8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 20, 2004

STEEL DYNAMICS, INC.
(Exact name of registrant as specified in its charter)

Indiana	0-21719	35-1929476
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana 46804

(Address of principal executive officers) (Zip Code)

Registrant’s telephone number, including area code: 260-459-3553

(Former name or former address, if changed since last report)
Not Applicable

Item 9. Regulation FD Disclosure.

On May 20, 2004, Steel Dynamics, Inc. issued a press release entitled “Steel Dynamics Updates 2004 Outlook.” The full text of the press release is furnished herewith and attached hereto as Exhibit 99.1.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.

	STEEL DYNAMICS, INC.
Date: May 20, 2004	By:	/s/ Tracy L. Shellabarger
		Tracy L. Shellabarger
		Title: Secretary

EX-99.1

Exhibit 99.1

Press Release	6714 Pointe Inverness Way, Suite 200
May 20, 2004	Fort Wayne, IN 46804-7932
	260.459.3553 Phone
	260.969.3590 Fax
	www.steeldynamics.com

Steel Dynamics Updates 2004 Outlook

FORT WAYNE, INDIANA – Steel Dynamics, Inc. (NASDAQ: STLD) today increased its earnings estimate for the second quarter of 2004 and says it expects continued strength in its business for the remainder of the year.

In prepared remarks at its annual shareholders meeting, Keith Busse, President and CEO, stated that 2004’s second quarter estimated results will likely exceed previous expectations due principally to better resource costs and selling values. In addition, the start-up of the Pittsboro facility has proceeded smoother than anticipated. The company now expects that second quarter earnings could exceed $1.00 per diluted share. It is obviously too early to know exactly what steel market conditions will be in the second half, but the current expectation, or best estimate, is that net earnings of at least $4.00 per diluted share could be achieved for the year, more than doubling the previous best year achievement.

Busse further commented that SDI’s improving outlook results from continued strength in the steel market, as well as the company’s increased shipping volume due to the rapid start-up of its new manufacturing facilities. Steel Dynamics expects to ship 3.6 million tons of steel in 2004, an increase of nearly 30 percent over 2003.

Forward Looking Statements

This press release contains some predictive statements about future events, including statements related to conditions in the steel marketplace, Steel Dynamics’ revenue growth, costs of raw materials, future profitability, the timing of construction and operation of new or existing facilities, and the extent and timing of introduction and customer acceptance of new products. These statements are intended to be made as “forward-looking,” subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Such predictive statements are not guarantees of future performance, and actual results could differ materially from our current expectations.

We refer you 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 our most recent Annual Report on Form 10-K and in other reports which we from time to time file with the Securities and Exchange Commission, available publicly on the SEC Web site, www.sec.gov, and on the Steel Dynamics Web site, www.steeldynamics.com.

Contact:	Fred Warner, Investor Relations Manager
	(260) 969-3564 or fax (260) 969-3590
	f.warner@steeldynamics.com