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                                                                    EXHIBIT 12.1

STEEL DYNAMICS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                 1997         1998         1999         2000         2001         2002
                                              ----------   ----------   ----------   ----------    ----------   ---------
<S>                                           <C>          <C>          <C>          <C>          <C>          <C>
Interest expense, including amortization
   of debt issuance costs .................   $   9,197    $  16,938    $  22,919    $  21,038    $  21,015    $  32,978
Capitalized interest ......................       8,093        5,878       13,196       17,477       13,993       11,413
                                              ---------    ---------    ---------    ---------    ---------    ---------

        Fixed charges (a) .................      17,290       22,816       36,115       38,515       35,008       44,391


Income before taxes and extraordinary
Income before taxes and extraordinary items      59,371       52,626       65,279       84,485        5,113      130,012
Amortization of capitalized interest ......         848        1,138        1,365        1,501        1,597        2,932
Less capitalized interest .................      (8,093)      (5,878)     (13,196)     (17,477)     (13,993)     (11,413)
                                              ---------    ---------    ---------    ---------    ---------    ---------

        Adjusted earnings (b) .............   $  69,416    $  70,702    $  89,563    $ 107,024    $  27,725    $ 165,922
                                              =========    =========    =========    =========    =========    =========

Ratio (b) / (a) ...........................       4.01x        3.10x        2.48x        2.78x        0.79x        3.74x
                                              =========    =========    =========    =========    =========    =========
</TABLE>


For purposes of calculating our ratio of earnings to fixed charges, earnings
consist of earnings from continuing operations before income taxes and
extraordinary items, adjusted for the portion of fixed charges deducted from the
earnings, plus amortization of capitalized interest. Fixed charges consist of
interest on all indebtedness, including capitalized interest, and amortization
of debt issuances costs, excluding amortization of debt issuance costs
classified as extraordinary.

