<SUBMISSION>
<ACCESSION-NUMBER>0001125282-04-001572
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040415
<ITEMS>12
<ITEMS>7
<FILING-DATE>20040415
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STEEL DYNAMICS INC
<CIK>0001022671
<ASSIGNED-SIC>3312
<IRS-NUMBER>351929476
<STATE-OF-INCORPORATION>IN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-21719
<FILM-NUMBER>04735536
</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>8-K
<SEQUENCE>1
<FILENAME>b331380_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<page>
<p align="center"><b><font face="serif" size="4">SECURITIES AND EXCHANGE COMMISSION<br>
</font></b><b><font face="serif" size="4">WASHINGTON, DC  20549</font></b></p>
<p align="center"><font size="2" face="serif">________________</font></p>
<p align="center"><font size="2" face="serif">&nbsp;</font></p>
<p align="center"><font size="4" face="serif"><b>FORM 8-K</b></font></p>
<p align="center"><font size="2" face="serif">&nbsp;</font></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT</b></font></p>
<p align="center"><font size="2" face="serif"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">Date of Report (date of earliest event reported):  April 15, 2004</font></p>
<p align="center"><font size="2" face="serif">&nbsp;</font></p>
<p align="center"><b><u><font face="serif" size="4">STEEL DYNAMICS, INC.</font></u></b><br>
<font size="2" face="serif">(Exact name of registrant as specified in its charter)</font></p>
<p align="center"><font size="2" face="serif">&nbsp;</font></p>

<table align="center" width="100%" border="0">
  <tr align="center">
    <td width="33%"><font size="2" face="serif">Indiana</font></td>
    <td width="33%"><font size="2" face="serif">0-21719</font></td>
    <td width="33%"><font size="2" face="serif">35-1929476</font></td>
  </tr>
  <tr align="center">
    <td><font size="2" face="serif">(State or other jurisdiction of incorporation or organization)</font></td>
    <td valign="top"><font size="2" face="serif">(Commission File Number)</font></td>
    <td valign="top"><font size="2" face="serif">(IRS Employer Identification No.)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>


<p align="center"><font size="2" face="serif"><u>6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana 46804</u></font><br>
<font size="2" face="serif">(Address of principal executive officers) (Zip Code)</font></p>
<p align="center"><font size="2" face="serif">Registrant&#146;s telephone number, including area code:  260-459-3553</font></p>
<p align="center"><font size="2" face="serif">(Former name or former address, if changed since last report)</font><br>
<font size="2" face="serif">Not Applicable</font></p>
<p align="center"><font face="serif" size="2">&nbsp;</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p1"></a>
<p align="left"><font size="2" face="serif"><b>Item 7. Financial Statements and Exhibits</b></font></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr>
   <td><font size=2 face="serif">( c )</font></td>
   <td width="14%"><font size=2 face="serif">Exhibits.</font></td>
   <td width="2%">&nbsp;</td>
   <td width="82%">&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Exhibit Number</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">Description</font></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
</tr>
<tr>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">99.1</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="serif">A press release dated April 14, 2004 titled &#147;Steel Dynamics Announces Strong First Quarter Results&#148;</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><b>Item 12. Disclosure of Results of Operations and financial Condition</b></font></p>
<p><font size=2 face="serif">On April 14, 2004, Steel Dynamics, Inc. issued a press release titled &#147;Steel Dynamics Announces Strong First Quarter Results,&#148; containing information about the company&#146;s results of operations for the quarter
ended March 31, 2004. The full text of the press release, together with related unaudited financial information and statistics, is furnished herewith and attached hereto as Exhibit 99.1.</font></p>
<p align="left"><font size="2" face="serif"><b><br></b></font></p>
<p align="center"><font size="2" face="serif"><b>SIGNATURE</b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="50%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">STEEL DYNAMICS, INC.</font></td>
</tr>
<tr valign="top">
<td><font size="2" face="serif">&nbsp;</font></td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td><font size="2" face="serif">&nbsp;</font></td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif"><u>/s/ Tracy L. Shellabarger</u></font></td>
</tr>
<tr valign="top">
<td><font size="2" face="serif">Date:  April 15, 2004</font></td>
<td><font size="2" face="serif">By:</font></td>
<td align="left"><font size="2" face="serif">Tracy L. Shellabarger</font></td>
</tr>
<tr valign="top">
<td><font size="2" face="serif">&nbsp;</font></td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Title: Secretary</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">&nbsp;</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>b331380ex99-1_.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<page>
<p align="center">&nbsp;</p>
<p align="right"><font size="2" face="sans-serif">Exhibit 99.1</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="50%" align="center"><img src="steellogo.jpg" width="174" height="35"></td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><font size="5" face="sans-serif"><b>Press Release</b></font></td>
    <td align="right" valign="bottom"><font size="2" face="sans-serif">6714 Pointe Inverness Way, Suite 200</font></td>
  </tr>
  <tr>
    <td valign="bottom"><font size="3" face="sans-serif"><strong>April 15, 2004</strong></font></td>
    <td align="right"><font size="2" face="sans-serif">Fort Wayne, IN 46804-7932</font></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td align="right"><font size="2" face="sans-serif">260.459.3553 Phone</font></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td align="right"><font size="2" face="sans-serif">260.969.3590 Fax </font></td>
  </tr>
  <tr>
    <td><font face="sans-serif">&nbsp;</font></td>
    <td align="right"><font size="2" face="sans-serif"><i><u>www.steeldynamics.com</u></i></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size="2"></td>
  </tr>
</table>
<p align="left"><b><font face="serif" size="4">Steel Dynamics Announces Strong First Quarter Results</font></b></p>
<p align="left"><font size="2" face="sans-serif"><em>FORT WAYNE, INDIANA</em></font><font size=2 face="sans-serif">, April 14, 2004&#150; Steel Dynamics, Inc. (NASDAQ: STLD) today announced first quarter earnings of $32.0 million, or $.58 per diluted share, 103 percent
higher than earnings of $15.8 million in the first quarter of 2003. Net sales for the first quarter of 2004 increased 63 percent to $384 million, compared to $236 million in the first quarter of 2003 and increased 38 percent as compared to $279
million recorded in the fourth quarter of 2003.</font></p>
<p><font size=2 face="sans-serif">Improved pricing and increased shipments resulted in the quarter&#146;s higher net sales and earnings. Shipping volume grew as a result of near-record shipments by the Flat Roll Division, record shipments by the
Structural and Rail Division, and increasing shipments from the new Bar Products Division. First quarter consolidated shipments totaled 799,000 tons, 23 percent higher than the first quarter of 2003, and 3 percent higher than the fourth quarter.
Flat Roll Division shipments were 570,000 tons, structural shipments were 198,000 tons, and bar shipments were 19,000 tons.</font></p>
<p><font size=2 face="sans-serif">&#147;The first quarter was a terrific quarter for Steel Dynamics,&#148; said Keith Busse, president and chief executive officer. &#147;The investments we have made in new production facilities over the past several
years have begun to pay off. The Structural and Rail Division is performing very well, generating very solid earnings, and we expect the Bar Products Division to achieve profitability before year-end. Our Flat Roll Division continues to generate
exceptionally strong profits. During the quarter, our new paint line at Butler and the galvanizing line at Jeffersonville ran well, both making strong contributions. Our wholly owned subsidiary, New Millennium Building Systems, was also profitable.
Its stronger shipping volume and its continued market penetration serve as a positive indicator of improving non-residential construction activity.</font></p>
<p><font size=2 face="sans-serif">&#147;As has been widely reported, steel scrap costs and steel selling values increased significantly in the first quarter. A surcharge mechanism permitted us to recover most of the higher cost of the scrap that we
purchased as a raw material during the quarter. In addition, base prices for steel increased substantially during the quarter. As scrap costs fall from their historical highs, the surcharge will continue to decline and may eventually disappear. We
believe that, if scrap prices return to more normalized levels and steel market dynamics are permitted to determine price levels, our margins should improve in this rather strong market environment.&#148;</font></p>
<p><font size=2 face="sans-serif">In the first quarter, SDI&#146;s average selling price from Steel Operations was $474 per ton which was $117 per ton higher than the first quarter of 2003 and $121 per ton higher than the fourth quarter of 2003. First
quarter scrap costs increased approximately $93 per ton, compared to the first quarter of 2003, and increased approximately $65 per ton from the fourth quarter of 2003.</font></p>
<p><font size=2 face="sans-serif">Revamping of the Pittsboro, Indiana, bar products mill is proceeding as planned, while production of large-diameter SBQ bars that began in December continues on a regular basis. Installation of a new eight-stand
rolling mill has begun and the production of small merchant shapes should begin about mid-June. Meanwhile, marketing efforts at Bar Products are proving successful, with several potentially large customers expressing strong interest in both SBQ and
merchant shape products.</font></p>
<p><font size=2 face="sans-serif">Progress is also being made at Iron Dynamics which has continued production of hot-briquetted iron in the first quarter, and is now in the start-up phase for the submerged-arc furnace which converts HBI into liquid pig
iron. The HBI produced by Iron Dynamics is also currently being used as a substitute for scrap and pig iron in the Butler melt shop.</font></p>
<hr noshade align="center" width="100%" size="2">
<page>
<p><font size=2 face="sans-serif">&#147;Following higher than anticipated steel demand in the first quarter,&#148; Busse concluded, &#147;we are continuing to see very strong bookings for the second quarter and believe that, as the year progresses,
steel demand will remain solid as the economy continues to recover. As a result, Steel Dynamics should see continued profit growth throughout the rest of the year, as our shipping volume continues to increase and price levels remain favorable.
Although steel selling values may moderate somewhat as resource costs decline from these extraordinarily high levels, we believe market forces will permit us to maintain or increase our margins in the coming three quarters, with the possibility of
achieving full-year earnings well in excess of our previous best.&#148;</font></p>
<hr noshade align="center" width="100%" size="2">
<p><b><i><font size=2 face="sans-serif">Conference Call and Webcast</font></i></b><i><font size=2 face="sans-serif"></font></i></p>
<p><i><font size=2 face="sans-serif">On Thursday, April 15, 2004 at 11:00 am Eastern, Steel Dynamics will host a conference call in which Steel Dynamics&#146; management will discuss first quarter, 2004 results. You are invited to listen to the live audio broadcast of the conference call over the Internet, accessible from Steel Dynamics&#146; Web site:
</font></i></p>
<div style="text-indent: 20%">
  <p align="left"> <b><u><font size=2 face="sans-serif">www.steeldynamics.com</font></u></b><b><font face="sans-serif"> </font></b> </p>
</div>
<p><i><font size=2 face="sans-serif">Dial-in information is available on our Web site. No telephone replay will be available. An audio replay of the Webcast will be available on the SDI Web site.</font></i><font size=2 face="sans-serif"></font></p>
<p><b><i><font size=2 face="sans-serif">Annual Meeting</font></i></b><i><font size=2 face="sans-serif"></font></i></p>
<p><i><font size=2 face="sans-serif">Our 2004 Annual Meeting will be held at 10:00 am EDT (9:00 am Central) at the Grand Wayne Center in Fort Wayne, Indiana. The meeting will be broadcast live over the Internet, accessible from our Web site. Notice of
the meeting and the proxy statement are available in the Investor Relations area of our Web site. </font></i><font size=2 face="sans-serif"></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><i><font size=2 face="sans-serif">Contact:</font></i></td>
    <td width="3%">&nbsp;</td>
    <td><i><font size=2 face="sans-serif">Fred Warner, Investor Relations
    Manager, (260) 969-3564 or fax (260) 969-3590</font></i></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size=2 face="sans-serif"><b><i><u>f.warner@steeldynamics.com</u></i></b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<p><b><font size=2 face="sans-serif">Forward Looking Statements</font></b></p>
<p><b><font size=2 face="sans-serif">This press release contains some predictive statements about future events, including statements related to conditions in the steel marketplace, Steel Dynamics&#146; revenue growth, costs of raw materials, future
profitability, the timing of construction and operation of new or existing facilities, and the extent and timing of introduction and customer acceptance of new products. These statements are intended to be made as &#147;forward-looking,&#148;
subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Such predictive statements are not guarantees of future performance, and actual results could differ materially from
our current expectations.</font></b></p>
<p><b><font size=2 face="sans-serif">We refer you to SDI&#146;s detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K and in
other reports which we from time to time file with the Securities and Exchange Commission, available publicly on the SEC Web site, </font></b><b><i><u><font color="#1b1b1b" size=2 face="sans-serif">www.sec.gov</font></u></i></b><b><font size=2
face="sans-serif">, and on the Steel Dynamics Web site, </font></b><b><i><u><font size=2 face="sans-serif">www.steeldynamics.com</font></u></i></b><b><font size=2 face="sans-serif">.</font></b></p>
<p align="center"><font face="serif" size="2">&nbsp;</font></p>
<hr noshade align="center" width="100%" size="2">

<page>
<p align="center">
<b><font size=2 face="sans-serif">Steel Dynamics, Inc</font></b><b><font size=2 face="sans-serif">.<br>
</font></b><b><i><font size=2 face="sans-serif"> </font></i></b>
<b><font size=2 face="sans-serif">CONSOLIDATED STATEMENTS OF INCOME</font></b><br>
<b><font size=2 face="sans-serif">(in thousands, except per share data) </font></b>
</p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=5 align="center"><b><font size=1 face="sans-serif">Quarter Ended</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=5 align="center"><b><font size=1 face="sans-serif">March 31,</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td><hr noshade size=1></td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">2004</font></b></td>
   <td>&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">2003</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=5 align="center"><b><font size=1 face="sans-serif">(unaudited)</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Net sales</font></b></td>
   <td width="2%"><font size=2 face="sans-serif">$</font></td>
   <td width="12%" align="right"><font size=2 face="sans-serif">384,145</font></td>
   <td width="3%">&nbsp;</td>
   <td width="2%"><font size=2 face="sans-serif">$</font></td>
   <td width="12%" align="right"><font size=2 face="sans-serif">235,504</font></td>
   <td width="3%">&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Cost of goods sold</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">302,555</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">185,969</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Selling, general and administrative expenses</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">23,050</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">14,975</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="sans-serif">Operating income</font></b></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">58,540</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">34,560</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Interest expense</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">9,504</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">9,166</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Other (income) expense, net</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(2,103)</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">149</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="sans-serif">Income before income taxes</font></b></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">51,139</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">25,245</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Income taxes</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">19,177</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">9,467</font></td>

   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="sans-serif">Net income</font></b></td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">31,962</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">15,778</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Basic earnings per share:</font></b></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Net income</font></td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">.65</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">.33</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Weighted average common shares outstanding</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">48,947</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">47,601</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Diluted earnings per share:</font></b></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Net income and effect of assumed conversions</font></td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">.58</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">.33</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Weighted average common shares</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">and share equivalents outstanding</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">56,212</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">47,786</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
</table>
<hr noshade align="center" width="100%" size="2">

<page>
<p align="center">
<b><i><font size=2 face="sans-serif">Steel Dynamics, Inc.</font></i></b><br>
<b><font size=2 face="sans-serif">UNAUDITED SUPPLEMENTAL OPERATING INFORMATION </font></b>
</p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=5 align="center"><b><font size=1 face="sans-serif">Quarter Ended</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=5 align="center"><b><font size=1 face="sans-serif">March 31,</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td><hr noshade size=1></td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">2004</font></b></td>
   <td>&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">2003</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Shipments (tons)</font></b></td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Steel Operations*</font></td>
   <td width="2%">&nbsp;</td>
   <td width="11%" align="right"><font size=2 face="sans-serif">787,478</font></td>
   <td width="3%">&nbsp;</td>
   <td width="2%">&nbsp;</td>
   <td width="11%" align="right"><font size=2 face="sans-serif">641,401</font></td>
   <td width="3%">&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Other Operations**</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">92,888</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">44,365</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Intercompany</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(81,738</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(37,652</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Consolidated</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">798,628</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">648,114</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Steel Operations* production (tons)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">809,975</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">685,432</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Average consolidated selling price per ton (dollars)</font></td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">481</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">363</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Operating profit per ton shipped*** (dollars)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">81</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">54</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Start-up costs (thousands of dollars)</font></td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">5,140</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">486</font></td>
   <td>&nbsp;</td>
</tr>
</table>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="5%" align="right">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="right"><hr noshade size=1></td>
    <td><hr noshade size=1></td>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td align="right"><font size=2 face="sans-serif">*
        </font></td>
    <td>&nbsp;</td>
    <td><font size=2 face="sans-serif">Steel Operations include the company&#146;s Flat Roll Division, Structural and Rail Division and Bar Products Division.</font></td>
</tr>
<tr>
  <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
  <td align="right"><font size=2 face="sans-serif">**</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">Other Operations include New Millennium Building Systems, Paragon Steel Trading and Iron Dynamics.</font></td>
</tr>
<tr>
  <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr>
  <td align="right"><font size=2 face="sans-serif">***</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">Operating profit per ton shipped represents operating income before start-up costs and minority interest</font></td>
</tr>
<tr>
  <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">adjustments divided by consolidated shipments.</font></td>
</tr>
</table>
<hr noshade align="center" width="100%" size="2">

<page>
<p align="center">
<b><i><font size=2 face="sans-serif">Steel Dynamics, Inc.</font></i></b><br>
<b><font size=2 face="sans-serif">CONSOLIDATED BALANCE SHEETS </font></b><br>
<b><font size=2 face="sans-serif">(in thousands) </font></b>
</p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">March 31,</font></b></td>
   <td>&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">December 31,</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">2004</font></b></td>
   <td>&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">2003</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td colspan=2 align="center"><b><font size=1 face="sans-serif">(unaudited)</font></b></td>
  <td>&nbsp;</td>
  <td colspan=2 align="center">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><div align="center"><b><font size=2 face="sans-serif">Assets</font></b></div></td>
   <td align="center"><b></b></td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Current assets:</font></b></td>
   <td align="center">&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Cash and equivalents</font></td>
   <td width="12%">&nbsp;</td>
   <td width="2%"><font size=2 face="sans-serif">$</font></td>
   <td width="12%" align="right"><font size=2 face="sans-serif">58,294</font></td>
   <td width="4%">&nbsp;</td>
   <td width="2%"><font size=2 face="sans-serif">$</font></td>
   <td width="12%" align="right"><font size=2 face="sans-serif">65,430</font></td>
   <td width="4%">&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Accounts receivable</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">164,596</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">126,023</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Inventories</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">235,989</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">184,496</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Deferred income taxes</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">13,224</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">23,217</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Other current assets</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">15,839</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">8,769</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="sans-serif">Total current assets</font></b></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">487,942</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">407,935</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2><b><font size=2 face="sans-serif">Property, plant and equipment, net</font></b></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">1,007,068</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">1,001,116</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Restricted cash</font></b></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">4,211</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">2,636</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Other assets</font></b></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">35,565</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">36,752</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="sans-serif">Total assets</font></b></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">1,534,786</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">1,448,439</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2><div align="center"><b><font size=2 face="sans-serif">Liabilities
    and Stockholders&#146; Equity</font></b></div></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Current liabilities:</font></b></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Accounts payable</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">128,589</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">79,326</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Accrued interest</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">8,247</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">11,312</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Accrued expenses</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">45,466</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">46,678</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Current portion of long-term debt</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">16,077</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">15,988</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="sans-serif">Total current liabilities</font></b></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">198,379</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">153,304</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2><b><font size=2 face="sans-serif">Long-term debt, </font></b><font size=2 face="sans-serif">including
    unamortized bond premium of $8,413 and</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">$8,834 at March 31, 2004 and December 31, 2003, respectively</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">587,777</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">591,586</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Deferred income taxes</font></b></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">117,378</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">115,703</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Minority interest</font></b></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">1,262</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">613</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2><b><font size=2 face="sans-serif">Commitments &amp; contingencies</font></b></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Stockholders&#146; equity:</font></b></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Common stock</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">515</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">509</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Treasury stock, at cost</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(28,908</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(28,670</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Additional paid-in capital</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">372,408</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">362,328</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Retained earnings</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">289,216</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">257,254</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Other accumulated comprehensive loss</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(3,241</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(4,188</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="sans-serif">Total stockholders&#146; equity</font></b></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">629,990</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">587,233</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=2 face="sans-serif">Total liabilities and stockholders&#146; equity</font></b></td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">1,534,786</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">1,448,439</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td colspan=2>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
</table>

<hr noshade align="center" width="100%" size="2">

<page>
<p align="center">
<b><i><font size=2 face="sans-serif">Steel Dynamics, Inc.</font></i></b><br>
<b><font size=2 face="sans-serif">CONSOLIDATED STATEMENTS OF CASH FLOWS<br>
(in thousands)</font></b></p>
<table width="100%" align="center" border=0 cellspacing=0 cellpadding=0>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=5 align="center"><b><font size=1 face="sans-serif">Quarter Ended</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=5 align="center"><b><font size=1 face="sans-serif">March 31,</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td colspan=5 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">2004</font></b></td>
   <td>&nbsp;</td>
   <td colspan=2 align="center"><b><font size=1 face="sans-serif">2003</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
  <td colspan=2 align="center"><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td colspan=5 align="center"><b><font size=1 face="sans-serif">(unaudited)</font></b></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Operating activities:</font></b></td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
   <td colspan=2 align="center">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Net income</font></td>
   <td width="2%"><font size=2 face="sans-serif">$</font></td>
   <td width="11%" align="right"><font size=2 face="sans-serif">31,962</font></td>
   <td width="3%">&nbsp;</td>
   <td width="2%"><font size=2 face="sans-serif">$</font></td>
   <td width="11%" align="right"><font size=2 face="sans-serif">15,778</font></td>
   <td width="3%">&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Adjustments to reconcile net income to net cash</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">provided by operating activities:</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Depreciation and amortization</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">18,779</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">16,276</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Deferred income taxes</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">11,668</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">5,244</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Minority interest</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">649</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(651</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Changes in certain assets and liabilities:</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Accounts receivable</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(38,573</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(3,466</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Inventories</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(51,493</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(14,480</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Accounts payable</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">49,263</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">16,130</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Other working capital</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(11,590</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(10,164</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Net cash provided by operating activities</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">10,665</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">24,667</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Investing activities:</font></b></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Purchase of property, plant and equipment</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(23,905</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(37,435</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Other investing activities</font></td>
   <td>&nbsp;</td>
   <td align="right">&#150;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(8,291</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Net cash used in investing activities</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(23,905</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(45,726</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><b><font size=2 face="sans-serif">Financing activities:</font></b></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Issuance of long-term debt</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">29,939</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">21,712</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Repayment of long-term debt</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(33,659</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(21,418</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Issuance of common stock (net of expenses) and proceeds</font></td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">and tax benefits from exercise of stock options</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">10,086</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">1,007</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Treasury stock purchase</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(238</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(176</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Debt issuance costs</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(24</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(1,043</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="sans-serif">Net cash provided by financing activities</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">6,104</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">82</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Decrease in cash and equivalents</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(7,136</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">(20,977</font></td>
   <td><font size=2 face="sans-serif">)</font></td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Cash and equivalents at beginning of period</font></td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">65,430</font></td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right"><font size=2 face="sans-serif">24,218</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
   <td><hr noshade size=1></td>
   <td align="right"><hr noshade size=1></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td><font size=2 face="sans-serif">Cash and equivalents at end of period</font></td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">58,294</font></td>
   <td>&nbsp;</td>
   <td><font size=2 face="sans-serif">$</font></td>
   <td align="right"><font size=2 face="sans-serif">3,241</font></td>
   <td>&nbsp;</td>
</tr>
<tr valign="bottom">
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
   <td><hr noshade size=2></td>
   <td align="right"><hr noshade size=2></td>
   <td>&nbsp;</td>
</tr>
</table>

<hr noshade align="center" width="100%" size="2">
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