- "The Hag had said "Take me to Cold Steel" before it had all gone crazy. It was a clue. The only one I had."
- ―Max only clue to solving the Valkyr Case.
After surviving a Valkyr overdose, Max recalls Nicole Horne saying "take me to Cold Steel", before passing out. Following his only lead, he heads to the Cold Steel foundry and breaks in through a skylight. Not long after, Max runs into some mercenaries working for Aesir Corporation, and he is forced to kill them.
Max then makes his way through the factory and warehouse complex, traveling through the molten steel areas of the complex and a subterranean tunnel, until he comes across a walkie-talkie in an employee break room and hears someone announce that the "Deep Six' has been compromised", and to commence on "Operation Dead Eyes." The chapter ends when Max walks through the door in the hallway nearest the break room door.
On the PS2/Xbox version, this chapter is divided into two sub-chapters: Take Me To Cold Steel and Operation Dead Eyes.
Complete 'Part III Chapter 1: Take Me To Cold Steel' on any difficulty