Pursuant to our discussion, please find enclosed separate ENA-Mitsui Steel 
GTC's for physical steel.

I have made the requested changes in the following provisions:

Clause 1.3
Clause 3.1
Clause 3.2
Clause 4.1
Clause 8

I am also enclosing a redlined version for ease of comparison.  Mark Taylor 
or Carol St. Clair should be consulted to make any changes to the financial 
GTC's.