<SUBMISSION>
<ACCESSION-NUMBER>0001125282-04-002013
<TYPE>S-4
<PUBLIC-DOCUMENT-COUNT>9
<FILING-DATE>20040507
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STLD HOLDINGS INC
<CIK>0001198614
<STATE-OF-INCORPORATION>IN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-115252-04
<FILM-NUMBER>04786299
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY
<STREET2>SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
<PHONE>2609693567
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>FERROUS RESOURCES LLC
<CIK>0001198615
<STATE-OF-INCORPORATION>IN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-115252-03
<FILM-NUMBER>04786298
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY
<STREET2>SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
<PHONE>2609693567
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>DYNAMIC BAR PRODUCTS INC
<CIK>0001198618
<STATE-OF-INCORPORATION>IN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-115252-02
<FILM-NUMBER>04786297
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY
<STREET2>SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
<PHONE>2609693567
</BUSINESS-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SDI INVESTMENT CO
<CIK>0001198612
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-115252-05
<FILM-NUMBER>04786300
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY
<STREET2>SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
<PHONE>2609693567
</BUSINESS-ADDRESS>
</FILER>
<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>S-4
<ACT>33
<FILE-NUMBER>333-115252
<FILM-NUMBER>04786301
</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>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Steel Dynamics Sales North America, Inc.
<CIK>0001289485
<IRS-NUMBER>320042039
<STATE-OF-INCORPORATION>IN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-115252-01
<FILM-NUMBER>04786296
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY, SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
<PHONE>260-459-3553
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY, SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>b331690_s4.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<a name="cover"></a>
<p><a href="#contents"><font size="2">Click Here for Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><font face="serif" size="2"><b>As filed with the Securities and Exchange
          Commission on May 6</b><b>,
    2004</b></font></td>
  </tr>
  <tr>
    <td align="right"><font face="serif" size="2"><b>Registration No. 333-</b>&#149;</font></td>
  </tr>
</table>
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    <td height="4" valign="bottom" bgcolor="#000000"></td>
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    <td height="2" valign="top"></td>
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<p align="center"><font face="serif" size="4"><b>SECURITIES AND EXCHANGE COMMISSION</b><br>
</font><font size="2"><b>Washington, D.C. 20549</b></font></p>
<hr size="1" width="133" noshade>
<p align="center"><font face="serif" size="4"><b>FORM S-4</b></font></p>
<p align="center"><font face="serif" size="2"><b>REGISTRATION STATEMENT</b><br>
<b>UNDER</b><br>
<b>THE SECURITIES ACT OF 1933</b></font></p>
<hr size="1" width="133" noshade>
<p align="center"><font face="serif" size="5"><b>STEEL DYNAMICS, INC.</b><br>
</font><font size="1"><b>(Exact name of registrant as specified in its charter)</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top">
    <td width="32%"><div style="margin-left:3%; text-indent:-3%">

      <p><font face="serif" size="2"><b>Indiana</b><br>
                </font><font size="1">(State or other jurisdiction of<br>
    incorporation or organization)</font></p>

    </div></td>
    <td align="left" width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="32%"><p>&nbsp;</p>
      <p><font face="serif" size="2"><b>3312</b><br>
              </font><font size="1">(Primary Standard Industrial<br>
    Classification Code Number)</font></p></td>
    <td align="left" width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="32%"><p>&nbsp;</p>
      <p><font face="serif" size="2"><b>35-1929476</b><br>
              </font><font size="1">(I.R.S. Employer<br>
    Identification No.)</font></p>
    <p>&nbsp;</p></td>
  </tr>
</table>
<hr align="center" width="133" size="1" noshade>
<p align="center"><font size="2"><b>6714 Pointe Inverness Way, Suite 200</b><br>
      <b>Fort Wayne, Indiana 46804</b><br>
      <b>(260) 459-3553</b><br>
  </font><font size="1">(Address, including zip code, and telephone number, including
  area code, of registrant&#146;s principal executive offices)</font>
</p>
<hr size="1" width="133" noshade>
<div align="center"><font size="2"><b>Keith E. Busse</b><br>
      <b>President and Chief Executive Officer</b><br>
      <b>Steel Dynamics, Inc.</b><br>
      <b>6714 Pointe Inverness Way, Suite 200</b><br>
      <b>Fort Wayne, Indiana 46804</b><br>
      <b>(260) 459-3553</b><br>
  </font><font size="1">(Name, address, including zip code, and telephone number, including area code, of agent for service)<br>
</font></div>
<hr size="1" width="133" noshade>
<p align="center"><font size="2"><b>Copies to:</b><br>
  </font><font size="2"><b>Robert S. Walters, Esq.</b><br>
  <b>Barrett &amp; McNagny LLP</b><br>
  <b>215 East Berry Street</b><br>
  <b>Fort Wayne, Indiana 46802</b><br>
  <b>(260) 423-9551</b></font></p>
<hr size="1" width="133" noshade>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>Approximate date of commencement of proposed sale to the public:</b> as soon as practicable after this registration statement becomes effective.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If the securities being registered on this form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box. <img src="emptybox.gif"></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration number of the earlier effective registration statement for the same offering. <img src="emptybox.gif"></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <img src="emptybox.gif"></font></p>
</div>
<hr size="1" width="133" noshade>
<p align="center"><font face="serif" size="1"><b>CALCULATION OF REGISTRATION FEE</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td colspan="13"><hr noshade size="2"></td>
  </tr>
  <tr align="center" valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Title of Each Class of</b><br>
<b>Securities to be Registered</b></font></div></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="1"><b>Amount to be </b><br>
<b>Registered</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="1"><b>Proposed Maximum </b><br>
<b>Offering </b><br>
<b>Price Per Note</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="1"><b>Proposed Maximum </b><br>
<b>Aggregate </b><br>
<b>Offering Price</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="1"><b>Amount of </b><br>
<b>Registration Fee (1)</b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="13"><hr noshade size="1"></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">9 1/2% Senior Notes due 2009</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">100,000,000</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="10%"><font face="serif" size="2">1,000</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="10%"><font face="serif" size="2">100,000,000</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="10%"><font face="serif" size="2">12,670</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Guaranties by certain SDI Subsidiaries (2)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="13"><hr noshade size="1"></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Totals (3)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">100,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">100,000,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12,670</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="13"><hr noshade size="2"></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(f)(2) under the Securities Act of 1933. Pursuant to Rule 457(n), no separate fee is payable with respect to the guaranty.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">The subsidiary guarantors are Steel Dynamics Sales North America, Inc., SDI Investment Company, STLD Holdings, Inc., Ferrous Resources, LLC and Dynamic Bar Products, LLC. We neither paid nor received any consideration for any of the guaranties.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">Such amount represents the principal amount of the Notes to be exchanged hereunder.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration
 statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.</b></font></p>
</div>
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<p align="left"><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="cover2"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="1"><b>ADDITIONAL REGISTRANTS</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Exact Name of Registrant as</b><br>
<b>Specified in its Charter</b></font></div></td>
    <td align="left" valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="1"><b>State or Other</b><br>
<b>Jurisdiction of</b><br>
<b>Incorporation of</b><br>
<b>Organization</b></font></td>
    <td align="left" valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="1"><b>Primary Standard</b><br>
<b>Industrial Classification</b><br>
<b>Code Number</b></font></td>
    <td align="left" valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="1"><b>IRS Employer</b><br>
<b>Identification</b><br>
<b>Number</b></font></td>
    <td align="left" valign="top"><font face="serif" size="1">&nbsp;</font></td>
    <td align="right"><font face="serif" size="1">&nbsp;</font></td>
    <td width="21%" valign="top"><font face="serif" size="1"><b>Address,  including Zip Code</b><br>
<b>and Telephone Number,</b><br>
<b>including Area Code,</b><br>
<b>of each Registrant&#146;s Principal</b><br>
<b>Executive Office</b></font></td>
    <td align="left" valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><hr noshade size="1"></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Steel Dynamics Sales North America, Inc.</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" width="12%"><font face="serif" size="2">Indiana</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" width="12%"><font face="serif" size="2">533110</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" width="12%"><font face="serif" size="2">32-0042039</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="21%"><font face="serif" size="2">6714 Pointe Inverness Way,<br>
Suite 200<br>
Fort Wayne, IN 46804<br>
260-459-3553</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">SDI Investment Company</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">Delaware</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">533110</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">51-0397408</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="21%"><font face="serif" size="2">6714 Pointe Inverness Way,<br>
Suite 200<br>
Fort Wayne, IN 46804<br>
260-459-3553</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ferrous Resources, LLC</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">Indiana</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">533110</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="21%"><font face="serif" size="2">6714 Pointe Inverness Way,<br>
Suite 200<br>
Fort Wayne, IN 46804<br>
260-459-3553</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Dynamic Bar Products, LLC</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">Indiana</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">533110</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">82-0562226</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="21%"><font face="serif" size="2">6714 Pointe Inverness Way,<br>
Suite 200<br>
Fort Wayne, IN 46804<br>
260-459-3553</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">STLD Holdings, Inc.</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">Indiana</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">533110</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%" align="center"><font face="serif" size="2">32-0029621</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="21%"><font face="serif" size="2">6714 Pointe Inverness Way,<br>
Suite 200<br>
Fort Wayne, IN 46804<br>
260-459-3553</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>PROSPECTUS</b></font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>[STEEL DYNAMICS, INC. LOGO]</b></font></p>
<p align="center"><font face="serif" size="2"><b>OFFER TO EXCHANGE</b><br>
<b>$100,000,000 OF OUR 9 1/2% SENIOR NOTES DUE 2009</b><br>
<b>WHICH HAVE BEEN REGISTERED UNDER THE</b><br>
<b>SECURITIES ACT OF 1933, TOGETHER WITH</b><br>
<b>GUARANTIES OF STEEL DYNAMICS SALES NORTH AMERICA, INC.,</b><br>
<b>SDI INVESTMENT COMPANY, STLD HOLDINGS, INC., FERROUS RESOURCES, LLC</b><br>
<b>AND DYNAMIC BAR PRODUCTS, LLC WITH RESPECT THERETO,</b></font></p>
<p align="center"><font face="serif" size="2"><b>FOR</b></font></p>
<p align="center"><font face="serif" size="2"><b>$100,000,000 OF OUR OUTSTANDING 9 1/2% SENIOR NOTES DUE 2009</b></font></p>
<p align="center"><font face="serif" size="2"><b>CUSIP No. </b></font></p>

<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Exchange Offer will expire at
  5:00 p.m. New York City Time, on June [&#149;], 2004, unless extended.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We are offering to exchange $100,000,000
    aggregate principal amount of our 9 1/2% Senior Notes due 2009, registered
    under the Securities Act of 1933, for a like principal amount of our outstanding
    9 1/2% Senior Notes due 2009, which we issued on November&nbsp;26, 2003,
    without registration under the  Securities Act. This $100,000,000 issuance
    of our 9 1/2% Senior Notes due 2009 constituted an additional issuance under
    our existing indenture dated as of March 26, 2002, as amended and described
    herein. For purposes of this Exchange Offer and as used in this prospectus,
    we refer to the $100,000,000
    of our
    November&nbsp;26,
    2003 9 1/2% Senior Notes due 2009, which are the subject of this exchange
    offer
    and which are all currently outstanding, as the &#147;old
    notes&#148;and we refer to the new registered notes, which we
 are offering hereby in exchange for the old notes, as the &#147;Exchange Notes.&#148; We
 refer to the old notes and the Exchange Notes collectively as the
 &#147;notes.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The terms of the exchange are subject to the conditions described in this prospectus.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Consider carefully the risk factors
  beginning on page 7 of this prospectus.</font></p>
</div>

<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">There is no active public trading market for the old notes. We do not intend to apply for listing of the Exchange Notes on any domestic securities exchange or seek approval for quotation through any automated quotation system.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will issue the Exchange Notes in denominations of $1,000. We will pay interest on the Exchange Notes each March 15 and September 15. The first interest payment on the Exchange Notes will be due on September&nbsp;15, 2004 with interest payable from the March&nbsp;15, 2004 payment of interest on the old
 notes. We may redeem any of the notes beginning on March&nbsp;15, 2006 at a redemption price of 104.750% of their principal amount, plus accrued interest. The redemption price will decline to 102.375%, plus accrued interest, after March&nbsp;15, 2007 and will be 100% of their principal amount, plus accrued interest,
 beginning on March&nbsp;15, 2008. We may also redeem up to 35% of the aggregate principal amount of the outstanding notes before March&nbsp;15, 2005 with net proceeds of one or more sales of our capital stock that at a redemption price equal to 109.500% of the principal amount of the Exchange Notes being redeemed, plus
 accrued interest.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The terms of the Exchange Notes that we will issue in the exchange offer are substantially the same as those of the outstanding old notes, except that the transfer restrictions and registration rights relating to the outstanding old notes will no longer apply.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each broker-dealer that receives Exchange Notes for its own account pursuant to this exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes. The letter of transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer
 will not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Notes received in exchange for old notes where such old notes were acquired
 by such broker-dealer as a result of market-making activities or other trading activities. We have agreed that, for a period of 180 days after the expiration of this exchange offer (as defined herein), it will make this prospectus available to any broker-dealer for use in connection with any such resale. A broker-dealer may
 not participate in the exchange offer with respect to old notes acquired other than as a result of market-making activities or trading activities. See &#147;Plan of Distribution.&#148;</font></p>
</div>

<p align="center"><font face="serif" size="2"><b>THE DATE OF THIS PROSPECTUS
IS MAY </b><u>&#149;</u><b>, 2004</b></font></p>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p2"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>TABLE OF CONTENTS</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Where You Can Find More Information</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">2</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Prospectus Summary</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Steel Dynamics</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Risk Factors</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Forward Looking Statements</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Summary of the Terms of the Exchange Offer</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">20</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Summary of the Terms of the Exchange Notes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">24</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Use of Proceeds</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">26</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratio of Earnings to Fixed Charges</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">27</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Selected Financial and Operating Data</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">28</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Capitalization</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">30</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Terms of the Exchange Offer</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">31</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">The Exchange</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">32</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Procedures for Tendering</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">33</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">The Exchange Agent</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">38</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Description of the Exchange Notes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">38</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Certain Covenants</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">42</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">United States Federal Income Tax Considerations</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">72</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Plan of Distribution</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">75</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Legal Matters</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">76</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Experts</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">76</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We have not authorized anyone to provide you with information that is different from the information contained in this prospectus or to which we have referred you.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">This prospectus incorporates important business and financial information about us from documents we publicly file with the Securities and Exchange Commission. See the following section entitled &#147;Where You Can Find More Information.&#148;</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>WHERE YOU CAN FIND MORE INFORMATION</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any document we file with the SEC at the SEC&#146;s Public Reference Room at 450, Fifth Street, Washington, D.C. 20549. You may obtain
 information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our SEC filings are also accessible through the Internet at the SEC&#146;s website at http://www.sec.gov and on our website at http://www.steeldynamics.com.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The SEC allows us to &#147;incorporate by reference&#148; into this prospectus the information in documents we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is
 considered to be a part of this prospectus, and later information that we file with the SEC will update and supersede this information. Pursuant to General Instruction B.1(a) to Form S-4, we have elected to provide the information regarding us and our business by reference to
 reports we regularly file with the SEC. We incorporate by reference the following documents and any future filings we make with the SEC under Section&nbsp;13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934 until the termination of the offering:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">SDI Annual Report on Form 10-K for the year ended December&nbsp;31, 2003;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">SDI Proxy Statement on Schedule 14A dated April&nbsp;5, 2004;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">SDI Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2004; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">SDI Current Reports on Form 8-K, dated February&nbsp;5, March&nbsp;22, March&nbsp;23, March&nbsp;24, March&nbsp;26, April&nbsp;6 and April&nbsp;15, 2004.</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p3"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p>&nbsp;</p>
<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Any statement contained in a document incorporated by reference into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein modifies or supersedes such statement. Any such statement
so modified or superseded will not be deemed to constitute a part of this prospectus except as so modified or superseded.</font></p></div>
  <div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The documents incorporated by reference
    into this prospectus are also available from us upon request. We will provide
    a copy of any and all of the information that is incorporated by reference
    into this prospectus to any person by first-class mail, without charge, upon
  written or oral request. Any request for documents should be made by June [&#149;],
  2004 to ensure timely delivery of the documents prior to the expiration of
  the exchange offer.</font></p></div>

<div style="text-indent:3%">
  <p align="left"><font face="serif" size="2">Requests for documents should be directed to:</font></p>
</div>
<p align="center"><font face="serif" size="2">Steel Dynamics, Inc.<br>
Investor Relations Department<br>
(Senior Notes Exchange)<br>
6714 Pointe Inverness Way, Suite 200<br>
Fort Wayne, Indiana 46804<br>
(260) 459-3553<br>
(260) 969-3590 (fax)</font></p>
<p align="center"><font face="serif" size="2"><b>PROSPECTUS SUMMARY</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><i>The following is a summary of
    material information about our business, our company and this Exchange Offer.
    More
    detailed information concerning these matters appears elsewhere in this prospectus
    and the information in documents which we incorporate by reference  in this
    prospectus. We also refer you to the section of this prospectus entitled &#147;Risk
    Factors&#148; for a discussion of certain issues that should be considered
    in evaluating an investment in the notes.</i></font></p>
</div><div style="text-indent:3%">
<p align="left"><font face="serif" size="2">On March 26, 2002, we issued $200,000,000
    principal amount of our 9 1/2% Senior Notes due 2009, referred to herein
    as the &#147;2002 notes,&#148; under an original indenture dated as of
    March&nbsp;26, 2002, among Steel Dynamics, Inc., as issuer, the Initial Subsidiary
     Guarantor, as guarantor, and Fifth Third Bank, as trustee. Fifth Third Bank
    has since been succeeded as trustee by The Bank of New York Trust Company,
    N.A. The original indenture was amended by three supplemental indentures
    dated as of September&nbsp;6, 2002,
 September&nbsp;30, 2002 and December&nbsp;31, 2002, pursuant to which an additional
 four of our subsidiaries agreed to guarantee our obligations under the 2002
 notes.
 Then, on November&nbsp;26, 2003, we issued an additional $100,000,000 principal
 amount of our 9 1/2% Senior Notes due 2009,  which are the subject of this Exchange
 Offer and which we refer to herein for purposes of this Exchange Offer as the &#147;old
 notes,&#148; under the same original indenture, as so amended and supplemented
 and as further amended and supplemented by a fourth supplemental  indenture
 dated as of November&nbsp;26, 2003 (the indenture, as so amended, being referred
 to hereafter as the &#147;Indenture&#148;).
 The $100,000,000 principal amount of the Exchange Notes offered hereby, as well
 as the $200,000,000 principal amount of the 2002 notes which we previously
 exchanged for registered notes pursuant to Registration Statement No. 333-99855,
 are treated as a single class of securities under the indenture. The Exchange
 Notes
 offered
 hereby
 are identical to and will be treated identically with the existing notes. Accordingly,
 all references in this
 prospectus, unless otherwise noted, to specified percentages of an aggregate
 principal amount of outstanding notes will be deemed at all times to be references
 to the same percentages of the aggregate principal amount of the Exchange Notes
 offered hereby and the 2002 notes, treated together as a class then outstanding.
 The terms of the Exchange Notes include those stated in the Indenture and those
 made part of the Indenture by reference to the Trust Indenture Act of 1939.</font></p>
</div>

<p align="center"><font face="serif" size="2"><b>STEEL DYNAMICS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We are a steel manufacturing company that owns and operates three steelmaking mini-mills. We produce our steel principally from steel scrap, using electric arc melting furnaces, continuous casting and automated rolling mills.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">3</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">During 2003, our sales were $987&nbsp;million and, at year-end, we had approximately 1,400 employees. None of our employees are represented by labor unions.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2"><b>Flat Roll Division</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We own and operate a flat-roll mini-mill located in Butler, Indiana, which produces sheet steel and which we built and have operated since 1996. This mill has an annual production capacity of 2.2&nbsp;million tons of flat-rolled steel, although we actually produced
 2.4&nbsp;million tons during 2003. We produce a broad range of high quality hot-rolled, cold-rolled and coated steel products, including a large variety of high value-added and high margin specialty products such as thinner gauge rolled products and galvanized products. We sell
 our flat-rolled products directly to end-users, intermediate steel processors and service centers primarily in the Midwestern United States. Our products are used in numerous industry sectors, including the automotive, construction and commercial industries.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In May 2002, we announced plans to construct a new in-plant painting facility at our Butler mini-mill, and we completed this facility and commenced coating operations in November 2003. This $25&nbsp;million facility has the capacity to coat approximately 240,000 tons of
 steel.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In March 2003, we also purchased the assets of a coating facility formerly owned by GalvPro II, LLC in Jeffersonville, Indiana for a purchase price of $17.5&nbsp;million plus a potential of an additional $1.5&nbsp;million based on an earn-out formula. We anticipate that this
 facility will be capable of producing between 300,000 and 350,000 tons per year of light-gauge, hot-dipped cold-rolled galvanized steel. We operate this new facility as a part of our Butler, Indiana Flat Roll Division, which will also supply the Jeffersonville plant with steel
 coils for coating. Production began at Jeffersonville in July 2003. Our new Jeffersonville facility, together with our new coil-coating facility in Butler, will enable us to further increase the mix of higher-margin value-added downstream steel products. This value-added product
 mix, during 2002 and 2003, was approximately 60% of our total flat-roll shipments.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
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    <td><div align="left"><font face="serif" size="2"><b>Structural Steel and Rail Division</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We also own and operate a new structural steel and rail mini-mill in Columbia City, Indiana. We began construction in May 2001, completed plant construction in April 2002 and commenced commercial structural steel operations during the third quarter of 2002. Our
 Columbia City mini-mill is designed to have an annual production capacity of up to 1.3&nbsp;million tons of structural steel beams, pilings and other steel components for the construction, transportation and industrial machinery markets, as well as standard and premium grade rails
 for the railroad industry. Through regular product introductions and continued production ramp-up of structural steel products, we were able to begin to offer a broad array of wide flange beams and H-piling structural steel products during 2003 and were able to commission
 most of the rest of our product line, save for 6 inch and 36 inch beams, which we hope to commission during the first quarter of 2004. In addition, we performed casting trials for the production of standard rail products during the first quarter of 2003, and, since that time have
 successfully run product through the breakdown mill, tandem mill, cooling bed and straightener. We anticipate having finished rail product during the second quarter of 2004, which we will provide to the railroad companies to be tested and monitored for product evaluation.
 This evaluation process may take between six and nine months.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
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    <td><div align="left"><font face="serif" size="2"><b>Bar Products Division</b></font></div></td>
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</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">On September&nbsp;6, 2002, we purchased the special bar quality mini-mill assets in Pittsboro, Indiana formerly owned by Qualitech Steel SBQ LLC. We paid $45&nbsp;million for these assets, worked during 2003 to upgrade, redesign and retrofit the facility for the production
 of a variety of merchant bar quality, or MBQ products such as angles, flats, rounds and other merchant bars and shapes, as well as reinforcing bar, or rebar, products and also for the production of some special bar quality, or SBQ products. When fully complete, we expect to
 have invested between $75 and $80&nbsp;million of additional capital in this facility. We started melting and casting operations in mid-December and began shipping limited products by year-end 2003. Currently, we are producing bigger bars, both MBQ and SBQ, and expect
 equipment to arrive during the first quarter of 2004 which will enable us, during the second quarter, to produce the smaller rounds, angles, flats, channels</font></p>
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<p align="left"><font face="serif" size="2">and products of that nature. We expect the Pittsboro facility to have a capacity of approximately 500,000 to 600,000 tons per year.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
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    <td><div align="left"><font face="serif" size="2"><b>Iron Dynamics Scrap Substitute Facility</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">On February&nbsp;24, 2003, we announced our intention to restart ironmaking operations at our wholly-owned Iron Dynamics facility adjacent to our Butler, Indiana mini-mill. Since 1997, we have tried to develop and commercialize a pioneering process for the production
 of a virgin form of iron that could serve as a lower cost substitute for a portion of the metallic raw material mix that goes into our electric arc furnaces to be melted into new steel. Since initial start-up in August 1999, we encountered a number of equipment, design and
 process difficulties, and on several occasions during 1999 and 2000 shut the facility down for redesign, re-engineering and retrofitting. In July 2001, we suspended operations because of higher than expected start-up and process refinement costs, high energy costs prevailing at
 that time, low production quantities, and historically low steel scrap pricing existing at that time. These factors made the cost of producing and using our Iron Dynamics scrap substitute as a source of metallics for the melt mix at our Flat Roll Division higher than our cost of
 purchasing and using steel scrap.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We continued to make refinements to our systems and processes, and began experimental production trials in the fourth quarter of 2002. After an evaluation of these production trials, we concluded that improved production technology, coupled with our new ability to
 recycle waste materials as a raw material input, and the increasingly higher price of scrap, made the restart of this production facility feasible. During 2003, we spent approximately $13&nbsp;million of additional capital for modifications and refinements to the Iron Dynamics
 operation. We restarted the rotary hearth furnace or &#147;front end&#148; of the process in November 2003, and, during December 2003, produced 15,100 tonnes of direct reduced iron, which we then compacted or briquetted to form hot briquetted iron, or HBI. We anticipate ramping
 HBI production up to approximately 30-35,000 tonnes of HBI per month by the end of the second quarter of 2004, all of which we plan to use at our Butler flat-roll mill. We have not yet restarted the smelting end of the Iron Dynamics process, the conversion of HBI into
 liquid pig iron, but we anticipate restarting the submerged arc furnace by the end of the first quarter or the beginning of the second quarter of 2004.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
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    <td><div align="left"><font face="serif" size="2"><b>Mesabi Nugget Project</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In March 2002, we formed a joint venture with certain entities owned by Kobe Steel, Ltd., Cleveland-Cliffs Inc., and Ferrometrics, Inc., to assist in the development of a proprietary process owned by Kobe, known as &#147;ITmK3,&#148; for the production of a fully metallized
 iron nugget product suitable as an alternative iron or scrap substitute feedstock in electric arc furnace steelmaking. We hold an approximate 18% equity interest in a pilot plant in operation in Minnesota that is working to validate and refine the technology, which consists of
 superheating direct reduced iron pellets, liquefying the material, separating the slag and the iron, and chilling the resulting material to produce a highly pure iron nugget.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2"><b>New Millennium Building Systems</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">During the first quarter of 2003, we increased our ownership in our consolidated New Millennium Building Systems subsidiary from 46.6% ownership interest to 100%, through the acquisition of the 46.6% interest in New Millennium previously held by New Process
 Steel Corporation, a privately held Houston, Texas steel processor and the purchase of the remaining 6.8% stake held by some of New Millennium&#146;s managers. We consummated the 46.6% New Process acquisition, at a cost of $3.5&nbsp;million, plus the purchase of New Process
 Steel&#146;s portion of New Millennium&#146;s subordinated notes payable, including accrued interest, for $3.9&nbsp;million, and we also consummated the purchase of the remaining 6.8% minority interest at a purchase price of $900,000.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The New Millennium facility, which began production in June of 2000, produces steel building components, including joists, girders, trusses and steel roof and floor decking, which we sell primarily in the upper Midwest non-residential building components market. Our
 Flat Roll Division supplies a majority of the hot-rolled steel utilized in New Millennium&#146;s manufacturing operations.</font></p>
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<p>&nbsp;</p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We were incorporated in August 1993, in Indiana, and maintain our principal executive offices at 6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana 46804. Our telephone number is (260) 459-3553.</font></p>
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    <td><div align="left"><font face="serif" size="2"><b>Financing</b></font></div></td>
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</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In March 2002, we consummated a $350.0&nbsp;million senior secured credit agreement, consisting of a five year $75.0&nbsp;million revolving credit facility, a $70.0&nbsp;million term A loan, with a term of five years, and a $205.0&nbsp;million term B loan, with a term of six years.
 This senior secured facility is secured by liens and mortgages on substantially all of our personal and real property assets and by liens and mortgages on substantially all of the personal and real property assets of our wholly-owned subsidiaries, excluding New Millennium,
 which have also guaranteed our obligations under that facility.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Also in March 2002, we issued $200.0&nbsp;million of 9 1/2 % unsecured senior notes due 2009, and in November 2003 we issued an additional $100.0&nbsp;million of the same 9 1/2% unsecured senior notes due 2009, in offerings exempt from registration under the Securities
 Act of 1933. Approximately $50.0&nbsp;million of the net proceeds from this offering were used to prepay a portion of our senior secured term B loan. Pursuant to a registration rights agreement between us and the initial purchasers of the notes, who resold the notes in offerings
 exempt from registration under Rule 144A under the Securities Act, we registered an exchange offer on Form S-4 to enable the holders of the initial $200.0&nbsp;million of unregistered notes, and we are also obligated to register an exchange offer for the $100.0&nbsp;million add-on as
 well.</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">During December 2002 and January 2003, we also issued $115.0&nbsp;million of our 4% convertible subordinated notes due 2012, in an offering exempt from registration under the Securities Act of 1933. Pursuant to a registration rights agreement between us and the initial
 purchasers of the notes, who resold the notes in offerings exempt from registration under Rule 144A under the Securities Act, we filed a registration statement on Form S-3 on March&nbsp;7, 2003, effective June&nbsp;11, 2003, to permit registered resales by the selling securityholders
 of the notes, as well as the approximately 6,762,874 shares of common stock initially issuable upon conversion of the notes. Approximately $110.0&nbsp;million of the net proceeds from this offering were used to prepay in full our $70.0&nbsp;million senior secured term A loan and
 $40.0&nbsp;million of our senior secured term B loan in December 2002 and January 2003, as described herein. Under the terms of the convertible note offering, holders of the notes have the right to convert their notes into shares of our common stock at a conversion rate of
 58.8076 shares per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $17.0046 per share), subject to adjustment, if, among other designated circumstances, during any fiscal quarter commencing after December&nbsp;31, 2002, the closing
 sale price of our common stock exceeds $120% of the conversion price ($20.4055) for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of any fiscal quarter.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You should carefully consider the following risk factors and the other information contained elsewhere or incorporated by reference in this prospectus before making an investment decision.</font></p>
</div>
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<p align="center"><font face="serif" size="2"><b>RISK FACTORS</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
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    <td><div align="left"><font face="serif" size="2"><b>Risks Related to Our Business</b></font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Technology, operating and start-up risks associated with our Iron Dynamics scrap substitute project may prevent us from realizing the anticipated benefits from this project and could result in a loss of your investment</i></b></font></div></td>
  </tr>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If we abandon our Iron Dynamics project, or if its process does not succeed, we will not be able to realize the expected benefits of this project and could suffer the loss of all or a substantial portion of our entire investment. As of December&nbsp;31, 2003, our investment in
 the Iron Dynamics project was $185&nbsp;million. Since 1997, our wholly-owned subsidiary, Iron Dynamics, has tried to develop and commercialize a pioneering process of producing a virgin form of iron that might serve as a lower cost substitute for a portion of the metallic raw
 material mix that goes into our electric arc furnaces to be melted into new steel. This scrap substitute project is the first of its kind. It involves processes that are based on various technical assumptions and new applications of technologies that have yet to be commercially
 proven. Since our initial start-up in August 1999, we have encountered a number of difficulties associated with major pieces of equipment and with operating processes and systems. Throughout the latter part of each of 1999 and 2000, our Iron Dynamics facility was shut
 down. During these shut downs, we engaged in time consuming and expensive redesign, re-engineering, reconstruction and retrofitting of major pieces of equipment, systems and processes. As a result, the Iron Dynamics project has taken considerably longer and has required
 us to expend considerably greater resources than originally anticipated. In February 2001, we re-started operations at our Iron Dynamics facility. However, in July 2001, we suspended these operations again, with no specific date set for resumption of operations. This shut down
 was a result of:</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;higher than expected start-up and process refinement costs;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exceptionally high energy costs;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;low production quantities achieved at the Iron Dynamics facility; and</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;historically low steel scrap pricing.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">These factors made the cost of producing and using Iron Dynamics scrap substitute at our flat-rolled mini-mill in July 2001 higher than our cost of purchasing and using then lower priced and available steel scrap. On July&nbsp;10, 2002, we announced that we would begin
 experimental production trials in the fourth quarter of 2002, we continued to make refinements to our systems and processes, and in fact began the production trials in the fourth quarter as planned. We successfully completed these trials and concluded that improved production
 technology, coupled with our new ability to recycle waste material inputs and the increasingly high cost of scrap made a restart of this production facility feasible. During 2003, we spent approximately $13&nbsp;million of additional capital on these modifications and refinements to
 the Iron Dynamics process. The restart commenced in December 2003, involving the front part of the Iron Dynamics process, the production of direct reduced iron on a rotary hearth furnace, and the compaction of the DRI into hot briquetted iron, or HBI. During December
 2003, we produced 15,100 tonnes of HBI, with an acceptable metallics content and anticipated cost structure that compares favorably to scrap and alternative pig iron. We have now restarted the back-end of the Iron Dynamics process, the conversion of the HBI into liquid pig
 iron, and these trials are proceeding. If we determine that we will be able to produce liquid pig iron in sufficient quantities and at a cost to be competitive with purchased pig iron, we could begin commercial production of liquid pig iron as well during the second quarter of
 2004.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">While we remain optimistic that the remaining start-up difficulties with the equipment, technology, systems and processes can be resolved, our Iron Dynamics facility may not be able to consistently operate or be able to produce steel scrap substitute material, whether
 DRI, HBI or liquid pig iron, in the quantities and for costs that will enable it to be cost competitive with scrap or with purchased pig iron. Moreover, our Iron Dynamics facility may experience additional shutdowns or equipment failures, and such shutdowns or failures may
 have a material adverse impact on our liquidity, cost structure and earnings.</font></p>
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<p>&nbsp;</p>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>A substantial portion of our flat-rolled products are sold on the spot market, and therefore, our sales, margins and earnings are negatively impacted by decreases in domestic flat-rolled steel prices</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our sales, margins and earnings are negatively impacted by decreases in domestic flat-rolled steel prices since a significant portion of our flat-rolled products are sold on the spot market. As a result, we are vulnerable to downturns in the domestic flat-rolled steel market.
 For the three year period ended December&nbsp;31,&nbsp;2003, approximately 90% of our flat-roll products were sold on the spot market under contracts with terms of twelve months or less.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Weakness in the automotive industry would result in a substantial reduction in demand for our products</i></b></font></div></td>
  </tr>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A prolonged weakness in the automotive industry would reduce the demand for our products and decrease our sales. In addition, if automobile manufacturers choose to incorporate more plastics, aluminum and other steel substitutes in their automobiles, it could reduce
 demand for our products. Our sales and earnings fluctuate due to the cyclical nature of the automotive industry. The cyclical nature of the automotive industry is affected by such things as the level of consumer spending, the strength or weakness of the U.S.&nbsp;dollar and the
 impact of international trade and various factors, such as labor unrest and the availability of raw materials, which affect the ability of the automotive industry to actually build cars. While we do not presently sell a material portion of our steel production directly to the
 automotive market, a substantial portion of our sales to the intermediate steel processor and service center market is resold to various companies in the automotive industry.</font></p>
</div>
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  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>We may be unable to pass on increases in the cost of scrap and other raw materials to our customers which would reduce our earnings</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If we are unable to pass on higher scrap and other raw material costs to our customers we will be less profitable. We may not be able to adjust our product prices, especially in the short-term, to recover the costs of increases in scrap and other raw material prices, which
 have reached historically high levels. In September 2003, the price of No. 1 factory bundles, a key scrap commodity, was $166 per ton. In February 2004, the price of No. 1 factory bundles was $280 per ton. Our principal raw material is scrap metal, and prices for scrap are
 subject to market forces largely beyond our control, including demand by U.S. and international steel producers, freight costs and speculation.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A combination of a weak U.S. dollar, exceptionally strong Chinese and global demand for scrap, and lower production of domestic scrap due to a weak manufacturing economy and the continued loss of manufacturing to foreign competition have driven scrap offshore at
 exceptionally high prices, have reduced the available domestic scrap supply, and have caused the price of domestic scrap to double over the past six months. Such scrap costs are unsustainable, even with the sharply increased pricing for our manufactured steel, and could erode
 or eliminate our gross margins. During February 2003, we announced the imposition of scrap surcharges, keyed to a published scrap index, on our customers with orders covering multiple months and quarters, and we believe that these will largely be accepted. We have no
 assurance, however, that this will continue to be so, or that customers will agree to pay ever higher prices for our steel products, sufficient for us to maintain our margins, without resistance or the selection of other suppliers or alternative materials. If this occurs, we may lose
 customers, we may be unable to pass these higher scrap costs on to our customers, and we may suffer a loss of earnings. Moreover, some of our integrated steel producer competitors are not as dependant as we are on scrap as a major part of their raw material melt mix,
 which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, even with the higher costs they must currently pay for iron ore, coke, coking coal and other raw materials used in their ironmaking processes, give them a
 current raw material cost advantage over mini-mills. In addition, our operations require substantial amounts of other raw materials, including various types of alloys, refractories, oxygen, natural gas and electricity, the price and availability of which are also subject to market
 conditions.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">8</font></p>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Until recently, we primarily relied upon one supplier to meet our steel scrap requirements</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Since our inception and through the end of the first quarter, we had a purchasing agreement with OmniSource Corporation, one of the largest scrap processors and brokers in the Midwest, to purchase steel scrap for our mills. During 2003, we purchased 2.6&nbsp;million tons
 of steel scrap and scrap substitutes from OmniSource, which represented approximately 89% of our total scrap purchased during this period. We have determined, however, that in the current scrap environment we would be better off having multiple available sources of scrap
 supply, including our ability to develop our own scrap purchasing capability, with the added flexibility to develop new relationships and supply agreements with third parties and certain generators of scrap. Accordingly, we and OmniSource amicably terminated our scrap
 supply agreement, effective March&nbsp;31,&nbsp;2004. We plan to continue to purchase scrap from OmniSource as one of our major suppliers. We may be unable, however, to realize the anticipated benefits of our new scrap purchasing arrangements, and we may not be able to secure
 substitute arrangements for steel scrap on the same or better terms as those that were available from OmniSource. For 2003, we purchased 2.6&nbsp;million tons of steel scrap and scrap substitutes from OmniSource, which represented approximately 89% of our total scrap purchased
 during this period.</font></p>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>We rely upon a small number of major customers for a substantial percentage of our sales</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A loss of any large customer or group of customers could materially reduce our sales and earnings. We have substantial business relationships with a few large customers. In 2003, our Butler mini-mill&#146;s top ten customers accounted for approximately 42% of our total
 net sales. During this period, our largest customer, Heidtman, accounted for approximately 13% of our total net sales. We expect to continue to depend upon a small number of customers for a significant percentage of our total net sales, and cannot assure you that any of them
 will continue to purchase steel from us.</font></p>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>There may be potential conflicts of interest with regard to our relationship with Heidtman Steel Products, Inc.</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If a dispute arises between us and Heidtman, we may be viewed as having a conflict of interest. What is best for Heidtman as a buyer and what is best for us as a product seller may be at odds. We may be unable to resolve potential conflicts. If we do resolve them, we
 may receive a less favorable resolution since we are dealing with Heidtman rather than an unaffiliated person. Heidtman is an affiliate of one of our large stockholders and its president and chief executive officer serves as one of our directors. This person has obligations to us
 as well as to Heidtman and may have conflicts of interest with respect to matters potentially or actually involving or affecting us and Heidtman.</font></p>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Start-up and operating risks associated with the construction of our Pittsboro, Indiana bar products mill could result in materially greater operating costs than those we have anticipated</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Start-up and operating risks associated with the retrofitting and operation of our Pittsboro, Indiana bar products mill may result in materially greater operating costs than we initially expected. In September 2002, we purchased a special bar quality mini-mill located in
 Pittsboro, Indiana for $45&nbsp;million, and we are in the process of completing between $75 and $80&nbsp;million in plant upgrades and retrofitting to convert the facility from one capable of producing only special bar quality steel products to a facility capable of also producing
 merchant bars and shapes and reinforcing bar products. We started melting and casting operations in December 2003, began shipping limited products by year-end 2003, are currently producing larger MBQ and SBQ bars, and expect equipment to be installed in the first quarter
 2004 to enable us to begin to produce the smaller rounds, angles, flats, channels and products of that nature during the second quarter. In connection with our Pittsboro, Indiana bar products mill, we are subject to all of the general risks associated with the construction and
 start-up of a new or reconstructed mini-mill. These risks involve possible construction delays, cost overruns and start-up difficulties. We could also experience operational difficulties after start-up that could result in our inability to operate our bar bill at full or near full
 capacity. It may cost more than the approximately $75&nbsp;million we estimate is required to convert the Pittsboro mini-mill into a mini-mill for the production of merchant and reinforcing bar. We are also subject to construction and start-up delays and operational risks associated
 with any start-up, either in the Pittsboro mini-mill&#146;s present configuration or in connection with its conversion. These factors could result in materially greater operating costs than we</font></p>
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<p align="left"><font face="serif" size="2">initially expected or could result in our inability to operate our bar products mill at full or near-full capacity. We may also be delayed as a result of unforeseen circumstances or events beyond
 our control.</font></p>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Unexpected equipment failures may lead to production curtailments or shutdowns</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Interruptions in our production capabilities will inevitably increase our production costs and reduce our sales and earnings for the affected period. In addition to periodic equipment failures, our facilities are also subject to the risk of catastrophic loss due to unanticipated
 events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our furnaces, continuous casters and rolling equipment, as well as electrical equipment, such as transformers, and
 this equipment may, on occasion, be out of service as a result of unanticipated failures. We have experienced and may in the future experience material plant shutdowns or periods of reduced production as a result of such equipment failures. Moreover, any interruption in
 production capability may require us to make significant capital expenditures to remedy the problem, which could have a negative effect on our profitability and cash flows. We may also sustain revenue losses in excess of any recoveries we make under any applicable business
 interruption insurance coverages we may have. In addition to such revenue losses, longer-term business disruption could result in a loss of customers, which could adversely affect our business, results of operations and financial condition.</font></p>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>We depend heavily on our senior management and we may be unable to replace key executives if they leave</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The loss of the services of one or more members of our senior management team or our inability to attract, retain and maintain additional senior management personnel could harm our business, financial condition, results of operations and future prospects. Our senior
 management founded our company, pioneered the development of thin-slab, flat-rolled technology and directed the construction of our Butler flat-roll mini-mill, Columbia City structural and rail mini-mill and our Pittsboro bar products mini-mill. Our operations and prospects
 depend in large part on the performance of our senior management team, including Keith E. Busse, president and chief executive officer, Mark D. Millett, vice president and general manager of our Flat Roll Division, Richard P. Teets, Jr., vice president and general manager of
 our Structural and Rail Division, Tracy L. Shellabarger, vice president and chief financial officer and John W. Nolan, vice president, sales and marketing. Although these senior managers have each been employees and stockholders of Steel&nbsp;Dynamics for more than seven
 years, these individuals may not remain with us as employees. In addition, we may not be able to find qualified replacements for any of these individuals if their services are no longer available. We do not maintain key man insurance on any of these individuals.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>We may face risks associated with the implementation of our growth strategy</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand our existing facilities, build additional plants, acquire other businesses and steel assets, enter into joint ventures, or form strategic alliances that we believe will complement
 our existing business. These transactions will likely involve some or all of the following risks:</font></p>
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    <td><div align="left"><font face="serif" size="2">the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than ours;</font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the difficulty of integrating the acquired operations and personnel into our existing business;</font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the potential disruption of our ongoing business;</font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the diversion of resources;</font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the inability of management to maintain uniform standards, controls, procedures and policies;</font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the difficulty of managing the growth of a larger company;</font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the risk of entering markets in which we have little experience;</font></div></td>
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    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to the new enterprise;</font></div></td>
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    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the risk of contractual or operational liability to our venture participants or to third parties as a result of our participation;</font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the inability to work efficiently with joint venture or strategic alliance partners; and</font></div></td>
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    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
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    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the difficulties of terminating joint ventures or strategic alliances.</font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">These transactions might be required for us to remain competitive, but we may not be able to complete any such transactions on favorable terms or obtain financing, if necessary, for such transactions on favorable terms. Future transactions may not improve our
 competitive position and business prospects as anticipated, and if they do not, our sales and earnings may be significantly reduced.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Environmental regulation imposes substantial costs and limitations on our operations</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We are subject to the risk of substantial environmental liability and limitations on our operations brought about by the requirements of environmental laws and regulations. We are subject to various federal, state and local environmental, health and safety laws and
 regulations concerning such issues as air emissions, wastewater discharges, solid and hazardous materials and waste handling and disposal, and the investigation and remediation of contamination. These laws and regulations are increasingly stringent. While we believe that our
 facilities are and will continue to be in material compliance with all applicable environmental laws and regulations, the risks of substantial costs and liabilities related to compliance with such laws and regulations are an inherent part of our business. Although we are not
 currently involved in any remediation activities, it is possible that future conditions may develop, arise or be discovered that create substantial environmental remediation liabilities and costs. For example, our steelmaking operations produce certain waste products, such as
 electric arc furnace dust, which are classified as hazardous waste and must be properly disposed of under applicable environmental laws. These laws can impose clean up liability on generators of hazardous waste and other substances that are shipped off-site for disposal,
 regardless of fault or the legality of the disposal activities. Other laws may require us to investigate and remediate contamination at our properties, including contamination that was caused in whole or in part by third parties. While we believe that we can comply with
 environmental legislation and regulatory requirements and that the costs of doing so have been included within our budgeted cost estimates, it is possible that such compliance will prove to be more limiting and costly than anticipated.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition to potential clean up liability, in the past we have been, and in the future we may become, subject to substantial monetary fines and penalties for violation of applicable laws, regulations or administrative conditions. We may also be subject from time to time
 to legal proceedings brought by private parties or governmental agencies with respect to environmental matters, including matters involving alleged property damage or personal injury.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2"><b>Risks Related to our Industry</b></font></div></td>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>In recent years, imports of steel into the United States have adversely affected, and may again adversely affect, U.S. steel prices, which would impact our sales, margins and profitability</i></b></font></div></td>
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</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Excessive imports of steel into the United States have in recent years, and may again in the future, exert downward pressure on U.S. steel prices and significantly reduce our sales, margins and profitability. U.S. steel producers compete with many foreign producers.
 Competition from foreign producers is typically strong, but it has greatly increased as a result of an excess of foreign steelmaking capacity, is periodically exacerbated by weakening of the economies of certain foreign steelmaking countries, and is further intensified during
 periods when the U.S. dollar is strong relative to foreign currencies. Economic difficulties in these countries or a reduction in demand for steel produced by these countries, when those events occur, results in lower local demand for steel products in these countries and tends to
 encourage greater steel exports to the United States at depressed prices.</font></p>
</div>
<p>&nbsp;</p>
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<p align="left"><font face="serif" size="2">In addition, we believe the downward pressure on, and depressed levels of, U.S. steel prices in recent years have been further exacerbated by imports of steel involving dumping and subsidy abuses by foreign steel producers. Some foreign steel producers are owned,
 controlled or subsidized by foreign governments. As&nbsp;a result, decisions by these producers with respect to their production, sales and pricing are often influenced to a greater degree by political and economic policy considerations than by prevailing market conditions, realities
 of the marketplace or consideration of profit or loss. For example, between 1998 and 2001, when imports of hot-rolled and cold-rolled products increased dramatically, domestic steel producers, including us, were adversely affected by unfairly priced or &#147;dumped&#148; imported
 steel. Even though various protective actions taken by the U.S. government during 2001, including the enactment of various steel import quotas and tariffs, resulted in an abatement of some steel imports during 2002 and 2003, these protective measures were only temporary,
 many foreign steel manufacturers were granted exemptions from the application of these measures and President Bush, in December 2003, rescinded a substantial part of these protective measures, the so-called Section&nbsp;201 tariffs, as a result of a November&nbsp;10, 2003 Word
 Trade Organization ruling declaring that the tariffs on hot-rolled and cold-rolled finished steel imports violated global trade rules, and as a result of economic and political pressures from foreign governments, including threats of retaliatory tariffs on U.S. exports. Moreover,
 there are products and countries that were not covered by these protective measures, and imports of these exempt products or of products from these countries may have an additional adverse effect upon our revenues and income. In any event, when any of these remaining
 measures expire or if they are further relaxed or repealed, or if increasingly higher U.S. steel prices enable foreign steelmakers to export their steel products into the United States, even with the presence of duties or tariffs, the resurgence of substantial imports of foreign steel
 could again create downward pressure on U.S.&nbsp;steel prices.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Certain domestic steel companies, as well as labor unions, have filed complaints with the International Trade Commission and the U.S. Department of Commerce against certain hot-rolled, cold-rolled and structural steel imports. In June of 2002, the ITC made final
 negative injury determinations in cases relating to structural steel imports from China, Germany, Italy, Luxembourg, Russia, South Africa, Spain and Taiwan. In addition, in August and October of 2002, the ITC also made final negative injury determinations in all outstanding
 cases relating to cold-rolled steel, thus ending the investigations without the imposition of duties. These negative determinations may increase the amount of cold-rolled and structural steel imports into the United States and may create further downward pressure on U.S. steel
 prices. In June of 2002, the United States granted &#147;market economy&#148; status to Russia, which may enable Russia to more effectively defend itself against dumping actions and increase the risk that Russia in the future may dump steel into the U.S. market, which may adversely
 affect U.S. steel prices. Moreover, in 1999 the United States and Russia entered into a five-year comprehensive quota agreement with annual quantitative limitations on imports into the United&nbsp;States by Russian steel producers with respect to, among other things, flat-rolled,
 structural, rail, and bar steel products. This five-year agreement will terminate on July&nbsp;12, 2004 and it is not expected that the agreement will be renewed. Given excess capacity in Russia, the termination of this agreement may lead to import surges of steel products from
 Russia which could have adverse effects upon U.S. steel prices.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Excess global capacity in the steel industry and the availability of competitive substitute materials has resulted in intense competition and may continue to exert downward pressure on our pricing</i></b></font></div></td>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The highly competitive nature of the industry, in part, exerts downward pressure on prices for some of our products. Competition within the steel industry, both domestically and worldwide, is intense and it is expected to remain so. We compete primarily on the basis of
 (1) price, (2) quality and (3) the ability to meet our customers&#146; product needs and delivery schedules. Our primary competitors have traditionally been other mini-mills, which may have cost structures and management cultures more similar to ours than integrated mills.
 However, we also compete with many integrated producers of hot-rolled, cold-rolled and coated products, many of which are larger, have substantially greater capital resources and have cost structures that have become much more competitive. Largely as a result of the
 consolidation within the U.S. steel industry brought about by bankruptcies and the emergence of a number of integrated steel producers with lower capital costs, new or renegotiated union work rules and labor costs, the elimination or reduction of health care and retirement
 legacy costs, and the introduction of more incentive based compensation and a more decentralized management structure, these integrated producers, most notably International Steel Group and</font></p>
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<p align="left"><font face="serif" size="2">U.S. Steel, have cost structures that are more competitive. Likewise, with their lesser dependence on scrap as a major component of their melt mix, these producers may also have a raw material
 cost advantage over the currently high cost of scrap that we must absorb. The emergence of these producers further increases the competitive environment in the steel industry and may
 contribute to future price declines.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, global overcapacity in steel manufacturing has had a negative impact on U.S. steel pricing and is likely to continue to persist and could have a negative impact on our sales, margins and profitability. Over the last decade, the construction of new mini-mills,
 expansion and improved production efficiencies of some integrated mills and substantial expansion of foreign steel capacity have all led to an excess of manufacturing capacity. Increasingly, this overcapacity, when combined with periodic high levels of steel imports into the
 United States, exerts downward pressure on domestic steel prices, including the prices of our products, and has resulted, at times, in a dramatic narrowing, or with many companies the elimination, of gross margins.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the case of certain product applications, we and other steel manufacturers compete with manufacturers of other materials, including plastic, aluminum, graphite composites, glass, wood and concrete.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Our level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and the industries we serve</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The price of steel and steel products may fluctuate significantly due to many factors beyond our control. This fluctuation directly affects the levels of our production and our sales and earnings. The steel industry is highly cyclical, influenced by a combination of factors,
 including periods of economic growth, or recession, strength or weakness of the U.S. dollar, worldwide production capacity, levels of steel imports and applicable tariffs, as well as general economic conditions and the condition of certain other industries. The demand for steel
 products is generally affected by macroeconomic fluctuations in the United States and global economies in which steel companies sell their products. Future economic downturns, stagnant economies or currency fluctuations in the United States or globally could decrease the
 demand for our products or increase the amount of imports of steel into the United States either event of which would decrease our sales, margins and profitability.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, a disruption or downturn in the automotive, oil and gas, gas transmission, construction, commercial equipment, rail transportation, appliance, agricultural and durable goods industries could negatively impact our financial condition, production, sales, margins
 and earnings. We are also particularly sensitive to trends and events, including strikes and labor unrest, that may impact these industries. These industries are significant markets for our products and are themselves highly cyclical.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2"><b>Risks Related to the Notes</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>We have substantial indebtedness and debt service requirements which limits our financial and operating flexibility</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our substantial indebtedness limits our financial and operating flexibility. For example, it could:</font></p>
</div>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">make it more difficult to satisfy our obligations with respect to our debt, including our various notes;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">limit our ability to obtain additional financing for working capital, capital expenditures, acquisitions or general corporate purposes;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">require us to dedicate a substantial portion of our cash flow from operations to payments on our debt, reducing our ability to use these funds for other purposes;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">limit our ability to adjust rapidly to changing market conditions; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">increase our vulnerability to downturns in general economic conditions or in our business.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our ability to satisfy our debt obligations will depend upon our future operating performance, which in turn will depend upon the successful implementation of our strategy and upon financial, competitive, regulatory, technical and other factors, many of which are
 beyond our control. As of December&nbsp;31, 2003, we had indebtedness of $111&nbsp;million under our senior secured credit facility, $300&nbsp;million in connection with our</font></p>
</div>
<p align="center"><font face="serif" size="2">13</font></p>
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<p align="left"><font face="serif" size="2">9 1/2% senior unsecured notes due 2009, and $115&nbsp;million in connection with our 4% convertible subordinated notes due 2012.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If we are not able to generate sufficient cash from operations to make payments under our credit agreements or to meet our other debt service obligations, we will need to refinance our indebtedness. Our ability to obtain such financing will depend upon our financial
 condition at the time, the restrictions in the agreements governing our indebtedness and other factors, including general market and economic conditions. If such refinancing were not possible, we could be forced to dispose of assets at unfavorable prices. Even if we could
 obtain such financing, we cannot be sure that it would be on terms that are favorable to us. In addition, we could default on our debt obligations.</font></p>
</div>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Our business requires substantial capital investment and maintenance expenditures, which we may be unable to provide</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our business strategy may require additional substantial capital investment. We require capital for, among other purposes, managing acquired assets, acquiring new equipment, maintaining the condition of our existing equipment, completing future acquisitions and
 maintaining compliance with environmental laws and regulations. To the extent that cash generated internally and cash available under our credit facilities is not sufficient to fund capital requirements, we may require additional debt and/or equity financing. However, this type
 of financing may not be available or, if available, may not be on satisfactory terms. Future debt financing, if available, may result in increased interest and amortization expense, increased leverage and decreased income available to fund further acquisitions and expansion. In
 addition, future debt financing may limit our ability to withstand competitive pressures and render us more vulnerable to economic downturns. If&nbsp;we fail to generate or obtain sufficient additional capital in the future, we could be forced to reduce or delay capital expenditures
 and acquisitions, sell assets or restructure or refinance our indebtedness.</font></p>
</div>
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  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Our senior secured credit agreement and the indenture relating to the notes contain restrictive covenants that may limit our flexibility</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Restrictions and covenants in our existing debt agreements, including our senior secured credit agreement and the indenture relating to the notes, as well as the indenture relating to our 4% convertible subordinated notes due 2012, and any future financing agreements,
 may impair our ability to finance future operations or capital needs or to engage in other business activities. Specifically, these agreements will restrict our ability to:</font></p>
</div>
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  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">incur additional indebtedness;</font></div></td>
  </tr>
</table>
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    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">pay dividends or make distributions with respect to our capital stock;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">repurchase or redeem capital stock;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">make investments;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">create liens and enter into sale and leaseback transactions;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">make capital expenditures;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">enter into transactions with affiliates or related persons;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">issue or sell stock of certain subsidiaries;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">sell or transfer assets; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">participate in certain joint ventures, acquisitions or mergers.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A breach of any of the restrictions or covenants in our debt agreements could cause a default under our senior secured credit agreement, the indenture or other debt. A significant portion of our indebtedness then may become immediately due and payable. We are not
 certain whether we would have, or be able to obtain, sufficient funds to make these accelerated payments, including payments on the notes. If any senior debt is accelerated, our assets may not be sufficient to repay in full such indebtedness and our other indebtedness,</font></p>
</div>
<p align="center"><font face="serif" size="2">14</font></p>
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<p align="left"><font face="serif" size="2">including the notes, in which event the interests of the senior debt lenders may conflict with the interests of the holders of the notes.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>We may not have sufficient cash flow to make payments on your notes and our other debt</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If our cash flow and capital resources are insufficient to allow us to make scheduled payments on your notes or on our other debt, we may have to sell assets, seek additional capital or restructure or refinance our debt. If we are required to do that, the terms of our debt
 may not allow for these alternative measures, even if permitted, such measures might not satisfy our scheduled debt service obligations.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If we cannot make scheduled payments on our debt:</font></p>
</div>
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  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">our debtholders could declare all outstanding principal and interest to be due and payable;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the lenders under our senior secured credit agreement could terminate their commitments and commence foreclosure proceedings against our assets;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">we could be forced into bankruptcy or liquidation; and</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you could lose all or part of your investment in the notes.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our ability to pay principal and interest on your notes and on our other debt and to fund our planned capital expenditures depends on our future operating performance. Our future operating performance is subject to a number of risks and uncertainties that are often
 beyond our control, including general economic conditions and financial, competitive, regulatory and environmental factors. For a discussion of some of these risks and uncertainties, please see &#147;Risk Factors&#151;Risks Related to Our Business&#148; and &#147;&#151;Risks Related to Our
 Industry.&#148; Consequently, we may not have sufficient cash flow to meet our liquidity needs, including making payments on our indebtedness.</font></p>
</div>
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  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Despite our substantial indebtedness, we may still incur significantly more debt, which could further increase the risks described above</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The terms of our senior secured credit agreement, the indenture related to the notes and the indenture related to our 4% convertible subordinated notes due 2012 do not prohibit us or our subsidiaries from incurring additional indebtedness in the future. Any additional
 debt could be senior to the notes and could increase the risks described above.</font></p>
</div>
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  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Since the notes are unsecured, they are effectively subordinated to any of our existing and future secured debt</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If we are in default on our secured obligations, you may not receive principal and interest payment on your notes. Our obligations under our senior secured credit agreement are secured by a significant portion of our assets. In contrast, our obligations under the notes are
 unsecured. As a result, the notes are subordinated to our obligations under our senior secured credit agreement as well as any other existing and future secured debt. As of December&nbsp;31, 2003, we had $111.3&nbsp;million of secured indebtedness outstanding (excluding indebtedness
 of our subsidiaries), and we had the ability to borrow $75.0&nbsp;million more under our credit facility.</font></p>
</div>
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  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>The notes are effectively subordinated to all of the liabilities of our non-guarantor subsidiaries</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our subsidiaries Steel Dynamics Sales North America, Inc., SDI Investment Company, Ferrous Resources, LLC, STLD Holdings, Inc. and Dynamic Bar Products, LLC are guarantors of the notes and are deemed &#147;restricted subsidiaries&#148; under the indenture. Our other
 subsidiaries, Iron Dynamics, Inc., New&nbsp;Millennium Building Systems, LLC, Omni Dynamic Aviation, LLC (97% owned) and Paragon Steel Enterprises, LLC (50% owned), are not guarantors of the notes, and are deemed to be &#147;unrestricted subsidiaries&#148; under the indenture.
 As a result, the notes are effectively subordinated to all of the liabilities of our unrestricted or non-guarantor subsidiaries. As of December&nbsp;31, 2003, our non-guarantor subsidiaries had $31.6&nbsp;million of liabilities outstanding, including $20.2&nbsp;million of indebtedness, excluding
 intercompany</font></p>
</div>
<p align="center"><font face="serif" size="2">15</font></p>
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<p align="left"><font face="serif" size="2">liabilities and guarantees under our senior secured credit agreement, and accounted for 13% of total assets and 8% of total net sales for the year ended December&nbsp;31, 2003.</font></p>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Federal and state laws permit a court to void the subsidiary guarantees under certain circumstances</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The guarantee of the notes by our guarantor subsidiaries may be subject to review under federal or state fraudulent transfer laws. While the relevant laws may vary from state to state, under such laws, a subsidiary guarantee will be a fraudulent conveyance if (1) any of
 our subsidiaries made guarantees with the intent of hindering, delaying or defrauding creditors, or (2) any of the subsidiary guarantors received less than reasonably equivalent value or fair consideration in return for its guarantee, and in the case of (2) only, one of the
 following is also true:</font></p>
</div>
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    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any of the subsidiary guarantors was insolvent, or became insolvent, at the time of the guarantee;</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the guarantee left the applicable subsidiary guarantor with an unreasonably small amount of capital; or</font></div></td>
  </tr>
</table>
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  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the applicable subsidiary guarantor intended to, or believed that it would, be unable to pay its debts as they matured.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If any guarantee were to be deemed a fraudulent conveyance, a court could, among other things, void any of the subsidiary guarantors&#146; obligations under its guarantee and require the repayment of any amounts paid thereunder. Generally, an entity will be considered
 insolvent if:</font></p>
</div>
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  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the sum of its debts is greater than the value of its property;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the present fair value of its assets is less than the amount that it will be required to pay on its existing debts as they become due; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">it cannot pay its debts as they become due.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We cannot be sure as to whether a court would determine that immediately after the issuance of the notes and the subsidiary guarantees, each of the subsidiary guarantors would be solvent, would have sufficient capital to carry on its business and would be able to pay
 its debts as they mature or what standard a court would apply in making these determinations.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>We are prohibited from, and may be unable to repurchase the notes upon a change of control, which would cause defaults under the indenture for the notes and our senior secured credit agreement and possibly other existing or future indebtedness</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Upon the occurrence of a change of control as defined in the indenture for the notes, we will be required to offer to purchase the notes at 101% of the principal amount of the notes, together with accrued and unpaid interest, if any, to the date of purchase. We are
 prohibited under our senior secured credit facility, and may be prohibited under our other indentures or under indebtedness we may incur in the future, from purchasing any notes prior to their stated maturity. In such circumstances, we will be required to repay all or a portion
 of the outstanding principal of, and pay any accrued and unpaid interest on, indebtedness under our senior secured credit agreement and any such other existing or future indebtedness or obtain the requisite consent from the lenders under our senior secured credit agreement and
 the holders of any such other indebtedness to permit the repurchase of the notes. If we are unable to repay all of such indebtedness or are unable to obtain the necessary consents, we will be unable to offer to repurchase the notes, which would constitute an event of default
 under the indenture for the notes, which itself would also constitute a default under our senior secured credit agreement and could constitute a default under the terms of any other indenture or indebtedness.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, the events that constitute a change of control under the indenture for the notes may also be events of default under the new senior secured credit agreement or other indebtedness we may incur in the future.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>If you fail to exchange your old notes, you may be unable to sell them</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If you remain a holder of old notes after the exchange offer, you may be unable to sell your old notes. Because we did not register the old notes under the Securities Act or any state securities laws and we do not</font></p>
</div>
<p align="center"><font face="serif" size="2">16</font></p>
<hr noshade align="center" width="100%" size="2">
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<a name="p17"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">intend to do so after the exchange offer, the old notes may only be transferred in limited circumstances under applicable securities laws. If you do not exchange your old notes in the exchange
 offer, you will lose your right to have your old notes registered under the Securities Act.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>An active trading market may not develop for the exchange notes</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">An active trading market may not develop for your notes, you may not be able to sell your Exchange Notes, or, even if you can sell your Exchange Notes, you may not be able to sell them at a price equal to or above the price you paid. There is no active public trading
 market for the old notes. We do not intend to apply for listing of the Exchange Notes on any domestic securities exchange or Nasdaq. The liquidity of the trading market in the Exchange Notes, and the market prices quoted for the Exchange Notes, may be adversely affected
 by changes in the overall market for these types of securities and by changes in our financial performance or prospects or in the prospects for companies in our industry generally.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Trading prices for the notes may be volatile</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Historically, the market for non-investment grade debt securities has been subject to disruptions that have caused substantial volatility in the prices of such securities. The market for the notes could be subject to similar volatility. The trading price of the notes also could
 fluctuate in response to factors such as variations in our operating results, general developments in the steel industry, developments in the general economy, and changes in securities analysts&#146; recommendations regarding our securities or similar securities.</font></p>
</div>
<p align="center"><font face="serif" size="2">17</font></p>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>FORWARD LOOKING STATEMENTS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Throughout this prospectus, we may make statements that express our opinions, expectations, or projections regarding future events or future results, in contrast with statements that reflect historical facts. These predictive statements, which we generally precede or
 accompany by such typical conditional words as &#147;anticipate,&#148; &#147;intend,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;plan,&#148; &#147;seek,&#148; &#147;project&#148; or &#147;expect,&#148; or by the words &#147;may,&#148; &#147;will,&#148; or &#147;should,&#148; are intended to operate as &#147;forward looking statements&#148; of the kind permitted by the Private
 Securities Litigation Reform Act of 1995, incorporated in Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934, each as amended. That legislation protects such predictive statements by creating a &#147;safe harbor&#148; from liability in
 the event that a particular prediction does not turn out as anticipated.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">While we always intend to express our best judgment when we make statements about what we believe will occur in the future, and although we base these statements on assumptions that we believe to be reasonable when made, these forward looking statements are not
 a guarantee of performance, and you should not place undue reliance on such statements. Forward looking statements are subject to many uncertainties and other variable circumstances, many of which are outside of our control, that could cause our actual results and
 experience to differ materially from those we thought would occur.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following listing represents some, but not necessarily all, of the factors that may cause actual results to differ from those anticipated or predicted:</font></p>
</div>
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  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">cyclical changes in market supply and demand for steel; general economic conditions; U.S. or foreign trade policy or adverse outcomes of pending and future trade cases alleging unlawful practices in connection with steel imports or exports, including the repeal or lapse
 of, or exemptions, from existing U.S. tariffs on imported steel; and governmental monetary or fiscal policy in the U.S. and other major international economies;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">increased competition brought about by excess global steelmaking capacity, imports of low priced steel and consolidation in the domestic steel industry;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">risks and uncertainties involving new products or new technologies, such as our Iron Dynamics ironmaking process, in which the product or process or certain critical elements thereof may not work at all, may not work as well as expected, or may turn out to be
 uneconomic even if they do work;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">changes in the availability or cost of steel scrap, steel scrap substitute materials or other raw materials or supplies which we use in our production processes, as well as periodic fluctuations in the availability and cost of electricity, natural gas or other utilities;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the occurrence of unanticipated equipment failures and plant outages or incurrence of extraordinary operating expenses;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">actions by our domestic and foreign competitors, including the addition of production capacity, the re-start of previously idled production capacity resulting from bankruptcy reorganizations or asset purchases out of bankruptcy;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">loss of business from one or more of our major customers or end-users;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">labor unrest, work stoppages and/or strikes involving our own workforce, those of our important suppliers or customers, or those affecting the steel industry in general;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the effect of the elements upon our production or upon the production or needs of our important suppliers or customers;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the impact of, or changes in, environmental laws or in the application of other legal or regulatory requirements upon our production processes or costs of production or upon those of our suppliers or customers, including actions by government agencies, such as the U.S.
 Environmental Protection Agency or the Indiana Department of Environmental Management, on pending or future environmentally related construction or operating permits;</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">18</font></p>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">private or governmental liability claims or litigation, or the impact of any adverse outcome of any litigation on the adequacy of our reserves, the availability or adequacy of our insurance coverage, our financial well-being or our business and assets;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">changes in interest rates or other borrowing costs, or the effect of existing loan covenants or restrictions upon the cost or availability of credit to fund operations or take advantage of other business opportunities;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">changes in our business strategies or development plans which we may adopt or which may be brought about in response to actions by our suppliers or customers, and any difficulty or inability to successfully consummate or implement as planned any of our projects,
 acquisitions, joint ventures or strategic alliances; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the impact of regulatory or other governmental permits or approvals, litigation, construction delays, cost overruns, technology risk or operational complications upon our ability to complete, start-up or continue to profitably operate a project, an acquisition or a new
 business, or to operate it as anticipated.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We also believe that you should read the many factors described in &#147;Risk Factors&#148; immediately following the &#147;Prospectus Summary&#148; to better understand the risks and uncertainties inherent in our business, in owning our securities and underlying any forward looking
 statements.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Any forward looking statements which we make in this prospectus or in any of the documents that are incorporated by reference herein speak only as of the date of such statement. Comparisons of results between current and any prior periods are not intended to express
 any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.</font></p>
</div>
<p align="center"><font face="serif" size="2">19</font></p>
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<p align="center"><font face="serif" size="2"><b>SUMMARY OF THE TERMS OF THE EXCHANGE OFFER</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following brief summary contains the material terms of this Exchange Offer. You should read the full text and more specific details contained elsewhere in this prospectus. For a more detailed description of the Exchange Notes, see &#147;Description of the Exchange
 Notes.&#148;</font></p>
</div>
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  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Exchange</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 Up to $100&nbsp;million aggregate principal amount of our 9 1/2% senior notes due
  March&nbsp;15, 2009 that have been registered under the Securities Act of 1933, as amended,
   in exchange for an equal face amount of
 our outstanding unregistered 9 1/2% senior notes due March&nbsp;15, 2009.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">We entered into a registration rights agreement with the initial purchasers of the old notes in which we agreed to register this exchange offer, to deliver this prospectus and to complete the exchange offer. You are entitled
 to exchange in this exchange offer your old notes for Exchange Notes that have terms identical in all material respects to the old notes, except that:</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the Exchange Notes have been registered under the Securities Act; </font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the Exchange Notes are not entitled to the registration rights that are applicable to the old notes; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the additional cash interest provisions that apply to the old notes in the event of a failure to timely register and consummate the exchange offer will no longer apply. See &#147;Description of the Notes &#151; Registration
 Rights.&#148;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><p></p>
    <font face="serif" size="2"><b>Expiration Date</b></font>
    <p></p></td>
    <td><div align="left">
      <p><font face="serif" size="2">The exchange offer will expire at 5:00
            p.m., New York City time, on June [&#149;], 2004, unless extended.
            We do not currently plan to extend the expiration date. Any outstanding
            old notes not accepted for exchange for any reason will be returned
            without expense to the tendering holder promptly after the expiration
            or termination of the exchange offer.</font></p>
      <p>&nbsp;</p>
    </div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Withdrawal Rights</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 A tender of outstanding old notes may be withdrawn at any time prior to the expiration date.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Resales of the Exchange Notes</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 We believe that Exchange Notes to be issued in the exchange offer may be offered for resale, resold and otherwise transferred by you without compliance with the registration and prospectus delivery provisions of the
 Securities Act if you meet the following conditions:</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(1)</font></td>
    <td><div align="left"><font face="serif" size="2">the Exchange Notes are acquired by you in the ordinary course of your business;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(2)</font></td>
    <td><div align="left"><font face="serif" size="2">you are not participating, do not intend to participate and have no arrangement or understanding with any person to participate in a distribution of the Exchange Notes; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(3)</font></td>
    <td><div align="left"><font face="serif" size="2">you are not our affiliate, as that term is defined in Rule 405 under the Securities Act.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Our belief is based on interpretations by the staff of the Commission, as set forth in no-action letters issued to third parties unrelated to us.</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">20</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p21"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Each broker-dealer that receives Exchange Notes in the exchange offer for its own account in exchange for old notes pursuant to the exchange offer, that were acquired by that broker-dealer as a result of market-making
 activities or other trading activities must agree to deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Notes. See &#147;Plan of Distribution.&#148;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">If you are a holder of old notes and you are an affiliate of Steel Dynamics, did not acquire the Exchange Notes in the ordinary course of your business, or you wish to tender your old notes in the exchange offer with the
 intention of participating, or for the purpose of participating in a distribution of the Exchange Notes, you cannot rely on the position of the staff of the SEC enunciated in Exxon Capital Holdings Corporation, Morgan
 Stanley &amp; Co. Incorporated or similar no-action letters and, absent an available exemption, must comply with the registration and prospectus delivery requirements of the Securities Act in connection with the resale of the
 Exchange Notes.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Certain Conditions to the Exchange</b><br>
<b>Offer</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 The exchange offer is subject to customary conditions, which we may waive. Please read the section captioned &#147;Terms of the Exchange &#151; Certain Conditions to the Exchange Offer&#148; for more information regarding the
 conditions to the exchange offer.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Effects on Holders of Outstanding Old</b><br>
<b>Notes</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 As a result of the making of, and upon acceptance for exchange of all validly tendered outstanding old notes pursuant to the terms of, the exchange offer, we will have fulfilled a covenant in the registration rights agreement
 at the time of the issuance of the old notes and, accordingly, there will thereafter be no increase in the interest rate on the old notes as described in the registration rights agreement. If you are a holder of old notes and you
 do not tender your old notes in the exchange offer, you will continue to hold the old notes and will be entitled to all the rights and limitations applicable to the old notes in the indenture relating to the notes, except for any
 rights under the registration rights agreement that by their terms terminate upon the consummation of the exchange offer.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">To the extent that old notes are tendered and accepted in this exchange offer, the trading market for the old notes could be adversely affected.</font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Consequences of Failure to</b><br>
<b>Exchange</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 If you do not exchange your old notes for Exchange Notes, you will continue to hold your outstanding old notes and will be entitled to all the rights and subject to all the limitations applicable to the old notes in the
 Indenture relating to the old notes, except that you will no longer be able to obligate us to register your old notes under the Securities Act. In that event, you will not be able to resell, offer to resell or otherwise transfer your
 old notes unless they are registered under the Securities Act or unless you resell, offer to resell or otherwise transfer them under an exemption from the registration requirements of, or in a transaction not subject to,
 </font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">21</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p22"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">the Securities Act and applicable state securities
        laws. Other than in connection with this exchange offer, we do not currently
    anticipate that we will register the old notes under the Securities Act. </font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Certain Tax Considerations</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 The exchange of old notes for Exchange Notes in the exchange offer will not be a taxable event for U.S. federal income tax purposes. See &#147;Certain Tax Considerations.&#148;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Use of Proceeds</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 We will not receive any cash proceeds from the issuance of Exchange Notes pursuant to the exchange offer.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Exchange Agent</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 The Bank of New York Trust Company, N.A. is the exchange agent for the exchange offer. The address and telephone number of the exchange agent are:</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">The Bank of New York Trust Company, N.A.<br>
c/o BNY Midwest Trust Company<br>
2 North LaSalle Street, Suite 1020<br>
Chicago, Illinois 60602<br>
Attn: Corporate Trust Administration<br>
(312) 827-8546 (phone)<br>
(312) 827-8542 (fax)</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">or, in The Borough of Manhattan, The City of New York, New&nbsp;York:</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">The Bank of New York Trust Company, N.A.<br>
c/o The Bank of New York<br>
101 Barclay Street<br>
New York, New York 10286</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Procedure for Exchange</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 If you would like to receive Exchange Notes for your old notes, complete the letter of transmittal accompanying this prospectus and deliver the completed letter to the Exchange Agent.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Delivery</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 You must also deliver the old notes and any other required documents to the Exchange Agent at the address set forth above. If you hold old notes through The Depository Trust Company (&#147;DTC&#148;) and wish to participate in
 the exchange offer, you must comply with the Automated Tender Offer Program procedures of DTC, by which you will agree to be bound by the letter of transmittal. By signing or agreeing to be bound by the letter of
 transmittal, you will represent to us that, among other things:</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any Exchange Notes you receive will be acquired in the ordinary course of your business;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you have no arrangement or understanding with any person or entity to participate in a distribution of the Exchange Notes;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">if you are a broker-dealer that will receive Exchange Notes for your own account in exchange for old notes that were acquired as a result of market-making activities or other trading activities, that you will deliver a
 prospectus, as required by law, in connection with any resale of those Exchange Notes; and</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">22</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p23"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you are not our &#147;affiliate,&#148; as defined in Rule 405 of the Securities Act.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Special Procedures for Beneficial</b><br>
<b>Owners</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 If you are the beneficial owner of old notes and they are registered in the name of a broker, dealer, commercial bank, trust company or other nominee, and you wish to tender your old notes, you should promptly contact the
 person in whose name your old notes are registered and instruct that person to tender on your behalf. If you wish to tender on your own behalf, you must, prior to completing and executing the letter of transmittal and
 delivering your old notes, either make appropriate arrangements to register ownership of the old notes in your name or obtain a properly completed bond power from the person in whose name your old notes are registered.
 The transfer of registered ownership may take considerable time. See &#147;The Exchange Offer &#151; Procedures for Tendering &#151; Procedures Applicable to All Holders.&#148;</font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Guaranteed Delivery Procedures</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 If you wish to tender your old notes and your old notes are not immediately available or you cannot deliver your old notes, the accompanying letter of transmittal or any other documents required by the accompanying
 letter of transmittal or comply with the applicable procedures under DTC&#146;s Automated Tender Offer Program before the Expiration Date, you must tender your old notes according to the guaranteed delivery procedures
 set forth in this prospectus under &#147;Terms of the Exchange &#151; Guaranteed Delivery Procedures.&#148;</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Please see &#147;Terms of the Exchange&#148; for detailed instructions on how to obtain Exchange Notes for your old Notes.</font></p>
</div>
<p align="center"><font face="serif" size="2">23</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p24"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>SUMMARY OF THE TERMS OF THE EXCHANGE NOTES</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Issuer</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 Steel Dynamics, Inc.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Notes Offered</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 $100,000,000 aggregate principal amount of 9 1/2% Senior Notes Due 2009.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Maturity</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 March&nbsp;15, 2009.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Interest</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 9 1/2% per annum, payable in cash on March 15 and September 15 of each year, with interest on Exchange Notes beginning on September&nbsp;15, 2004, payable from March&nbsp;15, 2004.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Guarantees</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 The Exchange Notes are guaranteed on a senior unsecured and subordinated basis by Steel Dynamics Sales North America, Inc., SDI Investment Company, STLD Holdings, Inc., Ferrous Resources, LLC and Dynamic Bar
 Products, LLC, our direct 100% owned subsidiaries.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Optional Redemption</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 We may redeem any of the notes beginning on March&nbsp;15, 2006. The initial redemption price is 104.750% of their principal amount, plus accrued interest. The redemption price will decline to 102.375% after March&nbsp;15,
 2007 and will be 100% of their principal amount, plus accrued interest, beginning on March&nbsp;15, 2008.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">In addition, before March&nbsp;15, 2005, we may redeem up to 35% of the aggregate principal amount of outstanding notes with the net proceeds from sales of certain kinds of one or more sales of our capital stock at a
 redemption price equal to 109.500% of their principal amount, plus accrued interest to the redemption date. We may make such redemption only if, after any such redemption, at least 65% of the aggregate principal amount
 of notes originally issued under the indenture remains outstanding.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Change of Control </b></font></td>
    <td><div align="left"><font face="serif" size="2">
 Upon a change of control (as defined under &#147;Description of the Notes&#148;) we will be required to make an offer to purchase the notes. The purchase price will equal 101% of the principal amount of the notes on the date of
 purchase, plus accrued interest. We may not have sufficient funds available at the time of a change of control to make any required debt payment (including repurchases of the notes).</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Ranking </b></font></td>
    <td><div align="left"><font face="serif" size="2">
 The notes will be senior unsecured obligations. The notes will be equal in right of payment with all existing and future senior unsecured indebtedness of our company and will rank senior to any subordinated indebtedness
 created in the future. The notes will be effectively subordinated to our secured indebtedness, to the extent of the assets securing that indebtedness, including indebtedness under our new senior secured credit agreement.</font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">As of December&nbsp;31, 2003, we had $607.6&nbsp;million of consolidated indebtedness and long-term contingent obligations outstanding, $111.3&nbsp;million of which was secured indebtedness under our senior secured credit
 agreement and $115.0&nbsp;million of subordinated convertible indebtedness. The notes are also effectively subordinated to all of the liabilities of our subsidiaries. </font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">24</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p25"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">As of December&nbsp;31, 2003, our non-guarantor
        subsidiaries had approximately $31.6&nbsp;million of liabilities outstanding,
        including $20.2&nbsp;million of indebtedness, but excluding intercompany
    liabilities. </font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Certain Covenants</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 The indenture governing the notes contains covenants limiting our ability and the ability of our restricted or guarantor subsidiaries to:</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">incur additional debt;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">pay dividends;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">make investments or certain other restricted payments;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">engage in sale-leaseback transactions;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">enter into transactions with stockholders or affiliates;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">guarantee debts;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">sell assets;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">create liens;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">issue or sell stock of subsidiaries; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">engage in a merger, sale or consolidation.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">These covenants are subject to important exceptions and qualifications, which are described under the heading &#147;Description of the Notes &#151; Certain Covenants&#148; in this prospectus.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">All of our subsidiaries, other than Steel Dynamics Sales North America, Inc., SDI Investment Company, Ferrous Resources, LLC, STLD Holdings, Inc. and Dynamic Bar Products, LLC, will be unrestricted or non-
 guarantor subsidiaries. Our unrestricted subsidiaries accounted for 13% of total assets as of December&nbsp;31,&nbsp;2003 and for 8% of total net sales for the year ended December&nbsp;31, 2003 and had a net income of $1.5&nbsp;million
 for the year ended December&nbsp;31, 2003.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Use of Proceeds </b></font></td>
    <td><div align="left"><font face="serif" size="2">
 We will not receive any cash proceeds upon the completion of the exchange offer.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Further Issuances</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 We may from time to time, without notice to or the consent of the holders of Exchange Notes, create and issue additional notes ranking equally and ratably with the Exchange Notes. The $100&nbsp;million of old notes, and the
 Exchange Notes to be issued in exchange therefor, are in fact an additional issuance to the $200&nbsp;million of notes previously issued and previously exchanged pursuant to the indenture. Such further notes may be issued
 under the indenture relating to the notes offered hereby, and may vote with the notes offered hereby on matters affecting all noteholders.</font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Form of Exchange Notes</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 The Exchange Notes to be issued in the exchange offer will be represented by one or more global securities deposited with the Trustee for the benefit of DTC. You will not receive Exchange Notes in certificated form
 unless one of the events sets forth under the heading &#147;Description of the Exchange Notes &#151; Form of Exchange Notes&#148; occurs. Instead, beneficial interests in the Exchange Notes to be issued in the exchange offer will be
 shown on, and a transfer of these interests will be effected only through, </font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">25</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p26"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">records maintained in book entry form by
    DTC with respect to its participants.</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Amendments and Waivers</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 Except for specified amendments, the indenture may be amended with the consent of the holders of a majority of the principal amount of the notes then outstanding.</font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="26%"><font face="serif" size="2"><b>Absence of a Public Market for</b><br>
<b>the Exchange Notes</b></font></td>
    <td><div align="left"><font face="serif" size="2">
 The Exchange Notes generally will be freely transferable but will also be new securities for which there will not initially be a market. It is not certain whether a market for the Exchange Notes will develop or whether any
 such market would provide a significant degree of liquidity. We do not intend to apply for a listing of the Exchange Notes on any domestic securities exchange or seek approval for quotation through any automated
 quotation system.</font></div></td>
    <td><div align="left"><font face="serif" size="2">&nbsp;</font></div></td>
    <td><div align="left"><font face="serif" size="2">&nbsp;</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>USE OF PROCEEDS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will receive no proceeds from the exchange of the old notes in this exchange offer. In consideration for issuing the Exchange Notes as contemplated by this prospectus, we will receive in exchange a like principal amount of old notes, the terms of which are identical
 in all material respects to the Exchange Notes. The old notes surrendered in exchange for the Exchange Notes will be retired and canceled and cannot be reissued. Accordingly, issuance of the Exchange Notes will not result in any change in our capitalization.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The net proceeds from the issuance and sale of the old notes were approximately $108.8&nbsp;million after deduction of the expenses related to the offerings.</font></p>
</div>
<p align="center"><font face="serif" size="2">26</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p27"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>RATIO OF EARNINGS TO FIXED CHARGES</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table sets forth our ratio of earnings to fixed charges for the periods indicated (dollars in thousands).</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>1999</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2000</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2001</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2002</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2003</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Interest expense, including amortization<br>
of debt issuance costs</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">22,919</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="10%"><font face="serif" size="2">21,038</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="10%"><font face="serif" size="2">21,015</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="10%"><font face="serif" size="2">38,513</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">38,568</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Capitalized interest </font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">13,196</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">17,477</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">13,993</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,413</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,820</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Fixed charges (a)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">36,115</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">38,515</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">35,008</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">49,926</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">46,388</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Income before taxes and extraordinary items </font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">65,279</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">84,485</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,113</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">124,477</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">75,437</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Amortization of capitalized interest</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,365</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,501</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,597</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,932</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,859</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Less capitalized interest</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(13,196</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(17,477</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(13,993</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(11,413</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(7,820</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Adjusted earnings (b)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">89,563</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">107,024</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">27,725</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">165,922</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">117,864</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratio (b) / (a)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2.48x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2.78x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.79x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3.32x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2.54x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">For purposes of calculating our ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before income taxes and extraordinary items, adjusted for the portion of fixed charges deducted from the earnings, plus amortization of capitalized
 interest. Fixed charges consist of interest on all indebtedness, including capitalized interest, and amortization of debt issuances costs. In 2001, our earnings were insufficient to cover our fixed charges by $7.3&nbsp;million.</font></p>
</div>
<p align="center"><font face="serif" size="2">27</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p28"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>SELECTED FINANCIAL AND OPERATING DATA</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table sets forth selected consolidated financial and operating data of Steel Dynamics. You should read the following data in conjunction with &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and our consolidated
 financial statements and notes incorporated by reference in this prospectus.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You should also read the following information in conjunction with the data in the table on the following page:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">&#147;Operating profit per ton shipped&#148; represents consolidated operating income before start-up costs and minority interest adjustments divided by consolidated net ton shipments.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">For purposes of calculating our &#147;ratio of earnings to fixed charges&#148;, earnings consist of earnings from continuing operations before income taxes and extraordinary items, adjusted for the portion of fixed charges deducted from these earnings, plus amortization of
 capitalized interest. Fixed charges consist of interest on all indebtedness, including capitalized interest, and amortization of debt issuance costs. For the year ended December&nbsp;31, 2001, earnings were insufficient to cover fixed charges by $7.3&nbsp;million.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">For purposes of reporting our shipments and production, &#147;Steel&#148; operations include our Flat Roll Division, Structural and Rail Division and Bar Products Division and &#147;Other&#148; operations include New Millennium Building Systems, Paragon Steel Trading and Iron
 Dynamics.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">&#147;Prime tons&#148; refer to hot bands produced at our Flat Roll Division, which meet or exceed quality standards for surface, shape and metallurgical properties. &#147;Prime ton percentage&#148; refers to the ratio of prime hot band tons shipped for the period to total hot band tons
 shipped for the period.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">&#147;Effective capacity utilization&#148; is the Flat Roll Division&#146;s ratio of tons produced for the operational period to the operational period&#146;s capacity. We used an annual production capacity of 2.2&nbsp;million tons. During 2002 and 2003, the Flat Roll Division produced
 2.4&nbsp;million tons to meet market demand.</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">28</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p29"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="14" align="center" valign="bottom"><font face="serif" size="1"><b>Years ended December</b>&nbsp;<b>31,</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="14" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2003</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2002</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2001</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>2000</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>1999</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="14" align="center" valign="bottom"><font face="serif" size="1"><b>(dollars in thousands, except per share and per ton data)</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Operating data:</b></font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="12%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="6%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="14%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net sales</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">987,248</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">864,493</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">606,984</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">692,623</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">618,821</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Cost of goods sold </font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">827,264</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">638,860</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">522,927</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">533,914</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">487,629</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Gross profit</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">159,984</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">225,633</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">84,057</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">158,709</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">131,192</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Selling, general and administrative expenses </font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">63,377</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">67,266</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">58,132</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">53,306</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">42,441</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Income from operations </font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">96,607</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">158,367</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">25,925</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">105,403</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">88,751</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Interest expense </font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">34,493</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">30,201</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18,480</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">20,199</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">22,178</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Gain from debt extinguishment</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">13,987</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Other expense</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">664</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,689</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,333</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">719</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,294</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Income before income taxes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">75,437</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">124,477</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,112</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">84,485</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">65,279</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Income tax expense</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">28,289</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">46,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,968</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">30,690</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">25,849</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Net Income</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">47,148</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">77,877</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,144</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">53,795</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">39,430</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Basic earnings per share: </b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net income</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.99</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.65</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.07</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.15</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.82</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Weighted average common shares outstanding</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">47,829</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">47,144</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">45,655</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">46,822</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">47,914</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Diluted earnings per share: </b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net income</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.98</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.64</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.07</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1.15</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.82</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Weighted average common shares and share equivalents outstanding</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">48,127</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">47,463</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">45,853</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">46,974</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">48,153</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Other financial data:</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Operating profit per net ton shipped</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">37</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">74</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">23</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">65</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">58</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Start-up costs</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,862</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">13,242</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,459</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,852</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18,958</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Capital expenditures</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">137,061</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">142,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">90,714</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">110,379</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">126,673</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratio of earnings to fixed charges</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2.54x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3.32x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.79x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2.78x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2.48x</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Other data:</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Shipments (net tons)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Steel operations</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,799,760</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,357,528</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,945,479</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,913,069</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,869,714</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Other operations</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">206,718</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">204,153</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">183,648</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">52,200</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,692</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Intercompany</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(189,230</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(171,339</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(165,525</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(45,901</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(6,692</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Consolidated</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,817,248</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,390,342</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,963,602</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,919,368</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,869,714</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Steel operations production (net tons)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,950,249</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,488,342</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,015,991</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,031,025</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,938,234</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Prime ton percentage &#150; hot band</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">96.3</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">94.7</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">95.9</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">93.9</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">94.2</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Effective capacity utilization &#150; hot band</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">109.4</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">107.9</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">91.6</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">92.3</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">88.1</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Man-hours per hot band net ton produced</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.30</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.31</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.37</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.37</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">.41</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Shares outstanding at year end, net of shares held in treasury (000s)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">48,645</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">47,581</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">45,743</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">45,505</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">47,971</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Number of employees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,397</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">869</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">676</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">651</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">650</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Balance sheet data (end of period):</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Cash and cash equivalents</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">65,430</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">24,218</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">78,241</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10,184</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">16,615</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Working capital</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">254,631</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">197,353</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">194,093</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">165,915</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">155,226</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net property, plant and equipment</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,001,116</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">929,338</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">852,061</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">807,322</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">742,787</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total assets</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,448,439</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,275,696</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,180,098</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,067,074</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">991,556</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Long-term debt (including current maturities)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">607,574</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">555,450</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">599,924</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">532,520</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">505,963</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Stockholders&#146; equity</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">587,233</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">521,660</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">418,575</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">418,784</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">391,370</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">29</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p30"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>CAPITALIZATION</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following table sets forth our consolidated capitalization as of December&nbsp;31, 2003:</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You should read this table in conjunction with &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and our consolidated financial statements and notes included in this memorandum.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>As of December</b>&nbsp;<b>31, 2003</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Actual</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Cash and cash equivalents</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="4%"><font face="serif" size="2">65,430</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Current portion of long-term debt</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">15,988</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Long-term debt, excluding current maturities:</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Steel Dynamics senior secured credit facilities</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Revolving credit facility<sup>1</sup></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Term loan A</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Term loan B</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">103,863</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">9 1/2% senior notes due 2009, including $8,834 unamortized bond premium</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">308,834</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4% convertible subordinated notes, due 2012</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">115,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Other long-term debt, excluding current maturities</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">63,889</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Total long-term debt, excluding current maturities</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">591,586</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Stockholders&#146; equity:</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Common stock, $.01 par value per share; 100,000,000 shares authorized;<br>
51,011,839 shares issued and 48,645,246 shares outstanding</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">509</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Treasury stock, at cost; 2,366,593 shares</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(28,670</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Additional paid-in capital</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">362,328</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Retained earnings</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">257,254</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Other accumulated comprehensive loss</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(4,188</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Total stockholders equity</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">587,233</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="1"></td>
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Total capitalization</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,194,807</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="100"><hr noshade size="1" align="left" width="100%"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><sup>1</sup> The revolving credit facility is for $75 million, all of which is available for future borrowing.</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">30</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p31"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>TERMS OF THE EXCHANGE OFFER</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We are offering to exchange $100&nbsp;million of our 9 1/2% Senior Notes Due March&nbsp;15, 2009 that have been registered under the Securities Act of 1933, as amended, in exchange for an equal face amount of our outstanding unregistered 9 1/2% Senior Notes Due
 March&nbsp;15, 2008 that were issued on November&nbsp;26, 2003.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will accept up to a maximum face amount of $100&nbsp;million of validly unregistered old notes.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Except for the requirements of applicable U.S. federal and state securities laws, there are no federal or state regulatory requirements to be complied with or approvals to be obtained by Steel Dynamics in connection with the exchange offers which, if not complied with
 or obtained, would have a material adverse effect on Steel Dynamics.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We issued the old notes on November&nbsp;26, 2003 in a private placement to certain initial purchasers pursuant to a Purchase Agreement, and the initial purchasers resold the old notes to a limited number of qualified institutional buyers as defined in Rule 144A under the
 Securities Act in reliance on that rule, and to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. One November&nbsp;26, 2003, we also entered into a Fourth Supplemental Indenture to the original Indenture dated March&nbsp;26, 2002, and a
 Registration Rights Agreement. These agreements require that we file a registration statement under the Securities Act with respect to the Exchange Notes to be issued in the exchange offer and, upon the effectiveness of the registration statement, offer to you the opportunity to
 exchange your old notes for a like principal amount of Exchange Notes. These Exchange Notes will be issued without a restrictive legend and, except as set forth below, may be reoffered and resold by you without registration under the Securities Act. After we complete the
 exchange offer, our obligations with respect to the registration of the notes will terminate, except as provided in the last paragraph of this section. A copy of the original and the First, Second, Third and Fourth Supplemental indentures relating to the notes, and the Registration
 Rights Agreement have been incorporated by reference into or attached as exhibits to the registration statement of which this prospectus is a part.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Based on an interpretation by the staff of the Commission set forth in no-action letters issued to third parties, if you are not our &#147;affiliate&#148; within the meaning of Rule 405 under the Securities Act or a broker-dealer referred to in the next paragraph, we believe that
 Exchange Notes to be issued to you in the exchange offer may be offered for resale, resold and otherwise transferred by you, without compliance with the registration and prospectus delivery provisions of the Securities Act. This interpretation, however, is based on your
 representation to us that:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the Exchange Notes to be issued to you in the exchange offer are acquired in the ordinary course of your business;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you are not engaging in and do not intend to engage in a distribution of the Exchange Notes to be issued to you in the exchange offer; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you have no arrangement or understanding with any person to participate in the distribution of the Exchange Notes to be issued to you in the exchange offer.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If you tender your old notes in the exchange offer for the purpose of participating in a distribution of the Exchange Notes to be issued to you in the exchange offer, you cannot rely on this interpretation by the staff of the Commission. Under those circumstances, you
 must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction. Each broker-dealer that receives Exchange Notes in the exchange offer for its own account in exchange for old notes that were
 acquired by the broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of those Exchange Notes. See &#147;Plan of
 Distribution.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event that applicable interpretations of the staff of the Securities and Exchange Commission do not permit Steel Dynamics to effect the Exchange Offer, or under other specified circumstances, we will use our best efforts, at our cost, to cause to become effective a
 shelf registration statement with respect to resale of the notes. We will use our best efforts to keep such shelf registration statement effective until the</font></p>
</div>
<p align="center"><font face="serif" size="2">31</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p32"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">expiration of the time period referred to in Rule 144(k) under the Securities Act after the Closing Date, or such shorter period that will terminate when all notes covered by a shelf registration
 statement have been sold pursuant to a shelf registration statement. In the event of such a shelf registration, we will provide to each holder copies of the prospectus, notify each holder when the
 shelf registration statement for the notes has become effective and take certain other actions as are required to permit resale of the notes. A holder that sells its notes pursuant to the shelf
 registration statement (1) generally will be required to be named as a selling security holder in the related prospectus and to deliver a prospectus to purchasers, (2) will be subject to certain of
 the civil liability provisions under the Securities Act in connection with such sales and (3) will be bound by the provisions of the registration rights agreement that are applicable to such a
 holder (including certain indemnification obligations).</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event that the exchange offer is not consummated on or prior to the date that is six months after the Closing Date, the annual interest rate borne by the notes will be increased by .5% over the rate shown on the cover page of this prospectus. Once the exchange
 offer is consummated or the shelf registration statement is declared effective, the annual interest rate borne by the notes shall be changed to again be the rate shown on the cover page of this prospectus.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Consequences of Failure to Exchange</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">After we complete the exchange offer, if you have not tendered your old notes, you will not have any further registration rights, except as set forth above. Your old notes will continue to be subject to certain restrictions on transfer. Therefore, the liquidity of the market
 for your old notes could be adversely affected upon completion of the exchange offer if you do not participate in the exchange offer.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>THE EXCHANGE</b></font></p>

<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Upon the terms and subject to the
    conditions set forth in this prospectus and in the letter of transmittal,
    we will accept any and all old notes validly tendered and not withdrawn prior
    to 5:00 p.m., New York City time, on the expiration date of June <u>&#149;</u>, 2004, unless
 extended. We will issue $1,000 principal amount of Exchange Notes in exchange for each $1,000 principal amount of old notes accepted in the exchange offer. You may tender some or all of your old notes pursuant to the exchange offer. However, old notes may be tendered
 only in integral multiples of $1,000 principal amount.</font></p></div>

<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The form and terms of the Exchange Notes are substantially the same as the form and terms of the old notes, except that the Exchange Notes to be issued in the exchange offer have been registered under the Securities Act and will not bear legends restricting their
 transfer. The Exchange Notes will be issued pursuant to, and entitled to the benefits of, the indenture. The indenture also governs the old notes. The Exchange Notes and the old notes will be deemed one issue of notes under the indenture.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As of the date of this prospectus, $100.0&nbsp;million in aggregate principal amount of 9 1/2% old notes due 2009 were outstanding. This prospectus, together with the letter of transmittal, is being sent to all registered holders and to others believed to have beneficial
 interests in the old notes. You do not have any appraisal or dissenters&#146; rights in connection with the exchange offer under the Business Corporation Law of the State of Indiana or the indenture.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will be deemed to have accepted validly tendered outstanding notes when, as, and if we have given oral or written notice of our acceptance to the exchange agent. The exchange agent will act as our agent for the tendering holders for the purpose of receiving the
 Exchange Notes from us. If we do not accept any tendered notes because of an invalid tender, the occurrence of certain other events set forth in this prospectus or otherwise, we will return certificates for any unaccepted old notes, without expense, to the tendering holder as
 promptly as practicable after the expiration date.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You will not be required to pay brokerage commissions or fees or, except as set forth below under &#147;&#151;&nbsp;Transfer Taxes,&#148; transfer taxes with respect to the exchange of your old notes in the exchange offer. We&nbsp;will pay all charges and expenses, other than certain
 applicable taxes, in connection with the exchange offer. See &#147;&#151; Fees and Expenses&#148; below.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">32</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p33"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Expiration Date; Amendments</b></font></div></td>
  </tr>
</table>
<p></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The exchange offer will expire at
    5:00 p.m., New York City time, on June [&#149;], 2004, unless we determine, in our sole discretion, to extend the exchange offer, in which case it will expire at the later date and time to which it is extended. We do not currently intend to
 extend the exchange offer, although we reserve the right to do so. If we extend the exchange offer, we will give oral or written notice of the extension to the exchange agent and give each registered holder notice by means of a press release or other public announcement of
 any extension prior to 9:00 a.m., New York City time, on the next business day after the scheduled expiration date. If we amend the exchange offer in a manner which we consider to constitute a material change, we will promptly disclose such amendment by means of a
 prospectus supplement that we will distribute to each registered holder of old notes.</font></p></div>

<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We also reserve the right, in our sole discretion,</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">to delay accepting any old notes or, if any of the conditions set forth below under &#147;&#151; Conditions&#148; have not been satisfied or waived, to terminate the exchange offer by giving oral or written notice of such delay or termination to the exchange agent, or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">to amend the terms of the exchange offer in any manner by complying with Rule 14e-l(d) under the Exchange Act to the extent that rule applies.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We acknowledge and undertake to comply with the provisions of Rule 14e-l(c) under the Exchange Act, which requires us to pay the consideration offered, or return the old notes surrendered for exchange, promptly after the termination or withdrawal of the exchange
 offer. We will notify you as promptly as we can of any extension, termination or amendment.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>PROCEDURES FOR TENDERING</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Book-Entry Interests</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The old notes were issued as global securities in fully registered form without interest coupons. Beneficial interests in the global securities, held by direct or indirect participants in DTC, are shown on, and transfers of these interests are effected only through, records
 maintained in book-entry form by DTC with respect to its participants.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If you hold your old notes in the form of book-entry interests and you wish to tender your old notes for exchange pursuant to the exchange offer, you must transmit to the exchange agent on or prior to the expiration date either:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a written or facsimile copy of a properly completed and duly executed letter of transmittal, including all other documents required by such letter of transmittal, to the exchange agent at the address set forth on the cover page of the letter of transmittal; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a computer-generated message transmitted by means of DTC&#146;s Automated Tender Offer Program system and received by the exchange agent and forming a part of a confirmation of book-entry transfer, in which you acknowledge and agree to be bound by the terms of the
 letter of transmittal.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, in order to deliver old notes held in the form of book-entry interests:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a timely confirmation of book-entry transfer of such notes into the exchange agent&#146;s account at DTC pursuant to the procedure for book-entry transfers described below under &#147;&#151; Book-Entry Transfer&#148; must be received by the exchange agent prior to the expiration date;
 or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you must comply with the guaranteed delivery procedures described below.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The method of delivery of old notes and the letter of transmittal and all other required documents to the exchange agent is at your election and risk. Instead of delivery by mail, we recommend that you use an overnight or hand delivery service. In all cases, sufficient
 time should be allowed to assure delivery to the exchange agent before the expiration date. You should not send the letter of transmittal or old notes to us.</font></p>
</div>
<p align="center"><font face="serif" size="2">33</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">You may request your broker, dealer, commercial bank, trust company, or nominee to effect the above transactions for you.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Certificated Old Notes</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Only registered holders of certificated old notes may tender those notes in the exchange offer. If your old notes are certificated notes and you wish to tender those notes for exchange pursuant to the exchange offer, you must transmit to the exchange agent on or prior to
 the expiration date, a written or facsimile copy of a properly completed and duly executed letter of transmittal, including all other required documents, to the address set forth below under &#147;Exchange Agent.&#148; In addition, in order to validly tender your certificated old notes:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the certificates representing your old notes must be received by the exchange agent prior to the expiration date; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you must comply with the guaranteed delivery procedures described below.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>Procedures Applicable to All Holders</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If you tender an old note and you do not withdraw the tender prior to the expiration date, you will have made an agreement with us in accordance with the terms and subject to the conditions set forth in this prospectus and in the letter of transmittal.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If your old notes are registered in the name of a broker, dealer, commercial bank, trust company or other nominee and you wish to tender your notes, you should contact the registered holder promptly and instruct the registered holder to tender on your behalf. If you
 wish to tender on your own behalf, you must, prior to completing and executing the letter of transmittal and delivering your old notes, either make appropriate arrangements to register ownership of the old notes in your name or obtain a properly completed bond power from
 the registered holder. The transfer of registered ownership may take considerable time.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Signatures on a letter of transmittal or a notice of withdrawal must be guaranteed by an eligible institution unless:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">old notes tendered in the exchange offer are tendered either</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">by a registered holder who has not completed the box entitled &#147;Special Registration Instructions&#148; or &#147;Special Delivery Instructions&#148; on the letter of transmittal or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">for the account of an eligible institution; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the box entitled &#147;Special Registration Instructions&#148; on the letter of transmittal has not been completed.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If signatures on a letter of transmittal or a notice of withdrawal are required to be guaranteed, the guarantee must be by a financial institution, which includes most banks, savings and loan associations and brokerage houses, that is a participant in the Securities Transfer
 Agents Medallion Program, the New York Stock Exchange Medallion Program or the Stock Exchanges Medallion Program.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If the letter of transmittal is signed by a person other than you, your old notes must be endorsed or accompanied by a properly completed bond power and signed by you as your name appears on those old notes.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If the letter of transmittal or any old notes or bond powers are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations, or others acting in a fiduciary or representative capacity, those persons should so indicate when signing.
 Unless we waive this requirement, in this instance you must submit with the letter of transmittal proper evidence satisfactory to us of their authority to act on your behalf.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will determine, in our sole discretion, all questions regarding the validity, form, eligibility, including time of receipt, acceptance and withdrawal of tendered old notes. This determination will be final and binding. We reserve the absolute right to reject any and all old
 notes not properly tendered or any old notes our acceptance of which would, in the opinion of our counsel, be unlawful. We also reserve the right to</font></p>
</div>
<p align="center"><font face="serif" size="2">34</font></p>
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<div style="page-break-before:always"></div>
<page>
<a name="p35"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">waive any defects, irregularities or conditions of tender as to particular old notes. Our interpretation of the terms and conditions of the exchange offer, including the instructions in the letter of
 transmittal, will be final and binding on all parties.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You must cure any defects or irregularities in connection with tenders of your old notes within the time period we will determine unless we waive that defect or irregularity. Although we intend to notify you of defects or irregularities with respect to your tender of old
 notes, neither we, the exchange agent nor any other person will incur any liability for failure to give this notification. Your tender will not be deemed to have been made and your notes will be returned to you if:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you improperly tender your old notes;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you have not cured any defects or irregularities in your tender; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">we have not waived those defects, irregularities or improper tender.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In this event, the exchange agent will return your notes, unless otherwise provided in the letter of transmittal, as soon as practicable following the expiration of the exchange offer.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, we reserve the right in our sole discretion to:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">purchase or make offers for, or offer Exchange Notes for, any old notes that remain outstanding subsequent to the expiration of the exchange offer;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">terminate the exchange offer; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">to the extent permitted by applicable law, purchase notes in the open market, in privately negotiated transactions or otherwise.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The terms of any of these purchases or offers could differ from the terms of the exchange offer.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">By tendering, you will represent to us that, among other things:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the Exchange Notes to be acquired by you in the exchange offer are being acquired in the ordinary course of your business;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you are not engaging in and do not intend to engage in a distribution of the Exchange Notes to be acquired by you in the exchange offer;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you do not have an arrangement or understanding with any person to participate in the distribution of the Exchange Notes to be acquired by you in the exchange offer; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you are not our &#147;affiliate,&#148; as defined under Rule 405 of the Securities Act.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In all cases, issuance of Exchange Notes for old notes that are accepted for exchange in the exchange offer will be made only after timely receipt by the exchange agent of certificates for your old notes or a timely book-entry confirmation of your old notes into the
 exchange agent&#146;s account at DTC, a properly completed and duly executed letter of transmittal, or a computer-generated message instead of the letter of transmittal, and all other required documents. If any tendered old notes are not accepted for any reason set forth in the
 terms and conditions of the exchange offer or if old notes are submitted for a greater principal amount than you desire to exchange, the unaccepted or non-exchanged old notes, or old notes in substitution therefor, will be returned without expense to you. In addition, in the
 case of old notes tendered by book-entry transfer into the exchange agent&#146;s account at DTC pursuant to the book-entry transfer procedures described below, the non-exchanged old notes will be credited to your account maintained with DTC, as promptly as practicable after the
 expiration or termination of the exchange offer.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The exchange agent will establish an account with respect to the book-entry interests at DTC for purposes of the exchange offer promptly after the date of this prospectus. You must deliver your book-entry interest by book-entry transfer to the account maintained by the
 exchange agent at DTC. Any financial institution that is a participant in DTC&#146;s systems may make book-entry delivery of book-entry interests by causing DTC to transfer the book-entry interests into the exchange agent&#146;s account at DTC in accordance with DTC&#146;s procedures
 for transfer.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">35</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p36"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If one of the following situations occur:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you cannot deliver a book-entry confirmation of book-entry delivery of your book-entry interests into the exchange agent&#146;s account at DTC; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you cannot deliver all other documents required by the letter of transmittal to the exchange agent prior to the expiration date,</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">then you must tender your book-entry interests according to the guaranteed delivery procedures discussed above.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Guaranteed Delivery Procedures</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If you desire to tender your old notes and your old notes are not immediately available or one of the situations described in the immediately preceding paragraph occurs, you may tender if:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you tender through an eligible financial institution;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">on or prior to 5:00 p.m., New York City time, on the expiration date, the exchange agent receives from an eligible institution, a written or facsimile copy of a properly completed and duly executed letter of transmittal and notice of guaranteed delivery, substantially in the
 form provided by us; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the certificates for all certificated old notes, in proper form for transfer, or a book-entry confirmation, and all other documents required by the letter of transmittal, are received by the exchange agent within three New York Stock Exchange trading days after the date of
 execution of the notice of guaranteed delivery.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The notice of guaranteed delivery may be sent by facsimile transmission, mail or hand delivery. The notice of guaranteed delivery must set forth:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">your name and address;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the amount of old notes you are tendering; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a statement that your tender is being made by the notice of guaranteed delivery and that you guarantee that within three New York Stock Exchange trading days after the execution of the notice of guaranteed delivery, the eligible institution will deliver the following
 documents to the exchange agent:</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the certificates for all certificated old notes being tendered, in proper form for transfer or a book-entry confirmation of tender;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">a written or facsimile copy of the letter of transmittal, or a book-entry confirmation instead of the letter of transmittal; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any other documents required by the letter of transmittal.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The exchange agent will establish an account with respect to the book-entry interests at DTC for purposes of the exchange offer promptly after the date of this prospectus. You must deliver your book-entry interest by book-entry transfer to the account maintained by the
 exchange agent at DTC. Any financial institution that is a participant in DTC&#146;s systems may make book-entry delivery of book-entry interests by causing DTC to transfer the book-entry interests into the exchange agent&#146;s account at DTC in accordance with DTC&#146;s procedures
 for transfer.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If one of the following situations occur:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you cannot deliver a book-entry confirmation of book-entry delivery of your book-entry interests into the exchange agent&#146;s account at DTC; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">you cannot deliver all other documents required by the letter of transmittal to the exchange agent prior to the expiration date,</font></div></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">36</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p37"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">then you must tender your book-entry interests according to the guaranteed delivery procedures discussed above.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>Withdrawal Rights</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You may withdraw tenders of your old notes at any time prior to 5:00 p.m., New York City time, on the expiration date.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">For your withdrawal to be effective, the exchange agent must receive a written or facsimile transmission notice of withdrawal at its address set forth below under &#147;&#151; Exchange Agent&#148; prior to 5:00 p.m., New York City time, on the expiration date.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The notice of withdrawal must:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">state your name;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">identify the specific old notes to be withdrawn, including the certificate number or numbers and the principal amount of withdrawn notes;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">be signed by you in the same manner as you signed the letter of transmittal when you tendered your old notes, including any required signature guarantees or be accompanied by documents of transfer sufficient for the exchange agent to register the transfer of the old notes
 into your name; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">specify the name in which the old notes are to be registered, if different from yours.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will determine all questions regarding the validity, form and eligibility, including time of receipt, of withdrawal notices. Our determination will be final and binding on all parties. Any old notes withdrawn will be deemed not to have been validly tendered for
 exchange for purposes of the exchange offer. Any old notes which have been tendered for exchange but which are not exchanged for any reason will be returned to you without cost as soon as practicable after withdrawal, rejection of tender or termination of the exchange
 offer. Properly withdrawn old notes may be retendered by following one of the procedures described under &#147;&#151;&nbsp;Procedures for Tendering&#148; above at any time on or prior to 5:00 p.m., New York City time, on the expiration date.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Certain Conditions to the Exchange Offer</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Notwithstanding any other provision of the exchange offer and subject to our obligations under the registration rights agreement, we will not be required to accept for exchange, or to issue Exchange Notes in exchange for, any old notes and may terminate or amend the
 exchange offer, if at any time before the acceptance of any old notes for exchange any of the following events occur:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">any injunction, order or decree has been issued by any court or any governmental agency that would prohibit, prevent or otherwise materially impair our ability to proceed with the exchange offer; or</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the exchange offer violates any applicable law or any applicable interpretation of the staff of the Commission.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">These conditions are for our sole benefit and we may assert them regardless of the circumstances giving rise to them, subject to applicable law. We also may waive in whole or in part at any time and from time to time any particular condition in our sole discretion. If
 we waive a condition, we may be required in order to comply with applicable securities laws to extend the expiration date of the exchange offer. Our failure at any time to exercise any of the foregoing rights will not be deemed a waiver of these rights and these rights will be
 deemed ongoing rights which may be asserted at any time and from time to time.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, we will not accept for exchange any old notes tendered, and no Exchange Notes will be issued in exchange for any of those old notes, if at the time the old notes are tendered any stop order is threatened by the Commission or in effect with respect to the
 registration statement of which this prospectus is a part or the qualification of the indenture under the Trust Indenture Act of 1939.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The exchange offer is not conditioned on any minimum principal amount of old notes being tendered for exchange.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">37</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p38"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>THE EXCHANGE AGENT</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We have appointed The Bank of New York Trust Company, N.A. as exchange agent for the exchange offer. Questions, requests for assistance and requests for additional copies of the prospectus, the letter of transmittal and other related documents should be directed to
 the exchange agent addressed as follows:</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>By registered or certified mail, by hand or by overnight courier:</b></font></p>
</div>
<div style="margin-left:3%">
<p align="left"><font face="serif" size="2">The Bank of New York Trust Company, N.A.<br>
c/o BNY Midwest Trust Company<br>
2 North LaSalle Street, Suite 1020<br>
Chicago, Illinois 60602<br>
Attn: Corporate Trust Administration<br>
(312) 827-8546 (phone)<br>
(312) 827-8542 (fax)</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>or, in The Borough of Manhattan, The City of New York, New York:</b></font></p>
</div>
<div style="margin-left:3%">
<p align="left"><font face="serif" size="2">The Bank of New York Trust Company, N.A.<br>
c/o The Bank of New York<br>
101 Barclay Street<br>
New York, New York 10286</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The exchange agent also acts as trustee under the indenture.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Fees and Expenses</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will pay all registration expenses, including SEC filing fees and fees and expenses of the Exchange Agent, printing, mailing, legal and accounting in connection with the exchange offer, including any costs of solicitation. However, we will not pay any underwriting
 discounts and commissions, if any, relating to the sale or disposition of notes pursuant to a shelf registration.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Transfer Taxes</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">You will not be obligated to pay any transfer taxes in connection with a tender of your old notes for exchange unless you instruct us to register Exchange Notes in the name of, or request that old notes not tendered or not accepted in the exchange offer be returned to, a
 person other than the registered tendering holder, in which event the registered tendering holder will be responsible for the payment of any applicable transfer tax.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Accounting Treatment</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will not recognize any gain or loss for accounting purposes upon the consummation of the exchange offer. We will amortize the expense of the exchange offer over the term of the Exchange Notes under generally accepted accounting principles.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>DESCRIPTION OF THE EXCHANGE NOTES</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The $100,000,000 principal amount
    of our old notes, which we are offering to exchange for $100,000,000 principal
    amount of our Exchange Notes, constituted a permitted additional issuance
    to our prior issuance of $200,000,000 of our 2002 notes. On March&nbsp;26,
     2002, we issued $200,000,000 principal amount of our 9 1/2% Senior Notes
    due 2009, which we refer to herein as the &#147;2002 notes,&#148; under an
    original indenture dated as of March&nbsp;26, 2002, among Steel Dynamics,
    Inc., as issuer, the Initial Subsidiary Guarantor, as  guarantor, and Fifth
    Third Bank, as trustee. Fifth Third Bank has since been succeeded as trustee
    by The Bank of New York Trust Company, N.A. The original indenture was amended
    by three supplemental indentures dated as of September&nbsp;6, 2002, September&nbsp;30,
    2002 and  December&nbsp;31, 2002, pursuant to which an additional three of
    our subsidiaries agreed to guarantee our obligations under the</font></p>
</div>
<p align="center"><font face="serif" size="2">38</font></p>
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<page>
<a name="p39"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">2002 notes. Then, on November&nbsp;26,
    2003, we issued an additional $100,000,000 principal amount of our 9 1/2%
    Senior Notes due 2009, which we refer to herein for purposes of this  exchange
    offer as the &#147;old notes,&#148; under the same original indenture, as
    so amended and supplemented and as further amended and supplemented by a
    Fourth Supplemental Indenture dated as  of November&nbsp;26, 2003 (the indenture,
    as so amended, being referred to hereafter as the &#147;Indenture&#148;).
    The $100,000,000 principal amount of the Exchange Notes offered hereby, as
    well as the  $200,000,000 principal amount of the 2002 notes which we
    previously exchanged, are treated as a single class of securities under the
    Indenture. The Exchange Notes offered hereby are
 identical to and will be treated identically with the 2002 notes. Accordingly,
    all references in this prospectus, unless otherwise noted, to specified percentages
    of an aggregate principal amount  of outstanding notes will be deemed at
    all times to be references to the same percentages of the aggregate principal
    amount of the Exchange Notes offered hereby and the 2002 notes, treated

 together as a class then outstanding. The terms of the Exchange Notes include
    those stated in the Indenture and those made part of the Indenture by reference
    to the Trust Indenture Act of 1939.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Any old notes that remain outstanding
    after the consummation of the exchange offer and the issuance of the Exchange
    Notes, as well as the 2002 notes, will be treated as a single class under
    the Indenture, including for purposes of determining whether the required
    percentage
    of noteholders have given their approval or consent to an amendment or waiver
    or joined in directing the Trustee to take certain actions on behalf of all
  noteholders.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Certain terms used in this description are defined herein under the subheading &#147;Definitions.&#148; For purposes of this &#147;Description of the Exchange Notes,&#148; the term &#147;Steel Dynamics&#148; refers only to Steel Dynamics, Inc., and not to any of its subsidiaries.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following description is only a summary of the material provisions of the Indenture. We urge you to read the Indenture because it, not this description, define your rights as holders of the notes. You may request copies of these agreements at our address set forth
 under the heading &#147;Where You Can Find More Information.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following is a summary of the material provisions of the Indenture but does not restate the Indenture in its entirety. You can find the definitions of certain capitalized terms used in the following summary under the subheading &#147;Definitions&#148; in the Indenture. We
 urge you to read the Indenture because it, and not this description, defines your rights as holders of the Notes. A copy of the Indenture, as amended, is available upon request from Steel Dynamics or may be viewed by reference to the exhibits incorporated by reference into the
 registration statement of which this prospectus is a part, which may in turn be accessed through our filings with the Securities and Exchange Commission, at www.sec.gov. For purposes of this &#147;Description of the Notes,&#148; the term &#147;Steel Dynamics&#148; means Steel Dynamics, Inc.
 and its successors under the Indenture, in each case excluding its subsidiaries.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>General</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Exchange Notes will be unsecured unsubordinated obligations of Steel Dynamics, limited to $100&nbsp;million aggregate principal amount, and will mature on March&nbsp;15, 2009. Subject to the covenants described below under &#147;Covenants&#148; and applicable law, Steel
 Dynamics may issue yet additional Notes (&#147;Additional Notes&#148;) under the Indenture. The old notes, and any Exchange Notes issued as described in this prospectus, and any Additional Notes subsequently issued would also be treated as a single class for all purposes under the
 Indenture.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each Exchange Note will initially bear interest at the rate per annum shown on the cover page of this prospectus from the Closing Date or from the most recent interest payment date to which interest has been paid. Interest on the Exchange Notes will be payable
 semiannually on March 15 and September 15 of each year, commencing September&nbsp;15, 2002. Interest will be paid to Holders of record at the close of business on the March 1 or September 1 immediately preceding the interest payment date. Interest will be computed on the
 basis of a 360-day year of twelve 30-day months on a U.S. corporate bond basis.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If by the date that is six months after the Closing Date of November&nbsp;26, 2003, Steel Dynamics has not consummated a registered exchange offer for the Notes or caused a shelf registration statement with respect</font></p>
</div>
<p align="center"><font face="serif" size="2">39</font></p>
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<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">to resales of the Notes to be declared effective, the annual interest rate on the Notes will increase by .5% until the consummation of a registered exchange offer or the effectiveness of a shelf
 registration statement. See &#147;&#151; Registration Rights.&#148;</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Notes may be exchanged or transferred at the office or agency of Steel Dynamics in The Borough of Manhattan, The City of New York. Initially, the corporate trust office of the Trustee in New York, New York will serve as such office. If you give Steel Dynamics
 wire transfer instructions, Steel Dynamics will pay all principal, premium and interest on your Exchange Notes in accordance with your instructions. If you do not give Steel Dynamics wire transfer instructions, payments of principal, premium and interest will be made at the
 office or agency of the paying agent which will initially be the Trustee, unless Steel Dynamics elects to make interest payments by check mailed to the Holders.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Exchange Notes will be issued only in fully registered form, without coupons, in denominations of $1,000 of principal amount and multiples of $1,000. See &#147;&#151; Book-Entry; Delivery and Form.&#148; No service charge will be made for any registration of transfer or
 exchange of the Exchange Notes, but Steel Dynamics may require payment of a sum sufficient to cover any transfer tax or other similar governmental charge payable in connection therewith.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Optional Redemption</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics may redeem the Exchange Notes at any time on or after March&nbsp;15, 2006. The redemption price for the Exchange Notes (expressed as a percentage of principal amount), will be as set forth below, plus accrued interest to the redemption date, if redeemed
 during the twelve-month period commencing on March 15 of the years indicated below:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Year</b></font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Redemption Price</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><hr align="left" width="4%" size="1" noshade></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="6%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2006</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">104.750</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2007</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">102.375</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2008 and thereafter</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">100.000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, at any time prior to March&nbsp;15, 2005, Steel Dynamics may redeem up to 35% of the principal amount of the Exchange Notes with the Net Cash Proceeds of one or more sales of its Capital Stock (other than Disqualified Stock) at a redemption price
 (expressed as a percentage of principal amount) of 109.500%, plus accrued interest to the redemption date; provided that at least 65% of the aggregate principal amount of the Exchange Notes originally issued on the Closing Date remains outstanding after each such
 redemption and notice of any such redemption is mailed within 60 days of each such sale of Capital Stock.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will give not less than 30 days&#146; nor more than 60 days&#146; notice of any redemption. If less than all of the Exchange Notes are to be redeemed, selection of the Exchange Notes for redemption will be made by the Trustee:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">in compliance with the requirements of the principal national securities exchange, if any, on which the Exchange Notes are listed, or,</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">if the Exchange Notes are not listed on a national securities exchange, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate.</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">However, no Exchange Note of $1,000 in principal amount or less shall be redeemed in part. If any Exchange Note is to be redeemed in part only, the notice of redemption relating to such Exchange Note will state the portion of the principal amount to be redeemed. A new
 Exchange Note in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Exchange Note.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Guarantees</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Payment of the principal of, premium, if any, and interest on the Exchange Notes will be Guaranteed, jointly and severally, on an unsecured unsubordinated basis by our Restricted Subsidiaries Steel Dynamics Sales North America, Inc., SDI Investment Company,
 Ferrous Resources, LLC, STLD Holdings, Inc. and Dynamic Bar Products, LLC. In addition, each future Restricted Subsidiary, other than a Foreign Subsidiary,</font></p>
</div>
<p align="center"><font face="serif" size="2">40</font></p>
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<p align="left"><font face="serif" size="2">will Guarantee the payment of the principal of premium if any and interest on the Exchange Notes. All of Steel Dynamics&#146; other Subsidiaries existing on the Closing Date (Iron Dynamics, Inc.,
 New Millennium Building Systems, LLC, Omni Dynamic Aviation, LLC and Paragon Steel Enterprises, LLC) and Unrestricted Subsidiaries and are not guarantors of the Notes.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The obligations of a Subsidiary Guarantor under its Exchange Note Guarantee will be limited so as not to constitute a fraudulent conveyance or fraudulent transfer under applicable Federal or state laws. A Subsidiary Guarantor that makes a payment or distribution under
 its Exchange Note Guarantee will be entitled to contribution from any other Subsidiary Guarantor.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Exchange Note Guarantee issued by any Subsidiary Guarantor will be automatically and unconditionally released and discharged upon (1) any sale, exchange or transfer to any Person (other than an Affiliate of Steel Dynamics) of all of the Capital Stock of such
 Subsidiary Guarantor or (2) the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary, in each case in compliance with the terms of the Indenture.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Ranking</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Exchange Notes will be equal in right of payment with all existing and future unsubordinated unsecured indebtedness of Steel Dynamics and senior in right of payment to all subordinated indebtedness of Steel Dynamics. The Exchange Note Guarantees will be equal
 in right of payment with all existing and future unsubordinated unsecured indebtedness of the Subsidiary Guarantors and senior in right of payment to all subordinated indebtedness of the Subsidiary Guarantors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As of December&nbsp;31, 2003, Steel Dynamics had $607.6&nbsp;million of consolidated indebtedness outstanding, $111.3&nbsp;million of which was secured indebtedness under the Credit Agreement. The Credit Agreement is secured by substantially all of the assets of Steel
 Dynamics and its wholly owned subsidiaries. The Credit Agreement is secured by the capital stock and other equity interests of Steel Dynamics in its subsidiaries. The Notes are effectively subordinated to such indebtedness to the extent of such security interests.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Exchange Notes and the Exchange Note Guarantees are effectively subordinated to all of the liabilities of the Unrestricted Subsidiaries of Steel Dynamics that do not guarantee the Exchange Notes. As of December&nbsp;31, 2003, these Unrestricted Subsidiaries had
 $31.6&nbsp;million of liabilities outstanding, including $20.2&nbsp;million of indebtedness, excluding their guarantee of Steel Dynamics&#146; obligations under the Credit Agreement.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Sinking Fund</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">There will be no sinking fund payments for the Exchange Notes.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Registration Rights</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following is a summary of the material provisions of the Registration Rights Agreement. You should read the proposed form of the Registration Rights Agreement. A copy of the proposed form of Registration Rights Agreement is available from Steel Dynamics
 upon request.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics and the Subsidiary Guarantors have agreed with the Placement Agents, for the benefit of the Holders, that they will use their best efforts, at their cost, to file and cause to become effective a registration statement with respect to a registered offer (the
 &#147;Exchange Offer&#148;) to exchange the old notes for an issue of unsubordinated Exchange Notes of Steel Dynamics, guaranteed by the Subsidiary Guarantors, with terms identical to the old notes (except that the Exchange Notes will not bear legends restricting transfer).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Exchange Offer will remain open for not less than 20 business days after the date Steel Dynamics mails notice of the Exchange Offer to Holders. For each old note surrendered to Steel Dynamics under the Exchange Offer, the Holder will receive an Exchange Note
 of equal principal amount. Interest on each Exchange Note shall accrue from the last interest payment date on which interest was paid on the old notes so surrendered or, if no interest has been paid on such old notes, from the Closing Date.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">41</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If Steel Dynamics effects the Exchange Offer, it will be entitled to close the Exchange Offer 20 business days after the commencement thereof, provided that it has accepted all old notes validly surrendered in accordance with the terms of the Exchange Offer. Old notes
 not tendered in the Exchange Offer will bear interest at the rate set forth on the cover page of this memorandum and be subject to all of the terms and conditions specified in the Indenture and to the transfer restrictions described in &#147;Transfer Restrictions.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event that applicable interpretations of the staff of the Securities and Exchange Commission do not permit Steel Dynamics to effect the Exchange Offer, or under other specified circumstances, Steel Dynamics and the Subsidiary Guarantors will, at their cost, use
 their best efforts to cause to become effective a shelf registration statement (the &#147;Shelf Registration Statement&#148;) with respect to resale of the old notes. Steel Dynamics and the Subsidiary Guarantors will use their best efforts to keep such Shelf Registration Statement effective
 until the expiration of the time period referred to in Rule 144(k) under the Securities Act after the Closing Date, or such shorter period that will terminate when all old notes covered by a Shelf Registration Statement have been sold pursuant to a Shelf Registration Statement.
 Steel Dynamics and the Subsidiary Guarantors will, in the event of such a shelf registration, provide to each Holder copies of the prospectus, notify each Holder when the Shelf Registration Statement for the old notes has become effective and take certain other actions as are
 required to permit resale of the old notes. A Holder that sells its old notes pursuant to the Shelf Registration Statement (1) generally will be required to be named as a selling security holder in the related prospectus and to deliver a prospectus to purchasers, (2) will be subject
 to certain of the civil liability provisions under the Securities Act in connection with such sales and (3) will be bound by the provisions of the Registration Rights Agreement that are applicable to such a Holder (including certain indemnification obligations).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event that the Exchange Offer is not consummated on or prior to the date that is six months after the Closing Date, the annual interest rate borne by the Notes will be increased by .5% over the rate shown on the cover page of this memorandum. Once the
 Exchange Offer is consummated or the Shelf Registration Statement is declared effective, the annual interest rate borne by the old notes shall be changed to again be the rate shown on the cover page of this memorandum.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>CERTAIN COVENANTS</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Overview</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the Indenture, Steel Dynamics will agree to covenants that limit its and its Restricted Subsidiaries&#146; ability, among other things, to:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">incur additional debt;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">pay dividends, acquire shares of capital stock, make payments on subordinated debt or make investments;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">place limitations on distributions from Restricted Subsidiaries;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">issue or sell capital stock of Restricted Subsidiaries;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">issue guarantees;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">sell or exchange assets;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">enter into transactions with shareholders and affiliates;</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">create liens; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">effect mergers.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In addition, if a Change of Control occurs, each Holder of Exchange Notes will have the right to require Steel Dynamics to repurchase all or a part of the Holder&#146;s Exchange Notes at a price equal to 101% of their principal amount, plus any accrued interest to the date
 of repurchase.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">42</font></p>
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<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on Indebtedness</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (other than the Exchange Notes, the Exchange Note Guarantees and other Indebtedness existing on the Closing Date); provided that Steel Dynamics or any
 Subsidiary Guarantor may Incur Indebtedness, and any Restricted Subsidiary may Incur Acquired Indebtedness, if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the Interest Coverage Ratio would be greater
 than 2.25:1.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Notwithstanding the foregoing, Steel Dynamics and any Restricted Subsidiary (except as specified below) may Incur each and all of the following:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of Steel Dynamics or any Subsidiary Guarantor outstanding at any time under the Credit Agreement in an aggregate principal amount (together with refinancings thereof) not to exceed the greater of (a) $350&nbsp;million, less any amount of such
 Indebtedness permanently repaid as provided under the &#147;Limitation on Asset Sales&#148; covenant or (b) the sum of the amounts equal to (x) 60% of the consolidated book value of the inventory of Steel Dynamics and the Subsidiary Guarantors and (y) 85% of the consolidated
 book value of the accounts receivable of Steel Dynamics and the Subsidiary Guarantors, in each case as of the most recently ended fiscal quarter of Steel Dynamics for which reports have been filed with the SEC or provided to the Trustee;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness owed (A) to Steel Dynamics or any Subsidiary Guarantor evidenced by an unsubordinated promissory note or (B) to any other Restricted Subsidiary; provided that (x) any event which results in any such Restricted Subsidiary ceasing to be a Restricted
 Subsidiary or any subsequent transfer of such Indebtedness (other than to Steel Dynamics or another Restricted Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (2) and (y) if Steel Dynamics or any
 Subsidiary Guarantor is the obligor on such Indebtedness, such Indebtedness must be expressly subordinated in right of payment to the Exchange Notes, in the case of Steel Dynamics or the Exchange Note Guarantee, in the case of a Subsidiary Guarantor;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness issued in exchange for, or the net proceeds of which are used to refinance or refund, then outstanding Indebtedness (other than Indebtedness outstanding under clause (2) or (5)) and any refinancings thereof in an amount not to exceed the amount so
 refinanced or refunded (plus premiums, accrued interest, fees and expenses); provided that (a) Indebtedness the proceeds of which are used to refinance or refund the Exchange Notes or Indebtedness that is pari passu with, or subordinated in right of payment to, the Exchange
 Notes or an Exchange Note Guarantee shall only be permitted under this clause (3) if (x) in case the Exchange Notes are refinanced in part or the Indebtedness to be refinanced is pari passu with the Exchange Notes or an Exchange Note Guarantee, such new Indebtedness, by
 its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is outstanding, is expressly made pari passu with, or subordinate in right of payment to, the remaining Exchange Notes or the Exchange Note Guarantee, or (y) in case the
 Indebtedness to be refinanced is subordinated in right of payment to the Exchange Notes or an Exchange Note Guarantee, such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is issued or remains
 outstanding, is expressly made subordinate in right of payment to the Exchange Notes or the Exchange Note Guarantee at least to the extent that the Indebtedness to be refinanced is subordinated to the Exchange Notes or the Exchange Note Guarantee, (b) such new
 Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the Stated Maturity of the Indebtedness to be refinanced or refunded, and the Average Life of such new Indebtedness is at least equal to the remaining Average Life of the
 Indebtedness to be refinanced or refunded and (c) such new Indebtedness is incurred by Steel Dynamics or a Subsidiary Guarantor or by the Restricted Subsidiary who is the obligor on the Indebtedness to be refinanced or refunded;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of Steel Dynamics, to the extent the net proceeds thereof are promptly (A) used to purchase Exchange Notes tendered in an Offer to Purchase made as a result of a Change of Control or (B) deposited to defease the Exchange Notes as described under
 &#147;Defeasance&#148;;</font></p>
</div>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">43</font></p>
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<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees of the Exchange Notes and Guarantees of Indebtedness of Steel Dynamics or any Subsidiary Guarantor by any Restricted Subsidiary provided the Guarantee of such Indebtedness is permitted by and made in accordance with the &#147;Limitation on Issuance of
 Guarantees by Restricted Subsidiaries&#148; covenant;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of Steel Dynamics related to the Columbia City mini-mill in an aggregate principal amount outstanding at any time not to exceed $20&nbsp;million;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of Steel Dynamics or any Subsidiary Guarantor Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of Steel Dynamics or any Subsidiary
 Guarantor, in an aggregate principal amount outstanding at any time (together with refinancings thereof) not to exceed $20&nbsp;million;&nbsp;or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of Steel Dynamics or any Restricted Subsidiary (in addition to Indebtedness permitted under clauses (1) through (7) above) in an aggregate principal amount outstanding at any time (together with refinancings thereof) not to exceed $25&nbsp;million, less any
 amount of such Indebtedness permanently repaid as provided under the &#147;Limitation on Asset Sales&#148; covenant.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this &#147;Limitation on Indebtedness&#148; covenant, the maximum amount of Indebtedness that may be Incurred pursuant to this &#147;Limitation on Indebtedness&#148; covenant will not be deemed to be exceeded, with respect to any
 outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining any particular amount of Indebtedness under this &#147;Limitation on Indebtedness&#148; covenant, (x) Indebtedness Incurred under the Credit Agreement on or prior to the Closing Date shall be treated as Incurred pursuant to clause (1) of the
 second paragraph of clause (a) of this &#147;Limitation on Indebtedness&#148; covenant, (y) Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not be included and (z) any Liens
 granted pursuant to the equal and ratable provisions referred to in the &#147;Limitation on Liens&#148; covenant shall not be treated as Indebtedness. For purposes of determining compliance with this &#147;Limitation on Indebtedness&#148; covenant, in the event that an item of Indebtedness
 meets the criteria of more than one of the types of Indebtedness described above (other than Indebtedness referred to in clause (x) of the preceding sentence), including under the first paragraph of part (a), Steel Dynamics, in its sole discretion, shall classify, and from time to
 time may reclassify, such item of Indebtedness.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics will not, and will not permit any Subsidiary Guarantor to, Incur any Indebtedness if such Indebtedness is subordinate in right of payment to any other Indebtedness unless such Indebtedness is also subordinate in right of payment to the Exchange
 Notes, in the case of Steel Dynamics, or the Exchange Notes Guarantee, in the case of a Subsidiary Guarantee, to the same extent.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on Restricted Payments</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not, and will not permit any Restricted Subsidiary to, directly or indirectly, (1) declare or pay any dividend or make any distribution on or with respect to its Capital Stock (other than (x) dividends or distributions payable solely in shares of its
 Capital Stock (other than Disqualified Stock) or in options, warrants or other rights to acquire shares of such Capital Stock and (y) pro rata dividends or distributions on Common Stock of Restricted Subsidiaries, (other than Subsidiary Guarantors) held by minority
 stockholders) held by Persons other than Steel Dynamics or any of its Restricted Subsidiaries, (2) purchase, call for redemption or redeem, retire or otherwise acquire for value any shares of Capital Stock of (A) Steel Dynamics or a Subsidiary Guarantor (including options,
 warrants or other rights to acquire such shares of Capital Stock) held by any Person or (B) a Restricted Subsidiary other than a Subsidiary Guarantor (including options, warrants or other rights to acquire such shares of Capital Stock) held by any Affiliate of Steel Dynamics
 (other than a Wholly Owned Restricted Subsidiary) or any holder (or any Affiliate of such holder) of 5% or more of the Capital Stock of Steel Dynamics, (3) make any voluntary or optional principal payment, or voluntary or optional redemption, repurchase, defeasance, or
 other acquisition or retirement for value, of Indebtedness of Steel Dynamics that is subordinated in right of payment to the Notes or any Indebtedness of a Subsidiary Guarantor that is subordinated in right of payment to a Note Guarantee or (4)</font></p>
</div>
<p align="center"><font face="serif" size="2">44</font></p>
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<p align="left"><font face="serif" size="2">make any Investment, other than a Permitted Investment, in any Person (such payments or any other actions described in clauses (1) through (4) above being collectively &#147;Restricted Payments&#148;)
 if, at the time of, and after giving effect to, the proposed Restricted Payment:</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Default or Event of Default shall have occurred and be continuing,</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics could not Incur at least $1.00 of Indebtedness under the first paragraph of part (a) of the &#147;Limitation on Indebtedness&#148; covenant&nbsp;or</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of all Restricted Payments made after the Closing Date shall exceed&nbsp;the&nbsp;sum&nbsp;of</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% of the aggregate amount of the Adjusted Consolidated Net Income (or, if the Adjusted Consolidated Net Income is a loss, minus 100% of the amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning on the
 first day of the fiscal quarter immediately following the Closing Date and ending on the last day of the last fiscal quarter preceding the Transaction Date for which reports have been filed with the SEC or provided to the Trustee plus</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate Net Cash Proceeds received by Steel Dynamics after the Closing Date from the issuance and sale of its Capital Stock (other than Disqualified Stock) to a Person who is not a Subsidiary of Steel Dynamics, including an issuance or sale permitted by the
 Indenture of Indebtedness of Steel Dynamics for cash subsequent to the Closing Date upon the conversion of such Indebtedness into Capital Stock (other than Disqualified Stock) of Steel Dynamics, or from the issuance to a Person who is not a Subsidiary of Steel Dynamics of
 any options, warrants or other rights to acquire Capital Stock of Steel Dynamics (in each case, exclusive of any Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder, or are required to be redeemed, prior to the Stated
 Maturity of the Notes) plus</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the net reduction in Investments (other than reductions in Permitted Investments and Investments pursuant to clause (9) below) in any Person resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances, or other
 transfers of assets, in each case to Steel Dynamics or any Restricted Subsidiary or from the Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds are included in the calculation of Adjusted Consolidated Net
 Income), from the release of any Guarantee or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of &#147;Investments&#148;), not to exceed, in each case, the amount of Investments previously made by Steel
 Dynamics or any Restricted Subsidiary in such Person or Unrestricted Subsidiary plus</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10&nbsp;million.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The foregoing provision shall not be violated by reason of:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the payment of any dividend or redemption of any Capital Stock within 60 days after the related date of declaration or call for redemption if, at said date of declaration or call for redemption, such payment or redemption would comply with the preceding paragraph;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the redemption, repurchase, defeasance or other acquisition or retirement for value of Indebtedness that is subordinated in right of payment to the Exchange Notes or any Exchange Note Guarantee, including premium, if any, and accrued interest, with the proceeds of,
 or in exchange for, Indebtedness Incurred under clause (3) of the second paragraph of part (a) of the &#147;Limitation on Indebtedness&#148; covenant;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the repurchase, redemption or other acquisition of Capital Stock of Steel Dynamics or a Subsidiary Guarantor (or options, warrants or other rights to acquire such Capital Stock) in exchange for, or out of the proceeds of a substantially concurrent offering of, shares of
 Capital Stock (other than Disqualified Stock) of Steel Dynamics (or options, warrants or other rights to acquire such Capital Stock); provided that such options, warrants or other rights are not redeemable at the option of the holder, or required to be redeemed prior to the Stated
 Maturity of the Exchange Notes;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the making of any principal payment or the repurchase, redemption, retirement, defeasance or other acquisition for value of Indebtedness which is subordinated in right of payment to the Exchange</font></p>
</div>
</div>
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<p align="left"><font face="serif" size="2">Notes or any Exchange Note Guarantee in exchange for, or out of the proceeds of, a substantially concurrent offering of, shares of the Capital Stock (other than Disqualified Stock) of Steel
 Dynamics (or options, warrants or other rights to acquire such Capital Stock); provided that such options, warrants or other rights are not redeemed at the option of the holder, or required to
 be redeemable prior to the Stated Maturity of the Exchange Notes;</font></p>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payments or distributions, to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, merger or transfer of assets that complies with the provisions of the Indenture applicable to mergers, consolidations and transfers of all
 or substantially all of the property and assets of Steel Dynamics;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments acquired in exchange for or out of the proceeds of a substantially concurrent offering of Capital Stock (other than Disqualified Stock) of Steel Dynamics;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the repurchase of Capital Stock deemed to occur upon the exercise of options or warrants if such Capital Stock represents all or a portion of the exercise price thereof;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the purchase, redemption, retirement or other acquisition for value of shares of Capital Stock of Steel Dynamics, or option to purchase such shares, held by directors, employees, or former directors or employees, of Steel Dynamics or any Subsidiary Guarantor (or
 their estates or beneficiaries under their estates) upon their death, disability, retirement or termination of employment or pursuant to the terms of any agreement under which such shares of Capital Stock or options were issued; provided that the aggregate consideration paid for
 such purchase, redemption, retirement or other acquisition for value of such shares of Capital Stock or options after the Closing Date does not exceed $1.5&nbsp;million in any calendar year,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in any Person in an aggregate amount not to exceed (a) $7.5&nbsp;million in any fiscal year, provided that any amounts not invested in any fiscal year may be carried forward and invested in any subsequent fiscal year and (b) $30&nbsp;million; plus, in each case,
 the net reduction in Investments made pursuant to this clause (9) in any Person resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances, or other transfers of assets, in each case to Steel Dynamics or any Restricted Subsidiary or from the
 Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds are included in the calculation of Adjusted Consolidated Net Income), from the release of any Guarantee or from redesignations of Unrestricted
 Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of &#147;Investments&#148;), not to exceed, in each case, the amount of such Investments previously made by Steel Dynamics or any Restricted Subsidiary in such Person or Unrestricted Subsidiary;
 provided such Person&#146;s primary business is related, ancillary or complementary to the business of Steel Dynamics and its Restricted Subsidiaries; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other Restricted Payments in an aggregate amount not to exceed $20&nbsp;million.</font></p>
</div>
</div>
<p align="left"><font face="serif" size="2">provided that, except in the case of clauses (1) and (3), no Default or Event of Default shall have occurred and be continuing or occur as a consequence of the actions or payments set forth therein.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each Restricted Payment permitted pursuant to the preceding paragraph (other than the Restricted Payment referred to in clause (2) thereof, an exchange of Capital Stock for Capital Stock or Indebtedness referred to in clause (3) or (4) thereof and an Investment acquired
 in exchange for Capital Stock referred to in clause (6) thereof), and the Net Cash Proceeds from any issuance of Capital Stock referred to in clauses (3), (4) or (6), shall be included in calculating whether the conditions of clause (C) of the first paragraph of this &#147;Limitation on
 Restricted Payments&#148; covenant have been met with respect to any subsequent Restricted Payments.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">For purposes of determining compliance with this &#147;Limitation on Restricted Payments&#148; covenant, (x) the amount, if other than in cash, of any Restricted Payment shall be determined in good faith by the Board of Directors, whose determination shall be conclusive and
 evidenced by a Board Resolution and (y) in the event that a Restricted Payment meets the criteria of more than one of the types of Restricted Payments described in the above clauses, including the first paragraph of this &#147;Limitation on Restricted Payments&#148; covenant,</font></p>
</div>
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<p align="left"><font face="serif" size="2">Steel Dynamics, in its sole discretion, may order and classify, and from time to time may reclassify, such Restricted Payment if it would have been permitted at the time such Restricted
 Payment was made and at the time of such reclassification.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not, and will not permit any Restricted Subsidiary to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to (1) pay dividends or make any
 other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary owned by Steel Dynamics or any other Restricted Subsidiary, (2) pay any Indebtedness owed to Steel Dynamics or any other Restricted Subsidiary, (3) make loans or advances to
 Steel Dynamics or any other Restricted Subsidiary or (4) transfer any of its property or assets to Steel Dynamics or any other Restricted Subsidiary.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The foregoing provisions shall not restrict any encumbrances or restrictions:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;existing on the Closing Date in the Credit Agreement, the Indenture or any other agreements in effect on the Closing Date, and any extensions, refinancings, renewals or replacements of such agreements; provided that the encumbrances and restrictions in any such
 extensions, refinancings, renewals or replacements taken as a whole are no less favorable in any material respect to the Holders than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed or replaced;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;existing under or by reason of applicable law;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;existing with respect to any Person or the property or assets of such Person acquired by Steel Dynamics or any Restricted Subsidiary, existing at the time of such acquisition and not incurred in contemplation thereof, which encumbrances or restrictions are not
 applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such Person so acquired and any extensions, refinancings, renewals or replacements of thereof; provided that the encumbrances and restrictions in any such
 extensions, refinancings, renewals or replacements taken as a whole are no less favorable in any material respect to the Holders than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed or replaced;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (4) of the first paragraph of this &#147;Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries&#148; covenant:</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset,</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of Steel Dynamics or any Restricted Subsidiary not otherwise prohibited by the Indenture or</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of Steel Dynamics or any Restricted Subsidiary in any manner material to Steel
 Dynamics or any Restricted Subsidiary; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock of, or property and assets of, such Restricted Subsidiary.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Nothing contained in this &#147;Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries&#148; covenant shall prevent Steel Dynamics or any Restricted Subsidiary from (1) creating, incurring, assuming or suffering to exist any Liens otherwise
 permitted in the &#147;Limitation on Liens&#148; covenant or (2) restricting the sale or other disposition of property or assets of Steel Dynamics or any of its Restricted Subsidiaries that secure Indebtedness of Steel Dynamics or any of its Restricted Subsidiaries.</font></p>
</div>
<p>&nbsp;</p>
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<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not sell, and will not permit any Restricted Subsidiary, directly or indirectly, to issue or sell, any shares of Capital Stock of a Restricted Subsidiary (including options, warrants or other rights to purchase shares of such Capital Stock) except:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Steel Dynamics or a Wholly Owned Restricted Subsidiary;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issuances of director&#146;s qualifying shares or sales to foreign nationals of shares of Capital Stock of foreign Restricted Subsidiaries, to the extent required by applicable law;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if, immediately after giving effect to such issuance or sale, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any Investment in such Person remaining after giving effect to such issuance or sale would have been permitted to be made
 under the &#147;Limitation on Restricted Payments&#148; covenant if made on the date of such issuance or sale; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales of Common Stock (including options, warrants or other rights to purchase shares of such Common Stock) of a Restricted Subsidiary by Steel Dynamics or a Restricted Subsidiary, provided that Steel Dynamics or such Restricted Subsidiary applies the Net Cash
 Proceeds in accordance with of the &#147;Limitation on Asset Sales&#148; covenant.</font></p>
</div>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on Issuances of Guarantees by Restricted Subsidiaries</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will cause each Restricted Subsidiary that is not a Subsidiary Guarantor (other than a Foreign Subsidiary) to execute and deliver a supplemental indenture to the Indenture providing for a Guarantee (a &#147;Subsidiary Guarantee&#148;) of payment of the Notes by
 such Restricted Subsidiary.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any sale, exchange or transfer, to any Person not an Affiliate of Steel Dynamics,
 of all of Steel Dynamics&#146; and each Restricted Subsidiary&#146;s Capital Stock in such Restricted Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary as an Unrestricted Subsidiary in accordance with
 the terms of the Indenture.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Iron Dynamics, New Millennium, Omni Dynamic Aviation LLC and Paragon Steel Enterprises LLC are not Guarantors of the Notes.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on Transactions with Shareholders and Affiliates</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into, renew or extend any transaction (including, without limitation, the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with
 any holder (or any Affiliate of such holder) of 5% or more of any class of Capital Stock of Steel Dynamics or with any Affiliate of Steel Dynamics or any Restricted Subsidiary, except upon fair and reasonable terms no less favorable to Steel Dynamics or such Restricted
 Subsidiary than could be obtained, at the time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm&#146;s-length transaction with a Person that is not such a holder or an
 Affiliate.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The foregoing limitation does not limit, and shall not apply to:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transactions (A) approved by a majority of the disinterested members of the Board of Directors or (B) for which Steel Dynamics or a Restricted Subsidiary delivers to the Trustee a written opinion of a nationally recognized investment banking, accounting, valuation
 or appraisal firm stating that the transaction is fair to Steel Dynamics or such Restricted Subsidiary from a financial point of view;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any transaction solely between Steel Dynamics and any of its Wholly Owned Restricted Subsidiaries or solely among Wholly Owned Restricted Subsidiaries;</font></p>
</div>
</div>
<p>&nbsp;</p>
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<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the payment of reasonable and customary regular fees to directors of Steel Dynamics who are not employees of Steel Dynamics and reasonable indemnification arrangements entered into by Steel Dynamics;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any payments or other transactions pursuant to any tax-sharing agreement between Steel Dynamics and any other Person with which Steel Dynamics files a consolidated tax return or with which Steel Dynamics is part of a consolidated group for tax purposes;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any sale of shares of Capital Stock (other than Disqualified Stock) of Steel Dynamics; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Permitted Investments or any Restricted Payments not prohibited by the &#147;Limitation on Restricted Payments&#148; covenant; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transactions between Steel Dynamics or any of its Restricted Subsidiaries and its Subsidiaries, Heidtman Steel Products, Inc. and its Affiliates and OmniSource Corporation and its Affiliates; provided, that such transactions are in the ordinary course of Steel
 Dynamics&#146; or such Restricted Subsidiaries&#146; business, consistent with past practice and on an arm&#146;s length basis.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Notwithstanding the foregoing, any transaction or series of related transactions covered by the first paragraph of this &#147;Limitation on Transactions with Shareholders and Affiliates&#148; covenant and not covered by clauses (2) through (7) of this paragraph and not a Permitted
 Investment, (a) the aggregate amount of which exceeds $2.5&nbsp;million in value, must be approved or determined to be fair in the manner provided for in clause (1)(A) or (B) above and (b) the aggregate amount of which exceeds $10&nbsp;million in value, must be determined to be
 fair in the manner provided for in clause (1)(B) above.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on Liens</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not, and will not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Lien on any of its assets or properties of any character, or any shares of Capital Stock or Indebtedness of any Restricted Subsidiary, without making
 effective provision for all of the Exchange Notes and all other amounts due under the Indenture to be directly secured equally and ratably with (or, if the obligation or liability to be secured by such Lien is subordinated in right of payment to the Exchange Notes, prior to) the
 obligation or liability secured by such Lien.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The foregoing limitation does not apply to:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens existing on the Closing Date, including Liens securing obligations under the Credit Agreement;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens granted after the Closing Date on any assets or Capital Stock of Steel Dynamics or its Restricted Subsidiaries created in favor of the Holders;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens with respect to the assets of a Restricted Subsidiary granted by such Restricted Subsidiary to Steel Dynamics or a Wholly Owned Restricted Subsidiary to secure Indebtedness owing to Steel Dynamics or such other Restricted Subsidiary;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness which is Incurred to refinance secured Indebtedness which is permitted to be Incurred under clause (3) of the second paragraph of the &#147;Limitation on Indebtedness&#148; covenant; provided that such Liens do not extend to or cover any
 property or assets of Steel Dynamics or any Restricted Subsidiary other than the property or assets securing the Indebtedness being refinanced; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness in an amount (determined at the time such Lien is granted) not to exceed the greater of (a) the amount of Indebtedness that may be Incurred under clause (1) of the second paragraph under the &#147;Limitation on Indebtedness&#148; covenant and
 (b) an amount equal to 50% of Adjustment Consolidated Net Tangible Assets (determined as of the date of the last fiscal quarter for which a consolidated balance sheet of Steel Dynamics and its Subsidiaries has been filed with the SEC or provided to the Trustee);</font></p>
</div>
</div>
<p>&nbsp;</p>
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<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness Incurred under clause (6) of the second paragraph under the &#147;Limitation on Indebtedness&#148; covenant;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens (including extensions and renewals thereof) upon real or personal property acquired after the Closing Date; provided that (a) such Lien is created solely for the purpose of securing Indebtedness Incurred, in accordance with the &#147;Limitation on Indebtedness&#148;
 covenant, to finance the cost (including the cost of improvement or construction) of the item of property or assets subject thereto and such Lien is created prior to, at the time of or within six months after the later of the acquisition, the completion of construction or the
 commencement of full operation of such property (b) the principal amount of the Indebtedness secured by such Lien does not exceed 100% of such cost and (c) any such Lien shall not extend to or cover any property or assets other than such item of property or assets and any
 improvements on such item;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens on cash set aside at the time of the Incurrence of any Indebtedness, or government securities purchased with such cash, in either case to the extent that such cash or government securities pre-fund the payment of interest on such Indebtedness and are held in a
 collateral or escrow account or similar arrangement to be applied for such purpose; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitted Liens.</font></p>
</div>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on Sale-Leaseback Transactions</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not, and will not permit any Restricted Subsidiary to, enter into any sale-leaseback transaction involving any of its assets or properties whether now owned or hereafter acquired, whereby Steel Dynamics or a Restricted Subsidiary sells or transfers
 such assets or properties and then or thereafter leases such assets or properties or any part thereof or any other assets or properties which Steel Dynamics or such Restricted Subsidiary, as the case may be, intends to use for substantially the same purpose or purposes as the
 assets or properties sold or transferred.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The foregoing restriction does not apply to any sale-leaseback transaction if:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the lease is for a period, including renewal rights, of not in excess of three years;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the lease secures or relates to industrial revenue or pollution control bonds;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the transaction is solely between Steel Dynamics and any Wholly Owned Restricted Subsidiary or solely between Wholly Owned Restricted Subsidiaries;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the transactions relate to the sale or transfer of assets or properties for the Columbia City mini-mill having an aggregate fair market value not to exceed $18&nbsp;million; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics or such Restricted Subsidiary, within 12 months after the sale or transfer of any assets or properties is completed, applies an amount not less than the net proceeds received from such sale in accordance with clause (A) or (B) of the second paragraph
 of the &#147;Limitation on Asset Sales&#148; covenant.</font></p>
</div>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Limitation on Asset Sales</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not, and will not permit any Restricted Subsidiary to, consummate any Asset Sale, unless (1) the consideration received by Steel Dynamics or such Restricted Subsidiary is at least equal to the fair market value of the assets sold or disposed of and
 (2) at least 75% of the consideration received consists of (a) cash or Temporary Cash Investments, (b) the assumption of unsubordinated Indebtedness of Steel Dynamics or any Subsidiary Guarantor or Indebtedness of any other Restricted Subsidiary (in each case, other than
 Indebtedness owed to Steel Dynamics or any Affiliate of Steel Dynamics), provided that Steel Dynamics, such Subsidiary Guarantor or such other Restricted Subsidiary is irrevocably and unconditionally released from all liability under such Indebtedness or (c) Replacement
 Assets.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In the event and to the extent that the Net Cash Proceeds received by Steel Dynamics or any of its Restricted Subsidiaries from one or more Asset Sales occurring on or after the Closing Date in any period of 12 consecutive months exceed 10% of Adjusted
 Consolidated Net Tangible Assets (determined as of the date</font></p>
</div>
<p align="center"><font face="serif" size="2">50</font></p>
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<p align="left"><font face="serif" size="2">closest to the commencement of such 12-month period for which a consolidated balance sheet of Steel Dynamics and its Subsidiaries has been filed with the SEC or provided to the Trustee),
 then Steel Dynamics shall or shall cause the relevant Restricted Subsidiary to:</font></p>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;within twelve months after the date Net Cash Proceeds so received exceed 10% of Adjusted Consolidated Net Tangible Assets</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;apply an amount equal to such excess Net Cash Proceeds to permanently repay unsubordinated Indebtedness of Steel Dynamics or any Subsidiary Guarantor or any Indebtedness of any other Restricted Subsidiary from sales of such Restricted Subsidiary&#146;s assets, in
 each case owing to a Person other than Steel Dynamics or any Affiliate of Steel Dynamics, or</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;invest an equal amount, or the amount not so applied pursuant to clause (A) (or enter into a definitive agreement committing to so invest within 12 months after the date of such agreement), in Replacement Assets, and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;apply (no later than the end of the 12-month period referred to in clause (1)) such excess Net Cash Proceeds (to the extent not applied pursuant to clause (1)) as provided in the following paragraphs of this &#147;Limitation on Asset Sales&#148; covenant.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The amount of such excess Net Cash Proceeds required to be applied (or to be committed to be applied) during such 12-month period as set forth in clause (1) of the preceding sentence and not applied as so required by the end of such period shall constitute &#147;Excess
 Proceeds.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds not theretofore subject to an Offer to Purchase pursuant to this &#147;Limitation on Asset Sales&#148; covenant totals at least $5&nbsp;million, Steel Dynamics must commence, not later than the
 fifteenth Business Day of such month, and consummate an Offer to Purchase from the Holders (and if required by the terms of any Indebtedness that is pari passu with the Notes or the Note Guarantees (&#147;Pari Passu Indebtedness&#148;), from the holders of such Pari Passu
 Indebtedness) on a pro rata basis an aggregate principal amount of Notes (and Pari Passu Indebtedness) equal to the Excess Proceeds on such date, at a purchase price equal to 100% of their principal amount, plus, in each case, accrued interest (if any) to the Payment Date.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Repurchase of Notes Upon a Change of Control</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics must commence, within 30 days of the occurrence of a Change of Control, and consummate an Offer to Purchase for all Notes then outstanding, at a purchase price equal to 101% of their principal amount, plus accrued interest (if any) to the Payment
 Date.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">There can be no assurance that Steel Dynamics will have sufficient funds available at the time of any Change of Control to make any debt payment (including repurchases of Notes) required by the foregoing covenant (as well as may be contained in other securities of
 Steel Dynamics which might be outstanding at the time).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The above covenant requiring Steel Dynamics to repurchase the Exchange Notes will, unless consents are obtained, require Steel Dynamics to repay all indebtedness then outstanding which by its terms would prohibit such Exchange Note repurchase, either prior to or
 concurrently with such Exchange Note repurchase.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not be required to make an Offer to Purchase upon the occurrence of a Change of Control, if a third party makes an offer to purchase the Exchange Notes in the manner, at the times and price and otherwise in compliance with the requirements of
 the Indenture applicable to an Offer to Purchase for a Change of Control and purchases all Exchange Notes validly tendered and not withdrawn in such offer to purchase.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>SEC Reports and Reports to Holders</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Whether or not Steel Dynamics is then required to file reports with the SEC, Steel Dynamics shall file with the SEC all such reports and other information as it would be required to file with the SEC by Section&nbsp;13(a) or 15(d) under the Securities Exchange Act of 1934
 if it were subject thereto. Steel Dynamics</font></p>
</div>
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<p align="left"><font face="serif" size="2">shall supply the Trustee and each Holder who so requests or shall supply to the Trustee for forwarding to each such Holder, without cost to such Holder, copies of such reports and other
 information.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Events of Default</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following events will be defined as &#147;Events of Default&#148; in the Indenture:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of principal of (or premium, if any, on) any Exchange Note when the same becomes due and payable at maturity, upon acceleration, redemption or otherwise;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of interest on any Exchange Note when the same becomes due and payable, and such default continues for a period of 30 days;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the performance or breach of the provisions of the Indenture applicable to mergers, consolidations and transfers of all or substantially all of the assets of Steel Dynamics and the Subsidiary Guarantors or the failure by Steel Dynamics to make or consummate
 an Offer to Purchase in accordance with the &#147;Limitation on Asset Sales&#148; or &#147;Repurchase of Notes upon a Change of Control&#148; covenant;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics or any Subsidiary Guarantor defaults in the performance of or breaches any other covenant or agreement in the Indenture or under the Notes (other than a default specified in clause (a), (b) or (c) above) and such default or breach continues for a
 period of 30 consecutive days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there occurs with respect to any issue or issues of Indebtedness of Steel Dynamics, any Subsidiary Guarantor or any Significant Subsidiary having an outstanding principal amount of $10&nbsp;million or more in the aggregate for all such issues of all such Persons, whether
 such Indebtedness now exists or shall hereafter be created, (I) an event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has
 not been rescinded or annulled within 30 days of such acceleration and/or (II) the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have been made, waived or extended within 30 days of such payment
 default;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any final judgment or order (not covered by insurance) for the payment of money in excess of $10&nbsp;million in the aggregate for all such final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not so covered) shall be
 rendered against Steel Dynamics, any Subsidiary Guarantor or any Significant Subsidiary and shall not be paid or discharged, and there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final
 judgments or orders outstanding and not paid or discharged against all such Persons to exceed $10&nbsp;million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a court having jurisdiction in the premises enters a decree or order for (A) relief in respect of Steel Dynamics, any Subsidiary Guarantor or any Significant Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or
 hereafter in effect, (B) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of Steel Dynamics, any Subsidiary Guarantor or any Significant Subsidiary or for all or substantially all of the property and assets of Steel Dynamics, any
 Subsidiary Guarantor or any Significant Subsidiary or (C) the winding-up or liquidation of the affairs of Steel Dynamics, any Subsidiary Guarantor or any Significant Subsidiary and, in each case, such decree or order shall remain unstayed and in effect for a period of 60
 consecutive days;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, any Subsidiary Guarantor or any Significant Subsidiary (A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case
 under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of Steel Dynamics, any Subsidiary Guarantor or any Significant Subsidiary</font></p>
</div>
</div>
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<p align="left"><font face="serif" size="2">or for all or substantially all of the property and assets of Steel Dynamics, any Subsidiary Guarantor or any Significant Subsidiary or (C) effects any general assignment for the benefit of
 creditors; or</font></p>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Subsidiary Guarantor repudiates its obligations under its Exchange Note Guarantee or, except as permitted by the Indenture, any Exchange Note Guarantee is determined to be unenforceable or invalid or shall for any reason cease to be in full force and effect.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If an Event of Default (other than an Event of Default specified in clause (g) or (h) above that occurs with respect to Steel Dynamics or any Subsidiary Guarantor) occurs and is continuing under the Indenture, the Trustee or the Holders of at least 25% in aggregate
 principal amount of the Exchange Notes, then outstanding, by written notice to Steel Dynamics (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued interest
 on the Exchange Notes to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately due and payable. In the event of a declaration of acceleration because an Event of Default set forth in
 clause (e) above has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to clause (e) shall be remedied or cured by Steel Dynamics, the relevant Subsidiary
 Guarantor or the relevant Significant Subsidiary or waived by the holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. If an Event of Default specified in clause (g) or (h) above occurs with respect to Steel Dynamics or
 any Subsidiary Guarantor, the principal of, premium, if any, and accrued interest on the Exchange Notes then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The
 Holders of at least a majority in principal amount of the outstanding Exchange Notes by written notice to Steel Dynamics and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if (x) all existing Events of
 Default, other than the nonpayment of the principal of, premium, if any, and interest on the Exchange Notes that have become due solely by such declaration of acceleration, have been cured or waived and (y) the rescission would not conflict with any judgment or decree of a
 court of competent jurisdiction. For information as to the waiver of defaults, see &#147;&#151; Modification and Waiver.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Holders of at least a majority in aggregate principal amount of the outstanding Exchange Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee.
 However, the Trustee may refuse to follow any direction that conflicts with law or the Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Exchange Notes not joining in
 the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Exchange Notes. A Holder may not pursue any remedy with respect to the Indenture or the Exchange Notes unless:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Holder gives the Trustee written notice of a continuing Event of Default;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Holders of at least 25% in aggregate principal amount of outstanding Exchange Notes make a written request to the Trustee to pursue the remedy;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Exchange Notes do not give the Trustee a direction that is inconsistent with the request.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">However, such limitations do not apply to the right of any Holder of an Exchange Note to receive payment of the principal of, premium, if any, or interest on, such Exchange Note or to bring suit for the enforcement of any such payment, on or after the due date
 expressed in the Exchange Notes, which right shall not be impaired or affected without the consent of the Holder.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">53</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Officers of Steel Dynamics must certify, on or before a date not more than 90 days after the end of each fiscal year, that a review has been conducted of the activities of Steel Dynamics and its Restricted Subsidiaries and Steel Dynamics&#146; and its Restricted Subsidiaries&#146;
 performance under the Indenture and that Steel Dynamics has fulfilled all obligations thereunder, or, if there has been a default in the fulfillment of any such obligation, specifying each such default and the nature and status thereof. Steel Dynamics will also be obligated to
 notify the Trustee of any default or defaults in the performance of any covenants or agreements under the Indenture.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Consolidation, Merger and Sale of Assets</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics will not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any
 Person or permit any Person to merge with or into it unless:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it shall be the continuing Person, or the Person (if other than it) formed by such consolidation or into which it is merged or that acquired or leased such property and assets (the &#147;Surviving Person&#148;), shall be a corporation organized and validly existing under the laws
 of the United States of America or any jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of Steel Dynamics&#146; obligations under the Indenture and the Notes;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such transaction on a pro forma basis, Steel Dynamics or the Surviving Person, as the case may be, shall have a Consolidated Net Worth equal to or greater than the Consolidated Net Worth of Steel Dynamics immediately prior to
 such transaction;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such transaction on a pro forma basis Steel Dynamics, or the Surviving Person, as the case may be, could Incur at least $1.00 of Indebtedness under the first paragraph of the &#147;Limitation on Indebtedness&#148; covenant; provided that this
 clause (4) shall not apply to a consolidation, merger or sale of all (but not less than all) of the assets of Steel Dynamics if all Liens and Indebtedness of Steel Dynamics or the Surviving Person, as the case may be, and its Restricted Subsidiaries outstanding immediately after
 such transaction would have been permitted (and all such Liens and Indebtedness, other than Liens and Indebtedness of Steel Dynamics and its Restricted Subsidiaries outstanding immediately prior to the transaction, shall be deemed to have been Incurred) for all purposes of
 the Indenture;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it delivers to the Trustee an Officers&#146; Certificate (attaching the arithmetic computations to demonstrate compliance with clauses (3) and (4)) and Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture
 complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied with; and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each Subsidiary Guarantor, unless such Subsidiary Guarantor is the Person with which Steel Dynamics has entered into a transaction under this &#147;Consolidation, Merger and Sale of Assets&#148; section, shall have by amendment to its Note Guarantee confirmed that its
 Note Guarantee shall apply to the obligations of Steel Dynamics or the Surviving Person in accordance with the Notes and the Indenture;</font></p>
</div>
</div>
<p align="left"><font face="serif" size="2">provided, however, that clauses (3) and (4) above do not apply if, in the good faith determination of the Board of Directors of Steel Dynamics, whose determination shall be evidenced by a Board Resolution, the principal purpose of such transaction is to change the state of
 incorporation of Steel Dynamics and any such transaction shall not have as one of its purposes the evasion of the foregoing limitations.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Surviving Person will succeed to, and except in the case of a lease be substituted for, Steel Dynamics under the Indenture and the Exchange Notes.</font></p>
</div>
<p align="center"><font face="serif" size="2">54</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each Subsidiary Guarantor (other than any Subsidiary Guarantor whose Exchange Note Guarantee is to be released in accordance with the terms of its Exchange Note Guarantee and the Indenture in connection with any transaction complying with the provisions of &#147;&#151;
 Limitation on Asset Sales&#148;) will not, and Steel Dynamics will not cause or permit any Subsidiary Guarantor to, consolidate with or merge with or into any Person other than Steel Dynamics or any other Subsidiary Guarantor unless:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such Subsidiary Guarantor is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than the Subsidiary Guarantor) is a corporation organized and existing under the laws of the United States or any State thereof or
 the District of Columbia and such Person assumes by supplemental indenture all of the obligations of the Subsidiary Guarantor on its Exchange Note Guarantee;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such transaction and the use of any net proceeds therefrom on a pro forma basis, Steel Dynamics could satisfy the provisions of clause (3) of the first paragraph of this covenant.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Any merger or consolidation of a Subsidiary Guarantor with and into Steel Dynamics (with Steel Dynamics being the surviving entity) or another Subsidiary Guarantor need only comply with clause (5) of the first paragraph of this covenant.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The successor Subsidiary Guarantor will succeed to, and except in the case of a lease be substituted for, such Subsidiary Guarantor under the Indenture and such Subsidiary Guarantor&#146;s Note Guarantee.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Defeasance</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Defeasance and Discharge. The Indenture will provide that Steel Dynamics will be deemed to have paid and will be discharged from any and all obligations in respect of the Exchange Notes on the 123rd day after the deposit referred to below, and the provisions of the
 Indenture will no longer be in effect with respect to the Exchange Notes (except for, among other matters, certain obligations to register the transfer or exchange of the Exchange Notes, to replace stolen, lost or mutilated Exchange Notes, to maintain paying agencies and to
 hold monies for payment in trust) if, among other things:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics has deposited with the Trustee, in trust, money and/or U.S. Government Obligations that through the payment of interest and principal in respect thereof in accordance with their terms will provide money in an amount sufficient to pay the principal of,
 premium, if any, and accrued interest on the Exchange Notes (i) on the Stated Maturity of such payments in accordance with the terms of the Indenture and the Exchange Notes or (ii) on any earlier Redemption Date pursuant to the terms of the Indenture and the Exchange
 Notes; provided that Steel Dynamics has provided the Trustee with irrevocable instructions to redeem all of the outstanding Exchange Notes on such Redemption Date,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics has delivered to the Trustee (1) either (x) an Opinion of Counsel to the effect that Holders will not recognize income, gain or loss for federal income tax purposes as a result of Steel Dynamics&#146; exercise of its option under this &#147;Defeasance&#148; provision
 and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred, which Opinion of Counsel must be based upon (and accompanied by a copy
 of) a ruling of the Internal Revenue Service to the same effect unless there has been a change in applicable federal income tax law after the Closing Date such that a ruling is no longer required or (y) a ruling directed to the Trustee received from the Internal Revenue Service
 to the same effect as the aforementioned Opinion of Counsel and (2) an Opinion of Counsel to the effect that the creation of the defeasance trust does not violate the Investment Company Act of 1940 and after the passage of 123 days following the deposit, the trust fund will
 not be subject to the effect of Section&nbsp;547 of the United States Bankruptcy Code or Section&nbsp;15 of the New York Debtor and Creditor Law,</font></p>
</div>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">55</font></p>
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<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the giving of notice or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such deposit or during
 the period ending on the 123rd day after the date of such deposit, and such deposit shall not result in a breach or violation of, or constitute a default under, any other material agreement or instrument to which Steel Dynamics or any of its Subsidiaries is a party or by which
 Steel Dynamics or any of its Subsidiaries is bound and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if at such time the Exchange Notes are listed on a national securities exchange, Steel Dynamics has delivered to the Trustee an Opinion of Counsel to the effect that the Exchange Notes will not be delisted as a result of such deposit, defeasance and discharge.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Defeasance of Certain Covenants and Certain Events of Default. The Indenture further will provide that the provisions of the Indenture will no longer be in effect with respect to clauses (3) and (4) under &#147;Consolidation, Merger and Sale of Assets&#148; and all the covenants
 described herein under &#147;Covenants,&#148; clause (c) under &#147;Events of Default&#148; with respect to such clauses (3) and (4) under &#147;Consolidation, Merger and Sale of Assets,&#148; clause (d) under &#147;Events of Default&#148; with respect to such other covenants and clauses (e) and (f) under
 &#147;Events of Default&#148; shall be deemed not to be Events of Default upon, among other things, the deposit with the Trustee, in trust, of money and/or U.S. Government Obligations that through the payment of interest and principal in respect thereof in accordance with their terms
 will provide money in an amount sufficient to pay the principal of, premium, if any, and accrued interest on the Exchange Notes (i) on the Stated Maturity of such payments in accordance with the terms of the Indenture and the Exchange Notes or (ii) on any earlier
 Redemption Date pursuant to the terms of the Indenture and the Exchange Notes; provided that Steel Dynamics has provided the Trustee with irrevocable instructions to redeem all of the outstanding Exchange Notes on such Redemption Date, the satisfaction of the provisions
 described in clauses (B)(2), (C) and (D) of the preceding paragraph and the delivery by Steel Dynamics to the Trustee of an Opinion of Counsel to the effect that, among other things, the Holders will not recognize income, gain or loss for federal income tax purposes as a
 result of such deposit and defeasance of certain covenants and Events of Default and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Defeasance and Certain Other Events of Default. In the event Steel Dynamics exercises its option to omit compliance with certain covenants and provisions of the Indenture with respect to the Exchange Notes as described in the immediately preceding paragraph and the
 Exchange Notes are declared due and payable because of the occurrence of an Event of Default that remains applicable, the amount of money and/or U.S. Government Obligations on deposit with the Trustee will be sufficient to pay amounts due on the Exchange Notes at the
 time of their Stated Maturity but may not be sufficient to pay amounts due on the Exchange Notes at the time of the acceleration resulting from such Event of Default. However, Steel Dynamics will remain liable for such payments and any Subsidiary Guarantor&#146;s Exchange
 Note Guarantee with respect to such payments will remain in effect.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Modification and Waiver</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Indenture may be amended, without the consent of any Holder, to:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cure any ambiguity, defect or inconsistency in the Indenture;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;comply with the provisions described under &#147;Consolidation, Merger and Sale of Assets&#148; or &#147;Limitation on Issuances of Guarantees by Restricted Subsidiaries&#148;;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;comply with any requirements of the SEC in connection with the qualification of the Indenture under the Trust Indenture Act;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence and provide for the acceptance of appointment by a successor Trustee; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make any change that, in the good faith opinion of the Board of Directors, does not materially and adversely affect the rights of any Holder.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Modifications and amendments of the Indenture may be made by Steel Dynamics and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding</font></p>
</div>
<p align="center"><font face="serif" size="2">56</font></p>
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<p align="left"><font face="serif" size="2">Exchange Notes; provided, however, that no such modification or amendment may, without the consent of each Holder affected thereby,</font></p>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the Stated Maturity of the principal of, or any installment of interest on, any Exchange Note,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the principal amount of, or premium, if any, or interest on, any Exchange Note,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the optional redemption dates or optional redemption prices of the Exchange Notes from that stated under the caption &#147;Optional Redemption,&#148;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the place or currency of payment of principal of, or premium, if any, or interest on, any Exchange Note,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of a redemption, on or after the Redemption Date) of any Exchange Note,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waive a default in the payment of principal of, premium, if any, or interest on the Exchange Notes,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;release any Subsidiary Guarantor from its Exchange Note Guarantee, except as provided in the Indenture,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend, change or modify the obligation of Steel Dynamics to make and consummate an Offer to Purchase under the &#147;Limitation on Asset Sales&#148; after the obligation to make such Offer to Purchase has arisen or the obligation of Steel Dynamics to make and
 consummate an Offer to Purchase under the &#147;Repurchase of Exchange Notes upon a Change of Control&#148; covenant after a Change of Control has occurred, including, in each case, amending, changing or modifying any definition relating thereto, or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce the percentage or aggregate principal amount of outstanding Exchange Notes the consent of whose Holders is necessary for waiver of compliance with certain provisions of the Indenture or for waiver of certain defaults.</font></p>
</div>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>No Personal Liability of Incorporators, Stockholders, Officers, Directors or Employees</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">No recourse for the payment of the principal of, premium, if any, or interest on any of the Exchange Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of Steel Dynamics in the
 Indenture, or in any of the Exchange Notes or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling person of Steel Dynamics or of any successor Person thereof. Each
 Holder, by accepting the Exchange Notes, waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Exchange Notes. Such waiver may not be effective to waive liabilities under the federal securities laws.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Concerning the Trustee</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Except during the continuance of a Default, the Trustee will not be liable, except for the performance of such duties as are specifically set forth in the Indenture. If an Event of Default has occurred and is continuing, the Trustee will use the same degree of care and skill
 in its exercise of the rights and powers vested in it under the Indenture as a prudent person would exercise under the circumstances in the conduct of such person&#146;s own affairs.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Indenture and provisions of the Trust Indenture Act of 1939, as amended, incorporated by reference therein contain limitations on the rights of the Trustee, should it become a creditor of Steel Dynamics, to obtain payment of claims in certain cases or to realize on
 certain property received by it in respect of any such claims, as security or otherwise. The Trustee is permitted to engage in other transactions; provided, however, that if it acquires any conflicting interest, it must eliminate such conflict or resign.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">57</font></p>
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<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Book-Entry; Delivery and Form</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The certificates representing the Exchange Notes will be issued in fully registered form without interest coupons. Exchange Notes sold in offshore transactions in reliance on Regulation S under the Securities Act will initially be represented by one or more permanent
 global Exchange Notes in definitive, fully registered form without interest coupons (each a &#147;Regulation S Global Exchange Note&#148;) and will be deposited with the Trustee as custodian for, and registered in the name of a nominee of, The Depository Trust Company (&#147;DTC&#148;)
 for the accounts of Euroclear and Clearstream. Prior to the 40th day after the Closing Date, beneficial interests in the Regulation S Global Exchange Notes may only be held through Euroclear or Clearstream, and any resale or transfer of such interests to U.S. persons shall not
 be permitted during such period unless such resale or transfer is made pursuant to Rule 144A or Regulation S.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Notes sold in reliance on Rule 144A have been represented by one or more permanent global Exchange Notes in definitive, fully registered form without interest coupons (each a &#147;Restricted Global Exchange Note&#148;; and together with the Regulation S Global Notes, the
 &#147;Global Notes&#148;) and have been deposited with the Trustee as custodian for, and registered in the name of a nominee of, DTC.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each Global Exchange Note (and any Exchange Notes issued in exchange therefor) are subject to certain restrictions on transfer set forth therein as described under &#147;Transfer Restrictions.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Exchange Notes transferred to institutional &#147;accredited investors&#148; (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act (an &#147;Institutional Accredited Investor&#148;) who are not qualified institutional buyers (&#147;Non-Global Purchasers&#148;) will be in registered
 form without interest coupons (&#147;Certificated Notes&#148;). Upon the transfer of Certificated Notes initially issued to a Non-Global Purchaser to a qualified institutional buyer or in accordance with Regulation S, such Certificated Notes will, unless the relevant Global Note has
 previously been exchanged in whole for Certificated Notes, be exchanged for an interest in a Global Note. For a description of the restrictions on the transfer of Certificated Notes, see &#147;Transfer Restrictions.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Ownership of beneficial interests in a Global Note is limited to persons who have accounts with DTC (&#147;participants&#148;) or persons who hold interests through participants. Ownership of beneficial interests in a Global Note is shown on, and the transfer of that ownership
 can be effected only through, records maintained by DTC or its nominee (with respect to interests of participants) and the records of participants (with respect to interests of persons other than participants). Qualified institutional buyers may hold their interests in a Restricted
 Global Note directly through DTC if they are participants in such system, or indirectly through organizations which are participants in such system.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Investors may hold their interests in a Regulation S Global Note directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations that are participants in such system. On or after the 40th day following the Closing
 Date, investors may also hold such interests through organizations other than Euroclear or Clearstream that are participants in the DTC system. Euroclear or Clearstream will hold interests in the Regulation S Global Notes on behalf of their participants through DTC.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">So long as DTC, or its nominee, is the registered owner or holder of a Global Note, DTC or such nominee, as the case may be, will be considered the sole owner or holder of the Exchange Notes represented by such Global Note for all purposes under the Indenture and
 the Notes. No beneficial owner of an interest in a Global Note will be able to transfer that interest except in accordance with DTC&#146;s applicable procedures, in addition to those provided for under the Indenture and, if applicable, those of Euroclear and Clearstream.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Payments of the principal of, and interest on, a Global Note will be made to DTC or its nominee, as the case may be, as the registered owner thereof. Neither Steel Dynamics, the Trustee nor any Paying Agent will have any responsibility or liability for any aspect of the
 records relating to or payments made on account of beneficial ownership interests in a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics expects that DTC or its nominee, upon receipt of any payment of principal or interest in respect of a Global Note, will credit participants&#146; accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of
 such Global Note as shown on the records of DTC</font></p>
</div>
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<p align="left"><font face="serif" size="2">or its nominee. Steel Dynamics also expects that payments by participants to owners of beneficial interests in such Global Note held through such participants will be governed by standing
 instructions and customary practices, as is now the case with securities held for the accounts of customers registered in the names of nominees for such customers. Such payments will be the
 responsibility of such participants.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Transfers between participants in DTC will be effected in the ordinary way in accordance with DTC rules and will be settled in same-day funds. Transfers between participants in Euroclear and Clearstream will be effected in the ordinary way in accordance with their
 respective rules and operating procedures.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics expects that DTC will take any action permitted to be taken by a holder of Exchange Notes (including the presentation of Exchange Notes for exchange as described below) only at the direction of one or more participants to whose account the DTC
 interests in a Global Note is credited and only in respect of such portion of the aggregate principal amount of Notes as to which such participant or participants has or have given such direction. However, if there is an Event of Default under the Notes, DTC will exchange the
 applicable Global Note for Certificated Notes, which it will distribute to its participants and which may be legended as set forth under the heading &#147;Transfer Restrictions.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Steel Dynamics understands that: DTC is a limited purpose trust company organized under the laws of the State of New York, a &#147;banking organization&#148; within the meaning of New York Banking Law, a member of the Federal Reserve System, a &#147;clearing corporation&#148;
 within the meaning of the Uniform Commercial Code and a &#147;Clearing Agency&#148; registered pursuant to the provisions of Section&nbsp;17A of the Exchange Act. DTC was created to hold securities for its participants and facilitate the clearance and settlement of securities
 transactions between participants through electronic book-entry changes in accounts of its participants, thereby eliminating the need for physical movement of certificates. Indirect access to the DTC system is available to others such as banks, brokers, dealers and trust
 companies and certain other organizations that clear through or maintain a custodial relationship with a participant, either directly or indirectly (&#147;indirect participants&#148;).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Although DTC, Euroclear and Clearstream are expected to follow the foregoing procedures in order to facilitate transfers of interests in a Global Note among participants of DTC, Euroclear and Clearstream, they are under no obligation to perform or continue to perform
 such procedures, and such procedures may be discontinued at any time. Neither Steel Dynamics nor the Trustee will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants or indirect participants of their respective
 obligations under the rules and procedures governing their operations.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If DTC is at any time unwilling or unable to continue as a depositary for the Global Notes and a successor depositary is not appointed by Steel Dynamics within 90 days, Steel Dynamics will issue Certificated Notes, which may bear the legend referred to under
 &#147;Transfer Restrictions,&#148; in exchange for the Global Notes. Holders of an interest in a Global Note may receive Certificated Notes, which may bear the legend referred to under &#147;Transfer Restrictions,&#148; in accordance with the DTC&#146;s rules and procedures in addition to those
 provided for under the Indenture.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Definitions</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Set forth below are defined terms used in the covenants and other provisions of the Indenture. Reference is made to the Indenture for other capitalized terms used in this &#147;Description of the Notes&#148; for which no definition is provided.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Acquired Indebtedness&#148; means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary or Indebtedness of a Restricted Subsidiary assumed in connection with an Asset Acquisition by such Restricted Subsidiary; provided such
 Indebtedness was not Incurred in connection with or in contemplation of such Person becoming a Restricted Subsidiary or such Asset Acquisition.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Adjusted Consolidated Net Income&#148; means, for any period, the aggregate net income (or loss) of Steel Dynamics and its Restricted Subsidiaries for such period determined in conformity with GAAP; provided that the following items shall be excluded in computing
 Adjusted Consolidated Net Income (without duplication):</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the net income (or loss) of any Person that is not a Restricted Subsidiary;</font></p>
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</div>
<p>&nbsp;</p>
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<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the net income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with Steel Dynamics or any of its Restricted Subsidiaries or all or substantially all of the property and assets of such Person are
 acquired by Steel Dynamics or any of its Restricted Subsidiaries;</font></p>
</div>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the net income of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement,
 instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted Subsidiary;</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any gains or losses (on an after-tax basis) attributable to sales of assets outside the ordinary course of business of Steel Dynamics and its Restricted Subsidiaries;</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solely for purposes of calculating the amount of Restricted Payments that may be made pursuant to clause (C) of the first paragraph of the &#147;Limitation on Restricted Payments&#148; covenant, any amount paid or accrued as dividends on Preferred Stock of Steel Dynamics
 owned by Persons other than Steel Dynamics and any of its Restricted Subsidiaries;</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all extraordinary gains and extraordinary losses; and</font></p>
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<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solely for purposes of calculating the Interest Coverage Ratio, (a) start-up expenses associated with the Columbia City mini-mill in an aggregate amount of $8.4&nbsp;million and (b) legal expenses and settlement costs relating to litigation arising out of financings for
 Nakornthai Strip Mill Public Company Limited in an aggregate amount of $8.9&nbsp;million, in each case incurred during the fiscal year ended December&nbsp;31, 2001.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Adjusted Consolidated Net Tangible Assets&#148; means the total amount of assets of Steel Dynamics and its Restricted Subsidiaries (less applicable depreciation, amortization and other valuation reserves), except to the extent resulting from write-ups of capital assets
 (excluding write-ups in connection with accounting for acquisitions in conformity with GAAP), after deducting therefrom (1) all current liabilities of Steel Dynamics and its Restricted Subsidiaries (excluding intercompany items) and (2) all goodwill, trade names, trademarks,
 patents, unamortized debt discount and expense and other like intangibles, all as set forth on the most recent quarterly or annual consolidated balance sheet of Steel Dynamics and its Restricted Subsidiaries, prepared in conformity with GAAP and filed with the SEC or
 provided to the Trustee.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Affiliate&#148; means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, &#147;control&#148; (including, with correlative meanings, the terms
 &#147;controlling,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
 securities, by contract or otherwise.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Asset Acquisition&#148; means (1) an investment by Steel Dynamics or any of its Restricted Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary or shall be merged into or consolidated with Steel Dynamics or any of its
 Restricted Subsidiaries; provided that such Person&#146;s primary business is related, ancillary or complementary to the businesses of Steel Dynamics and its Restricted Subsidiaries on the date of such investment or (2) an acquisition by Steel Dynamics or any of its Restricted
 Subsidiaries of the property and assets of any Person other than Steel Dynamics or any of its Restricted Subsidiaries that constitute substantially all of a division or line of business of such Person; provided that the property and assets acquired are related, ancillary or
 complementary to the businesses of Steel Dynamics and its Restricted Subsidiaries on the date of such acquisition.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Asset Disposition&#148; means the sale or other disposition by Steel Dynamics or any of its Restricted Subsidiaries (other than to Steel Dynamics or another Restricted Subsidiary) of (1) all or substantially all of the Capital Stock of any Restricted Subsidiary or (2) all or
 substantially all of the assets that constitute a division or line of business of Steel Dynamics or any of its Restricted Subsidiaries.</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Asset Sale&#148; means any sale, transfer or other disposition (including by way of merger, consolidation or sale-leaseback transaction) in one transaction or a series of related transactions by Steel Dynamics or any of its Restricted Subsidiaries to any Person other than Steel
 Dynamics or any of its Restricted Subsidiaries of:</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all or any of the Capital Stock of any Restricted Subsidiary,</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all or substantially all of the property and assets of an operating unit or business of Steel Dynamics or any of its Restricted Subsidiaries or</font></p>
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<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other property and assets (other than the Capital Stock or other Investment in an Unrestricted Subsidiary) of Steel Dynamics or any of its Restricted Subsidiaries outside the ordinary course of business of Steel Dynamics or such Restricted Subsidiary and, in each
 case, that is not governed by the provisions of the Indenture applicable to mergers, consolidations and sales of assets of Steel Dynamics; provided that &#147;Asset Sale&#148; shall not include:</font></p>
</div>
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<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales or other dispositions of inventory, receivables and other current assets,</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales, transfers or other dispositions of assets constituting a Permitted Investment or Restricted Payment permitted to be made under the &#147;Limitation on Restricted Payments&#148; covenant,</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales, transfers or other dispositions of assets with a fair market value not in excess of $1&nbsp;million in any transaction or series of related transactions or $10&nbsp;million in the aggregate,</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales, transfers or other dispositions of real estate with a fair market value not in excess of $5&nbsp;million in the aggregate; or</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any sale, transfer, assignment or other disposition of any property or equipment that has become damaged, worn out, obsolete or otherwise unsuitable for use in connection with the business of Steel Dynamics or its Restricted Subsidiaries.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Average Life&#148; means, at any date of determination with respect to any debt security, the quotient obtained by dividing (1) the sum of the products of (a) the number of years from such date of determination to the dates of each successive scheduled principal payment
 of such debt security and (b) the amount of such principal payment by (2) the sum of all such principal payments.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Board of Directors&#148; means, with respect to any Person, the Board of Directors of such Person or any duly authorized committee of such Board of Directors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Capital Stock&#148; means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Closing Date or issued thereafter, including,
 without limitation, all Common Stock and Preferred Stock.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Capitalized Lease&#148; means, as applied to any Person, any lease of any property (whether real, personal or mixed) of which the discounted present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the
 balance sheet of such Person.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Capitalized Lease Obligations&#148; means the discounted present value of the rental obligations under a Capitalized Lease.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Change of Control&#148; means such time as:</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a &#147;person&#148; or &#147;group&#148; (within the meaning of Sections&nbsp;13(d) and 14(d)(2) of the Exchange Act) becomes the ultimate &#147;beneficial owner&#148; (as defined in Rule 13d-3 under the Exchange Act) of more than 35% of the total voting power of the Voting Stock of Steel
 Dynamics on a fully diluted basis; or</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;individuals who on the Closing Date constitute the Board of Directors (together with any new directors whose election by the Board of Directors or whose nomination by the Board of Directors for election by Steel Dynamics&#146; stockholders was approved by a vote of
 at least two-thirds of the members of the Board of Directors then in office who either were members of the Board of Directors on the</font></p>
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<p align="left"><font face="serif" size="2">Closing Date or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the members of the Board of Directors then in office.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Closing Date&#148; means the date on which the Notes are originally issued under the Indenture.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Commodity Agreement&#148; means any forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Consolidated EBITDA&#148; means, for any period, Adjusted Consolidated Net Income for such period plus, to the extent such amount was deducted in calculating such Adjusted Consolidated Net Income:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Interest Expense,</font></p>
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<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income taxes,</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;depreciation expense,</font></p>
</div>
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<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amortization expense, and</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other non-cash items reducing Adjusted Consolidated Net Income (other than items that will require cash payments and for which an accrual or reserve is, or is required by GAAP to be, made), less all non-cash items increasing Adjusted Consolidated Net Income,
 all as determined on a consolidated basis for Steel Dynamics and its Restricted Subsidiaries in conformity with GAAP;</font></p>
</div>
</div>
<p align="left"><font face="serif" size="2">provided that, if any Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary, Consolidated EBITDA shall be reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the amount of the Adjusted Consolidated Net Income
 attributable to such Restricted Subsidiary multiplied by (B) the percentage ownership interest in the income of such Restricted Subsidiary not owned on the last day of such period by Steel Dynamics or any of its Restricted Subsidiaries.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Consolidated Interest Expense&#148; means, for any period, the aggregate amount of interest in respect of Indebtedness (including, without limitation, amortization of original issue discount on any Indebtedness and the interest portion of any deferred payment obligation,
 calculated in accordance with the effective interest method of accounting; all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers&#146; acceptance financing; the net costs associated with Interest Rate Agreements; and Indebtedness
 that is Guaranteed or secured by Steel Dynamics or any of its Restricted Subsidiaries) and all but the principal component of rentals in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued by Steel Dynamics and its Restricted
 Subsidiaries during such period; excluding, however, (1) any amount of such interest of any Restricted Subsidiary if the net income of such Restricted Subsidiary is excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (3) of the definition thereof
 (but only in the same proportion as the net income of such Restricted Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause (3) of the definition thereof) and (2) any premiums, fees and expenses (and any amortization thereof)
 payable in connection with the Refinancing, all as determined on a consolidated basis (without taking into account Unrestricted Subsidiaries) in conformity with GAAP.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Consolidated Net Worth&#148; means, at any date of determination, stockholders&#146; equity as set forth on the most recently available quarterly or annual consolidated balance sheet of Steel Dynamics and its Restricted Subsidiaries (which shall be as of a date not more than 90
 days prior to the date of such computation, and which shall not take into account Unrestricted Subsidiaries), plus, to the extent not included, any Preferred Stock of Steel Dynamics, less any amounts attributable to Disqualified Stock or any equity security convertible into or
 exchangeable for Indebtedness, the cost of treasury stock and the principal amount of any promissory notes receivable from the sale of the Capital Stock of Steel Dynamics or any of its Restricted Subsidiaries, each item to be determined in conformity with GAAP (excluding
 the effects of foreign currency exchange adjustments under Financial Accounting Standards Board Statement of Financial Accounting Standards No. 52).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Credit Agreement&#148; means the Credit Agreement to be dated as of the Closing Date, among Steel Dynamics, the Subsidiaries of Steel Dynamics party thereto, the lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as Arranger, and JPMorgan
 Chase Bank, as Administrative Agent,</font></p>
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<p align="left"><font face="serif" size="2">together with any agreements, instruments, security agreements, guaranties and other documents executed or delivered pursuant to or in connection with such credit agreement, as such credit
 agreement or such agreements, instruments, security agreements, guaranties or other documents may be amended, supplemented, extended, restated, renewed or otherwise modified from time to
 time and any refinancing, replacement or substitution thereof or therefor, whether with the same or different lenders.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Currency Agreement&#148; means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Default&#148; means any event that is, or after notice or passage of time or both would be, an Event of Default.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Disqualified Stock&#148; means any class or series of Capital Stock of any Person that by its terms or otherwise is (1) required to be redeemed prior to the Stated Maturity of the Notes, (2) redeemable at the option of the holder of such class or series of Capital Stock at any
 time prior to the Stated Maturity of the Notes or (3) convertible into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity prior to the Stated Maturity of the Notes; provided that any Capital Stock that would not
 constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an &#147;asset sale&#148; or &#147;change of control&#148; occurring prior to the Stated Maturity of the Notes shall not
 constitute Disqualified Stock if the &#147;asset sale&#148; or &#147;change of control&#148; provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the provisions contained in &#147;Limitation on Asset Sales&#148; and &#147;Repurchase of Notes upon a
 Change of Control&#148; covenants and such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision prior to Steel Dynamics&#146; repurchase of such Notes as are required to be repurchased pursuant to the
 &#147;Limitation on Asset Sales&#148; and &#147;Repurchase of Notes upon a Change of Control&#148; covenants.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Fair market value&#148; means the price that would be paid in an arm&#146;s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of
 Directors, whose determination shall be conclusive if evidenced by a Board Resolution.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Foreign Subsidiary&#148; means any Subsidiary of Steel Dynamics that is an entity which is a controlled foreign corporation under Section&nbsp;957 of the Internal Revenue Code and does not guarantee or otherwise provide direct credit support for any Indebtedness of Steel
 Dynamics or any Subsidiary Guarantor.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;GAAP&#148; means generally accepted accounting principles in the United States of America as in effect as of the Closing Date, including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute
 of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession. All ratios and computations contained or
 referred to in the Indenture shall be computed in conformity with GAAP applied on a consistent basis, except that calculations made for purposes of determining compliance with the terms of the covenants and with other provisions of the Indenture shall be made without
 giving effect to (1) the amortization of any expenses incurred in connection with the Refinancing and (2) except as otherwise provided, the amortization of any amounts required or permitted by Accounting Principles Board Opinion Nos. 16 and 17.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Guarantee&#148; means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such
 Person (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services (unless
 such purchase arrangements are on arm&#146;s-length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the obligee of such
 Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term</font></p>
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<p align="left"><font face="serif" size="2">&#147;Guarantee&#148; shall not include endorsements for collection or deposit in the ordinary course of business. The term &#147;Guarantee&#148; used as a verb has a corresponding meaning.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Incur&#148; means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that (1) any Indebtedness of
 a Person existing at the time such Person becomes a Restricted Subsidiary will be deemed to be incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and (2) neither the accrual of interest nor the accretion of original issue discount nor the
 payment of interest in the form of additional Indebtedness (to the extent provided for when the Indebtedness on which such interest is paid was originally issued) shall be considered an Incurrence of Indebtedness.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Indebtedness&#148; means, with respect to any Person at any date of determination (without duplication):</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all indebtedness of such Person for borrowed money;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person in respect of letters of credit or other similar instruments (including reimbursement obligations with respect thereto, but excluding obligations with respect to letters of credit (including trade letters of credit) securing obligations (other
 than obligations described in (1) or (2) above or (5), (6) or (7) below) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third
 Business Day following receipt by such Person of a demand for reimbursement);</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person to pay the deferred and unpaid purchase price of property or services, which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such
 services, except Trade Payables;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Capitalized Lease Obligations;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided that the amount of such Indebtedness shall be the lesser of (A) the fair market value of such asset at such date of
 determination and (B) the amount of such Indebtedness;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such Person; and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the extent not otherwise included in this definition, obligations under Commodity Agreements, Currency Agreements and Interest Rate Agreements (other than Commodity Agreements, Currency Agreements and Interest Rate Agreements designed solely to protect
 Steel Dynamics or its Restricted Subsidiaries against fluctuations in commodity prices, foreign currency exchange rates or interest rates and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in commodity prices,
 foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder).</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise
 to the obligation, provided</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that the amount outstanding at any time of any Indebtedness issued with original issue discount is the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in
 conformity with GAAP,</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to prefund the payment of the interest on such Indebtedness shall not be deemed to be &#147;Indebtedness&#148; so long as such money is held to secure the payment of such interest
 and</font></p>
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<p align="left"><font face="serif" size="2">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that Indebtedness shall not include:</font></p>
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<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability for federal, state, local or other taxes,</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;performance, surety or appeal bonds provided in the ordinary course of business or</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agreements providing for indemnification, adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of Steel Dynamics or any of its Restricted Subsidiaries pursuant to such
 agreements, in any case Incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of
 financing such acquisition), so long as the principal amount does not to exceed the gross proceeds actually received by Steel Dynamics or any Restricted Subsidiary in connection with such disposition.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Initial Subsidiary Guarantor&#148; means SDI Investment Company, a Delaware corporation.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Interest Coverage Ratio&#148; means, on any Transaction Date, the ratio of (1) the aggregate amount of Consolidated EBITDA for the then most recent four fiscal quarters prior to such Transaction Date for which reports have been filed with the SEC or provided to the
 Trustee (the &#147;Four Quarter Period&#148;) to (2) the aggregate Consolidated Interest Expense during such Four Quarter Period. In making the foregoing calculation:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pro forma effect shall be given to any Indebtedness Incurred or repaid during the period (the &#147;Reference Period&#148;) commencing on the first day of the Four Quarter Period and ending on the Transaction Date (other than Indebtedness Incurred or repaid under a
 revolving credit or similar arrangement to the extent of the commitment thereunder (or under any predecessor revolving credit or similar arrangement) in effect on the last day of such Four Quarter Period unless any portion of such Indebtedness is projected, in the reasonable
 judgment of the senior management of Steel Dynamics, to remain outstanding for a period in excess of 12 months from the date of the Incurrence thereof), in each case as if such Indebtedness had been Incurred or repaid on the first day of such Reference Period;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Interest Expense attributable to interest on any Indebtedness (whether existing or being Incurred) computed on a pro forma basis and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account
 any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pro forma effect shall be given to Asset Dispositions and Asset Acquisitions (including giving pro forma effect to the application of proceeds of any Asset Disposition) that occur during such Reference Period as if they had occurred and such proceeds had been
 applied on the first day of such Reference Period; and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pro forma effect shall be given to asset dispositions and asset acquisitions (including giving pro forma effect to the application of proceeds of any asset disposition) that have been made by any Person that has become a Restricted Subsidiary or has been merged with
 or into Steel Dynamics or any Restricted Subsidiary during such Reference Period and that would have constituted Asset Dispositions or Asset Acquisitions had such transactions occurred when such Person was a Restricted Subsidiary as if such asset dispositions or asset
 acquisitions were Asset Dispositions or Asset Acquisitions that occurred on the first day of such Reference Period;</font></p>
</div>
</div>
<p align="left"><font face="serif" size="2">provided that to the extent that clause (C) or (D) of this sentence requires that pro forma effect be given to an Asset Acquisition or Asset Disposition, such pro forma calculation shall be based upon the four full fiscal quarters immediately preceding the Transaction Date of the
 Person, or division or line of business of the Person, that is acquired or disposed for which financial information is available.</font></p>
<p>&nbsp;</p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Interest Rate Agreement&#148; means any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future
 contract or other similar agreement or arrangement.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Investment&#148; in any Person means any direct or indirect advance, loan or other extension of credit (including, without limitation, by way of Guarantee or similar arrangement; but excluding advances to customers or suppliers in the ordinary course of business that are,
 in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of Steel Dynamics or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of business) or capital contribution to (by
 means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person and shall include (1)
 the designation of a Restricted Subsidiary as an Unrestricted Subsidiary and (2) the retention of the Capital Stock (or any other Investment) by Steel Dynamics or any of its Restricted Subsidiaries, of (or in) any Person that has ceased to be a Restricted Subsidiary, including
 without limitation, by reason of any transaction permitted by clause (3) or (4) of the &#147;Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries&#148; covenant. For purposes of the definition of &#147;Unrestricted Subsidiary&#148; and the &#147;Limitation on Restricted
 Payments&#148; covenant, (a) the amount of or a reduction in an Investment shall be equal to the fair market value thereof at the time such Investment is made or reduced and (b) in the event Steel Dynamics or a Restricted Subsidiary makes an Investment by transferring assets to
 any Person and as part of such transaction receives Net Cash Proceeds, the amount of such Investment shall be the fair market value of the assets less the amount of Net Cash Proceeds so received, provided the Net Cash Proceeds are applied in accordance with clause (A) or
 (B) of the &#147;Limitation on Asset Sales&#148; covenant.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Lien&#148; means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Moody&#146;s&#148; means Moody&#146;s Investors Service, Inc. and its successors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Net Cash Proceeds&#148; means:</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash or cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in
 the form of cash or cash equivalents and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;brokerage commissions and other fees and expenses (including fees and expenses of counsel and investment bankers) related to such Asset Sale;</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions for all taxes (whether or not such taxes will actually be paid or are payable) as a result of such Asset Sale without regard to the consolidated results of operations of Steel Dynamics and its Restricted Subsidiaries, taken as a whole;</font></p>
</div>
</div>
<div style="margin-left:8%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payments made to repay Indebtedness or any other obligation outstanding at the time of such Asset Sale that either (x) is secured by a Lien on the property or assets sold or (y) is required to be paid as a result of such sale and</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appropriate amounts to be provided by Steel Dynamics or any Restricted Subsidiary as a reserve against any liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to
 environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as determined in conformity with GAAP and</font></p>
</div>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with respect to any issuance or sale of Capital Stock, the proceeds of such issuance or sale in the form of cash or cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component
 thereof) when received in the form of cash or cash equivalents and proceeds from the conversion of other property received when converted</font></p>
</div>
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<p align="left"><font face="serif" size="2">to cash or cash equivalents, net of attorney&#146;s fees, accountants&#146; fees, underwriters&#146; or Placement Agents&#146; fees, discounts or commissions and brokerage, consultant and other fees incurred in
 connection with such issuance or sale and net of taxes paid or payable as a result thereof.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Note Guarantee&#148; means a Guarantee of the obligations of Steel Dynamics under the Indenture and the Notes by any Subsidiary Guarantor.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Offer to Purchase&#148; means an offer to purchase Notes by Steel Dynamics from the Holders commenced by mailing a notice to the Trustee and each Holder stating:</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the covenant pursuant to which the offer is being made and that all Notes validly tendered will be accepted for payment on a pro rata basis;</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the purchase price and the date of purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the &#147;Payment Date&#148;);</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that any Note not tendered will continue to accrue interest pursuant to its terms;</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that, unless Steel Dynamics defaults in the payment of the purchase price, any Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest on and after the Payment Date;</font></p>
</div>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note, together with the form entitled &#147;Option of the Holder to Elect Purchase&#148; on the reverse side of the Note completed, to the Paying Agent at the
 address specified in the notice prior to the close of business on the Business Day immediately preceding the Payment Date;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a telegram, facsimile transmission or letter setting forth the name of such
 Holder, the principal amount of Notes delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in a principal amount of $1,000
 or integral multiples of $1,000.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">On the Payment Date, Steel Dynamics shall (a) accept for payment on a pro rata basis Notes or portions thereof tendered pursuant to an Offer to Purchase; (b) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions thereof so
 accepted; and (c) deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so accepted together with an Officers&#146; Certificate specifying the Notes or portions thereof accepted for payment by Steel Dynamics. The Paying Agent shall promptly mail to the
 Holders of Notes so accepted payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail to such Holders a new Note equal in principal amount to any unpurchased portion of the Note surrendered; provided that each Note purchased
 and each new Note issued shall be in a principal amount of $1,000 or integral multiples of $1,000. Steel Dynamics will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date. The Trustee shall act as the Paying Agent for an Offer
 to Purchase. Steel Dynamics will comply with Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable, in the event that Steel Dynamics is required to repurchase Notes pursuant to an
 Offer to Purchase.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Permitted Investment&#148; means:</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an Investment in Steel Dynamics or a Subsidiary Guarantor or a Person which will, upon the making of such Investment, become a Subsidiary Guarantor or be merged or consolidated with or into or transfer or convey all or substantially all its assets to, Steel
 Dynamics or a Subsidiary Guarantor; provided that such person&#146;s primary business is related, ancillary or complementary to the businesses of Steel Dynamics and its Restricted Subsidiaries on the date of such Investment;</font></p>
</div>
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<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Cash Investments;</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP;</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stock, obligations or securities received in satisfaction of judgments;</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an Investment in an Unrestricted Subsidiary consisting solely of an Investment in another Unrestricted Subsidiary;</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loans or advances to directors, officers or employees of Steel Dynamics or any of its Restricted Subsidiaries that do not in the aggregate exceed $5&nbsp;million at any time outstanding;</font></p>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in negotiable instruments held for collection, lease, utility and workers&#146; compensation, performance and other similar pledges or deposits and other pledges or deposits permitted under the &#147;Limitation on Liens&#148; covenant;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in a Restricted Subsidiary of Steel Dynamics other than a Subsidiary Guarantor in an aggregate amount not to exceed $5&nbsp;million;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity Agreements, Interest Rate Agreements and Currency Agreements designed solely to protect Steel Dynamics or its Restricted Subsidiaries against fluctuations in commodity prices, interest rates or foreign currency exchange rates;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Investments that may be deemed to result from payments made in Capital Stock (other than Disqualified Stock) of Steel Dynamics, or the payment of Additional Bank Payments, required under the Settlement Agreement as in effect on the Closing Date; or</font></p>
</div>
</div>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Iron Dynamics in an aggregate amount not to exceed $15&nbsp;million plus the net reduction in Investments made pursuant to this clause (11) in any Person resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances,
 or other transfers of assets, in each case to Steel Dynamics or any Restricted Subsidiary or from the Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds are included in the calculation of Adjusted
 Consolidated Net Income), from the release of any Guarantee or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of &#147;Investments&#148;), not to exceed, in each case, the amount of such Investments
 previously made by Steel Dynamics or any Restricted Subsidiary in such Person or Unrestricted Subsidiary; provided at the time of such Investment Steel Dynamics could Incur at least $1.00 of Indebtedness under the first paragraph of part (a) of the &#147;Limitation on
 Indebtedness&#148; covenant.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Permitted Liens&#148; means:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens for taxes, assessments, governmental charges or claims that are being contested in good faith by appropriate legal proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in
 conformity with GAAP shall have been made;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;statutory and common law Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen or other similar Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith
 by appropriate legal proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred or deposits made in the ordinary course of business in connection with workers&#146; compensation, unemployment insurance and other types of social security;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or regulatory obligations, bankers&#146; acceptances, surety and appeal bonds, government contracts, performance and return-of-money bonds and other obligations of a similar
 nature incurred in the ordinary course of business (exclusive of obligations for the payment of borrowed money);</font></p>
</div>
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<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;easements, rights-of-way, municipal and zoning ordinances and similar charges, encumbrances, title defects or other irregularities that do not materially interfere with the ordinary course of business of Steel Dynamics or any of its Restricted Subsidiaries;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;leases or subleases granted to others that do not materially interfere with the ordinary course of business of Steel Dynamics and its Restricted Subsidiaries, taken as a whole;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens encumbering property or assets under construction arising from progress or partial payments by a customer of Steel Dynamics or its Restricted Subsidiaries relating to such property or assets;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any interest or title of a lessor in the property subject to any Capitalized Lease or operating lease;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens arising from filing Uniform Commercial Code financing statements regarding leases;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens on property of, or on shares of Capital Stock or Indebtedness of, any Person existing at the time such Person becomes, or becomes a part of, any Restricted Subsidiary; provided that such Liens do not extend to or cover any property or assets of Steel
 Dynamics or any Restricted Subsidiary other than the property or assets acquired;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of Steel Dynamics or any Subsidiary Guarantor;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens arising from the rendering of a final judgment or order against Steel Dynamics or any Restricted Subsidiary that does not give rise to an Event of Default;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of credit and the products and proceeds thereof;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens encumbering customary initial deposits and margin deposits, and other Liens that are within the general parameters customary in the industry and incurred in the ordinary course of business, in each case, securing Indebtedness under Commodity Agreements,
 Interest Rate Agreements and Currency Agreements designed solely to protect Steel Dynamics or any of its Restricted Subsidiaries from fluctuations in interest rates, currencies or the price of commodities;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by Steel Dynamics or any of its Restricted Subsidiaries in the ordinary course of business in accordance with the past practices of Steel
 Dynamics and its Restricted Subsidiaries prior to the Closing Date;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens on shares of Capital Stock of any Unrestricted Subsidiary to secure Indebtedness of such Unrestricted Subsidiary; and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens on or sales of receivables.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Refinancing&#148; means the series of transactions whereby Steel Dynamics permanently repays all amounts outstanding under its existing (i) $450&nbsp;million amended and restated credit agreement dated as of June&nbsp;30, 1997, as amended, by and among Steel Dynamics, the
 Lenders parities thereto from time to time, Mellon Bank, N.A., as Agent for the Lenders thereunder and as Issuing Bank, Kreditanstalt Fur Wiederaufbau and Comerica Bank, as Senior Co-Agents and Banque Nationale de Paris, NBD Bank, N.A. and The Industrial Bank of
 Japan, Limited, as Co-Agents and (ii) $50&nbsp;million credit agreement dated as of May&nbsp;5, 2000 by and among Steel Dynamics, the Lenders parties thereto from time to time and Mellon Bank, N.A., as Agent for the Lenders thereunder, from the net proceeds received from the
 offering of the Notes and Note Guarantees and borrowings under the Credit Agreement and terminates such existing credit agreements.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Replacement Assets&#148; means, on any date, property or assets (other than current assets) of a nature or type or that are used in a business (or an Investment in a company having property or assets of a nature or</font></p>
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<p align="left"><font face="serif" size="2">type, or engaged in a business) similar or related to the nature or type of the property and assets of, or the business of, Steel Dynamics and its Restricted Subsidiaries existing on such date.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Restricted Subsidiary&#148; means any Subsidiary of Steel Dynamics other than an Unrestricted Subsidiary.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Settlement Agreement&#148; means the Agreement, dated as of January&nbsp;28, 2002, by and among Iron Dynamics, Steel Dynamics, the lenders banks who are parties thereto and Mellon Bank, N.A., as Agent to the banks, together with any agreements, instruments and
 documents executed or delivered pursuant to or in connection with such agreement, as such agreement or such agreements, instruments or documents may be amended, supplemented, extended restated, renewed or otherwise modified from time to time.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;S&amp;P&#148; means Standard &amp; Poor&#146;s Ratings Group, a division of The McGraw-Hill Companies, and its successors.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Significant Subsidiary&#148; means, at any date of determination, any Restricted Subsidiary that, together with its Subsidiaries, (1) for the most recent fiscal year of Steel Dynamics, accounted for more than 10% of the consolidated revenues of Steel Dynamics and its
 Restricted Subsidiaries or (2) as of the end of such fiscal year, was the owner of more than 10% of the consolidated assets of Steel Dynamics and its Restricted Subsidiaries, all as set forth on the most recently available consolidated financial statements of Steel Dynamics for
 such fiscal year.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Stated Maturity&#148; means, (1) with respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal of such debt security is due and payable and (2) with respect to any scheduled installment of principal of
 or interest on any debt security, the date specified in such debt security as the fixed date on which such installment is due and payable.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Subsidiary&#148; means, with respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of
 such Person.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Subsidiary Guarantor&#148; means any Initial Subsidiary Guarantor and any other Restricted Subsidiary which provides a Note Guarantee of Steel Dynamics&#146; obligations under the Indenture and the Notes.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Temporary Cash Investment&#148; means any of the following:</font></p>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;direct obligations of the United States of America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of America or any agency thereof, in each case maturing within one year unless such obligations are deposited by Steel
 Dynamics (x) to defease any Indebtedness or (y) in a collateral or escrow account or similar arrangement to prefund the payment of interest on any indebtedness;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any state thereof or any foreign
 country recognized by the United States of America, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $100&nbsp;million (or the foreign currency equivalent thereof) and has outstanding debt which is rated &#147;A&#148; (or such similar
 equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) or any money market fund sponsored by a registered broker dealer or mutual fund distributor;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (1) above entered into with a bank or trust company meeting the qualifications described in clause (2) above;</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commercial paper, maturing not more than one year after the date of acquisition, issued by a corporation (other than an Affiliate of Steel Dynamics) organized and in existence under the laws of the United States of America, any state thereof or any foreign country
 recognized by the United States of America with a rating at the time as of which any investment therein is made of &#147;P-2&#148; (or higher) according to Moody&#146;s or &#147;A-2&#148; (or higher) according to S&amp;P;</font></p>
</div>
</div>
<p>&nbsp;</p>
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<p align="left"><font face="serif" size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities with maturities of six months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at
 least &#147;A&#148; by S&amp;P or Moody&#146;s; and</font></p>
</div>
</div>
<div style="margin-left:4%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any mutual fund that has at least 95% of its assets continuously invested in investments of the types described in clauses (1) through (5) above.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Trade Payables&#148; means, with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in
 connection with the acquisition of goods or services.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Transaction Date&#148; means, with respect to the Incurrence of any Indebtedness, the date such Indebtedness is to be Incurred and, with respect to any Restricted Payment, the date such Restricted Payment is to be made.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Unrestricted Subsidiary&#148; means (I) Iron Dynamics, New Millennium, Omni Dynamic Aviation and Paragon Steel and each of their Subsidiaries and (II) (1) any other Subsidiary of Steel Dynamics that at the time of determination shall be designated an Unrestricted
 Subsidiary by the Board of Directors in the manner provided below; and (2) any Subsidiary of an Unrestricted Subsidiary. The Board of Directors may designate any Restricted Subsidiary (including any newly acquired or newly formed Subsidiary of Steel Dynamics) to be an
 Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, Steel Dynamics or any Restricted Subsidiary; provided that (A) any Guarantee by Steel Dynamics or any Restricted Subsidiary of any Indebtedness of the
 Subsidiary being so designated shall be deemed an &#147;Incurrence&#148; of such Indebtedness and an &#147;Investment&#148; by Steel Dynamics or such Restricted Subsidiary (or both, if applicable) at the time of such designation; (B) either (I) the Subsidiary to be so designated has total assets
 of $1,000 or less or (II) if such Subsidiary has assets greater than $1,000, such designation would be permitted under the &#147;Limitation on Restricted Payments&#148; covenant and (C) if applicable, the Incurrence of Indebtedness and the Investment referred to in clause (A) of this
 proviso would be permitted under the &#147;Limitation on Indebtedness&#148; and &#147;Limitation on Restricted Payments&#148; covenants. The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that (a) no Default or Event of Default shall
 have occurred and be continuing at the time of or after giving effect to such designation and (b) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred at such time, have been permitted to be Incurred (and
 shall be deemed to have been Incurred) for all purposes of the Indenture. Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers&#146;
 Certificate certifying that such designation complied with the foregoing provisions.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;U.S. Government Obligations&#148; means securities that are (1) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or
 instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to
 the Stated Maturity of the Notes, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by
 such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
 in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Voting Stock&#148; means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&#147;Wholly Owned&#148; means, with respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of such Subsidiary (other than any director&#146;s qualifying shares or Investments by</font></p>
</div>
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<p align="left"><font face="serif" size="2">foreign nationals mandated by applicable law) by such Person or one or more Wholly Owned Subsidiaries of such Person.</font></p>
<p align="center"><font face="serif" size="2"><b>UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The following summary describes certain United States tax consequences of the acquisition, ownership and disposition of the Exchange Notes. The summary is based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and United States Treasury
 regulations issued thereunder, Internal Revenue Service rulings and pronouncements and judicial decisions as of the date hereof, all of which may be repealed, revoked or modified so as to result in United States tax consequences different from those described below. Such
 changes could be applied retroactively in a manner that could adversely affect you. In addition, the authorities on which this summary is based are subject to various interpretations. It is therefore possible that the consequences of the acquisition, ownership and disposition of
 the notes may differ from the treatment described below.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The tax treatment of a Holder of the Exchange Notes may vary depending upon the particular situation of the Holder. This summary is limited to initial beneficial investors that purchase the old notes for cash upon their original issuance at the price set forth on the
 cover of this memorandum, and is limited to investors who hold the notes as capital assets within the meaning of Section&nbsp;1221 of the Code. This summary does not deal with holders that may be subject to special tax rules (including, but not limited to, banks, insurance
 companies, tax-exempt organizations, financial institutions, dealers in securities or currencies, partnerships or other flow-through entities classified as partnerships for U.S. federal income tax purposes, persons subject to the alternative minimum tax (as defined below), U.S.
 Holders whose functional currency is not the U.S. dollar, certain U.S. expatriates, Non-United States Holders (as defined below) that are subject to a tax treaty with the United States, or holders who will hold the notes as a hedge against currency risks or as part of a straddle,
 synthetic security, conversion transaction or other integrated investment comprised of the notes and one or more other investments).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">This summary is for general information only and does not address all aspects of United States taxation that may be relevant to Holders of the Exchange Notes in light of their particular circumstances, and it does not address any tax consequences arising under the laws
 of any state, local or foreign taxing jurisdiction. Prospective holders should consult their own tax advisors as to the particular tax consequences to them of acquiring, holding or disposing of the notes.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As used herein, a &#147;United States Holder&#148; of a note means a beneficial owner of an Exchange Note that, for U.S. federal income tax purposes, is a citizen or resident of the United States; a corporation or other entity taxable as a corporation for U.S. federal income tax
 purposes, created or organized in or under the laws of the United States or of any state of the United States or the District of Columbia; an estate the income of which is subject to United States federal income taxation regardless of its source; or a trust if (1) a U.S. court is
 able to exercise primary supervision over the administration of the trust and (2) one or more U.S. persons have the authority to control all substantial decisions of the trust.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If a partnership is a beneficial owner of an Exchange Note, the U.S. tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A beneficial owner of old notes or Exchange Notes that is a
 partnership, and partners in such a partnership, should consult their tax advisors about the U.S. federal income tax consequences of the acquisition, ownership and disposition of the old notes and Exchange Notes.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Tax Consequences to United States Holders</b></font></div></td>
  </tr>
</table>
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  <tr>
    <td>&nbsp;</td>
  </tr>
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    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Interest</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Except as set forth below, interest on an Exchange Note generally will be taxable to a United States Holder as ordinary income from domestic sources at the time it is paid or accrued, or is actually or constructively received, in accordance with the United States
 Holder&#146;s method of accounting for tax purposes.</font></p>
</div>
<p>&nbsp;</p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Our failure to consummate the Exchange Offer or to file or cause to be declared effective the Shelf Registration Statement as described under &#147;Description of Notes &#151; Registration Rights&#148; will cause additional interest to accrue on the notes in the manner described
 therein. According to U.S. Treasury regulations, the possibility of a change in the interest rate will not affect the amount of interest income recognized by a United States Holder (or the timing of such recognition) if the likelihood of the change, as of the date the Exchange
 Notes are issued, is remote. We believe that the likelihood of a change in the interest rate on the Exchange Notes is remote and do not intend to treat the possibility of a change in the interest rate as affecting the yield to maturity of any note. In the unlikely event that the
 interest rate on the Exchange Notes is increased, then such increased interest should be treated as ordinary income for U.S. federal income tax purposes at the time it accrues or is received in accordance with the United States Holder&#146;s regular method of tax accounting. Our
 determination that there is a remote likelihood of a change in the interest rate on the Exchange Notes is binding on each United States Holder unless the holder explicitly discloses in the manner required by applicable U.S. Treasury regulations that its determination is different
 from ours. It is possible, however, that the Internal Revenue Service may take a different position and treat the additional interest income as original issue discount, includable by a United States Holder in income as such interest accrues, in advance of receipt of any cash
 payment thereof, or it may treat as interest income all or a portion of any gain recognized on the disposition of an Exchange Note. If, as anticipated, the issue price of the notes will equal their stated principal amount, and because the likelihood of a change in the interest rate
 is remote, we do not anticipate that the Exchange Notes will be issued with original issue discount.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The Exchange Notes may be redeemed prior to their stated maturity at our option or at the option of the holders upon certain circumstances or automatically upon the occurrence of certain events. We believe that none of such redemption rights or obligations are more
 likely than not to occur, and, thus, under applicable Treasury regulations, none of such redemption rights or obligations should affect the yield of the notes.</font></p>
</div>
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  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Sale, Exchange and Retirement of Old Notes or Exchange Notes</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Upon the sale, exchange, redemption, retirement or other disposition of an old note or an Exchange Note, a United States Holder generally will recognize gain or loss equal to the difference between the amount realized (the sum of cash plus the fair market value of all
 other property received), except to the extent the sales proceeds are attributable to accrued but unpaid interest, and such holder&#146;s adjusted tax basis in the note. A United States Holder&#146;s adjusted tax basis in a note will, in general, be equal to the initial purchase price the holder
 paid for the notes, plus original issue discount, if any, previously included in income, less any cash payment received in respect of such original issue discount, and further reduced by any principal payments received by such United States Holder. In general, except to the
 extent the gain or loss is attributable to accrued but unpaid stated interest, such gain or loss will be capital gain or loss. Such capital gain or loss generally will be long-term capital gain or loss if the holding period of the note exceeds one year at the time of the disposition.
 Certain noncorporate taxpayers (including individuals) are eligible for preferential rates of taxation of such long-term capital gain. The deductibility of capital losses is subject to limitations.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The exchange of an old note by a United States Holder for a Exchange Note pursuant to the Exchange Offer should not constitute a taxable exchange. A United States Holder will have the same tax basis and holding period in the Exchange Note as it did in the old note.</font></p>
</div>
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  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Backup Withholding and Information Reporting</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Information returns will be filed with the Internal Revenue Service in connection with payments on the old notes or Exchange Notes and the proceeds from a sale or other disposition of the notes. A United States Holder will be subject to United States backup
 withholding tax on these payments if the holder fails to provide its taxpayer identification number to the paying agent and comply with certain certification procedures or otherwise establish an exemption from backup withholding. United States Holders should consult their own
 tax advisor regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption, if applicable. The amount of any backup withholding from a payment will be allowed as a credit against a United States Holder&#146;s U.S.
 federal income tax liability and may entitle the holder to a refund, provided that the required information is furnished to the Internal Revenue Service.</font></p>
</div>
<p>&nbsp;</p>
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<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Tax Consequences to Non-United States Holders</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">A &#147;Non-United States Holder&#148; of a note means a beneficial owner of a note that, for U.S. federal income tax purposes, is not a United States Holder.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Withholding Taxes</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Generally, payments of principal and interest (including OID), on the notes will not be subject to United States withholding taxes provided that:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the Non-United States Holder does not actually or constructively own 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote,</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the Non-United States Holder is not a controlled foreign corporation that is related to the Company through its stock ownership,</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">the Non-United States Holder
          is not a bank described in Section 881(c)(3)(A) of the Code, and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">either (A) the Non-United States Holder provides its name and address on an IRS Form W-8BEN (or substitute form), and certifies, under penalties of perjury, that it is not a United States Holder or (B) it holds its notes through certain foreign intermediaries and it satisfies
 the certification requirements of applicable U.S. Treasury regulations. Special certification rules apply to certain Non-United States Holders that are entities rather than individuals.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If a Non-United States Holder cannot satisfy the requirements described above, payments of interest (including OID) made to the Non-United States Holder will be subject to U.S. federal withholding tax, unless the Non-United States Holder provides the Company with
 a properly executed (1) IRS Form W-8BEN (or substitute form) claiming an exemption from or a reduction in the rate of withholding under the benefit of an applicable tax treaty or (2) IRS Form W-8ECI (or successor form) stating that interest paid on the notes is not subject
 to withholding because it is effectively connected with the conduct of Non-United States Holder&#146;s trade or business in the United States.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Sale or Redemption of Notes</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The exchange of an old note by a Non-United States Holder for a Exchange Note pursuant to the Exchange Offer should not constitute a taxable exchange. A Non-United States Holder will have the same tax basis and holding period in the Exchange Note as it did in
 the old note.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If a Non-United States Holder meeting the United States certification requirements as set forth above sells or otherwise disposes of a note or such note is redeemed, the Non-United States Holder generally will not be subject to United States federal income tax on any
 gain unless one of the following applies:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">The gain is effectively connected with a trade or business that the Non-United States Holder conducts in the United States.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">The Non-United States Holder is an individual, is present in the U.S. for at least 183 days during the year in which the holder disposes of the notes and certain other conditions are satisfied.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">The gain represents accrued interest, in which case the rules for interest would apply.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Effectively Connected Income</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If a Non-United States Holder of a note is engaged in a trade or business in the United States, and if interest on the note is effectively connected with the conduct of this trade or business, the Non-United States Holder, although exempt from the withholding tax
 discussed above, will generally be taxed in the same manner as a United States Holder (see &#147;Tax Consequences to United States Holders&#148; above), except that the holder will be required to provide to the Company a properly executed IRS Form W-8ECI (or successor form) in
 order to claim an exemption from withholding tax.</font></p>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">74</font></p>
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<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If the Non-United States Holder is a corporation, it may also be subject to &#147;branch profits tax&#148; on its earnings that are effectively connected with the holder&#146;s U.S. trade or business, including earnings from the note. This tax is 30%, but may be reduced or eliminated by
 an applicable tax treaty.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Information Reporting and Backup Withholding</i></b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Interest payments made to Non-United States Holders will generally be reported to the IRS and to each Non-United States Holder on Form 1042-S. However, this reporting does not apply if one of the following conditions applies:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">The Non-United States Holder holds its notes directly through a qualified intermediary and the applicable procedures are complied with.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">The Non-United States Holder files Form W-8ECI.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information reporting and backup withholding apply to Non-United States Holders as follows:</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">Principal and interest payments received will generally be exempt from the information reporting and backup withholding if the holder is a Non-United States Holder exempt from withholding on interest and satisfies the United States certification requirements described
 above. The exemption does not apply if the withholding agent or an intermediary knows or has reason to know that the holder should be subject to the usual information reporting or backup withholding rules.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&#149;</font></td>
    <td><div align="left"><font face="serif" size="2">In general, a Non-United States Holder will not be subject to information reporting and backup withholding on the sale proceeds received on sale of a note. However, sale proceeds received on a sale of a Non-United States Holder&#146;s notes through a broker may be subject to
 information reporting and/or backup withholding may apply if the Non-United States Holder uses the United States office of a broker, and information reporting (but not backup withholding) may apply if it uses the foreign office of a broker that has certain connections to
 the United States.</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>PLAN OF DISTRIBUTION</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each broker-dealer that receives Exchange Notes for its own account pursuant to this exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes. This prospectus, as it may be amended or supplemented from
 time to time, may be used by a broker-dealer in connection with resales of Exchange Notes received in exchange for old notes where such old notes were acquired as a result of market-making activities or other trading activities. We have agreed that, for a period of 180 days
 after the expiration date, we will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We will not receive any proceeds from any sale of Exchange Notes by broker-dealers. Exchange Notes received by broker-dealers for their own account pursuant to the exchange offer may be sold from time to time in one or more transactions in the over-the-counter
 market, in negotiated transactions, through the writing of options on the Exchange Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be
 made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Notes. Any broker-dealer that resells Exchange Notes that were
 received by it for its own account pursuant to the exchange offer and any broker or dealer that participates in a distribution of such Exchange Notes may be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act and any profit on any such resale of Exchange
 Notes and any commission or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will
 not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">For a period of 180 days after the expiration date we will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any broker-dealer that requests such</font></p>
</div>
<p align="center"><font face="serif" size="2">75</font></p>
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<p align="left"><font face="serif" size="2">documents in the Letter of Transmittal. We have agreed to pay all expenses incident to the exchange offer, including the reasonable fees and expenses of counsel to the initial purchasers of the
 old notes, other than commissions or concessions of any brokers or dealers. We will indemnify the holders of the notes (including any broker-dealers) against certain liabilities, including
 liabilities under the Securities Act.</font></p>
<p align="center"><font face="serif" size="2"><b>LEGAL MATTERS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The validity of the issuance of the Exchange Notes will be passed upon for us by Barrett &amp; McNagny LLP, Fort Wayne, Indiana.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>EXPERTS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Ernst &amp; Young LLP, independent auditors, have audited our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December&nbsp;31, 2003, as set forth in their report, which is incorporated by reference in this prospectus and
 elsewhere in this registration statement. Our financial statements are incorporated by reference in reliance on Ernst &amp; Young LLP&#146;s report, given on their authority as experts in accounting and auditing.</font></p>
</div>
<p align="center"><font face="serif" size="2">76</font></p>
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<p align="center"><font face="serif" size="2"><b>PART II</b></font></p>
<p align="center"><font face="serif" size="2"><b>INFORMATION NOT REQUIRED IN PROSPECTUS</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Item 20. Indemnification of Directors and Officers</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">As permitted by Chapter 37 of the Indiana Business Corporation Law, Article IX of our Amended and Restated Articles of Incorporation provides that we shall indemnify a director or officer against liability, including expenses and costs of defense, incurred in any
 proceeding, if that individual was made a party to the proceeding because the individual is or was a director or officer, or, at our request, was serving as a director, officer, partner, trustee, employee, or agent of another corporation, partnership, joint venture, trust, employee
 benefit plan, or other enterprise, whether or not for profit, so long as the individual&#146;s conduct was in good faith and with the reasonably belief, in connection with the individual&#146;s &#147;official capacity,&#148; that the conduct was in our beset interests, or, in all other cases, that the
 conduct was at least not opposed to our best interests. In the case of any criminal proceeding, the duty to indemnify applies so long as the individual either had reasonable cause to believe that the conduct was lawful, or had no reasonable cause to believe that the conduct was
 unlawful. Conduct with respect to an employee benefit plan in connection with a matter the individual believed to be in the best interests of the participants in and beneficiaries of the plan is deemed conduct that satisfies the indemnification standard that the individual
 reasonably believed that the conduct was at least not opposed to our best interests.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We may advance or reimburse for reasonable expenses incurred by a person entitled to indemnification, in advance of final disposition, if the individual furnishes us with a written affirmation of his or her good faith belief that the applicable standard of conduct was
 observed, accompanied by a written undertaking to repay the advance if it is ultimately determined that the applicable standards were not met.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In all cases, whether in connection with advancement of expenses during a proceeding, or afterward, we may not grant indemnification unless authorized in the specific case after a determination has been made that indemnification is permissible under the circumstances.
 The determination may be made either by our board of directors, by majority vote of a quorum consisting of directors not at the time parties to the proceeding, or, if a quorum cannot be so obtained, then by majority vote of a committee duly designated by the board of
 directors consisting solely of two or more directors not at the time parties to the proceeding. Alternatively, the determination can be made by special legal counsel selected by the board of directors or the committee, or by the stockholders, excluding shares owned by or voted
 under the control of persons who are at the time parties to the proceeding. In the event that a person seeking indemnification believes that it has not been properly provided that person may apply for indemnification to the court conducting the proceeding or to another court of
 competent jurisdiction. In such a proceeding, a court is empowered to grant indemnification if it determines that the person is fairly and reasonably entitled to indemnification in view of all of the relevant circumstances, whether or not the person met the standard of conduct for
 indemnification.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We may purchase and maintain insurance on behalf of our directors, officers, employees or agents, insuring against liability arising from his or her status as a director, officer, employee, or agent, whether or not we would have the power to indemnify the individual
 against the same liability under Article IX. Article&nbsp;IX does not preclude us from providing indemnification in any other manner.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The indemnification provisions set forth in Article IX of the Amended and Restated Articles of Incorporation, as well as the authority vested in our board of directors by Chapter 37 of the Business Corporation Law to grant indemnification beyond that which is
 described in Article IX, may be sufficiently broad to provide indemnification of our directors and officers for liabilities arising under the Securities Act.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, we have been advised that in the opinion of the SEC such indemnification is against public
 policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities, other than the payment of expenses incurred or paid by a director, officer or controlling person in the successful defense of any action,
 suit or proceeding, is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by</font></p>
</div>
<p align="center"><font face="serif" size="2">77</font></p>
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<p align="left"><font face="serif" size="2">controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the Act and will be governed by the
 final adjudication of such issue.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We have obtained liability insurance for the benefit of our directors and officers which provides coverage for losses of directors and officers for liabilities arising out of claims against such persons acting as our officers or directors, or any of our subsidiaries, due to any
 breach of duty, neglect, error, misstatement, misleading statement, omission or act done by such directors and officers, except as prohibited by law.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Item 21. Exhibits</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed herewith or incorporated by reference as part of this Registration Statement:</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="12%"><font face="serif" size="2"><u><b>Exhibit No.</b></u></font></td>
    <td width="2%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3.1a</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Amended and Restated Articles of Incorporation of Steel Dynamics, Inc., incorporated by reference from Exhibit 3.1a in Registrant&#146;s Registration
 Statement on Form S-1, SEC File No. 333-12521, effective November&nbsp;21, 1996.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3.1b</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Articles of Incorporation of Iron Dynamics, Inc., incorporated by reference from Registrant&#146;s 1996 Annual Report on Form 10-K, filed March&nbsp;31,
 1997.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3.2a</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Amended Bylaws of Steel Dynamics, Inc., incorporated herein by reference from Exhibit 3.2a to our Registration Statement on Form S-3, SEC File No.
 333-82210, effective February&nbsp;28, 2002.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3.2b</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Bylaws of Iron Dynamics, Inc., incorporated by reference from Registrant&#146;s 1996 Annual Report on Form 10-K, filed March&nbsp;31, 1997.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.1</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Registration Rights Agreement, dated as of January&nbsp;28, 2002, among Steel Dynamics, Inc., various financial institutions which are to receive Steel
 Dynamics common stock under the Settlement Agreement referred to in Exhibit 2.1, and Mellon Bank, N.A., as Agent, incorporated by reference from
 Exhibit 4.1 to our Report on Form 8-K, filed February&nbsp;26, 2002.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.2</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Registration Rights Agreement between Steel Dynamics, Inc. as Issuer and Morgan Stanley &amp; Co. Incorporated and Goldman, Sachs &amp; Co. as Initial
 Purchasers, dated as of December&nbsp;23, 2002, re $100,000,000 of our 4% Convertible Subordinated Notes due 2012, incorporated by reference from
 Exhibit 4.1c to our Registration Statement on Form S-3, File No. 333-103672, filed March&nbsp;7, 2003.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.3&#135;</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Registration Rights Agreement, dated as of November&nbsp;26, 2003, between Steel Dynamics, Inc. and Steel Dynamics Sales North America, Inc., SDI
 Investment Company, STLD Holdings, Inc., Ferrous Resources, LLC and Dynamic Bar Products, LLC as Guarantors, and Morgan Stanley &amp; Co.
 Incorporated et al as Placement Agents pursuant to the Placement Agreement dated November&nbsp;26, 2003 relating to the sale by us of $100&nbsp;million of
 our 9  1/2% unsecured senior notes.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.4</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Indenture relating to Registrant&#146;s issuance of $200&nbsp;million senior unsecured notes, dated as of March&nbsp;26, 2002, between Steel Dynamics, Inc. as
 Issuer and SDI Investment Company as Initial Subsidiary Guarantor, and Fifth Third Bank, Indiana as Trustee, incorporated by reference from Exhibit
 10.3a to our 2001 Annual Report on Form 10-K, filed March&nbsp;28, 2002.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.4a</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">First Supplemental Indenture, dated as of September&nbsp;6, 2002, relating to the Indenture described in Exhibit 4.4, incorporated herein by reference from
 our Exhibit 4.4a to our 2002 Annual Report on Form 10-K, filed March&nbsp;28, 2003.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.4b</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Second Supplemental Indenture, dated as of September&nbsp;30, 2002, relating to the Indenture described in Exhibit 4.4, incorporated herein by reference
 from our Exhibit 4.4b to our 2002 Annual Report on Form 10-K, filed March&nbsp;28, 2003.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.4c</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Third Supplemental Indenture, dated as of December&nbsp;31, 2002, relating to the Indenture described in Exhibit 4.4 incorporated herein by reference from
 our Exhibit 4.4c to our 2002 Annual Report on Form 10-K, filed March&nbsp;28, 2003..</font></td>
  </tr>
  <tr valign="top">
    <td width="12%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.4d</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Fourth Supplemental Indenture, dated as of November&nbsp;26, 2003, relating to the Indenture described in Exhibit 4.4, incorporated by reference to Exhibit
 4.4d to our 2003 Annual Report on Form 10-K, filed March&nbsp;12, 2004.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">78</font></p>
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<div style="page-break-before:always"></div>
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<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4.5</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Indenture relating to our 4% Convertible Subordinated Notes due 2012, dated as of December&nbsp;23, 2002, between Steel Dynamics, Inc. and Fifth Third
 Bank, Indiana as Trustee, incorporated by reference from Exhibit 4.2a to our Registration Statement on Form S-3, File No. 333-103672, filed March&nbsp;7,
 2003.</font></td>
  </tr>
  <tr valign="top">
    <td valign="top"><font face="serif" size="2">5.1*</font></td>
    <td>&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">Opinion of Barrett &amp; McNagny LLP.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.1</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Credit Agreement relating to our $350&nbsp;million senior secured credit facility, dated as of March&nbsp;26, 2002 among Steel Dynamics, Inc. as Borrower,
 certain designated &#147;Initial Lender Parties,&#148; JPMorgan Chase as Collateral Agent and Administrative Agent, Morgan Stanley Senior Funding, Inc. as
 Arranger and Syndication Agent, and others, incorporated by reference from Exhibit 10.1a to our 2001 Annual Report on Form 10-K, filed March&nbsp;28,
 2002.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.1a</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">First Amendment to Credit Agreement referenced at Exhibit 10.1, dated as of August&nbsp;6, 2002, incorporated herein from Exhibit 10.1b to our
 Registration Statement on Form S-4, SEC File No. 333-99855, effective October&nbsp;17, 2002.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.1b</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Second Amendment to Credit Agreement dated as of December&nbsp;16, 2002, relating to the Credit Agreement described at Exhibit 10.1, incorporated by
 reference from our Exhibit 10.1d to our 2002 Annual Report on Form 10-K, filed March&nbsp;28, 2003.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.1c</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Third Amendment to Credit Agreement dated as of January&nbsp;23, 2003, relating to the Credit Agreement described at Exhibit 10.1, incorporated by
 reference from our Exhibit 10.1d to our 2002 Annual Report on Form 10-K, filed March&nbsp;28, 2003.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.1d</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Fourth Amendment to Credit Agreement dated as February&nbsp;20, 2003, relating to the Credit Agreement described at Exhibit 10.1, incorporated by
 reference from our Exhibit 10.1d to our 2002 Annual Report on Form 10-K, filed March&nbsp;28, 2003.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.1e</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Fifth Amendment to Credit Agreement dated as of August&nbsp;7, 2003, relating to the Credit Agreement described at Exhibit 10.1, incorporated by
 reference from our Exhibit 10.1e to our 2003 Annual Report on Form 10-K, filed March&nbsp;12, 2004.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.1f</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Sixth Amendment to Credit Agreement dated as of November&nbsp;13, 2003, relating to the Credit Agreement described at Exhibit 10.1, incorporated by
 reference from our Exhibit 10.1f to our 2003 Annual Report on Form 10-K, filed March&nbsp;12, 2004.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.2</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Subsidiary Guaranty dated as of March&nbsp;26, 2002 from SDI Investment Company, Iron Dynamics, Inc. and certain future Additional Guarantors, in
 favor of the Secured Parties under the March&nbsp;26, 2002 Credit Agreement, incorporated by reference from Exhibit 10.2a to our 2001 Annual Report on
 Form 10-K, filed March&nbsp;28, 2002.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.2a</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Subsidiary Guaranty Supplement,
        dated as of April&nbsp;7, 2002, from Ferrous Resources, LLC, in favor
        of the Secured Parties under the March&nbsp;26, 2002
 Credit Agreement incorporated by reference to Exhibit 10.2a to our 2002 Annual
        Report on Form 10-K.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.2b</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Subsidiary Guaranty Supplement, dated as of September&nbsp;6, 2002, from Dynamic Bar Products, LLC, in favor of the Secured Parties under the
 March&nbsp;26, 2002 Credit Agreement incorporated by reference to Exhibit 10.2b to our Annual Report on Form 10-K.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.2c</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Subsidiary Guaranty Supplement, dated as of January&nbsp;23, 2003, from Steel Dynamics Sales North America, Inc., in favor of the Secured Parties under
 the March&nbsp;26, 2002 Credit Agreement incorporated by reference to Exhibit 10.2c to our 2002 Annual Report on Form 10-K.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.3</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Purchase Agreement dated December&nbsp;17, 2002 between Steel Dynamics, Inc. and Morgan Stanley &amp; Co. Incorporated, et al as Initial Purchasers re
 Steel Dynamics, Inc.&#146;s 4% Convertible Subordinated Notes due 2012.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.4&#135;</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Purchase Agreement dated November&nbsp;26, 2003 between Steel Dynamics, Inc. and Morgan Stanley &amp; Co., Incorporated, et al as Initial Purchasers
 relating to the issuance by us of $100&nbsp;million of our 9 1/2% unsecured Senior Notes.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.12</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Loan Agreement between Indiana Development Finance Authority and Steel Dynamics, Inc. re Taxable Economic Development Revenue bonds, Trust
 Indenture between Indiana Development Finance Authority and NBD Bank, N.A., as Trustee re Loan Agreement between Indiana Development
 Finance Authority and Steel Dynamics, Inc., incorporated by reference from Exhibit 10.12 to Registrant&#146;s Registration Statement on Form S-1, File No.
 333-12521, effective November&nbsp;21, 1996.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.18</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">1994 Incentive Stock Option
        Plan, incorporated by reference from Exhibit 10.18 to Registrant&#146;s
        Registration Statement on Form S-1, File No. 333-12521, effective November&nbsp;21,
        1996.</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">79</font></p>
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<div style="page-break-before:always"></div>
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<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.19&#134;</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Amended and Restated 1996 Incentive Stock Option Plan, incorporated by reference from Exhibit 10.19 to our 2001 Annual Report on Form 10-K, filed
 March&nbsp;28, 2002.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.23&#134;</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Revised Officer and Manager Cash and Stock Bonus Plan, incorporated by reference from Exhibit 10.23 to our June&nbsp;30, 2000 Form 10-Q, filed
 August&nbsp;11, 2000.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.24&#134;</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">2003 Executive Incentive Compensation Plan, approved by stockholders on May&nbsp;29, 2003, incorporated by reference herein to Exhibit 10.24 of our
 2003 Annual Report on Form 10-K, filed March&nbsp;12, 2004.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">10.40</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Employee Stock Purchase Plan, incorporated by reference from Exhibit A to our Proxy Statement, filed April&nbsp;5, 2004.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">12.1*</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Computation of Ratio of Earnings to Fixed Charges</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">14.1</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Code of Ethics for Principal Executive Officers and Senior Financial Officers, incorporated by reference from Exhibit 14.1 to our 2002 Annual Report
 on Form 10-K filed March&nbsp;28, 2003.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">21.1*</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">List of our Subsidiaries</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">23.1*</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Consent of Ernst &amp; Young LLP.</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">24.1</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Powers of attorney (see signature page on page ____ of this Report).</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">25.1*</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Form T-1, Trustee&#146;s Statement of Eligibility</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">99.1*</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Letter of Transmittal</font></td>
  </tr>
  <tr valign="top">
    <td width="12%" valign="top"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">99.2*</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Notice of Guaranteed Delivery</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="100"><hr noshade size="1" align="left" width="100%"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">*</font></td>
    <td><div align="left"><font face="serif" size="2">Filed concurrently herewith</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&#134;</font></td>
    <td><div align="left"><font face="serif" size="2">Indicates a management contract or compensatory plan or arrangement.</font></div></td>
    <td><div align="left"></div></td>
</tr>
  <tr valign="top">
    <td><font face="serif" size="2">&#135;</font></td>
    <td><div align="left"><font face="serif" size="2">To be supplied by amendment.</font></div></td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>Item 22. Undertakings</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:</font></p>
</div>
<div style="margin-left:3%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>
</div>
</div>
<div style="margin-left:6%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</font></p>
</div>
</div>
<div style="margin-left:6%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
 registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
 offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#147;Calculation
 of Registration Fee&#148; table in the effective registration statement;</font></p>
</div>
</div>
<div style="margin-left:6%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</font></p>
</div>
</div>
<p align="left"><font face="serif" size="2">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) to not apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with
 or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.</font></p>
<div style="margin-left:3%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
 deemed to be the initial bona fide offering thereof.</font></p>
</div>
</div>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">80</font></p>
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<div style="margin-left:3%">
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p>
</div>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual
 report pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
 thereof.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
 Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or
 paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its
 counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Item 4, 10(b), 11, or 13 of this form, within one business day of receipt of such request, and to send the incorporated
 documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of and included in the registration statement when it
 became effective.</font></p>
</div>
<p align="center"><font face="serif" size="2">81</font></p>
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<p align="center"><font face="serif" size="2"><b>SIGNATURES</b></font></p>

<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the
    Securities Act of 1933, the registrant has duly caused this registration
    statement to be signed on its behalf by the undersigned, thereunto duly authorized,
  in the City of Fort Wayne, State of Indiana, on May 6, 2004.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="50%">&nbsp;</td>
    <td colspan="2"><font face="serif" size="2">Steel Dynamics, Inc.</font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%">&nbsp;</td>
    <td width="3%"><font face="serif" size="2">By: </font></td>
    <td><font size="2" face="serif">/s/ Tracy L. Shellabarger</font><br>
      <hr size="1" noshade><font face="serif" size="2">      Name: Tracy L. Shellabarger<br>
  Title: Vice President and Chief Financial Officer</font></td></tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr align="left" valign="top">
<td width="49%" align="center" valign="bottom">/s/ <font face="serif" size="2">Keith E. Busse</font><br>
  <hr noshade size="1">
<font face="serif" size="2">Keith E. Busse</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">President and Chief Executive Officer<br>
(principal executive officer)</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center">/s/ <font face="serif" size="2">Mark D. Millett</font><br>
<hr noshade size="1">
    <font face="serif" size="2">Mark D. Millett</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Vice President and Director</font><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Richard P. Teets,
    Jr.</font><br>
  <hr noshade size="1">
<font face="serif" size="2">Richard P. Teets, Jr.</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;Vice President and Director</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Tracy L. Shellabarger</font><br>
  <hr noshade size="1">
<font face="serif" size="2">Tracy L. Shellabarger</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Vice President,
        Chief Financial Officer<br>
(principal financial and accounting officer)&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">John C. Bates</font><br>
  <hr noshade size="1">
<font face="serif" size="2">John C. Bates</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;Director</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Dr. J&#252;rgen
    Kolb</font><br>
  <hr noshade size="1">
<font face="serif" size="2">Dr. J&#252;rgen Kolb</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Director</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Joseph D. Ruffolo</font><br>
  <hr noshade size="1">
<font face="serif" size="2">Joseph D. Ruffolo</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Director</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center" valign="bottom">/s/ <font face="serif" size="2">Naoki Hidaka</font><br>
  <hr noshade size="1">
<font face="serif" size="2">Naoki Hidaka</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Director&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Richard J. Freeland</font><br>
  <hr noshade size="1">
<font face="serif" size="2">Richard J. Freeland</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Director&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">James E. Kelley</font><br>
  <hr noshade size="1">
<font face="serif" size="2">James E. Kelley</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Director&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Paul B. Edgerley</font><br>
  <hr noshade size="1">
  <font face="serif" size="2">Paul B. Edgerley</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">Director&nbsp;</font></td>
  </tr>
</table>

<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Securities Act of 1933, and to the powers of attorney previously granted, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</font></p>
</div>
<p align="center"><font face="serif" size="2">82</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p83"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Steel Dynamics Sales Company North America, Inc.</b></font></div></td>
  </tr>
</table>

<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div></td>
    <td><font face="serif" size="2">/s/ Tracy L. Shellabarger</font><br>
      <hr size="1" noshade></td><td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Name: Tracy L. Shellabarger</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Title: President</font></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font face="serif" size="2">Date: May 6, 2004&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Securities Act of 1933, the following additional registrants have duly caused this registration statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the places and on the dates indicated below.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td>/s/ <font face="serif" size="2">Keith E. Busse</font><br>
        <hr size="1" noshade>
    </td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><font face="serif" size="2">Keith
    E. Busse</font></font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Title: President and Chief Executive Officer</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td><font face="serif" size="2">/s/ Tracy L. Shellabarger</font><br>
        <hr size="1" noshade>
    </td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Tracy L. Shellabarger</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Secretrary
        and Chief Financial Officer and Principal Accounting Officer</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td>/s/ <font face="serif" size="2">Richard P. Teets, Jr.</font><br>
        <hr size="1" noshade>
    </td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><font face="serif" size="2">Richard
    P. Teets, Jr.</font></font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Vice President and Assistant Secretrary</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td>/s/ <font face="serif" size="2">Mark D. Millett</font><br>
        <hr size="1" noshade>
    </td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><font face="serif" size="2">Mark
    D. Millett</font></font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Vice President</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td><font face="serif" size="2">/s/ John W. Nolan</font><br>
        <hr size="1" noshade>
    </td>
    <td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">John W. Nolan</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Vice President</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>SDI Investment Company</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td>/s/ <font face="serif" size="2">Tracy L. Shellabarger</font><br>
      <hr size="1" noshade>
    </td><td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Name: Tracy L. Shellabarger</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Title: President and Chief Executive Officer</font></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font face="serif" size="2">Date: May 6, 2004&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>/s/ <font face="serif" size="2">Tracy L. Shellabarger</font><br>
      <hr size="1" noshade></td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Tracy L. Shellabarger</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">President and Chief Executive Officer</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">(principal executive officer)</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>/s/ <font face="serif" size="2">Mary L. Fink</font><br>
      <hr size="1" noshade>
    </td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Mary L.
 Fink<br>
Vice President, Principal Accounting
    Officer And Director</font></div></td>
 </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><br>
    <hr size="1" noshade></td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Milly F. Smith</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Director</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">May 6, 2004</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>STLD Holdings, Inc.</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td>/s/ <font face="serif" size="2">Mark D. Millett</font><br>
      <hr size="1" noshade>
    </td><td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Name: Mark D. Millett</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Title: President and Chief Executive Officer</font></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font face="serif" size="2">Date: May 6, 2004&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%">/s/ <font face="serif" size="2">Mark D. Millett</font><br>
      <hr size="1" noshade>
    </td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><font face="serif" size="2">Mark D. Millett</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">President and Chief Executive Officer<br>
(principal executive officer) and Sole Director</font></td>
  </tr>
</table>

<p align="center"><font face="serif" size="2">83</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p84"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%">/s/ <font face="serif" size="2">Tracy L. Shellabarger</font><br>
      <hr size="1" noshade>
    </td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Tracy L. Shellabarger<br>
Vice President and Principal Financial Officer</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%">/s/ <font face="serif" size="2">Theresa E. Wagler</font><br>
      <hr size="1" noshade>
    </td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Theresa E. Wagler<br>
Principal Accounting Officer</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>FERROUS RESOURCES, LLC</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">By:</font></td>
    <td><div align="left"><font face="serif" size="2">STLD Holdings, Inc. (Its sole member)</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td><font face="serif" size="2">/s/ Mark D. Millett</font><br>
      <hr size="1" noshade>
    </td><td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Name: Mark D. Millett</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Title: President and Chief Executive Officer</font></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font face="serif" size="2">Date: May 6, 2004&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%">/s/ <font face="serif" size="2">Mark D. Millett</font><br>
      <hr size="1" noshade>
    </td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Mark D. Millett<br>
President and Chief Executive Officer<br>
(principal executive officer) and Sole Director</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%">/s/ <font face="serif" size="2">Tracy L. Shellabarger</font><br>
      <hr size="1" noshade>
    </td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Tracy L. Shellabarger</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Vice President and Principal Financial Officer</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%">/s/ <font face="serif" size="2">Theresa E. Wagler</font><br>
      <hr size="1" noshade>
    </td><td width="50%" align="left">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Theresa E. Wagler<br>
Principal Accounting Officer</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2">Date: May 6, 2004</font></div></td>
  </tr>
</table>

<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</font></p>
</div>
<p align="center"><font face="serif" size="2">84</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p85"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>DYNAMIC BAR PRODUCTS, LLC</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2"><p><font face="serif" size="2">&nbsp;</font></p>
    <font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">By:</font></td>
    <td><div align="left"><font face="serif" size="2">Steel Dynamics, Inc. (Its Sole Member)</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><div align="left"><font face="serif" size="2">By: </font></div>
    </td>
    <td>/s/ <font face="serif" size="2">Richard P. Teets, Jr.</font><br>
      <hr size="1" noshade>
    </td><td width="50%">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Name: Richard P. Teets, Jr.</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Title: Vice President </font></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font face="serif" size="2">Date: May 6, 2004&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Keith E. Busse</font><br>
<hr noshade size="1">
<font face="serif" size="2">Keith E. Busse</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">President and Chief Executive Officer<br>
(principal executive officer)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Mark D. Millett</font><br>
<hr noshade size="1">
<font face="serif" size="2">Mark D. Millett</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">Vice President and Director</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Richard P. Teets,
    Jr.</font><br>
<hr noshade size="1">
<font face="serif" size="2">Richard P. Teets, Jr.</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">Vice President and Director</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Tracy L. Shellabarger</font><br>
<hr noshade size="1">
<font face="serif" size="2">Tracy L. Shellabarger</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">Vice President,
        Chief Financial Officer<br>
(principal financial and accounting officer)&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">John C. Bates</font><br>
<hr noshade size="1">
<font face="serif" size="2">John C. Bates</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">Director</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Dr. J&#252;rgen
    Kolb</font><br>
<hr noshade size="1">
<font face="serif" size="2">Dr. J&#252;rgen Kolb</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">Director</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Joseph D. Ruffolo</font><br>
<hr noshade size="1">
<font face="serif" size="2">Joseph D. Ruffolo</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">Director</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center"><font face="serif" size="2">/s/ Naoki Hidaka&nbsp;</font><br>
<hr noshade size="1">
<font face="serif" size="2">Naoki Hidaka</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">Director</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Richard J. Freeland</font><br>
<hr noshade size="1">
<font face="serif" size="2">Richard J. Freeland</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">Director</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">James E. Kelley</font><br>
<hr noshade size="1">
<font face="serif" size="2">James E. Kelley</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">Director</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
<td width="49%" align="center">/s/ <font face="serif" size="2">Paul B. Edgerley</font><br>
<hr noshade size="1">
<font face="serif" size="2">Paul B. Edgerley</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left"><font face="serif" size="2">Director</font></td>
  </tr>
</table>

<p align="center"><font face="serif" size="2">85</font></p>
<hr noshade align="center" width="100%" size="2">
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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>b331690ex5_1.htm
<DESCRIPTION>LETTER (BARRETT & MCNAGNY LLP)
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<a name="ex5_1p1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="right"><font face="serif" size="2"><b>EXHIBIT 5.1</b></font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>Barrett &amp; McNagny LLP</b><br>
215 East Berry Street<br>
Fort Wayne, Indiana 46802</font></p>
<p align="right"><font face="serif" size="2">May 6, 2004</font></p>
<p align="left"><font face="serif" size="2">Steel Dynamics, Inc.<br>
6714 Pointe Inverness Way, Suite 200<br>
Fort Wayne, Indiana 46804</font></p>
<p align="left"><font face="serif" size="2">Gentlemen:</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We have acted as counsel to Steel Dynamics, Inc., an Indiana corporation (the &#147;Company&#148;), in connection with the Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) filed by the Company with the Securities and Exchange Commission under the
 Securities Act of 1933, as amended (the &#147;Securities Act&#148;), relating to the registration by the Company of $100,000,000 aggregate principal amount of its 9 1/2% Senior Notes due 2009 (the &#147;Exchange Notes&#148;) and the guaranties of the payment of interest on and principal of
 the Exchange Notes (together, the &#147;Guaranties&#148;) by the Company&#146;s Subsidiaries Steel Dynamics Sales North America, Inc., SDI Investment Company, STLD Holdings, Inc., Ferrous Resources, LLC and Dynamic Bar Products, LLC (each a &#147;Guarantor&#148;). The Exchange Notes
 and Guaranties are proposed to be issued in accordance with the provisions of the indenture (the &#147;Indenture&#148;), dated as of March&nbsp;26, 2002, as amended to November&nbsp;26, 2003, between the Company and The Bank of New York Trust Company, N.A. as Trustee.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">In connection with rendering the opinions set forth below, we have examined the Registration Statement, the Prospectus contained therein, the Indenture, as amended, which is incorporated by reference as exhibits to the Registration Statement, the Articles of
 Incorporation and Bylaws of the Company and resolutions adopted by the Board of Directors of the Company, and we have made such other investigation as we have deemed appropriate. We have examined and relied on certificates of public officials. We have not
 independently established any of the facts so relied on.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">For purposes of this opinion letter we have assumed that each document submitted to us is accurate and complete, that each such document that is an original is authentic, that each such document that is a copy conforms to an authentic original, and that all signatures
 (other than signatures on behalf of the Company) on each such document are genuine. We have further assumed the legal capacity of natural persons, and we have assumed that each party to the documents we have examined or relied on (other than the Company) has the legal
 capacity or authority and has satisfied all legal requirements that are applicable to that party to the extent necessary to make such documents enforceable against that party. We have not verified any of these assumptions.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Based on the foregoing, and subject to the foregoing and the additional qualifications and other matters set forth below, it is our opinion that the Exchange Notes and Guaranties, when (a) the Company&#146;s outstanding $100,000,000 of its 9 1/2% Notes Due 2009 have
 been exchanged in the manner described in the Registration Statement, (b) the Exchange Notes and Guaranties have been duly executed, authenticated, issued and delivered in accordance with the terms of the Indenture, (c) the Indenture continues to be qualified under the Trust
 Indenture Act of 1939, as amended, and (d) applicable provisions of &#147;blue sky&#148; laws have been complied with, will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms, under the laws of the State of New
 York applicable thereto, except as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium (including, without limitation, all laws relating to fraudulent transfers), other similar laws relating to or affecting enforcement of creditors&#146; rights
 generally, general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law) and limitations of the waiver of rights under usury laws, and will be entitled to the benefits of the Indenture.</font></p>
</div>
<p>&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ex5_1p2"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We are furnishing this opinion letter to you solely in connection with the registration under the Securities Act by the Company of the Exchange Notes and Guaranties. You may not rely on this opinion letter in any other connection, and it may not be furnished to or
 relied upon by any other person, other than purchasers of the Exchange Notes, for any purpose, without our specific prior written consent.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The foregoing opinions are rendered as of the date of this letter.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We hereby consent to the reference to us in the Registration Statement under the caption &#147;Legal Matters&#148; and to the filing of this opinion as an exhibit to the registration statement.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Very truly yours,</font></p>
</div>
<hr noshade align="center" width="100%" size="2">
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>b331690ex12_1.htm
<DESCRIPTION>COMPUTATION OF RATIO OF EARNINGS
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<page>
<a name="ex121p1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="right"><font size="2" face="serif"><b>EXHIBIT 12.1</b></font></p>
<p align="left"><font size="2" face="serif">STEEL DYNAMICS, INC.<br>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES<br>(DOLLARS IN THOUSANDS)</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr align="center" valign="bottom">
<td><font size="1" face="serif">&nbsp;</font></td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b>1999</b></font></td>
<td width="2%" align="center">&nbsp;</td>
<td width="2%" align="center">&nbsp;</td>
<td colspan="2" align="center"><font size="1" face="serif"><b>2000</b></font></td>
<td width="2%" align="center">&nbsp;</td>
<td width="2%" align="center">&nbsp;</td>
<td colspan="2" align="center"><font size="1" face="serif"><b>2001</b></font></td>
<td width="2%" align="center">&nbsp;</td>
<td width="2%" align="center">&nbsp;</td>
<td colspan="2" align="center"><font size="1" face="serif"><b>2002</b></font></td>
<td width="2%" align="center">&nbsp;</td>
<td width="2%" align="center">&nbsp;</td>
<td colspan="2" align="center"><font size="1" face="serif"><b>2003</b></font></td>
<td width="2%" align="center" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
  <td></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="1">
  </td>
  <td valign="bottom"><hr noshade size="1">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="1">
  </td>
  <td valign="bottom"><hr noshade size="1">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="1">
  </td>
  <td valign="bottom"><hr noshade size="1">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="1">
  </td>
  <td valign="bottom"><hr noshade size="1">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="1">
  </td>
  <td valign="bottom"><hr noshade size="1">
  </td>
  <td align="left" valign="bottom"></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Interest
    expense, including amortization of debt issuance costs</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">22,919</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">21,038</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">21,015</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">38,513</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">38,568</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Capitalized
    interest </font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">13,196</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">17,477</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">13,993</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">11,413</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">7,820</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="serif">Fixed
    charges (a)</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">36,115</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">38,515</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">35,008</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">49,926</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">46,388</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Income
    before taxes and extraordinary items </font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">65,279</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">84,485</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">5,113</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">124,477</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">75,437</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Amortization
    of capitalized interest</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">1,365</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">1,501</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">1,597</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">2,932</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">3,859</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Less
    capitalized interest</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">(13,196</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">(17,477</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">(13,993</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">(11,413</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">(7,820</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="2%" align="left" valign="bottom"></td>
<td width="1%" align="left" valign="bottom"><hr noshade size="1"></td>
<td width="8%" valign="bottom"><hr noshade size="1"></td>
<td width="2%" align="left" valign="bottom"></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="serif">Adjusted
    earnings (b)</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">89,563</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">107,024</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">27,725</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">165,922</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">$</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">117,864</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
  <td></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
<td width="2%" align="left" valign="bottom"></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Ratio
    (b) / (a)</font></div></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">2.48</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">x</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">2.78</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">x</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">0,79</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">x</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">3.32</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">x</font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="8%" align="right" valign="bottom"><font size="2" face="serif">2.54</font></td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">x</font></td>
</tr>
<tr valign="top">
  <td></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"></td>
  <td align="left" valign="bottom"><hr noshade size="2">
  </td>
  <td valign="bottom"><hr noshade size="2">
  </td>
<td width="2%" align="left" valign="bottom"></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">For purposes of calculating our ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before income taxes and extraordinary items, adjusted for the portion of fixed charges deducted from the earnings, plus amortization of capitalized interest.  Fixed charges consist of interest on all indebtedness, including capitalized interest, and amortization of debt issuances costs.   In 2001, our earnings were insufficient to cover our fixed charges by $7.3 million.</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>5
<FILENAME>b331690ex21_1.htm
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<div style="page-break-before:always"></div>
<page>
<a name="ex211p1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="right"><font size="2" face="serif"><b>Exhibit 21.1</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Name</b></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="19%" align="center" valign="bottom"><font size="2" face="serif"><b>Percent of Capital<br>Stock/Equity Units<br>Owned by<br>Steel Dynamics, Inc.</b></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom">&nbsp;</td>
<td width="19%" align="center" valign="bottom"><font size="2" face="serif"><b>Percent of Voting<br>Stock/Voting Units<br>Owned by<br>Steel Dynamics, Inc.</b></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td> </tr>
<tr valign="top">
<td align="left"><hr size="1" noshade></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><hr size="1" noshade>
</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><hr size="1" noshade>
</td>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Dynamic
    Bar Products, LLC</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Ferrous
    Resources, LLC</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Iron
    Dynamics, Inc.</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">New
    Millennium Building Systems, LLC</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Omni
    Dynamic Aviation, LLC</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">50</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">50</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Paragon
    Steel Enterprises, LLC</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">50</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">50</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">SDI
    Investment Company</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">STLD
    Holdings, Inc.</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Steel
    Dynamics Sales North America, Inc.</font></div></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">100</font></td>
<td align="left" valign="bottom"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left" valign="bottom">&nbsp;</td>
  <td align="right" valign="bottom">&nbsp;</td>
  <td align="left" valign="bottom">&nbsp;</td>
  <td align="right" valign="bottom">&nbsp;</td>
  <td align="right" valign="bottom">&nbsp;</td>
  <td align="left" valign="bottom">&nbsp;</td>
</tr>
</table>
<hr noshade align="center" width="100%" size="2">
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>b331690ex23_1.htm
<DESCRIPTION>CONSENT OF INDEPENDENT AUDITORS
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<a name="ex23_1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="right"><font face="serif" size="2"><b>EXHIBIT 23.1</b></font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>Consent of Independent Auditors</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">We consent to the reference to our firm under the caption &#147;Experts&#148; in the Registration Statement (Form S-4) and related Prospectus of Steel Dynamics, Inc. for the registration of $100,000,000 Steel Dynamics, Inc. 9 1/2% Senior Notes due 2009 and to the
 incorporation by reference therein of our report dated January&nbsp;23, 2004, with respect to the consolidated financial statements of Steel Dynamics, Inc. included in its Annual Report (Form 10-K) for the year ended December&nbsp;31, 2003, filed with the Securities and Exchange
 Commission.</font></p>
</div>
<p align="left"><font face="serif" size="2">/s/ Ernst &amp; Young LLP</font></p>
<p align="left"><font face="serif" size="2">Fort Wayne, Indiana<br>
April&nbsp;29, 2004</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>7
<FILENAME>b331690ex25_1.htm
<DESCRIPTION>FORM T-1
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<a name="ex251p1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="right"><font face="serif" size="2"><b>EXHIBIT 25.1</b></font></div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
  <tr>
    <td height="2" valign="top"></td>
  </tr>
    <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
</table>
<p align="center"><font face="serif" size="3"><b>FORM T-1</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="center"><font face="serif" size="3"><b>SECURITIES AND EXCHANGE COMMISSION</b><br>
            <b>Washington, D.C. 20549</b></font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">STATEMENT OF ELIGIBILITY<br>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></p>
<p align="center"><font face="serif" size="2">CHECK IF AN APPLICATION TO DETERMINE<br>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<br>
SECTION&nbsp;305(b)(2) [&#149;]</font></p>
<hr width="133" size=1 noshade>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td width="49%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3"><font face="serif" size="2"><b>THE BANK OF NEW YORK TRUST COMPANY, N.A.</b><br>
(Exact name of trustee as specified in its charter)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2"><br>
(State of incorporation<br>
if not a U.S. national bank)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">59-2283428<br>
(I.R.S. employer<br>
identification no.)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">800 Brickell Avenue<br>
Suite 300 <br>
Miami, Florida<br>
(Address of principal executive offices)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">33131<br>
(Zip code)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3"><font face="serif" size="2"><b>STEEL DYNAMICS, INC.</b><br>
(Exact name of obligor as specified in its charter)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><p align="left">&nbsp;</p>
      <p><font face="serif" size="2">Indiana<br>
    (State or other jurisdiction of<br>
    incorporation or organization)</font></p>
    <p align="left">&nbsp;</p></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><p>&nbsp;</p>
      <p><font face="serif" size="2">35-1929476<br>
    (I.R.S. employer<br>
    identification no.)</font></p>
    <p>&nbsp;</p></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3"><font face="serif" size="2"><b>Steel Dynamics Sales North America, Inc.</b><br>
(Exact name of obligor as specified in its charter)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">Indiana<br>
(State or other jurisdiction of<br>
incorporation or organization)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">51-0397408<br>
(I.R.S. employer<br>
identification no.)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3"><font face="serif" size="2"><b>SDI Investment Company</b><br>
(Exact name of obligor as specified in its charter)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">Delaware<br>
(State or other jurisdiction of<br>
incorporation or organization)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">32-0029621<br>
(I.R.S. employer<br>
identification no.)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3"><font face="serif" size="2"><b>Ferrous Resources, LLC</b><br>
(Exact name of obligor as specified in its charter)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">Indiana<br>
(State or other jurisdiction of<br>
incorporation or organization)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">(I.R.S. employer<br>
identification no.)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3"><font face="serif" size="2"><b>Dynamic Bar Products, LLC</b><br>
(Exact name of obligor as specified in its charter)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">Indiana<br>
(State or other jurisdiction of<br>
incorporation or organization)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">82-0562226<br>
(I.R.S. employer<br>
identification no.)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%" align="center"><font face="serif" size="2">6714 Pointe Inverness Way,<br>
Suite 200<br>
Fort Wayne, Indiana<br>
(Address of principal executive offices)</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">46804<br>
(Zip code)</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3"><font face="serif" size="2"><b>9 1/2% Senior Notes due 2009</b><br>
(Title of the indenture securities)</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3">&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
   <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
    <tr>
    <td height="2" valign="top" bgcolor="#FFFFFF"></td>
  </tr>
 <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
</table><hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ex251p2"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2"><b>1.</b></font></td>
    <td><div align="left"><font face="serif" size="2"><b>General information. Furnish the following information as to the trustee:</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2"><b>(a)</b></font></td>
    <td><div align="left"><font face="serif" size="2"><b>Name and address of each examining or supervising authority to which it is subject.</b></font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="47%"><font face="serif" size="1"><b>Name</b></font></td>
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>Address</b></font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="47%"><hr noshade size="1"></td>
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><hr noshade size="1"></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="47%"><font face="serif" size="2">Comptroller of the Currency<br>
United States Department of the Treasury</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Washington, D.C. 20219</font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="47%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="47%"><font face="serif" size="2">Federal Reserve Bank</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Atlanta, Georgia 30309</font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="47%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="47%"><font face="serif" size="2">Federal Deposit Insurance Corporation</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">Washington, D.C. 20429</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2"><b>(b)</b></font></td>
    <td><div align="left"><font face="serif" size="2"><b>Whether it is authorized to exercise corporate trust powers.</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Yes.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2"><b>2.</b></font></td>
    <td><div align="left"><font face="serif" size="2"><b>Affiliations with Obligor.</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>If the obligor is an affiliate of the trustee, describe each such affiliation.</b></font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">None.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2"><b>16.</b></font></td>
    <td><div align="left"><font face="serif" size="2"><b>List of Exhibits.</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2"><b>Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the &#147;Act&#148;) and 17 C.F.R. 229.10(d).</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">1.</font></td>
    <td><div align="left"><font face="serif" size="2">A copy of the articles of association of The Bank of New York Trust Company, N.A. (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-100717).</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">2.</font></td>
    <td><div align="left"><font face="serif" size="2">A copy of certificate
          of authority of the trustee to commence business. (Exhibit 2 to
          Form T-1 filed with Registration Statement No. 333-100717).</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">3.</font></td>
    <td><div align="left"><font face="serif" size="2">A copy of the authorization of the trustee to exercise corporate trust powers. (Exhibit 3 to Form T-1 filed with Registration Statement No. 333-100717).</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">4.</font></td>
    <td><div align="left"><font face="serif" size="2">A copy of the existing by-laws of the trustee. (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-100717).</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">6.</font></td>
    <td><div align="left"><font face="serif" size="2">The consent of the trustee required by Section&nbsp;321(b) of the Act.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">7.</font></td>
    <td><div align="left"><font face="serif" size="2">A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.</font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ex251p3"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>SIGNATURE</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Act, the trustee, The Bank of New York Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the
 undersigned, thereunto duly authorized, all in The City of Chicago, and State of Illinois, on the 29th day of April, 2004.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">T<small>HE</small> B<small>ANK OF </small>N<small>EW</small> Y<small>ORK </small>T<small>RUST</small> C<small>OMPANY</small>, N.A.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="4%"><font face="serif" size="2">By:</font></td>
    <td><div align="left">      <font face="serif" size="2">/s/ Eric Lindahl</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Name:</font></div>
    </td>
    <td><font face="serif" size="2">Eric Lindahl</font></td>
  </tr>
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Title:</font></div>
    </td>
    <td><font face="serif" size="2">Vice President</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ex251p4"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>SIGNATURE</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of the Act, the trustee, The Bank of New York Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the
 undersigned, thereunto duly authorized, all in The City of Chicago, and State of Illinois, on the 29th day of April, 2004.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">T<small>HE</small> B<small>ANK OF</small> N<small>EW</small> Y<small>ORK</small> T<small>RUST</small> C<small>OMPANY</small>, N.A.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">
 By:</font></td>
    <td><div align="left"><font face="serif" size="2">/s/ Eric Lindahl</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Name:</font></div>
    </td>
    <td><font face="serif" size="2">Eric Lindahl</font></td>
  </tr>
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Title:</font></div>
    </td>
    <td><font face="serif" size="2">Vice President</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ex6p1"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="right"><font face="serif" size="2"><b>EXHIBIT 6</b></font></p>
<p align="center"><font face="serif" size="2"><b>CONSENT OF THE TRUSTEE</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Pursuant to the requirements of Section&nbsp;321 (b) of the Trust Indenture Act of 1939, and in connection with the proposed issue of STEEL DYNAMICS, INC. 9-1/2% Senior Notes due 2009, The Bank of New&nbsp;York Trust Company, N.A., hereby consents that reports of
 examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon request therefor.</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td width="50%"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2">THE BANK OF NEW YORK TRUST<br>
COMPANY, N.A.</font></td>
  </tr>
  <tr valign="top">
    <td width="50%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="50%"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%" valign="bottom"><font face="serif" size="2">By:</font></td>
    <td valign="bottom"><font face="serif" size="2">/s/ Eric Lindahl</font></td>
  </tr>
  <tr valign="top">
    <td width="50%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="3%" valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td width="50%"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">Name: Eric Lindahl</font></td>
  </tr>
  <tr valign="top">
    <td width="50%"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%" valign="bottom">&nbsp;</td>
    <td valign="bottom"><font face="serif" size="2">Title: Vice President</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">Chicago, Illinois<br>
April&nbsp;29, 2004</font></p>
<p align="center"><font face="serif" size="2">1</font></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>b331690ex99_1.htm
<DESCRIPTION>LETTER OF TRANSMITTAL
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
<page>
<a name="p"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="right"><font face="serif" size="2"><b>EXHIBIT 99.1</b></font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>LETTER OF TRANSMITTAL</b></font></p>
<p align="center"><font face="serif" size="2"><b>to Exchange All of the Outstanding</b><br>
<b>9 1/2% Senior Notes Due 2009</b></font></p>
<p align="center"><font face="serif" size="2"><b>FOR</b></font></p>
<p align="center"><font face="serif" size="2"><b>9 1/2% Senior Notes Due 2009</b><br>
<b>Registered Under the Securities Act of 1933,</b></font></p>
<p align="center"><font face="serif" size="2"><b>OF</b></font></p>
<p align="center"><font face="serif" size="2"><b>STEEL DYNAMICS, INC.</b></font></p>
<table width="100%" border="1" align="center" cellpadding="2" cellspacing="0" bordercolor="#000000">
  <tr>
    <td align="center" valign="middle"><font face="serif" size="2"><b>THE EXCHANGE OFFER WILL EXPIRE AT 5:00
          P.M., NEW YORK CITY TIME,</b><br>
        <b>ON JUNE [</b>&#149;<b>], 2004 (THE &#147;EXPIRATION DATE&#148;)
        UNLESS EXTENDED BY</b><br>
        <b>STEEL DYNAMICS, INC.</b></font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>The Bank of New York Trust Company, N.A.</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td width="49%"><font face="serif" size="2"><i>By Registered or Certified Mail:</i></font></td>
    <td align="left" width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="49%"><font face="serif" size="2"><i>By Hand or Overnight Courier:</i></font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td width="49%"><font face="serif" size="2">The Bank of New York Trust Company, N.A.<br>
c/o BNY Midwest Trust Company<br>
2 North LaSalle Street, Suite 1020<br>
Chicago, Illinois 60602</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td width="49%" valign="bottom"><font face="serif" size="2">The Bank of New York Trust Company, N.A.<br>
c/o The Bank of New York<br>
101 Barclay Street<br>
New York, New York 10286</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><i>By Facsimile:</i></font></p>
<p align="center"><font face="serif" size="2">312-827-8542<br>
(For Eligible Institutions Only)</font></p>
<p align="center"><font face="serif" size="2">By Telephone:</font></p>
<p align="center"><font face="serif" size="2">312-827-8546</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Delivery of this letter of transmittal to an address other than as set forth above or transmission via a facsimile transmission to a number other than as set forth above will not constitute a valid delivery.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The undersigned acknowledges receipt of the Prospectus dated May [&#149;], 2004 (the &#147;Prospectus&#148;) of Steel Dynamics, Inc. (the &#147;Company&#148;), and this Letter of Transmittal (the &#147;Letter of Transmittal&#148;), which together describe the Company&#146;s offer (the &#147;Exchange
 Offer&#148;) to exchange $1,000 in principal amount of its 9 1/2% Notes due 2009 that have been registered under the Securities Act of 1933, as amended (the &#147;Registered Notes&#148;) for each $1,000 in principal amount of outstanding 9 1/2% Notes due 2009 (the &#147;Old Notes&#148;). The
 terms of the Registered Notes are identical in all material respects (including principal amount, interest rate and maturity) to the terms of the Old Notes for which they may be exchanged pursuant to the Exchange Offer, except that the Registered Notes are freely transferable
 by holders thereof (except as provided herein or in the Prospectus) and are not subject to any covenant regarding registration under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The undersigned has checked the appropriate boxes below and signed this Letter of Transmittal to indicate the action the undersigned desires to take with respect to the Exchange Offer.</font></p>
</div>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p2"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">PLEASE READ THE ENTIRE LETTER OF TRANSMITTAL AND THE PROSPECTUS CAREFULLY BEFORE CHECKING ANY BOX BELOW. YOUR BANK OR BROKER CAN ASSIST YOU IN COMPLETING THIS FORM. THE INSTRUCTIONS INCLUDED
 WITH THIS LETTER OF TRANSMITTAL MUST BE FOLLOWED. QUESTIONS AND REQUESTS FOR ASSISTANCE OR FOR ADDITIONAL COPIES OF THE PROSPECTUS AND THIS LETTER OF TRANSMITTAL MAY BE DIRECTED TO THE EXCHANGE
 AGENT.</font></p>
<p align="left"><font face="serif" size="2">List below the Old Notes to which this Letter of Transmittal relates. If the space provided below is inadequate, the certificate numbers and principal amounts should be listed on a separate signed schedule
affixed hereto.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top">
    <td colspan="10" style="border-top:solid 2pt;border-top-color:black; border-left:solid 2pt;border-left-color:black">&nbsp;</td>
    <td width="2%" align="left" style="border-right:solid 2pt;border-right-color:black; border-top:solid 2pt;border-top-color:black">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td colspan="10" style="border-left:solid 2pt;border-left-color:black"><font face="serif" size="2"><b>DESCRIPTION OF OLD NOTES</b></font></td>
    <td width="2%" align="left" style="border-right:solid 2pt;border-right-color:black">&nbsp;</td>
  </tr>
  <tr align="center" valign="top">
    <td style="border-left:solid 2pt;border-left-color:black">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" style="border-right:solid 2pt;border-right-color:black">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td style="border-left:solid 2pt;border-left-color:black"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Name(s) and Addresses of Registered</b><br>
<b>Holder(s)</b></font></div></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2"><font face="serif" size="1"><b>Certificate</b><br>
<b>Number(s)</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2"><font face="serif" size="1"><b>Aggregate Principal</b><br>
<b>Amount Represented</b><br>
<b>By Old Notes*</b></font></td>
    <td align="left"><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2"><font face="serif" size="1"><b>Principal</b><br>
<b>Amount</b><br>
<b>Tendered**</b></font></td>
    <td width="2%" align="left" valign="top" style="border-right:solid 2pt;border-right-color:black">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td style="border-left:solid 2pt;border-left-color:black"><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="15%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="15%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="15%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%" align="left" style="border-right:solid 2pt;border-right-color:black">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td style="border-left:solid 2pt;border-left-color:black"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="15%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="15%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%" align="left" style="border-right:solid 2pt;border-right-color:black">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td style="border-left:solid 2pt;border-left-color:black"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="15%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="15%" align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%" align="left" style="border-right:solid 2pt;border-right-color:black">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black; border-left:solid 2pt;border-left-color:black">&nbsp;</td>
    <td align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td width="15%" align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td width="15%" align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td width="15%" align="right" valign="bottom" style="border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
    <td width="2%" align="left" style="border-right:solid 2pt;border-right-color:black;border-bottom:solid 2pt;border-bottom-color:black">&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">*</font></td>
    <td><div align="left"><font face="serif" size="2">Need not be completed by book-entry holders.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">**</font></td>
    <td><div align="left"><font face="serif" size="2">Unless otherwise indicated, the holder will be deemed to have tendered the full aggregate principal amount represented by such Old Notes. See Instruction 2.</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">This Letter of Transmittal is to
    be used either if certificates representing Old Notes are to be forwarded
    herewith or if delivery of Old Notes is to be made by book-entry transfer
    to an account maintained by the Exchange Agent at the Depository Trust Company
    (the &#147;Book-Entry Transfer Facility&#148;), pursuant to the procedures
    set forth in the Prospectus under the caption &#147;The Exchange Offer &#151; Procedures
    for Tendering.&#148; Delivery of documents to the Book-Entry Transfer Facility
    does not constitute delivery to the Exchange Agent.</font></p>
<p align="left"><font face="serif" size="2">Holders whose Old Notes are not immediately available or who cannot deliver their Old Notes and all other documents required hereby to the Exchange Agent on or prior to the Expiration Date must tender their Old Notes according to the guaranteed delivery
 procedures set forth in the Prospectus under the caption &#147;The Exchange Offer &#151; Procedures for Tendering.&#148;</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><img src="emptybox.gif"></td>
    <td><div align="left"><font face="serif" size="2"><b>CHECK HERE IF TENDERED OLD NOTES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO AN ACCOUNT MAINTAINED BY THE EXCHANGE AGENT WITH THE BOOK-ENTRY TRANSFER FACILITY AND COMPLETE
 THE FOLLOWING:</b></font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Name of Tendering Institution(s)</font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="75%" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">The Depository Trust Company Account Number</font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="65%" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Transaction Code Number</font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="78%" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><img src="emptybox.gif"></td>
    <td><div align="left"><font face="serif" size="2"><b>CHECK HERE IF TENDERED OLD NOTES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY AND COMPLETE THE FOLLOWING:</b></font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Name of Registered Holder(s)</font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="75%" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Name of Eligible Institution that Guaranteed Delivery</font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="58%" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Date of Execution of Notice of Guaranteed Delivery</font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="59%" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2"><b>If Delivered by Book-Entry Transfer</b></font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="71%" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Account Number</font></div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><hr align="right" width="85%" size="1" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p3"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><img src="emptybox.gif"></td>
    <td><div align="left"><font face="serif" size="2"><b>CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE ADDITIONAL COPIES OF THE PROSPECTUS AND COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO:</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Name</font></div></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><hr align="right" width="90%" size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="2">Address</font></div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><hr align="right" width="90%" size="1" noshade></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="90%" size="1" noshade></td>
  </tr>
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td><hr align="right" width="90%" size="1" noshade></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Registered Notes. If the undersigned is a broker-dealer that will receive Registered Notes for its own account in exchange for
 Old Notes that were acquired as result of market-making activities or other trading activities (other than Old Notes acquired directly from the Company), it acknowledges that it will deliver a prospectus in connection with any resale of such Registered Notes; however, by so
 acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act. Any holder who is an &#147;affiliate&#148; of the Company or who has an arrangement or understanding with respect to the
 distribution of the Registered Notes to be acquired pursuant to the Exchange Offer, or any broker-dealer who purchased Old Notes from the Company to resell pursuant to Rule 144A under the Securities Act or any other available exemption under the Securities Act must
 comply with the registration and prospectus delivery requirements under the Securities Act.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2">Ladies and Gentlemen:</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions of the Exchange Offer, the undersigned hereby tenders to the Company the aggregate principal amount at maturity of Old Notes indicated above. Subject to, and effective upon, the acceptance for exchange of the Old Notes
 tendered hereby, the undersigned hereby sells, assigns and transfers to, or upon the order of, the Company all right, title and interest in and to such Old Notes as are being tendered hereby.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer the Old Notes tendered hereby and that the Company will acquire good and unencumbered title thereto, free and clear of all liens,
 restrictions, charges and encumbrances and not subject to any adverse claim when the same are accepted by the Company. The undersigned hereby further represents that any Registered Notes acquired in exchange for Old Notes tendered hereby will have been acquired in the
 ordinary course of business of the person receiving such Registered Notes, whether or not such person is the undersigned, that neither the holder of such Old Notes nor any such other person is engaging in or intends to engage in a distribution of such Registered Notes, and
 that neither the holder of such Old Notes nor any such other person is an &#147;affiliate,&#148; as defined in Rule 405 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), of the Company.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned also acknowledges that the Exchange Offer is being made in reliance on an interpretation, made to third parties, by the staff of the Securities and Exchange Commission (the &#147;SEC&#148;) that the Registered Notes issued in exchange for the Old Notes
 pursuant to the Exchange Offer may be offered for resale, resold and otherwise transferred by holders thereof (other than any such holder that is an &#147;affiliate&#148; of the Company within the meaning of Rule 405 under the Securities Act), without compliance with the registration
 and prospectus delivery provisions of the Securities Act, provided that such Registered Notes are acquired in the ordinary course of such holders&#146; business, such holders are not engaging in and do not intend to engage in the distribution of such Registered Notes and such
 holders have no arrangements with any person to participate in the distribution of such Registered Notes. If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Registered Notes. If the
 undersigned is a broker-dealer that will receive Registered Notes for its own account</font></p>
</div>
<p align="center"><font face="serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p4"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">in exchange for Old Notes that were acquired as a result of market-making activities or other trading activities, it acknowledges that it will deliver a prospectus meeting the requirements of the
 Securities Act in connection with any resales of such Registered Notes. However, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an
 &#147;underwriter&#148; within the meaning of the Securities Act.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned will, upon request, execute and deliver any additional documents deemed by the Company to be necessary or desirable to complete the sale, assignment and transfer of the Old Notes tendered hereby. All authority conferred or agreed to be conferred in
 this Letter and every obligation of the undersigned hereunder shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of the undersigned and shall not be affected by, and shall survive, the death or incapacity
 of the undersigned. This tender may be withdrawn only in accordance with the procedures set forth in the Prospectus under the caption &#147;The Exchange Offer &#151; Withdrawal Rights.&#148; See Instruction 9.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the box entitled &#147;Special Issuance Instructions&#148; below, please issue the Registered Notes (and, if applicable, substitute certificates representing Old Notes for any Old Notes not exchanged) in the name of the undersigned or, in the case of
 a book-entry delivery of Old Notes, please credit the account indicated above maintained at the Book-Entry Transfer Facility. Similarly, unless otherwise indicated under the box entitled &#147;Special Delivery Instructions&#148; below, please send the Registered Notes (and, if
 applicable, substitute certificates representing Old Notes for any Old Notes not exchanged) to the undersigned at the address shown above in the box entitled &#147;Description of Old Notes.&#148;</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">THE UNDERSIGNED ACKNOWLEDGES THAT THE EXCHANGE OFFER IS SUBJECT TO THE MORE DETAILED TERMS SET FORTH IN THE PROSPECTUS AND, IN CASE OF ANY CONFLICT BETWEEN THE TERMS OF THE PROSPECTUS AND
 THIS LETTER, THE TERMS OF THE PROSPECTUS SHALL PREVAIL.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">THE UNDERSIGNED, BY COMPLETING THE BOX ENTITLED &#147;DESCRIPTION OF OLD NOTES&#148; ABOVE AND SIGNING THIS LETTER, WILL BE DEEMED TO HAVE TENDERED THE OLD NOTES AS SET FORTH IN SUCH BOX ABOVE.</font></p>
</div>
<p align="center"><font face="serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p5"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="float: left; width: 48%">
<p align="center"><font face="serif" size="2">SPECIAL ISSUANCE INSTRUCTIONS</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">To be completed ONLY if certificates for old notes not exchanged and/or Exchange Notes are to be issued in the name of someone other than the person or persons whose signature(s) appear(s) on this letter below, or if old notes delivered by book-entry transfer which
 are not accepted for exchange are to be returned by credit to an account maintained at the Book-Entry Transfer Facility other than the account indicated above.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="left" valign="top">
    <td colspan="2"><font face="serif" size="2">Issue Exchange Notes and/or Old Notes to:</font></td>
    </tr>
  <tr align="left" valign="top">
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  <tr align="left" valign="top">
    <td width="20%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Name(s)*</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
</tr>
  <tr align="left" valign="top">
    <td width="20%"><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade></td>
    </tr>
  <tr align="left" valign="top">
    <td width="20%">&nbsp;</td>
    <td align="center"><font face="serif" size="2">(Please type or print)</font></td>
    </tr>
  <tr align="left" valign="top">
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  <tr align="left" valign="top">
    <td width="20%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Name(s)*</font></div></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
</tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td align="center"><hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%">&nbsp;</td>
    <td align="center"><font face="serif" size="2">(Please type or print)</font></td>
    </tr>
  <tr align="left" valign="top">
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  <tr align="left" valign="top">
    <td width="20%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Address:</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
</tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
</tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">*</font></td>
    <td><div align="left"><font face="serif" size="2">(Such person(s) must properly complete a Substitute Form W-9, a Form W-8BEN, a Form&nbsp;W-8ECI, or a Form W-8IMY)</font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Credit unchanged Old Notes delivered by book-entry transfer to the Book-Entry Transfer Facility account set forth below.</font></p>
</div>
<hr size="1" width="95%" noshade>
<div align="center"><font face="serif" size="2"><b>Book-Entry Transfer Facility</b><br>
<b>Account Number, if applicable)</b></font></div>
</div>
<div style="float: right; width: 48%">
<p align="center"><font face="serif" size="2">SPECIAL DELIVERY INSTRUCTIONS</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">To be completed ONLY if certificates for old notes not exchanged and/or Exchange Notes are to be sent to someone other than the person or persons whose signature(s) appear(s) on this letter below or to such person or persons at an address other than shown in the box
 entitled &#147;Description of Old Notes&#148; on this letter above.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="left" valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td colspan="2"><font face="serif" size="2">Mail Exchange Notes and/or Old Notes
      to:</font></td>
    </tr>
  <tr align="left" valign="top">
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Name(s)*</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;(Please type or print)</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Name(s)*</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;(Please type or print)</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Address:</font></div>
    </td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="20%"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">*</font></td>
    <td><div align="left"><font face="serif" size="2">(Such person(s) must properly complete a Substitute Form W-9, a Form W-8BEN, a Form&nbsp;W-8ECI, or a Form W-8IMY</font></div></td>
  </tr>
</table>
</div>
<br clear="all">
<p align="center"><font face="serif" size="2">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p6"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL</b><br>
<b>CAREFULLY BEFORE COMPLETING ANY BOX ABOVE.</b></font></p>
<p align="center"><font face="serif" size="2"><b>PLEASE SIGN HERE</b><br>
(TO BE COMPLETED BY ALL TENDERING HOLDERS)</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;<b>X</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;<b>X</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;<b>X</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="center"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Signature(s) of Owner</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font><font face="serif" size="1"><b>Date</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Area Code and Telephone Number:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td>
    <td width="5%" align="center"><font face="serif" size="2">&nbsp;</font><font face="serif" size="1"><b>(</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>)</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="75%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="5%" align="center"><hr noshade size="1"></td>
    <td width="2%" valign="bottom">&nbsp;</td>
    <td width="75%" valign="bottom"><hr noshade size="1"></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If a holder is tendering any Old Notes, this Letter must be signed by the registered holder(s) as the name(s) appear(s) on the certificate(s) for the Old Notes or by any person(s) authorized to become registered holder(s) by endorsements and documents transmitted
 herewith. If signature is by a trustee, executor, administrator, guardian, officer or other person acting in a fiduciary or representative capacity, please set forth full title. See Instruction 3.</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
<td width="9%"><font face="serif" size="2"><b>Name(s):</b></font></td>
<td valign="bottom">&nbsp;</td>
</tr>
  <tr valign="top">
    <td width="9%"></td>
    <td></td>
  </tr>
  <tr valign="top">
    <td width="9%">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1"></td>
  </tr>
  <tr valign="top">
    <td width="9%"><font size="2"><b>Capacity:</b></font></td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="9%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td width="9%"><font face="serif" size="2"><b>Address:</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="9%">&nbsp;</td>
    <td valign="bottom"><hr noshade size="1">
    </td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="center"><font face="serif" size="2"><b>SIGNATURE GUARANTEE</b><br>
(if required by Instruction 3)</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">Signature(s) Guaranteed by an Eligible Institution:</font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><hr noshade size="1"></td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="serif">(Authorized Signature)</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><hr noshade size="1"></td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="serif">(Title)</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><hr noshade size="1"></td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="serif">(Name and Firm)</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>INSTRUCTIONS</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>1.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Delivery of this Letter and Notes, Guaranteed Delivery Procedures</b>. This Letter is to be completed by holders of Old Notes either if certificates are to be forwarded herewith or if tenders are to be made pursuant to the procedures for delivery by book-entry transfer
 set forth in the Prospectus under the caption &#147;The Exchange Offer &#151; Book-Entry Transfer.&#148; Certificates for all physically tendered Old Notes, or Book-Entry Confirmation, as the case may be, as well as a properly completed and duly executed Letter (or&nbsp;manually signed
 facsimile thereof), with any required signature guarantees, and any other documents required by this Letter, must be received by the Exchange Agent at the address set forth herein on or prior to the Expiration Date, or the tendering holder must comply with the guaranteed
 delivery procedures set forth below. Old Notes tendered hereby must be in denominations or principal amount at maturity of $1,000 or any integral multiple thereof.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Noteholders whose certificates for Old Notes are not immediately available or who cannot deliver their certificates and any other required documents to the Exchange Agent on or prior to the Expiration Date, or who cannot complete the procedure for book-entry transfer
 on a timely basis, may tender their Old Notes pursuant to the guaranteed delivery procedures set forth in the Prospectus under the caption &#147;The Exchange Offer &#151; Guaranteed Delivery Procedures.&#148; Pursuant to such procedures, (i) such tender must be made through an Eligible
 Institution (as defined below), (ii) on or prior to 5:00 p.m., New York City time, on the</font></p>
</div>
<p align="center"><font face="serif" size="2">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p7"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="left"><font face="serif" size="2">Expiration Date, the Exchange Agent must receive from such Eligible Institution a properly completed and duly executed Letter (or a facsimile thereof) and Notice of Guaranteed Delivery,
 substantially in the form provided by the Company (by facsimile transmission, mail or hand delivery), setting forth the name and address of the holder of Old Notes and the amount of Old
 Notes tendered, stating that the tender is being made thereby and guaranteeing that within three trading days after the date of execution of the Notice of Guaranteed Delivery, the certificates for
 all physically tendered Old Notes in proper form for transfer, or a Book-Entry Confirmation, as the case may be, and any other documents required by this Letter will be deposited by the
 Eligible Institution with the Exchange Agent, and (iii) the certificates for all physically tendered Old Notes, in proper form for transfer, or Book-Entry Confirmation, as the case may be, and all
 other documents required by this Letter, must be received by the Exchange Agent within three trading days after the date of execution of the Notice of Guaranteed Delivery.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The method of delivery of this Letter, the Old Notes and all other required documents is at the election and risk of the tendering holders, but the delivery will be deemed made only when actually received or confirmed by the Exchange Agent. Instead of delivery by mail
 it is recommended that holders use an overnight or hand delivery service. In all cases, sufficient time should be allowed to assure delivery to the Exchange Agent prior to 5:00 p.m., New York City time, on the Expiration Date. No Letter of Transmittal or Old Notes should be
 sent to the Company.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">See &#147;The Exchange Offer&#148; section in the Prospectus.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>2.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Partial Tenders</b>. If less than all of the Old Notes evidenced by a submitted certificate are to be tendered, the tendering holder(s) should fill in the aggregate principal amount at maturity of Old Notes to be tendered in the box above entitled &#147;Description of Old Notes&#148;
 under &#147;Principal Amount Tendered.&#148; A reissued certificate representing the balance of nontendered Old Notes of a tendering holder who physically delivered Old Notes will be sent to such tendering holder, unless otherwise provided in the appropriate box on this Letter,
 promptly after the Expiration Date. All of the Old Notes delivered to the Exchange Agent will be deemed to have been tendered unless otherwise indicated.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>3.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Signatures on this Letter, Bond Powers and Endorsements, Guarantee of Signatures</b>. If this Letter is signed by the registered holder of the Old Notes tendered hereby, the signature must correspond exactly with the name as written on the face of the certificates
 without any change whatsoever.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If any tendered Old Notes are owned of record by two or more joint owners, all such owners must sign this Letter.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If any tendered Old Notes are registered in different names on several certificates, it will be necessary to complete, sign and submit as many separate copies of this Letter as there are different registrations of certificates.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">When this Letter is signed by the registered holder or holders of the Old Notes specified herein and tendered hereby, no endorsements of certificates or separate bond powers are required. If, however, the Registered Notes are to be issued, or any untendered Old Notes
 are to be reissued, to a person other than the registered holder, then endorsements of any certificates transmitted hereby or separate bond powers are required. Signatures on such certificate(s) or bond powers must be guaranteed by an Eligible Institution.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If this Letter is signed by a person other than the registered holder or holders of any certificate(s) specified herein, such certificates must be endorsed or accompanied by appropriate bond powers, in either case signed exactly as the name or names of the registered holder
 or holders appear(s) on the certificate(s) and signatures on such certificates(s) or bond powers must be guaranteed by an Eligible Institution.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If this Letter or any certificates or bond powers are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and, unless
 waived by the Company, proper evidence satisfactory to the Company of their authority to so act must be submitted with this Letter.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Endorsements on certificates for Old Notes or signatures on bond powers required by this Instruction 3 must be guaranteed by a financial institution (including most banks, savings and loan associations and</font></p>
</div>
<p align="center"><font face="serif" size="2">7</font></p>
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<p align="left"><font face="serif" size="2">brokerage houses) that is a participant in the Securities Transfer Agents Medallion Program (each an &#147;Eligible Institution&#148; and collectively, &#147;Eligible Institutions&#148;).</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Signatures on the Letter need not be guaranteed by an Eligible Institution if (A) the Old Notes are tendered (i) by a registered holder of Old Notes (which term, for purposes of the Exchange Offer, includes any participant in the Book-Entry Transfer Facility system
 whose name appears on a security position listing as the holder of such Old Notes) who has not completed the box entitled &#147;Special Issuance Instructions&#148; or &#147;Special Delivery Instructions&#148; on this Letter, or (ii) for the account of an Eligible Institution and (B) the box entitled
 &#147;Special Registration Instructions&#148; on this Letter has not been completed.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>4.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Special Issuance and Delivery Instructions</b>. Tendering holders of Old Notes should indicate in the applicable box the name and address to which Registered Notes issued pursuant to the Exchange Offer and/or substitute certificates evidencing Old Notes not
 exchanged are to be issued or sent, if different from the name or address of the person signing this Letter. In the case of issuance in a different name, the employer identification or social security number of the person named must also be indicated and such person named must
 properly complete a Substitute Form W-9, a Form W-8BEN, a Form W-8ECI, or a Form W-8IMY. Noteholders tendering Old Notes by book-entry transfer may request that Old Notes not exchanged be credited to such account maintained at the Book-Entry Transfer Facility as
 such noteholder may designate hereon. If no such instructions are given, such Notes not exchanged will be returned to the name and address of the person signing this Letter.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>5.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Transfer Taxes</b>. The Company will pay all transfer taxes, if any, applicable to the transfer of Old Notes to it or its order pursuant to the Exchange Offer. If, however, Registered Notes and/or substitute Old Notes not exchanged are to be delivered to, or are to be
 registered or issued in the name of, any person other than the registered holder of the Old Notes tendered hereby, or if tendered Old Notes are registered in the name of any person other than the person signing this Letter, or if a transfer tax is imposed for any reason other than
 the transfer of Old Notes to the Company or its order pursuant to the Exchange Offer, the amount of any such transfer taxes (whether imposed on the registered holder or any other persons) will be payable by the tendering holder. If satisfactory evidence of payment of such
 taxes or exemption therefrom is not submitted herewith, the amount of such transfer taxes will be billed directly to such tendering holder.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>6.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Waiver of Conditions</b>. The Company reserves the absolute right to waive satisfaction of any or all conditions enumerated in the Prospectus.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>7.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>No Conditional Tenders</b>. No alternative, conditional, irregular or contingent tenders will be accepted. All tendering holders of Old Notes, by execution of this Letter, shall waive any right to receive notice of the acceptance of their Old Notes for exchange.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Company intends to notify holders of defects or irregularities with respect to tenders of Old Notes, neither the Company, the Exchange Agent nor any other person shall incur any liability for failure to give any such notice.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>8.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Mutilated, Lost, Stolen or Destroyed Old Notes</b>. Any holder whose Old Notes have been mutilated, lost, stolen or destroyed should contact the Exchange Agent at the address indicated above for further instructions.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>9.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Withdrawal of Tenders</b>. Tenders of Old Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on the Expiration Date.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">For a withdrawal of a tender of Old Notes to be effective, a written or facsimile transmission notice of withdrawal must be received by the Exchange Agent at its address set forth above prior to 5:00 p.m., New York City time, on the Expiration Date. Any such notice of
 withdrawal must (i) specify the name of the person having deposited the Old Notes to be withdrawn (the &#147;Depositor&#148;), (ii) identify the Old Notes to be withdrawn (including the certificate number or numbers and principal amount of such Old Notes), (iii) be signed by the
 holder in the same manner as the original signature on this Letter by which such Old Notes were tendered (including any required signature guarantees) or be accompanied by documents of transfer sufficient to have the trustee under the Indenture pursuant to which the Old
 Notes were issued register the transfer of such Old Notes into the name of the person withdrawing the tender, and (iv) specify the name in</font></p>
</div>
<p align="center"><font face="serif" size="2">8</font></p>
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<p align="left"><font face="serif" size="2">which any such Old Notes are to be registered, if different from that of the Depositor. Any Old Notes so properly withdrawn will be deemed not to have been validly tendered for exchange for
 purposes of the Exchange Offer. Any Old Notes which have been tendered for exchange but which are not exchanged for any reason will be returned to the holder thereof without cost to such
 holder as soon as practicable after withdrawal, rejection of tender, or termination of the Exchange Offer. Properly withdrawn Old Notes may be retendered by following the procedures described
 above at any time on or prior to 5:00 p.m., New York City time, on the Expiration Date.</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">All questions as to the validity, form, eligibility (including time of receipt), acceptance and withdrawal of tendered Old Notes will be determined by the Company in its sole discretion, which determination will be final and binding. The Company reserves the absolute
 right to reject any and all Old Notes not properly tendered or any Old Notes the Company&#146;s acceptance of which would, in the opinion of counsel for the Company, be unlawful. The Company also reserves the right to waive any defects, irregularities, or conditions of tender as
 to particular Old Notes. The Company&#146;s interpretation of the terms and conditions of the Exchange Offer (including the instructions of this Letter) will be final and binding on all parties.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2"><b>10.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Requests for Assistance or Additional Copies</b>. Questions relating to the procedure for tendering, as well as requests for additional copies of the Prospectus, this Letter and other related documents may be directed to the Exchange Agent, at the address and telephone
 number indicated above.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>IMPORTANT TAX INFORMATION</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Each prospective holder of Registered Notes should complete the attached Substitute Form W-9. Under current federal income tax law, a holder of Registered Notes is required to provide the correct taxpayer identification number (&#147;TIN&#148;) on Substitute Form W-9 or
 otherwise establish a basis for exemption from backup withholding to prevent any backup withholding on any payments received in respect of the Registered Notes. If a holder of Registered Notes is an individual, the TIN is such holder&#146;s social security number. If the correct
 taxpayer identification number is not provided, a holder of Registered Notes may be subject to a $50 penalty imposed by the Internal Revenue Service.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Certain holders of Registered Notes (including, among others, all corporations and certain foreign individuals) are not subject to these backup withholding and reporting requirements. Exempt prospective holders of Registered Notes should indicate their exempt status on
 Substitute Form W-9. A foreign individual may qualify as an exempt recipient by submitting to the Exchange Agent the appropriate Internal Revenue Service Form W-8 (e.g., W-8BEN, Form W-8ECI or Form W-8IMY), properly completed and signed under penalty of perjury,
 attesting to the holder&#146;s exempt status. The appropriate W-8 will be provided by the Exchange Agent upon request. See the enclosed Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9 for additional instructions.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">If backup withholding applies, up to 30.5% of any &#147;reportable payment&#148; made to the holder of Registered Notes or other payee must be withheld. Backup withholding is not an additional federal income tax. Rather, the federal income tax liability of persons subject to
 backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund may be obtained from the Internal Revenue Service, provided the requisite information is supplied.</font></p>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Purpose of Substitute Form W-9</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">To prevent backup withholding with respect to any payments received in respect of the Registered Notes, each prospective holder of Registered Notes to be issued pursuant to Special Issuance Instructions should provide the Exchange Agent with either: (i) such
 prospective holder&#146;s correct TIN by completing the form below, certifying that the TIN provided on Substitute Form W-9 is correct (or that such prospective holder is awaiting a TIN), that such prospective holder is a U.S. person (including a U.S. resident alien), and that (A)
 such prospective holder has not been notified by the Internal Revenue Service that he or she is subject to backup withholding as a result of a failure to report all interest or dividends or (B) the Internal Revenue Service has notified such prospective holder that he or she is no
 longer subject to backup withholding; or (ii) an adequate basis for exemption.</font></p>
</div>
<p align="center"><font face="serif" size="2">9</font></p>
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<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>What Number to Give the Exchange Agent</b></font></div></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The prospective holder of Registered Notes to be issued pursuant to Special Issuance Instructions is required to give the Exchange Agent the TIN (e.g., social security number or employer identification number) of the prospective record owner of the Registered Notes. If
 the Registered Notes will be held in more than one name or are not held in the name of the actual owner, consult the enclosed Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9 for additional guidance regarding which number to report.</font></p>
</div>
<p align="center"><font face="serif" size="2">PAYOR&#146;S NAME: Steel Dynamics,  Inc.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="38%"><font face="serif" size="2">Part 1 &#150; PLEASE PROVIDE YOUR TIN IN THE BOX
 AT RIGHT AND CERTIFY BY SIGNING AND
 DATING BELOW</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Social Security Number(s) or Employer Identification
 Number(s)<br>
</font>
<hr size="1" noshade>
<hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2"><b>SUBSTITUTE FORM   W-9 Department of the Treasury Internal Revenue Service</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><b>Part 2 &#150; Certification</b> &#150; Under penalties of perjury, I
 certify that: (1) the number shown on this form is my
 current taxpayer identification number (or I am waiting for
 a number to be issued to me), (2) I am not subject to
 backup withholding either because I am exempt from
 backup withholding, I have not been notified by the
 Internal Revenue Service (the &#147;IRS&#148;) that I am subject to
 backup withholding as a result of a failure to report all
 interest or dividends, or the IRS has notified me that I am
 no longer subject to backup withholding, and (3) I am a
 U.S. person (including a U.S. resident alien).</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2"><b>Payor&#146;s Request for Taxpayer Identification Number (TIN)</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><b>Certificate Instructions</b> &#150; You must cross out item (2) in
 Part 2 above if you have been notified by the IRS that you
 are subject to backup withholding because of
 underreporting interest or dividends on your tax return.
 However, if after being notified by the IRS that you are
 subject to backup withholding you receive another
 notification from the IRS stating that you are no longer
 subject to backup withholding, do not cross out item (2).</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="middle"><font face="serif" size="2"><b>Part 3</b><br>
<br>
[&#149;] Awaiting TIN</font></td>
  </tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="8%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%"><font face="serif" size="2">Signature</font></td>
    <td width="60%">&nbsp;</td>
    <td width="4%"><font face="serif" size="2">Date</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="8%">&nbsp;</td>
    <td width="60%"><hr noshade size="1"></td>
    <td width="4%">&nbsp;</td>
    <td><hr noshade size="1"></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>NOTE: FAILURE BY A PROSPECTIVE HOLDER OF REGISTERED NOTES TO BE ISSUED</b></font></p>
<p align="center"><font face="serif" size="2">10</font></p>
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<p align="left"><font face="serif" size="2">PURSUANT TO THE SPECIAL ISSUANCE INSTRUCTIONS ABOVE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING OF UP TO 30.5% OF ALL PAYMENTS MADE TO YOU IN RESPECT OF THE REGISTERED NOTES
 DELIVERABLE TO YOU PURSUANT TO THE EXCHANGE OFFER. PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.</font></p>
<p align="center"><font face="serif" size="2"><b>YOU MUST COMPLETE THE FOLLOWING CERTIFICATION IF YOU CHECKED THE BOX IN</b><br>
<b>PART 3 OF SUBSTITUTE FORM W-9</b></font></p>
<p align="center"><font face="serif" size="2"><b>CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">I certify under penalties of perjury that a taxpayer identification number has not been issued to me, and either (a) I have mailed or delivered an application to receive a taxpayer identification number to the appropriate Internal Revenue Service Center or Social Security
 Administration Office, or (b) I intend to mail or deliver such an application in the near future. I understand that if I do not provide a taxpayer identification number within sixty (60) days, up to 30.5% of all reportable payments made to me will be withheld until I provide such
 a number.</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="8%"><b><font face="serif" size="2">Signature</font></b></td>
    <td width="60%">&nbsp;</td>
    <td width="4%"><b><font face="serif" size="2">Date</font></b></td>
    <td>&nbsp;</td>
    <td width="6%">&nbsp;</td>
  </tr>
  <tr>
    <td width="8%">&nbsp;</td>
    <td width="60%"><hr noshade size="1"></td>
    <td width="4%">&nbsp;</td>
    <td><hr noshade size="1"></td>
    <td width="6%"><font face="serif" size="2"><b>, 2004</b></font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">11</font></p>
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</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>9
<FILENAME>b331690ex99_2.htm
<DESCRIPTION>NOTICE OF GUARANTEED DELIVERY
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
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<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><div align="right"><font face="serif" size="2"><b>EXHIBIT 99.2</b></font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>NOTICE OF GUARANTEED DELIVERY</b></font></p>
<p align="center"><font face="serif" size="2"><b>Steel Dynamics, Inc.</b><br>
<b>Offer to Exchange</b><br>
<b>All of the Outstanding</b><br>
<b>9 1/2% Senior Notes Due 2009</b></font></p>
<p align="center"><font face="serif" size="2"><b>FOR</b></font></p>
<p align="center"><font face="serif" size="2"><b>9 1/2% Senior Notes Due 2009 Registered Under the Securities Act of 1933,</b></font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">This form or one substantially equivalent
    hereto must be used by registered holders of outstanding 9 1/2% Senior Notes
    due 2009 (the &#147;Old Notes&#148;) who wish to tender their Old Notes in
    exchange for a like principal amount of 9 1/2% Notes due 2009 that have been
     registered under the Securities Act of 1933 (the &#147;Registered Notes&#148;)
     pursuant to the exchange offer described in the Prospectus dated May [&#149;],
     2004 (the &#147;Prospectus&#148;) if the holder&#146;s Old Notes are not
     immediately available or if such holder cannot deliver its Old Notes and
      Letter of Transmittal (and any other documents required by the Letter of
     Transmittal) to The Bank of New&nbsp;York Trust Company, N.A. (the &#147;Exchange
     Agent&#148;)
 prior to 5:00 p.m., New York City time, on June [&#149;], 2004. This Notice
 of Guaranteed Delivery may be delivered by hand or sent by facsimile transmission
 (receipt confirmed by telephone and an original delivered by guaranteed overnight
 courier) or mail to the Exchange Agent. See &#147;The Exchange Offer &#151; Procedures
 for Tendering &#151; Guaranteed Delivery Procedures&#148; in the Prospectus.</font></p>
</div>
<p align="center"><font face="serif" size="2"><b>The Exchange Agent for the Exchange Offer is:</b></font></p>
<p align="center"><font face="serif" size="2"><b>The Bank of New York Trust Company, N.A.</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td width="49%"><font face="serif" size="2"><i>By Registered or Certified Mail:</i></font></td>
    <td align="left" width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="49%"><font face="serif" size="2"><i>By Hand or Overnight Courier:</i></font></td>
  </tr>
  <tr valign="top">
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="49%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td width="49%"><font face="serif" size="2">The Bank of New York Trust Company, N.A.<br>
c/o BNY Midwest Trust Company<br>
2 North LaSalle Street, Suite 1020<br>
Chicago, Illinois 60602</font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td width="49%" valign="bottom"><font face="serif" size="2">The Bank of New York Trust Company, N.A.<br>
c/o The Bank of New York<br>
101 Barclay Street<br>
New York, New York 10286</font></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><i>By Facsimile:</i></font></p>
<p align="center"><font face="serif" size="2">312-827-8542<br>
(For Eligible Institutions Only)</font></p>
<p align="center"><font face="serif" size="2">By Telephone:</font></p>
<p align="center"><font face="serif" size="2">312-827-8546</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Delivery of this notice of guaranteed delivery to an address other than as set forth above or transmission via a facsimile transmission to a number other than as set forth above will not constitute a valid delivery.</font></p>
</div>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">This Notice of Guaranteed Delivery is not to be used to guarantee signatures. If a signature on a Letter of Transmittal is required to be guaranteed by an eligible institution (as defined in the Prospectus), such signature guarantee must appear in the applicable space
 provided on the Letter of Transmittal for Guarantee of Signatures.</font></p>
</div>
<p align="center"><font face="serif" size="2">1</font></p>
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<div style="page-break-before:always"></div>
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<a name="ex992p2"></a>
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<p align="left"><font face="serif" size="2">Ladies and Gentlemen:</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The undersigned hereby tenders to Steel Dynamics, Inc. (the &#147;Company&#148;) the principal amount of Old Notes indicated below, upon the terms and subject to the conditions contained in the Prospectus, receipt of which is hereby acknowledged.</font></p>
</div>
<table width="100%" border="1" align="center" cellpadding="0" cellspacing="0" bordercolor="#000000">
  <tr align="center" valign="bottom">
    <td colspan="4"><font face="serif" size="2"><b>DESCRIPTION OF SECURITIES TENDERED</b></font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Name of Tendering Holder</b></font></div></td>
    <td width="25%" align="center"><font face="serif" size="2"><b>Name and Address of Registered</b><br>
<b>Holder as it appears on the Old</b><br>
<b>Notes (Please Print)</b></font></td>
    <td width="20%" align="center"><font face="serif" size="2"><b>Certificate</b><br>
<b>Number(s) for Old</b><br>
<b>Notes Tendered</b></font></td>
    <td width="20%" align="center"><font face="serif" size="2"><b>Principal Amount</b><br>
<b>Of Old Notes</b><br>
<b>Tendered</b></font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="25%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="25%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="25%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td colspan="4"><font face="serif" size="2">Please sign here</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="16%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">X</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">X</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">X</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="1"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Signature(s) of Owner</b></font></div></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Date</b></font></td>
    <td align="left"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">Must be signed by the holder(s) of Old Notes as their name(s) appear(s) on certificates for Old Notes or on a security position listing, or by person(s) authorized to become registered holder(s) by endorsement and documents transmitted with this Notice of Guaranteed
 Delivery. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer or other person acting in a fiduciary or representative capacity, such person must set forth his or her full title below.</font></p>
</div>
<p align="left"><font face="serif" size="2">Please print name(s) and address(es)</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="8%"><font face="serif" size="2">&nbsp;<b>Name(s):</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="6%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="6%"><font face="serif" size="2">&nbsp;<b>Capacity:</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="6%"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="6%"><font face="serif" size="2">&nbsp;<b>Address:</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><img src="emptybox.gif"></td>
    <td><div align="left"><font face="serif" size="2">The Depository Trust Company</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">(Check if Old Notes will be tendered by book-entry transfer)</font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="12%"><font face="serif" size="2"><b>Account Number:</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2"><b>THE GUARANTEE ON THE FOLLOWING PAGE MUST BE COMPLETED.</b></font></p>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="ex992p3"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font face="serif" size="2"><b>THE FOLLOWING GUARANTEE MUST BE COMPLETED</b></font></p>
<p align="center"><font face="serif" size="2"><b>GUARANTEE OF DELIVERY</b><br>
(NOT TO BE USED FOR SIGNATURE GUARANTEE)</font></p>
<div style="text-indent:3%">
<p align="left"><font face="serif" size="2">The undersigned, a member of a recognized signature guarantee medallion program within the meaning of Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended, hereby guarantees to deliver to the Exchange Agent at one of its addresses set forth above,
 the certificates representing the Old Notes (or a confirmation of book-entry transfer of such Old Notes into the Exchange Agent&#146;s account at The Depository Trust Company), together with a properly completed and duly executed Letter of Transmittal (or facsimile thereof), with
 any required signature guaranteed, and any other documents required by the Letter of Transmittal within three NYSE trading days after the date of execution of this Notice of Guaranteed Delivery.</font></p>
</div>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td colspan="3"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Name of Firm:</font></div></td>
    <td width="2%">&nbsp;</td>
    <td colspan="2" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="8%"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="38%"><hr size="1" noshade>
    </td>
    <td width="2%">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="38%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td colspan="2" align="center"><font face="serif" size="2">&nbsp;(Authorized signature)</font></td>
  </tr>
  <tr valign="top">
    <td width="8%"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Address:</font></div></td>
    <td width="3%">&nbsp;</td>
    <td width="38%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="5%" valign="bottom"><font face="serif" size="2">Title:</font></td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><hr size="1" noshade>
    </td>
    <td width="38%"><hr size="1" noshade>
    </td>
    <td width="2%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td colspan="3" align="right"><font face="serif" size="2">&nbsp;(Zip Code)&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
    <td width="5%" valign="bottom"><font face="serif" size="2">Name:</font></td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr align="right" valign="top" bgcolor="#ffffff">
    <td colspan="3"><div style="margin-left:3%; text-indent:-3%"></div></td>
    <td width="2%">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td colspan="3"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">(Please type or print)</font></td>
  </tr>
  <tr valign="top">
    <td colspan="3"><hr size="1" noshade></td>
    <td width="2%">&nbsp;</td>
    <td width="5%" valign="bottom"><font face="serif" size="2">Date:</font></td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr align="center" valign="top" bgcolor="#ffffff">
    <td colspan="3"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Area Code and Telephone Number</font></div></td>
    <td width="2%">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left"><hr size="1" noshade></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="6%"><font face="serif" size="2"><b>NOTE:</b></font></td>
    <td><div align="left"><font face="serif" size="2"><b>DO NOT SEND OLD NOTES
            WITH THIS NOTICE OF GUARANTEED DELIVERY. OLD NOTES SHOULD BE SENT
    WITH YOUR LETTER OF TRANSMITTAL.</b></font></div></td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">3</font></p>
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