We have received an executed Master Agreement:

Type of Contract:  ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:   February 15, 2001

Enron Entity:   Enron North America Corp.

Counterparty:   Olympic Steel, Inc.

Transactions Covered:  Approved for all products with the exception of:   
Foreign Exchange 
          
Confirming Entity:  Enron North America Corp.

Governing Law:   New York 

Copies will be distributed.

Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com