<SUBMISSION>
<ACCESSION-NUMBER>0001125282-04-001465
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>6
<PERIOD>20040520
<FILING-DATE>20040405
<EFFECTIVENESS-DATE>20040405
<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>DEF 14A
<ACT>34
<FILE-NUMBER>000-21719
<FILM-NUMBER>04715898
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY
<STREET2>SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
<PHONE>2604593553
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY
<STREET2>SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>b331085_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<html>

<head>
<title>Prepared and filed by St Ives Burrups</title>
</head>

<body link=blue vlink=purple>

<div style="page-break-before:always"></div>
<PAGE>
<H5 align="left"><A HREF="#Contents"><FONT size="2" face="Times New Roman">Table of Contents</font></A></H5><P>
<CENTER>
</CENTER>

<P align="center"><FONT size="2" face="Times New Roman"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>

<P align="center"><FONT size="2" face="Times New Roman"><B>SCHEDULE 14A</B>
</FONT>


<P align="center"><FONT size="2" face="Times New Roman">Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">Filed by the Registrant &nbsp;&nbsp;<img src="tickedbox.gif"></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">Filed by a Party other than the Registrant &nbsp;&nbsp;<img src="emptybox.gif"></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2" face="Times New Roman"><img src="emptybox.gif">&nbsp;&nbsp; Preliminary Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2" face="Times New Roman"><img src="emptybox.gif">&nbsp;&nbsp;
<B>Confidential, for Use of the Commission Only (as permitted by
Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2" face="Times New Roman"><img src="tickedbox.gif">&nbsp;&nbsp; Definitive Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman"><img src="emptybox.gif">&nbsp;&nbsp; Definitive Additional Materials</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2" face="Times New Roman"><img src="emptybox.gif">&nbsp;&nbsp;
Soliciting Material Pursuant to &#167;240.14a-12</FONT></TD>
</TR>
</TABLE>


<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><FONT size="2" face="Times New Roman">Steel Dynamics, Inc.</font></td>
  </tr>
  <tr>
    <td valign="bottom">
    <HR size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="center"><FONT size="2" face="Times New Roman">(Name of Registrant as Specified
    In Its Charter)</FONT> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><HR size="1" noshade></td>
  </tr>
  <tr>
    <td align="center"><FONT size="2" face="Times New Roman">(Name of Person(s) Filing Proxy
    Statement, if other than the Registrant) </FONT></td>
  </tr>
</table>

<P><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of
Filing Fee (Check the appropriate box):</FONT><P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2" face="Times New Roman"><img src="tickedbox.gif">&nbsp;&nbsp; No fee required.</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2" face="Times New Roman"><img src="emptybox.gif">&nbsp;&nbsp;
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and
0-11.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total fee paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="emptybox.gif">&nbsp;&nbsp; Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="emptybox.gif">&nbsp;&nbsp; Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount Previously Paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing Party:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date Filed:</FONT></TD>
</TR>
</TABLE>
<HR size="1" noshade>

<p>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><FONT size="2" face="Times New Roman">SEC 1913 (02-02)</font></TD>
        <TD><FONT size="2" face="Times New Roman"><b>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></font></TD>
</TR>
</TABLE>
</center>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>
<div><a name=Cover></a><font size="2" face="Times New Roman"><b><a href="#Contents">Click Here for Contents</a></b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><img border="0" width=336 height=72  src="image001.jpg"></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="4" face="Times New Roman"><b>NOTICE OF ANNUAL  MEETING OF STOCKHOLDERS</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>To be Held on May 20,  2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">To our Stockholders:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">You are  cordially invited to attend the Annual Meeting of Steel Dynamics, Inc.&#160; The information for the meeting is as  follows:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman">TIME</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">9:00 a.m.,    Fort Wayne time</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">Thursday,    May 20, 2004</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman">PLACE</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">Grand Wayne    Center</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">John    Whistler Ballroom</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">120 West    Jefferson Boulevard</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">Fort Wayne,    Indiana 46802</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman">ITEMS OF    BUSINESS</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">(1)</font></div>
  </td>
  <td width="76%" valign="top">
  <div><font size="2" face="Times New Roman">To elect ten    (10) Directors for a one-year term.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">(2)</font></div>
  </td>
  <td width="76%" valign="top">
  <div><font size="2" face="Times New Roman">To approve    Ernst &amp; Young LLP as our independent auditors for the fiscal year ending    December 31, 2004.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">(3)</font></div>
  </td>
  <td width="76%" valign="top">
  <div><font size="2" face="Times New Roman">To approve    the Steel Dynamics, Inc. 2004 Employee Stock Purchase Plan.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">(4)</font></div>
  </td>
  <td width="76%" valign="top">
  <div><font size="2" face="Times New Roman">To conduct    other business properly raised before the meeting and any adjournment or    postponement of the meeting.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman">RECORD DATE</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">You may vote    if you were a stockholder of record on March&nbsp;15, 2004.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman">2003 ANNUAL    REPORT</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">Our 2003    Annual Report to Stockholders, which is not a part of this proxy soliciting    material, is enclosed.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman">PROXY VOTING</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">You will be    able to vote in one of four ways:</font></div>
  </td>
 </tr>


<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">(1)</font></div>
  </td>
  <td width="76%" valign="top">
  <div><font size="2" face="Times New Roman">Mark, sign,    date and return your proxy card in the enclosed envelope.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">(2)</font></div>
  </td>
  <td width="76%" valign="top">
  <div><font size="2" face="Times New Roman">Call the    toll-free telephone number on your proxy card and follow the instructions for    telephone voting.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">(3)</font></div>
  </td>
  <td width="76%" valign="top">
  <div><font size="2" face="Times New Roman">Visit the    web site shown on your proxy card and follow the instructions for voting on    the Internet.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">(4)</font></div>
  </td>
  <td width="76%" valign="top">
  <div><font size="2" face="Times New Roman">Vote in    person at the meeting.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="80%" colspan="2" valign="top">
  <div><font size="2" face="Times New Roman">You may    always revoke your proxy before it is voted at the meeting by following the    instructions in the accompanying proxy statement.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="40%" valign="top">
  <div><font size="2" face="Times New Roman"><img border="0" width=186 height=47    src="image004.jpg"></font></div>
  <div><font size="2" face="Times New Roman">KEITH E.    BUSSE</font></div>
  <div><font size="2" face="Times New Roman">President    and Chief Executive Officer</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">April&nbsp;5, 2004</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><Font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><a name=Contents></a><font  size="2" face="Times New Roman"><b>Table of Contents</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman"><b>Page</b></font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p1">Voting Information</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p1">1</a></font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman"><a href="#p4">Governance    of the Company</a></font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman"><a href="#p4">4</a></font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="5%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="2" face="Times New Roman"><b><a    href="#p6">Proposal No. 1 &#150; Election    of Directors</a></b></font></div>
  </td>
  <td width="5%" valign="top">
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  <div><font size="2" face="Times New Roman"><a href="#p8">Information    on Directors and Executive Officers</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p10">Security    Ownership of Certain Beneficial Owners</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p11">Executive    Compensation</a></font></div>
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  <div><font size="2" face="Times New Roman"><a href="#p12">Equity    Compensation Plan Information</a></font></div>
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  <div style='margin-left:3%'><font size="2" face="Times New Roman"><a href="#p12">Option Grants in Last Fiscal Year</a></font></div>
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  <div style='margin-left:3%'><font size="2" face="Times New Roman"><a href="#p13">Aggregated Option Exercises in 2003 and    Fiscal Year-End Values</a></font></div>
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  <div><font size="2" face="Times New Roman"><b><a    href="#p14">Proposal No. 2 &#150;    Ratification of the Appointment of Independent Auditors</a></b></font></div>
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  <div><font size="2" face="Times New Roman"><b><a    href="#p15">Proposal No. 3 &#150; Approval    of Employee Stock Purchase Plan</a></b></font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="4" face="Times New Roman"><b>STEEL DYNAMICS, INC.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>6714 Pointe Inverness  Way, Suite 200</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Fort Wayne, IN&#160; 46804</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Telephone:&#160; (260) 459-3553</b></font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>


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<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>
<div  align="center"><font size="4" face="Times New Roman"><b>PROXY STATEMENT</b></font></div>
<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

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<div  align="center"><font size="4" face="Times New Roman"><b>ANNUAL MEETING OF  STOCKHOLDERS</b></font></div>
<div  align="center"><font size="3" face="Times New Roman"><b>To be Held on  May&nbsp;20, 2004</b></font></div>
<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

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<div  align="center"><font size="3" face="Times New Roman"><b>Voting Information</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:3%'><font size="2" face="Times New Roman">
<b>Purpose.</b>&#160; We are providing you with these proxy materials in
connection with the solicitation of proxies by our Board of Directors, to be
voted at our 2004 Annual Meeting of stockholders and at any postponement or
adjournment thereof.&#160; We will hold the meeting on May&nbsp;20, 2004,
beginning at 9:00&nbsp;a.m. Fort Wayne time, in the John Whistler Ballroom of
the Grand Wayne Center, 120&nbsp;West Jefferson Boulevard, Fort Wayne, Indiana
46802.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">We started
mailing this proxy statement and the enclosed proxy card beginning on or about
April&nbsp;5, 2004.&#160; We are soliciting proxies from all of our stockholders
in order to give all stockholders an opportunity to vote on matters to be
presented at the meeting, even if they do not attend in person.&#160; In the
following pages of this proxy statement, you will find information on matters to
be voted on at the meeting or at any adjournment or postponement of the
meeting.&#160; This Notice of Annual Meeting and Proxy Statement, the proxy and
our 2003 Annual Report to Stockholders are also available on our internet site
at www.steeldynamics.com under the heading &#147;Investor
Info.&#148;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">
<b>Who Can Vote.</b>&#160;  You are entitled to notice of and to vote at the annual meeting
if you were a stockholder  of record at the close of business on  March&nbsp;15,
2004.&#160;  If your shares of common stock are registered in your name, you are
the  stockholder  of  record.&#160;  If your  shares  are  held in the name of a
broker,  custodian,  bank,  or  other  holder  of  record,  that  person  is the
stockholder  of  record  and  you  are  considered  the   &#147;beneficial&#148;
owner.&#160; If you are not present in person at the annual meeting, your shares
</font></div>

</div>

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<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:0%'><font size="2" face="Times New Roman">
can be voted only if  represented  by a valid proxy,  as  described  below under
&#147;Voting of Shares.&#148;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>



<div  style='text-indent:3%'>
<font size="2" face="Times New Roman">
<b>Shares Outstanding.</b>&#160;  On March&nbsp;15,  2004, there were 49,117,325 shares of
common stock  outstanding.&#160;  A list of stockholders entitled to vote at the
meeting  is  available  at our  corporate  headquarters  office and will also be
available  at the  meeting.&#160;  Each  share is  entitled  to one vote on each
matter properly brought before the meeting.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">
<b>Annual
Meeting  Webcast.</b>&#160;  We  will  be  webcasting  this  year&#146;s  annual
meeting.&#160;  You may access the webcast at www.steeldynamics.com by selecting
&#147;webcast.&#148;&#160;  However,  other than our proxy statement and form of
proxy,  no other  information  on our website is to be  considered a part of our
proxy soliciting materials.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  style='text-indent:3%'><font  size="2" face="Times New Roman"><b>Voting of
Shares.</b>&#160;  We realize that most of our stockholders will probably not be
able to attend the meeting in person.&#160;  However,  it is very important that
your  shares be  represented  by  proxy.&#160;  This is because we can only take
action at the annual  meeting,  with respect to a particular  matter,  if on the
record date a quorum, or majority, of the total number of shares of common stock
outstanding  and  entitled to vote on that  matter is  present,  in person or by
proxy.&#160;  Therefore,  we are asking for your proxy to authorize  the persons
named in the proxy to be present and to vote your  shares at the annual  meeting
in accordance with your instructions.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  style='text-indent:3%'><font  size="2" face="Times New Roman">For purposes
of  determining  whether a quorum is  present,  shares  voted  FOR,  AGAINST  or
ABSTAIN, as well as broker &#147;non-votes&#148; count as</font></div>

</div>
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<div  align="center"><font size="2" face="Times New Roman">1</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">
<div><font size="2" face="Times New Roman">shares that are present, although
they will not count in determining total votes actually cast on a particular
matter.&#160; A broker non-vote on a particular proposal occurs if and when a
person holding shares for another beneficial owner, such as a broker, custodian,
bank, or other holder of record, does not vote on that proposal because that
person does not have discretionary voting power to vote on that proposal and has
not received instructions on how to vote from the beneficial owner.&#160; Under
the rules of the New York Stock Exchange (&#147;NYSE&#148;) on certain matters
that are &#147;routine&#148; (such as the election of directors and the proposal
to ratify the appointment of Ernst&nbsp;&amp; Young LLP as our independent
auditors, assuming that no contest arises with respect to these matters) such
brokerage firms have discretionary authority to vote shares for which their
customers have not provided voting instructions.&#160; The proposal to approve
the 2004 Employee Stock Purchase Plan, being an &#147;equity compensation
plan,&#148; is not considered a routine matter, and your broker or bank will not
be permitted to vote your shares on that issue unless you provide proper voting
instructions.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">This year, we
are offering you three choices of how to vote by proxy:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">You may vote    by mail in the traditional manner by marking, signing, dating and returning    your enclosed proxy card in the envelope that we have enclosed.</font></div>
  </td>
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<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">You may vote    by telephone using the toll-free telephone number and instructions shown on    your proxy card.</font></div>
  </td>
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<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">You may vote    via the internet by using the web site information and instructions listed on    your proxy card.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font  size="2" face="Times New Roman">We anticipate
that  telephone  and internet  voting will be available 24 hours a day, 7 days a
week.&#160;  Both methods will prompt you on how to proceed and you will be able
to  confirm   that  your   instructions   have  been   properly   received   and
recorded.&#160;  For both of these methods, you will also need a control number,
which is noted on your proxy  card.&#160;  The  telephone  and  internet  voting
facilities   will  close  at   11:59&nbsp;p.m.   Eastern  Time  on  May&nbsp;19,
2004.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font  size="2" face="Times New Roman">The method by
which you vote will not limit your right to vote in person at the meeting if you
decide to attend the meeting.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">If you are not
the record owner and your shares are held in the name of a broker, custodian,
bank, or other holder of record, you will need to obtain, and should receive in
the ordinary course of business from that broker, bank or other holder of
record, a </font></div>

</div>

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<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:0%'><font size="2" face="Times New Roman">
 proxy, executed in <i>your</i> favor from that record holder,
authorizing you to vote those shares at the annual meeting.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"> If you
properly fill in and sign your proxy card and mail it in the enclosed, prepaid
and addressed envelope, or if you submit your proxy instructions by telephone or
over the internet, your &#147;proxy&#148;&#151;that is, the persons named in
your proxy card&#151;will vote your shares as you have directed.&#160; If you do
not make specific choices, your proxy will vote your shares as recommended by
the Board of Directors as follows:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

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<tr>

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  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">FOR the    election of all of the director nominees.</font></div>
  </td>
 </tr>

<tr>

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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">FOR    ratification of the appointment of Ernst&nbsp;&amp; Young LLP as independent    auditors.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">FOR the    approval of the 2004 Employee Stock Purchase Plan.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">If any other  matters are properly presented for consideration at the annual meeting,  including consideration of a motion to adjourn the meeting to another time or  place in order to solicit additional proxies in favor of the recommendations of  the Board of Directors, the persons named as proxies and acting thereunder will  have the discretion to vote on those matters according to their best judgment  to the same extent as the person granting the proxy.&#160; At the date this proxy statement was printed, we did not  anticipate that any other matters would be raised at the annual meeting.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">You may revoke  your proxy at any time before it is voted at the meeting in one of four ways:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">Notify our    Corporate Secretary in writing before the meeting that you wish to revoke    your proxy.</font></div>
  </td>
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<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">Submit another    proxy with a later date.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">Vote by    telephone or internet on a later date.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="2" face="Times New Roman">&#149;</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman">Vote in    person at the meeting.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Required Vote.</b>&#160; So  long as a quorum is present, the affirmative vote of a majority of the shares  present, in person or by proxy, and entitled to vote at the meeting is needed  to elect directors, to ratify the appointment of Ernst&nbsp;&amp; Young LLP as  independent auditors for the year 2004, to approve the 2004 Employee Stock  Purchase Plan, and on any other matters that may properly come before the annual  meeting.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font  size="2" face="Times New Roman"><b>Electronic
Access to Proxy Materials and Annual Reports.&#160; </b>This proxy statement and
the 2003</font></div>
</div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">2</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>


<DIV style="FLOAT: left; WIDTH: 48%">

<div><font size="2" face="Times New Roman">Annual Report to Stockholders are
available on our website at www.steeldynamics.com under the heading
&#147;Investor Info.&#148;&#160; Stockholders will be able to elect to view
future proxy statements and annual reports over the internet instead of
receiving paper copies in the mail.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">If you are a  stockholder of record, you can choose this option and save us the cost of  producing and mailing these documents by marking the appropriate box on your  proxy card or by following the instructions provided on the internet if you  choose to vote over the internet.&#160; You  can also choose between paper documents and electronic access by contacting our  Investor Relations Department in the manner described.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">If you choose  to view future proxy statements and annual reports over the internet, you will  still receive a proxy card in the mail next year with instructions containing  the internet address of those materials.&#160;  Your choice will then remain in effect until you contact our Investor  Relations Department in the manner described.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">If you hold  your Steel Dynamics stock through a broker, custodian, bank, or other holder of  record, please refer to the information provided by that entity for  instructions on how to elect to view future proxy statements and annual reports  over the internet.&#160; Similarly, if you  hold your Steel Dynamics stock through a broker, custodian, bank, or other  holder of record and you elect electronic access, you will receive an e-mail  message next year containing the internet address to use to access our proxy  statement and annual report.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Multiple Stockholders  Sharing the Same Address.</b>&#160; Under rules adopted by the SEC, we are permitted to deliver a  single copy of our proxy statement and annual report to stockholders sharing  the same address.&#160; This process, called  householding, allows us to reduce the number of copies of these materials that  we must print and mail.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Last year, we  implemented householding for all stockholders who share the same last name and  address, where shares are held through the same nominee (<i>e.g.</i>, all accounts are at  the same brokerage firm), so that they are receiving only one copy of the proxy  statement and annual report per address.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">However, if
any stockholder of record residing at such an address wishes to receive a
separate annual report or proxy statement in the future, that person may contact
our Investor Relations Department in the manner described.&#160; If you are an
eligible stockholder </font></div>

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of record receiving multiple copies of our annual report and proxy statement,
you may also request householding by contacting us in the same manner.&#160; If
you hold your shares through a broker, custodian, bank, or other holder of
record, you can request householding by contacting that broker, custodian, bank,
or other holder of record,.</font></div>



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<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Cost of Preparing, Mailing and Soliciting Proxies.</b>&#160; We  will pay all of the costs of preparing, printing and mailing this proxy statement  and of soliciting these proxies.&#160; We  will ask brokers, custodians, banks, or other holders of record, to forward the  proxy materials and our 2003 Annual Report to the persons who were our  beneficial owners on the record date.&#160;  We will also reimburse such brokers, custodians, banks and other holders  of record for their expenses incurred in sending proxies and proxy materials to  our beneficial owners.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">In addition,  proxies may be solicited on our behalf in person, by telephone or otherwise, by  our officers, directors and employees.&#160;  We have also engaged the firm of Georgeson&nbsp;&amp; Co. to assist us  in the distribution and solicitation of proxies.&#160; We have agreed to pay Georgeson &amp; Co. a fee of up to $10,000  plus expenses for these services.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Annual Report.</b>&#160; We are including in this  mailing a copy of our 2003 Annual Report to Stockholders, including our  financial statements for the required periods ended December&nbsp;31,  2003.&#160; The 2003 Annual Report is not,  however, a part of this proxy statement.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Voting Results.</b>&#160; We will publish the voting results on our  website at www.steeldynamics.com, at &#147;Investor Info&#148; following the annual  meeting, as well as in our Form&nbsp;10-Q for the second quarter of 2004, which  we will file with the Securities and Exchange Commission (&#147;SEC&#148;).</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Investor Relations  Department.</b>&#160;  You may contact our Investor Relations Department in one of four ways:</font></div>

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  <div><font size="2" face="Times New Roman">writing to    Steel Dynamics, Inc., Investors Relations Department, 6714&nbsp;Pointe    Inverness Way, Suite&nbsp;200, Fort&nbsp;Wayne, Indiana 46804;</font></div>
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  <div><font size="2" face="Times New Roman">fax at 260-969-3590    to the attention of the Investors Relations Department;</font></div>
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  <div><font size="2" face="Times New Roman">e-mail to    fred.warner@steeldynamics.com; or</font></div>
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  <div><font size="2" face="Times New Roman">phone the    Investors Relations Department at 260-969-3564.</font></div>
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<div  align="center"><font size="2" face="Times New Roman">3</font></div>

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<div  align="center"><font size="3" face="Times New Roman"><b>Governance of the Company</b></font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">Our business,  property and affairs are managed by, or are under the direction of our Board of  Directors, pursuant to Indiana&#146;s Business Corporation Law and our bylaws.&#160; Members of the Board are kept informed of  our business and of business and industry developments through discussions with  the Chief Executive Officer and other officers, by reviewing materials provided  to them by management or otherwise obtained, and through participation in  meetings of the Board and its committees.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">During 2003,  our Board of Directors consisted of 11 persons.&#160; Under our bylaws, however, our Board of Directors may prescribe a  greater or lesser number of directors, and the Board has determined that, for  2004, the Board will consist of ten directors.&#160;  At the 2004 Annual Meeting, therefore, ten directors will be elected,  and each newly elected director will serve for a one-year term until the 2005  Annual Meeting of stockholders.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Board has  adopted a set of Corporate Governance Policies that address the make-up and  function of the Board and the various committees of the Board.&#160; You can find a copy of these Corporate  Governance Policies on our company website, at www.steeldynamics.com, under  &#147;Investor Information&#151;Corporate Governance&#148; or by writing to Steel Dynamics,  Inc., Attention:&#160; &#147;Investor Relations,&#148;  6714&nbsp;Pointe Inverness Way, Suite&nbsp;200, Fort Wayne, Indiana&#160; 46804 and requesting a copy.&#160; We will keep these policies and our  governance practices current, as may be required by the Sarbanes-Oxley Act of  2002 and any rule changes prescribed by the SEC and by Nasdaq.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Committees and Meetings of the Board of Directors.</b>&#160;  During 2003, the Board of Directors had three committees:&#160; an Audit Committee, a Compensation Committee  and a Corporate Governance and Nominating Committee.&#160; Our Audit Committee consists of four persons and our Compensation  Committee and Corporate Governance and Nominating Committee each consist of  three persons.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Each of our
Board committees has adopted a charter that governs its authority,
responsibilities and operation.&#160; We have reviewed internally and with the
Board the provisions of the Sarbanes-Oxley Act of 2002, the rules of the SEC and
Nasdaq regarding corporate governance policies and processes and listing
standards.&#160; In conformity with the requirement of such rules and listing
standards, we have adopted a
</font></div>


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<div style='text-indent:0%'><font size="2" face="Times New Roman">
statement of our Corporate Governance Policies, and
we have adopted a written Audit Committee Charter, a Compensation Committee
Charter and a Corporate Governance and Nominating Committee Charter.&#160; The
Audit Committee&#146;s Charter, revised March&nbsp;18, 2003, was attached to
last year&#146;s 2003 Proxy Statement as <u>Exhibit&nbsp;A</u>.&#160; The Audit
Committee Charter, as well as the charters of the Compensation Committee and the
Corporate Governance and Nominating Committee may be found on our company
website, at www.steeldynamics.com under &#147;Investor
Information&#151;Corporate Governance&#148; or by writing to Steel Dynamics,
Inc., Attention:&#160; &#147;Investor Relations,&#148; 6714&nbsp;Pointe
Inverness Way, Suite 200, Fort Wayne, Indiana&#160; 46804 and requesting
copies.</font></div>





<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Each of our  three committee charters&#160; also require  that each member of each committee meet:&#160;  (1) all applicable criteria defining &#147;independence&#148; that may be  prescribed from time to time by SEC, Nasdaq and tax rules, listing standards  and regulations, (2) the definition of a &#147;non-employee director&#148; within the  meaning of Rule&nbsp;16b-3 promulgated by the SEC under the Securities Exchange  Act of 1934, and (3) the definition of an &#147;outside director&#148; within the meaning  of Section&nbsp;162(m)(4)(C) of the Internal Revenue Code.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">The members of  each committee, and the chair of each committee, are appointed annually by the  Board.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Board of  Directors held eight regularly scheduled and special meetings during 2003, and  all directors attended at least 75% of the meetings of the Board of Directors  and of the various committees on which they served during 2003, except for  Richard J. Freeland who attended four of the eight meetings of the Board of  Directors.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman"><b><i>The  Audit Committee.</i></b>&#160;  The Audit Committee met ten  times during 2003.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Audit  Committee is responsible for the review, oversight and monitoring of the  quality and integrity of our financial statements, our compliance with  applicable legal and regulatory requirements, the qualification, independence  and performance of our independent auditors, the appropriateness of and the  approval of the fees for audit and permissible non-audit services to be  provided by the independent auditors, the effectiveness of our internal,  financial and disclosure controls, and the development of our internal audit  function.&#160; In addition, the Audit</font></div>

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<div  align="center"><font size="2" face="Times New Roman">4</font></div>

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<div><font size="2" face="Times New Roman">Committee is directly  responsible for the appointment, compensation, retention and oversight of the  independent auditor, as well as for the establishment of procedures for the  receipt, retention and treatment of complaints, if any, regarding accounting,  internal accounting controls or auditing matters.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The current  members of the Audit Committee are Joseph&nbsp;D. Ruffolo, Paul&nbsp;B.  Edgerley, Dr.&nbsp;J&#252;rgen Kolb and James&nbsp;E. Kelley.&#160; Messrs. Ruffolo and Edgerley serve as  Co-Chairs of the Audit Committee.&#160; In  addition, our Board has determined that all members of our Audit Committee, by  virtue of their extensive careers, experience and training in business and  finance, meet the criteria of an &#147;audit committee financial expert,&#148;  established by the SEC pursuant to the Sarbanes-Oxley Act of 2002.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman"><b><i>The Compensation  Committee.</i></b>&#160; The Compensation Committee met twice during  2003, and all members attended each of the meetings.&#160; The current members of the Compensation Committee are  Richard&nbsp;J. Freeland, Joseph&nbsp;R. Ruffolo and James&nbsp;E. Kelley, all  of whom are independent.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The  Compensation Committee reviews Steel Dynamics&#146; goals and objectives with  respect to executive compensation, evaluates the chief executive officers&#146;  performance in light of these goals and objectiveness and, makes  recommendations to the Board of Directors concerning salaries, incentive and  other compensation paid to executive officers and to certain senior financial  officers, as well as compensation paid to non-employee directors.&#160; The Compensation Committee also reviews and  approves all stock option and other equity-based compensation plans and awards  and has either been designated to act or is otherwise empowered to act as the  administrator or administrative &#147;committee&#148; under each of our stock option,  stock purchase, equity compensation and performance-based compensation plans.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b><i>The
Corporate Governance and Nominating Committee</i>.</b>&#160; The Corporate
Governance and Nominating Committee met once during 2003.&#160; The current
members of this Committee are Dr.&nbsp;J&#252;rgen Kolb, Richard&nbsp;J.
Freeland and Naoki Hidaka, all of whom are independent.&#160; The Corporate
Governance and Nominating Committee develops and recommends to the Board
corporate governance guidelines, determines the criteria for selecting director
nominees, conducts inquiries regarding the qualifications of director nominees,
identifies individuals qualified to be considered as Board members and
recommends to the Board director nominees to be proposed for election at the
annual meeting of stockholders, identifies Board members to
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be assigned to the
various Board committees, assists the Board in assessing the independence of
Board members, and oversees and assists the Board in the review of its own
performance.&#160; The Corporate Governance and Nominating Committee does not
have a policy with regard to the consideration of any director candidates
recommended by stockholders.&#160; Any qualified candidate for a director that a
stockholder brings to the attention of the Corporate Governance and Nominating
Committee prior to December&nbsp;17, 2004, will be considered and evaluated by
the Committee, in light of the qualification criteria set forth in the
Committee&#146;s written Charter, using the same process applicable to
candidates whose names originated from within the Committee
process.</font></div>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Compensation Committee and Board Interlocks and Insider  Participation.</b>&#160; Effective in 2003, all of the current  members of the three person Compensation Committee meet all applicable  &#147;independence&#148; requirements established by the Sarbanes-Oxley Act of 2002 and  as set forth in Nasdaq&#146;s Listing Standards.&#160;  During 2003, however, the entire Board of Directors, as well as all six  of the independent directors, unanimously approved all 2003 compensation  decisions.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Section 16(a) Beneficial Ownership Reporting Compliance.</b>&#160;  Section 16(a) of the Securities Exchange Act of 1934 requires our  directors and executive officers to file with the SEC initial reports of  beneficial ownership of our common stock and other equity securities, as well  as reports of changes in beneficial ownership.&#160;  These individuals are required to provide us with a copy of their  required Section&nbsp;16(a) reports as and when they are filed.&#160; Based on our records and other information,  we believe that all Securities and Exchange Commission filing requirements  applicable to our directors and executive officers with respect to 2003 were  met, except that due to a clerical oversight by the Company, Form&nbsp;4  reports to reflect the Company&#146;s regular semi-annual option grants on  November&nbsp;21, 2003 to all of our executive officers and directors,  including Messrs. Busse, Millett, Teets,
Shellabarger, Nolan, Bates, Edgerley,  Freeland, Hidaka, Kelley, Kolb, Rifkin and Ruffolo, were not timely filed but  have since been filed.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Stockholder Proposals for 2005.</b>&#160; Any  stockholder satisfying the requirements of the Securities and Exchange  Commission&#146;s Rule&nbsp;14a-8 and wishing to submit a proposal to be included in  the Proxy Statement for the 2005 Annual Meeting of stockholders must submit the  proposal in writing to our Corporate Secretary, at 6714&nbsp;Pointe Inverness  Way, Suite&nbsp;200, Fort Wayne, Indiana 46804, on or before December&nbsp;17,  2004.</font></div>

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<div  align="center"><font size="2" face="Times New Roman">5</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">In addition,
under our bylaws, any stockholder who has not submitted a timely proposal for
inclusion in next year&#146;s proxy statement but still wishes to make a
proposal at next year&#146;s annual meeting must deliver written notice to our
Corporate Secretary no later than 60 days nor more than 90 days prior to the
first anniversary of the record date for this year&#146;s annual meeting.&#160;
Therefore, for our 2005 Annual Meeting, if such a proposal is not delivered
prior to January&nbsp;15, 2005, it may not be presented at the meeting at
all.&#160; If a proposal is made after December&nbsp;16, 2004 and prior to
January 15, 2005, we will retain the discretion to vote proxies we receive with
respect to any such proposals, so long as we
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include in our next year&#146;s
proxy statement advice on the nature of any such proposal and how we intend to
exercise our voting discretion, and so long as the proponent does not provide us
with a written statement within the time frame determined under Securities and
Exchange Commission Rule&nbsp;14a-4(c)(1) that the proponent intends to deliver
his own proxy statement and form of proxy with respect to that proposal.&#160;
You may obtain a copy of the full text of the bylaw provision by writing to our
Investor Relations Department at 6714&nbsp;Pointe Inverness Way, Suite&nbsp;200,
Fort Wayne, Indiana 46804.</font></div>

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<div  align="center"><font size="3" face="Times New Roman"><b>Proposal No. 1</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Election of Directors</b></font></div>


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<div style='text-indent:3%'><font size="2" face="Times New Roman">Our  stockholders will elect ten directors at the 2004 Annual Meeting.&#160; The individuals listed below have been  recommended for nomination by the Corporate Governance and Nominating Committee  and have been nominated by the Board of Directors.&#160; Each director, if elected, will serve until our 2005 Annual  Meeting of Stockholders, until a qualified successor director has been elected,  or until he resigns or is removed by the Board.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">We will vote  your shares as you specify on the enclosed proxy card, or by telephone or  internet.&#160; If you do not specify how you  want your shares voted, we will vote them FOR the election of all of the  nominees listed below.&#160; If unforeseen  circumstances (such as death or disability) make it necessary for us to  substitute another person for any of the nominees, we will vote your shares FOR  that other person.&#160; We do not anticipate  that any nominee will be unable to serve.&#160;  Following the meeting, the Board of Directors may, however, increase the  size of the Board and fill any resulting vacancy or vacancies until the 2005  Annual Meeting of stockholders.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">If you wish  your shares voted for some but not all of the nominees, or if you wish to  withhold your vote from some but not all of the nominees, you may so indicate  on the proxy card or by telephone or the internet when you vote your proxy.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Following is
the age, principal occupation during the past five years, and certain other
information for each of the ten director nominees.</font></div>

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<div><font size="2" face="Times New Roman"><b>Director Nominees.</b></font></div>

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<div><font size="2" face="Times New Roman"><b>Keith E. Busse, Age 61</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 1993</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">President,  Chief Executive Officer and a director since 1993, and President and Chief  Executive Officer and a director of Iron Dynamics, Inc., our wholly-owned  subsidiary. &#160;Prior to 1993, for a period  of twenty-one years, Mr.&nbsp;Busse worked for Nucor Corporation, where he last  held the office of Vice President.&#160;  Mr.&nbsp;Busse is a director of Tower Financial Corporation, a publicly  held bank holding company.</font></div>

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<div><font size="2" face="Times New Roman"><b>Mark D. Millett, Age 44</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 1993</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">Vice President  and General Manager of our Flat Roll Division and a director since 1993, and  Vice President and a director of our Iron Dynamics subsidiary.&#160; Prior to 1993, Mr.&nbsp;Millett worked for  Nucor Corporation, which he joined in 1982.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Richard P. Teets, Jr., Age 49</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 1993</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">Vice President  and a director since 1993, and General Manager of our Structural and Rail  Division.&#160; Prior to 1993, Mr.&nbsp;Teets  worked for Nucor Corporation, which he joined in 1987.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>John C. Bates, Age 60</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 1994</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">Mr.&nbsp;Bates
is the President and Chief Executive Officer and a director of Heidtman Steel
Products, Inc. (steel service center), which he joined in 1963, and for which he
has served as its President and Chief Executive Officer and a director since
1969.&#160; Heidtman Steel is our</font></div>

</div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">6</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p7></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div style='margin-left:3%'><font size="2" face="Times New Roman">largest  customer for our manufactured steel products.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Paul B. Edgerley, Age 48</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 2002</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Former Director  (1994-1999)</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">Mr. Edgerley  has been Managing Director of Bain Capital, Inc. (venture capital) since May  1993 and, from 1990 to 1993, a general partner of Bain Venture Capital.&#160; He is also a director of Sealy Corporation,  Anthony Crane Rental LP Walco International, Inc. and Unisource Worldwide.&#160; Mr.&nbsp;Edgerley is a member of and  Co-chair of our Audit Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Richard J. Freeland, Age 67</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 2000</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">For more than  twenty-six years, Mr.&nbsp;Freeland has been the President and Chief Executive  Officer of Pizza Hut of Fort Wayne, Inc. and six affiliated companies that own  and operate more than 40 Pizza Hut franchised restaurants in Indiana and  Ohio.&#160; Mr.&nbsp;Freeland is a member of  our Compensation Committee and of our Corporate Governance and Nominating  Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Naoki Hidaka, Age 49</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director
Since 2002</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">Mr. Hidaka is
Senior Vice President and General Manager of the Chicago office and General
Manager of the Rolled Steel and Ferrous Raw Materials Division of Sumitomo
Corporation of America.&#160; Prior to that, from June 1998 to March 2001,
Mr.&nbsp;Hidaka was Vice President and Chief Financial Officer of Auburn Steel
Company, Inc., and from March 1998 to May 1998, Deputy General Manager of Steel
Business Planning and Investment, and from May 1995 to February 1998 was
Manager, Plate Export with Sumitomo Corporation of Japan.&#160; Mr.&nbsp;Hidaka
is a member of our Corporate Governance and Nominating Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

</div>
<DIV style="FLOAT: left; WIDTH: 3%"></div>
<DIV style="FLOAT: left; WIDTH: 48%">



<div><font size="2" face="Times New Roman"><b>James E. Kelley, Age 85</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 2000</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">For more than  twenty years, Mr.&nbsp;Kelley has been the Chairman of Kelley Automotive, Inc.  and various affiliated companies that own and operate approximately 18  franchised auto dealerships in Indiana and Georgia.&#160; In addition, Mr.&nbsp;Kelley is the owner of Jim Kelley Leasing  and Kelley Cars, Inc., fleet automobile and truck leasing companies; Midwest  Auto Parts, a wholesale supplier of car and truck parts; and Kelley Grain Co.  and Trans Oil Ltd., a seed and grain enterprise operating in the Republic of  Moldova.&#160; Mr.&nbsp;Kelley is also a  member of our Audit Committee and Compensation Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Dr. J&#252;rgen Kolb, Age 61</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 1996</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">Dr. Kolb was a  member of the executive board of Salzgitter, AG, a German Steelmaker, and from  1986 to 2001, served as its Director of Sales, before retiring in 2001.&#160; Dr. Kolb is also a director of our Iron  Dynamics subsidiary.&#160; Dr.&nbsp;Kolb is a  member of our Audit Committee and of our Corporate Governance and Nominating  Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>Joseph D. Ruffolo, Age 62</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman"><b>Director Since 1999</b></font></div>

<div style='margin-left:3%'><font size="2" face="Times New Roman">Mr.&nbsp;Ruffolo  has been a principal in Ruffolo Benson LLC, a business and financial consulting  firm, since 1994.&#160; Prior to that,  Mr.&nbsp;Ruffolo was the President and Chief Executive Officer of North  American Van Lines, Inc.&#160;  Mr.&nbsp;Ruffolo is a director of Tower Financial Corporation, a  publicly held bank holding company.&#160;  Mr.&nbsp;Ruffolo is also a member and co-chair of our Audit Committee  and a member of our Compensation Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

</div>
<br clear=all>



<div  align="center"><font size="2" face="Times New Roman"><b>The Board recommends  a vote FOR the proposed election<br>  of all of the directors described in this proxy statement.</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>


<hr noshade size="1">



<div  align="center"><font size="2" face="Times New Roman">7</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p8></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Information on  Directors and Executive Officers</b></font></div>


<hr noshade size="1">



<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Stock Ownership of  Directors and Executive Officers.</b>&#160; The following table shows how much Steel  Dynamics, Inc common stock the directors, director nominees, the Named  Executive Officers, and all directors, nominees and executive officers as a  group beneficially owned as of March&nbsp;15, 2004.&#160; The Named Executive Officers include the Chief Executive Officer  and the four next most highly compensated executive officers based upon  compensation earned during 2003.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

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  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="22%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Beneficial    Ownership as<br>    of March 15, 2004</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  <div  align="right">&nbsp;</div>
  </td>
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  </td>
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<tr>

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  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="22%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  </td>
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  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="1" face="Times New Roman"><b>Name</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Current    Beneficial<br>    Holdings</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Shares    Subject<br>    to Options&#134;</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Total</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Percent<br>    Owned*</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>

<tr>

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  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  </td>
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  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  </td>
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  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b>Named Executive Officers</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Keith E.    Busse<sup>1</sup></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">710,225</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">56,793</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">767,018</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.5</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Mark D.    Millett<sup>2</sup></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">838,441</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">42,597</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">881,038</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">1.7</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Richard P.    Teets, Jr.<sup>3</sup></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,161,788</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">42,597</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,204,385</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2.4</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Tracy L.    Shellabarger<sup>4</sup></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">257,964</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">42,597</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">300,561</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">0.6</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">John W.    Nolan<sup>5</sup></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">22,748</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">31,949</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">54,697</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.1</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b>Other Directors or Nominees</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">John C.    Bates<sup>6</sup></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,795,442</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,313</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,803,755</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5.5</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Paul B.    Edgerley<sup>7</sup></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">2,067,207</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">2,788</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">2,069,995</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">4.1</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Richard J.    Freeland<sup>8</sup></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,313</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,313</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Naoki Hidaka<sup>9</sup></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">524,197</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">4,239</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">528,436</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">1.0</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">James E.    Kelley<sup>10</sup></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,229</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,313</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">15,542</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Dr. J&#252;rgen    Kolb<sup>11</sup></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">8,313</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">8,313</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Daniel M.    Rifkin<sup>12</sup></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">657,427</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,942</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">659,369</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1.3</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Joseph D.    Ruffolo<sup>13</sup></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">4,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">8,313</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">12,313</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b>Directors and Executive Officers as a Group    (13 persons)</b></font></div>
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  <div  align="right"><font size="2" face="Times New Roman">9,048,668</font></div>
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  <div  align="right"><font size="2" face="Times New Roman">267,067</font></div>
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  <div  align="right"><font size="2" face="Times New Roman">9,315,735</font></div>
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  <div  align="right"><font size="2" face="Times New Roman">18.4</font></div>
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  <div><font size="1" face="Times New Roman">&#134;</font></div>
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  <div><font size="1" face="Times New Roman">Represents currently    exercisable options and options exercisable within 60 days.</font></div>
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  <div><font size="1" face="Times New Roman">Assumes exercise of all    stock options (for 1,541,103 shares) currently exercisable or exercisable    within 60 days, with a corresponding increase in the number of outstanding    shares from 49,117,325 on the record date to 50,658,428.</font></div>
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  <div><font size="1" face="Times New Roman">(1)</font></div>
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  <div><font size="1" face="Times New Roman">President and Chief    Executive Officer and a director, and President and Chief Executive Officer    and a director of Iron Dynamics, Inc., our wholly-owned subsidiary.&#160; Includes 10,225 shares that are not yet    vested, awarded for our 2002 results, pursuant to our Amended and Restated    Officer and Manager Cash and Stock Bonus Plan.</font></div>
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  <div><font size="1" face="Times New Roman">Vice President and General    Manager of our Flat Roll Division and a director, and Vice President and a    director of Iron Dynamics, Inc., our wholly-owned subsidiary.&#160; Includes 6,893 shares that are not yet    vested, awarded for our 2002 results, pursuant to our Amended and Restated    Officer and Manager Cash and Stock Bonus Plan.</font></div>
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  <div><font size="1" face="Times New Roman">Vice President and General    Manager of our Structural and Rail Division and a director.&#160; Includes 8,000 shares of common stock    owned by Mr.&nbsp;Teets&#146; spouse, with respect to which Mr.&nbsp;Teets    disclaims </font></div>
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<div  align="center"><font size="2" face="Times New Roman">8</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

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  <div><font size="1" face="Times New Roman">beneficial ownership.&#160; Includes 6,893 shares that are not yet    vested, awarded for our 2002 results, pursuant to our Amended and Restated    Officer and Manager Cash and Stock Bonus Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(4)</font></div>
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  <div><font size="1" face="Times New Roman">Vice President of Finance    and Chief Financial Officer and Vice President and Chief Financial Officer of    our Iron Dynamics subsidiary.&#160;    Includes 82,300 shares of common stock held by Mr.&nbsp;Shellabarger    in trust for Mr.&nbsp;Shellabarger&#146;s minor children, with respect to which    Mr.&nbsp;Shellabarger disclaims beneficial ownership.&#160; Includes 6,015 shares that are not yet    vested, awarded for our 2002 results, pursuant to our Amended and Restated    Officer and Manager Cash and Stock Bonus Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(5)</font></div>
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  <div><font size="1" face="Times New Roman">Vice President of    Marketing.&#160; Includes 2,655 shares, of    which 1,770 are not yet vested, received pursuant to our 2004 Executive    Incentive Compensation Plan, and includes 2,819 shares that are not yet    vested, awarded for our 2002 results, pursuant to our Amended and Restated    Officer and Manager Cash and Stock Bonus Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(6)</font></div>
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  <div><font size="1" face="Times New Roman">Director.&#160; Consists of all shares of common stock    held of record by Heidtman Steel Products, Inc., of which Mr. Bates is the    President and Chief Executive Officer.&#160;    Shares in option column represent stock options, currently exercisable    or exercisable within 60 days, issued to Mr. Bates pursuant to our    stockholder approved Non-Employee Director Stock Option Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(7)</font></div>
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  <div><font size="1" face="Times New Roman">Director.&#160; Mr.&nbsp;Edgerley beneficially owns 67,207    of these shares.&#160; The balance of    2,000,000 shares is owned by Brookside Capital Partners Fund, L.P. over which    Mr.&nbsp;Edgerley may be deemed to share voting or dispositive power.&#160; Mr.&nbsp;Edgerley disclaims beneficial    ownership of such shares except to the extent of his pecuniary interest    therein.&#160; Shares in option column    represent stock options, currently exercisable or exercisable within 60 days,    issued to Mr.&nbsp;Edgerley pursuant to our stockholder approved Non-Employee    Director Stock Option Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(8)</font></div>
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  <div><font size="1" face="Times New Roman">Director.&#160; Shares in option column represent stock    options, currently exercisable or exercisable within 60 days, issued to    Mr.&nbsp;Freeland pursuant to our stockholder approved Non-Employee Director    Stock Option Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(9)</font></div>
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  <div><font size="1" face="Times New Roman">Director.&#160; Consists of all shares held of record by    Sumitomo Corporation of America that Mr. Hidaka may be deemed to beneficially    own due to his relationship with that entity.&#160; Mr.&nbsp;Hidaka, however, disclaims beneficial ownership of    these shares.&#160; Shares in option column    represent stock options, currently exercisable or exercisable within 60 days,    issued to Mr.&nbsp;Hidaka pursuant to our stockholder approved Non-Employee    Director Stock Option Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(10)</font></div>
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  <div><font size="1" face="Times New Roman">Director.&#160; Shares in option column represent stock    options, currently exercisable or exercisable within 60 days, issued to Mr.    Kelley pursuant to our stockholder approved Non-Employee Director Stock    Option Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(11)</font></div>
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  <div><font size="1" face="Times New Roman">Director.&#160; Shares in option column represent stock    options, currently exercisable or exercisable within 60 days, issued to Dr.    Kolb pursuant to our stockholder approved Non-Employee Director Stock Option    Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(12)</font></div>
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  <div><font size="1" face="Times New Roman">Director.&#160; Includes 181,925 shares of common stock    held by Mr.&nbsp;Rifkin as trustee under trusts for his minor children, with    respect to which Mr.&nbsp;Rifkin disclaims beneficial ownership.&#160; Shares in option column represent stock    options, currently exercisable or exercisable within 60 days, issued to    Mr.&nbsp;Rifkin pursuant to our stockholder approved Non-Employee Director    Stock Option Plan.</font></div>
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  <div><font size="1" face="Times New Roman">(13)</font></div>
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  <div><font size="1" face="Times New Roman">Director.&#160; Includes 1,000 shares held in    Mr.&nbsp;Ruffolo&#146;s retirement plan.&#160;    Also includes 1,000 shares held by Mr.&nbsp;Ruffolo&#146;s spouse, with    respect to which he disclaims beneficial ownership. Shares in option column    represent stock options, currently exercisable or exercisable within 60 days,    issued to Mr.&nbsp;Ruffolo pursuant to our stockholder approved Non-Employee    Director Stock Option Plan.</font></div>
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<div  align="center"><font size="2" face="Times New Roman">9</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Security Ownership of Certain  Beneficial Owners</b></font></div>


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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">To the best of
our knowledge, the only persons or groups of persons that own beneficially more
than 5% of our outstanding shares of common stock, based on a total of
48,645,246 shares at December&nbsp;31, 2003, are described below.&#160; Under
SEC rules, a beneficial owner is a person who has or shares voting or investment
power for the shares or had the right to obtain beneficial ownership within 60
days of the date specified.</font></div>

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  <div  align="center"><font size="1" face="Times New Roman"><b>Percentage    of<br>    Common Stock<br>    Outstanding</b></font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Barclays    Global Investors, N.A. and</font></div>
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  <div  align="right"><font size="2" face="Times New Roman">1,269,172</font></div>
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  <div  align="right"><font size="2" face="Times New Roman">5.1</font></div>
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  <Div style="margin-left: 6%; text-indent:-3%"><font size="2" face="Times New Roman">Barclays    Global Fund Advisors (1) (3)</font></div>
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  <div  align="right"><font size="2" face="Times New Roman">750,039</font></div>
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  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">45 Fremont    Street</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="12%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
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  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">San    Francisco, CA&#160; 94105</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>
  <td  valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
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  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
</tr>
<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Barclays    Bank PLC (1) (3)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">461,640</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr  bgcolor="#ffffff">

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">54 Lombard    Street</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr bgcolor="#ffffff">

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">London,    England&#160; EC3P 3AH</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="bottom">
    <hr noshade size="1">
  </td>
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    <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
    <hr noshade size="1">
  </td>
  <td valign="bottom">
    <hr noshade size="1">
  </td>
  <td valign="bottom">
    <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td valign="bottom">
    <hr noshade size="1">
  </td>
  <td valign="bottom">
    <hr noshade size="1">
  </td>
  <td valign="bottom">
    <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
</tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Dimensional    Fund Advisors Inc. (1) (2)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,439,372</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5.0</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">1299 Ocean    Avenue, 11<sup>th</sup> Floor</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
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  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Santa    Monica, CA&#160; 90401</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="bottom" bgcolor="#ffffff">&nbsp;</td>
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  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
</tr>

<tr bgcolor="#ffffff">

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">FMR Corp.    (4)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,145,411</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8.5</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr bgcolor="#ffffff">

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">82    Devonshire Street</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
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  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr bgcolor="#ffffff">

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Boston,    MA&#160; 02109</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="bottom" bgcolor="#ffffff">&nbsp;</td>
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  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
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  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
</tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Heidtman    Steel Products, Inc. (1)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,795,442</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5.7</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">640 Lavoy    Road</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Erie, MI    48133</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
  <td valign="bottom" bgcolor="#ffffff">&nbsp;</td>
</tr>

<tr bgcolor="#ffffff">

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Mac-Per-Wolf    Company (1)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,859,885</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5.9</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%</font></div>
  </td>
 </tr>

<tr bgcolor="#ffffff">

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">310 S.    Michigan Ave., Suite 2600</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr bgcolor="#ffffff">

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Chicago,    IL&#160; 60604</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>


<hr noshade size="1">



<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">(1)</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">Sole voting and dispositive    power</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">(2)</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">Disclaims beneficial    ownership</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">(3)</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">Filed jointly</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">(4)</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">FMR Corp. has sole voting    power over 652,558 shares and sole dispositive power over all 4,145,411    shares.&#160; FMR Corp. is a parent holding    company, and no single person&#146;s interest in the shares of Steel Dynamics,    Inc. is greater than 5%.&#160; Fidelity    Management &amp; Research Company, a wholly-owned subsidiary of FMR Corp. and    an investment adviser registered under Section&nbsp;2.03 of the Investment    Advisers Act of 1940 (the &#147;Act&#148;), is the beneficial owner of 3,492,853 of the    shares, which includes 361,079 shares assumed (but not yet) converted from    $6,140,000 principal amount of Steel Dynamics, Inc. 4% Convertible    Subordinated Notes due 2012.&#160; Fidelity    Management Trust Company, a wholly-owned subsidiary of FMR Corp., is the    beneficial owner of 292,600 shares.&#160;    Fidelity International Limited, Hamilton, Bermuda, and various other    foreign-based subsidiaries, beneficially owns 359,958 of
the shares.&#160; Edward C. Johnson 3d, his wife    Abigail&nbsp;P. Johnson, and members of the Johnson families may be deemed to    constitute a controlling group with respect to FMR Corp.&#160; FMR Corp. and Fidelity International    Limited disclaims that they act as a group.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">10</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p11></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Executive  Compensation</b></font></div>


<hr noshade size="1">



<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The following tables set  forth certain information with respect to the salaries, bonuses and other  compensation we paid for services rendered in 2003, 2002 and 2001, options  granted during 2003, options exercised during 2003 and option values as of  December&nbsp;31, 2003, for our Chief Executive Officer and our four other most  highly compensated executive officers.&#160;  The amounts shown include compensation for services rendered in all  capacities.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>SUMMARY COMPENSATION TABLE</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="42%" colspan="11"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Annual    Compensation</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="19%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Long-Term<br>    Compensation<br>    Awards</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="42%" colspan="11"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="19%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Name and<br>    Principal Position</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Fiscal<br>    Year</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Salary<sup>1</sup><br>    ($)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Bonus<sup>2</sup><br>    ($)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Other<br>    Annual<br>    Compensation<br>    ($)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Restricted<br>    Stock<br>    Awards<sup>3</sup><br>    ($)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Securities<br>    Underlying<br>    Options<sup>4</sup></b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>All Other<br>    Compensation<sup>5</sup><br>    ($)</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Keith E. Busse</font></div>
  <div style='margin-left:1%'><font size="2" face="Times New Roman">President    and Chief <BR>Executive    Officer</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="center"><font size="2" face="Times New Roman">2003 <BR>   2002 <BR>  2001</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">600,000<BR>
  408,000<BR>400,000</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">1,037,162<BR>
  816,000</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">94,488    <BR>426,388 <BR>20,894</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">10,381   <BR> 10,751 <BR>13,415</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">22,112 <BR>   40,335 <BR>8,021</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>
  <td  valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>

  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Mark D. Millett</font></div>
  <div style='margin-left:1%'><font size="2" face="Times New Roman">Vice    President</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">2003   <BR> 2002<BR>2001</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">360,000<BR>    275,000<BR>270,000</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">683,350<BR>    550,000<BR>&#151;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">63,682<BR>    287,250<BR>13,929</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">7,787<BR>    8,064 <BR>10,062</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">13,672   <BR> 29,144<BR>3,672</font></div>
  </td>
  <td width="1%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>

<tr>

  <td  valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Richard P. Teets, Jr.</font></div>
  <div style='margin-left:1%'><font size="2" face="Times New Roman">Vice    President</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="center"><font size="2" face="Times New Roman">2003<BR>    2002<BR>2001</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">360,000<BR>    275,000<BR>270,000</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">667,350<BR>    550,000<BR>&#151;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">63,682<BR>    287,250<BR>13,929</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">7,787<BR>    8,064<BR>10,062</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">14,637<BR>    29,132<BR>3,581</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>

<tr>

  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Tracy L. Shellabarger</font></div>
  <div style='margin-left:1%'><font size="2" face="Times New Roman">Vice    President and<br>    Chief Financial Officer</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="center"><font size="2" face="Times New Roman">2003<BR>    2002<BR>2001</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">255,000<BR>    240,000<BR>235,000</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">472,279<BR>    480,000<BR>&#151;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">55,578<BR>    250,777<BR>12,256</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">7,787<BR>    8,064<BR>10,062</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">13,717<BR>    29,144<BR>3,476</font></div>
  </td>
  <td width="1%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>

<tr>

  <td  valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">John W. Nolan</font></div>
  <div style='margin-left:1%'><font size="2" face="Times New Roman">Vice    President</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="center"><font size="2" face="Times New Roman">2003<BR>    2002<BR>2001</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">170,000 <BR>   150,000<BR>145,000</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">255,000 <BR>   225,000<BR>&#151;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">85,910  <BR>  117,575<BR>5,766</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">5,840 <BR>   6,048<BR>7,547</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">13,113 <BR>   28,094<BR>3,190</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">1</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">Represents    Base Salary compensation.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">2</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">Represents    cash portion of a performance-based bonus payable under our Amended and    Restated Officer and Manager Cash and Stock Bonus Plan for years 2002 and    2001 and under our Executive Incentive Compensation Plan for 2003</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">3</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">Represents    dollar value of the stock portion of a performance-based bonus payable under    our Amended and Restated Officer and Manager Cash and Stock Bonus Plan.&#160; One-third of the common stock issued    during any year for which a stock bonus is payable under the Plans vest and    become non-forfeitable immediately upon issuance, another third vests and    becomes non-forfeitable one year after issuance, and the balance of one-third    vests and becomes non-forfeitable two years after issuance.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">4</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">Represents    the number of shares covered by options granted under our stockholder    approved Amended and Restated 1996 Incentive Stock Option Plan, all of which    are either currently exercisable or exercisable within 60 days.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><font size="1" face="Times New Roman">5</font></div>
  </td>
  <td width="97%" valign="top">
  <div><font size="1" face="Times New Roman">Principally    represents our matching contributions under our Retirement Savings Plan,    contributions under our Profit Sharing Plan, and life insurance premiums.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">11</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p12></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Equity Compensation Plan  Information</b></font></div>


<hr noshade size="1">

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">


<div style='text-indent:3%'><font size="2" face="Times New Roman">We have four
compensation plans, approved by stockholders, under which our equity securities
are authorized for issuance to employees or directors in exchange for goods or
services:&#160; The 1994 Incentive Stock Option Plan; The Amended and Restated
1996 Incentive Stock Option Plan; The 2003 Executive
</font></div>

</div>
<DIV style="FLOAT: left; WIDTH: 3%"></div>
<DIV style="FLOAT: left; WIDTH: 48%">



<div style='text-indent:0%'><font size="2" face="Times New Roman">
Incentive Compensation
Plan; and The Non-Employee Director Stock Option Plan.</font></div>


<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The following
table summarizes information about our equity compensation plans at
December&nbsp;31, 2003:</font></div>

</div>
<br clear=all>


<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="bottom">
  <div align="center"><font size="1" face="Times New Roman"><b>Plan Category</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="17%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>(a)</b></font></div>
  <div  align="center"><font size="1" face="Times New Roman"><b>Number of    Securities to<br>    be issued upon exercise of<br>    outstanding options,<br>    warrants and rights</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="17%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>(b)<br>    Weighted-average<br>    exercise price of<br>    outstanding options,<br>    warrants and rights</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="17%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>(c)<br>    Number of securities<br>    remaining available for<br>    future issuance under<br>    equity compensation<br>    plans (excluding securities<br>    reflected in column (a)</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="15%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">Equity compensation plans    approved by security holders</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">2,437,510</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">14.62</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">2,630,156</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <div><font size="2" face="Times New Roman">Equity compensation plans    not approved by security holders</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="15%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Option Grants in Last  Fiscal Year<br>  Individual Grants</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="21%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Potential<br>    Realizable Value at<br>    Assumed Annual<br>    Rates of Stock<br>    Price Appreciation<br>    for Option Term<sup>2</sup></b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="21%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div align="center"><font size="1" face="Times New Roman"><b>Name</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Securities<br>    Underlying<br>    Options Granted<br>    (# of shares)<sup>1</sup></b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>% of Total    Options<br>    Granted to Employees<br>    in 2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Exercise    or<br>    Base Price<br>    ($/Sh)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Expiration<br>    Date</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>5% ($)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="10%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>10% ($)</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="8%" valign="top">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Keith E.    Busse</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">6,270<br>    4,111</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">0.78<br>    0.50</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">%<BR>%</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">12.76<br>    19.46</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">5/21/2008<br>    11/21/2008</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">22,104<br>    22,103</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">48,844<br>    48,841</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>
  <td  valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>

  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Mark D.    Millett</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">4,703<br>    3,084</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">0.57<br>    0.37</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%<BR>%</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">12.76<br>    19.46</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">5/21/2008<br>    11/21/2008</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">16,580<br>    16,581</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">36,637<br>    36,640</font></div>
  </td>
  <td width="1%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>

<tr>

  <td  valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Richard P.    Teets, Jr.</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">4,703<br>    3,084</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">0.57<br>    0.37</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">%<BR>%</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">12.76<br>    19.46</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">5/21/2008<br>    11/21/2008</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">16,580<br>    16,581</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">36,637<br>    36,640</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>

<tr>

  <td  valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Tracy L.    Shellabarger</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">4,703<br>    3,084</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">0.57<br>    0.37</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%<BR>%</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">12.76<br>    19.46</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">5/21/2008<br>    11/21/2008</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">16,580<br>    16,581</font></div>
  </td>
  <td width="2%" valign="top">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top">
  <div  align="right"><font size="2" face="Times New Roman">36,637<br>    36,640</font></div>
  </td>
  <td width="1%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
<tr>
  <td  valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>

<tr>

  <td  valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">John W.    Nolan</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">3,527<br>    2,313</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">0.43<br>    0.28</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">%<BR>%</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">12.76<br>    19.46</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">5/21/2008<br>    11/21/2008</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">12,434<br>    12,436</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="8%" valign="top" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">27,476<br>    27,480</font></div>
  </td>
  <td width="1%" valign="top" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="1" face="Times New Roman">1</font></div>
  </td>
  <td width="91%" valign="top">
  <div><font size="1" face="Times New Roman">The exercise price of each    option is 100% of the fair market value of our common stock on the date the    option was granted.&#160; All of the    foregoing options were issued under the terms of our Amended and Restated    1996 Incentive Stock Option Plan.&#160;    These options are for a term of five years from the date of grant and    become exercisable six months after the date of grant.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="1" face="Times New Roman">2</font></div>
  </td>
  <td width="91%" valign="top">
  <div><font size="1" face="Times New Roman">The dollar amounts in these    columns are the result of calculations at the 5% and 10% appreciation rates    prescribed by the Securities and Exchange Commission, and, therefore, are not    intended to forecast potential future appreciation, if any, in the price of our    common stock.&#160; Potential realizable    value assumes that the common stock appreciates at the rate shown (compounded    annually) from the grant date until the option expiration date.&#160; No gain to the optionees is possible    without an increase in the price of our common stock over the exercise price    of each option.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">12</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p13></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div align="center"><font size="3" face="Times New Roman"><b>Aggregated Option
Exercises in 2003 and Fiscal Year-End Values</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The following
table gives information for options exercised by each of the named executive
officers during 2003 and the value of the &#147;in-the-money&#148; options held
by those executive officers at year-end.&#160; Options are in-the-money if the
market value of the shares covered thereby is greater than the option exercise
price.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="19%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Number of    Securities<br>    Underlying Unexercised<br>    Options at Fiscal Year-End<br>    (#)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="19%" colspan="5"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Value of    Unexercised<br>    In-the-Money<br>    Options at Fiscal Year-End <sup>2</sup><br>    ($)</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="19%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="19%" colspan="5"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div align="center"><font size="1" face="Times New Roman"><b>Name</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Shares<br>    Acquired on<br>    Exercise<br>    (#)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Value<br>    Realized<sup>1</sup><br>    ($)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Exercisable<br>    (#)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Unexercisable<br>    (#)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Exercisable<br>    ($)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="9%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Unexercisable<br>    ($)</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="7%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Keith E. Busse</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">5,926</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">32,593</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">56,793</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">4,111</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">586,185</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">14,553</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Mark D. Millett</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,445</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">25,337</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">42,597</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,084</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">439,660</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,917</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Richard P. Teets, Jr.</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">4,445</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">42,227</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">42,597</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">3,084</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">439,660</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">10,917</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Tracy L. Shellabarger</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,445</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">23,597</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">42,597</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,084</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">439,660</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">10,917</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">John W. Nolan</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">3,334</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">31,673</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">31,949</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">2,313</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">329,761</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="7%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">8,188</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="1" face="Times New Roman">1</font></div>
  </td>
  <td width="91%" valign="top">
  <div><font size="1" face="Times New Roman">Market value of the    underlying shares on the date of exercise, if any, less the option exercise    price.</font></div>
  </td>
 </tr>

<tr>

  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="3%" valign="top">
  <div><font size="1" face="Times New Roman">2</font></div>
  </td>
  <td width="91%" valign="top">
  <div><font size="1" face="Times New Roman">Market value of shares at    December&nbsp;31, 2003 covered by all in-the-money options, less the option    exercise price.</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Director
Compensation.</b>&#160; During 2003, our Non-Employee Directors received
attendance fees of $3,000 per Board meeting and $1,500 per committee
meeting.&#160; They were also reimbursed for expenses incurred in attending
meetings.&#160; During 2003, average director fees for the year were
approximately $27,400 per director.&#160; In addition, each Non-Employee
Director participates in our stockholder approved Non-Employee Director Stock
Option Plan, under which each such director on May&nbsp;21 and November&nbsp;21
of each year (each such date defined as a &#147;Grant Date&#148;) is
automatically granted a nonstatutory stock option, exercisable within five years
from the date of grant, to purchase shares of our common stock equal to the
number of whole shares, rounded up or down, calculated by dividing a grant
value, currently set at $15,000, by the fair market value of our common stock on
each such Grant Date.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The purchase
price of stock covered by an option granted pursuant to the Director Plan is
100% of the fair market value of such shares on the day the option is
granted.&#160; Options are not exercisable until they become vested, and full
vesting in an optionee will occur six months after each Grant Date.&#160; If an
optionee ceases to be a director, for whatever reason, no further grants of
options are to be made to that optionee.&#160; If an optionee ceases to be a
director for any reason other than death, any portion of an option
</font></div>


<div><font size="2" face="Times New Roman">&nbsp;</font></div>

</div>
<DIV style="FLOAT: left; WIDTH: 3%"></div>
<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:0%'><font size="2" face="Times New Roman">
that is then
vested but has not been exercised may be exercised at any time prior to its
scheduled expiration date.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Director  Plan is administered by the Compensation Committee, with power and authority to  construe provisions of the Director Plan, to determine all questions  thereunder, to accelerate the vesting or exercise of an option, and to adopt  and amend such rules and regulations as it may deem desirable.&#160; The Director Plan is intended to comply in  all respects with the provisions of Rule&nbsp;16b-3 under the Securities  Exchange Act of 1934 and Section&nbsp;162 (m)(4)(C) of the Internal Revenue  Code.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Employment Agreements</b>.&#160; We have employment agreements with  Keith&nbsp;E. Busse, our Chief Executive Officer, Mark&nbsp;D. Millett, Vice  President and General Manager of our Flat Roll Division, Richard&nbsp;P. Teets,  Jr., Vice President and General Manager of our Structural and Rail Division,  and Tracy&nbsp;L. Shellabarger, Vice President of Finance and Chief Financial  Officer.&#160; Each of these employment  agreements has an &#147;evergreen&#148; feature, consisting of an initial two year term  that is automatically extended annually for an additional year unless, no less  than 90 days prior to year-end, either party gives written notice to the other  of an intention not to renew.</font></div>

</div>
<br clear=all>


<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">13</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><a name=p14></a><font  size="2" face="Times New Roman"><b><a  href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:3%'><font size="2" face="Times New Roman">If, without
cause, any of these officers&#146; employment is either terminated within the
two year term or is not extended for the contemplated additional rolling one
year period, that officer is entitled to receive a lump sum severance payment,
in lieu of any and all claims under the remaining term of his employment
agreement, in cash, equal to two years of his then existing Base Salary,
together with a pro rata annual bonus payment under our 2003 Executive Incentive
Compensation Plan, when calculated, to the date of termination or non-extension
(for that year).&#160; If the termination or non-extension is for cause, then
such officer would not be entitled to receive any severance or bonus
payment.&#160; If the officer voluntarily terminates his employment, he would
not be entitled to any severance payment but would be entitled to receive a pro
rata annual bonus payment to the date of termination or non-extension.&#160; If
employment is terminated due to disability or death, we will continue paying
that officer or his estate, as the case may be, the prescribed Base Salary
during the
</font></div>

</div>
<DIV style="FLOAT: left; WIDTH: 3%"></div>
<DIV style="FLOAT: left; WIDTH: 48%">


<div style='text-indent:0%'><font size="2" face="Times New Roman">
remainder of the two year term, except that in the case of disability
such payments will be reduced to the extent of any benefits paid by
workers&#146; compensation or under any state disability benefit program or
under any other disability policy maintained by us.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Under their
employment agreements, each of these officers is paid a Base Salary, which is
reflected in the &#147;Salary&#148; column in the Summary Compensation Table in
this proxy statement, in addition to which each such officer has been entitled,
through 2003, to participate in our 2003 Executive Incentive Compensation Plan,
our Amended and Restated 1996 Incentive Stock Option Plan, our Profit Sharing
Plan and our Retirement Savings Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">All Named
Executive Officers receive major medical and long-term disability
benefits.&#160; Messrs. Busse, Millett, Teets and Shellabarger receive term life
insurance equal to twice their Base Salaries and Mr.&nbsp;Nolan receives term
life insurance equal to his Base Salary.</font></div>

</div>
<br clear=all>


<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Proposal No. 2</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Ratification of the  Appointment of Independent Auditors</b></font></div>


<hr noshade size="1">



<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:3%'><font size="2" face="Times New Roman">In accordance
with the provisions of the Sarbanes-Oxley Act of 2002, the Audit Committee has
appointed Ernst&nbsp;&amp; Young LLP as our independent auditors to conduct our
annual audit for the year 2004, and, although not legally required but in
accordance with established policy, we are submitting this appointment to
stockholders for ratification.&#160; In the event the appointment is not
ratified by a majority of votes cast, in person or by proxy, we anticipate that
no change in auditors would be made for the current year because of the
difficulty
</font></div>

</div>
<DIV style="FLOAT: left; WIDTH: 3%"></div>
<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:0%'><font size="2" face="Times New Roman">
and expense of making any change so long after the beginning of the
current year.&#160; However, any such vote would be considered in connection
with the auditors&#146; appointment for 2005.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">
Ernst&nbsp;&amp; Young LLP conducted our annual audit for 2003, and we
believe that representatives of Ernst&nbsp;&amp; Young LLP will be present at
the meeting, will make themselves available at the meeting to respond to
appropriate questions from stockholders, and, if the representatives desire,
will have an opportunity to make a statement.</font></div>

</div>
<br clear=all>


<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div align="center"><font size="2" face="Times New Roman"><b>The Board of
Directors recommends a vote FOR the approval of the appointment of<br>
Ernst&nbsp;&amp; Young LLP as independent auditors for 2004.</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>


<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Audit and
Non-Audit Fees.</b>&#160; The following table presents fees for professional
audit services rendered by Ernst&nbsp;&amp; Young LLP for the audit of our
annual financial statements for the years ended December&nbsp;31, 2003 and
December&nbsp;31, 2002, as well as fees billed for other services rendered by
Ernst&nbsp;&amp; Young LLP during those periods.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>


</div>
<DIV style="FLOAT: left; WIDTH: 3%"></div>
<DIV style="FLOAT: left; WIDTH: 48%">


<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>2002</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Audit Fees</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">280,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">412,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Audit-Related Fees</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">52,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">48,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Tax Fees</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">159,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">351,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">All Other Fees</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="1">


  </td>
  <td width="10%">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">497,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#ffffff">
  <div  align="right"><font size="2" face="Times New Roman">811,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#ffffff">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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<tr>

  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%">
  <hr noshade size="2">


  </td>
  <td width="10%">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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</table>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Fees for audit services  include fees associated with the annual audit, review of the Company&#146;s  quarterly reports on Form 10-Q, comfort letter</font></div>

</div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">14</font></div>

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<PAGE>

<div><a name=p15></a><font  size="2" face="Times New Roman"><b><a href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div><font size="2" face="Times New Roman">procedures, preparing consents, and  assistance with review of documents filed with the SEC.&#160; Audit-related fees principally include  accounting consultations and audits of benefit plans.&#160; Tax fees principally include tax consultations, compliance review  and planning assistance.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">There were no other services  performed during 2003 and 2002.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Policy on Audit Committee  Pre-Approval of Audit and Permissible Non-Audit Services of Independent  Auditor.</b>&#160; Consistent with SEC policies regarding  auditor independence, the Audit Committee must pre-approve all audit and  permissible non-audit services provided by our independent auditors.&#160; Our Non-Audit Services Pre-Approval Policy  covers all services to be performed by our independent auditors.&#160; The policy contemplates a general pre-approval  for all audit, audit-related, tax and all other services that are permissible,  with a general pre-approval period of twelve months from the date of each  pre-approval.&#160; Any other proposed  services that are to be performed by our independent auditors, not covered by  or exceeding the pre-approved levels or amounts, must be specifically approved  in advance.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Prior to engagement, the  Audit Committee will pre-approve the following categories of services.&#160; These fees are budgeted, and the Audit  Committee requires the independent auditors and management to report actual  fees versus the budget periodically throughout the year, by category of  service.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

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  <div><font size="2" face="Times New Roman">1.</font></div>
  </td>
  <td width="94%" valign="top">

<div><font size="2" face="Times New Roman"><b>Audit</b> services include the
annual financial statement audit (including required quarterly reviews),
subsidiary audits, and other work required to be performed by the independent
auditors to be able to form an opinion on our Consolidated Financial
Statements.&#160; Such work includes, but is not limited to, comfort letters,
statutory audits or financial audits for subsidiaries or
</font></div>

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<div><font size="2" face="Times New Roman">
affiliates, and
services associated with SEC registration statements, periodic reports and other
documents filed with the SEC or other documents issued in connection with
securities offerings.</font></div>

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  </td>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
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  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
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  </td>
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  <div><font size="2" face="Times New Roman">2.</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman"><b>Audit-related</b> services are for services that are reasonably related to the    performance of the audit or review of our financial statements or that are    traditionally performed by the independent auditor.&#160; Such services typically include but are not limited to    financial audits of employee benefit plans, due diligence services pertaining    to potential business acquisitions or dispositions, accounting consultations    related to accounting, financial reporting or disclosure matters not    classified as &#147;audit services,&#148; and assistance with understanding and    implementing new accounting and financial reporting guidance.</font></div>
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  </td>
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  </td>
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  <div><font size="2" face="Times New Roman">3.</font></div>
  </td>
  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman"><b>Tax</b>    services include all services performed by the independent auditors&#146; tax    personnel, except those services specifically related to the financial    statements, and includes fees in the area of tax compliance, tax planning and    tax advice.</font></div>
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  </td>
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  <div><font size="2" face="Times New Roman">4.</font></div>
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  <td width="94%" valign="top">
  <div><font size="2" face="Times New Roman"><b>All other fees</b> are those associated with services that the Audit Committee believes    are routine and recurring services which would not impair the independence of    the auditor and are consistent with SEC rules on auditor independence.</font></div>
  </td>
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</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Applicable SEC rules and the  Audit Committee&#146;s pre-approval policy permits the delegation of pre-approval  authority for services not covered by the Audit Committee&#146;s general  pre-approval to either of the Co-Chairs of the Audit Committee.</font></div>

</div>
<br clear=all>


<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Proposal No. 3</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Approval of Employee  Stock Purchase Plan</b></font></div>


<hr noshade size="1">



<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:3%'><font size="2" face="Times New Roman"><i>The
following summary description of the Steel Dynamics, Inc. Employee Stock
Purchase Plan is qualified in its entirety by reference to the actual text of
the Plan, which is attached to this Proxy Statement as Exhibit A.&nbsp; In the
event of any discrepancy, the terms of the actual Plan will
govern.</i></font></div>

</div>
<DIV style="FLOAT: left; WIDTH: 3%"></div>
<DIV style="FLOAT: left; WIDTH: 48%">


<div style='text-indent:3%'><font size="2" face="Times New Roman">Our Board of
Directors has approved the Steel Dynamics, Inc. Employee Stock Purchase Plan
(the &#147;Plan&#148;) applicable to the employees of Steel Dynamics, Inc. and
its &#147;Participating Affiliates,&#148; effective on the first day of the
calendar month next following the date on which the Plan is approved by
stockholders, or July&nbsp;1, 2004, whichever is later.&#160; The purpose of the
Plan is to provide a convenient way</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">15</font></div>

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<div><a name=p16></a><font size="2" face="Times New Roman"><b><a
href="#Contents">Back to Contents</a></b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">
<div><font size="2" face="Times New Roman">for &#147;Eligible Employees&#148;  (regular full-time employees whose customary employment is at least 30 hours  per week and 1,000 hours annually, and have completed 30 days of &#147;Service&#148;), to  purchase shares of our common stock, in the open market through a &#147;Designated  Broker&#148; and at fair market value, through regular payroll deductions.&#160; The Plan is voluntary on the part of the  employee, and an employee who wishes to become a &#147;Participant&#148; under the Plan  may elect to participate by executing and approving a prescribed payroll  deduction authorization, as well as various other Plan documents and new  account documents supplied by the brokerage firm we have appointed as the  &#147;Designated Broker&#148; under the Plan.&#160; By  enrolling, the Participant authorizes prescribed amounts he or she has  specified to be deducted from his or her compensation and, together with  certain &#147;matching&#148; contributions by
Steel Dynamics or its Participating  Affiliate, these amounts are paid over to the Designated Broker and used for  open market purchases of our common stock for the Participant&#146;s personal  account.&#160; &#147;Service,&#148; as defined by the  Plan, means continuous uninterrupted employment by Steel Dynamics or one or  more of its Participating Affiliates, subject to certain conditions.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">All  Participants under the Plan have the same rights and privileges, except that no  employee may participate under the Plan if that employee, immediately after a  payroll deduction and/or after a matching contribution has been made, owns  stock in excess of 5% of the company&#146;s common stock, determined under the rules  prescribed pursuant to Section&nbsp;424(d) of the Internal Revenue Code of  1986, as amended.&#160; The minimum payroll  deduction for Participants with weekly pay periods is $10, and for Participants  with monthly pay periods is $40, and the maximum payroll deduction for  Participants with weekly pay periods is $200, or for Participants with monthly  pay periods is $860.&#160; Once a Participant  has instructed the company to withhold a specified amount per pay period, that  Participant, under rules prescribed by the Compensation Committee from time to  time, may increase or decrease the payroll deduction
authorization by multiples  of $10, within the limits of the minimum and maximum amounts.&#160; The maximum allowable payroll deduction,  exclusive of any matching contributions by the company, may not exceed $10,400  in any calendar year.&#160; The Compensation  Committee, however, may increase the maximum amounts of allowable payroll  deductions, up to an increase of 25% over the maximums set forth in the Plan,  without such increase being considered a material Plan amendment requiring  stockholder approval.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">Each
Participant under the Plan shall be entitled to &#147;Company Matching
Contributions&#148; on the amount of that Participant&#146;s payroll deductions,
and that matching contribution, as currently agreed, will be equal to 10% of the
Participant&#146;s payroll deduction; provided, however, that subject to the
Compensation Committee&#146;s authority to increase the maximum amount by up to
25% above the prescribed maximums otherwise applicable, the company&#146;s Board
of Directors, on the recommendation of the Compensation Committee and without
the necessity of any further approval by stockholders, may increase or decrease
the amount of the Company Matching Contribution, in increments of 1%, within a
range of a minimum of 5% to a maximum of 15% of the Participant&#146;s payroll
deduction amount.&#160; The company must remit the funds deducted from a
Participant&#146;s compensation, together with any matching contributions, to
the Designated Broker no less frequently than monthly.&#160; No interest is
payable by the Company or any Affiliate to or on behalf of any Participant on
account of any amounts withheld from a Participant&#146;s compensation prior to
the time it is remitted to the Designated Broker.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">A Participant,
on a limited basis, may suspend his or her contributions under the Plan, without
being deemed to have withdrawn from or terminated his or her participation under
the Plan, and a Participant on an unpaid leave of absence will be deemed to have
suspended his or her payroll deduction authorization during the time of such
leave.&#160; If a Participant has not resumed voluntary contributions within 12
months after the commencement of a suspension period, the Participant shall be
deemed to have withdrawn from the Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">All accounts
maintained by the Designated Broker for each Participant shall be and remain the
sole property of the Participant, at all times and for all purposes, from the
moment of receipt by the Designated Broker of the amounts contributed by or on
behalf of the Participant.&#160; The Participant may withdraw shares of stock or
dispose of shares of stock as and when the Participant may direct.&#160; The
Designated Broker is required to make reports to each Participant no less
frequently than quarterly, specifying the number of shares of stock, the market
value thereof, and any unapplied cash, through the last day of each such
period.&#160; The company&#146;s Board of Directors, at any time and in its
discretion, may alter, amend, suspend or terminate the Plan or any part thereof,
without seeking or obtaining stockholder approval, unless an alteration or
amendment, in the opinion of the Company&#146;s legal counsel, shall be deemed a
&#147;material Plan amendment&#148; within the</font></div>

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<div><font size="2" face="Times New Roman">meaning of NASD Rule&nbsp;4350(i) or
any comparable or replacement rule applicable to the Company.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Plan is
not intended to qualify as an &#147;employee stock purchase plan&#148; within
the meaning of Section 423(a) of the Internal Revenue Code of 1986, as
amended.&#160; Under current tax laws, therefore, amounts that are withheld from
a Participant&#146;s compensation pursuant to a payroll deduction authorization,
and used for the purchase of company stock, will neither be excludable from
gross income nor deductible, for federal income tax purposes, by the
Participant, and the amount of the matching contribution by the company, on
behalf of a Participant, will be taxable to that Participant, as additional
compensation and at ordinary federal and state income tax rates, and deductible,
when paid, by the Company.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The tax
treatment to a Participant, based on the Participant&#146;s disposition of the
shares of stock held in or her account with the Designated Broker, or otherwise
after distribution by the Designated Broker to the Participant, will depend upon
the character of the shares in the hands of the Participant, the
Participant&#146;s tax basis in the shares, the length of time the shares have
been held by the Participant, and other factors that may affect the amount or
character of any taxable gain or the ordinary income or capital gains treatment
of any such gain or loss.&#160; Steel Dynamics makes no representation to any
employee or Participant with respect to the tax treatment that will be accorded
to the employee or Participant of the Participant&#146;s or the company&#146;s
contributions for or on behalf of Participant under the Plan, or with respect
</font></div>

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<div style='text-indent:0%'><font size="2" face="Times New Roman">
to
the tax treatment upon disposition of the shares purchased and held in
connection with the Plan.&#160; Each employee or Participant should consult with
his or her tax adviser with regard to the tax treatment to be accorded to the
employee or Participant as a result of participating in the Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Plan does
meet the coverage and participation requirements prescribed by Sections
423(b)(3) and 423(b)(5) of the Internal Revenue Code and, therefore, constitutes
a &#147;Stock Purchase Plan&#148; within the meaning of Rule 16b-3(c)
promulgated by the Securities and Exchange Commission under the Securities
Exchange Act of 1934.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">A Participant
may withdraw from the Plan by submitting a notice of cancellation of his or her
payroll deduction authorization, under rules prescribed by the Compensation
Committee, and, on or after the effective date of withdrawal, no further payroll
deductions and no further company matching contributions shall be made by or for
the Participant.&#160; Upon a Participant&#146;s termination of service, the
Participant will be deemed to have withdrawn from the Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The costs of
administering the Plan shall be paid by Steel Dynamics or allocated to and paid
by the Participating Affiliates.&#160; Brokerage expenses incurred in the
purchase, but not the sale, of shares of stock shall be paid for by the Company
or allocated to and paid by a Participating Affiliate.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">A copy of the
Steel Dynamics, Inc. Employee Stock Purchase Plan is attached hereto as
<u>Exhibit&nbsp;A</u>.</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div align="center"><font size="2" face="Times New Roman"><b>The Board
recommends a vote FOR approval of the<br> Steel Dynamics, Inc. Employee Stock
Purchase Plan.</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">
<b><i>Notwithstanding anything to the contrary set forth in any of our
previous filings under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended, that might incorporate future filings,
including this proxy statement, in whole or in part, the following reports and
the Performance Graph on page&nbsp; 22 shall not be incorporated by reference
into any such filings, nor shall they be deemed to be soliciting material or
deemed filed with the Securities and Exchange Commission under the Securities
Act of 1933, as amended, or under the Securities Exchange Act of 1934, as
amended.</i></b></font></div>

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<div  align="center"><font size="2" face="Times New Roman">17</font></div>

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<div align="center"><font size="3" face="Times New Roman"><b>Report of the
Compensation Committee<br> on Executive Compensation</b></font></div>


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<div style='text-indent:3%'><font size="2" face="Times New Roman">Our executive  compensation philosophy is based upon the following principles:</font></div>

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  <div><font size="2" face="Times New Roman">Base    salaries should be competitive with the level of salaries paid to officers in    comparable companies with comparable responsibilities.</font></div>
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  <div><font size="2" face="Times New Roman">Variable    compensation, both in the form of cash and stock bonus awards, should be    directly related to the financial results produced during the year.</font></div>
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  <div><font size="2" face="Times New Roman">Long-term    compensation, in the form of stock options, directly links officers&#146; rewards    to stock price appreciation.</font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The  Compensation Committee establishes the salaries and other compensation of the  Company&#146;s executive officers, including its President and Chief Executive  Officer and the other executive officers named in the Summary Compensation  Table.&#160; The members of the Compensation  Committee, for 2003 consisted of three members of the Board of Directors, all  of whom met (a) all criteria for &#147;independence&#148; prescribed by SEC, Nasdaq and  tax rules, listing standards and regulations applicable to the Compensation  Committee (b) the definition of a &#147;non-employee director&#148; within the meaning of  Rule&nbsp;16b-3 promulgated by the SEC under the Exchange Act, and (c) the  definition of an &#147;outside director&#148; within the meaning of  Section&nbsp;162(m)(4)(C) of the Internal Revenue Code.&#160; All recommendations by the Compensation  Committee during 2003, were considered by the full Board of Directors and were
approved not only by the full Board of Directors but by all six members of the  Board of Directors who met the foregoing three criteria.&#160; Our executive compensation programs consist  of three principal elements:&#160; base salary,  a cash and stock bonus incentive compensation component, and stock options.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Base
Salary.</b>&#160; The Compensation Committee recommends a base salary for
executive officers, including the president and chief executive officer, based
upon a comparative review of companies within the steel manufacturing peer
group, both mini-mills and integrated mills, as well as a review of other
companies believed to be representative and comparable in terms of size and the
nature of its operations.&#160; The Compensation Committee has traditionally
established base salary at somewhat under the level of the prevailing base
salaries of the peer group and comparable other company
</font></div>

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<div style='text-indent:0%'><font size="2" face="Times New Roman">
executives, primarily because of the Company&#146;s philosophy to align total
executive officer pay with the financial results of the Company&#146;s
operations.&#160; This is consistent with the Company&#146;s philosophy and
culture that guides its compensation for all of its employees, which emphasizes
a strong element of incentive compensation based on operating results.&#160;
During 2003 and in prior years, the Company&#146;s base salary level for its
executive officers was substantially below the median for its peer and
comparable groups.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Incentive Bonus.&#160; </b>The Compensation  Committee believes that incentive compensation should be geared toward  rewarding excellent financial performance results, and executive officers ought  to be rewarded for producing Company profits.&#160;  Accordingly, since 1996, the Company has provided this incentive  compensation to its executives through a performance-based bonus formula that  pays bonuses, in cash and in stock, based upon profits over and above a stated  threshold amount.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Until 2003,  the annual incentive bonus was determined under our Amended and Restated  Officer and Manager Cash and Stock Bonus Plan, originally adopted in 1996 and  amended, restated and approved by stockholders in 2000.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">In 2003, we  replaced our Amended and Restated Officer and Manager Cash and Stock Bonus Plan  with our 2003 Executive Incentive Compensation Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Our 2003  Executive Incentive Compensation Plan&#146;s incentive awards are all  performance-based.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">For &#147;Corporate  Executive Officers&#148; (currently, our President and Chief Executive Officer and  our Vice President and Chief Financial Officer) and for &#147;Corporate Officers&#148;  (currently, our Vice President of Sales and Marketing), their incentive  compensation is determined entirely at the corporate level and is based upon  company-wide &#147;Adjusted Pre-Tax Net Income,&#148; as defined in the Plan.&#160; For any year under the Plan, a &#147;Bonus Pool&#148;  is determined, by multiplying consolidated Adjusted Pre-Tax Net Income, less an  amount equal to 10% of &#147;Average Stockholders Equity,&#148; by a percentage amount  (currently 5&#189;%) determined annually by the Compensation Committee.&#160; The amount of the Bonus Pool is then allocated  among the participating executive employees in accordance with each  &#147;Participant&#146;s Bonus Pool Percentage&#148; (derived, for</font></div>

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<div><font size="2" face="Times New Roman">any participant, from a fraction, the
numerator of which is equal to the &#147;Participant&#146;s Adjusted Base
Salary,&#148; as defined in the Plan, and the denominator of which is equal to
the sum of all of the Participants&#146; Adjusted Base Salaries).&#160; Our
&#147;Corporate Executive Officers&#148; are entitled, if the Bonus Pool is
large enough, to earn up to a maximum of two and one-half times their Base
Salary (established annually by the Compensation Committee at the beginning of
the year, and approved by the Board of Directors), in cash, and, if there are
still unallocated amounts remaining in the Bonus Pool after payment of all
applicable cash bonuses, may also be entitled to receive a stock bonus, not to
exceed his Base Salary, in restricted Company stock vesting over a two year
period, issued at fair market value.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">A
&#147;Corporate Officer&#146;s&#148; Cash and Stock Bonus is calculated in the
same manner as for the Corporate Executive Officers, except that the cash bonus
may not exceed one and one-half times the Corporate Officer&#146;s Base Salary,
and the maximum stock bonus for the Corporate Officer may not exceed 75% of the
Corporate Officer&#146;s Base Salary.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">For
&#147;Divisional Executive Officers&#148; (currently the Vice President and
General Manager of our Flat Roll Division and the Vice President and General
Manager of our Structural and Rail Division) and for &#147;Divisional
Officers&#148; (currently, the General Manager of our Bar Products Division and
the President of our New Millennium Building Systems Division), their incentive
compensation is based in part on company-wide performance and, in part, on their
divisional performance.&#160; Currently, &#147;Divisional Executive
Officers&#148; derive half of their incentive compensation through participation
in the company-wide Bonus Pool and half of their incentive compensation through
a bonus formula based upon their divisional operating performance and chargeable
to their respective divisions.&#160; Divisional Officers derive 25% of their
incentive compensation through participation in the company-wide Bonus Pool and
75% of their incentive compensation through their divisional bonus
formula.&#160; This divisional bonus formula is based upon a return on assets
(&#147;ROA&#148;) analysis.&#160; Each year, the Compensation Committee sets a
&#147;Minimum ROA Target,&#148; currently 5%, below which no divisional cash or
stock bonus may be paid.&#160; The Compensation Committee also sets a
&#147;Maximum ROA Target,&#148; currently 30%, at which level a Divisional
Executive Officer or Divisional Officer will be entitled to receive his maximum
divisional cash and/or stock bonus.&#160; Once these preliminary calculations
have been made, the division&#146;s performance is measured
</font></div>

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<div style='text-indent:0%'><font size="2" face="Times New Roman">
by calculating that
division&#146;s &#147;Divisional Return on Assets,&#148; using a formula
described in the Plan.</font></div>



<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">A &#147;Divisional  Executive Officer&#148; can derive half of his cash and stock bonus, if earned, from  the company-wide Bonus Pool.&#160; The  remaining half of a Divisional Executive Officer&#146;s maximum incentive  compensation, based on divisional performance, may not exceed, in cash, two and  one-half times his Base Salary, multiplied by 50%, and, in shares of restricted  stock, may not exceed one-half of his Base Salary.&#160; For &#147;Divisional Officers,&#148; because their incentive compensation  based on the Bonus Pool is only 25%, the maximum incentive compensation from  both company-wide and divisional sources may not exceed one and one-half times  his Base Salary, in cash, and 75% of his Base Salary in restricted stock.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">An aggregate  of 750,000 shares of the Company&#146;s common stock has been reserved for issuance  of stock bonus awards under the Plan.&#160;  For 2003, only 3,200 shares of common stock were issued as stock bonus  awards, leaving 746,800 shares still available for issuance over the next four  years, if earned.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">In the  Company&#146;s opinion, our Executive Incentive Compensation Plan, being  performance-based, meets the performance-based compensation standards of  deductibility of Section&nbsp;162(m) of the Internal Revenue Code.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Stock Option Plan.</b>&#160; The Compensation Committee believes that the  long-term incentive benefits of stock ownership, through the acquisition of  stock options and through stock bonus awards, if applicable, aligns management&#146;s  long-term interests with those of stockholders in general.&#160; The Company also evidences that philosophy  by including the named executive officers in the same incentive stock option  plan that is applicable to all Company employees.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">In October 1996,  and as amended pursuant to stockholder approval at our 2001 Annual Meeting, our  Board of Directors adopted and the stockholders approved and reapproved the  1996 Incentive Stock Option Plan, which covers all of our full-time employees  (approximately 1,400 employees at December&nbsp;31, 2003), including officers,  managers, supervisors, professional staff, and hourly employees.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Under the 1996  Plan, we award automatic semi-annual stock options to all such employees, in  different dollar equivalent amounts, by position category, based upon the fair  market value of our common stock on each semi-annual grant date, with an  exercise price equal to the same fair market value</font></div>

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<div><font size="2" face="Times New Roman">on the grant date.&#160; Options issued under the Plan become  exercisable six months after the date of grant and must be exercised no later  than five years thereafter.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Other Compensation.</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b><i>Profit Sharing Plan</i>.</b>&#160; We have established a Profit Sharing Plan  for eligible employees, including the named executive officers, which is a  &#147;qualified plan&#148; for federal income tax purposes.&#160; For 2003, under the Profit Sharing Plan, we allocated to Profit  Sharing Plan participants (the &#147;profit sharing pool&#148;) an amount equal to 5% of  our pre-tax profits.&#160; The profit sharing  pool is used to fund the Profit Sharing Plan, as well as a separate cash profit  sharing bonus that is paid to employees in March of the following year.&#160; The amount allocated to our Chief Executive  Officer, for 2003 pursuant to the Profit Sharing Plan was $11,814.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman"><b><i>
Retirement Savings Plan</i>.</b>&#160; We have also established a
Retirement Savings Plan for eligible employees, which is also a &#147;qualified
plan&#148; for federal income tax purposes.&#160; Generally, employees may
contribute on a pre-tax basis up to 8% of their eligible compensation, and we
match employee contributions in an amount based upon our return on
</font></div>

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<div style='text-indent:0%'><font size="2" face="Times New Roman">assets, with
a minimum match of 5% and a maximum match of 50%, subject to certain applicable
tax law limitations.&#160; The amount we contributed in respect to our Chief
Executive Officer, Keith&nbsp;E. Busse, for 2003 pursuant to the Retirement
Savings Plan was $899.</font></div>



<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman"><b>Chief
Executive Officer Compensation.</b>&#160; The Company compensates its chief
executive officer, just like its other executive officers, by a combination of
three principal elements:&#160; base salary, incentive compensation awarded
under its 2003 Executive Incentive Compensation Plan, and stock option awards
granted twice annually in pre-described amounts, pursuant to the Company&#146;s
Amended and Restated 1996 Incentive Stock Option Plan.&#160; During 2003, the
Company&#146;s chief executive officer, Keith&nbsp;E. Busse was paid a base
salary of $600,000, received a cash bonus of $1,037,162 and did not receive any
stock bonus.&#160; In addition, Mr.&nbsp;Busse was granted options for 6,270
shares of common stock, at an exercise price of $12.76, in May 2003 and was
granted an option for 4,111shares of common stock, at an exercise price of
$19.46 in November 2003, all under the 1996 Plan.</font></div>
</div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Report of the Audit  Committee</b></font></div>


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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Audit
Committee of the Board of Directors is comprised of four directors, all of whom
meet all applicable SEC and Nasdaq standards for &#147;independence.&#148;&#160;
Current members of the Audit Committee are Joseph D. Ruffolo, Paul&nbsp;B.
Edgerley, Dr.&nbsp;J&#252;rgen Kolb and James&nbsp;E. Kelley.&#160; Messrs.
Ruffolo and Edgerley serve as Co-Chairs of the Audit Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Audit  Committee operates under a written charter adopted by the Board of Directors,  which was reviewed and revised in March&nbsp;2003.&#160; A copy of the revised Audit Committee Charter was attached as <u>Exhibit&nbsp;A</u>  to our 2003 proxy statement and is also accessible on our website at www.steeldynamics.com.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Among its many  functions, the Audit Committee reviews the Company&#146;s financial reporting  process on behalf of the Board of Directors.&#160;  Management, however, has the primary responsibility for the financial  statements and the reporting process, including the Company&#146;s system of  internal controls.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">In this
context, the Audit Committee met and held discussions with management and with
the independent auditors ten times during 2003 to
</font></div>

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<div style='text-indent:0%'><font size="2" face="Times New Roman">
consider the overall quality of
the Company&#146;s financial reporting and disclosure controls, the
Company&#146;s critical accounting policies and the general objectivity,
thoroughness and fairness of its financial reporting process, including the
Company&#146;s system of internal controls.&#160; The Audit Committee discussed
these matters with the Company&#146;s independent auditors and with appropriate
Company financial personnel, and also discussed with the Company&#146;s
executive management and independent auditors the process used for
certifications by the Company&#146;s Chief Executive Officer and Chief Financial
Officer, as required by the SEC and by the provisions of the Sarbanes-Oxley Act
of 2002 for certain of the Company&#146;s filings with the SEC.&#160; The Audit
Committee met privately with the independent auditors, who in any event have
unrestricted access to the Audit Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Audit  Committee has reviewed and discussed with management and with the independent  auditors the audited financial statements.&#160;  The Audit Committee received from has discussed with Ernst&nbsp;&amp;  Young LLP the written disclosure and the letter required by Independence  Standards Board Standard</font></div>
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<div  align="center"><font size="2" face="Times New Roman">20</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div><font size="2" face="Times New Roman">No.&nbsp;1 (Independence  Discussions with Audit Committees), relating to Ernst&nbsp;&amp; Young LLP&#146;s  independence from the Company.&#160; The  Audit Committee also discussed with Ernst&nbsp;&amp; Young LLP matters required  to be discussed by the Statement on Auditing Standards No.&nbsp;61  (Communication with Audit Committees) of the Auditing Standards Board of the  American Institute of Certified Public Accountants to the extent  applicable.&#160; The Audit Committee has  also considered whether the independent auditors&#146; provision of non-audit services  to the Company is compatible with the auditors&#146; independence, and the Audit  Committee has concluded that the independent auditors are in fact independent  from the Company and its management.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Audit
Committee has discussed significant accounting policies applied by the Company
in its financial statements, as well as alternative treatments if
applicable.&#160; Management represented to the Audit Committee that the
Company&#146;s consolidated financial statements were prepared in accordance
with generally accepted accounting principles, and the Committee has reviewed
and discussed the
</font></div>

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<div style='text-indent:0%'><font size="2" face="Times New Roman">
consolidated financial statements with management and the
independent auditors.</font></div>


<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The
independent auditors audited the annual financial statements prepared by
management, expressed an opinion as to whether those financial statements fairly
present the financial position, results of operations and cash flows of the
Company in conformity with generally accepted accounting principles, and
discussed with the Audit Committee any issues they felt should be raised with
the Audit Committee.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">Based on these
reviews and discussions, the Audit Committee recommended to the Board of
Directors that the audited financial statements be included in Steel Dynamics,
Inc.&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2003.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="right"><font size="2" face="Times New Roman">The Audit Committee:</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="right"><font size="2" face="Times New Roman">Joseph D. Ruffolo, Co-Chair</font></div>

<div  align="right"><font size="2" face="Times New Roman">Paul&nbsp;B. Edgerley, Co-Chair</font></div>

<div  align="right"><font size="2" face="Times New Roman">James&nbsp;E. Kelley, Member</font></div>

<div  align="right"><font size="2" face="Times New Roman">Dr. J&#252;rgen Kolb, Member</font></div>

</div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">21</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Stockholder Return  Performance Graph</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'>
  <p><font size="2" face="Times New Roman">Set forth below is a line graph  comparing
      the cumulative total stockholder return on our common stock with the cumulative
      total return of companies on the NASDAQ Stock Market &#150; US Index and  the Standard&nbsp;&amp; Poor&#146;s Iron and Steel Index for the limited period of  November&nbsp;22, 1996 (the first day of trading on NASDAQ National Market  System following our initial public offering of our common stock) and the last  trading day prior to December&nbsp;31,
      2003, and assumes the reinvestment of dividends (of which there were none).</font></p></div>
  <p align="center"><font size="3" face="sans-serif"><b>COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*</b></font><br>
<font size="2" face="sans-serif">AMONG STEEL DYNAMICS, INC., THE NASDAQ STOCK
MARKET (U.S.) INDEX<br>
AND THE S&amp;P STEEL INDEX</font></p>

<div align="center">
  <p><img src="image002.jpg"></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="15%">&nbsp;</td>
      <td><font size="1" face="sans-serif">$100 invested on 12/31/98 in stock
          or index-including reinvestment of dividends. Fiscal year ending December
          31.</font></td>
      <td width="15%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><font size="1" face="sans-serif">Copyright &copy; 2002, Standard &amp; Poor&#146;s,
          a division of The McGraw-Hill Companies, Inc. All rights reserved.<br>
      www.researchdatagroup.com/S&amp;P.htm</font></td>
      <td>&nbsp;</td>
    </tr>
  </table>
  <p>&nbsp;</p>
</div>


<div  align="center"><font size="2" face="Times New Roman">22</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Other Matters</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:3%'><font size="2" face="Times New Roman">We do not
intend to bring any other matters before the Annual Meeting, nor are we aware of
any other matters that are to be properly presented to the Annual Meeting by
others.&#160; In the event that other
</font></div>

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<DIV style="FLOAT: left; WIDTH: 48%">

<div style='text-indent:0%'><font size="2" face="Times New Roman">
matters do properly come before the Annual
Meeting or any adjournments thereof, it is the intention of the persons named in
the Proxy to vote such Proxy in accordance with their best judgment on such
matters.</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">

<tr>

  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="bottom">
  <div><font size="2" face="Times New Roman">By Order of    the Board of Directors</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="bottom">
  <div><font size="2" face="Times New Roman"><img border="0" width=186 height=47    src="image004.jpg"></font></div>
  </td>
 </tr>

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  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="bottom">
  <div><font size="2" face="Times New Roman">Keith E.    Busse</font></div>
  </td>
 </tr>

<tr>

  <td  valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="50%" valign="bottom">
  <div><font size="2" face="Times New Roman">President    and Chief Executive Officer</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Fort Wayne, Indiana</font></div>

<div><font size="2" face="Times New Roman">April 5, 2004</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">23</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div align="center"><font size="3" face="Times New Roman"><b>EXHIBIT A</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div align="center"><font size="3" face="Times New Roman"><b>STEEL DYNAMICS, INC.<br>  EMPLOYEE STOCK PURCHASE PLAN</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The purpose of the Steel Dynamics, Inc.  Employee Stock Purchase Plan (the &#147;Plan&#148;) is to provide the employees of Steel  Dynamics, Inc. (&#147;Company&#148;) and its Participating Affiliates a convenient way to  acquire shares of the Company&#146;s Common Stock, through savings accumulated  through payroll deductions and thus to maintain and stimulate employee interest  in the Company&#146;s growth and profitability.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>ARTICLE I<br>  </b><b>Definitions</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148;  means all wholly-owned subsidiaries of the Company and any other entity which  may be designated from time to time as such by the Company&#146;s Board of  Directors.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;Committee&#148; means the Company&#146;s Compensation Committee appointed by the  Company&#146;s Board of Directors from time to time.&#160; The Committee shall be responsible for the administration of the  Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;Compensation&#148; means total cash compensation received by an Eligible Employee  from the Company or an Affiliate, including (a) regular or &#147;base&#148; compensation  such as salary, wages, overtime, shift differentials, bonuses (other than  bonuses or other one-time payments in connection with and as a inducement for  the commencement of employment), and commissions, and (b) incentive  compensation, but does not include relocation payments or reimbursements,  expense reimbursements, tuition or other reimbursements, automobile allowances,  housing allowances, cash payments in lieu of sick or vacation time benefits and  income realized as a result of any stock option, stock purchase, stock bonus or  similar plan of the Company or Affiliate.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;Designated Broker&#148; means, at any time or from time to time, a broker which is  a member of the New York Stock Exchange, that has been appointed by the  Committee to receive Participant payroll deductions and Company Matching  Contributions (collectively &#147;Contributions&#148;), to open and maintain direct,  individual brokerage accounts for and in the name of each Participant (each a  &#147;Participant Account&#148;) and, at such intervals as the Committee may direct, to  purchase on the open market, on behalf and for the account of each Participant,  with the contributions accumulated in each Participant Account, such shares of  the Company&#146;s Stock as may be purchased therewith.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;Effective Date&#148; means the later to occur of the first day of the calendar  month next following the date on which this Plan is approved by the Company&#146;s  stockholders or July&nbsp;1, 2004.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;Eligible Employee&#148; means any person, including a corporate officer, who is a  regular and active full-time employee of the Company or Affiliate for tax  purposes, whose customary employment is at least thirty (30) hours per week and  1,000 hours annually.&#160; For purposes of  this Plan, the employment relationship shall be treated as continuing intact  while the individual is on a Leave of Absence authorized by the Company or Affiliate,  such as sick leave or other leave of absence approved by the Company or  Affiliate.&#160; Where the leave of absence  exceeds the number of days authorized and the person&#146;s right to reemployment is  not guaranteed either by statute or by contract, the employment relationship  shall be deemed to have terminated on the day next following the expiration of  the authorized period; provided, however, that any period during which a person  is or was on
leave of absence for the purpose of serving on active duty with  the Armed Forces of the United States shall be considered a period during which  such person is or was regularly and actively employed by the Company or  Affiliate.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;Employer&#148; means Steel Dynamics, Inc. and all Participating Affiliates.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;Leave of Absence&#148; means absence from active service with the Company or an  Affiliate, with the permission of the Company of Affiliate, by reason of  illness, military service, or for any other reason as approved or allowed by  the Company&#146;s or Affiliate&#146;s personnel policies.&#160; An Eligible Employee whose Service is terminated and</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">1-A</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">who is subsequently re-employed by the  Company or an Affiliate will be considered a new employee, for all purposes of  the Plan, as of the effective date of his reemployment.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &#147;Participant&#148; means an Eligible Employee who has elected to participate in the  Plan in accordance with Article&nbsp;II.&#160;  A person shall be deemed to remain a Participant until the Participant  withdraws from the Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Participating  Affiliate&#148; means an Affiliate that has adopted the Plan with the consent of the  Company&#146;s Board of Directors.&#160; If a  company which is or has become a Participating Affiliate ceases to be a  Participating Affiliate, such company shall be deemed to have withdrawn from  participation in the Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Pay  Period&#148; means the interval of time for which a particular Eligible Employee  regularly receives his compensation.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Payday&#148;  means the day on which the Eligible Employee regularly receives his compensation  for the Pay Period.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  &#147;Payroll Deduction Authorization&#148; shall be on a form approved by the Committee  and shall direct the Company or Affiliate to withhold from a Participant&#146;s  paycheck a specified dollar amount of his Compensation to be used for the  purchase of Stock under this Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plan&#148;  means the Steel Dynamics, Inc. Employee Stock Purchase Plan.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Prevailing  Market Price&#148; means the actual purchase price of the Stock in the open market.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Service&#148;  means that period of continuous uninterrupted employment with the Company or  any one or more of its Affiliates, from an Eligible Employee&#146;s first day of  employment until his or her date of termination of employment with all  Affiliates.&#160; However, in the case of an  Affiliate which has been acquired by the Company through the acquisition of  substantially all of the assets or all of the stock of the Affiliate, Service  shall include employment prior to the date on which such Affiliate is  designated as a Participating Affiliate, on such terms as the Committee may  expressly provide.&#160; Service with the  Company and with one or more Affiliates during consecutive periods shall be  considered continuous Service.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Stock&#148;  means shares of the Company&#146;s Common Stock.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">1.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Termination  of Service&#148; means any absence from the employment of the Company or any  Affiliate (including, but not limited to, absences by reason of discharge or  resignation) which is not considered an authorized Leave of Absence as defined  herein.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>ARTICLE II<br>  </b><b>Participation in the Plan</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Eligibility  to Participate.</b>&#160; Except as  provided below, each Eligible Employee of the Company or of a Participating  Affiliate who has completed thirty (30) days of Service shall be eligible to  participate in the Plan, commencing on the first Payday that falls on or after  the first day of the following calendar month.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Election to  Participate.</b>&#160; An Eligible  Employee may elect to participate in the Plan by executing or otherwise  approving a Payroll Deduction Authorization, together with executing and  returning such other Plan documents and new account documents supplied by the  Designated Broker as may be required to open and maintain that person&#146;s Account  with the Designated Broker (within the time period prescribed by the Committee)  prior to the Payday on which the Eligible Employee will begin  participation.&#160; Such Participant  Accounts are and shall remain the sole property of each Participant, and  neither the Company nor its Affiliates shall have, maintain or acquire any  right, power or interest in any such Participant Account.&#160; The Participant shall also specify the exact  name or names (which must include the Employee&#146;s name and may include the name  of another person as
joint owner or a personal trustee) in which Stock is to be  held or registered.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">2-A</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>ARTICLE III<br>  </b><b>Employee Participation and  Contributions</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Voluntary,  Non-Discriminatory Plan.</b>&#160;  Participation in this Plan shall be voluntary and all Participants shall  have the same rights and privileges under the Plan, except to the extent the  terms of the Plan otherwise provide.&#160; No  Employee may participate under this Plan if that Employee, immediately after a  Payroll Deduction and/or a Company Matching Contribution, owns Company Stock  possessing five percent (5%) or more of the Company&#146;s Stock, determined under  the rules prescribed pursuant to Section&nbsp;424(d) of the Internal Revenue  Code of 1986, as amended.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Amounts of  and Limits on Contribution.</b>&#160;  Subject to the provisions of Article&nbsp;VII, the minimum payroll  deduction for Participants with weekly Pay Periods shall be $10.00 or for  Participants with monthly Pay Periods shall be $40.00,and the maximum payroll  deduction for Participants with a weekly Pay Period shall be $200.00 or for a  Participant with a monthly Pay Period shall be $860.00, as the Participant  shall from time to time elect according to rules prescribed and on forms  approved by the Committee.&#160; At such  times as permitted by the Committee, a Participant may increase or decrease his  or her Payroll Deduction Authorization by any multiple of $10.00, provided that  the amount thereof does not fall below the minimum or exceed the maximum  allowable amount hereof, and provided, further, that the maximum allowable  Participant Payroll Deduction Authorization, exclusive of
any Company Matching  Contribution, may not exceed $10,400.00 for any calendar year.&#160; A Participant may not make any additional  voluntary payments into such Account.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">A Participant shall be entitled,  no more than once every eighteen (18) months, to suspend his or her Payroll  Deduction Authorization, commencing with the Pay Day next following the  Company&#146;s or Affiliate&#146;s receipt of seven (7) days written notice of such  suspension request.&#160; A Participant on an  unpaid Leave of Absence shall be deemed to have suspended his or her Payroll  Deduction Authorization during the period of such leave of Absence.&#160; Following such suspension, if the  Participant has not resumed voluntary contributions within twelve (12) months  after the commencement of the suspension period, the Participant shall be  deemed to have withdrawn from the Plan.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Voluntary  Withdrawal from the Plan.</b>&#160; A  Participant who remains employed by the Company or an Affiliate may withdraw from  the Plan by submitting a notice of cancellation of his or her Payroll Deduction  Authorization in the manner prescribed from time to time by the Committee, but  no later than seven (7) business days prior to the Payday for which the  cancellation is to be effective.&#160; Any  Contributions made prior to the effective date of withdrawal shall not be  refunded to the Participant but shall be used to purchase Company Stock.&#160; Any Participant who withdraws from the Plan  may later renew his or her participation in the Plan but will be deemed a new  Participant.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Termination  of Service Means Withdrawal from Plan.</b>&#160; Upon a Participant&#146;s Termination of Service, the Participant will  be deemed to have withdrawn from the Plan as of his or her last regular Payday.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Effect of  Participant&#146;s Withdrawal from Plan.</b>&#160;  On and after the effective date of a Participant&#146;s withdrawal from the  Plan, no further Payroll Deduction and no further Company Matching Contribution  under the Plan shall be made by or for the Participant.</font></div>

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<div  align="center"><font size="2" face="Times New Roman"><b>ARTICLE IV<br>  </b><b>Company Matching  Contributions</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each  Participant shall be entitled to &#147;Company Matching Contributions&#148; on the amount  of that Participant&#146;s Payroll Deduction, if any, made pursuant to  Section&nbsp;3.2 of the Plan, in the amount and manner described in Sections  4.2 and 5.2.</font></div>

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<div style='text-indent:3%'>
<font size="2" face="Times New Roman">

4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Matching Contributions made
pursuant to this Section&nbsp;4.2 shall match only the Participant&#146;s
Payroll Deduction amount withheld from the Participant&#146;s Compensation
pursuant to Section&nbsp;3.2.&#160; Such Company Matching Contributions shall be
equal to ten percent (10%) of the amount so withheld; provided, however, that,
by authorization from time to time by the Compensation Committee and approved by
the Company&#146;s Board of Directors, and without the necessity of any further
approval by the Company&#146;s stockholders, the amount of the Company&#146;s
Matching Contributions may be increased or decreased, in increments of one
percent (1%), within a</font></div>

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<div  align="center"><font size="2" face="Times New Roman">3-A</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">range of a minimum of five percent (5%) to a  maximum of fifteen percent (15%) of the Participant&#146;s Payroll Deduction amount,  subject to the provisions of Article&nbsp;VII.</font></div>

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<div  align="center"><font size="2" face="Times New Roman"><b>ARTICLE V<br>  </b><b>Administration of the Plan</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Administration.</b>&#160; The Committee shall administer, supervise  and carry out the purposes of the Plan.&#160;  The Committee shall hold meetings at such times and places as it may  deem appropriate.&#160; Acts of a majority of  the Committee at which a quorum is present, or acts reduced to or approved in  writing by a majority of the members of the Committee, shall be valid acts of  the Committee.&#160; The Committee shall have  the sole authority, in its absolute discretion, to adopt, amend and rescind  such rules and regulations as, in its opinion, may be advisable in the  administration of the Plan; to construe and interpret the Plan and the rules  and regulations; and to make all other determinations deemed necessary or  advisable for the administration of the Plan.&#160;  All decisions, determinations and interpretations of the Committee shall  be binding on all Participants.&#160; The
Committee may employ such legal counsel, consultants and agents as it may deem  desirable for the administration of the Plan and may rely upon any opinion  received from any such counsel or consultant and any computation received from  any such consultant or agent.&#160; Expenses  incurred by the Committee in the engagement of such counsel, consultant or  agent shall be paid for by the Company.&#160;  No member or former member of the Committee or of the Board of Directors  of the Company shall be liable for any action or determination made in good  faith with respect to the Plan.&#160; The  Committee, in its sole discretion, may delegate all or any portion of its  duties hereunder to other individuals or entities.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Payment of  Employee Contributions and Company Matching Contributions.</b>&#160; The Company shall remit the funds deducted  from each Participant&#146;s Compensation under this Plan, plus any Company Matching  Contributions to the Designated Broker no less frequently than monthly.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Investment  in Company Stock.</b>&#160; As soon as  practicable after receipt of funds remitted under the Plan, the Designated  Broker shall purchase on behalf of Participants, in the open market and at  Prevailing Market Prices, shares of the Company&#146;s Stock.&#160; Such shares shall be purchased on a per  Participant basis and maintained by the Designated Broker exclusively for each  Participant and under the exclusive direction and control of such  Participant.&#160; The number of shares of  Stock to be purchased will be determined by the aggregate amount of funds  available to purchase the shares of Stock.&#160;  Unapplied cash will be maintained by the Designated Broker in the  Participant&#146;s Account.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>No Interest  to be Paid.</b>&#160; No interest  shall be payable by the Company to or on behalf of any Participant on account  of any amounts withheld from a Participant&#146;s Compensation.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Costs of the  Plan.</b>&#160; The costs of  administering the Plan shall be paid by the Company or allocated to and paid by  Participating Affiliates.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Brokerage  Costs.</b>&#160; Brokerage expenses  incurred in the purchase, but not the sale, of shares of Stock shall be paid  for by the Company or allocated to and paid by Participating Affiliates.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Indemnification.</b>&#160; Neither the Company, the Committee or its  delegates, nor any Designated Broker to which Contributions are directed and  through whom purchases of Stock are executed pursuant to this Plan shall be  liable for any action or determination made in good faith including, without  limiting the generality of the foregoing, any action with respect to price,  time, quantity or other conditions and circumstances regarding the purchase of  shares of Stock under the Plan.&#160; The  Company shall indemnify and hold harmless any officer, employee, director or  member of the Committee or its delegees or representatives who suffers damage,  loss or expenses, including the expense of defense thereof, in connection with  the performance of the duties specified herein.</font></div>

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<div  align="center"><font size="2" face="Times New Roman"><b>ARTICLE VI<br>  </b><b>Reports and Maintenance of  Accounts</b></font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Quarterly  Reports.</b>&#160; The Designated  Broker shall make reports to each Participant no less frequently than  quarterly, specifying the number of shares of Stock, the market value thereof,  and any unapplied cash, through the last day of each such period.</font></div>

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<div  align="center"><font size="2" face="Times New Roman">4-A</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Accounts.</b>&#160; Accounts maintained by the Designated Broker  for each Participant shall be and remain the sole property of such Participant  at all times and for all purposes from the moment of receipt by the Designated  Broker of the amounts contributed by or on behalf of the Participant.&#160; The Participant may withdraw shares of Stock  or sell shares of Stock as and when the Participant may direct.&#160; At the Company&#146;s request, the Designated  Broker will also transfer all Participant Accounts to any successor Designated  Broker the Committee may select, upon sixty (60) days advance written notice  from the Company.</font></div>

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<div  align="center"><font size="2" face="Times New Roman"><b>ARTICLE VII<br>  </b><b>Amendment and Termination of  the Plan</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div style='text-indent:3%'><font size="2" face="Times New Roman">The Board of Directors of  the Company, at any time and in its discretion, may alter, amend, suspend or  terminate the Plan or any part thereof, without seeking or obtaining  stockholder approval, unless an alteration or amendment, in the opinion of the  Company&#146;s legal counsel, shall be deemed a &#147;material Plan amendment&#148; within the  meaning of NASD Rule 4350(i) or any comparable or replacement rule applicable  to the Company.&#160; For purposes of this  provision, however, upon recommendation by the Compensation Committee and  approval by the Company&#146;s Board of Directors, the Company, without the further  approval of its Stockholders, may alter and amend the maximum dollar or  percentage amount of a Participant&#146;s Payroll Deduction Authorization under this  Plan, and/or the amount of the Company Matching Contribution, up to an increase  of twenty-five percent (25%) over the maximum amounts prescribed hereunder,
and  such alteration shall not be deemed a material plan amendment.&#160; Notice of any such amendment or of any,  suspension or termination of the Plan, in whole or in part, shall be given to  each Participant as soon as practicable after such action is taken.&#160; This Plan shall terminate, if not sooner  terminated, ten (10) years from the Effective Date.</font></div>

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<div  align="center"><font size="2" face="Times New Roman"><b>ARTICLE VIII<br>  </b><b>Miscellaneous Provisions</b></font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>No Contract  of Employment Intended.</b>&#160; The  granting of any right to a person pursuant to this Plan shall not constitute an  agreement or understanding, express or implied, on the part of the Company or  any Affiliate to employ such person for any specified period.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Information  Available.</b>&#160; If required by law,  the shares of the Company&#146;s Stock shall be registered under the Securities Act  of 1933, on Form&nbsp;S-8 or on such other form as may be specified by the  Securities and Exchange Commission, and the Company, if required, shall deliver  to each Participant to whom required a copy of the prospectus or such other  information as may be required from time to time.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Notices.</b>&#160; All notices or other communications by or to  the Company or by or to a Participant under or in connection with the Plan  shall be deemed to have been duly given when received by the Company at the  address designated by the Company for the receipt of such notices or  communications, or by or for a Participant, at the address specified in the  Payroll Deduction Authorization, unless each shall have notified the other of a  different address or means of notice.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Severability.</b>&#160; Each of the sections included in the Plan is  separate, distinct and severable from the other and remaining sections of the  Plan, and the invalidity or unenforceability of any section shall not affect  the validity and enforceability of any other section or sections of the  Plan.&#160; Further, if any section of this  Plan is ruled invalid or unenforceable by a court of competent jurisdiction  because of a conflict between such section and any applicable law or public  policy, such section shall be valid and enforceable to the extent such section  is consistent with such law or public policy.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Governing  Law.</b>&#160; The construction,  validity and operation of this Plan shall be governed by the laws of the State  of Indiana.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Tax  Incidents of the Plan.</b>&#160; The  Plan is not intended to constitute a &#147;tax qualified plan&#148; within the scope of  Section&nbsp;423 of the Internal Revenue Code of 1986, as amended, or  otherwise.&#160; Under current tax laws,  amounts withheld from a Participant&#146;s Compensation pursuant to the  Participant&#146;s Payroll Deduction Authorization, and used for the purchase of  Company Stock, will not be deductible, for federal income tax purposes, by the  Participant; and the amount of the Company Matching Contribution made by the  Company on behalf of a Participant will be taxable</font></div>

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<div  align="center"><font size="2" face="Times New Roman">5-A</font></div>

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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">to each Participant, as additional  compensation, at ordinary federal and state income tax rates, and deductible by  the Company.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">The tax treatment to a  Participant based on the Participant&#146;s disposition of the shares of Stock held  in his or her account with the Designated Broker will depend on the character  of the shares of Stock in the hands of the Participant, the Participant&#146;s tax  basis in the shares, the length of time the shares have been held by the  Participant, and other factors that may affect the amount or character of any  taxable gain or the ordinary income or capital gains treatment of any such  gain.&#160; The Company makes no  representation to any Employee or Participant with respect to the tax treatment  to the Employee or Participant of the Participant&#146;s or the Company&#146;s  Contributions for or on behalf of a Participant under the Plan, or with respect  to the tax treatment upon disposition of the shares purchased and held in  connection with the Plan.&#160; Each Employee  or Participant should consult with his or her tax
advisor with regard to the  tax treatment to be accorded to the Employee or Participant as a result of  participating in the Plan.</font></div>

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<div style='text-indent:3%'><font size="2" face="Times New Roman">8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Rules of  Construction.</b>&#160; Throughout  this Plan, the masculine includes the feminine, and the singular includes the  plural, and vice versa, where applicable.</font></div>

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<div  align="center"><font size="2" face="Times New Roman">6-A</font></div>
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<div style="page-break-before:always"></div>
<page>
<div style="float: left; width: 48%">
<p><img src="image001.jpg" width="75%"><br>
<font face="sans-serif" size="2"><i>C/O EQUISERVE TRUST COMPANY, N.A.<br>
P.O. BOX 43023<br>
PROVIDENCE, RI 02940-3023<br>
ATTN: TAMMIE MARSHALL</i></font></p>
</div>
<div style="float: right; width: 48%">
<p align="left"><font size="2" face="sans-serif"><b>VOTE BY INTERNET - <u>www.proxyvote.com<br>
          </u></b>Use the Internet to transmit your voting instructions and for
          electronic delivery of information up until 11:59 P.M. Eastern Time
          the day before the cut-off date or meeting date. Have your proxy card
          in hand when you access the web site and follow the instructions to
          obtain your records and to create an electronic voting instruction
          form.<br>
    <br>
    <b>VOTE BY PHONE -1-800-690-6903 </b><br>
Use any touch-tone telephone to transmit your voting instructions up until 11:59
P.M. Eastern Time the day before the cut-off date or meeting date. Have your
proxy card in hand when you call and then follow the instructions. <br>
    <br>
    <b>VOTE BY MAIL</b><br>
Mark, sign and date your proxy card and return it in the postage-paid envelope
we've provided or return to STEEL DYNAMICS, INC., c/o ADP, 51 Mercedes <i>Way, </i>Edgewood,
NY 11717.</font></p>
<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
</div>
<br clear="all">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" ><font size="2" face="sans-serif">TO VOTE, MARK BLOCKS
      BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
      <td width="20%" ><div align="center"><font size="2" face="sans-serif">STDY01</font></div></td>
      <td><font size="2" face="sans-serif">KEEP THIS PORTION FOR YOUR RECORDS</font></td>
    </tr>
    <tr>
      <td colspan="3" ><hr noshade align="center" width="100%" size="1"></td>
    </tr>
    <tr>
      <td >&nbsp;</td>
      <td >&nbsp;</td>
      <td><font size="2" face="sans-serif">DETACH AND RETURN THIS PORTION ONLY</font></td>
    </tr>
  </table>


<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td colspan="8" align="left"><div align="center"><font size="2" face="sans-serif"><b>THIS
        PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</b></font></div></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td width="22%" colspan="2" align="left"><font size="2" face="sans-serif"><b>STEEL
        DYNAMICS, INC.</b></font></td>
<td width="22%" align="left">&nbsp;</td>
<td width="8%" align="left">&nbsp;</td>
<td width="8%" align="left">&nbsp;</td>
<td width="8%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="3" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="3" align="left"><font size="2" face="sans-serif"><b>NOTE: THE BOARD
      OF DIRECTORS RECOMMENDS <br>
      A VOTE &quot;FOR&quot; ALL OF THE FOLLOWING
    ITEMS.</b></font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td width="2%" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="8" align="left"><font size="2" face="sans-serif">1. ELECTION OF DIRECTORS:</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  </tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
<td align="left"><b><font size="2" face="sans-serif">01) Keith E. Busse</font></b></td>
<td align="left"><b><font size="2" face="sans-serif">06) Richard J. Freeland</font></b></td>
<td rowspan="2" align="left"><div align="center"><b><font size="2" face="sans-serif">For<br>
    All
</font></b></div>
</td>
<td rowspan="2" align="left"><div align="center"><b><font size="2" face="sans-serif">Withhold<br>
    All
</font></b></div>
</td>
<td rowspan="2" align="left"><div align="center"><b><font size="2" face="sans-serif">For All<br>
    Except
</font></b></div>
</td>
<td align="left">&nbsp;</td>
<td rowspan="3" align="left"><b><font size="2" face="sans-serif">To withhold
      authority to vote, mark &#147;For All Except&#148; and write the nominee's number
    on the line below.</font></b></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
<td align="left"><b><font size="2" face="sans-serif">02) Mark D. Millett</font></b></td>
<td align="left"><b><font size="2" face="sans-serif">07) Naoki Hidaka</font></b></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
<td align="left"><b><font size="2" face="sans-serif">03) Richard P. Teets, Jr.</font></b></td>
<td align="left"><b><font size="2" face="sans-serif">08) James E. Kelley</font></b></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><div align="center"><b><img src="emptybox.gif" width="12" height="12"></b></div>
</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><div align="center"><b><img src="emptybox.gif" width="12" height="12"></b></div>
</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><div align="center"><b><img src="emptybox.gif" width="12" height="12"></b></div>
</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
<td align="left"><b><font size="2" face="sans-serif">04) John C. Bates</font></b></td>
<td align="left"><b><font size="2" face="sans-serif">09) Dr. J&uuml;rgen Kolb</font></b></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
<td align="left"><b><font size="2" face="sans-serif">05) Paul B. Edgerley</font></b></td>
<td align="left"><b><font size="2" face="sans-serif">10) Joseph D. Ruffolo</font></b></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
</table>
<font size="2" face="sans-serif"><br>
<br>
</font>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="2" align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
<td colspan="3" align="right">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td colspan="2" align="left"><div align="left"><font size="2" face="sans-serif"><b>Vote On Proposal</b></font></div>
  </td>
  <td align="right"><div align="center"><b><font size="2" face="sans-serif">For</font></b></div></td>
  <td align="right"><div align="center"><b><font size="2" face="sans-serif">Against</font></b></div></td>
  <td align="right"><div align="center"><b><font size="2" face="sans-serif">Abstain</font></b></div></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  </tr>
<tr valign="top" bgcolor="#ffffff">
<td width="2%" align="left"><font size="2" face="sans-serif">2.</font></td>
<td align="center"><div align="left"><font size="2" face="sans-serif"> APPROVAL
      OF APPOINTMENT OF ERNST &amp; YOUNG LLP AS AUDITORS FOR THE YEAR 2004.</font></div></td>
<td width="8%" align="right" valign="middle"><div align="center"><img src="emptybox.gif" width="12" height="12"></div></td>
<td width="8%" align="right" valign="middle"><div align="center"><img src="emptybox.gif" width="12" height="12"></div></td>
<td width="8%" align="right" valign="middle"><div align="center"><img src="emptybox.gif" width="12" height="12"></div></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="sans-serif">3.</font></td>
<td align="center"><div align="left"><font size="2" face="sans-serif"> APPROVAL
      OF STEEL DYNAMICS 2004 EMPLOYEE STOCK PURCHASE PLAN.</font></div></td>
<td align="right" valign="middle" bgcolor="#ffffff"><div align="center"><img src="emptybox.gif" width="12" height="12"></div>
</td>
<td align="right" valign="middle" bgcolor="#ffffff"><div align="center"><img src="emptybox.gif" width="12" height="12"></div>
</td>
<td align="right" valign="middle" bgcolor="#ffffff"><div align="center"><img src="emptybox.gif" width="12" height="12"></div>
</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="sans-serif">4.</font></td>
<td align="center"><div align="left"><font size="2" face="sans-serif"> TO GIVE
      PROXIES DISCRETION TO VOTE ON ANY OTHER MATTERS THAT MAY PROPERLY COME
      BEFORE THE MEETING.</font></div></td>
<td align="right" valign="middle" bgcolor="#ffffff">&nbsp;</td>
<td align="right" valign="middle" bgcolor="#ffffff">&nbsp;</td>
<td align="right" valign="middle" bgcolor="#ffffff">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="2" align="left"><div align="left"><font size="2" face="sans-serif">NOTE:
          Unless otherwise directed, the proxies will vote &quot;FOR&quot; all
    of the foregoing items. </font></div></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="2" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="2" align="left"><font size="2" face="sans-serif">Please be sure
    to sign and date this Proxy.</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="2" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="2" align="left"><font size="2" face="sans-serif">Mark box at right
      if comments have been noted on the reverse side of this card.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="emptybox.gif" width="12" height="12"></font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="30%">&nbsp;</td>
    <td width="1%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="30%">&nbsp;</td>
    <td width="25%">&nbsp;</td>
    <td width="1%" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="cccccc">&nbsp;</td>
    <td bgcolor="#FFFFFF">&nbsp;</td>
    <td bgcolor="cccccc">&nbsp;</td>
    <td>&nbsp;</td>
    <td bgcolor="cccccc">&nbsp;</td>
    <td bgcolor="#FFFFFF">&nbsp;</td>
    <td bgcolor="cccccc">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="sans-serif">Signature [PLEASE SIGN WITHIN BOX]</font></td>
    <td bgcolor="#FFFFFF">&nbsp;</td>
    <td><font size="2" face="sans-serif">Date</font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="sans-serif">Signature (Joint Owners)</font></td>
    <td bgcolor="#FFFFFF">&nbsp;</td>
    <td><font size="2" face="sans-serif">Date</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="3" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="3" align="left"><div align="center"><font size="2" face="sans-serif"><b>PROXY</b><br>
  <br>
    <b>STEEL DYNAMICS, INC.</b></font></div></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="3" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="3" align="left"><div align="center"><font size="2" face="sans-serif"><b>Solicited on Behalf of the Board of Directors for</b><br>
    <b>Steel Dynamics, Inc.'s Annual Stockholders Meeting</b></font></div></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="3" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="3" align="center" bgcolor="#FFFFFF"><div align="justify"><font size="2" face="sans-serif">Keith
        E. Busse or Tracy L. Shellabarger are appointed proxies, with power of
        substitution, to vote
        all of the undersigned's shares </font><font size="2" face="sans-serif">held
        of record March 15, 2004, at STEEL DYNAMICS, INC.'s May 20, 2004 Annual
        Meeting of Stockholders at 9:00 A.M. EDT in the</font><font size="2" face="sans-serif"> John
        Whistler Ballroom of the Grand Wayne Center, 120 West Jefferson Boulevard,
        Fort Wayne, Indiana (or at any adjournment</font><font size="2" face="sans-serif"> thereof)
        on all matters set forth in SDI's Year 2004 Proxy Statement, as set forth
    on the reverse side.</font></div>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td width="5%" align="left">&nbsp;</td>
  <td width="2%" align="center" bgcolor="#cccccc">&nbsp;</td>
  <td align="center" bgcolor="#cccccc"><font size="2" face="sans-serif"><b>PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</b></font></td>
  <td width="2%" align="left">&nbsp;</td>
  <td width="5%" align="left">&nbsp;</td> </tr>
<tr valign="top">
  <td rowspan="2" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td rowspan="2" align="left">&nbsp;</td>
  <td rowspan="2" align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td rowspan="3" align="left" bgcolor="cccccc">&nbsp;</td>
<td rowspan="3" align="left" bgcolor="cccccc"><font size="2" face="sans-serif">Please sign exactly
    as your name appears on the books of the Company. Joint owners should each
    sign personally. Trustees </font><font size="2" face="sans-serif">and other
    fiduciaries should indicate the capacity in which they sign, and where more
    than one name appears, a majority must</font><font size="2" face="sans-serif"> sign.
    If a corporation, this signature should be that of an authorized officer
    who should state his or her title.</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td rowspan="2" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td rowspan="2" align="left">&nbsp;</td>
  <td rowspan="2" align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="right" bgcolor="#cccccc">&nbsp;</td>
<td align="right" bgcolor="#cccccc"><div align="left"><font size="2" face="sans-serif"><b>Comments:</b></font></div></td>
</tr>
<tr valign="top">
  <td rowspan="5" align="left">&nbsp;</td>
  <td align="left" bgcolor="#cccccc">&nbsp;</td>
  <td align="left" bgcolor="#cccccc">&nbsp;</td>
  <td rowspan="5" align="left">&nbsp;</td>
  <td rowspan="5" align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#cccccc">&nbsp;</td>
  <td align="left" bgcolor="#cccccc"><hr noshade align="center" width="100%" size="2"></td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="cccccc">&nbsp;</td>
  <td align="left" bgcolor="cccccc">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="cccccc">&nbsp;</td>
<td align="left" bgcolor="cccccc"><hr noshade align="center" width="100%" size="2"></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
<td align="left"><div align="center"><font size="1" face="sans-serif">(If you noted any Comments above, please mark corresponding box on the reverse side.)</font></div></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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