<SUBMISSION>
<ACCESSION-NUMBER>0001104659-06-045668
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20060629
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20060706
<DATE-OF-FILING-DATE-CHANGE>20060706
<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>06948239
</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>a06-14934_18k.htm
<DESCRIPTION>CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"></p> </div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 18.5pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
AND EXCHANGE COMMISSION</font></b><font size="5" style="font-size:18.0pt;"><br>
</font><b><font style="font-weight:bold;">WASHINGTON, DC&#160; 20549</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
REPORT</font></b></p>

<p align="center" style="margin:0pt 0pt 19.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT
TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report
(Date of earliest event reported):&#160; <b><font style="font-weight:bold;">July&nbsp;6, 2006 (June&nbsp;29, 2006)</font></b></font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">STEEL
DYNAMICS, INC.<br>
</font></b>(Exact Name of Registrant as Specified in Charter)</p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.05pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Indiana<br>
  </font></b>(State of Other Jurisdiction
  of<br>
  Incorporation)</p>
  </td>
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-21719<br>
  </font></b>(Commission File Number)</p>
  </td>
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">35-1929476<br>
  </font></b>(IRS Employer Identification No.)</p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="460" valign="top" style="padding:0pt .7pt 0pt 0pt;width:345.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font style="font-weight:bold;">6714 Pointe Inverness Way, Suite&nbsp;200, Fort Wayne, Indiana<br>
  </font></b>(Address of Principal Executive Offices)</p>
  </td>
  <td width="213" valign="top" style="padding:0pt .7pt 0pt 0pt;width:159.55pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">46804<br>
  </font></b>(Zip Code)</p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(260) 459-3553<br>
</font></b>(Registrant&#146;s telephone number, including area code)</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not Applicable<br>
</font></b>(Former name or former address, if changed since last report)</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp; Written
communications pursuant to Rule&nbsp;425 under the Securities Act
(17&nbsp;CFR&nbsp;230.425)</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp; Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act
(17&nbsp;CFR&nbsp;240.14a-12)</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp; Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act
(17&nbsp;CFR&nbsp;240.14d-2(b))</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp; Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act
(17&nbsp;CFR&nbsp;240.13e-4(c))</p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
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<div style="font-family:Times New Roman;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;5
- Corporate Governance and Management</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(a)&nbsp;</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b>On
June&nbsp;29, 2006, the Board of Directors of Steel Dynamics,&nbsp;Inc. (the &#147;Company&#148;)
approved, effective immediately, an amendment of the Company&#146;s Bylaws to delete
the third sentence of Article&nbsp;II, Section&nbsp;2.2 of the Company&#146;s
Bylaws, which provided that holders of at least twenty-five percent (25%) of
the outstanding shares of the Company could call a special meeting of the
shareholders. As amended, the Bylaws provide that a special meeting of the
shareholders may be called by the President, the Secretary or the Board of
Directors.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, on the same date, the Board of Directors
of the Company approved, effective immediately, an amendment of Article&nbsp;III,
Section&nbsp;3.7 of the Company&#146;s Bylaws, which provided that a special meeting
of the Board of Directors requires at least 48 hours&#146; prior notice to be given
to each Director. As amended, the Bylaws provide that a special meeting of the
Board of Directors may be called on 24 hours&#146; notice or on such shorter notice
as may be necessary or appropriate in the circumstances and that the notice
need not specify the purpose of the meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the Company&#146;s Bylaws, as amended and
restated to reflect the foregoing amendments, is included as Exhibit&nbsp;3.1
to this Form&nbsp;8-K and incorporated herein by reference.</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;9
- </font></b><b><font style="font-weight:bold;">Financial Statements and
Exhibits</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01
Financial Statements and Exhibits.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(c)&nbsp;Exhibits.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following exhibit
is filed with this report:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.92%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><u>Exhibit&nbsp;No.</u></p>
  </td>
  <td width="90%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:90.08%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><u><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description
  of Exhibit</font></u></b></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.92%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="90%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:90.08%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Bylaws of the Company</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 hereunto
duly authorized.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="338" valign="top" style="padding:0pt .7pt 0pt 0pt;width:253.2pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"></p>
  </td>
  <td width="335" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:251.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steel Dynamics,&nbsp;Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="338" valign="top" style="padding:0pt .7pt 0pt 0pt;width:253.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="306" valign="top" style="padding:0pt .7pt 0pt 0pt;width:229.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="338" valign="top" style="padding:0pt .7pt 0pt 0pt;width:253.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="29" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="306" valign="top" style="padding:0pt .7pt 0pt 0pt;width:229.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="338" valign="top" style="padding:0pt .7pt 0pt 0pt;width:253.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: July&nbsp;6, 2006</font></p>
  </td>
  <td width="29" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="306" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:229.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Gary E. Heasley</font></p>
  </td>
 </tr>
 <tr>
  <td width="338" valign="top" style="padding:0pt .7pt 0pt 0pt;width:253.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="306" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:229.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&nbsp;Gary E. Heasley</font></p>
  </td>
 </tr>
 <tr>
  <td width="338" valign="top" style="padding:0pt .7pt 0pt 0pt;width:253.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.8pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="306" valign="top" style="padding:0pt .7pt 0pt 0pt;width:229.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&nbsp;V.P. and Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p>
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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.46%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><u><font size="1" style="font-size:8.0pt;font-weight:bold;">Exhibit</font></u></b></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><u><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></u></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Bylaws of the Company</font></p>
  </td>
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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED
AND RESTATED<br>
BYLAWS OF</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STEEL
DYNAMICS, INC.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
I<br>
OFFICES</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;1.1.
</font>Principal Office. </font></b>The
principal office of the Corporation shall be at 6714&nbsp;Pointe Inverness Way,
Suite&nbsp;200, Fort Wayne, Indiana 46804, or at such other place as may be
designated by the Board of Directors.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;1.2.
</font>Other Offices. </font></b>The
Corporation may also have other offices at such places as the Board of
Directors may designate or as the business of the Corporation may require from
time to time.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;1.3.
</font>Registered Office and Agent. </font></b>The
Corporation shall maintain a Registered Office and Registered Agent as required
by the Indiana Business Corporation Law.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE II<br>
SHAREHOLDERS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.1.
</font>Annual Meeting. </font></b>The
annual meeting of the shareholders of the Corporation shall be held at such
place (either within or without the State of Indiana but which is reasonably
convenient for shareholders to attend) and time (not later than the end of the
sixth month following the close of the fiscal year) as may be fixed by the
Board of Directors and designated in the notice or waiver of notice of the
meeting. At the annual meeting, the directors for the ensuing year shall be
elected and all such other business as may properly be brought before the
meeting shall be transacted. The Secretary of the Corporation shall cause
notice of the annual meeting to be given to each shareholder of record of the
Corporation entitled to vote either by delivery to the shareholder in person or
by depositing in the United States mail, postage prepaid, in an envelope
addressed to the shareholder&#146;s address shown in the Corporation&#146;s current
record of shareholders, a written or printed notice stating the place, day and
hour of the holding of the meeting. Notices shall be delivered personally or
mailed no fewer than ten (10)&nbsp;nor more than sixty (60) days before the
date of the meeting. If required by any provision of the Indiana Business
Corporation Law or by the Articles of Incorporation of the Corporation or if
required by the Board of Directors, the notice shall also state the purpose or
purposes for which the meeting is called.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.2.
</font>Special Meetings. </font></b>Special
meetings of the shareholders may be held at the principal office of the
Corporation or at any other place which is reasonably convenient for shareholders
to attend, as may be designated in the notice or waiver of notice of the
meeting. Special meetings may be called in writing by the President, the
Secretary or the Board of Directors. The Secretary of the Corporation shall
cause notice of the holding of a special meeting to be given to each
shareholder of record of the Corporation entitled to vote upon the business to
be transacted at the meeting either by delivery to the shareholder personally
or by depositing in</p>

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<p style="margin:0pt 0pt 12.0pt;text-indent:.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the United States mail,
postage prepaid, in an envelope addressed to the shareholder&#146;s address shown in
the Corporation&#146;s current record of shareholders, a written or printed notice
stating the place, day, hour, and purpose or purposes for which such meeting is
called. Notices shall be delivered personally or mailed no fewer than ten (10)&nbsp;nor
more than sixty (60) days before the date of such meeting.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.3.
</font>Address of Shareholder. </font></b>The
address of a shareholder appearing upon the Corporation&#146;s record of
shareholders shall be deemed to be the latest address of the shareholder that
has been furnished in writing to the Corporation by the shareholder.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.4.
</font>Waiver of Notice. </font></b>A
shareholder may waive notice of any shareholder&#146;s meeting before or after the
date and time specified in the notice. The waiver must be in writing and be
delivered to the Corporation for inclusion in the minutes or filing with the
corporate records. A shareholder&#146;s attendance at a meeting:&#160; (1)&nbsp;waives objection to lack of notice
or defective notice of the meeting, unless the shareholder at the beginning of
the meeting objects to holding the meeting or transacting business at the
meeting; and (2)&nbsp;waives objection to consideration of a particular matter
at the meeting that is not within the purpose or purposes described in the
meeting notice, unless the shareholder objects to considering the matter when
it is presented.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.5.
</font>Quorum. </font></b>At any
meeting of the shareholders the holders of a majority of the outstanding shares
of the Corporation entitled to vote who are present in person or represented by
proxy shall constitute a quorum for the transaction of business. Once a share
is represented for any purpose at a meeting, it is deemed present for quorum
purposes for the remainder of the meeting and for any adjournment of that
meeting unless a new record date is set or is required to be set under the
Indiana Business Corporation Law or otherwise.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.6.
</font>Voting. </font></b>Except
as the Articles of Incorporation may otherwise state, at each meeting of the
shareholders, every shareholder owning shares entitled to vote shall have the
right to one (1)&nbsp;vote for each such share standing in his name on the
books of the Corporation. The shareholder may vote either in person or by proxy
appointed in writing signed by the shareholder or by the shareholder&#146;s duly
authorized attorney-in-fact and delivered to the Secretary of the
Corporation or other officer or agent authorized to tabulate votes at or before
the time of the holding of the meeting. No proxy shall be valid after eleven (11)
months from the date of its execution unless a longer time is expressly
provided therein.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Only shares which
are fully paid and nonassessable may be voted. If the name signed on a vote,
consent, waiver, or proxy appointment does not correspond to the name of its
shareholder, the Corporation if acting in good faith is nevertheless entitled
to accept the vote, consent, waiver, or proxy appointment and give it effect as
the act of the shareholder if:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; the name signed purports to be that of an
administrator, executor, guardian, or conservator representing the shareholder
and, if the Corporation requests, evidence of fiduciary status acceptable to
the Corporation has been presented with respect to the vote, consent, waiver,
or proxy appointment;</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; the name signed purports to be that of a
receiver or trustee in bankruptcy of the shareholder and, if the Corporation
requests, evidence of this status acceptable to the Corporation has been
presented with respect to the vote, consent, waiver, or proxy appointment;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp; the name signed purports to be that of a
pledgee, beneficial owner, or attorney-in-fact of the shareholder
and, if the Corporation requests, evidence acceptable to the Corporation of the
signatory&#146;s authority to sign for the shareholder has been presented with
respect to the vote, consent, waiver, or proxy appointment; or</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp; two (2)&nbsp;or more persons are the
shareholder as co-tenants or fiduciaries and the name signed purports to be the
name of at least one (1)&nbsp;of the co-owners and the person signing appears
to be acting on behalf of all the co-owners.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation is
entitled to reject a vote, consent, waiver, or proxy appointment if the
Secretary or other officer or agent authorized to tabulate votes, acting in
good faith, has reasonable basis for doubt about the validity of the signature
on it or about the signatory</font><font face="Times New Roman">=</font>s authority to sign for the
shareholder.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.7.
</font>Shareholder List. </font></b>After
the record date for, and more than five (5)&nbsp;business days before, each
shareholders&#146; meeting, the Secretary of the Corporation shall make, or cause to
be made, an alphabetical list of the names of the shareholders entitled to
notice of the meeting, arranged by voting group (and within each voting group
by class or series of shares) and showing the address of and the number of
shares held by each shareholder. The list shall be available for inspection and
copying to the extent provided in the Indiana Business Corporation Law.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.8.
</font>Fixing of Record Date. </font></b>For
the purpose of determining shareholders entitled to notice of or to vote at any
meeting of shareholders, to demand a special meeting, or to take any other
action, the Board of Directors may fix in advance a date, not more than seventy
(70) days before the date of such meeting or action, as the record date for the
determination of shareholders. In the absence of such a determination by the
Board of Directors, the date for the determination of shareholders shall be ten
(10)&nbsp;days before the date of the meeting or action.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;2.9.
</font>Order of Business. </font></b>The
order of business at annual meetings and, so far as practicable, at all other
meetings of shareholders shall be:</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; Proof of due notice of meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; Ascertainment of quorum.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; Reading and disposal of any unapproved
minutes.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; Reports of officers and committees.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp; Unfinished business.</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp; New business.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp; Election of Directors.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp; Adjournment.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE III<br>
DIRECTORS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.1.
</font>Powers of Directors</font></b>.
All corporate powers shall be exercised by or under the authority of, and the
business and affairs of the Corporation managed under the direction of, the
Board of Directors, subject to any limitation set forth in the Articles of
Incorporation or these bylaws.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.2.
</font>Number. </font></b>The
present number of directors of the Corporation is eleven (11). The number of
directors of the Corporation may be increased or decreased by amendment of this
Section&nbsp;3.2, which amendment shall state the new number of the directors,
but no decrease shall shorten the term of an incumbent director. Directors need
not be shareholders. Directors shall be elected at each annual meeting of the
shareholders or at a special meeting called for that purpose.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.3.
</font>Resignation. </font></b>A
director may resign at any time by delivering written notice to the Board of
Directors, its Chairman (if any), or the Secretary of the Corporation, and the
acceptance of the resignation, unless required by the terms thereof, shall not
be necessary to make it effective. It shall be effective when the notice is
delivered unless the notice specifies a later effective date.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.4.
</font>Removal of Directors. </font></b>To
the extent applicable, directors may be removed only as provided by the Indiana
Business Corporation Law.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.5.
</font>Vacancies. </font></b>If
any vacancy occurs on the Board of Directors, the vacancy shall be filled as
provided by the Indiana Business Corporation Law. The term of a director
elected to fill a vacancy expires at the end of the term for which the director&#146;s
predecessor was elected.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.6.
</font>Regular Meetings. </font></b>A
regular meeting of the Board of Directors shall be held at the place of (or
reasonably near thereto) and promptly following the annual meeting of the
shareholders. Other regular meetings may be held at the principal office of the
Corporation or at any other place reasonably convenient for directors to
attend, at such times and places as the Board of Directors may fix from time to
time. No notice shall be required for regular Board meetings.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.7.
</font>Special Meetings. </font></b>Special
meetings of the Board of Directors shall be held at the principal office of the
Corporation or at any other place reasonably convenient for directors to attend
whenever called by the President of the Corporation or by any member of the
Board. Notice of the meeting specifying the date, time and place thereof shall
be given to each director either by United States mail, postage prepaid in an
envelope addressed to such director,</p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:-.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or by telephone,
facsimile or other form of wire or wireless communication on twenty-four (24)
hours&#146; notice, or on such shorter notice as the person or persons calling such
meeting may deem necessary or appropriate in the circumstances. The notice need
not describe the purpose of the special meeting. Notice of the date, time and
place of the holding of any special meeting may be waived, before or after the
date and time stated in the notice, by written notice signed by any director
and filed with the minutes or corporate records. A director&#146;s attendance at or
participation in any meeting shall constitute a waiver of the notice of the
meeting, unless the director at the beginning of the meeting (or promptly upon
the director&#146;s arrival) objects to holding the meeting or transacting business
at the meeting and does not thereafter vote for or assent to action taken at
the meeting.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.8.
</font>Conduct of Meetings</font></b>.
The President shall preside at all meetings of the Board of Directors and the
Secretary of the Corporation shall act as secretary of the Board, but in their
absence the directors may appoint another person to serve.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The order of
business at all meetings shall be as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; Proof of due notice of the meeting, if
notice is required.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; Ascertainment of quorum.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; Reading and disposal of any unapproved
minutes.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; Reports of officers.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp; Reports of committees.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp; Unfinished business.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp; New business.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp; Adjournment.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.9.
</font>Quorum and Voting. </font></b>A
majority of the actual number of directors elected and qualified from time to
time shall be necessary to constitute a quorum for the transaction of any
business. The act of a majority of the directors present at a meeting at which
a quorum is present shall be the act of the Board of Directors, unless the act
of a greater number is expressly required by the Indiana Business Corporation
Law, the Articles of Incorporation, or another provision of these bylaws.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.10.
</font>Assent by Director to Action
Taken at a Meeting. </font></b>A director who is present at a meeting of
the Board of Directors or a committee of the Board at which action on any
corporate matter is taken is deemed to have assented to the action taken
unless:</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; the director objects at the beginning of the
meeting (or promptly upon the director&#146;s arrival) to holding it or transacting
business at the meeting;</font></p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; the director&#146;s dissent or abstention from
the action taken is entered in the minutes of the meeting; or</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp; the director delivers written notice of the
director&#146;s dissent or abstention to the presiding officer of the meeting before
its adjournment or to the Secretary of the Corporation immediately after adjournment
of the meeting.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The right of dissent or
abstention is not available to a director who votes in favor of the action
taken.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.11.
</font>Directors&#146; or Committee Action
by Consent in Lieu of Meeting. </font></b>Any action required or
permitted to be taken at any meeting of the Board of Directors or any committee
thereof may be taken without a meeting if the action is taken by all members of
the Board or committee. The action shall be evidenced by one (1)&nbsp;or more
written consents describing the action taken, signed by each director, and
included in the minutes or filed with the Corporation&#146;s records reflecting the
action taken. A written consent is effective when the last director signs the
consent, unless the consent specifies a different prior or subsequent effective
date.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.12.
</font>Meetings by Telephone or Other
Communications. </font></b>The Board of Directors may permit any or all
directors to participate in a regular or special meeting by, or conduct the
meeting through the use of, any means of communication by which all directors
participating may simultaneously hear each other during the meeting. A director
participating in a meeting by this means is deemed to be present in person at
the meeting.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.13.
</font>Compensation. </font></b>Each
member of the Board of Directors shall be paid such compensation as shall be
fixed by the Board of Directors. This shall not preclude any director from
serving in any other capacity and receiving compensation therefor.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;3.14.
</font>Committees. </font></b>The
Board by resolution may establish one or more committees.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE IV<br>
OFFICERS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;4.1. </font>Officers. </font></b>The officers of the Corporation shall consist
of a President, a Secretary, an Assistant Secretary, a Treasurer, an Assistant
Treasurer, and a Chief Financial Officer, and if desired by the Board of
Directors one or more Vice Presidents, all of whom shall be elected annually by
the Board of Directors of the Corporation at the first meeting thereof
immediately following the annual meeting of the shareholders; and they shall
hold office, subject to removal, until their successors are elected and
qualified or the office is eliminated. One person may hold more than one
office.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;4.2. </font>Removal; Resignations. </font></b>Any officer of the Corporation
may be removed by the Board of Directors at any time with or without cause. Removal
does not affect the officer&#146;s contract rights, if any, with the Corporation. An
officer&#146;s resignation does not affect the</p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporation&#146;s
contract rights, if any, with the officer. The election or appointment of an
officer does not itself create contract rights.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;4.3. </font>Compensation. </font></b>The compensation of the officers of the
Corporation shall be fixed by, or as permitted by, the Board of Directors.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;4.4. </font>Duties. </font></b>The duties of the officers shall be determined
from time to time by the Board of Directors.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
V<br>
CAPITAL STOCK</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;5.1. </font>Certificates for Shares. </font></b>Unless the Articles of
Incorporation provide otherwise, all shares of stock of the Corporation shall
be represented by a certificate. The certificates shall be in such form not
inconsistent with the Articles of Incorporation and the Indiana Business
Corporation Law as shall be approved by the Board of Directors. At a minimum,
each certificate must state on its face:</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; The name
of the Corporation and that it is organized under the law of the State of
Indiana;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; The name
of the person to whom issued; and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp; The
number and class of shares and the designation of the series, if any, the
certificate represents.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each certificate must be signed by the President and
Secretary. Share certificates which have been signed (whether manually or in
facsimile) by an officer may be used and shall continue to be valid even though
any individual whose signature appears on a certificate is no longer an officer
of the Corporation at the time of the issue of such certificate.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;5.2. </font>Registration of Transfer. </font></b>Registration of transfer of
shares and issuance of a new certificate or certificates therefor shall be made
only upon surrender to the Corporation and cancellation of a certificate or
certificates for a like number of shares, properly endorsed for transfer,
accompanied by (a)&nbsp;such assurance as the Corporation may require as to the
genuineness and effectiveness of each necessary endorsement, (b)&nbsp;satisfactory
evidence of compliance with all laws relating to collection of taxes, and (c)&nbsp;satisfactory
evidence of compliance with or removal of any restriction on transfer of which
the Corporation may have notice.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;5.3. </font>Registered Shareholders. </font></b>As respects the Corporation,
its stock record books shall be conclusive as to the ownership of its shares
for all purposes and the Corporation shall not be bound to recognize adverse
claims.</p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VI<br>
SEAL</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The use of a corporate seal is not required.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VII<br>
FISCAL YEAR</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fiscal year of the Corporation shall be determined
by the Board.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VIII<br>
FUNDS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;8.1. </font>Depository. </font></b>The funds of the Corporation shall be
deposited at such financial institutions or determined by the Board.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;8.2. </font>Withdrawal of Funds. </font></b>The funds of the Corporation may
be withdrawn and disbursed by such officers as may be designated by the Board
of Directors.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
IX<br>
RECORDS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;9.1. </font>Records.</font></b></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; The
Corporation shall keep as permanent records minutes of all meetings of the
shareholders and Board of Directors, a record of all actions taken by the
shareholders or Board of Directors without a meeting, and a record of all
actions taken by a committee of the Board of Directors in place of the Board of
Directors on behalf of the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; The Corporation
shall maintain appropriate accounting records.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; The
Corporation shall maintain a record of the shareholders, in a form that permits
preparation of a list of the names and addresses of all shareholders, in
alphabetical order by class of shares showing the number and class of shares
held by each.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp; The
Corporation shall maintain its records in written form or in another form
capable of conversion into written form within a reasonable time.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp; The
Corporation shall keep a copy of the following records at its principal office:</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; The
Articles of Incorporation and all amendments to them currently in effect.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; The
bylaws and all amendments to them currently in effect.</font></p>


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<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp; The
minutes of all shareholders&#146; meetings, and records of all action taken by
shareholders without a meeting, for the past three (3)&nbsp;years.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp; All
written communications to shareholders generally within the past three (3)&nbsp;years,
including any financial statements furnished for the past three (3)&nbsp;years
as required by the Indiana Business Corporation Law.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&nbsp; A list
of the names and business addresses of its current directors and officers.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&nbsp; Its most
recent annual report delivered to the Secretary of State.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;9.2. </font>Shareholder&#146;s Right to Inspect and Copy; Limitations on Use. </font></b>A
shareholder may inspect and copy the Corporation&#146;s records only as permitted by
the Indiana Business Corporation Law. The shareholder, the shareholder&#146;s agents
and attorneys, and any other person who obtains the information may use and distribute
the records and the information only for the purposes and to the extent
permitted by the Indiana Business Corporation Law and shall use reasonable care
to ensure that the restrictions imposed by that Law are observed.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE X<br>
REPORTS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;10.1. </font>Annual Financial Reports to Shareholders.</font></b></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; On
written request of any shareholder, the Corporation shall furnish the
shareholders annual financial statements, which may be consolidated or combined
statements of the Corporation and one (1)&nbsp;or more of its subsidiaries, as
appropriate, that include a balance sheet as of the end of the fiscal year, an
income statement for that year, and a statement of changes in shareholders&#146;
equity for the year unless that information appears elsewhere in the financial
statements. If financial statements are prepared for the Corporation on the
basis of generally accepted accounting principles, the annual financial
statements must also be prepared on that basis.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; If the
annual financial statements are reported upon by a public accountant, the
public accountant&#146;s report must accompany them. If not, the statements must be
accompanied by a statement of the President or the person responsible for the
Corporation&#146;s accounting records:</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; stating
the person&#146;s reasonable belief whether the statements were prepared on the
basis of generally accepted accounting principles and, if not, describing the
basis of preparation; and</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;
describing any respects in which the statements were not prepared on a basis of
accounting consistent with the statements prepared for the preceding year.</font></p>


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<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;10.2. </font>Reports to Shareholders of Indemnification. </font></b>If a
corporation indemnifies or advances expenses to a director under these bylaws
or otherwise, in connection with a proceeding by or in the right of the
Corporation, the Corporation shall report the indemnification or advance in
writing to the shareholders with or before the notice of the next shareholders&#146;
meeting.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Section&nbsp;10.3. </font>Reports to Secretary of State. </font></b>The Secretary of the
Corporation shall cause such reports to the Secretary of State of Indiana to be
filed as required by the Indiana Business Corporation Law.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
XI<br>
AMENDMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These bylaws may be amended only by the Board of
Directors, by the affirmative votes of a majority of all members of the Board.</font></p>


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