DEFERRAL AGREEMENT

EXECUTION VERSION

This DEFERRAL AGREEMENT (this “ Agreement ”), dated as of May 14, 2009, is entered into by and among Barzel Finco Inc. (f/k/a Novamerican Steel Finco Inc.) (the “ Issuer ”), Barzel Industries Inc. (f/k/a Symmetry Holdings Inc.) (the “ Parent ”; and together with the Issuer and the other subsidiaries of the Parent, the “ Company ”), JPMorgan Chase Bank, N.A. (“ JPM ”) and CIBC World Markets Inc. (“ CIBC ”; and together with JPM, the “ Noteholders ”).

WHEREAS , the Issuer, the Parent and The Bank of New York Mellon, as trustee (the “ Trustee ”), have entered into that certain Indenture, dated as of November 15, 2007 (as amended, modified or supplemented prior to the date hereof, and together with all exhibits thereto, the “ Indenture ”), in respect of the Issuer’s $315,000,000 principal amount of 11.5% Senior Secured Notes due 2015 (the “ Notes ”);

WHEREAS , the Noteholders together hold 100% of the aggregate principal amount of the Notes outstanding and have retained Stroock & Stroock & Lavan LLP (“ Stroock ”) as restructuring counsel and Loughlin Meghji + Company as financial advisor (“ LM+Co ”; and together with Stroock, the “ Advisors ”), for the purpose of entering into discussions with the legal and financial advisors to the Issuer;

WHEREAS , an interest payment under the Securities (as defined in the Indenture) is due on May 15, 2009 (the “ Interest Payment ”);

WHEREAS , the Issuer’s failure to make such Interest Payment pursuant to Section 4.01 of the Indenture on or before May 15, 2009 will (subject to the expiration of the applicable grace period under Section 6.01 of the Indenture) constitute an “Event of Default” under Section 6.01 of the Indenture and permit holders of at least 25% in principal amount of the outstanding Securities to accelerate the maturity of the Notes, declare all amounts under the Notes and the Indenture immediately due and payable and exercise all other rights and remedies under the Indenture;

WHEREAS , the Issuer has requested that the Noteholders consent to defer payment of the Interest Payment until the Deferral Termination Date (as defined below) and to direct the Trustee in writing to not exercise any rights and remedies on the Noteholders’ behalf regarding the Interest Payment until such Deferral Termination Date;

WHEREAS , the Noteholders are willing to grant the Issuer’s request for such consent to a deferral, and to give to the Trustee such written directions, as described in the preceding paragraph on the terms and subject to the conditions contained herein; and

WHEREAS , the Company has advised the Noteholders that it intends to enter into a transaction (the “ Transaction ”) pursuant to which the Company will seek to effect either (i) a recapitalization or restructuring of a substantial portion of the equity and/or debt securities and/or other indebtedness of the Company, (ii) a disposition of all or a majority of the outstanding equity securities of the Company and/or all or a majority of the assets or operations of the

Company, or (iii) a refinancing of the indebtedness of the Company and/or the placement, raising or issuance of equity, equity-linked or debt securities in connection with the Company.

NOW, THEREFORE , in consideration of the mutual covenants contained herein, and subject to the terms and conditions set forth below, the parties hereto hereby agree as follows:

“ Deferral Period ” means the period beginning on the Effective Date and continuing through the Deferral Termination Date.

“ Deferral Termination Date ” means the earliest date of occurrence of a Deferral Termination Event.

“ Deferral Termination Event ” means any of the following events:

(a) the acceleration of the maturity of any obligations under the Credit Agreement followed by written notice from the Noteholders sent to the Company electing to treat such acceleration as a “Deferral Termination Event”;

(b) the occurrence of a Default or an Event of Default under the Indenture other than the failure to make the Interest Payment;

(c) the breach of, or failure of the Issuer to comply with Section 5 of this Agreement, without the need for prior written notice, unless cured within one (1) day in the case of Section 5(a) ; or

(d) 5:00 pm EDT on August 14, 2009.

“ Financial Forecast ” means the financial projections prepared by the Company and agreed upon by the Advisors in good faith showing detailed income statement, balance sheet and cash flow statement projections both (a) on a monthly basis through the end of fiscal year 2009, and (b) on an annual basis through the end of fiscal year 2014.

“ Ordinary Course Operating and Statutory Liens ” means any of the Liens described in clauses (1)-(5), (8) or (11)-(17) of the definition of Permitted Liens.