“We are pleased that the opportunity to re-look at this facility recently materialized,”� said Keith Busse, president and chief executive officer. “We have wanted to establish a presence in the merchant shapes business for some time now, and believe that this new facility will be our platform from which to launch that new business.”�

Steel Dynamics plans to close the transaction within 25 days, and barring any unforeseen circumstances, anticipates that it will complete construction and start-up of this facility within 12 months after the closing of the transaction and begin to ship its first products during the second half of 2003.

Steel Dynamics manufactures a variety of hot- and cold-rolled steel products at its Butler, Indiana, flat-roll mini-mill and has recently begun initial beam production at its new Columbia City, Indiana, structural and rail facility.

For more information about Steel Dynamics, Inc., please visit www.steeldynamics.com.

Forward Looking Statements:

This press release contains predictive statements about future events, including statements related to conditions in the steel marketplace, costs of steel production, selling prices, and other factors affecting the company’s future revenues and profitability. These statements are intended to be made as “forward-looking”� within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Reference is made to SDI’s detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, as set forth in SDI’s most recent Annual Report on Form 10-K and other reports from time to time filed with the Securities and Exchange Commission, available publicly on the SEC’s Web site.

Contact: Tracy L. Shellabarger, Vice President and Chief Financial Officer, telephone 260.459.3553.