Document:

sec document

                                                                    Exhibit 4.16

                                                                     [Execution]

                 AMENDMENT NO. 15 TO LOAN AND SECURITY AGREEMENT

      AMENDMENT NO. 15 TO LOAN AND SECURITY AGREEMENT (this "Amendment"),
dated as of September 10, 2007, by and among Handy & Harman, a New York
corporation ("Parent"), OMG, Inc., a Delaware corporation formerly known as
Olympic Manufacturing Group, Inc. ("OMG"), Continental Industries, Inc., an
Oklahoma corporation ("Continental"), Maryland Specialty Wire, Inc., a
Delaware corporation ("Maryland Wire"), Handy & Harman Tube Company, Inc., a
Delaware corporation ("H&H Tube"), Camdel Metals Corporation, a Delaware
corporation ("Camdel"), Canfield Metal Coating Corporation, a Delaware
corporation ("Canfield"), Micro-Tube Fabricators, Inc., a Delaware
corporation ("Micro-Tube"), Indiana Tube Corporation, a Delaware corporation
("Indiana Tube"), Lucas-Milhaupt, Inc., a Wisconsin corporation ("Lucas"),
Handy & Harman Electronic Materials Corporation, a Florida corporation ("H&H
Electronic"), Sumco Inc., an Indiana corporation ("Sumco"), OMG Roofing,
Inc., a Delaware corporation ("OMG Roofing" and together with Parent, OMG,
Continental, Maryland Wire, H&H Tube, Camdel, Canfield, Micro-Tube, Indiana
Tube, Lucas, H&H Electronic and Sumco, each individually, a "Borrower" and
collectively, "Borrowers"), Handy & Harman of Canada, Limited, an Ontario
corporation ("H&H Canada"), ele Corporation, a California corporation
("ele"), Alloy Ring Service Inc., a Delaware corporation ("Alloy"), Daniel
Radiator Corporation, a Texas corporation ("Daniel"), H&H Productions, Inc.,
a Delaware corporation ("H&H Productions"), Handy & Harman Automotive Group,
Inc., a Delaware corporation ("H&H Auto"), Handy & Harman International,
Ltd., a Delaware corporation ("H&H International"), Handy & Harman Peru,
Inc., a Delaware corporation ("H&H Peru"), KJ-VMI Realty, Inc., a Delaware
corporation ("KVR"), Pal-Rath Realty, Inc., a Delaware corporation
("Pal-Rath"), Platina Laboratories, Inc., a Delaware corporation ("Platina"),
Sheffield Street Corporation, a Connecticut corporation ("Sheffield"), SWM,
Inc., a Delaware corporation ("SWM"), Willing B Wire Corporation, a Delaware
corporation ("Willing" and together with H&H Canada, ele, Alloy, Daniel, H&H
Productions, H&H Auto, H&H International, H&H Peru, KVR, Pal-Rath, Platina,
Sheffield and SWM, each individually, a "Guarantor" and collectively,
"Guarantors"), Wachovia Bank, National Association, a national banking
association that is successor by merger to Congress Financial Corporation, in
its capacity as agent pursuant to the Loan Agreement (as hereinafter defined)
acting for the financial institutions party thereto as lenders (in such
capacity, together with its successors and assigns, "Agent"), and the
financial institutions party thereto as lenders (collectively, "Lenders").

                              W I T N E S S E T H:

      WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into
financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders)
have made and provided and may hereafter make and provide loans, advances and
other financial accommodations to Borrowers as set forth in the Loan and
Security Agreement, dated March 31, 2004, by and among Agent, Lenders, Borrowers
and Guarantors, as amended by Consent and Amendment No. 1 to Loan and Security
Agreement, dated as of August 31, 2004, Amendment No. 2 to Loan and Security
Agreement, dated as of October 29, 2004, Amendment No. 3 to Loan and Security
Agreement, dated as of December 29, 2004, Amendment No. 4 to Loan and Security
Agreement, dated as of May 20, 2005, Amendment No. 5 to Loan and Security
Agreement, dated as of September 8, 2005, Amendment No. 6 and Waiver to Loan and
Security Agreement, dated as of December 29, 2005, Consent and Amendment No. 7

to Loan and Security Agreement, dated as of January 24, 2006, Consent and
Amendment No. 8 to Loan and Security Agreement, dated as of March 31, 2006,
Amendment No. 9 to Loan and Security Agreement, dated as of July 18, 2006,
Amendment No. 10 to Loan and Security Agreement, dated as of October 30, 2006,
Amendment No. 11 and Waiver to Loan and Security Agreement, dated as of December
28, 2006, Amendment No. 12 and Consent to Loan and Security Agreement, dated as
of December 28, 2006, Amendment No. 13 and Waiver to Loan and Security
Agreement, dated as of March 29, 2007, and Amendment No. 14 to Loan and Security
Agreement, dated as of July 20, 2007 (as the same now exists or may hereafter be
further amended, modified, supplemented, extended, renewed, restated or
replaced, the "Loan Agreement"), and the other agreements, documents and
instruments referred to therein or at any time executed and/or delivered in
connection therewith or related thereto (all of the foregoing, together with the
Loan Agreement, as the same now exist or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced, being collectively
referred to herein as the "Financing Agreements");

      WHEREAS, Borrowers have requested that Agent and Lenders make certain
amendments to the Loan Agreement and the other Financing Agreements, and Agent
and Lenders are willing to agree to such amendments, subject to the terms and
conditions contained herein; and

      WHEREAS, by this Amendment, Borrowers, Guarantors, Agent and Lenders
desire and intend to evidence such amendments;

      NOW THEREFORE, in consideration of the foregoing, and the respective
agreements and covenants contained herein, the parties hereto agree as follows:

      1. DEFINITIONS.

            (a) ADDITIONAL DEFINITIONS. As used herein, the following terms
shall have the following meanings given to them below, and the Loan Agreement
and the other Financing Agreements are hereby amended to include, in addition
and not in limitation, the following:

                  (i) "Amendment No. 15" shall mean this Amendment No. 15 to
Loan and Security Agreement by and among Borrowers, Guarantors, Agent and
Lenders, as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced.

                  (ii) "Amendment No. 15 Effective Date" shall mean the first
date on which all of the conditions precedent to the effectiveness of Amendment
No. 15 shall have been satisfied or shall have been waived by Agent.

                  (iii) "PBGC Security Agreements" shall mean, collectively, the
PBGC Second Priority Security Agreement, the PBGC Fourth Priority Security
Agreement, and all other security agreements, guarantees, or other documents and

                                       2

instruments at any time executed and/or delivered by any Borrower or Guarantor
with, to or in favor of the PBGC, the WHX Plan or their respective subrogees in
connection therewith or related thereto which secure the PBGC Debt, as all of
the foregoing now exist or may hereafter be amended, modified, supplemented,
extended, renewed, restated or replaced.

            (b) AMENDMENTS TO DEFINITIONS.

                  (i) BORROWING BASE. The first sentence of the definition of
"Borrowing Base" in Section 1.11 of the Loan Agreement is hereby amended by
deleting such sentence in its entirety and replacing it with the following:

                  "1.11 `Borrowing Base' shall mean, at any time, the amount
            equal to:

                        (a) the sum of:

                              (i) eighty-five (85%) percent of the Eligible
                  Accounts, PLUS

                              (ii) the lesser of: (A) $30,000,000 and (B) the
                  sum of (1) the lesser of (x) sixty-five (65%) percent
                  multiplied by the Value of the Eligible Inventory (other than
                  Precious Metals Inventory) of the Non-Precious Metals
                  Borrowing Base Parties or (y) eighty-five (85%) percent of the
                  Net Recovery Percentage multiplied by the Value of such
                  Eligible Inventory of the Non-Precious Metals Borrowing Base
                  Parties, PLUS (2) the lesser of (x) the sum of (aa) sixty-five
                  (65%) percent multiplied by the Value of the Eligible
                  Inventory (other than Precious Metals Inventory) of the
                  Precious Metals Borrowing Base Parties and (bb) eighty (80%)
                  percent multiplied by the Value of the Eligible Inventory
                  consisting of Precious Metals Inventory and Eligible Consigned
                  Precious Metals Inventory of Parent and the Precious Metals
                  Borrowing Base Parties or (y) eighty-five (85%) percent of the
                  Net Recovery Percentage multiplied by the Value of such
                  Eligible Inventory and Eligible Consigned Precious Metals
                  Inventory of Parent and the Precious Metals Borrowing Base
                  Parties, MINUS,

                        (b)  Reserves."

                  (ii) EXCESS AVAILABILITY. The definition of "Excess
Availability" in Section 1.46 of the Loan Agreement is hereby amended by
deleting such definition in its entirety and replacing it with the following:

                  "1.46 `Excess Availability' shall mean the amount, as
            determined by Agent, calculated at any date, equal to: (a) the
            lesser of (i) the Borrowing Base (after giving effect to any
            Reserves other than any Reserves in respect of Letter of Credit
            Accommodations) and (ii) the Revolving Loan Limit, MINUS (b) the sum
            of: (i) the amount of all then outstanding and unpaid Obligations

                                       3

            (but not including for this purpose the then outstanding aggregate
            principal amount of the Term Loans, the Equipment Purchase Term
            Loans, the Supplemental Term Loans, the Term B Loan or any
            outstanding Letter of Credit Accommodations), PLUS (ii) the amount
            of all Reserves then established in respect of Letter of Credit
            Accommodations, PLUS (iii) the aggregate amount of all then
            outstanding and unpaid trade payables and other obligations of
            Borrowing Base Parties which are outstanding more than sixty (60)
            days past due as of such time (other than trade payables or other
            obligations being contested or disputed by Borrowing Base Parties in
            good faith), PLUS (iv) without duplication, the amount of checks
            issued by Borrowing Base Parties to pay trade payables and other
            obligations which are more than sixty (60) days past due as of such
            time (other than trade payables or other obligations being contested
            or disputed by Borrowing Base Parties in good faith), but not yet
            sent, PLUS (v) the difference (if positive) between (A) the
            aggregate amount of the proceeds of the loans or advances which have
            been received by Parent from Tranche B Term Loan Lenders under
            Section 9.9(f) hereof on or after the Amendment No. 14 Effective
            Date for purposes of the loans or advances permitted to be made by
            Parent to WHX pursuant to Section 9.10(l) hereof or the
            distributions permitted to be made by Parent to WHX pursuant to
            Sections 9.11(e) hereof and which have not been provided by Parent
            to WHX in the form of loans or advances pursuant to Sections 9.10(l)
            hereof or distributions pursuant to Sections 9.11(e) hereof, and (B)
            the Parcel Sale Reserve Amount."

                  (iii) TERM B LOAN LENDER. The definition of "Term B Loan
Lender" in the Loan Agreement is hereby amended by deleting such definition in
its entirety and replacing it with the following:

                  "Term B Loan Lender" shall mean, collectively, Ableco Finance
            LLC, a Delaware limited liability company, Fortress Credit Funding
            III LP, Fortress Credit Funding II LP, Fortress Credit Funding IV LP
            and Fortress Credit Opportunities II LP, and the other lenders who
            are from time to time parties to the Loan Agreement as Term B Loan
            lenders, and their respective successors and assigns."

            (c) INTERPRETATION. Capitalized terms used herein which are not
otherwise defined herein shall have the respective meanings ascribed thereto in
the Loan Agreement.

      2. SALE OF ASSETS, CONSOLIDATION, MERGER, DISSOLUTION, ETC. Section 9.7(b)
of the Loan Agreement is hereby amended by inserting the following new
subsections (vii) and (viii) immediately prior to the period at the end of such
Section:

                  "(vii) the sale by Sumco, Canfield, Lucas, H&H Tube or H&H
            Canada of the fee-owned Real Properties of such Borrowers and
            Guarantors located in Indianapolis, Indiana, Canfield, Ohio, Cudahy,
            Wisconsin, Norristown, Pennsylvania and Rexdale, Ontario,
            respectively, PROVIDED, THAT, as to any such sale, each of the
            following conditions is satisfied as determined by Agent in good
            faith: (A) such sale shall be on terms and conditions satisfactory

                                       4

            to and approved in writing by Agent, Term B Loan Lender and the
            Required Lenders; (B) the Net Cash Proceeds payable or deliverable
            to Borrowers and Guarantors in respect of any such sale shall be
            promptly applied to the Obligations in accordance with Section
            2.4(c) hereof, and (C) as of the date of any such sale and after
            giving effect thereto, no Default or Event of Default shall exist or
            have occurred and be continuing; and

                  (viii) the sale of all or substantially all of the Capital
            Stock or the assets and properties of Sumco or Canfield, provided,
            THAT, as to any such sale, each of the following conditions is
            satisfied as determined by Agent in good faith: (A) such sale shall
            be on terms and conditions satisfactory to and approved in writing
            by Agent, Term B Loan Lender and the Required Lenders; (B) the Net
            Cash Proceeds payable or deliverable to Borrowers in respect of any
            such sale shall be promptly applied to the Obligations in accordance
            with Section 2.4(c) hereof, and (C) as of the date of any such sale
            and after giving effect thereto, no Default or Event of Default
            shall exist or have occurred and be continuing."

      3. INDEBTEDNESS.

         (a) Section 9.9(f)(i) of the Loan Agreement is hereby amended by
deleting the reference to "$97,015,797" and replacing it with "$105,015,797".

         (b) Section 9.9(f) of the Loan Agreement is hereby further amended by
deleting the phrase "as in effect on the Amendment No. 14 Effective Date" from
each place it appears in such Section and replacing it with "as in effect on the
Amendment No. 15 Effective Date".

      4. LOANS, INVESTMENTS, ETC. Section 9.10(j) of the Loan Agreement is
hereby amended by deleting such Section in its entirety and replacing it with
the following:

                  "(j) an unsecured loan by Parent to WHX on or after the
            Amendment No. 15 Effective Date in an amount not to exceed
            $13,100,000, the proceeds of which shall be used by WHX solely to
            make a contribution to the WHX Plan for among other things, the
            reduction of the Waiver Amount, and other unsecured loans by Parent
            to WHX on or after the Amendment No. 15 Effective Date, the proceeds
            of which other loans shall be used by WHX solely to make other
            contributions to the WHX Plan so long as the aggregate amount of any
            such other loans do not exceed the amount required to be contributed
            to the WHX Plan as of the date any such other loan is made,
            PROVIDED, THAT, (i) within thirty (30) days after the end of each
            fiscal month, Parent shall provide to Agent a report in form and
            substance satisfactory to Agent of the outstanding amount of such
            loans as of the last day of the immediately preceding month and
            indicating any payments received during the immediately preceding
            month, (ii) the Indebtedness arising pursuant to any such loan shall
            not be evidenced by a promissory note or other instrument unless the
            single original of such note or other instrument shall be promptly
            delivered to Agent to hold as part of the Collateral, with such
            endorsements and/or assignments by WHX as Agent may require, (iii)
            as of the date of any such loan and after giving effect thereto,
            Parent shall be Solvent, (iv) as of the date of any such loan and
            after giving effect thereto, no Default or Event of Default shall

                                       5

            exist or have occurred and be continuing, (v) the average Excess
            Availability for the thirty (30) consecutive days immediately
            preceding any such loan shall not have been less than $5,000,000,
            and (vi) on the date of any such loan and after giving effect
            thereto, Excess Availability shall not be less than $4,000,000;
            and".

      5. CONDITIONS PRECEDENT. The provisions contained herein shall only be
effective upon the satisfaction of each of the following conditions precedent in
a manner satisfactory to Agent:

            (a) Agent shall have received this Amendment, duly authorized,
executed and delivered by Borrowers, Guarantors, Term B Loan Lender and the
Required Lenders;

            (b) Agent shall have received, in form and substance satisfactory to
Agent, evidence that Parent shall have received in immediately available funds
$8,000,000 representing the proceeds of new loans made by Tranche B Term Loan
Lenders on the date hereof pursuant to the Tranche B Term Loan Agreement as
permitted under Section 9.9(f) of the Loan Agreement, which funds shall be used
solely to make the loans by Parent to WHX permitted under Section 9.10(j) of the
Loan Agreement;

            (c) Agent shall have received, in form and substance satisfactory to
Agent, Amendment No. 1 to the Subordination Agreement, duly authorized, executed
and delivered by Tranche B Term Loan Agent and acknowledged by Borrowers and
Guarantors, which amendment shall be in full force and effect;

            (d) Agent shall have received, in form and substance satisfactory to
Agent, a true, correct and complete copy of Amendment No. 12 to Loan and
Security Agreement (the "Tranche B Amendment"), duly authorized, executed and
delivered by Tranche B Term Loan Agent, the lenders party thereto, Borrowers and
Guarantors, which shall be in full force and effect;

            (e) Agent shall have received, in form and substance satisfactory to
Agent, a true and correct copy of any consent, waiver or approval to or of this
Amendment or any other Amendment Documents (as hereinafter defined) which any
Borrower or Guarantor is required to obtain from any other Person; and

            (f) no Default or Event of Default shall exist or have occurred and
be continuing.

      6. REPRESENTATIONS, WARRANTIES AND COVENANTS. Each Borrower and Guarantor
hereby represents and warrants to Agent and Lenders the following (which shall
survive the execution and delivery of this Amendment), the truth and accuracy of
which representations and warranties are a continuing condition of the making of
Loans and providing Letter of Credit Accommodations to Borrowers:

            (a) Promptly following the Amendment No. 15 Effective Date,
Borrowers shall cause the WHX Plan's enrolled actuary to prepare and deliver to
Agent, Term Loan Lender and the PBGC a written certification that the Waiver
Amount has been reduced to zero (the "Actuary Certification");

            (b) Upon the delivery of the Actuary Certification to the PBGC,
Borrowers (i) shall request the PBGC to acknowledge its agreement with the
Actuary Certification that the PBGC Debt (including each of the Waiver Amount
and the Termination Amount) has been reduced to zero in accordance with the

                                       6

terms of the PBGC Settlement Agreement, and (ii) shall request the PBGC (A) to
promptly deliver to WHX, Parent and Agent, in form and substance satisfactory to
Agent, all releases, terminations and such other documents as Agent may request
to evidence and effectuate the repayment in full of the PBGC Debt and the
termination of the PBGC Security Agreements and the termination and release by
the PBGC of any security interest in and lien upon any assets and properties of
any Borrower and Guarantor created pursuant to the PBGC Security Agreements,
each of which shall duly authorized, executed and delivered by the PBGC,
including, but not limited to, (x) UCC financing statement amendments providing
for the termination of all UCC financing statements previously filed by the
PBGC, as secured party, and any Borrower or Guarantor, as debtor; and (y)
satisfactions and discharges of any mortgages, deeds of trust or deeds to secure
debt by any Borrower or Guarantor in favor of the PBGC, in form acceptable for
recording with the appropriate Governmental Authority, and (B) to take such
other and further actions and to execute and deliver such other and further
documents and instruments as may be necessary and reasonably requested by WHX or
Agent in order to effect or evidence more fully the matters described in clause
(ii)(A) above;

            (c) each Borrower and Guarantor is a corporation duly organized and
in good standing under the laws of its jurisdiction of incorporation and is duly
qualified as a foreign corporation and in good standing in all states, provinces
or other jurisdictions where the nature and extent of the business transacted by
it or the ownership of assets makes such qualification necessary, except for
those jurisdictions in which the failure to so qualify would not have a Material
Adverse Effect;

            (d) this Amendment, each other agreement or instrument to be
executed and delivered by Borrowers and Guarantors in connection herewith
(collectively, together with this Amendment, the "Amendment Documents"), have
been duly authorized, executed and delivered by all necessary action on the part
of each of the Borrowers and Guarantors which is a party hereto and thereto and,
if necessary, their respective stockholders and is in full force and effect as
of the Amendment No. 15 Effective Date, and the agreements and obligations of
each of the Borrowers and Guarantors contained herein and therein constitute the
legal, valid and binding obligations of each of the Borrowers and Guarantors,
enforceable against them in accordance with their terms, except as
enforceability is limited by bankruptcy, insolvency, moratorium or other similar
laws affecting creditors' rights generally and by general equitable principles;

            (e) the execution, delivery and performance of this Amendment and
the other Amendment Documents, (i) are all within each Borrower's and
Guarantor's corporate powers and (ii) are not in contravention of law or the
terms of any Borrower's or Guarantor's certificate or articles of incorporation,
by laws, or other organizational documentation, or any indenture, agreement or
undertaking (including, without limitation, the Tranche B Term Loan Agreement

                                       7

and the PBGC Agreements) to which any Borrower or Guarantor is a party or by
which any Borrower or Guarantor or its property are bound;

            (f) neither the execution and delivery of this Amendment and the
other Amendment Documents, nor the consummation of the transactions contemplated
hereby or thereby, nor compliance with the provisions hereof or thereof (i) has
resulted in or shall result in the creation or imposition of any Lien upon any
of the Collateral, except in favor of Agent, or as expressly permitted by
Section 9.8 of the Loan Agreement, (ii) has resulted in or shall result in the
incurrence, creation or assumption of any Indebtedness of any Borrower or
Guarantor, except as expressly permitted under Section 9.9 of the Loan
Agreement; (iii) has violated or shall violate any applicable laws or
regulations or any order or decree of any court or Governmental Authority in any
respect; (iv) does or shall conflict with or result in the breach of, or
constitute a default in any respect under any material mortgage, deed of trust,
security agreement, agreement or instrument to which any Borrower or Guarantor
is a party or may be bound (including without limitation the Tranche B Term Loan
Agreement and the PBGC Agreements), and (v) violates or shall violate any
provision of the Certificate of Incorporation or By-Laws of any Borrower or
Guarantor;

            (g) No action of, or filing with, or consent of any Governmental
Authority, and no approval or consent of any other third party that has not been
obtained, is required to authorize, or is otherwise required in connection with,
the execution, delivery and performance of this Amendment and the other
Amendment Documents;

            (h) all of the representations and warranties set forth in the Loan
Agreement and the other Financing Agreements, each as amended hereby, are true
and correct in all material respects on and as of the Amendment No. 15 Effective
Date as if made on the Amendment No. 15 Effective Date, except to the extent any
such representation or warranty is made as of a specified date, in which case
such representation or warranty shall have been true and correct in all material
respects as of such date;

            (i) the Tranche B Amendment has been executed and delivered by all
parties thereto and is in full force and effect; and

            (j) as of the date of this Amendment and after giving effect hereto,
no Default or Event of Default exists or has occurred and is continuing.

      7. GENERAL RELEASE. Each Borrower and Guarantor may have certain Claims
(as hereinafter defined) against the Released Parties (as hereinafter defined)
regarding or relating to the Loan Agreement or the other Financing Agreements.
Agent, Lenders, Borrowers and Guarantors desire to resolve each and every one of
such Claims in conjunction with the execution of this Amendment and thus each
Borrower and Guarantor makes the release contained in this Section. In
consideration of Agent's and Lenders' entering into this Amendment and agreeing
to the substantial concessions as set forth herein, each Borrower and Guarantor
hereby fully and unconditionally releases and forever discharges Agent and each
Lender and their respective directors, officers, employees, subsidiaries,
branches, affiliates, attorneys, agents, representatives, successors and assigns
and all persons, firms, corporations and organizations acting on any of their

                                       8

behalves (collectively, the "Released Parties"), of and from any and all claims,
allegations, causes of action, costs or demands and liabilities, of whatever
kind or nature, from the beginning of the world to the date on which this
Amendment is executed, whether known or unknown, liquidated or unliquidated,
fixed or contingent, asserted or unasserted, foreseen or unforeseen, matured or
unmatured, suspected or unsuspected, anticipated or unanticipated, which such
Borrower or Guarantor has, had, claims to have had or hereafter claims to have
against the Released Parties by reason of any act or omission on the part of the
Released Parties, or any of them, occurring prior to the date on which this
Amendment is executed, including on account of or in any way affecting,
concerning or arising out of or founded upon this Amendment up to and including
the date on which this Amendment is executed, including all such loss or damage
of any kind heretofore sustained or that may arise as a consequence of the
dealings among the parties up to and including the date on which this Amendment
is executed, including the administration or enforcement of the Loans, the
Obligations, the Loan Agreement or any of the other Financing Agreements
(collectively, all of the foregoing are the "Claims"). Each Borrower and
Guarantor represents and warrants that it has no knowledge of any claim by it
against the Released Parties or of any facts or acts or omissions of the
Released Parties which on the date hereof would be the basis of a claim by such
Borrower or Guarantor against the Released Parties which is not released hereby.
Each Borrower and Guarantor represents and warrants that the foregoing
constitutes a full and complete release of all Claims.

      8. EFFECT OF THIS AGREEMENT. Except as expressly amended or waived
pursuant hereto, no other changes, waivers or modifications to the Financing
Agreements are intended or implied, and in all other respects the Financing
Agreements are hereby specifically ratified, restated and confirmed by all
parties hereto as of the Amendment No. 15 Effective Date. To the extent that any
provision of the Loan Agreement or any of the other Financing Agreements are
inconsistent with the provisions of this Amendment, the provisions of this
Amendment shall control.

      9. FURTHER ASSURANCES. Borrowers and Guarantors shall execute and deliver
such additional documents and take such additional action as may be requested by
Agent to effectuate the provisions and purposes hereof.

      10. GOVERNING LAW. The validity, interpretation and enforcement of this
Amendment and the other Financing Agreements (except as otherwise provided
therein) and any dispute arising out of the relationship between the parties
hereto, whether in contract, tort, equity or otherwise, shall be governed by the
internal laws of the State of New York but excluding any principles of conflicts
of law or other rule of law that would cause the application of the law of any
jurisdiction other than the laws of the State of New York.

      11. BINDING EFFECT. This Amendment shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and
assigns.

      12. HEADINGS. The headings listed herein are for convenience only and do
not constitute matters to be construed in interpreting this Amendment.

                                       9

      13. COUNTERPARTS. This Amendment may be executed in any number of
counterparts, each of which shall be an original, but all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of this Amendment by telefacsimile or other electronic method of
transmission shall have the same force and effect as the delivery of an original
executed counterpart of this Amendment. Any party delivering an executed
counterpart of this Amendment by telefacsimile or other electronic method of
transmission shall also deliver an original executed counterpart, but the
failure to do so shall not affect the validity, enforceability or binding effect
of this Amendment.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       10

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed on the day and year first above written.

                                 AGENT

                                 WACHOVIA BANK, NATIONAL ASSOCIATION, as
                                 Agent

                                 By: /s/ Sang H. Kim
                                    --------------------------------------------

                                 Title: Vice President
                                       -----------------------------------------

                                 LENDERS

                                 WACHOVIA BANK, NATIONAL ASSOCIATION

                                 By: /s/ Sang H. Kim
                                    --------------------------------------------

                                 Title: Vice President
                                       -----------------------------------------

                                 TEXTRON FINANCIAL CORPORATION

                                 By: /s/ Norbert Schmidt
                                    --------------------------------------------

                                 Title: Sr. Account Executive
                                       -----------------------------------------

                                 BANK OF AMERICA, N.A.

                                 By: /s/ Cynthia G. Stannard
                                    --------------------------------------------

                                 Title: Sr. Vice President
                                       -----------------------------------------

                                 ABLECO FINANCE LLC

                                 By: /s/ Dan Wolf
                                    --------------------------------------------

                                 Title: Sr. Vice President
                                       -----------------------------------------

                                 FORTRESS CREDIT FUNDING III LP

                                 By:  Fortress Credit Funding III GP LLC,
                                      its General Partner

                                 By: /s/ Constantine Dakolias
                                    --------------------------------------------

                                 Title: Chief Credit Officer
                                       -----------------------------------------

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                 [SIGNATURE PAGES CONTINUED FROM PREVIOUS PAGE]

                                 FORTRESS CREDIT FUNDING II LP

                                 By:  Fortress Credit Funding II GP LLC, its
                                      General Partner

                                 By: /s/ Constantine Dakolias
                                    --------------------------------------------

                                 Title: Chief Credit Officer
                                       -----------------------------------------

                                 FORTRESS CREDIT FUNDING IV LP

                                 By:  Fortress Credit Funding IV GP LLC, its
                                      General Partner

                                 By: /s/ Constantine Dakolias
                                    --------------------------------------------

                                 Title: Chief Credit Officer
                                       -----------------------------------------

                                 FORTRESS CREDIT OPPORTUNITIES II LP

                                 By: Fortress Credit Opportunities II GP LLC,
                                     its General Partner

                                 By: /s/ Constantine Dakolias
                                    --------------------------------------------

                                 Title: Chief Credit Officer
                                       -----------------------------------------

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                 [SIGNATURE PAGES CONTINUED FROM PREVIOUS PAGE]

                                 BORROWERS

                                 HANDY & HARMAN

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & CEO
                                       -----------------------------------------

                                 OMG, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 CONTINENTAL INDUSTRIES, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 MARYLAND SPECIALTY WIRE, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN TUBE COMPANY, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 CAMDEL METALS CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 CANFIELD METAL COATING CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

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                 [SIGNATURE PAGES CONTINUED FROM PREVIOUS PAGE]

                                 MICRO-TUBE FABRICATORS, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 INDIANA TUBE CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 LUCAS-MILHAUPT, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN ELECTRONIC MATERIALS
                                 CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 SUMCO INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 OMG ROOFING, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

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                 [SIGNATURE PAGES CONTINUED FROM PREVIOUS PAGE]

                                 GUARANTORS
                                 HANDY & HARMAN OF CANADA, LIMITED

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 ELE CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 ALLOY RING SERVICE INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 DANIEL RADIATOR CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 H&H PRODUCTIONS, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN AUTOMOTIVE GROUP, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN INTERNATIONAL, LTD.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

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                 [SIGNATURE PAGES CONTINUED FROM PREVIOUS PAGE]

                                 HANDY & HARMAN PERU, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 KJ-VMI REALTY, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 PAL-RATH REALTY, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 PLATINA LABORATORIES, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 SHEFFIELD STREET CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 SWM, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 WILLING B WIRE CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------sec document

                                                                    Exhibit 4.29

                                                                     [Execution]

               AMENDMENT NO. 11 TO LOAN AND SECURITY AGREEMENT

      AMENDMENT NO. 11 TO LOAN AND SECURITY AGREEMENT (this "Amendment"),
dated as of July 20, 2007, by and among Handy & Harman, a New York
corporation ("Parent"), OMG, Inc., a Delaware corporation formerly known as
Olympic Manufacturing Group, Inc. ("OMG"), Continental Industries, Inc., an
Oklahoma corporation ("Continental"), Maryland Specialty Wire, Inc., a
Delaware corporation ("Maryland Wire"), Handy & Harman Tube Company, Inc., a
Delaware corporation ("H&H Tube"), Camdel Metals Corporation, a Delaware
corporation ("Camdel"), Canfield Metal Coating Corporation, a Delaware
corporation ("Canfield"), Micro-Tube Fabricators, Inc., a Delaware
corporation ("Micro-Tube"), Indiana Tube Corporation, a Delaware corporation
("Indiana Tube"), Lucas-Milhaupt, Inc., a Wisconsin corporation ("Lucas"),
Handy & Harman Electronic Materials Corporation, a Florida corporation ("H&H
Electronic"), Sumco Inc., an Indiana corporation ("Sumco"), OMG Roofing,
Inc., a Delaware corporation ("OMG Roofing" and together with Parent, OMG,
Continental, Maryland Wire, H&H Tube, Camdel, Canfield, Micro-Tube, Indiana
Tube, Lucas, H&H Electronic and Sumco, each individually, a "Borrower" and
collectively, "Borrowers"), Handy & Harman of Canada, Limited, an Ontario
corporation ("H&H Canada"), ele Corporation, a California corporation
("ele"), Alloy Ring Service Inc., a Delaware corporation ("Alloy"), Daniel
Radiator Corporation, a Texas corporation ("Daniel"), H&H Productions, Inc.,
a Delaware corporation ("H&H Productions"), Handy & Harman Automotive Group,
Inc., a Delaware corporation ("H&H Auto"), Handy & Harman International,
Ltd., a Delaware corporation ("H&H International"), Handy & Harman Peru,
Inc., a Delaware corporation ("H&H Peru"), KJ-VMI Realty, Inc., a Delaware
corporation ("KVR"), Pal-Rath Realty, Inc., a Delaware corporation
("Pal-Rath"), Platina Laboratories, Inc., a Delaware corporation ("Platina"),
Sheffield Street Corporation, a Connecticut corporation ("Sheffield"), SWM,
Inc., a Delaware corporation ("SWM"), Willing B Wire Corporation, a Delaware
corporation ("Willing" and together with H&H Canada, ele, Alloy, Daniel, H&H
Productions, H&H Auto, H&H International, H&H Peru, KVR, Pal-Rath, Platina,
Sheffield and SWM, each individually, a "Guarantor" and collectively,
"Guarantors"), Steel Partners II, L.P., successor by assignment from
Canpartners Investments IV, LLC, in its capacity as agent pursuant to the
Loan Agreement (as hereinafter defined) acting for the financial institutions
party thereto as lenders (in such capacity, together with its successors and
assigns, "Agent"), and the financial institutions party thereto as lenders
(collectively, "Lenders").  Capitalized terms used herein which are not
otherwise defined herein shall have the respective meanings ascribed thereto
in the Loan Agreement.

                              W I T N E S S E T H:

      WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into
financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders)
have made and may make loans and advances and provide other financial
accommodations to Borrowers as set forth in the Loan and Security Agreement,
dated March 31, 2004, by and among Agent, Lenders, Borrowers and Guarantors, as
amended by Amendment No. 1 to Loan and Security Agreement, dated as of October
29, 2004, Amendment No. 2 to Loan and Security Agreement, dated as of May 20,
2005, Amendment No. 3 and Waiver to Loan and Security Agreement, dated as of
December 29, 2005, Consent and Amendment No. 4 to Loan and Security Agreement,

dated as of January 24, 2006, Consent and Amendment No. 5 to Loan and Security
Agreement, dated as of March 31, 2006, Amendment No. 6 to Loan and Security
Agreement, dated as of July 18, 2006, Amendment No. 7 to Loan and Security
Agreement, dated as of October 30, 2006, Amendment No. 8 and Waiver to Loan and
Security Agreement, dated as of December 28, 2006, Consent and Amendment No. 9
to Loan and Security Agreement, dated as of December 28, 2006, and Amendment No.
10 and Waiver to Loan Security Agreement, dated as of June 14, 2007 and (as the
same may hereafter be further amended, modified, supplemented, extended,
renewed, restated or replaced, the "Loan Agreement"), and the other agreements,
documents and instruments referred to therein or at any time executed and/or
delivered in connection therewith or related thereto (all of the foregoing,
together with the Loan Agreement, as the same now exist or may hereafter be
amended, modified, supplemented, extended, renewed, restated or replaced, being
collectively referred to herein as the "Financing Agreements");

      WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders
agree to make certain amendments to the Loan Agreement and the other Financing
Agreements, and Agent and Lenders are willing to agree to such amendments,
subject to the terms and conditions contained herein; and

      WHEREAS, by this Amendment, Borrowers, Guarantors, Agent and Lenders
desire and intend to evidence such amendments;

      NOW THEREFORE, in consideration of the foregoing, and the respective
agreements and covenants contained herein, the parties hereto agree as follows:

      1. DEFINITIONS.

            (a) ADDITIONAL DEFINITIONS. As used herein, the following terms
shall have the following meanings given to them below, and the Loan Agreement
and the other Financing Agreements are hereby amended to include, in addition
and not in limitation, the following:

                  (i) "Amendment No. 11" shall mean this Amendment No. 11 to
Loan Agreement by and among Borrowers, Guarantors, Agent and Lenders, as the
same now exists or may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced.

                  (ii) "Amendment No. 11 Effective Date" shall mean the first
date on which all of the conditions precedent to the effectiveness of this
Amendment shall have been satisfied or shall have been waived by Agent.

                                       2

                  (iii) "Commodity Hedging Obligations" shall mean, with respect
to any Person, the obligations of such Person under commodity swaps, commodity
futures contracts, options on commodity futures contracts, commodity options,
and other agreements or arrangements designed to protect such Person against
fluctuations in commodity values.

                  (iv) "Parcel Sale Proceeding" shall mean the litigation
currently pending against Parent in the Superior Court of Fairfield County,
Connecticut resulting from the sale by Parent of a certain parcel of real
property in December 2003.

                  (v) "Parcel Sale Reserve Amount" shall mean the amount of
$3,520,200, LESS (A) an amount equal to the amount of any payment by Parent to
the plaintiff in the Parcel Sale Proceeding or to an escrow account pursuant to
any settlement agreement in connection with the Parcel Sale Proceeding, which
reduction shall be effective upon the receipt by Working Capital Agent, in form
and substance reasonably satisfactory to Working Capital Agent, of evidence of
any such payment, and (B) any amounts held or restrained by a financial
institution pursuant to that certain Order of Prejudgment Attachment entered by
the Superior Court of Fairfield County, Connecticut on December 18, 2006 in
connection with the Parcel Sale Proceeding and/or that certain Notice of Bank
Attachment/Garnishment dated May 21, 2007 by the State Marshal of Fairfield
County, Connecticut to JPMorgan Chase Bank, or otherwise garnished and
restrained in connection with the H&H East Parcel Proceeding; PROVIDED, HOWEVER,
the Parcel Sale Reserve Amount shall be reduced to $0 in the event that the
judgment against Parent in the Parcel Sale Proceeding is overturned, satisfied
or otherwise vacated."

            (b) AMENDMENTS TO DEFINITIONS.

                  (i) EBITDA. The definition of "EBITDA" in Section 1.30 of the
Loan Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following:

                  "1.30 `EBITDA' shall mean, as to any Person, with respect to
            any period, an amount equal to: (a) the Consolidated Net Income of
            such Person for such period, PLUS (b) depreciation and amortization
            for such period (to the extent deducted in the computation of
            Consolidated Net Income of such Person), all in accordance with
            GAAP, PLUS (c) Interest Expense for such period (to the extent
            deducted in the computation of Consolidated Net Income of such
            Person), PLUS (d) the Provision for Taxes for such period (to the
            extent deducted in the computation of Consolidated Net Income of
            such Person), PLUS (e) the Specified OMG Roofing EBITDA Amount (if
            any) for such period, PLUS (f) non cash accruals for such period for
            environmental liabilities with respect to the Shpack landfill site
            located in Attleboro, Massachusetts (to the extent that (1) such
            accruals were deducted in the computation of Consolidated Net Income
            of such Person for such period and (2) the aggregate amount of all
            such accruals does not exceed $1,538,000), PLUS (g) losses realized
            during such period in connection with the inventory hedging program
            of such Person (to the extent that such losses were deducted in the
            computation of Consolidated Net Income of such Person for such
            period), PLUS (h) non cash accruals for such period for audit fees
            incurred in 2007 for the fiscal year 2006 audit of such Person (to
            the extent that (1) such accruals were deducted in the computation
            of Consolidated Net Income of such Person for such period and (2)
            the aggregate amount of all such accruals does not exceed
            $1,000,000), PLUS (i) a one-time non-cash charge incurred during
            fiscal year 2007 in connection with the redesign of the
            post-retirement medical benefits owing to union employees of
            Canfield (to the extent that (1) such losses were deducted in the
            computation of Consolidated Net Income of such Person for such
            period and (2) the aggregate amount of such losses does not exceed
            $727,252), MINUS (j) gains realized during such period in connection
            with the inventory hedging program of such Person (to the extent
            that such gains were added in the computation of Consolidated Net
            Income of such Person for such period), MINUS (k) cash expenses

                                       3

            incurred during such period in connection with environmental
            liabilities with respect to the Shpack landfill site located in
            Attleboro, Massachusetts, minus (l) cash expenses incurred during
            such period in connection with the redesign of the post-retirement
            medical benefits owing to union employees of Canfield during fiscal
            year 2007."

      2. COLLATERAL REPORTING. Section 7.1(a)(iii) of the Loan Agreement is
hereby amended by (a) deleting "and" appearing at the end of clause (F) of such
Section, (b) inserting "and" appearing at the end of clause (G) of such Section
and (c) adding the following new clause (H) at the end of such Section:

                  "(H) a description of all arrangements relating to Commodity
            Hedging Obligations (including all liabilities and potential
            liabilities owing to securities and commodities intermediaries)
            entered into during the immediately preceding month and the cash and
            cash equivalents and other assets of Borrowers and Guarantors held
            by such intermediaries, brokers and dealers;".

      3. ENCUMBRANCES.

         (a) Section 9.8 of the Loan Agreement is hereby amended by (a) deleting
"and" appearing at the end of subsection (m) of such Section, (b) deleting the
period appearing at the end of subsection (n) of such Section and replacing it
with "; and" and (c) adding the following new subsection (o) at the end of such
Section:

               "(o) liens of a single commodities intermediary securing
         Indebtedness of Parent permitted under Section 9.9(m) hereof; PROVIDED,
         THAT, (i) such liens do not at any time encumber any assets other than
         assets held in the commodities account established in accordance with
         Section 9.9(m) hereof and (ii) Agent shall have received, in form and
         substance reasonably satisfactory to Agent, an Investment Property
         Control Agreement with respect to such commodities account, duly
         authorized, executed and delivered by Parent and such commodities
         intermediary,."

      4. INDEBTEDNESS.

         (a) Section 9.9(f)(i) of the Loan Agreement is hereby amended in its
entirety to read:
                  (i) "the aggregate principal amount of such indebtedness shall
            not exceed $97,015,797."

         (b) Section 9.9(f) of the Loan Agreement is hereby further amended by
deleting the phrase "as in effect on the effective date of Amendment No. 7 to
the Loan Agreement or as amended in accordance with clause (v) below" from each
place it appears in such Section and replacing it with "as in effect on the
Amendment No. 11 Effective Date".

         (c) Section 9.9 of the Loan Agreement is hereby amended by (a) deleting
"and" appearing at the end of subsection (k) of such Section, (b) deleting the

                                       4

period appearing at the end of subsection (l) of such Section and replacing it
with "; and" and (c) adding the following new subsection (m) at the end of such
Section:

                  "(m) Indebtedness of Parent to a single commodities
            intermediary and its affiliates in respect of Commodity Hedging
            Obligations (including, without limitation, any commodities account
            maintained with a broker-dealer) which do not increase the amount of
            such Indebtedness or other obligations of Parent outstanding other
            than as a result of fluctuations in commodity prices or by reason of
            fees and expenses payable in connection therewith, PROVIDED, THAT,
            each of the following conditions is satisfied as determined by
            Agent: (i) such Indebtedness shall be on terms and conditions
            reasonably acceptable to Agent, (ii) such Commodity Hedging
            Obligations shall be incurred (and such commodities account shall be
            established and utilized) by Parent in the ordinary course of
            business and consistent with past practice, (iii) Agent shall have
            received true, correct and complete copies of all agreements,
            documents and instruments evidencing or otherwise related to such
            Indebtedness, (iv) Agent shall have received, in form and substance
            reasonably satisfactory to Agent, an Investment Property Control
            Agreement with respect to such commodities account, duly authorized,
            executed and delivered by Parent and such commodities intermediary,
            (v) as of the date of incurring such Indebtedness and after giving
            effect thereto, no Default or Event of Default shall exist or have
            occurred, (vi) Parent shall not, directly or indirectly, (A) amend,
            modify, alter or change the terms of such Indebtedness or any
            agreement, document or instrument related thereto, except, that,
            Parent may, after prior written notice to Agent, amend, modify,
            alter or change the terms thereof in a manner which is not adverse
            to the interests of Agent, any Lender, any Borrower or any Guarantor
            in any material respect, or (B) redeem, retire, defease, purchase or
            otherwise acquire such Indebtedness or set aside or otherwise
            deposit or invest any sums for such purpose, and (vii) Parent shall
            furnish to Agent all notices or demands in connection with such
            Indebtedness either received by Parent or on its behalf promptly
            after the receipt thereof, or sent by Parent or on its behalf
            concurrently with the sending thereof, as the case may be."

      5. LOANS, INVESTMENTS, ETC. Section 9.10 of the Loan Agreement is hereby
amended by (a) deleting "and" appearing at the end of subsection (i) of such
Section, (b) deleting the period appearing at the end of subsection (j) of such
Section and replacing it with a semicolon, and (c) adding the following new
subsections (k) and (l) at the end of such Section:

                  "(l) unsecured loans or advances by Parent to WHX on or after
            the Amendment No. 11 Effective Date with the proceeds of loans or
            advances made by Agent permitted under Section 9.9(f) hereof,
            PROVIDED, THAT, (i) the sum of the aggregate outstanding principal
            amount of all such loans and advances plus the aggregate amount of
            all distributions made by Parent to WHX permitted under Section
            9.11(e) hereof shall not at any time exceed the difference between
            (x) $5,689,276 minus (y) the Parcel Sale Reserve Amount, (ii) any
            such loan or advance by Parent to WHX shall be made within sixty
            (60) days following (x) the receipt by Parent of cash proceeds of a
            loan or advance made by Agent to Parent pursuant to Section 9.9(f)

                                       5

            hereof and/or (y) a reduction in the Parcel Sale Reserve Amount in
            accordance with the definition thereof, (iii) within thirty (30)
            days after the end of each fiscal month, Parent shall provide to
            Agent a report in form and substance satisfactory to Agent of the
            outstanding amount of such loans and advances, if any, as of the
            last day of the immediately preceding month and indicating any
            payments received during the immediately preceding month, (iv) the
            Indebtedness arising pursuant to such loans and advances, if any,
            shall be not evidenced by a promissory note or other instrument
            unless the single originals of such note or other instrument shall
            be promptly delivered to Agent (or if the Working Capital Loan is
            still in effect, the Working Capital Agent) to hold as part of the
            Collateral, with such endorsements and/or assignments by WHX as
            Agent (or Working Capital Agent) may require, and (v) as of the date
            of each such loan or advance and after giving effect thereto, no
            Default or Event of Default shall exist or have occurred and be
            continuing; and

                  "(m) unsecured loans or advances by Parent to WHX on or after
            the Amendment No. 11 Effective Date with the proceeds of loans or
            advances made by Agent permitted under Section 9.9(f) hereof, which
            loans shall be in addition to and not in limitation of the loans and
            advances permitted under Section 9.10(l) hereof; PROVIDED, THAT, (i)
            the sum of the aggregate outstanding principal amount of the loans
            and advances by Parent to WHX permitted under Section 9.10(l) hereof
            plus the distributions by Parent to WHX permitted under Section
            9.11(f) hereof is equal to (x) $5,689,276 minus (y) the Parcel Sale
            Reserve Amount, (ii) the sum of the aggregate outstanding principal
            amount of such loans and advances plus the distributions by Parent
            to WHX permitted under Section 9.11(f) hereof shall not at any time
            exceed $1,700,000, (iii) within sixty (60) days prior to making any
            such loan or advance to WHX, Parent shall have received cash
            proceeds of a loan or advance made by Agent in an amount equal to or
            greater than the amount of such loan or advance, (iv) within thirty
            (30) days after the end of each fiscal month, Parent shall provide
            to Agent a report in form and substance satisfactory to Agent of the
            outstanding amount of such loans and advances, if any, as of the
            last day of the immediately preceding month and indicating any
            payments received during the immediately preceding month, (v) the
            Indebtedness arising pursuant to such loans and advances, if any,
            shall be not evidenced by a promissory note or other instrument
            unless the single originals of such note or other instrument shall
            be promptly delivered to Agent to hold as part of the Collateral,
            with such endorsements and/or assignments by WHX as Agent may
            require, and (vi) as of the date of each such loan or advance and
            after giving effect thereto, no Default or Event of Default shall
            exist or have occurred and be continuing."

      6. DIVIDENDS AND REDEMPTIONS. Section 9.11 of the Loan Agreement is hereby
amended by (a) deleting the period appearing at the end of subsection (d) of
such Section and replacing it with a semicolon, and (b) adding the following new
subsections (e) and (f) at the end of such Section:

                                       6

                  "(e) Parent may make distributions to WHX on or after the
            Amendment No. 11 Effective Date with the proceeds of loans or
            advances made by Agent permitted under Section 9.9(f) hereof,
            PROVIDED, THAT, (i) the sum of the aggregate amount of all such
            distributions plus the aggregate principal amount of all loans and
            advances made by Parent to WHX permitted under Section 9.10(l)
            hereof shall not at any time exceed the difference between (x)
            $5,689,276 minus (y) the Parcel Sale Reserve Amount, (ii) any such
            distribution by Parent to WHX shall be made within sixty (60) days
            following (x) the receipt by Parent of cash proceeds of a loan or
            advance made by Agent to Parent pursuant to Section 9.9(f) hereof
            and/or (y) a reduction in the Parcel Sale Reserve Amount in
            accordance with the definition thereof, (iii) within thirty (30)
            days after the end of each fiscal month, Parent shall provide to
            Agent a report in form and substance satisfactory to Agent of the
            amount of distributions, if any, made to WHX pursuant to this
            Section as of the last day of the immediately preceding month, (iv)
            such distribution shall be paid with funds legally available
            therefor and shall not violate any law or regulation or the terms of
            any indenture, agreement or undertaking to which such Borrower or
            Guarantor is a party or by which such Borrower or Guarantor or its
            or their property are bound, and (v) as of the date of each such
            distribution and after giving effect thereto, no Default or Event of
            Default shall exist or have occurred and be continuing; and

                  (f) Parent may make distributions to WHX on or after the
            Amendment No. 11 Effective Date with the proceeds of loans or
            advances made by Agent permitted under Section 9.9(f) hereof, which
            distributions shall be in addition to and not in limitation of the
            distributions permitted under Section 9.11(e) hereof; PROVIDED,
            THAT, (i) the sum of the distributions by Parent to WHX permitted
            under Section 9.11(e) hereof plus the outstanding principal amount
            of the loans and advances by Parent to WHX permitted under Section
            9.10(l) hereof is equal to (x) $5,689,276 minus (y) the Parcel Sale
            Reserve Amount, (ii) the sum of such distributions plus the
            aggregate outstanding principal amount of the loans and advances by
            Parent to WHX permitted under Section 9.10(m) hereof shall not at
            any time exceed $1,700,000, (iii) within sixty (60) days prior to
            making any such distribution to WHX, Parent shall have received cash
            proceeds of a loan or advance made by Agent in an amount equal to or
            greater than the amount of such distribution, (iv) within thirty
            (30) days after the end of each fiscal month, Parent shall provide
            to Agent a report in form and substance satisfactory to Agent of the
            amount of distributions, if any, made to WHX pursuant to this
            Section as of the last day of the immediately preceding month, (v)
            such distribution shall be paid with funds legally available
            therefor and shall not violate any law or regulation or the terms of
            any indenture, agreement or undertaking to which such Borrower or
            Guarantor is a party or by which such Borrower or Guarantor or its
            or their property are bound, and (vi) as of the date of each such
            distribution and after giving effect thereto, no Default or Event of
            Default shall exist or have occurred and be continuing."

      7. TRANSACTION WITH AFFILIATES. Section 9.12 of the Loan Agreement is
hereby amended by (a) deleting "and" appearing at the end of subsection
9.12(b)(ii),

                                       7

(b) deleting the period appearing at the end of subsection 9.12(b)(iii) and
replacing it with "; and" and (c) adding the following new subsection
9.12(b)(iv) at the end of such Section.

                  "(iv) the loans and advances by Parent to WHX made in
            accordance with Sections 9.10(k) and 9.10(l) hereof and the
            distributions by Parent to WHX made in accordance with Sections
            9.11(e) and 9.11(f) hereof."

      8. CONDITIONS PRECEDENT. The provisions contained herein shall only be
effective upon the satisfaction of each of the following conditions precedent in
a manner satisfactory to Agent:

            (a) Agent shall have received this Amendment, duly authorized,
executed and delivered by Borrowers, Guarantors and Required Lenders;

            (b) Agent shall have received, in form and substance satisfactory to
Agent, a true, correct and complete copy of Amendment No. 14 to the Working
Capital Loan Agreement (the "Working Capital Amendment") together with all
exhibits and schedules thereto duly authorized, executed and delivered by each
of the parties thereto, which Working Capital Amendment shall be in full force
and effect;

            (c)Agent shall have received, in form and substance satisfactory to
Agent, a true and correct copy of any consent, waiver or approval to or of this
Amendment or any other Amendment Documents (as hereinafter defined) which any
Borrower or Guarantor is required to obtain from any other Person; and

            (d) no Default or Event of Default shall exist or have occurred and
be continuing.

      9. REPRESENTATIONS, WARRANTIES AND COVENANTS. Each Borrower and Guarantor
hereby represents and warrants to Agent and Lenders the following (which shall
survive the execution and delivery of this Amendment), the truth and accuracy of
which representations and warranties are a continuing condition of the Loans to
Borrowers:

            (a) each Borrower and Guarantor is a corporation duly organized and
in good standing under the laws of its jurisdiction of incorporation and is duly
qualified as a foreign corporation and in good standing in all states, provinces
or other jurisdictions where the nature and extent of the business transacted by
it or the ownership of assets makes such qualification necessary, except for
those jurisdictions in which the failure to so qualify would not have a Material
Adverse Effect;

            (b) this Amendment, each other agreement or instrument to be
executed and delivered by Borrowers and Guarantors in connection herewith
(collectively, together with this Amendment, the "Amendment Documents"), have
been duly authorized, executed and delivered by all necessary action on the part
of each of the Borrowers and Guarantors which is a party hereto and thereto and,
if necessary, their respective stockholders and is in full force and effect as
of the Amendment No. 11 Effective Date, and the agreements and obligations of
each of the Borrowers and Guarantors contained herein and therein constitute the

                                       8

legal, valid and binding obligations of each of the Borrowers and Guarantors,
enforceable against them in accordance with their terms, except as
enforceability is limited by bankruptcy, insolvency, moratorium or other similar
laws affecting creditors' rights generally and by general equitable principles;

            (c) the execution, delivery and performance of this Amendment and
the other Amendment Documents, (i) are all within each Borrower's and
Guarantor's corporate powers and (ii) are not in contravention of law or the
terms of any Borrower's or Guarantor's certificate or articles of incorporation,
by laws, or other organizational documentation, or any indenture, agreement or
undertaking (including, without limitation, the Working Capital Loan Agreement
and the PBGC Agreements) to which any Borrower or Guarantor is a party or by
which any Borrower or Guarantor or its property are bound;

            (d) neither the execution and delivery of this Amendment and the
other Amendment Documents, nor the consummation of the transactions contemplated
hereby or thereby, nor compliance with the provisions hereof or thereof (i) has
resulted in or shall result in the creation or imposition of any Lien upon any
of the Collateral, except in favor of Agent, or as expressly permitted by
Section 9.8 of the Loan Agreement, (ii) has resulted in or shall result in the
incurrence, creation or assumption of any Indebtedness of any Borrower or
Guarantor, except as expressly permitted under Section 9.9 of the Loan
Agreement; (iii) has violated or shall violate any applicable laws or
regulations or any order or decree of any court or Governmental Authority in any
respect; (iv) does or shall conflict with or result in the breach of, or
constitute a default in any respect under any material mortgage, deed of trust,
security agreement, agreement or instrument to which any Borrower or Guarantor
is a party or may be bound (including without limitation the Working Capital
Loan Agreement and the PBGC Agreements), and (v) violates or shall violate any
provision of the Certificate of Incorporation or By-Laws of any Borrower or
Guarantor;

            (e) No action of, or filing with, or consent of any Governmental
Authority, and no approval or consent of any other third party that has not been
obtained, is required to authorize, or is otherwise required in connection with,
the execution, delivery and performance of this Amendment and the other
Amendment Documents;

            (f) all of the representations and warranties set forth in the Loan
Agreement and the other Financing Agreements, each as amended hereby, are true
and correct in all material respects on and as of the Amendment No. 11 Effective
Date as if made on the Amendment No. 11 Effective Date, except to the extent any
such representation or warranty is made as of a specified date, in which case
such representation or warranty shall have been true and correct in all material
respects as of such date;

            (g) the Working Capital Amendment has been executed and delivered by
all parties thereto and is in full force and effect; and

            (h) after giving effect to the waivers provided by this Amendment
and the other Amendment Documents, no Default or Event of Default exists or has
occurred and is continuing.

      10. GENERAL RELEASE. Each Borrower and Guarantor may have certain Claims
(as hereinafter defined) against the Released Parties (as hereinafter defined)
regarding or relating to the Loan Agreement or the other Financing Agreements.
Agent, Lenders, Borrowers and Guarantors desire to resolve each and every one of

                                       9

such Claims in conjunction with the execution of this Amendment and thus each
Borrower and Guarantor makes the release contained in this Section. In
consideration of Agent's and Lenders' entering into this Amendment and agreeing
to the substantial concessions as set forth herein, each Borrower and Guarantor
hereby fully and unconditionally releases and forever discharges Agent and each
Lender and their respective directors, officers, employees, subsidiaries,
branches, affiliates, attorneys, agents, representatives, successors and assigns
and all persons, firms, corporations and organizations acting on any of their
behalves (collectively, the "Released Parties"), of and from any and all claims,
allegations, causes of action, costs or demands and liabilities, of whatever
kind or nature, from the beginning of the world to the date on which this
Amendment is executed, whether known or unknown, liquidated or unliquidated,
fixed or contingent, asserted or unasserted, foreseen or unforeseen, matured or
unmatured, suspected or unsuspected, anticipated or unanticipated, which such
Borrower or Guarantor has, had, claims to have had or hereafter claims to have
against the Released Parties by reason of any act or omission on the part of the
Released Parties, or any of them, occurring prior to the date on which this
Amendment is executed, including on account of or in any way affecting,
concerning or arising out of or founded upon this Amendment up to and including
the date on which this Amendment is executed, including all such loss or damage
of any kind heretofore sustained or that may arise as a consequence of the
dealings among the parties up to and including the date on which this Amendment
is executed, including the administration or enforcement of the Loans, the
Obligations, the Loan Agreement or any of the other Financing Agreements
(collectively, all of the foregoing are the "Claims"). Each Borrower and
Guarantor represents and warrants that it has no knowledge of any claim by it
against the Released Parties or of any facts or acts or omissions of the
Released Parties which on the date hereof would be the basis of a claim by such
Borrower or Guarantor against the Released Parties which is not released hereby.
Each Borrower and Guarantor represents and warrants that the foregoing
constitutes a full and complete release of all Claims.

      11. EFFECT OF THIS AGREEMENT. Except as expressly amended or waived
pursuant hereto, no other changes, waivers or modifications to the Financing
Agreements are intended or implied, and in all other respects the Financing
Agreements are hereby specifically ratified, restated and confirmed by all
parties hereto as of the Amendment No. 11 Effective Date. To the extent that any
provision of the Loan Agreement or any of the other Financing Agreements are
inconsistent with the provisions of this Amendment, the provisions of this
Amendment shall control.

      12. FURTHER ASSURANCES. Borrowers and Guarantors shall execute and deliver
such additional documents and take such additional action as may be requested by
Agent to effectuate the provisions and purposes hereof.

      13. GOVERNING LAW. The validity, interpretation and enforcement of this
Amendment and the other Financing Agreements (except as otherwise provided
therein) and any dispute arising out of the relationship between the parties
hereto, whether in contract, tort, equity or otherwise, shall be governed by the
internal laws of the State of New York but excluding any principles of conflicts
of law or other rule of law that would cause the application of the law of any
jurisdiction other than the laws of the State of New York.

                                       10

      14. BINDING EFFECT. This Amendment shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and
assigns.

      15. HEADINGS. The headings listed herein are for convenience only and do
not constitute matters to be construed in interpreting this Amendment.

      16. COUNTERPARTS. This Amendment may be executed in any number of
counterparts, each of which shall be an original, but all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of this Amendment by telefacsimile or other electronic method of
transmission shall have the same force and effect as the delivery of an original
executed counterpart of this Amendment. Any party delivering an executed
counterpart of this Amendment by telefacsimile or other electronic method of
transmission shall also deliver an original executed counterpart, but the
failure to do so shall not affect the validity, enforceability or binding effect
of this Amendment.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       11

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 11
to be executed on the day and year first above written.

                                 AGENT

                                 STEEL PARTNERS II, L.P., as Lender and Agent

                                 By: STEEL PARTNERS, L.L.C., as general
                                     partner

                                 By: /s/ Warren G. Lichtenstein
                                    --------------------------------------------
                                 Name: Warren G. Lichtenstein
                                 Title: Managing Member

                                 BORROWERS

                                 HANDY & HARMAN

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & CEO
                                       -----------------------------------------

                                 OMG, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 CONTINENTAL INDUSTRIES, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 MARYLAND SPECIALTY WIRE, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN TUBE COMPANY, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 CAMDEL METALS CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 CANFIELD METAL COATING CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 MICRO-TUBE FABRICATORS, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 INDIANA TUBE CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 LUCAS-MILHAUPT, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN ELECTRONIC MATERIALS
                                 CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 SUMCO INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 OMG ROOFING, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 GUARANTORS
                                 HANDY & HARMAN OF CANADA, LIMITED

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 ELE CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 ALLOY RING SERVICE INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 DANIEL RADIATOR CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 H&H PRODUCTIONS, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN AUTOMOTIVE GROUP, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN INTERNATIONAL, LTD.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 HANDY & HARMAN PERU, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 KJ-VMI REALTY, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 PAL-RATH REALTY, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 PLATINA LABORATORIES, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 SHEFFIELD STREET CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 SWM, INC.

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

                                 WILLING B WIRE CORPORATION

                                 By: /s/ Robert K. Hynes
                                    --------------------------------------------

                                 Title: VP & Treasurer
                                       -----------------------------------------

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