<PAGE>
                                                                    Exhibit 99.3



                              STEEL DYNAMICS, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)



<TABLE>
<CAPTION>
                                                            QUARTER ENDED              YEAR ENDED
                                                             December 31               December 31
                                                       2001             2000         2001          2000
                                                             (UNAUDITED)          (UNAUDITED)

<S>                                                  <C>            <C>            <C>           <C>
NET SALES                                            $ 138,452      $ 152,449      $ 606,984     $ 692,623

COST AND EXPENSES:
     Cost of goods sold                                127,376        125,455        522,927       533,914
     Selling, general, & administrative expenses        13,333         12,341         58,132        53,306
                                                     ---------      ---------      ---------     ---------

OPERATING INCOME (LOSS)                                 (2,257)        14,653         25,925       105,403
Interest expense                                         4,271          4,877         18,480        20,199
Other (income) expense, net                              2,113           (188)         2,333           719
                                                     ---------      ---------      ---------     ---------

INCOME (LOSS) BEFORE INCOME TAXES                       (8,641)         9,964          5,112        84,485
Income taxes                                            (3,327)         2,860          1,968        30,690
                                                     ---------      ---------      ---------     ---------

NET INCOME (LOSS)                                    $  (5,314)     $   7,104      $   3,144     $  53,795
                                                     =========      =========      =========     =========

BASIC:
NET INCOME (LOSS) PER SHARE                          $   (0.12)     $    0.16      $    0.07     $    1.15
                                                     =========      =========      =========     =========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING           45,742         45,506         45,655        46,822
                                                     =========      =========      =========     =========


DILUTED:
NET INCOME (LOSS) PER SHARE                          $   (0.12)     $    0.16      $    0.07     $    1.15
                                                     =========      =========      =========     =========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING           45,886         45,627         45,853        46,974
                                                     =========      =========      =========     =========
</TABLE>
<PAGE>
                              STEEL DYNAMICS, INC.
                           CONSOLIDATED BALANCE SHEETS
                                 (in thousands)


<TABLE>
<CAPTION>
                                                                          DECEMBER 31
                                                               ------------------------------
                                                                     2001           2000
                                                                -----------      -----------
                                                                 (UNAUDITED)
ASSETS

CURRENT ASSETS:
<S>                                                             <C>              <C>
     Cash and short-term investments                            $    78,241      $    10,184
     Accounts receivable                                             81,879          102,986
     Inventories                                                    118,368          106,745
     Deferred taxes                                                  24,600           12,854
     Other current assets                                             9,116            9,844
                                                                -----------      -----------
           TOTAL CURRENT ASSETS                                     312,204          242,613

PROPERTY, PLANT, AND EQUIPMENT, NET                                 852,061          807,322

RESTRICTED CASH                                                       3,030            3,465

OTHER ASSETS                                                         12,803           13,674
                                                                -----------      -----------
           TOTAL ASSETS                                         $ 1,180,098      $ 1,067,074
                                                                ===========      ===========


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
     Accounts payable                                           $    41,329      $    27,988
     Accrued interest                                                 4,052            5,364
     Accrued expenses                                                26,697           26,302
     Current portion of long-term debt                               68,020           17,044
     Debt expected to be refinanced long-term                       490,000               --
                                                                -----------      -----------
           TOTAL CURRENT LIABILITIES                                630,098           76,698

LONG-TERM DEBT                                                       63,891          515,476

DEFERRED TAXES                                                       62,765           52,027

MINORITY INTEREST                                                     4,769            4,089

STOCKHOLDERS' EQUITY:
     Common stock                                                       495              493
     Treasury stock, at cost                                        (46,526)         (46,526)
     Additional paid-in capital                                     337,733          335,732
     Retained earnings                                              132,229          129,085
     Other accumulated comprehensive loss                            (5,356)              --
                                                                -----------      -----------
           TOTAL STOCKHOLDERS' EQUITY                               418,575          418,784
                                                                -----------      -----------
           TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $ 1,180,098      $ 1,067,074
                                                                ===========      ===========
</TABLE>




