GLENCORE Ltd. September 21, 1994 Northwest Aluminum Company 3313 West Second Street The Dalles, Oregon 97058 Attention: President RE: Option To Extend 1986 Amended Toll Agreement dated March 1, 1992 Dear Brett: Pursuant to Section 2 of the above, we...

                                 GLENCORE Ltd.


September 21, 1994


Northwest Aluminum Company
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Attention: President

RE:  Option To Extend 1986 Amended Toll Agreement dated March 1, 1992

Dear ▇▇▇▇▇:

Pursuant to Section 2 of the above, we hereby exercise our option to extend the
1986 Amended Toll Agreement through December 31, 1999.

Yours truly,

/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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P.S. We look forward in due course to a further extension of what has been a
     very happy business relationship into the next millennium.