Put Rights Exercise Notice

Pursuant to the Transactions Described in the Agreement and Plan of Merger and Combination, dated March 16, 2007, by and between Clayton Acquisition Corporation (“New Esmark”), Wheeling-Pittsburgh Corporation (“Wheeling-Pittsburgh”), Wales Merger Corporation, Esmark Incorporated and Clayton Merger, Inc. (the “Agreement”), and in Accordance with the Wheeling-Pittsburgh Election Form (the “Election Form”). The Terms and Conditions of the Agreement are Incorporated Herein by Reference.

This Exercise Notice must be completed and returned to the Paying Agent at one of its addresses set forth below.

The undersigned hereby exercises its put rights with respect to the shares of New Esmark Common Stock as indicated above (the “Shares”) at a price of $20.00 per share, subject to, and in accordance with, the terms of the Agreement and Plan of Merger and Combination, dated March 16, 2007, by and between New Esmark, Wheeling-Pittsburgh Corporation (“Wheeling-Pittsburgh”), Wales Merger Corporation, Esmark Incorporated (“Esmark”) and Clayton Merger, Inc. (the “Agreement”), and in accordance with the Wheeling-Pittsburgh Election Form, delivery by the undersigned, pursuant to which the undersigned elected to receive the put rights as consideration in connection with the combination of Wheeling-Pittsburgh and Esmark.

The undersigned hereby represents and warrants that the undersigned has full power and authority to sell, assign and transfer the Shares and, when the same are purchased by New Esmark, New Esmark will acquire good and marketable title thereto, free and clear of all liens, restrictions, claims and encumbrances, and the same will not be subject to any adverse claim or right. The undersigned will, on request by the Paying Agent or New Esmark, execute any additional documents deemed by the Paying Agent or New Esmark to be necessary or desirable to complete the sale, assignment and transfer of the Shares (and any and all such other Shares or other securities or rights), all in accordance with the terms of the Agreement.

Unless otherwise indicated under “Special Delivery Instructions,” please mail the check for payment of the purchase price (and accompanying documents, as appropriate) to the address(es) of the registered holder(s) below.

Submitted by:

STOCKHOLDER:

Signature

Signature of co-owner, if any

All registered owners must sign.

NAME OF FIRM __________________________________________________________________________

ADDRESS ________________________________________________________________________________

__________________________________________________________________________________________

AUTHORIZED SIGNATURE_________________________________________________________________

NAME ___________________________________________________________________________________

SPECIAL DELIVERY INSTRUCTIONS

To be completed ONLY if check(s) are to be mailed to an address different from that shown on the face of this Exercise Notice, please enter the alternate address below.

Address:

1. Exercise of Put Rights. Any stockholder of New Esmark who validly elected to receive Put Rights in the combination of Wheeling-Pittsburgh and Esmark desiring to exercise Put Rights for all or any portion of that stockholder’s eligible shares should either:

(a) complete and deliver this Exercise Notice, or a facsimile thereof, and any other required documents to the Paying Agent; or

(b) request that stockholder’s bank, broker, dealer, trust company or other nominee effect the transaction for that stockholder. A stockholder having shares registered in the name of a bank, broker, dealer, trust company or other nominee must contact that person if that stockholder desires to exercise put rights for those shares.

2. Expiration Date. The put rights expire ten (10) days after the effective time of the combination of Wheeling-Pittsburgh and Esmark (the “Expiration Date”). The Expiration Date will be announced in a press release in connection with the closing of the combination.

3. Withdrawal. A stockholder may withdraw an Exercise Notice previously exercised at any time prior to the close of the Expiration Date. For a withdrawal to be effective, a written notice of withdrawal must be received in a timely manner by the Paying Agent at one of its addresses, and specify the name of the person exercising the Exercise Notice to be withdrawn, the number of Shares to be withdrawn and the name of the registered holder of the Shares to be withdrawn, if different from the name of the person who signed the Exercise Notice.

4. Guarantee of Signatures. If checks are to be sent to an address other than that shown at the top of this form, the signatures on this Exercise Notice must be guaranteed by a member firm of a registered national securities exchange or a commercial bank or trust company having an office, branch or agency in the United States.

(a) If this Exercise Notice is signed by the registered holder of the Shares, the signatures(s) must correspond with the name(s) in which the Shares are registered.

(b) If the Shares are held of record by two or more joint holders, all such holders must sign this Exercise Notice.

(c) If any Shares are registered in different names it will be necessary to complete, sign and submit as many separate Exercise Notices as there are different registrations of Shares.

(d) When this Exercise Notice is signed by the registered holder(s) of the Shares listed, no endorsements of certificates or separate authorizations are required.

(e) If this Exercise Notice or any certificates or authorizations are signed by trustees, executors, administrators, guardians, attorneys in fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and must submit proper evidence satisfactory to the Paying Agent of their authority so to act.

6. Irregularities. All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any Shares put will be determined by the Paying Agent in its sole discretion, whose determination shall be final and binding, subject to applicable law. New Esmark reserves the absolute right to reject any Exercise Notice that it

determines not to be in proper form. New Esmark also reserves the absolute right, in its sole discretion, to waive any defect or irregularity in any Exercise Notice of any particular stockholder, and New Esmark’s interpretations of the terms and conditions of the Agreement and these instructions will be final and binding. Unless waived, any defects or irregularities in connection with put Shares must be cured within such time as New Esmark shall determine. This Exercise Notice will not be deemed to have been exercised until all defects and irregularities have been cured or waived. None of New Esmark, the Paying Agent, or any other person shall be obligated to give notice of defects or irregularities in any Exercise Notice, nor shall any of them incur any liability for failure to give any such notice.

7. Exercise Void if the Combination is Not Completed. Any exercise of Put Rights will be void and of no effect if the combination of Wheeling-Pittsburgh and Esmark is not completed for any reason.

8. Special Delivery Instructions. The “Special Delivery Instructions” box on the Exercise Notice must indicate the name and address of the person(s) to whom the check comprising the purchase price is to be sent if different from the name and address of the person(s) signing the Exercise Notice. Filling in the box will NOT change your address for other mailings.

9. Form W-9. If the registered account does not have an accurate or updated taxpayer identification number (“TIN”), we have enclosed a Form W-9 with the Exercise Notice. If we did not include a Form W-9 and the purchase price is to be issued in the same name, you need take no further action to certify the TIN for the registered account. Under U.S. federal income tax law, any person submitting the Exercise Notice who has not previously certified the TIN relating to the registered account must provide to the Paying Agent and New Esmark his, her or its correct TIN, and certify that such TIN is true, correct and complete, on the enclosed Form W-9. If such TIN is not provided, a penalty of $50.00 may be imposed by the Internal Revenue Service and payments made may be subject to 28% backup withholding. The TIN to be provided is that of the person submitting the Exercise Notice. The TIN for an individual is generally his or her social security number.

Exempt persons (including, among others, all corporations and certain foreign individuals) are not subject to backup withholding and reporting requirements. A foreign individual may qualify as an exempt person by submitting a Form W-8, signed under penalties of perjury, certifying such individual’s foreign status. Such form can be obtained from the Paying Agent.

The signature and date endorsed on Form W-9 will serve to certify that the TIN and withholding information provided in such Form are true, correct and complete. See the attached Guidelines for Certification of Taxpayer Identification Number on Form W-9 for additional instructions.

If your payment is to be issued in a different name, you should submit a completed Form W-9 with your Election Form. If you need additional or replacement copies of Form W-9, please call the Paying Agent at (866) 469-6745.

IMPORTANT: THIS EXERCISE NOTICE (OR A MANUALLY SIGNED FACSIMILE HEREOF), TOGETHER WITH ANY REQUIRED SIGNATURE GUARANTEES, OR, IN THE CASE OF A BOOK-ENTRY TRANSFER, AN AGENT’S MESSAGE, AND ANY OTHER REQUIRED DOCUMENTS, MUST BE RECEIVED BY THE PAYING AGENT PRIOR TO THE EXPIRATION DATE.

DELIVERY OF THIS EXERCISE NOTICE TO AN ADDRESS OTHER THAN AS SET FORTH ON THE FIRST PAGE OF THIS PUT EXERCISE NOTICE WILL NOT CONSTITUTE A VALID DELIVERY TO THE PAYING AGENT.

PUT RIGHTS MAY ONLY BE EXERCISED BY A STOCKHOLDER WHO MADE A VALID ELECTION FOR SUCH RIGHTS ON THE ELECTION FORM DELIVERED TO WHEELING-PITTSBURGH STOCKHOLDERS IN CONNECTION WITH THE AGREEMENT.


Stockholder:
Number of shares of New Esmark Common Stock held or to be received in the combination	[_______________	]
Number of Shares for which Put Rights are being exercised.	[_______________	]