Letter Agreement Suspending Net Worth Appreciation Plan and Agreements between WCI Steel and Ira Leon Rennert

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Summary

This letter agreement, dated October 17, 2001, is between WCI Steel, represented by President & CEO Edward R. Caine, and Ira Leon Rennert of The Renco Group, Inc. It confirms that, due to extraordinary market conditions, the calculation of cumulative net income for the Net Worth Appreciation Participation Agreements and the Net Worth Appreciation Plan for Key Managers will be suspended from November 1, 2001, to October 31, 2002. During this period, participants' net worth accounts will not reflect WCI's financial results. Both parties have agreed to this suspension in writing.

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EX-10.2.16 4 l92336aex10-2_16.txt LETTER TO IRA LEON RENNERT [WCI STEEL LOGO] EXHIBIT 10.2.16 October 17, 2001 Ira Leon Rennert The Renco Group, Inc. 30 Rockefeller Plaza - 42nd Floor New York, NY 10112 Dear Ira: This letter will confirm our discussions regarding the Net Worth Appreciation Participation Agreements between yourself and each of the executive officers of WCI and the Net Worth Appreciation Plan for Key Managers. Due to the extraordinary market conditions, cumulative net income as described in paragraph 2 in the individual Net Worth Agreements and in the Net Worth Appreciation Plan will be suspended for the period November 1, 2001 through October 31, 2002. As such, each individual's net worth account will not reflect the results of WCI during the above-mentioned period. For our records, please sign below indicating your agreement with the above. Sincerely, /S/ EDWARD R. CAINE ---------------------- Edward R. Caine President & CEO ERC/dj /S/ IRA LEON RENNERT - ------------------------- Ira Leon Rennert