<PAGE>
                                                                    EXHIBIT 25.1

                                    FORM T-1

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                       Statement of Eligibility Under the
                  Trust Indenture Act of 1939 of a Corporation
                          Designated to Act as Trustee

          CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE
                          PURSUANT TO SECTION 305(B)(2)

                            FIFTH THIRD BANK, INDIANA
                            -------------------------
               (Exact name of trustee as specified in its charter)

                                     Indiana
                                     -------
     (Jurisdiction of incorporation or organization if not a national bank)

                                   38-3307634
                                   ----------
                      (I.R.S. Employer Identification No.)

                    251 N. Illinois Street, Indianapolis, IN
                    ----------------------------------------
                    (Address of principal executive offices)

                                      46204
                                      -----
                                   (Zip Code)

                                Michael J. Alley
                     10327 Windemere, Carmel, Indiana 46032
                     --------------------------------------
            (Name, address and telephone number of agent for service)

                              STEEL DYNAMICS, INC.
                              --------------------
               (Exact name of obligor as specified in its charter)

                                     Indiana
                                     -------
         (State or other jurisdiction of incorporation or organization)

                                   35-19299476
                                   -----------
                      (I.R.S. Employer Identification No.)

            6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana
            ---------------------------------------------------------
                    (Address of principal executive offices)

                                      46804
                                      -----
                                   (Zip Code)

                   4% Convertible Subordinated Notes Due 2012
                   ------------------------------------------
                       (Title of the indenture securities)
<PAGE>
ITEM 1.     GENERAL INFORMATION.

            Furnish the following information as to the trustee -

      (a)   Name and address of each examining or supervising authority to which
            it is subject.

            Indiana Department of Financial Institutions
            402 W. Washington St.
            Room W-066
            Indianapolis, IN 462011

            Federal Reserve Bank of Cleveland
            East Sixth Street and Superior Avenue
            Cleveland, Ohio 44101

            Federal Deposit Insurance Corporation,
            Washington, D.C.

      (b)   Whether it is authorized to exercise corporate trust powers.

            Yes.

ITEM 2.     AFFILIATIONS WITH OBLIGOR.

            If the obligor is an affiliate of the trustee, describe each such
            affiliation.

      None.

ITEMS 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14 AND 15 ARE NOT APPLICABLE BY VIRTUE OF
THE ANSWER TO ITEM 13.

ITEM 13.    DEFAULTS BY THE OBLIGOR.

      (a)   State whether there is or has been a default with respect to the
            securities under this indenture. Explain the nature of any such
            default.

None.

      (b)   If the Trustee is a trustee under another indenture under which any
            other securities, or certificates of interest or participation in
            any other securities, of the obligor are outstanding, or is trustee
            for more than one outstanding series of securities under the
            indenture, state whether there has been a default under any such
            indenture or series, identify the indenture or series affected, and
            explain the nature of any such default.

None.
<PAGE>
ITEM 16.    LIST OF EXHIBITS.

            List below all exhibits filed as a part of this statement of
            eligibility.

      (1)   A copy of the Certificate of Incorporation of the trustee as now in
            effect.

      (2)   A copy of the certificate of authority of the trustee to commence
            business. (Included in Exhibit 1)

      (3)   A copy of the authorization of the trustee to exercise corporate
            trust powers.

      (4)   A copy of the existing code of regulations of the trustee
            incorporating amendments to date.

      (5)   A copy of each indenture referred to in Item 4.

      (6)   The consent of the trustee required by Section 321 (b) of the Trust
            Indenture Act of 1939.

      (7)   A copy of the latest report of condition of the trustee published
            pursuant to law or the requirements of its supervising or examining
            authority.

      (8)   A copy of any order pursuant to which the foreign trustee is
            authorized to act as sole trustee under indentures qualified or to
            be qualified under the Act.

      (9)   Foreign trustees are required to file a consent to service of
            process of Form F-X
<PAGE>
                                    SIGNATURE

            Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, Fifth Third Bank, Indiana, a corporation organized and existing under
the laws of the State of Indiana, has duly caused this statement of eligibility
and qualification to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of Indianapolis and the State of Indiana, on the
6th day of March, 2003.


                                      FIFTH THIRD BANK, INDIANA


                                      By:  /s/ George L. Bawcum
                                          --------------------------------------

                                      Its: Trust Officer
                                          --------------------------------------
<PAGE>
                                    EXHIBIT 1

                                                                 APPROVED BY THE
                                            DEPARTMENT OF FINANCIAL INSTITUTIONS
                                                         OF THE STATE OF INDIANA

                                                  ------------------------------
                                                           (Date & Seal)

                                                  ------------------------------
                                                             DIRECTOR


                            ARTICLES OF INCORPORATION
                                       OF

                     Fifth Third Bank, Indiana
                     ---------------------------------------
                                  (Name)

                     Indianapolis, Marion County, Indiana
                     ---------------------------------------
                           (City, County and State)

The undersigned being one or more natural persons, all of whom are at least (18)
years of age and at least a majority of whom are citizens of the State of
Indiana, having been designated as incorporators by the subscribers to the
capital stock of the proposed corporation hereafter named do hereby adopt the
following Articles of Incorporation:

                                    ARTICLE I

      Section 1. Conversion. This corporation is formed as the result of the
conversion of

      Old Kent Bank, National Association, Jonesville, Michigan,
---------------------------------------------------------------

a national banking association to a state chartered commercial bank.

Upon conversion, the resulting state chartered commercial bank shall possess all
of the rights, privileges, immunities, and powers of a state chartered
commercial bank, unless otherwise provided in I.C. 28-3-2, is subject to all of
the duties, restrictions, obligations, and liabilities of a state chartered
commercial bank; and succeeds by operation of law to all rights and property of
the converting national association and shall be subject to all debts,
obligations and liabilities of the converting national association as if the
state chartered commercial bank had incurred the debts and liabilities.

     Section 2. Principal Office. The post office address of the principal
office of the corporation shall be 251 North Illinois Street,
                                   ---------------------------------------------
                                                Street/P.O. Box

Indianapolis,                Marion County,            Indiana          45205.
--------------------------------------------------------------------------------
City                         County                    State            Zip Code
<PAGE>
      Section 3. Purpose. The purpose(s) for which this corporation is formed is
(are)  Please see Continuation Sheets
       -------------------------------------------------------------------------

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

      Section 4. Period of Existence. The period during which the corporation
shall continue is perpetual.

      Section 5. Effective Date of Incorporation. The effective date of these
Articles of Incorporation shall be on/before     Please see Continuation Sheets
                                             -----------------------------------
                                                 Month         Day          Year

                                   ARTICLE II

                                     CAPITAL

      Section 1. Initial Capital. The amount of capital with which the
Corporation will begin business is $4,000,000.00.

      Section 2. Authorized Shares. The total number of shares the Corporation
is to have the authority to issue is 4,000,000.

      Section 3. Terms of Shares. The authorized shares shall be designated as
common stock with a par value of $1.00 per share.

      Section 4. Voting Rights. Unless the Articles of Incorporation provide
otherwise, each outstanding share, regardless of class, is entitled to one (1)
vote on each matter voted on at a shareholders' meeting.

                                   ARTICLE III

                                 INCORPORATOR(S)

The name(s) and post office address(es) of the incorporator(s) is (are) as
follows:

Michael J. Alley                    10327 Windemere, Carmel, Indiana  46032
--------------------------------------------------------------------------------
Name                                             Post Office Box

--------------------------------------------------------------------------------
Name                                             Post Office Box

--------------------------------------------------------------------------------
Name                                             Post Office Box
<PAGE>
                                   ARTICLE IV

                                    DIRECTORS

      Section 1. Number of Directors. The number of Directors of the corporation
shall not be less than three nor greater than 15. The exact number may be
established in the bylaws.

      Section 2. Name of Directors. The names and post office address of each
member of the Board of Directors are as follows:

            Please see Continuation Sheets
--------------------------------------------------------------------------------
Name                                    Post Office Box


--------------------------------------------------------------------------------
Name                                    Post Office Box


--------------------------------------------------------------------------------
Name                                    Post Office Box


--------------------------------------------------------------------------------
Name                                    Post Office Box


--------------------------------------------------------------------------------
Name                                    Post Office Box


--------------------------------------------------------------------------------
Name                                    Post Office Box


--------------------------------------------------------------------------------
Name                                    Post Office Box
<PAGE>
                            ARTICLES OF INCORPORATION
                                       OF
                            FIFTH THIRD BANK, INDIANA
                              INDIANAPOLIS, INDIANA

                               Continuation Sheets

Article I, Section 3, Purpose:

      The purpose for which this corporation is formed is to:

            Conduct and carry on the business of the bank incorporated under the
            laws of the State of Indiana and to transact any and all business
            which such corporations are authorized and empowered to transact
            under any and all of the provisions of the laws of Indiana, with all
            the powers and privileges and subject to all the duties,
            restrictions and liabilities set forth in the general laws relating
            to such corporations and all acts in amendment thereof or
            supplemental thereto.

Article I, Section 5, Effective Date of Incorporation:

      The effective date of these Articles of Incorporation shall be on May 29,
2001. For purposes of I.C. 28-2-17-20.1 and in accordance with the National Bank
Act, 12 U.S.C. Section 214b, the corporation, upon conversion, shall be
considered the same business and corporate entity as the national banking
association formerly known as Old Kent Bank, National Association, whose
existence commenced on March 1, 1997, although as to rights, powers, and duties
the resulting bank is a state bank.

Article IV, Section 2. Names of Directors.

      The names and post office address of each member of the Board of Directors
are as follows:

NAME                                   ADDRESS
----                                   -------

Adams, Marlin D.                       Pro-Form Plastics, Inc.
                                       2514 Chestnut Street
                                       Columbus, IN 47201

Alley, Michael James                   10327 Windemere
                                       Carmel, IN 46032

Eberle, Frank J.                       First Insurance Group, Inc.
                                       1405 N. College Ave.
                                       Bloomington, IN  47404
<PAGE>
Grossnickle, Ted                       Johnson, Grossnickle & Associates
                                       P.O. Box 576
                                       Franklin, IN  46131

McWhirter, William                     Fifth Third Bank, Indiana
                                       251 N. Illinois St., Suite 1000
                                       Indianapolis, IN  46204

Myers, Donald Leroy                    Poindexter Excavating, Inc.
                                       10445 E. 56th St.
                                       Indianapolis, IN  46236

Perry, Eston L.                        Oakley Corporation

                                       8 South 16th St.
                                       Terre Haute, IN  47807

Slash, Joseph                          IPALCO Enterprises, Inc.
                                       P.O. Box 1595
                                       Indianapolis, IN 46206

James Bawden Sturges                   1214 East State Rd. 46
                                       Greensburg, IN  47240

Jeffrey Wilson                         Purdue Research Foundation
                                       3000 Kent Ave., Suite C2-100
                                       West Lafayette, IN  47906

William C. Wilson                      Central Funk Insurance Company
                                       523 Central Avenue
                                       Connersville, IN  47331

Gerald L. Wissel                       Fifth Third Bancorp
                                       38 Fountain Square Plaza
                                       Cincinnati, Ohio 45263

      Each director shall serve until the next annual meeting of shareholders
and until his or her respective successor is duly elected and qualified or until
his or her earlier resignation or removal.

Article V. Provisions for Regulation of Business and Conduct of Corporation.

      The corporation may indemnify any director, officer, employee or their
heirs, executors, or administrators to the fullest extent permitted by law
according to the provisions set forth in the By-laws of the corporation.
<PAGE>


                                    ARTICLE V

                      PROVISIONS FOR REGULATION OF BUSINESS
                      AND CONDUCT OF AFFAIRS OF CORPORATION

Any other provisions, consistent with the laws of Indiana, for the regulation of
the business and conduct of the affairs of the corporation.

Please see Continuation Sheets
--------------------------------------------------------------------------------

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

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

The undersigned incorporator(s) represent to the Indiana Department of Financial
Institutions and the Indiana Secretary of State that prior to the execution of
these articles the subscribers to the capital stock of this corporation fully
complied with the accompanying requisites contained in IC 28-12-4-1 and IC
28-3-2.

In witness I (we) have signed this


    22     day of     May, 2001   .
----------         ---------------


                                             -----------------------------------
                                                       (Incorporator)


                                             -----------------------------------
                                                       (Incorporator)


                                             -----------------------------------
                                                       (Incorporator)
<PAGE>
STATE OF INDIANA        )
                        ) SS:
COUNTY OF MARION        )


The undersigned, a Notary Public, certifies that         Michael J. Alley
                                                 -------------------------------

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

--------------------------------------------------------------------------------
being     the sole     the incorporator(s) referred to in the Articles of
      ----------------
Incorporation, personally appeared before me, acknowledged the execution and
swore to the truth of the facts stated.


WITNESS MY SIGNATURE THIS     22ND     DAY OF    MAY, 2001   .
                          ------------        ---------------



                                             -----------------------------------
                                                      Witness Signature


                                             -----------------------------------
                                                      Printed Signature

My commission expires on         March           18th             2007        .
                         -----------------------------------------------------
                                 Month           Day              Year



This instrument was prepared by     William E. Stern, Esq., Goodwin Procter LLP
                                ------------------------------------------------

Attorney at Law,      Exchange Place,       Boston,      Massachusetts     02109
                 ---------------------------------------------------------------
                      Address               City         State             Zip


The above Articles of Incorporation must be prepared and signed in quadruplicate
by all of the incorporators and must be acknowledged by the incorporators before
a notary public. The articles must be submitted in quadruplicate to the
Department of Financial Institutions of Indiana for approval.
<PAGE>
                                    EXHIBIT 2

                         CERTIFICATE OF AUTHORITY OF THE
                          TRUSTEE TO COMMENCE BUSINESS
                             (INCLUDED IN EXHIBIT 1)
<PAGE>
                                    EXHIBIT 3

                   A COPY OF THE AUTHORIZATION OF THE TRUSTEE
                       TO EXERCISE CORPORATE TRUST POWERS

                                 [See Attached]


<PAGE>
                                STATE OF INDIANA

                      DEPARTMENT OF FINANCIAL INSTITUTIONS

      I, CHARLES W. PHILLIPS , DIRECTOR of the DEPARTMENT OF FINANCIAL
INSTITUTIONS, of the State of Indiana, hereby certify that the following is a
true statement:



         FIFTH THIRD BANK, INDIANA, INDIANAPOLIS, MARION COUNTY, INDIANA IS A
         STATE CHARTERED COMMERCIAL BANK AND IS DULY AUTHORIZED TO DO BUSINESS
         IN THE STATE OF INDIANA.

as the same appears on file, as the law directs, in the office.



                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed the seal of the DEPARTMENT
                                    OF FINANCIAL INSTITUTIONS, of the State of
                                    Indiana, at the City of Indianapolis, this
                                    10th day of July, 2001     .
                                    DEPARTMENT OF FINANCIAL INSTITUTIONS
                                    By:   /s/ Charles W. Phillips
                                         -----------------------
                                                DIRECTOR
<PAGE>
                                    EXHIBIT 4

                  A COPY OF THE EXISTING BYLAWS OF THE TRUSTEE
                        INCORPORATING AMENDMENTS TO DATE

                                 [See Attached]
<PAGE>
                       BYLAWS OF FIFTH THIRD BANK, INDIANA

                                   ARTICLES I
                                  SHAREHOLDERS

         SECTION 1. MEETINGS. The annual meeting of the Shareholders shall be
held at the principal office of the Corporation at such hour, as may be fixed in
the notice of such meeting, and on such date, not earlier than the second
Thursday of January or later than the third Thursday of April of each year, as
shall be fixed by the Board of Directors and communicated in writing to the
Shareholders not later than twenty (20) days prior to such meeting.

         SECTION 2. QUORUM. Shareholders, whether in person or by lawful
proxies, representing a majority in amount of the outstanding stock of the
Corporation, shall constitute a quorum at any Shareholders' meeting. If there be
less than a majority in amount of such stock at any meeting, the meeting may be
adjourned from time to time.

                                   ARTICLE II
                               BOARD OF DIRECTORS

         SECTION 1. ELECTION AND NUMBER. The Board of Directors shall be elected
by the Shareholders. The Board of Directors shall be composed of twelve (12)
persons unless this number is changes by the vote of a majority of the Directors
in office. The Directors may increase the number to not more than twenty four
(24) persons and may decrease the number to not less than three (3) persons. Any
Director's office created by the Directors by reason of an increase in their
number may be filled by action of the majority of the Directors in Office.

         SECTION 2. TERM. Directors shall hold office until the expiration of
the term for which they were elected, and shall continue in office until their
respective successors shall have been duly elected and qualified. Any such term
of office shall be no longer than three (3) years.

         SECTION 3. QUALIFICATIONS AND COMPENSATION. No person shall serve as a
Director who does not meet the qualification requirements of the applicable laws
of Indiana. Each Director shall be entitled to receive such compensation for
attendance at meetings of the Board of Directors or Committees thereof as the
Board of Directors may, from time to time, fix.

         SECTION 4. REPLACEMENT OR REMOVAL. Directors may be replaced or removed
as provided by the laws of Indiana, provided that Directors may be removed
without cause only by an affirmative vote of not less than two-thirds (2/3) of
the outstanding shares of the Corporation.

         SECTION 5. VACANCIES. Any vacancy occurring in the Board of Directors
may be filed by the Board of Directors until an election to fill such vacancy is
had.

         SECTION 6. QUORUM. A majority of the whole authorized number of
Directors, as the same shall be established from time to time in accordance with
Section 1 of these Bylaws, shall constitute
<PAGE>
a quorum for a meeting of the Directors, except that a majority of the Directors
in office constitute a quorum for the filling of a vacancy or vacancies of the
Board.

         SECTION 7. MEETINGS OF THE BOARD. Regular meetings of the Board of
Directors shall be held on the third Thursday of each month, or at such other
times as may be determined by the Board of Directors. Except as otherwise
provided by the laws of Indiana, any business may be transacted at any regular
meeting of the Board of Directors. Special meetings shall be held upon the call
of the Chairman of the Board, if one be elected, or by the President, or in
their absence, by a Vice President or any three (3) Directors.

         SECTION 8. NOTICE OF MEETINGS. The Secretary shall give notice of each
meeting of the Board of Directors, whether regular or special, to each member of
the Board.

         SECTION 9. COMMITTEES.

         9.1 EXECUTIVE COMMITTEE. The Board of Directors shall appoint an
Executive Committee consisting of at least one (1) member of the Board of
Directors. Such executive Committee members shall serve until their successors
are appointed. A majority of the members of said Committee shall constitute a
quorum. The Executive Committee shall conduct the business of the Corporation
and shall have all the powers of the Board of Directors when said Board is not
in session, except that of declaring a dividend and as otherwise prescribed by
Indiana law. The Secretary of the Corporation shall keep a record of the
Committee's proceedings, which, signed by the Chairman of the Committee, shall
be presented at the meetings of the Committees and at the meetings of the Board
of Directors.

         9.2 OTHER COMMITTEES. The Chairman of the Board, Chief Executive
Officer or President, may appoint such additional Committees, by and with
approval of the Board of Directors, as may be deemed desirable or necessary.

         Each such Committee, so appointed, shall have such powers and perform
such duties, not inconsistent with the applicable laws of Indiana, as may be
delegated to it by the Board of Directors.

         SECTION 10. INDEMNIFICATION. The Corporation shall indemnify each
Director and each Officer of the Corporation, and each person employed by the
Corporation who serves at the written request of the President of the
Corporation as a director, trustee, officer, employee, or agent of another
corporation, domestic or foreign, non-profit or for profit, partnership, joint
venture, trust or other enterprise, to the full extent permitted by the
applicable laws of Indiana. The term "Officer" as used in this Section shall
include the Chairman of the Board and the Vice Chairman of the Board if such
offices are filled, the Chief Executive Officer, the President, each Vice
President, each Affiliate Director, the Treasurer, the Secretary, the Cashier,
the Controller, the Auditor, the Counsel and any other person who is
specifically designated as an "Officer" within the operation of this Section by
action of the Board of Directors. The Corporation may indemnify assistant
Officers, employees and others by action of the Board of Directors to the extent
permitted by the applicable laws of Indiana.
<PAGE>
                                   ARTICLE III
                                    OFFICERS

         SECTION 1. ELECTION OF OFFICERS. The Board of Directors at the first
meeting after the election of Directors may elect one of its own number Chairman
of the Board and one of its own number Vice Chairman of the Board, and it shall
elect one of its own number President. It may also elect a Chief Executive
Officer, one or more Vice Presidents (one or more of whom may be designated
Executive Vice President and/or Senior Vice President and/or Vice President and
Trust Officer), one or more Affiliate Directors, a Cashier, a Secretary, and a
Treasurer, and it may appoint such other officers as the Board may deem
advisable. The Corporation may also elect a Chief Executive Officer, President,
Chief Financial Officer, Secretary and/or Treasurer for each affiliate of the
Corporation as determined appropriate from time to time by the Board of
Directors, which such officers having the name of such affiliate appended to his
or her title (e.g., President (Southern)). Any two or more offices may be held
by the same person except that the duties of the President and the Secretary may
not be performed by the same person. Officers so elected shall hold office
during the term of the Board by whom they are elected, subject to the power of
the Board to remove them at its discretion. They shall be bonded in such amount
and with such surety or securities as the Board of Directors shall require.

         SECTION 2. POWERS AND DUTIES. The Chairman of the Board of Directors,
if the office be filled, otherwise the Vice Chairman of the Board of Directors,
if the office be filled, otherwise the President shall preside at all meetings
of the Shareholders and the Board of Directors, shall be responsible for the
supervision and control over the business of the Corporation and shall serve at
the pleasure of the Board of Directors. In the absence of disability of any of
the foregoing officers, their respective duties shall be performed by the
Chairman of the Board, Vice Chairman of the Board, the President, or by a Vice
President specifically designated by the Board of Directors, in the order named.

         The Secretary, or in his absence or disability, the assistant
Secretary, shall act, ex officio, as Secretary of all meetings of the
Shareholders, the Board of Directors and the Executive Committee. The other
officers of the Corporation shall have such powers and duties as usually and
customarily attached to their offices.

                                   ARTICLE IV
                          AFFILIATE BOARDS OF DIRECTORS

         SECTION 1. AFFILIATE BOARDS OF DIRECTORS. The Board of Directors may
elect such of its members and Officers of the Corporation (whether or not such
other persons are employed by the Corporation) in such numbers as the Board of
Directors deems necessary to form an affiliate board of directors for such
affiliates of the Corporation as determined appropriate form time to time by the
Board of Directors. As of May 29, 2001, such affiliates are anticipated to be
known as: Fifth Third Bank, Indiana (Southern). Any person designated as an
Affiliate Director, who is not employed by the Corporation, shall be a
Non-Employee Officer of the Corporation. Affiliate Directors so elected shall
hold office during the term of the Board by whom they are appointed, subject to
the power of the Board to remove them at its discretion and/or until such time
as their successors have been duly elected and qualified.
<PAGE>
         SECTION 2. POWERS AND DUTIES. The Board of Directors may delegate to
each Affiliate Board of Directors the power and authority to take by majority
vote of the members of such Affiliate Board of Directors any and all such
actions that may be legally delegated by the Board of Directors to any one or
more officers of the Corporation pursuant to the laws of Indiana. Any action
taken by any Affiliate Director pursuant to the direction given or authorization
granted to him or her by such Affiliate Board of Directors shall constitute the
valid and legal act of the Corporation pursuant to the approval and
authorization of the Board of Directors.

         SECTION 3. EXECUTIVE COMMITTEES. Each Affiliate Board of Directors
shall appoint an Executive Committee consisting of at least one(1) member of the
respective Affiliate Board of Directors. Such executive Committee shall serve
until their successors are appointed. The Board of Directors may delegate to
each such Executive Committee of an Affiliate Board of Directors any and all
such actions that may be legally delegated to the respective Affiliate Board of
Directors pursuant tot he laws of Indiana. Any action taken by any officer of
the Corporation pursuant to the direction given or authorization granted to him
or her by such Executive Committee shall constitute the valid and legal act of
the Corporation pursuant to the approval and authorization of the Board of
Directors.

                                    ARTICLE V
                              CERTIFICATES OF STOCK

         SECTION 1. FORM. Certificates for shares of stock shall be signed by
the Chairman of the Board, or by the President, or by one of the Vice
Presidents, and by the Secretary or Treasurer or by the Cashier or an Assistant
Cashier, shall contain such statements as are required by applicable Indiana
Law, and shall otherwise be in such form as the Board of Directors may, from
time to time, require.

         SECTION 2. TRANSFERS. Shares shall be transferable on the books of the
Corporation by the holders thereof in person or by duly authorized attorney upon
surrender of the certificates therefor with duly executed assignment endorsed
thereon or attached thereto.

         SECTION 3. CLOSING OF TRANSFER BOOKS. The books for the transfer of the
stock of the Corporation shall be closed for at least five (5) days preceding
the annual meeting of Shareholders, and may be closed by order of the Board of
Directors, or Executive Committee, for a like period before any other meeting of
the Shareholders.

                                   ARTICLE VI
                                   AMENDMENTS

         These bylaws may be changed, and new bylaws adopted by the vote of a
majority of the Board of Directors.
<PAGE>
                                    EXHIBIT 5


                 A COPY OF EACH INDENTURE REFERRED TO IN ITEM 4

                                (NOT APPLICABLE)
<PAGE>
                              EXHIBIT 6 TO FORM T-1

                             THE CONSENT OF TRUSTEE

         Pursuant to the requirements of Section 321(b) of the Trust Indenture
Act of 1939 in connection with the proposed issuance of 4% Convertible
Subordinated Notes Due 2012 of STEEL DYNAMICS, INC., Fifth Third Bank, Indiana
hereby consents that reports of examination by Federal, State, Territorial or
District Authorities may be furnished by such authorities to the Securities and
Exchange Commission upon request therefor.

                                                  FIFTH THIRD BANK, INDIANA


                                                  By:
                                                     ---------------------------

                                                  Its:
                                                      --------------------------
<PAGE>
                                    EXHIBIT 7

             A COPY OF THE LATEST REPORT OF CONDITION OF THE TRUSTEE
                  PUBLISHED PURSUANT TO LAW OR THE REQUIREMENTS
                    OF ITS SUPERVISING OR EXAMINING AUTHORITY

                                 [See Attached]
<PAGE>
<TABLE>
<S>                                            <C>
Fifth Third Bank, Indiana
251 NORTH ILLINOIS STREET                                   FFIEC 041
INDIANAPOLIS , IN  46204                        Consolidated Report of Condition
FDIC Certificate Number:  34434                       for December 31, 2002
</TABLE>



Consolidated Report of Condition for Insured Commercial and State - Chartered
Savings Banks for December 31, 2002

All Schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.

Schedule RC -- Balance Sheet
<TABLE>
<CAPTION>
                                                     Dollar Amounts in Thousands
ASSETS
<S>                                                                                             <C>        <C>
   1. Cash and balances due from depository institutions (from Schedule RC-A)
      a. Noninterest-bearing balances and currency and coin(1)                                  RCON 0081    217,487
      b. Interest-bearing balances(2)                                                           RCON 0071        955
   2. Securities:
      a. Held-to-maturity securities (from Schedule RC-B, column A)                             RCON 1754      4,975
      b. Available-for-sale securities (from Schedule RC-B, column D)                           RCON 1773  2,824,862
   3. Federal funds sold and securities purchased under agreements to resell
      a. FEDERAL FUNDS SOLD                                                                     RCON B987  1,026,333
      b. SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL(3)                                     RCFD B989          0
   4. Loans and lease financing receivables (from Schedule RC-C):
      a. Loans and leases held for sale                                                         RCON 5369        370
      b. Loans and leases, net of unearned income                                               RCON B528  3,913,525
      c. LESS: Allowance for loan and lease losses                                              RCON 3123     57,730
      d. Loans and leases, net of unearned income and allowance (item 4.b minus 4.c)            RCON B529  3,855,795
   5. Trading assets (from Schedule RC-D)                                                       RCON 3545          0
   6. Premises and fixed assets (including capitalized leases)                                  RCON 2145     84,986
   7. Other real estate owned (from Schedule RC-M)                                              RCON 2150      2,377
   8. Investments in unconsolidated subsidiaries and associated companies                       RCON 2130          0
</TABLE>
<PAGE>
<TABLE>
<S>                                                                                             <C>        <C>
      (from Schedule RC-M)
   9. Customers' liability to this bank on acceptances outstanding                              RCON 2155          0
  10. Intangible assets:
      a. Goodwill                                                                               RCON 3163     21,150
      b. Other intangible assets (from Schedule RC-M)                                           RCON 0426          8
  11. Other assets (from Schedule RC-F)                                                         RCON 2160    296,230
  12. Total assets (sum of items 1 through 11)                                                  RCON 2170  8,335,528
LIABILITIES

13. Deposits:
      a. In domestic offices (sum of totals of columns A and C from Schedule RC-E)              RCON 2200  4,612,468
         (1) Noninterest-bearing(4)                                                             RCON 6631    315,744
         (2) Interest-bearing                                                                   RCON 6636  4,296,723
      b. Not applicable

  14. Federal funds purchased and securities sold under agreements to repurchase
      a. Federal funds purchased(5)                                                             RCON B993    224,270
      b. Securities sold under agreements to repurchase(6)                                      RCON B995    539,344
  15. Trading liabilities (from Schedule RC-D)                                                  RCON 3548          0
  16. Other borrowed money (includes mortgage indebtedness and
      obligations under capitalized leases) (from Schedule RC-M)                                RCON 3190  1,774,673
  17. Not applicable
  18. Bank's liability on acceptances executed and outstanding                                  RCON 2920          0
  19. Subordinated notes and debentures(7)                                                      RCON 3200          0
  20. Other liabilities (from Schedule RC-G)                                                    RCON 2930    106,747
  21. Total liabilities (sum of items 13 through 20)                                            RCON 2948  7,257,502
  22. Minority interest in consolidated subsidiaries                                            RCON 3000          0
EQUITY CAPITAL

  23. Perpetual preferred stock and related surplus                                             RCON 3838          0
  24. Common stock                                                                              RCON 3230      4,000
  25. Surplus (exclude all surplus related to preferred stock)                                  RCON 3839    613,906
  26.   a. Retained earnings                                                                    RCON 3632    400,245
      b. Accumulated other comprehensive income(8)                                              RCON B530     59,875
  27. Other equity capital components(9)                                                        RCON A130          0
  28. Total equity capital (sum of items 23 through 27)                                         RCON 3210  1,078,026
  29. Total liabilities, minority interest, and equity capital
      (sum of items 21, 22, and 28)                                                             RCON 3300  8,335,528
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Memorandum
TO BE REPORTED WITH THE MARCH REPORT OF CONDITION.
<S>                                                                                             <C>        <C>
  1. Indicate in the box at the right the number of the statement below that best describes                NUMBER
     the most comprehensive level of auditing work performed for the bank by independent
     external auditors as of any date during 2001                                               RCFD 6724     N/A

</TABLE>

<TABLE>

<S>                                                         <C>
   1 = Independent audit of the bank conducted in           4 = Directors' examination of the bank conducted in
       accordance with generally accepted auditing              accordance with generally accepted auditing
       standards by a certified public accounting firm          standards by a certified public accounting firm
       which submits a report on the bank                       (may be required by state chartering authority)

   2 = Independent audit of the bank's parent holding       5 = Directors' examination of the bank performed by
       company conducted in accordance with generally           other external auditors (may be required by state
       accepted auditing standards by a certified public        chartering authority)
       accounting firm which submits a report on the
       consolidated holding company (but not on the bank
       separately)
                                                            6 = Review of the bank's financial statements by
                                                                external auditors

                                                            7 = Compilation of the bank's financial statements by
                                                                external auditors

   3 = Attestation on bank management's assertion on the    8 = Other audit procedures (excluding tax preparation
       effectiveness of the bank's internal control over        work)
       financial reporting by a certified public
       accounting firm
                                                            9 = No external audit work
</TABLE>

---------------------------
(1) Includes cash items in process of collection and unposted debits.

(2) Includes time certificates of deposit not held for trading.

(3) Includes all securities resale agreements, regardless of maturity.

(4) Includes total demand deposits and noninterest-bearing time and savings
    deposits.

(5) Report overnight Federal Home Loan Bank advantages in Schedule RC, item 16,"
    other borrowed money."

(6) Includes all securities repurchase agreements, regardless of maturity.

(7) Includes limited-life preferred stock and related surplus.

<PAGE>

(8) Includes net unrealized holding gains (losses) on available-for-sale
    securities, accumulated net gains (losses) on cash flow hedges, cumulative
    foreign currency translation adjustments, and minimum pension liability
    adjustments.

(9) Includes treasury stock and unearned Employee Stock Ownership Plan shares.

<PAGE>
                                    EXHIBIT 8

A COPY OF ANY ORDER PURSUANT TO WHICH THE FOREIGN TRUSTEE IS AUTHORIZED TO ACT
AS SOLE TRUSTEE UNDER INDENTURES QUALIFIED OR TO BE QUALIFIED UNDER THE ACT


                                (NOT APPLICABLE)
<PAGE>
                                    EXHIBIT 9

          FOREIGN TRUSTEES ARE REQUIRED TO FILE A CONSENT TO SERVICE OF
                               PROCESS OF FORM F-X

                                (NOT APPLICABLE)

