<SUBMISSION>
<ACCESSION-NUMBER>0000950123-03-004621
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20030421
<ITEMS>9
<FILING-DATE>20030423
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STEEL DYNAMICS INC
<CIK>0001022671
<ASSIGNED-SIC>3312
<IRS-NUMBER>351929476
<STATE-OF-INCORPORATION>IN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-21719
<FILM-NUMBER>03659818
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>7030 POINTE INVERNESS WAY
<STREET2>SUITE 310
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
<PHONE>2194593553
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>7030 POINTE INVERNERSS WAY
<STREET2>SUITE 310
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y85740e8vk.txt
<DESCRIPTION>FORM 8-K
<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): April 21, 2003


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

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

</TABLE>


         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 12.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following information, including the referenced exhibit, is being furnished
to the Commission. Pursuant to General Instruction B.6 to Form 8-K, this
information is not to be deemed "filed" for purposes of Section 18 of the
Exchange Act nor is it to be deemed included in any filing that incorporates
reports on Form 8-K by reference into any such filing.

On April 21, 2003, Steel Dynamics, Inc. issued a press release regarding first
quarter 2003 earnings results entitled "Steel Dynamics Posts Strong First
Quarter Results." A copy of the press release is being furnished to the
Securities and Exchange Commission by attachment as Exhibit 99.1 to this Report.

The April 21, 2003 earnings release was issued in advance of the company's
regular earnings teleconference, which was held on April 22, 2003.  During
the webcast teleconference, Keith E. Busse, SDI's president and CEO, estimated
second quarter flat roll shipments of approximately 525,000 tons and structural
shipments of approximately 100,000 tons. He also estimated second quarter
earnings at the lower-end of a $.10 to $.15 per diluted share range.  During
the conversation Mr. Busse estimated that the scrap costs would be down $5 to
$15 per ton during the quarter but did not point out that these cost decreases
would largely not impact the company until the latter stages of the quarter.
SDI will be melting peak purchase price scrap units in April and May and will
be melting the less costly scrap units in June. On the basis of total scrap
tons charged, the scrap costs for the second quarter are estimated to be $128
per net ton charged, an increase of $7 per ton on a linked first quarter to
second quarter comparison basis.

                                   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.

                                                     /s/ Tracy L. Shellabarger
                                                     --------------------------

Date: April 21, 2003                                 By:  Tracy L. Shellabarger
                                                          Title:  Secretary




                                       2
<PAGE>
                                INDEX TO EXHIBITS

<TABLE>
<CAPTION>
Exhibit    Description

<S>        <C>
99.1       Press release dated April 21, 2003
</TABLE>



                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>y85740exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

PRESS RELEASE                                              [STEEL DYNAMICS LOGO]
APRIL 21, 2003                              6714 Pointe Inverness Way, Suite 200
                                                       Fort Wayne, IN 46804-7932
                                                              260.459.3553 Phone
                                                                260.969.3590 Fax
                                                           www.steeldynamics.com
--------------------------------------------------------------------------------

STEEL DYNAMICS POSTS STRONG FIRST QUARTER RESULTS

FORT WAYNE, INDIANA, April 21, 2003 - Today Steel Dynamics, Inc. (NASDAQ: STLD)
announced first quarter earnings of $15.8 million, or $.33 per diluted share,
compared to earnings of $1.6 million, and diluted earnings per share of $.04 in
the first quarter of 2002. Net sales for the first quarter of 2003 were $236
million, a 41 percent increase compared to the first quarter of 2002. SDI's
first quarter 2003 results were much stronger than the first quarter of 2002 due
to higher shipping volumes and higher selling prices that resulted from stronger
market conditions.

SDI's first quarter consolidated shipments of 648,000 tons were 15 percent
higher than shipments in the year-ago quarter and 8 percent higher than
shipments in the fourth quarter of 2002. First-quarter average consolidated
selling price per ton was $363, compared to $297 per ton recorded for the first
quarter of 2002 and $403 per ton in the fourth quarter of 2002.

"We are pleased with the quarter's results," said Keith Busse, president and
chief executive officer, "in light of the continued slow economic environment
which resulted in lower than initially anticipated first-quarter average selling
prices and somewhat lower shipping volumes. Nevertheless, production and
shipping levels were sufficient to allow us to maintain solid profitability,
although margins were adversely affected by lower realized selling prices for
flat-rolled steels.

"The Structural and Rail Division continued product commissioning in the first
quarter and increased its shipments substantially from the prior quarter despite
ramping up during a period of lackluster commercial and industrial construction
activity. Operationally, the new mill, its equipment, and its new workforce are
performing extremely well. Production trials of rail are expected to begin in
the second quarter," Busse said.

In the first quarter, Steel Dynamics shipped for export to China 129,000 tons of
thin-gauge, hot-rolled and cold-rolled steel, and expects to continue to ship
additional volumes in the second quarter. "These orders represent a welcome
opportunity for the company to supply its products to the international market,
but the extent of any ongoing business that will result is uncertain," Busse
said.

"Previously announced new business development projects are proceeding as
planned," Busse said, "Our team at the newly formed Bar Products Division is
making excellent progress in engineering and facility planning. The former
Qualitech SBQ mill near Indianapolis is expected to begin production as SDI's
third mini-mill in the first quarter of 2004." SDI now expects to invest a total
of approximately $75 million in 2003 and 2004 to broaden the capabilities of
this bar mill to produce merchant shapes and reinforcing bars, as well as
special-bar-quality steels.

During the first quarter, in an effort to expand its Flat Roll Division's
finishing capabilities, Steel Dynamics completed the purchase of a modern
galvanizing plant in Jeffersonville, Indiana, formerly owned by GalvPro. The
purchase price for this next-to-new facility was $17.5 million, plus up to an
additional $1.5 million payment subject to an earn-out formula. SDI expects to
invest $2 to $6 million at the facility to improve material handling capability
and increase throughput. Production is expected to begin in the third quarter of
2003. Located at the Clark Maritime Center on the Ohio River, this plant will
provide SDI access to low-cost river transportation through use of the port
facilities, making the company's flat-roll products more competitive in Southern
markets.

SDI's Flat Roll Division also is making rapid progress in the construction and
installation of its new paint line at Butler, Indiana, which is expected to
begin operations in September 2003. Customer interest is very strong for this
new painted-steel product offering.

Additionally, the company's Iron Dynamics facility is being readied for restart
this fall and orders have been placed for the necessary briquetting equipment
that will be installed at the facility. In the first quarter Steel Dynamics also
increased its

                                       4
<PAGE>
ownership in New Millennium Building Systems, LLC to 100 percent from the 46.6
percent stake that it had owned previously. New Millennium manufactures joists,
girders, trusses, and steel decking, and now operates as a wholly owned
subsidiary of Steel Dynamics.


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


CONFERENCE CALL WEBCAST AVAILABLE ON SDI WEB SITE

A conference call in which Steel Dynamics' management will discuss the company's
first quarter 2003 results and the business outlook is scheduled for 11:00 am
EDT (10:00 am Central) on April 22, 2003.

You are invited to listen in to the live broadcast of the conference call over
the Internet, accessible from Steel Dynamics' Web site home page. A replay of
the Webcast will be available from the SDI Web site until May 9, 2003.

The Webcast, as well as other information about Steel Dynamics, can be found at:

           WWW.STEELDYNAMICS.COM

ANNUAL MEETING WEBCAST

Steel Dynamics' 2003 Annual Shareholders Meeting is scheduled in Fort Wayne,
Indiana, on May 29, 2003, at 10:00 am EDT (9:00 am Central). The meeting will be
Webcast live, accessible from SDI's Web site home page.


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


FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS SOME PREDICTIVE STATEMENTS ABOUT FUTURE EVENTS,
INCLUDING STATEMENTS RELATED TO CONDITIONS IN THE STEEL MARKETPLACE, FUTURE
GROWTH OF STEEL DYNAMICS' REVENUES, THE COMPANY'S FUTURE PROFITABILITY, THE
CONSTRUCTION AND OPERATION OF NEW OR EXISTING FACILITIES, AND THE OPERATION AND
FUTURE RESULTS OF SDI'S RELATED BUSINESSES. THESE STATEMENTS ARE INTENDED TO BE
MADE AS "FORWARD-LOOKING," SUBJECT TO MANY RISKS AND UNCERTAINTIES, WITHIN THE
SAFE HARBOR PROTECTIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
SUCH PREDICTIVE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE, AND ACTUAL
RESULTS COULD DIFFER MATERIALLY FROM OUR CURRENT EXPECTATIONS.

We refer you to SDI's detailed explanation of the many factors and risks that
may cause such predictive statements to turn out differently, as set forth in
our most recent Annual Report on Form 10-K and in other reports which we from
time to time file with the Securities and Exchange Commission, available
publicly on the SEC's Web site, www.sec.gov.

Contact:  Fred Warner, Investor Relations Manager
          (260) 969-3564 or fax (260) 969-3590
          f.warner@steeldynamics.com



                                       5
<PAGE>
                              Steel Dynamics, Inc.
                   UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)



<TABLE>
<CAPTION>
                                                                                                QUARTER ENDED
                                                                                                   MARCH 31,
                                                                                        --------------------------------
                                                                                          2003                    2002
                                                                                        --------                --------
<S>                                                                                     <C>                     <C>
Net sales ..........................................................................    $235,504                $166,903

Costs and expenses:
     Cost of goods sold ............................................................     185,969                 139,529
     Selling, general, & administrative expenses ...................................      14,975                  16,332
                                                                                        --------                --------
Operating income ...................................................................      34,560                  11,042
Interest expense ...................................................................       9,166                   4,265
Other expense, net .................................................................         149                   4,153
                                                                                        --------                --------
Income before income taxes .........................................................      25,245                   2,624
Income tax expense .................................................................       9,467                     984
                                                                                        --------                --------
Net income .........................................................................    $ 15,778                $  1,640
                                                                                        ========                ========


Basic earnings per share:
     Net income ....................................................................    $    .33                $    .04
                                                                                        ========                ========
Weighted average common shares
  outstanding ......................................................................      47,601                  46,045
                                                                                        ========                ========


Diluted earnings per share:
     Net income ....................................................................    $    .33                $    .04
                                                                                        ========                ========
Weighted average common shares and share equivalents outstanding ...................      47,786                  46,348
                                                                                        ========                ========
</TABLE>


                                       6
<PAGE>
                              STEEL DYNAMICS, INC.
                  UNAUDITED SUPPLEMENTAL OPERATING INFORMATION

<TABLE>
<CAPTION>
                                                                                                 QUARTER ENDED
                                                                                                   MARCH 31,
                                                                                        -------------------------------
                                                                                          2003                   2002
                                                                                        --------               --------
<S>                                                                                     <C>                    <C>
Consolidated shipments (tons) ......................................................     648,114                561,948
Steel Operation* shipments (tons) ..................................................     641,401                551,265
Steel Operation* production (tons) .................................................     685,432                579,837

Average consolidated selling price per ton (dollars) ...............................    $    363               $    297
Operating profit per ton shipped** (dollars) .......................................          54                     28
Start-up costs (thousands of dollars) ..............................................         486                  4,594
</TABLE>


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

*     Steel Operations include the company's Flat Roll Division, Structural and
      Rail Division and Bar Products Division.

**    Operating profit per ton shipped represents operating income before
      start-up costs and minority interest adjustments divided by consolidated
      shipments.



                                       7
<PAGE>
                              STEEL DYNAMICS, INC.

                           CONSOLIDATED BALANCE SHEETS

                                 (in thousands)


<TABLE>
<CAPTION>
                                                                                         MARCH 31,              DECEMBER 31,
                                                                                           2003                     2002
                                                                                        -----------             ------------
                                                                                        (UNAUDITED)
<S>                                                                                     <C>                     <C>
                                    Assets

Current assets:
     Cash and short-term investments .............................................      $     3,241              $    24,218
     Accounts receivable .........................................................          121,945                  118,479
     Inventories .................................................................          167,684                  153,204
     Deferred income taxes .......................................................            7,081                    6,680
     Other current assets ........................................................            5,859                    8,322
                                                                                        -----------              -----------
           Total current assets ..................................................          305,810                  310,903

Property, plant, and equipment, net ..............................................          951,368                  929,338

Restricted cash ..................................................................            2,622                    2,616

Other assets .....................................................................           36,165                   32,839
                                                                                        -----------              -----------
           Total assets ..........................................................      $ 1,295,965              $ 1,275,696
                                                                                        ===========              ===========


                 Liabilities and Stockholders' Equity

Current liabilities:
     Accounts payable ............................................................      $    62,347              $    46,217
     Accrued interest ............................................................            5,665                   10,665
     Accrued expenses ............................................................           38,306                   44,755
     Current portion of long-term debt ...........................................           12,936                   11,638
                                                                                        -----------              -----------
           Total current liabilities .............................................          119,254                  113,275

Long-term debt, less current maturities ..........................................          539,121                  543,812

Deferred income taxes ............................................................           75,975                   70,330

Minority interest ................................................................            1,029                    4,632

Other long-term contingent liabilities ...........................................           21,987                   21,987

Stockholders' equity:
     Common stock ................................................................              500                      499
     Treasury stock, at cost .....................................................          (29,065)                 (28,889)
     Additional paid-in capital ..................................................          348,056                  347,050
     Retained earnings ...........................................................          225,884                  210,106
     Other accumulated comprehensive loss ........................................           (6,776)                  (7,106)
                                                                                        -----------              -----------
           Total stockholders' equity ............................................          538,599                  521,660
                                                                                        -----------              -----------
           Total liabilities and stockholders' equity ............................      $ 1,295,965              $ 1,275,696
                                                                                        ===========              ===========
</TABLE>



                                       8
<PAGE>
                              STEEL DYNAMICS, INC.

                 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                                                QUARTER ENDED
                                                                                                   MARCH 31,
                                                                                        -------------------------------
                                                                                           2003                  2002
                                                                                        ---------             ---------
<S>                                                                                     <C>                   <C>
Operating activities:
    Net income .....................................................................    $  15,778             $   1,640
    Adjustments to reconcile net income to net cash provided by operating
      activities:
       Depreciation and amortization ...............................................       16,276                13,833
       Deferred income taxes .......................................................        5,244                (1,704)
Minority interest ..................................................................         (652)                  256
       Net change in working capital ...............................................      (11,979)               18,464
                                                                                        ---------             ---------
          Net cash provided by operating activities ................................       24,667                32,489
                                                                                        ---------             ---------

Investing activities:
       Purchases of property, plant, and equipment .................................      (37,435)              (33,759)
       Other .......................................................................       (8,291)                   --
                                                                                        ---------             ---------

          Net cash used in investing activities ....................................      (45,726)              (33,759)
                                                                                        ---------             ---------

Financing activities:
    Issuance of long-term debt .....................................................       21,712               476,149
    Repayments of long-term debt ...................................................      (21,418)             (508,403)
    Issuance of common stock (net of expenses) and proceeds and tax benefits from
      exercise of stock options ....................................................        1,007                 1,103
    Purchase of treasury stock .....................................................         (176)                   --
    Debt issuance costs ............................................................       (1,043)              (13,501)
                                                                                        ---------             ---------
          Net cash used in financing activities ....................................           82               (44,652)
                                                                                        ---------             ---------

Decrease in cash and cash equivalents ..............................................      (20,977)              (45,922)
Cash and cash equivalents at beginning of period ...................................       24,218                78,241
                                                                                        ---------             ---------
Cash and cash equivalents at end of period .........................................    $   3,241             $  32,319
                                                                                        =========             =========
</TABLE>



                                       9

</TEXT>
</DOCUMENT>
</SUBMISSION>
