<SUBMISSION>
<ACCESSION-NUMBER>0001125282-04-003353
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040720
<ITEMS>12
<ITEMS>7
<FILING-DATE>20040720
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STEEL DYNAMICS INC
<CIK>0001022671
<ASSIGNED-SIC>3312
<IRS-NUMBER>351929476
<STATE-OF-INCORPORATION>IN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-21719
<FILM-NUMBER>04921722
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY
<STREET2>SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
<PHONE>2604593553
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6714 POINTE INVERNESS WAY
<STREET2>SUITE 200
<CITY>FORT WAYNE
<STATE>IN
<ZIP>46804
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b333157_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
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<p align="center"><b><font face="serif" size="4">SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, DC  20549</font></b></p>
<hr width="150" size=1 noshade>
<p align="center"><font size="2" face="serif"><b>FORM 8-K</b></font></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT</b></font></p>
<p align="center"><font size="2" face="serif"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">Date of Report (date of earliest event reported):  July 20, 2004</font></p>
<p align="center"><b><u><font face="serif" size="4">STEEL DYNAMICS, INC.</font></u></b></p>
<p align="center"><font size="2" face="serif">(Exact name of registrant as specified in its charter)</font></p>
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  <tr valign="bottom" bgcolor="#ffffff">
    <td width="32%" align="center"><font size="2" face="serif">Indiana</font></td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="32%" align="center"><font size="2" face="serif">0-21719</font></td>
    <td width="2%" align="center">&nbsp;</td>
    <td width="32%" align="center"><font size="2" face="serif">35-1929476</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td width="32%" align="center"><font size="2" face="serif">(State or other
      jurisdiction of<br>
      incorporation or organization)</font></td>
    <td align="center">&nbsp;</td>
    <td width="32%" align="center"><font size="2" face="serif">(Commission File
      Number)</font></td>
    <td align="center">&nbsp;</td>
    <td width="32%" align="center"><font size="2" face="serif">(IRS Employer Identification
      No.)</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif"><u>6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana 46804</u></font></p>
<p align="center"><font size="2" face="serif">(Address of principal executive officers) (Zip Code)</font></p>
<p align="center"><font size="2" face="serif">Registrant&#146;s telephone number, including area code:  260-459-3553</font></p>
<p align="center"><font size="2" face="serif">(Former name or former address, if changed since last report)<br>Not Applicable</font></p>
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<p align="left"><font size="2" face="serif"><b>Item 7.  Financial Statements and Exhibits</b></font></p>
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    <td width="3%" align="right">&nbsp;</td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="3%" align="left"><font size="2" face="serif">(c)</font></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="12%" align="left"><font size="2" face="serif">Exhibits.</font></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="73%" align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
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    <td width="3%" align="right">&nbsp;</td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="3%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="3%" align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
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    <td width="3%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="12%" align="left"><u><font size="2" face="serif">Exhibit Number</font></u></td>
    <td width="3%" align="left">&nbsp;</td>
    <td align="left"><u><font size="2" face="serif">Description</font></u></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td width="3%" align="right">&nbsp;</td>
    <td width="3%" align="right">&nbsp;</td>
    <td width="3%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="12%" align="left"><font size="2" face="serif">99.1</font></td>
    <td width="3%" align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">A press release dated July 19,
      2004 titled &#147;Steel Dynamics Announces Record Quarterly and First Half
      Earnings&#148;</font></td>
  </tr>
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<p align="left"><font size="2" face="serif"><b>Item 12.  Disclosure of Results of Operations and financial Condition </b></font></p>
<p align="left"><font size="2" face="serif">On July 19, 2004, Steel Dynamics,
  Inc. issued a press release titled &#147;Steel Dynamics Announces Record Quarterly
  and First Half Earnings,&#148; containing information about the company&#146;s
  results of operations for the three and six months ended June 30, 2004. The
  full text of the press release, together with related unaudited financial information
  and statistics, is furnished herewith and attached hereto as Exhibit 99.1.</font></p>
<p align="center"><font size="2" face="serif"><b>SIGNATURE</b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.</font></p>
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    <td width="50%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td colspan="2" align="left"><font size="2" face="serif">STEEL DYNAMICS, INC.</font></td>
  </tr>
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    <td width="50%" align="left">&nbsp;</td>
    <td colspan="2" align="left">&nbsp;</td>
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    <td width="50%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td colspan="2" align="left"><u><font size="2" face="serif">/s/ Tracy L. Shellabarger</font></u></td>
  </tr>
  <tr valign="top">
    <td align="left" width="50%"><font size="2" face="serif">Date: July 20, 2004</font></td>
    <td align="left" width="5%"><font size="2" face="serif">By:</font></td>
    <td align="left"><font size="2" face="serif">Tracy L. Shellabarger</font></td>
  </tr>
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    <td width="50%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="5%" align="left"><font size="2" face="serif">Title:</font></td>
    <td align="left"><font size="2" face="serif">Secretary</font></td>
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    <td width="50%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>b333157ex99_1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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Prepared and filed by St Ives Burrups
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<p align="right"><font size="2" face="sans-serif">Exhibit 99.1</font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="50%" rowspan="2" align="left" valign="middle"><font size="2" face="sans-serif"><b><font face="sans-serif" size="5">Press
      Release<br>
      </font>July 19, 2004</b></font></td>
    <td align="right"><font size="2" face="sans-serif"><img src="steel_logo.jpg"></font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2" face="sans-serif"> 6714 Pointe Inverness
      Way, Suite 200<br>
      Fort Wayne, IN 46804-7932<br>
      260.459.3553 Phone<br>
      260.969.3590 Fax<br>
      <i><u>www.steeldynamics.com</u></i></font></td>
  </tr>
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<p align="center"><b><font face="sans-serif" size="5">Steel Dynamics Announces Record Quarterly<br>and First Half Earnings</font></b></p>
<p align="left"><font size="2" face="sans-serif"><i>FORT WAYNE, INDIANA</i>, July
  19, 2004&#150; Steel Dynamics, Inc. (NASDAQ: STLD) today announced record second
  quarter earnings of $67.3 million, or $1.20 per diluted share, more than double
  first-quarter 2004 earnings. Net sales for the second quarter of 2004 were $526
  million, an increase of 37 percent from the first quarter of 2004. For the first
  six months of 2004, net income of $1.78 per diluted share exceeded full-year
  earnings per share in any prior year.</font></p>
<p align="left"><font size="2" face="sans-serif">&#147;The second quarter was
  the company&#146;s best quarterly performance yet,&#148; said Keith Busse, President
  and CEO of Steel Dynamics. &#147;Our investments in new production capacity
  over the past several years continue to pay off as we have been able to ship
  increasing steel tonnage while achieving stronger margins on those higher volumes.
  Higher margins principally drove our earnings growth this quarter. Compared
  to the first quarter of 2004, our average selling values increased $110 per
  ton contributing to record operating profits of $131 per ton. We see continued
  strength in the steel marketplace, and continue to rapidly fill our order book
  for flat-rolled and long products. Shipping volume for structural steel was
  off slightly in the second quarter, but demand for beams should grow in the
  second half as the pace of North American non-residential construction continues
  to strengthen.&#148;</font></p>
<p align="left"><font size="2" face="sans-serif">Second quarter 2004 consolidated
  shipments totaled 889,000 tons, 11 percent higher than the first quarter of
  2004. Flat Roll Division shipments increased 7 percent from the first quarter
  while Structural &amp; Rail Division shipments declined 2 percent. During its
  second full quarter of operations, Bar Products Division shipments grew to 82,000
  tons from the first quarter&#146;s 19,000 tons. First half consolidated shipments
  of 1,687,000 tons were 30 percent higher than the first half of 2003.</font></p>
<p align="left"><font size="2" face="sans-serif">In the second quarter, SDI&#146;s
  consolidated average selling price was $591 per ton which was $110 per ton higher
  than the first quarter of 2004 and $256 per ton higher than the second quarter
  of 2003. Second quarter scrap costs per net ton charged were $227, approximately
  $16 per ton higher than the first quarter of 2004 and approximately $102 per
  ton higher than second quarter of 2003.</font></p>
<p align="left"><font size="2" face="sans-serif">Operating performance was excellent
  in the second quarter, with all steel manufacturing facilities contributing
  to higher earnings. The Flat Roll Division achieved record quarterly hot band
  production. The Structural &amp; Rail Division also set a quarterly production
  record as it continues to refine its production capabilities. During the second
  quarter Columbia City completed commissioning of 33- and 36-inch beams and completed
  rail production trials through all the manufacturing steps, including automated
  inspection and testing. Rail shipments are expected to begin in the second half.
  The new Bar Products Division is performing exceptionally well, operating at
  approximately 65 percent of stated production capacity during the month of June.
  The division has begun commissioning its newly installed finishing mill with
  the production of reinforcing bar (rebar) and will continue this process in
  rebar and small rounds. Production of small structural shapes is expected to
  begin late in the third quarter after the installation of automated stacking
  and bundling equipment.</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="left"><font size="2" face="sans-serif">As the non-residential building market strengthened in the second quarter, New Millennium Building Systems made excellent progress, increasing its order backlog, improving productivity, and producing stronger earnings. It is making good progress in selection of the site in the Southeastern U.S. for its second manufacturing facility.</font></p>
<p align="left"><font size="2" face="sans-serif">SDI continues to focus on the further development of scrap substitute capabilities, both through the operation of Iron Dynamics and the planned commercialization of the Mesabi Nugget process. During the second quarter, Iron Dynamics continued production of hot-briquetted iron and began production of liquid pig iron. The Mesabi Nugget project offers the potential for substantial additional future supply of lower cost iron resources using Kobe Steel&#146;s ITmk3 process. SDI continues to work with the other Mesabi Nugget investors in planning the commercialization of the process and in site selection for construction of full-scale production facilities.</font></p>
<p align="left"><font size="2" face="sans-serif">At the end of June, Steel Dynamics increased its financial flexibility by entering into a new 4-year $230 million senior secured revolving credit facility.&nbsp;A portion of the proceeds from this new facility and cash on hand were used to prepay certain existing senior secured debt, including SDI&#146;s term loan B facility of $108 million.&nbsp;The completion of the refinancing increased SDI&#146;s credit facility liquidity from $75 million to $130 million. The write-off of capitalized costs associated with the refinanced debt caused a reduction of $0.03 in second quarter diluted earnings per share.</font></p>
<p align="left"><font size="2" face="sans-serif">The company believes the third quarter will be stronger than the second and that this strength could be sustainable through the fourth quarter based on a higher volume of shipments and continued favorable margins despite recent higher prices for metallic raw materials. We remain hopeful these costs will stabilize soon; however, if scrap prices go too high, the higher steel surcharges that result could cause domestic steel prices to rise to a level that would bring greater customer interest in imported steel. We do not believe imports of foreign steel currently pose a significant threat to U.S. steel producers, but that could rapidly change. We expect the latest surge in scrap prices to abate somewhat in the September time frame. In the second
half, we plan to increase our utilization of pig iron, both internally generated and purchased, so that we will be relying less on premium grades of steel scrap in our melt-shop mix.</font></p>
<p align="left"><font size="2" face="sans-serif">&#147;Our recently announced initiation of a quarterly dividend reflects our confidence in our continued performance and financial strengths. We believe 2005 could potentially be another strong year for us with all of our manufacturing operations contributing. Steel production could possibly increase another 15 percent to approach our annual capacity of about 4.2 million tons,&#148; Busse said.</font></p>
<hr noshade size="2">
<p align="left"><font size="2" face="sans-serif"><b><i>Conference Call and Webcast</i></b></font></p>
<p align="left"><font size="2" face="sans-serif"><i>On Tuesday, July 20, 2004 at 11:00 am Eastern, Steel Dynamics will host a conference call in which Steel Dynamics&#146; management will discuss second quarter 2004 results. You are invited to listen to the live audio broadcast of the conference call over the Internet, accessible from Steel Dynamics&#146; Web site:</i></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
  <tr valign="top">
    <td align="center"><font size="2" face="sans-serif"><b><u>www.steeldynamics.com</u></b></font></td>
  </tr>
</table>
<p align="left"><font size="2" face="sans-serif"><i>Dial-in information is available on our Web site. No telephone replay will be available. An audio replay of the Webcast will be available from the SDI Web site.</i></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="left" valign="top">
    <td width="6%"><font size="2" face="sans-serif"><i>Contact:</i></font></td>
    <td><font size="2" face="sans-serif"><i>Fred Warner, Investor Relations Manager,
      (260) 969-3564 or fax (260) 969-3590<br>
      </i><b><i><u>f.warner@steeldynamics.com</u></i></b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<hr noshade size="2">
<p align="left"><font size="2" face="sans-serif"><b>Forward Looking Statements</b></font></p>
<p align="left"><font size="2" face="sans-serif"><b>This press release contains some predictive statements about future events, including statements related to conditions in the steel marketplace, Steel Dynamics&#146; revenue growth, costs of raw materials, future profitability, the timing of construction and operation of new or existing facilities, the development and operation of scrap substitute operations, reaching agreement on projects with partners, and the extent and timing of introduction and customer acceptance of new products. These statements are intended to be made as &#147;forward-looking,&#148; subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Such predictive statements are not guarantees of
future performance, and actual results could differ materially from our current expectations.</b></font></p>
<p align="left"><font size="2" face="sans-serif"><b>We refer you to SDI&#146;s detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K and in other reports which we from time to time file with the Securities and Exchange Commission, available publicly on the SEC Web site, </b><b><i><u>www.sec.gov</u></i></b><b>, and on the Steel Dynamics Web site, </b><b><i><u>www.steeldynamics.com</u></i></b><b>.</b></font></p>
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<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="sans-serif"><b>Steel Dynamics, Inc.<br>UNAUDITED CONSOLIDATED STATEMENTS OF INCOME<br>(in thousands, except per share data)</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>Three
      Months Ended</b></font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>
      Six Months Ended</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>June
      30,</b></font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>June
      30,</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td colspan="6" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom"></td>
    <td colspan="6" align="center" valign="bottom"> <hr noshade size="1"> </td>
    <td width="2%" align="center" valign="bottom"></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="center" valign="bottom">&nbsp;</td>
    <td width="8%" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2004</b></font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="1%" align="center" valign="bottom">&nbsp;</td>
    <td width="8%" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2003</b></font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="1%" align="center" valign="bottom">&nbsp;</td>
    <td width="8%" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2004</b></font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="1%" align="center" valign="bottom">&nbsp;</td>
    <td width="8%" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2003</b></font></td>
    <td width="2%" align="center" 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%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="1%" align="left" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="1%" align="left" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="1%" align="left" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="1" face="sans-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="1" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="1" face="sans-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="1" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="1" face="sans-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="1" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="sans-serif"><b>Net sales</b></font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">525,657</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">218,632</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">909,802</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">454,136</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">Costs
        of goods sold</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">382,459</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">186,724
      </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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">685,014</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">372,693</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="sans-serif">Selling,
        general, and administrative expenses</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">28,082</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">14,682</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">51,132</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">29,657</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 align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif"><b>Operating
        income</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">115,116</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">17,226</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">173,656</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">51,786</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="sans-serif">Interest
        expense</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">10,592</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">8,938</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">20,096</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">18,104</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="sans-serif">Other
        (income) expense, net</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(3,143</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(399</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(5,246</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(250</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif"><b>Income
        before income taxes</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">107,667</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">8,687</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">158,806</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">33,932</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="sans-serif">Income
        taxes</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">40,375</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">3,257</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">59,552</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">12,724</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 align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif"><b>Net
        income</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">67,292</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">5,430</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">99,254</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">21,208</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%" valign="bottom"> <hr noshade size="2"></td>
    <td width="8%" valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td align="left" valign="bottom"></td>
    <td valign="bottom"> <hr noshade size="2"></td>
    <td valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td align="left" valign="bottom"></td>
    <td valign="bottom"> <hr noshade size="2"></td>
    <td valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td align="left" valign="bottom"></td>
    <td 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="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Basic
        earnings per share</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1.36</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">.11</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;
      </font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">2.02</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">.45</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 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 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 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 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" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="sans-serif">Weighted
        average common shares outstanding</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">49,340</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">47,650</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">49,143</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">47,625</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 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 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 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 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="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Diluted
        earnings per share, <br>
        </b>including effect of assumed conversions</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1.20</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">.11</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1.78</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">.44</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 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 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 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 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="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">Weighted
        average common shares<br>
        and share equivalents outstanding</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">56,545</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">47,853</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">56,379</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">47,820</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 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 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 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 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>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="sans-serif"><b><i>Steel Dynamics, Inc.<br></i></b><b>UNAUDITED SUPPLEMENTAL OPERATING INFORMATION</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>Three
      Months Ended</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>Six
      Months Ended</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>June
      30,</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>June
      30,</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="2%" align="center" valign="bottom"></td>
    <td colspan="6" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom"></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2004</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2003</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2004</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2003</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="2%" align="center" valign="bottom"></td>
    <td colspan="2" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="sans-serif">Shipments
        <i>(tons)</i></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Steel
        Operations* shipments</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">885,056</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">643,041</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,672,534</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,284,442</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Other
        Operations** shipments</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">88,465</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">45,980</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">181,353</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">90,345</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Intercompany
        shipments</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(84,691</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(36,489</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(166,429</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(74,141</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-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 align="left" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td align="left" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td align="left" valign="bottom"><hr noshade size="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif">Consolidated
        shipments</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">888,830</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">652,532</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,687,458</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,300,646</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 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>
    <td width="2%" 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>
    <td width="2%" 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>
    <td width="2%" 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="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">Steel
        Operations* production <i>(tons)</i></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">888,193</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">720,085</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">
      1,698,168</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,405,516</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">Average
        consolidated selling price per ton <i>(dollars)</i></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">591</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">335</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">539</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">349</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="sans-serif">Operating
        profit per ton shipped*** <i>(dollars)</i></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">131</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">29</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">107</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">41</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">Start-up
        costs <i>(thousands of dollars)</i></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">&#151;</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,478</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">5,140</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,964</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
</table>
<br><br>
<hr noshade size="1">
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="4%"><font size="2" face="sans-serif">*</font></td>
<td align="left"><font size="2" face="sans-serif">Steel Operations include the company&#146;s Flat Roll Division, Structural and Rail Division and Bar Products Division. </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="sans-serif">**</font></td>
<td align="left"><font size="2" face="sans-serif">Other Operations include New Millennium Building Systems, Paragon Steel Trading and Iron Dynamics.  </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="sans-serif">***</font></td>
<td align="left"><font size="2" face="sans-serif">Operating profit per ton shipped represents operating income before start-up costs and minority interest adjustments divided by consolidated shipments.  </font></td>
</tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="sans-serif"><b><i>Steel Dynamics, Inc.<br></i></b><b>CONSOLIDATED BALANCE SHEETS<br></b><b>(in thousands)</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>June
      30,</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>December
      31,</b></font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2004</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2003</b></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="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom"></td>
    <td width="2%" align="center" valign="bottom">&nbsp; </td>
    <td width="1%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>
      (unaudited)</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="1%" align="center" valign="bottom"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="center" valign="bottom"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="center"><font size="2" face="sans-serif"><b>Assets</b></font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Current
        assets:</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Cash
        and equivalents</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">38,441</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">65,430</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Accounts
        receivable</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">199,154</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">126,023</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Inventories</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">280,170</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">184,496</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Deferred
        income taxes</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">12,563</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">23,217</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Other
        current assets</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">18,105</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">8,769</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 align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"></td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif"><b>Total
        current assets</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">548,433</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">407,935</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Property,
        plant and equipment, net</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,018,005</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,001,116</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Restricted
        cash</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">4,215</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">2,636</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Other
        assets</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">33,301</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">36,752</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 align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"></td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif"><b>Total
        assets</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,603,954</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,448,439</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 align="left" valign="bottom"> <hr noshade size="2"></td>
    <td width="8%" valign="bottom"> <hr noshade size="2"></td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom">&nbsp; </td>
    <td align="left" valign="bottom"> <hr noshade size="2"></td>
    <td width="8%" 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="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="center"><font size="2" face="sans-serif"><b>Liabilities and Stockholders&#146;
      Equity</b></font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Current
        liabilities:</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Accounts
        payable</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">120,961</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">79,326</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Accrued
        interest</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">13,538</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">11,312</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Accrued
        expenses</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">59,046</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">46,678</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Current
        portion of long-term debt</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">5,000</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">15,988</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 align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"></td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif"><b>Total
        current liabilities</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">198,545</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">153,304</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Long-term
        debt,</b> including unamortized bond premium of $7,991 and<br>
        $8,834 at June 30, 2004 and December 31, 2003, respectively</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">563,287</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">591,586</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Deferred
        income taxes</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">137,647</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">115,703</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Minority
        interest</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,823</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">613</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Commitments
        and contingencies</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Stockholders&#146;
        equity:</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Common
        stock</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">517</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">509</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Treasury
        stock, at cost</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(28,908</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(28,670</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Additional
        paid-in capital</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">376,945</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">362,328</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Retained
        earnings</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">356,508</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">257,254</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Other
        accumulated comprehensive loss</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(2,410</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(4,188</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"></td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif"><b>Total
        stockholders&#146; equity</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">702,652</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">587,233</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 align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"></td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif"><b>Total
        liabilities and stockholders&#146; equity</b></font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,603,954</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,448,439</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="2"></td>
    <td width="8%" valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="2%" align="left" valign="bottom">&nbsp; </td>
    <td width="1%" align="left" valign="bottom"> <hr noshade size="2"></td>
    <td width="8%" valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><b><font size="2" face="sans-serif"><i>Steel Dynamics, Inc.<br>
  </i>UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS<br>
  (in thousands)</font></b></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>Three
      Months Ended</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>Six
      Months Ended</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>June
      30,</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="6" align="center" valign="bottom"><font size="1" face="sans-serif"><b>June
      30,</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="2%" align="center" valign="bottom"></td>
    <td colspan="6" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom"></td>
    <td colspan="6" align="center" valign="bottom"> <hr noshade size="1"> </td>
    <td width="2%" align="center" valign="bottom"></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2004</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2003</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2004</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td colspan="2" align="center" valign="bottom"><font size="1" face="sans-serif"><b>2003</b></font></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td></td>
    <td width="2%" align="center" valign="bottom"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom"></td>
    <td width="1%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom"></td>
    <td width="1%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom">&nbsp;</td>
    <td width="2%" align="center" valign="bottom"></td>
    <td width="1%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="8%" align="center" valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="center" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="sans-serif"><b>Operating
        activities</b>:</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Net
        income</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">67,292</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">5,430</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">99,254</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">21,208</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Adjustments
        to reconcile net income to net cash provided by operating activities:</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">Depreciation
        and amortization</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">23,629</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">16,643</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">42,408</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">32,919</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="sans-serif">Deferred
        income taxes</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">20,930</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">6,186</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">32,598</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">11,430</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="sans-serif">Minority
        interest</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">562</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">24</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,211</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(627</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif">Changes
        in certain assets and liabilities:</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 12%;  text-indent: -3%"><font size="2" face="sans-serif">Accounts
        receivable</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(34,558</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">9,706</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(73,131</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">6,240</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 12%;  text-indent: -3%"><font size="2" face="sans-serif">Inventories</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(44,181</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(5,740</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(95,674</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(20,220</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 12%;  text-indent: -3%"><font size="2" face="sans-serif">Accounts
        payable</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(7,628</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(450</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">41,635</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">15,680</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 12%;  text-indent: -3%"><font size="2" face="sans-serif">Other
        working capital</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">17,371</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,878</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">5,781</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(8,286</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></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">&nbsp; </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">&nbsp; </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">&nbsp; </td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif">Net
        cash provided by operating activities</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">43,417</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">33,677</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">54,082</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">58,344</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="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom">&nbsp; </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">&nbsp; </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">&nbsp; </td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td 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="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Investing
        activities</b>:</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Purchase
        of property, plant and equipment</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(30,755</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(23,670</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(54,660</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(61,105</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Other
        investing activities</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">&#151;</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">8</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">&#151;</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(8,283</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></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">&nbsp; </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">&nbsp; </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">&nbsp; </td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 9%;  text-indent: -3%"><font size="2" face="sans-serif">Net
        cash used in investing activities</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(30,755</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(23,662</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(54,660</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(69,388</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></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">&nbsp; </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">&nbsp; </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">&nbsp; </td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td 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="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif"><b>Financing
        activities</b>:</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Issuance
        of long-term debt</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">134,182</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">26,768</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">164,121</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">48,480</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Repayment
        of long-term debt</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(169,749</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(28,482</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(203,408</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(49,900</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Issuance
        of common stock (net of expenses) and proceeds and tax benefits from exercise
        of stock options</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">4,539</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">663</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">14,625</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">1,670</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">Purchase
        of treasury stock</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">&#151;</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">&#151;</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(238</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(176</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><div style="margin-left: 6%;  text-indent: -3%"><font size="2" face="sans-serif">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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(1,487</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(277</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(1,511</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(1,320</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></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">&nbsp; </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">&nbsp; </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">&nbsp; </td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" align="left" valign="bottom"></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 12%;  text-indent: -3%"><font size="2" face="sans-serif">Net
        cash used in financing activities</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(32,515</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(1,328</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(26,411</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(1,246</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></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">&nbsp; </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">&nbsp; </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">&nbsp; </td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td 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="sans-serif">&nbsp;</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="left" valign="bottom"><font size="2" face="sans-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="sans-serif">Increase
        (decrease) in cash and equivalents</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(19,853</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">8,687</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(26,989</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">(12,290</font></td>
    <td width="2%" align="left" valign="bottom"><font size="2" face="sans-serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="sans-serif">Cash
        and equivalents at beginning of period</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">58,294</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">3,241</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">65,430</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="sans-serif">&nbsp;</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">24,218</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="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td align="left" valign="bottom"></td>
    <td align="left" valign="bottom">&nbsp; </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">&nbsp; </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">&nbsp; </td>
    <td align="left" valign="bottom"> <hr noshade size="1"></td>
    <td valign="bottom"> <hr noshade size="1"></td>
    <td width="2%" 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="sans-serif">Cash
        and equivalents at end of period</font></div></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">38,441</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">11,928</font></td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="2%" align="left" valign="bottom">&nbsp;</td>
    <td width="1%" align="left" valign="bottom"><font size="2" face="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">38,441</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="sans-serif">$</font></td>
    <td width="8%" align="right" valign="bottom"><font size="2" face="sans-serif">11,928</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="2"></td>
    <td width="8%" valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="2%" align="left" valign="bottom">&nbsp; </td>
    <td width="1%" align="left" valign="bottom"> <hr noshade size="2"></td>
    <td width="8%" valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="2%" align="left" valign="bottom">&nbsp; </td>
    <td width="1%" align="left" valign="bottom"> <hr noshade size="2"></td>
    <td width="8%" valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
    <td width="2%" align="left" valign="bottom">&nbsp; </td>
    <td width="1%" align="left" valign="bottom"> <hr noshade size="2"></td>
    <td width="8%" valign="bottom"> <hr noshade size="2"></td>
    <td width="2%" align="left" valign="bottom"></td>
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<hr noshade align="center" width="100%" size="2">
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>steel_logo.jpg
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