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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950123-02-004916.txt : 20020510
<SEC-HEADER>0000950123-02-004916.hdr.sgml : 20020510
ACCESSION NUMBER:		0000950123-02-004916
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20020506
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		
FILED AS OF DATE:		20020510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEEL DYNAMICS INC
		CENTRAL INDEX KEY:			0001022671
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				351929476
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21719
		FILM NUMBER:		02641488

	BUSINESS ADDRESS:	
		STREET 1:		7030 POINTE INVERNESS WAY
		STREET 2:		SUITE 310
		CITY:			FORT WAYNE
		STATE:			IN
		ZIP:			46804
		BUSINESS PHONE:		2194593553

	MAIL ADDRESS:	
		STREET 1:		7030 POINTE INVERNERSS WAY
		STREET 2:		SUITE 310
		CITY:			FORT WAYNE
		STATE:			IN
		ZIP:			46804
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y60530e8-k.txt
<DESCRIPTION>STEEL DYNAMICS, INC.
<TEXT>
<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549



                                ----------------



                                    FORM 8-K



                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

          Date of Report (date of earliest event reported) May 6, 2002


                              STEEL DYNAMICS, INC.

             (Exact name of registrant as specified in its charter)



            Indiana                       0-21719             35-1929476
(State or other jurisdiction of        (Commission           (IRS Employer
 incorporation or organization)        File Number)       Identification No.)


         6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana 46804

              (Address of principal executive officers) (Zip Code)

       Registrant's telephone number, including area code:  260-459-3553

          (Former name or former address, if changed since last report)
                                 Not Applicable
<PAGE>
ITEM 5.  OTHER EVENTS

On April 16, 2002, the Registrant announced its preliminary unaudited financial
results for the three months ended March 31, 2002. However, on May 6, 2002, the
Registrant reached an understanding to settle the remaining lawsuit related to
its terminated Thailand advisory transaction, which was outstanding on March 31,
2002, as described in Item III ("Legal Proceedings") of Registrant's Report on
Form 10-K, filed March 28, 2002. The Registrant expects to enter into a
settlement agreement shortly. Accordingly, Registrant is reflecting the
settlement cost of $4.5 million, net of insurance proceeds, in its financial
results for the first quarter 2002.

For the three months ended March 31, 2002, the Registrant had earnings of $1.6
million or $0.04 per diluted share. Annual sales revenue for the three months
ended March 31, 2002 was $167 million, with consolidated shipments of 562,000
tons, as compared to sales revenue of $154 million with shipments of 482,000
tons during the same period in 2001. During the first quarter 2002, capital
expenditures were $34 million and start-up costs were $5 million, all primarily
related to the Registrant's structural and rail mini-mill.

As previously announced, Registrant refinanced its senior credit facilities
during the first quarter of 2002. Extinguishing this debt resulted in a
write-off of approximately $3.2 million of previously capitalized financing
costs and other related expenses. The effect of this write-off on earnings for
the first quarter was a reduction of approximately $0.04 per diluted share. The
litigation settlement further reduced net income by approximately $0.06 per
diluted share.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(c)   EXHIBITS

99.3    Steel Dynamics, Inc. Unaudited Consolidated Statements of Operations for
        the three months ended March 31, 2002.

ITEM 9.  REGULATION FD DISCLOSURE

Exhibit 99.3 annexed hereto is not filed but is furnished pursuant to Regulation
FD.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereto duly authorized.

                                            STEEL DYNAMICS, INC.


Date:  May 10, 2002
                                            By:  /s/ Tracy L. Shellabarger
                                                ---------------------------
                                                Tracy L. Shellabarger
                                                Title:  Secretary


                                       2
<PAGE>
                                INDEX TO EXHIBITS

Exhibit   Description

99.3      Steel Dynamics, Inc. Unaudited Consolidated Statements of Operations
          for the three months ended March 31, 2002.




                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>3
<FILENAME>y60530ex99-3.txt
<DESCRIPTION>UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
<TEXT>
<PAGE>
                                                                    Exhibit 99.3

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


<TABLE>
<CAPTION>
                                                                                 Three Months
                                                                                Ended March 31,
                                                                            -----------------------
                                                                               2002           2001
                                                                            ---------      ---------
<S>                                                                         <C>            <C>

Net Sales:
     Unrelated parties ................................................     $ 139,149      $ 129,266
     Related parties ..................................................        27,754         24,820
                                                                            ---------      ---------
         Total net sales ..............................................       166,903        154,086

Cost of goods sold ....................................................       139,529        128,523
                                                                            ---------      ---------
Gross profit ..........................................................        27,374         25,563

Selling, general and administrative expenses ..........................        13,088         13,802
                                                                            ---------      ---------
     Operating Income .................................................        14,286         11,761

Interest expense ......................................................         4,265          4,839
Other (income) expense ................................................         4,153           (204)
                                                                            ---------      ---------
     Income before income taxes and extraordinary items ...............         5,868          7,126
Income taxes ..........................................................         2,200          2,743
                                                                            ---------      ---------
     Income before extraordinary items ................................         3,668          4,383
Extraordinary loss on debt extinguishment, net of tax benefit of $1,216         2,028           --
                                                                            ---------      ---------

Net income ............................................................     $   1,640      $   4,383
                                                                            =========      =========


Basic earnings per share:
Income before extraordinary items .....................................     $    0.08      $    0.10
     Extraordinary items ..............................................         (0.04)          --
                                                                            ---------      ---------
Net income ............................................................     $    0.04      $    0.10
                                                                            =========      =========

Weighted average number of shares outstanding .........................        46,045         45,511
                                                                            =========      =========

Diluted earnings per share:
Income before extraordinary items .....................................     $    0.08      $    0.10
     Extraordinary items ..............................................         (0.04)          --
                                                                            ---------      ---------
Net income ............................................................     $    0.04      $    0.10
                                                                            =========      =========

Weighted average number of shares outstanding .........................        46,348         45,710
                                                                            =========      =========
</TABLE>
<PAGE>
                              STEEL DYNAMICS, INC.
                           CONSOLIDATED BALANCE SHEETS
                        (IN THOUSANDS, EXCEPT SHARE DATA)

<TABLE>
<CAPTION>
                                                                                          March 31,       December 31,
                                                                                            2002             2001
                                                                                         -----------      -----------
                                                                                                  (unaudited)
<S>                                                                                      <C>              <C>

                                     ASSETS
CURRENT ASSETS:
     Cash and cash equivalents .....................................................     $    32,319      $    78,241
     Accounts receivable, net ......................................................          68,508           65,589
     Accounts receivable-related parties ...........................................          17,820           16,290
     Inventories ...................................................................         112,356          118,368
     Deferred taxes ................................................................          21,966           24,600
     Other current assets ..........................................................           3,996            9,116
                                                                                         -----------      -----------
              Total current assets .................................................         256,965          312,204

PROPERTY, PLANT, AND EQUIPMENT, NET ................................................         872,538          852,061

RESTRICTED CASH ....................................................................           3,311            3,030

OTHER ASSETS .......................................................................          22,760           12,803
                                                                                         -----------      -----------

              TOTAL ASSETS .........................................................     $ 1,155,574      $ 1,180,098
                                                                                         ===========      ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
     Accounts payable ..............................................................     $    33,153      $    30,228
     Accounts payable-related parties ..............................................          17,383           11,101
     Accrued interest ..............................................................           2,204            4,052
     Other accrued expenses ........................................................          27,799           26,697
     Current maturities of long-term debt ..........................................           8,870           46,033
                                                                                         -----------      -----------
              Total current liabilities ............................................          89,409          118,111

LONG-TERM DEBT, less current maturities ............................................         536,801          553,891

DEFERRED TAXES .....................................................................          58,427           62,765

MINORITY INTEREST ..................................................................           5,025            4,769

OTHER LONG-TERM CONTINGENT LIABILITIES .............................................          21,987           21,987

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
     Common stock voting, $.01 par value; 100,000,000 shares authorized;
        49,706,131 and 49,586,473 shares issued; and 47,320,217 and 45,743,473
        shares outstanding, as of March 31, 2002 and December 31, 2001, respectively             497              495
     Treasury stock, at cost; 2,385,914 and 3,843,000 shares, at March 31, 2002
        and December 31, 2001, respectively ........................................         (28,889)         (46,526)
     Additional paid-in capital ....................................................         343,197          337,733
     Retained earnings .............................................................         133,869          132,229
     Other accumulated comprehensive loss ..........................................          (4,749)          (5,356)
                                                                                         -----------      -----------
              Total stockholders' equity ...........................................         443,925          418,575
                                                                                         -----------      -----------
         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ................................     $ 1,155,574      $ 1,180,098
                                                                                         ===========      ===========
</TABLE>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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