FIRST AMENDMENT TO DEFERRAL AGREEMENT

FIRST AMENDMENT TO DEFERRAL AGREEMENT

This FIRST AMENDMENT TO DEFERRAL AGREEMENT (this “ Amendment ”), dated as of July 17, 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 ”) amends certain provisions of that certain Deferral Agreement, dated as of May 14, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “ Deferral Agreement ”), among the Company, JPM and CIBC. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Deferral Agreement.

W I T N E S S E T H:

WHEREAS , the Issuer and the Parent have requested that the undersigned Noteholders agree to amend certain of the terms and provisions of the Deferral Agreement, as specifically set forth in this Amendment; and

WHEREAS , the undersigned Noteholders agree to amend the Deferral Agreement on the terms, subject to the conditions and in reliance on the representations set forth herein.

NOW THEREFORE , in consideration of the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.            Amendment to the Deferral Agreement .

(a)           Section 1 of the Deferral Agreement is hereby amended by deleting clause (d) of the definition of “Deferral Termination Event” in its entirety and replacing it with the following

“(d) 5:00pm EDT on October 13, 2009.”

2.            Conditions Precedent . This Amendment shall become effective as of the date first written above (the “ Effective Date ”) upon:

(a)           each of the parties hereto having executed and delivered a counterpart to this Amendment;

(b)           the Company having paid all outstanding fees and expenses of the Advisors;

(c)           the Issuer having delivered to the Advisors a certificate signed by an officer of the Issuer certifying that, to the Company’s knowledge, no additional Liens exist as of the Effective Date (other than those Liens existing on February 27, 2009) to the extent such Liens apply to assets or property of the Company with a fair market value equal to or greater than $500,000, other than Ordinary Course Operating and Statutory Liens; and

(d)           delivery of such other information and documents as the Noteholders or their counsel may reasonably request.