<SEC-DOCUMENT>0001104659-24-075209.txt : 20240626
<SEC-HEADER>0001104659-24-075209.hdr.sgml : 20240626
<ACCEPTANCE-DATETIME>20240626165858
ACCESSION NUMBER:		0001104659-24-075209
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240626
DATE AS OF CHANGE:		20240626

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEEL DYNAMICS INC
		CENTRAL INDEX KEY:			0001022671
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				351929476
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-268703
		FILM NUMBER:		241074350

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEEL DYNAMICS INC
		CENTRAL INDEX KEY:			0001022671
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				351929476
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>tm2417823d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;433 under the Securities
Act of 1933</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-268703</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus, dated June 26, 2024</P>
<P STYLE="margin: 0; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>STEEL DYNAMICS,
INC.<BR>
PRICING TERM SHEET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>June 26, 2024</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>This term sheet to the preliminary
prospectus dated June 26, 2024 should be read together with the preliminary prospectus before making a decision in connection with an
investment in the securities. The information in this term sheet supersedes the information contained in the preliminary prospectus to
the extent that it is inconsistent therewith. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>$600,000,000
5.375% Notes due 2034 (the &ldquo;Notes&rdquo;)</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; width: 43%"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; width: 57%"><FONT STYLE="font-size: 10pt">Steel Dynamics, Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Security Type:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Senior Unsecured Notes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Expected Ratings*:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Baa2 / BBB / BBB (Stable / Stable / Positive)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">5.375% Notes due 2034</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Size:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$600,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 15, 2034</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">5.375%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">February 15 and August 15, commencing February
    15, 2025</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">98.649%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.375% due May 15, 2034</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury Price and Yield:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">100-14; 4.320%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">+ 123 bps</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">5.550%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Make-Whole Call:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">T + 20 bps</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Par Call Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">At any time on or after
    May 15, 2034 (three months prior to the maturity date)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">June 26, 2024</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Expected Settlement Date:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">July 3, 2024 (T+5)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Denominations:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$2,000 and integral multiples of $1,000 in excess
    thereof</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">858119 BQ2/ US858119BQ24</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">J.P. Morgan Securities LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Morgan Stanley &amp; Co. LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BofA Securities, Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Wells Fargo Securities, LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">Goldman
    Sachs &amp; Co. LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">PNC Capital
Markets LLC</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; width: 43%"><FONT STYLE="font-size: 10pt"><B>Senior Co-Managers:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; width: 57%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BMO Capital Markets Corp.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Citizens JMP Securities, LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Fifth Third Securities, Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Truist Securities, Inc.</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BBVA Securities Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">U.S. Bancorp Investments, Inc.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>*Note: A securities
rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>It is expected
that delivery of the Notes will be made to investors on or about July 3, 2024, which will be the fifth business day following the trade
date set forth above (such settlement being referred to as &ldquo;T+5&rdquo;). Under Rule 15c6-1 under the Securities Exchange Act of
1934, as amended, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the delivery date will be required, by virtue of the fact
that the Notes initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed
settlement. Such purchasers should consult their own advisors in this regard. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>The issuer has
filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for
the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and
the related prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer
and this offering.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering
will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC, telephone: collect at 1-212-834-4533;
Morgan Stanley &amp; Co. LLC, telephone: 866-718-1649; BofA Securities, Inc., telephone: 800-294-1322; or Wells Fargo Securities, LLC,
telephone: (toll-free) 1-800-645-3751.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Any disclaimer
or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was
automatically generated as a result of this communication being sent by Bloomberg or another email system.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 2; 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; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
