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                                                                    EXHIBIT 23.2

                        CONSENT OF INDEPENDENT AUDITORS

     We consent to the reference to our firm under the caption "Experts" and to
the use of our report dated January 31, 2002 (except for Note 3, as to which the
date is March 26, 2002, and Note 7, as to which the date is March 7, 2002) in
the Registration Statement (Form S-3) and related Prospectus of Steel Dynamics,
Inc. dated June 17, 2002, and to the incorporation by reference therein of our
report with respect to the consolidated financial statements of Steel Dynamics,
Inc. included in its Annual Report (Form 10-K) for the year ended December 31,
2001, filed with the Securities and Exchange Commission.

                                          /s/ Ernst & Young LLP

Fort Wayne, Indiana
June 14, 2002

