SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Wagler Theresa E

(Last)

(First)

(Middle)

6714 POINTE INVERNESS WAY, SUITE 200

(Street)

FORT WAYNE

46804

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/19/2004

3. Issuer Name and Ticker or Trading Symbol
STEEL DYNAMICS INC [ STLD ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Acting Chief Financial Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1,628⁽¹⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option (right to buy)⁽²⁾	05/21/2001	11/21/2005	Common Stock	1,510	$9.94	D
Employee Stock Option (right to buy)⁽²⁾	11/21/2001	05/21/2006	Common Stock	1,065	$14.09	D
Employee Stock Option (right to buy)⁽²⁾	11/21/2002	05/21/2007	Common Stock	1,692	$17.74	D
Employee Stock Option (right to buy)⁽²⁾	05/21/2003	11/21/2007	Common Stock	2,341	$12.82	D
Employee Stock Option (right to buy)⁽²⁾	11/21/2003	05/21/2008	Common Stock	2,352	$12.76	D
Employee Stock Option (right to buy)⁽²⁾	05/21/2004	11/21/2008	Common Stock	1,542	$19.46	D
Employee Stock Option (right to buy)⁽²⁾	11/21/2004	05/21/2004	Common Stock	1,186	$25.31	D

Explanation of Responses:

1. 1,003 of these shares vest February 2005 pursuant to 2003 Executive Compensation Plan approved by Board of Directors and Stockholders and exempt from Section 16(b) of Exchange Act pursuant to Rule 16b-3 thereunder.

2. Pursuant to the Amended and Restated Steel Dynamics, Inc. 1996 Incentive Stock Option Plan approved by stockholders and exempt from Section 16(b) of the Securities Exchange Act of 1934 pursuant to Rule 16b-3 thereunder.

Remarks:

	Theresa E. Wagler	08/27/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.