February 16, 2007

Exhibit 10.10

February 16, 2007
Xx Xxx Xxxxxx 00 Xxxx 00xx Xxxxxx Xxx Xxxx, XX 00000		Xxxxx 0 Xxxx Group House 00 XxXxxxx Xxxxxx Xxxxx Xxxxxx XXX 0000 Xxxxxxxxx XXX Xxx 0000 Xxxxxx XXX 0000 Phone 000 0000 0000 Facsimile 612 9954 9680 xxx.xxxx-xxxxx.xxx
		Xxxx Group Limited ABN 69 114 838 630

Dear Xxx,

EXECUTIVE EMPLOYMENT AGREEMENT

I refer to our recent discussions in relation to your proposed appointment as President & COO, Metals Recycling of Xxxx Xxxx Xxx Corporation. I also refer to your existing Executive Employment Agreement dated December 21, 2005. This Agreement will remain in force, save as amended by this letter and all terms referred to below will have the same meaning as in your existing Agreement.

1. Position, Duties and Responsibilities

The Executive’s job title will be President & Chief Operating Officer, Metals Recycling of the Company, initially reporting directly to the Group Chief Executive of Xxxx Group Limited.

As was explained to you, on a strictly confidential basis, an organisational restructure of Xxxx Group Limited is currently under consideration. It is contemplated that the Group’s international Recycling Solutions business, which is currently managed globally, be split on a regional basis and that a new Group CEO North America be appointed to run the Recycling Solutions business and to whom you would then report in your ongoing capacity as President & COO, Metals Recycling of the Company. For the avoidance of doubt, it is contemplated that responsibility for the NYCRC would remain yours in such a restructure. In accepting this new position you acknowledge, and must commit your support in principle to such a restructure.

As President & COO, Metals Recycling you will be responsible for the P&L, commercial, operational, SHEC and HR aspects of the Company, including Schiabo Larovo, NYCRC and for the overall growth and development of the metal recycling business of the Company.

All current executives of the Company, with the exception of the Global Trade team (where the existing dotted line responsibility in respect of North American ferrous sales will continue) will report directly, or through others, to you under a structure to be agreed and formalised.

2. Compensation

(a) Base Salary: Your Annual Base Salary, effective February 1, 2007 shall be $525,000 increasing, subject to satisfactory performance, to $600,000 on July 1, 2007.

METAL RECYCLING | MANUFACTURING | ALUMINIUM | ENERGY | INTERNATIONAL | STEEL | PLASTICS | INDUSTRIAL | RECYCLING SOLUTIONS

(b) Bonus: Your current ROCCE bonus in respect of the period February 1, 2007 to June 30, 2007 and thereafter will be increased from 50% to 65%. Please note your F07 bonus will be paid 7/12’s at the old rate and 5/12’s at the new rate based on the full year’s performance of the Company — i.e. not based on the actual earnings of the first 7 and last 5 months respectively. From F08, in addition to a new STI scheme you will be eligible for a minimum 30% LTI under the new programme currently awaiting approval by the Remuneration Committee.

As you were not given any specific Personal Priorities for F07 your ROCCE bonus will be driven solely by the financial performance of the Company.

(c) Special Bonus: You will also receive a special bonus of up to $100,000, at the discretion of the Company, based on your achievement of the Personal Priorities attached to this letter in respect of the period through to June 30, 2007. Please note this is a special “one off bonus” in recognition of the integration needs of the Company at this important time. Your F08 Personal Priorities will be incorporated within your annual bonus percentage under the terms of the new STI/LTI Plan, which is to be introduced.

3. Term

Your current employment term will be extended to June 30, 2010.

4. Miscellaneous

Future notices should be sent to: Xxxxxx Xxxxxxxxx
Xxxx Group Limited
Xxxxx 0, 00 XxXxxxx Xxxxxx
Xxxxx Xxxxxx XXX 0000
Xxxxxxxxx

Xxx, I trust this is acceptable to you and I very much look forward to working with you.

Yours sincerely,
XXXX GROUP LIMITED

XXXXXX XXXXXXXXX
Group Chief Executive

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of February 1, 2007.

By:

Xxx Xxxxxx

Date: