<SEC-DOCUMENT>0001104659-23-079065.txt : 20230810
<SEC-HEADER>0001104659-23-079065.hdr.sgml : 20230810
<ACCEPTANCE-DATETIME>20230707144525
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-079065
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEEL DYNAMICS INC
		CENTRAL INDEX KEY:			0001022671
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				351929476
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7575 W JEFFERSON BLVD
		CITY:			FORT WAYNE
		STATE:			IN
		ZIP:			46804
		BUSINESS PHONE:		260 459 3553

	MAIL ADDRESS:	
		STREET 1:		7575 W JEFFERSON BLVD
		CITY:			FORT WAYNE
		STATE:			IN
		ZIP:			46804
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="tm2320850d1_correspimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Corporate Office</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">7575 West Jefferson Blvd.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fort Wayne,&nbsp;Indiana 46804</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(260) 969-3500</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(260) 969-3591 fax</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">www.steeldynamics.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">July&nbsp;7, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>VIA EDGAR</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Office of Manufacturing</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.65in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Jeffrey Gordon</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.65in">Hugh West</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">RE:</TD><TD>Steel Dynamics,&nbsp;Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">Form&nbsp;10-K for the Year Ended December&nbsp;31, 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">Filed February&nbsp;28, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">Form&nbsp;8-K Filed April&nbsp;21, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">File No.&nbsp;000-21719</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On behalf of Steel Dynamics,&nbsp;Inc. (the &ldquo;Company&rdquo;),
this letter is being submitted in response to the comments of the staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;)
of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) contained in the letter dated June&nbsp;8, 2023 (the &ldquo;Comment
Letter&rdquo;) regarding the Company&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2022 and the
Company&rsquo;s Current Report on Form&nbsp;8-K filed on April&nbsp;21, 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The numbered paragraphs and headings correspond to the headings and
numbers set forth in the Comment Letter, the text of which is copied below in italics for your reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Form&nbsp;10-K for the Year Ended December&nbsp;31, 2022</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Item 7. Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations Liquidity and Capital Resources, page&nbsp;45</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><I>1.</I></FONT></TD><TD><I>Regarding your presentation of operational working capital, please tell us what consideration you gave to including a discussion
of working capital and presenting a reconciliation of the differences between operational working capital and working capital in accordance
with Item 10(e)(1)(B)&nbsp;of Regulation S-K.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD><B>Response</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">The Company respectfully acknowledges
the Staff&rsquo;s comment. As required by Item 303(b)(1)&nbsp;of Regulation S-K, the Company included a discussion of its Liquidity and
Capital Resources and considered the definition of working capital in the FASB Codification at ASC 210-10-20. In an effort to provide
additional information to users of the financial statements, the Company included a discussion of operational working capital defined
as &ldquo;amounts invested in trade receivables and inventories, less current liabilities other than income taxes payable and debt.&rdquo;
In future filings the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Company will revise its discussion to
adhere to the definition of working capital as presented in ASC 210-10-20 (defined as the excess of current assets over current liabilities).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Form&nbsp;8-K Filed April&nbsp;21, 2023</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Exhibit&nbsp;99.1</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD><I>We have the following comments regarding the presentation of your non-GAAP measures adjusted net income and adjusted earnings per
share:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Please present a reconciliation of the differences between the non-GAAP
financial measures with the most directly comparable GAAP financial measures as required by Item 10(e)(1)(B)&nbsp;of Regulation S-K. The
reconciliations should present income taxes as a separate adjustment and your disclosure should clearly explain how the tax effects of
non-GAAP adjustments are calculated, in accordance with Question 102.11 of the Division of Corporation Finance&rsquo;s Compliance and
Disclosure Interpretations of Non-GAAP Financial Measures; and</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Please explain to us how you determined the adjustments for (1)&nbsp;additional
performance-based companywide special compensation awarded to all non-executive, eligible team members in recognition of your annual performance
and (2)&nbsp;costs associated with construction and startup of your Texas Flat Roll Steel Mill are appropriate based on the guidance in
Question 100.01 of the Division of Corporation Finance&rsquo;s Compliance and Disclosure Interpretations on Non-GAAP Financial Measures,
or tell us how you plan to revise your non-GAAP financial measures in future filings.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>Response</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully acknowledges the Staff&rsquo;s comment
and advises that it has considered Item 10(e)(1)(i)(B)&nbsp;of Regulation S-K and Question 102.11 of the Division of Corporation Finance&rsquo;s
Compliance and Disclosure Interpretations on Non-GAAP Financial Measures. The Company disclosed within its Current Report on Form&nbsp;8-K
filed April&nbsp;21, 2023, each adjustment to net income attributable to Steel Dynamics,&nbsp;Inc. at its gross amount, with the corresponding
impact on diluted earnings per share net of the impact of the Company&rsquo;s sponsored profit-sharing plan and income tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjustment for additional performance-based companywide special compensation
awarded to all non-executive, eligible team members in recognition of its annual performance</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>The fourth quarter 2022 adjustment related to &ldquo;additional performance-based companywide special compensation awarded to all
non-executive, eligible team members in recognition of the Company&rsquo;s annual performance&rdquo; was determined by the actual amount
paid to eligible employees ($2,000 per employee plus employer taxes). The performance-based award was paid to all non-union, full-time
employees hired on or before December&nbsp;15, 2022, excluding the Company&rsquo;s senior leadership team of seven individuals, in recognition
of the Company&rsquo;s 2022 record annual operating, financial, and growth execution performance. While the Company&rsquo;s financial
performance is a factor in the determination of this special compensation, it is not the single determining factor, and financial performance
alone does not create the obligation that any special compensation will be awarded. A special compensation award of this nature is discretionally
determined by the Company&rsquo;s senior leadership and approved by the Company&rsquo;s Board of Directors. The Company respectfully advises
the Staff that it considered Question 100.01 of the Division of Corporation Finance&rsquo;s Compliance and Disclosure Interpretations
of Non-GAAP Financial Measures and believes that based on the information above, the cost associated with this adjustment is discrete,
discretionary, and not part of its normal or recurring operating expenses necessary to operate the business and may</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">appropriately be considered a non-GAAP
adjustment to the Company&rsquo;s financial measure of adjusted net income and adjusted earnings per share.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>While the Company believes that this is an appropriate non-GAAP adjustment to the Company&rsquo;s financial measure of adjusted net
income and adjusted earnings per share, in future filings, the Company will limit the information provided to only a discussion of the
costs incurred and will remove special compensation awards of this nature as a non-GAAP adjustment in all periods presented.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Adjustment for costs associated with construction and startup of the Texas
Flat Roll Steel Mill</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>The adjustments to first quarter 2023, fourth quarter 2022, and first quarter 2022 earnings represent the losses before income taxes
attributable to the Company&rsquo;s Texas Flat Roll Steel Mill during its construction and startup for the periods presented. The Company
respectfully advises the Staff that it considered Question 100.01 of the Division of Corporation Finance&rsquo;s Compliance and Disclosure
Interpretations of Non-GAAP Financial Measures and believes that these costs are discrete and are not consistent with anticipated results
of operating this facility after completion of the construction and startup phase of this mill. Over the Company&rsquo;s 30-year history,
the Texas Flat Roll Steel Mill is only the third greenfield electric arc furnace steel mill construction project the Company has undertaken.
The construction and startup of the Texas Flat Roll Steel Mill occurred over multiple years and because of the significance of the project,
the costs incurred during both construction and startup were greater than what would be expected as part of the Company&rsquo;s ordinary
business. As such, the Company believes these costs are not part of its normal or recurring operating expenses necessary to operate the
business and that it is appropriate to present these losses before income taxes as a non-GAAP adjustment to the Company&rsquo;s financial
measure of adjusted net income and adjusted earnings per share.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">&ndash;</TD><TD>While the Company believes this is an appropriate non-GAAP adjustment to the Company&rsquo;s financial measure of adjusted net income
and adjusted earnings per share, in future filings, the Company will limit the information provided to only a discussion of the costs
incurred and will remove construction and startup costs related to the Company&rsquo;s Texas Flat Roll Steel Mill as a non-GAAP adjustment
in all periods presented.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">To the extent that the Company includes non-GAAP financial
measures in the future, it will expand the disclosure provided to reconcile the non-GAAP financial measure to the most directly comparable
GAAP financial measure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>We note that your reconciliation of net loss to EBITDA includes a reconciling item related to noncontrolling interest. Please be
advised that Question 103.01 of the Division of Corporation Finance&rsquo;s Compliance and Disclosure Interpretations on Non-GAAP Financial
Measures indicates that EBITDA is defined as &ldquo;earnings before interest, taxes, depreciation and amortization.&rdquo; Please revise
the non-GAAP measure you present as EBITDA to only include adjustments for items contemplated by its acronym or revise the title of the
non-GAAP measure you present to convey the additional adjustment.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>Response</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully acknowledges the Staff&rsquo;s comment
and has considered Question 103.01 of the Division of Corporation Finance&rsquo;s Compliance and Disclosure Interpretations on Non-GAAP
Financial Measures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">As presented in the Current Report on Form&nbsp;8-K filed
on April&nbsp;21, 2023, the Company's reconciliation of net income to EBITDA begins with net income prior to noncontrolling interests,
as such a reconciling item related to those earnings pertaining to noncontrolling interests is necessary</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">to arrive at earnings attributable to Steel Dynamics,&nbsp;Inc.
However, to align its presentation more closely with the EBITDA acronym as defined in Question 103.01 of the Division of Corporation Finance&rsquo;s
Compliance and Disclosure Interpretations on Non-GAAP Financial Measures, in future filings the Company will present a reconciliation
of net income to EBITDA and Adjusted EBITDA, for all periods presented, as shown below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 94%; border-collapse: collapse; font-family: Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>First
    Quarter</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 63%; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(In
    millions)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2023&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Q4
    2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Adjusted
    EBITDA</I></B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net
    income</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$644,333&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$1,107,354</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$639,011</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Income
    taxes</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">203,456&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">350,376</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">119,439</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Net
    interest expense (income)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,470)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">16,055</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">5,032</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">99,210&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">78,790</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">93,960</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Amortization
    of intangible assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">6,878&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,162</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">6,679</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$950,407&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$1,559,737</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$864,121</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Non-cash
    adjustments</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.3in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Unrealized
    (gains) losses on derivatives and currency translation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(8,142)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">300</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">8,361</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.3in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Equity-based
    compensation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">13,877&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">19,794</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">29,425</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$956,142&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$1,579,831</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$901,907</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD><I>Please describe to us the nature of the specific costs included in the non-GAAP adjustments related to unrealized (gains) losses
and inventory valuation you presented in your Adjusted EBITDA reconciliation. In addition, please explain how you determined that these
adjustments are appropriate based on the guidance in Question 100.01 of the Division of Corporation Finance&rsquo;s Compliance&nbsp;&amp;
Disclosure Interpretations on Non-GAAP Financial Measures.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><B>Response</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">The Company respectfully acknowledges the Staff&rsquo;s comment
and advises that it considered the guidance set forth in Question 100.01 of the Division of Corporation Finance&rsquo;s Compliance and
Disclosure Interpretations on Non-GAAP Financial Measures related to the specific costs included in the non-GAAP adjustments to unrealized
(gains) losses and inventory valuation presented in its Adjusted EBITDA reconciliation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unrealized (gains) losses presented in the Company&rsquo;s Adjusted EBITDA
reconciliation pertain to non-cash unrealized gains or losses associated with the Company&rsquo;s derivative instruments, which are not
designated as accounting hedges under ASC 815, on certain commodities (primarily recycled aluminum scrap and copper scrap) and currency
translations. The Company utilizes derivative instruments to mitigate commodity margin risk for some of its nonferrous recycled scrap
metals inventory, as well as some purchases and sales of nonferrous metals. The unrealized (gains) losses primarily pertain to the non-cash
adjustment to fair value of these derivative instruments due to changes in commodity pricing over time. Unrealized (gains) losses of this
nature are not reflective of normal earnings from operations during the periods presented and represent a non-cash charge that may appropriately
be considered a non-GAAP adjustment to the Company&rsquo;s presentation of Adjusted EBITDA. In future filings, the Company will revise
its description of this adjustment to &ldquo;Unrealized (gains) losses on derivatives and currency translation&rdquo; as shown below.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inventory valuation presented in the Company&rsquo;s Adjusted EBITDA reconciliation
pertains to adjustments to inventory to appropriately reflect estimated values at the lower of cost or net realizable value as of the
end of each reporting period. The Company includes this non-cash </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">adjustment to provide additional information to the external users of
the financial statements consistent with information required to
be provided to lenders under our credit facility. The Company believes this non-cash adjustment is an appropriate non-GAAP adjustment
as it is not a normal operating expense necessary to operate the business. However, in future filings the Company will remove this adjustment
from its reconciliation of net income to Adjusted EBITDA, for all periods presented, as shown below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 94%; border-collapse: collapse; font-family: Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>First
    Quarter</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 63%; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(In
    millions)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2023&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Q4
    2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Adjusted
    EBITDA</I></B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net
    income</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$644,333&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$1,107,354</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$639,011</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Income
    taxes</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">203,456&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">350,376</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">119,439</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Net
    interest expense (income)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,470)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">16,055</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">5,032</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">99,210&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">78,790</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">93,960</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Amortization
    of intangible assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">6,878&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,162</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">6,679</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$950,407&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$1,559,737</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$864,121</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Non-cash
    adjustments</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.3in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Unrealized
    (gains) losses on derivatives and currency translation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(8,142)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">300</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">8,361</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.3in; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 8pt">Equity-based
    compensation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">13,877&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">19,794</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">29,425</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$956,142&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$1,579,831</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">$901,907</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We acknowledge that Steel Dynamics,&nbsp;Inc. is responsible for the
accuracy and adequacy of its disclosures, notwithstanding any review, comments, action or absence of action by the Staff.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If you have any further questions or comments concerning these responses,
please contact the undersigned by telephone at 260.969.3567.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Steel Dynamics,&nbsp;Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>/s/ Theresa E. Wagler</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 4%">By:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 46%">Theresa E. Wagler</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Title:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> Executive Vice President and Chief Financial Officer</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2320850d1_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2320850d1_correspimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  G , # 2(  A$! Q$!_\0
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0% !1110 4444 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
