EMPLOYMENT AGREEMENT



     AGREEMENT, made and entered into as of the 1st day of June, 2003, by and

between Metallurg, Inc., a Delaware corporation (together with its successors

and assigns permitted under this Agreement, the "Company"), and Charles H.

Entrekin (the "Executive").



                              W I T N E S S E T H :



     WHEREAS, the Company desires to enter into an employment agreement (the

"Agreement") embodying the terms of employment between the Executive and the

Company; and



     WHEREAS, the Executive desires to enter into the Agreement and to accept

such employment, subject to the terms and provisions of the Agreement;



     NOW, THEREFORE, in consideration of the premises and mutual covenants

contained herein and for other good and valuable consideration, the receipt of

which is mutually acknowledged, the Company and the Executive (individually a

"Party" and together the "Parties") agree as follows:



     1.   Definitions.



          (a) "Base Salary" shall mean the Executive's base salary in accordance

with Section 4 below.



          (b) "Board" shall mean the Board of Directors of the Company.



          (c) "Business Day" shall mean any day other than a Saturday, Sunday or

any other day on which commercial banks in New York, New York are required or

authorized to be closed.



          (d) "Cause" shall mean:



               (1)  the Executive is convicted of (or pleads nolo contendere to)

                    a felony or a crime of moral turpitude, dishonesty, breach

                    of trust or unethical business conduct involving the

                    Company;



               (2)  the Executive engages in willful misconduct, willful or

                    gross neglect, fraud, insubordination, misappropriation or

                    embezzlement to the material and demonstrable detriment of

                    the Company; or



               (3)  the Executive breaches in any material respect the terms and

                    provisions of this Agreement and fails to cure such breach

                    within 20 days following written notice from the Company

                    specifying such breach.



               (4)  the Executive declines to accept a transfer of employment to

                    a senior executive position of similar nature and

                    compensatory terms with an affiliated company having a

                    normal place of business within North America.



          (e) "COO" shall mean the chief operating officer of the Company.



          (f) "Code" shall mean the Internal Revenue Code of 1986, as amended

from time to time, including applicable regulations thereunder.





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                                                                   EXHIBIT 10.17



          (g) "Competitive Activity" shall mean any activity engaged in by the

Executive, whether as an employee, principal, sole proprietor, consultant,

agent, officer, director, partner or shareholder (except as a less than

one-percent shareholder of a publicly traded company or a less than five-percent

shareholder of a privately held company), which directly competes with the

Company or any Subsidiary. For this purpose, an activity which directly competes

with the Company or any Subsidiary shall mean a business that was being

conducted by the Company or any Subsidiary during the Term of Employment.

Notwithstanding anything to the contrary in this Section 1(g), an activity shall

not be deemed to be a Competitive Activity (x) solely as a result of the

Executive's being employed by or otherwise associated with a business of which a

unit is in competition with the Company or any Subsidiary but as to which unit

the Executive does not have direct or indirect responsibilities for the products

or product lines involved or (y) if the activity contributes less than 5 percent

of the revenues for the fiscal year in question of the business by which the

Executive is employed or with which he is otherwise associated.



          (h) "Disability" shall mean a disability as determined under the

Company's long-term disability plans, programs and/or arrangements in effect on

the date such disability first occurs.



          (i) "Effective Date" shall mean June 1, 2003.



          (j) "Exchange Act" shall mean the Securities Exchange Act of 1934, as

amended from time to time, including applicable regulations thereunder.



          (k) "Good Reason" shall mean the occurrence of any of the following

events:



               (1)  the material change of the Executive's authority, duties and

                    responsibilities, or the assignment to the Executive of

                    duties materially different from the Executive's position or

                    positions with the Company;



               (2)  a reduction in Base Salary of the Executive;



               (3)  the failure by the Company to obtain an agreement in form

                    and substance reasonably satisfactory to the Executive from

                    any successor to the business of the Company to assume and

                    agree to perform this Agreement; or



               (4)  the Company breaches in any material respect the terms and

                    provisions of this Agreement and fails to cure such breach

                    within 20 days following written notice from the Executive

                    specifying such breach.



          (l) "Subsidiary" of the Company shall mean any corporation of which

the Company owns, directly or indirectly, more than 50 percent of the Voting

Stock or any other business entity in which the Company directly or indirectly

has an ownership interest of more than 50 percent.



          (m) "Term of Employment" shall mean the period specified in Section 2

below.



          (n) "Voting Stock" shall mean capital stock of any class or classes

having general voting power under ordinary circumstances, in the absence of

contingencies, to elect the directors of a corporation.





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<PAGE>





                                                                   EXHIBIT 10.17



     2.   Term of Employment.



          The Company hereby employs the Executive, and the Executive hereby

accepts such employment, for the period commencing on the Effective Date and

ending on the first anniversary of the Effective Date (the "Term of

Employment"), subject to earlier termination of the Term of Employment in

accordance with the terms of the Agreement. The Term of Employment shall be

automatically renewed for a one-year period on each anniversary of the Effective

Date thereafter, unless, in each case, either Party has notified the other Party

in writing in accordance with Section 26 below at least 90 days prior to the

expiration of the then Term of Employment that he or it does not want the Term

of Employment to so renew.



     3.   Position, Duties and Responsibilities.



          The Executive, in his initial capacity as Managing Director of London

& Scandinavian Metallurgical Co Limited shall faithfully perform for the Company

the duties of said office and shall perform such other duties of an executive,

managerial or administrative nature as shall be specified and designated from

time to time by the COO consistent with such office. The Executive shall devote

substantially all of his business time and effort to the performance of his

duties hereunder. The Executive, in carrying out his duties under this

Agreement, shall report to the COO. Notwithstanding anything in this Section 3

to the contrary, nothing shall preclude the Executive from:



               (1)  serving on the boards of directors of a reasonable number of

                    other corporations or the boards of a reasonable number of

                    trade associations and/or charitable organizations;



               (2)  engaging in charitable activities and community affairs; and



               (3)  managing his personal investments and affairs;



provided, however, that such activities do not materially interfere with the

proper performance of his duties and responsibilities hereunder.

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