mandrel
      Lime Speed (FPM):                                           1,200

      Pin Hole Detector:                                          No
      Scrap Discharger:                                           1,100

      Capacity:                                                   Salvage Tons per Turn
</TABLE>

                                  Exhibit B-3
                                    Page 14

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
                                                                  Salvage Tons per Month

1     Wean No. 2 side trimmer

      Installed:                                                  1960
      A.R. No.:                                                   1476
      Latest Revamp (Yr.):                                        1977
      A.R. No.:                                                   N/A

      Entry Gauge Range:                                          .0032"-.0500"
      Width Range:                                                18"-42"
      Entry Coil I.D.:                                            16.5"/18"/20"/24"
      Max. Entry Coil O.D.:                                       85"
      Delivery Gauge Range:                                       .0032"-.0500"
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        85"
      Max. Coil Weight (lb.):                                     35,000

      Payoff Reel Type:                                           Mandrel
      Entry Tension Bridle:                                       No
      Welder:                                                     Yes
      Belt Wrapper:                                               Yes
      Exit Tension Bridle:                                        No
      Tension Reel                                                Mandrel
      Line Speed (FPM):                                           4,000

      Pin Hole Detector:                                          Yes
      Thickness Gauge:                                            No
      Strip Inspection:                                           Yes
      Trimmer:                                                    Yes
      Scrap Discharger:                                           Yes
      Oiler:                                                      No

      Capacity:                                                   48.8 Tons per Hour
                                                                  390.4 Tons per Turn
                                                                  33,574 Tons per Month
                                                                  402,893 Tons per Year

1     Wean No. 3 side trimmer

      Installed:                                                  1963
      A.R. No.:                                                   2247

      Entry Gauge Range:                                          .0044"-.0500"
      Width Range:                                                18"-42"
      Entry Coil I.D.:                                            16.5"/18"/20"/24"
      Max. Entry Coil O.D.:                                       85"
</TABLE>

                                  Exhibit B-3
                                    Page 15

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      Delivery Gauge Range:                                       .0044"-.0500"
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        85"
      Max. Coil Weight (lb.):                                     35,000

      Payoff Reel Type:                                           Mandrel
      Entry Tension Bridle:                                       No
      Welder:                                                     Yes
      Belt Wrapper:                                               Yes
      Exit Tension Bridle:                                        No
      Tension Reel                                                Mandrel
      Line Speed (FPM):                                           4,000

      Pin Hole Detector:                                          Yes
      Thickness Gauge:                                            Yes
      Strip Inspection:                                           Yes
      Trimmer:                                                    Yes
      Scrap Discharger:                                           Yes
      Oiler:                                                      No

      Capacity:                                                   57.8 Tons per Hour
                                                                  462.4 Tons per Turn
                                                                  39,766 Tons per Month
                                                                  477,197 Tons per Year

1     Rubber roll grinder

1     Rubber roll grinder

1     No. 18 E.O.T. crane, 30/5 ton, 100' span

1     No. 19 E.O.T. crane, 15/5 ton, 100' span

1     No. 13 E.O.T. crane, 5 ton, 50' span

1     No. 17 E.O.T. crane, 5 ton, 50' span

1     No. 16 E.O.T. crane, 15 ton, 50' span

      NO. 6 PLATER, ASSORTING BUILDING, AND NO. 1 TRUCK DOCK
      ------------------------------------------------------

1     Wean No. 6 electrolytic tin plating line

      Installed:                                                  1965
      A.R. No.:                                                   2309
      Latest Revamp (Yr.):                                        1997
</TABLE>

                                  Exhibit B-3
                                    Page 16

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      A.R. No.:                                                   6870

      Gauge Range:                                                .0030"-.0260"
      Width Range:                                                24"-38"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       85"
      Max. Entry Weight (lb.):                                    45,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        85"
      Max. Exit Weight (lb.):                                     30,000

      Payoff Reel Type:                                           2-Mandrels
      Entry Tension Bridle:                                       Yes
      Exit Tension Bridle:                                        Yes
      Tension Reel/Type:                                          2-Mandrels
      Belt Wrapper(s):                                            Yes
      Welder:                                                     Lap Seam

      Strip Inspection:                                           No
      Plating Cells (Top/Btm.):                                   14/14
      Cell Current Max. Amps:                                     280,000
      Cell Current Avg. Amps:                                     280,000
      Reflow (kW):                                                2,600

      Capacity:                                                   37.9 Tons per Hour
                                                                  303.2 Tons per Turn
                                                                  26,075 Tons per Month
                                                                  312,902 Tons per Year

1     No. 29 E.O.T. crane, 30/5 ton, 60' span

1     No. 15 E.O.T. crane, 5 ton, 55' span

      ZINC AND TIN STORAGE/NO. 5 TRACK BUILDING
      -----------------------------------------

1     No. 20 E.O.T. crane, 5 ton, 40' span

      CUTTING BUNDLING, AND NO. 2 WAREHOUSE BUILDING
      ----------------------------------------------

1     No. 2 bundling line

      Installed:                                                  1957
      A.R. No.:                                                   1801
      Latest Revamp (Yr.):                                        1996
      A.R. No.:                                                   0639
</TABLE>

                                  Exhibit B-3
                                    Page 17

<PAGE>

<TABLE>

<S>                                                               <C>
Qty.                                                              Description
      Gauge Range:                                                .0075"-.0150"
      Width Range:                                                20"-45"
      Entry Coil I.D.:                                            16.5"
      Max. Entry Coil O.D.:                                       84"
      Max. Entry Weight (lb.):                                    60,000
      Exit Coil I.D.:                                             16.5"
      Max. Exit Coil O.D.:                                        84"
      Max. Exit Weight (lb.):                                     60,000

      Capacity:                                                   254 per Turn
                                                                  25,800 per Month
                                                                  96 Coils per Turn

      ANCILLARY EQUIPMENT
      -------------------

      * Power Feed Wiring                                         * Does not include the transformers
                                                                  listed below

      Plant Piping

      Minor machinery and equipment
</TABLE>

* EQUIPMENT IDENTIFIED AS POWER FEED WIRING ABOVE AND INCLUDED IN THE COLLATERAL
--------------------------------------------------------------------------------
DOES NOT INCLUDE THE FOLLOWING TWO SUB-STATION TRANSFORMERS WHICH ARE NOT
-------------------------------------------------------------------------
LOCATED ON THE TIN MILL PARCEL AND ARE NOT OWNED BY DEBTOR.
----------------------------------------------------------

1        WESTINGHOUSE OIL FILLED PAD MOUNTED TRANSFORMER, # RJP10042, PLANT #
         611, 30,000/40,000/50/000 KVA, 132,000 VOLT PRIMARY, 23,000 VOLT
         SECONDARY, 3 PHASE, 60 CYCLE, DATE 1973

1        WESTINGHOUSE OIL FILLED PAD MOUNTED TRANSFORMER, # RJP10041, PLANT #
         612, 30,000/40,000/50/000 KVA, 132,000 VOLT PRIMARY, 23,000 VOLT
         SECONDARY, 3 PHASE, 60 CYCLE, DATE 1973

                                  Exhibit B-3
                                    Page 18

<PAGE>

                                    EXHIBIT C
                                    ---------

                          TIN MILL MACHINE SHOP ASSETS

1-AMERICAN 4'11" Radial Drill
w/ L Base
w/30"x30" Box Table

1-MATTISON 14" x 72" Horizontal Surface Grinder
w/Magnetic Chuck

1-ROCKFORD/GREENLEE Openside Shaper
Approx. 21" x 72" Reciprocating Table
w/1-Rail & 1-Side Heads

1-BRIDGEPORT 1-1/2 H.P. Vertical Mill
Head S/N:  2143689
w/9" x 42" Table
w/PRT

1-CINCINNATI #5HP Horizontal Milling Machine
S/N:  8A6P1P-25 (1944)
w/Universal Head

1-LEBLOND 16" x 84"cc Engine Lathe
S/N:  ND7990 (1940)
w/12" 3-Jaw Chuck

1-KEARNEY & TRECKER #5 Horizontal Milling Machine
Model TF
w/Universal Head Attachment
w/3-Axis DRO

1-NORTON 14" Cylindrical Roll Grinder
S/N:  C26015 (1955)

1-DRESS 11" x 5" Radial Drill
w/48" Base

1-LODGE & SHIPLEY 18" x 77" Engine Lathe
S/N:  UN8719A
w/Anilam 2-Axis DRO
w/Taper Attachment

                                   Exhibit C
                                     Page 1

<PAGE>

1-SOUTH BEND NORDIC 15 15" x 54"cc Engine Lathe
S/N:  DN15731130173
w/Threading
w/8" 3-Jaw Chuck

1-LODGE & SHIPLEY 20" x 96" Engine Lathe
S/N:  40034 (1950)
w/18" 4-Jaw Chuck
w/Taper Attachment, Steady Rest
w/Anilam 2-Axis DRO

1-AMERICAN Pacemaker 18" x 126" Engine Lathe
S/N:  64036-42 (1942)
w/18" 4-Jaw Chuck
w/Taper Attachment, Steady Rest

1-AMERICAN 42" x 130"cc Engine Lathe
S/N:  64118-42 (1942)
w/Steady Rest

1-MONARCH #62 25" x 170"cc Engine Lathe
S/N:  51258 (1972)
w/Threading Attachment

1-AMERICAN 40" x 208" Engine Lathe
S/N:  74716 (1955)
w/24" 4-Jaw Chuck

1-AMERICAN Pacemaker 48" x Approx. 252"cc
Engine Lathe
w/2-Steady Rests

1-NORTON 14" x 144"cc Cylindrical Roll Grinder
S/N:  16711 (1942)

1-32" x Approx. 144" Hydraulic Openside Planer
Valued As Rockford
w/1-Rail & 1-Side Heads

1-CINCINNATI 16" x Approx. 168"cc Cylindrical Roll Grinder
S/N:  1P4H1C-1X (1935)

1-NILES BEMONT POND Timesaver 32" x 276"cc Engine Lathe
S/N :  20269 (1925)
30" Swing Raised to 48" Swing

                                   Exhibit C
                                     Page 2

<PAGE>

1-NORTON 24" x 144"cc Cylindrical Roll Grinder
S/N:  --05 (1941)

1-LOT MINOR & GENERAL PLANT EQUIPMENT
Including DoAll V36 vertical band saw, Cincinnati tool & cutter grinder, G&E 24"
shaper, #3R arbor press, 12" double end grinder, DoAll horizontal band saw,
Mitts & Mcrill 3-1/2" keyseater, Oster 2" dia. bolt threader, 6" double end
grinder, disc grinder, Load Lifter 2 ton floor jib hoist, 1/2 ton column jib
hoists, Buffalo 18" drill press, H-frame press w/enerpac power supply, 1 ton
column jib hoists, Power Team 100 ton H-frame press, 2 ton column jib hoists,
hydraulic forcing press, Buffalo #1/2 ironworker

                                   Exhibit C
                                     Page 3

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