PNA Group Holding CORP Watch

from S-1/A 5 pages PNA Group, Inc. Delta – Inframetals – Metals Supply - Feralloy

from S-1/A 12 pages PNA Group Holding Corporation 2007 Stock Incentive Plan

from S-1/A 27 pages The Futurecompsm Service [Logo] Non-Qualified Deferred Compensation Plan

from S-1/A 6 pages PNA Group Holding Corporation 2007 Participation Plan

from S-1/A 21 pages (Face of Senior Floating Rate Toggle Note) PNA Intermediate Holding Corporation Senior Floating Rate Toggle Notes Due 2013

from S-1/A 106 pages PNA Intermediate Holding Corporation, as Issuer Senior Floating Rate Toggle Notes Due 2013 Indenture Dated as of February 12, 2007 the Bank of New York, as Trustee

from S-1/A 28 pages Registration Rights Agreement by and Among PNA Intermediate Holding Corporation and Banc of America Securities LLC Citigroup Global Markets Inc. Goldman, Sachs & Co. Jefferies & Company, Inc. Ubs Securities LLC Dated as of February 12, 2007 Registration Rights Agreement

from S-1/A 4 pages Employment Agreement

from S-1/A 4 pages Employment Agreement

from S-1/A 6 pages PNA Group, Inc. Delta – Inframetals – Metal Supply – Feralloy

from S-1/A 3 pages September 15, 2006 Michael L. Smit, Esq. 225 Skyridge Drive Atlanta, Ga 30350 Dear Michael: We Are Pleased to Extend to You an Offer to Continue Your Employment With PNA Group, Inc. (“Pna” or the “Company”) as Its Vice President and General Counsel. This Letter Sets Forth Your Duties and Responsibilities, Compensation, Benefits, and Ether Terms of Employment. 1. Position of Employment A) Your Position With the Company Will Be Vice President and General Counsel. You Will Report Directly to the President of PNA and Indirectly to the General Counsel of Platinum Equity, LLC. 2. Duties and Responsibilities

from S-1/A 21 pages (Face of 10 3/4% Senior Note) PNA Group, Inc. 10 3/4% Senior Notes Due 2016

from S-1/A 107 pages PNA Group, Inc., as Issuer Smith Pipe & Steel Company Infra-Metals Co. Feralloy Corporation Delnor Corporation Delta Steel, L.P. Delta GP, L.L.C. Delta LP, L.L.C. Metals Supply Company, Ltd. and Msc Management, Inc., as Guarantors 10 3/4% Senior Notes Due 2016 Indenture Dated as of August 15, 2006 the Bank of New York, Trustee

from S-1/A 26 pages Registration Rights Agreement by and Among PNA Group, Inc. the Guarantors Listed on Schedule B Hereto and Banc of America Securities LLC Citigroup Global Markets Inc. Jefferies & Company, Inc. Morgan Stanley & Co. Incorporated Ubs Securities LLC Dated as of August 15, 2006 Registration Rights Agreement

from S-1/A 8 pages Employment Agreement

from S-1/A 8 pages Secured Subordinated Promissory Note $12,000,000 May 9, 2006

from S-1/A 3 pages Northern Region Bonus Formula - Don Prebola, Vice President Year

from S-1/A 3 pages Southern Region Bonus Formula - John Lusdyk, President Period

from S-1/A 3 pages Northern Region Bonus Formula – Mark Haight, President Year

from S-1/A 8 pages Private & Confidential September 12, 2006 Christopher J. Moreton PNA Group, Inc. 400 Northridge Road, Suite 850 Atlanta, Georgia 30350 Dear Chris: Reference Is Made to the Letter Agreement Dated February __, 2004 From Preussag North America, Inc. to You, as Amended by the Letter Dated January 24, 2006 From PNA Group, Inc. to You (Collectively, the “Agreement”). Section 2(c) of the Agreement Is Hereby Amended by Extending the Initial Term of Your Employment for an Additional Six Month Period, Though June 30, 2009. Except as Specifically Modified Hereby, the Agreement Is in All Respects Confirmed, Ratified and Approved. Please Sign Both Copies of This Letter Below, Retain One for Your Records and Return the Other to the Undersigned Using the Federal Express Airbill That Is Enclosed. Very Truly Yours, PNA Group, Inc. /S/ Eva M. Kalawski Eva M. Kalawski Vice President and Secretary Agreed and Accepted: /S/ Christopher J. Moreton Date: 9/18/06 Christopher J. Moreton