<SEC-DOCUMENT>0001104659-25-022203.txt : 20250310
<SEC-HEADER>0001104659-25-022203.hdr.sgml : 20250310
<ACCEPTANCE-DATETIME>20250310165838
ACCESSION NUMBER:		0001104659-25-022203
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250310
DATE AS OF CHANGE:		20250310

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:		25724605

	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>
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<FILENAME>tm257874d2_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 12pt">Filed Pursuant to Rule 433 under the Securities Act of 1933</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 12pt">Registration Statement
No. 333-268703</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 12pt">Issuer Free Writing Prospectus, dated March 10, 2025</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>STEEL DYNAMICS,
INC.</B></FONT><B><BR>
PRICING TERM SHEET</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March 10, 2025</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This term sheet to the preliminary prospectus dated March 10, 2025
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></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>$600,000,000
                                            5.250% Notes due 2035 (the &ldquo;2035 Notes&rdquo;)</B></FONT></P>
                                                                  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>&nbsp;$400,000,000
                                            5.750% Notes due 2055 (the &ldquo;2055 Notes&rdquo;)<BR> &nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; width: 43%; font-size: 12pt"><B>Issuer:</B></TD>
<TD STYLE="padding-bottom: 4pt; width: 57%; font-size: 12pt">Steel Dynamics, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Security Type:</B></TD>
<TD STYLE="padding-bottom: 4pt; font-size: 12pt">Senior Unsecured Notes</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Expected Ratings*:</B></TD>
<TD STYLE="padding-bottom: 4pt; font-size: 12pt">Baa2 / BBB / BBB+ (Stable / Stable / Stable)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Security:</B></TD>
<TD STYLE="padding-bottom: 4pt; padding-right: 5.4pt">5.250% Notes due 2035 <BR> 5.750% Notes due 2055</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Size:</B></TD>
<TD STYLE="padding-bottom: 4pt; padding-right: 5.4pt">2035 Notes: $600,000,000<BR> 2055 Notes: $400,000,000 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Maturity Dates:</B></TD>
<TD STYLE="padding-bottom: 4pt; padding-right: 5.4pt">2035 Notes: May 15, 2035<BR> 2055 Notes: May 15, 2055 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Coupon:</B></TD>
<TD STYLE="padding-bottom: 4pt; padding-right: 5.4pt">2035 Notes: 5.250% <BR> 2055 Notes: 5.750% &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt"><B>Interest Payment Dates:</B></TD>
<TD>2035 Notes: May 15 and November 15, commencing November 15, 2025&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt">&nbsp;</TD>
<TD STYLE="padding-bottom: 4pt">2055 Notes: May 15 and November 15, commencing November 15, 2025</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Price to Public:</B></TD>
<TD STYLE="padding-bottom: 4pt; padding-right: 5.4pt">2035 Notes: 98.976% of the principal amount<BR> 2055 Notes: 97.029% of the principal amount &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Benchmark Treasury:</B></TD>
<TD STYLE="padding-bottom: 4pt; padding-right: 5.4pt">2035 Notes: 4.625% due February 15, 2035 <BR> 2055 Notes: 4.500% due November 15, 2054 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Benchmark Treasury Price and Yield:</B></TD>
<TD STYLE="padding-bottom: 4pt; padding-right: 5.4pt">2035 Notes: 103-05+; 4.230% <BR> 2055 Notes: 98-31+; 4.562% &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 4pt; font-size: 12pt"><B>Spread to Benchmark Treasury:</B></TD>
<TD STYLE="padding-bottom: 4pt; padding-right: 5.4pt">2035 Notes: + 115 bps<BR> 2055 Notes: + 140 bps &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 12pt"><B>Yield to Maturity:</B></TD>
<TD STYLE="padding-right: 5.4pt">2035 Notes: 5.380% <BR> 2055 Notes: 5.962% &nbsp;</TD></TR>
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<TD STYLE="text-align: left; padding-bottom: 4pt; width: 43%; font-size: 12pt; vertical-align: top"><B>Make-Whole Call:</B></TD>
<TD STYLE="padding-bottom: 4pt; width: 57%">2035 Notes: T + 20 bps <BR>
2055 Notes: T + 25 bps &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; padding-bottom: 4pt; font-size: 12pt; vertical-align: top"><B>Par Call Dates:</B></TD>
<TD STYLE="padding-bottom: 4pt">2035 Notes: At any time on or after February 15, 2035 (three months prior to the maturity date)<BR>
  2055 Notes: At any time on or after November 15, 2054 (six months prior to the maturity date) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; padding-bottom: 4pt; font-size: 12pt; vertical-align: top"><B>Trade Date:</B></TD>
<TD STYLE="padding-bottom: 4pt; font-size: 12pt">March 10, 2025</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; padding-bottom: 4pt; font-size: 12pt; vertical-align: top"><B>Expected Settlement Date**:</B></TD>
<TD STYLE="padding-bottom: 4pt; font-size: 12pt">March 12, 2025 (T+2)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; padding-bottom: 4pt; font-size: 12pt; vertical-align: top"><B>Denominations:</B></TD>
<TD STYLE="padding-bottom: 4pt; font-size: 12pt">$2,000 and integral multiples of $1,000 in excess thereof</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; padding-bottom: 4pt; font-size: 12pt; vertical-align: top"><B>CUSIP / ISIN:</B></TD>
<TD STYLE="padding-bottom: 4pt">2035 Notes: 858119 BS8 / US858119BS89 <BR>
2055 Notes: 858119 BT6 / US858119BT62 &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; padding-bottom: 4pt; font-size: 12pt; vertical-align: top"><B>Joint Book-Running Managers:</B></TD>
<TD STYLE="padding-bottom: 4pt">J.P. Morgan Securities LLC <BR>
Morgan Stanley &amp; Co. LLC <BR>
Goldman Sachs &amp; Co. LLC <BR>
PNC Capital Markets LLC <BR>
BofA Securities, Inc.<BR>
  Wells Fargo Securities, LLC <BR>
Truist Securities, Inc. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; padding-bottom: 4pt; font-size: 12pt; vertical-align: top"><B>Senior Co-Managers:</B></TD>
<TD STYLE="padding-bottom: 4pt">BMO Capital Markets Corp.<BR>
  Citizens JMP Securities, LLC <BR>
Fifth Third Securities, Inc. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; font-size: 12pt; vertical-align: top"><B>Co-Managers:</B></TD>
<TD>BBVA Securities Inc. <BR>
U.S. Bancorp Investments, Inc. &nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>**It is expected that delivery of the Notes
will be made to investors on or about March 12, 2025, which will be the second business day following the trade date set forth above (such
settlement being referred to as &ldquo;T+2&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 one business day before delivery date will be required, by virtue of the fact that the
Notes initially settle in T+2, 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></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>related prospectus supplement and other documents
the issuer has filed with the SEC for more complete information about the issuer and this offering.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 1-866-718-1649; Goldman Sachs &amp; Co. LLC, telephone: 1-866-471-2526; and PNC Capital Markets LLC, telephone: 1-855-881-0697.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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></P>

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