OREGON STEEL MILLS, INC. LETTERHEAD March 10, 2004 JAMES E. DECLUSIN 1000 S.W. Broadway, Suite 2200 Portland, Oregon 97205 Dear Jim: As an inducement to you accepting the position of President and Chief Executive Officer of Oregon Steel Mills, Inc....Oregon Steel Mills Inc • March 19th, 2004 • Steel works, blast furnaces & rolling mills (coke ovens)
As an inducement to you accepting the position of President and Chief Executive Officer of Oregon Steel Mills, Inc. ("COMPANY"), the Company agreed to grant you 40,000 shares of Company common stock ("SHARES") in accordance with the terms of your Employment Agreement dated August 1, 2003. The Shares will be issued as follows:
