May 13, 1998Greenway Partners L P • May 20th, 1998 • Steel works, blast furnaces & rolling mills (coke ovens)
This letter sets forth our understanding with respect to the withdrawal by Greenway Partners, L.P. ("Greenway"), Alfred D. Kingsley and Gary K. Duberstein (collectively, the "Participants") of (i) their shareholder proposal and supporting statement with respect to the spin-off of Ryerson Tull (the "Ryerson Tull Proposal") which (a) was submitted by letter of December 4, 1997 to Inland Steel Industries, Inc. (the "Company") from Greenway for inclusion in the Company's proxy statement for its 1998 annual shareholders meeting (the "Annual Meeting") pursuant to Rule 14a-8 promulgated pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act") and (b) appears in the Participant's definitive proxy statement in respect of the Annual Meeting as filed with the Securities and Exchange Commission (the "Commission") on March 3, 1998 (as amended March 6, 1998, the "Definitive Proxy Statement") and (ii) their shareholder proposal that the Company's rights plan be eliminated unle
