Exhibit 4.2


 


EXECUTION VERSION


 


STEEL DYNAMICS, INC.,


as Issuer


 


and


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,


as Trustee


 


THIRD SUPPLEMENTAL INDENTURE


Dated as of October 9, 2020


 


Supplemental to Indenture dated as of December
4, 2019


 






     


     


    

 


THIRD SUPPLEMENTAL INDENTURE dated as of
October 9, 2020 (this “Third Supplemental Indenture”), made and entered into by and between Steel Dynamics, Inc., a
corporation organized and existing under the laws of the State of Indiana, having its principal office at 7575 West Jefferson Blvd.,
Fort Wayne, Indiana 46804 (the “Company”), and Wells Fargo Bank, National Association, a national banking association
duly organized and existing under the federal laws of the United States, as Trustee (the “Trustee”) under the indenture
of the Company dated as of December 4, 2019 (the “Indenture”).


 


WHEREAS, the Indenture provides for the
issuance from time to time of Debt Securities, issuable for the purposes and subject to the limitations contained in the Indenture;
and


 


WHEREAS, Section 9.01(j) of the Indenture
also provides that the Company and the Trustee may enter into one or more indentures supplemental to the Indenture without the
consent of any Holder to provide for the form or terms of Debt Securities of any series as permitted by Sections 2.01 and
2.03 of the Indenture; and


 


WHEREAS, the Company has duly authorized
the creation of a series of its Debt Securities denominated its “1.650% Notes due 2027” in the principal amount of
$350,000,000 (the “2027 Notes”); and


 


WHEREAS, the Company has duly authorized
the creation of a series of its Debt Securities denominated its “3.250% Notes due 2050” in the principal amount of
$400,000,000 (the “2050 Notes” and, together with the 2027 Notes, the “Notes”); and


 


WHEREAS, the entry into this Third Supplemental
Indenture by the parties hereto is in all respects authorized by the provisions of the Indenture; and


 


WHEREAS, the Company has duly authorized
the execution and delivery of this Third Supplemental Indenture, and all things necessary have been done to make the Notes, when
executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the
Company, and to make this Third Supplemental Indenture a valid agreement of the Company, in accordance with their and its terms:


 


WHEREAS, the Company desires the Trustee
to join with it in the execution and delivery of this Third Supplemental Indenture, and in accordance with Section 2.05, Section
9.03 and Section 12.05 of the Indenture, the Company has duly adopted and delivered to the Trustee, resolutions of its Board of
Directors authorizing the execution delivery of this Third Supplemental Indenture, and has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel stating that the execution of this Third Supplemental Indenture complies with Article IX
of the Indenture and that all conditions precedent to its execution have been complied with, and the Indenture and this Third Supplemental
Indenture are valid and binding upon the Company and enforceable in accordance with their terms,


 


NOW, THEREFORE:


 


For and in consideration of the premises
and purchase of the Debt Securities of any series issued on or after the date hereof by the Holders thereof, it is mutually covenanted
and agreed, for the equal and proportionate benefit of all Holders of the Debt Securities of any such series, as follows:


 


ARTICLE I


 


CERTAIN PROVISIONS OF GENERAL APPLICATION



SECTION 101    Definitions.


 


For all purposes of the Indenture and this
Third Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:


 


(1) the terms defined in this Article I
have the meanings assigned to them in this Article I;


 






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(2) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to the Indenture and this Third Supplemental Indenture as a
whole and not to any particular Article, Section or other subdivision; and


 


(3) capitalized terms used but not defined
herein are used as they are defined in the Indenture.


 


“Attributable Indebtedness”
with respect to a Sale/Leaseback Transaction means, as of the time of determination, (i) if the obligation with respect to such
Sale/Leaseback Transaction is a Finance Lease Obligation, the amount of such obligation determined in accordance with GAAP and
included in the financial statements of the lessee or (ii) if the obligation with respect to such Sale/Leaseback Transaction is
not a Finance Lease Obligation, the total Net Amount of Rent required to be paid by the lessee under such lease during the remaining
term thereof (including any period for which the lease has been extended), discounted from the respective due dates thereof to
such determination date at the rate per annum borne by the Notes compounded semi-annually.


 


“Change of Control” means the
occurrence of any of the following after the date of issuance of the Notes:


 


		1.	the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act);



 


		2.	a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act) becomes
the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting
power of the Voting Stock of the Company on a fully diluted basis;



 


		3.	the adoption of a plan relating to the liquidation or dissolution of the Company;



 


		4.	individuals who on the date of issuance constitute the Board of Directors (together with any new directors whose election by
the Board of Directors or whose nomination by the Board of Directors for election by the Company’s stockholders was approved
by a vote of at least two-thirds of the members of the Board of Directors then in office who either were members of the Board of
Directors on the date of issuance or whose election or nomination for election was previously so approved) cease for any reason
to constitute a majority of the members of the Board of Directors then in office; or



 


		5.	the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into
the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other
Person is converted into or exchanged for cash, securities or other property, other than any such transaction where (A) the Voting
Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock of the surviving
or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person
(immediately after giving effect to such issuance) and (B) immediately after such transaction, no “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes, directly or indirectly, the Beneficial Owner
of 50% or more of the voting power of the Voting Stock of the surviving or transferee Person.



 


Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control solely because the Company shall become a direct or indirect wholly-owned subsidiary
of a holding company if the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction
are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction.


 


“Change of Control Offer” has
the meaning set forth in Section 203(a) hereof.


 


“Change of Control Payment”
has the meaning set forth in Section 203(a) hereof.


 


“Change of Control Payment Date”
has the meaning set forth in Section 203(b) hereof.


 






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“Change of Control Triggering Event”
means, with respect to a series of Notes, (i) the rating of such Notes by two of the three Rating Agencies is lowered at any time
during the period (the “Trigger Period”) commencing on the earlier of (a) the occurrence of a Change of Control and
(b) the first public announcement by the Company of any Change of Control (or pending Change of Control), and ending 60 days following
consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for
so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (ii) such Notes
are rated below Investment Grade by two of the three Rating Agencies on any day during the Trigger Period.


 


Notwithstanding the foregoing, no Change
of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until
such Change of Control has actually been consummated.


 


“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term of the Notes to be redeemed that would be utilized (assuming for this purpose that the relevant series of Notes matured on
the applicable Par Call Date), at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the remaining term of such Notes.


 


“Comparable Treasury Price”
means, with respect to any redemption date, (i) the average of the Reference Treasury Dealer Quotations, after excluding the highest
and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such Quotations.


 


“Consolidated Net Tangible Assets”
means, as of any date of determination, the sum of the amounts that would appear on a consolidated balance sheet of the Company
and its Subsidiaries for the total assets (less accumulated depletion, depreciation and amortization, allowances for doubtful receivables,
other applicable reserves and other properly deductible items) of the Company and its Subsidiaries, determined on a consolidated
basis in accordance with GAAP, after giving effect to purchase accounting and after deducting therefrom, to the extent included
in total assets, in each case as determined on a consolidated basis in accordance with GAAP (without duplication): (i) the aggregate
amount of liabilities of the Company and its Subsidiaries that may properly be classified as current liabilities (including taxes
accrued as estimated); (ii) current Indebtedness and current maturities of long-term Indebtedness; (iii) minority interests
in the Company’s Subsidiaries held by Persons other than the Company or a wholly-owned Subsidiary of the Company; and (iv) unamortized
debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights,
licenses, organization or developmental expenses and other intangible items.


 


“Exchange Act” means the Securities
Exchange Act of 1934, as amended.


 


“Fitch” means Fitch Ratings,
Inc., also known as Fitch Ratings, and any successor to its rating agency business.


 


“Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Company to act as an Independent Investment Banker.


 


“Investment Grade” means a
rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s), a rating of
BBB- or better by S&P (or its equivalent under any successor rating category of S&P), a rating of BBB- or better by Fitch
(or the equivalent under any successor rating category of Fitch) and the equivalent investment grade credit rating from any replacement
rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement
agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agency.”


 


“Moody’s” means Moody’s
Investors Service, Inc., and any successor to its rating agency business.


 


“Net Amount of Rent” as
to any lease for any period means the aggregate amount of rent payable by the lessee with respect to such period after
excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and
similar charges. In the case of any lease that is terminable by the lessee upon the payment of a penalty, such net amount
shall also include the amount of such penalty, but no rent shall be considered as payable under such lease subsequent to the
first date upon which it may be so terminated.


 






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“Rating Agencies” means Moody’s,
S&P and Fitch; provided that if any of Moody’s, S&P or Fitch ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the Company’s control, the Company may appoint another “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act as a replacement for
such Rating Agency.


 


“Reference Treasury Dealer”
means (1) each of J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC or PNC Capital Markets LLC, and
their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury
Dealer and (2) any two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time
to time by the Company.


 


“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such redemption
date.


 


“Remaining Scheduled Payments”
means, with respect to any Note, the remaining scheduled payments of the principal thereof to be redeemed and interest thereon
that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is
not an interest payment date with respect to such Notes, the amount of the next succeeding scheduled interest payment thereon will
be reduced by the amount of interest accrued thereon to such redemption date.


 


“S&P” means S&P Global
Ratings, a division of S&P Global Inc., and any successor to its rating agency business.


 


“Sale/Leaseback Transaction”
means an arrangement relating to property owned on the date of issuance of the Notes or thereafter acquired whereby the Company
or any of its Subsidiaries transfers such property to a Person and the Company or any of its Subsidiaries leases it from such Person.


 


“Treasury Rate” means, with
respect to any redemption date for a series of Notes, the rate per annum equal to the semiannual equivalent yield to maturity of
the Comparable Treasury Issue (assuming for this purpose that the Notes of such series matured on the applicable Par Call Date),
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.


 


“Voting Stock” of any specified
Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of
the board of directors of such Person.


 


SECTION 102    Effect
of Headings.


 


The Article and Section headings herein
are for convenience only and shall not affect the construction hereof.


 


SECTION 103    Successors
and Assigns.


 


All covenants and agreements in this Third
Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.


 






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SECTION 104    Severability.


 


In case any provision in this Third Supplemental
Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.


 


SECTION 105    Conflict
with Trust Indenture Act.


 


If any provision hereof limits, qualifies
or conflicts with another provision hereof which is required to be included in this Third Supplemental Indenture by any of the
provisions of the Trust Indenture Act, such required provision shall control.


 


SECTION 106    Benefits
of Third Supplemental Indenture.


 


Nothing in this Third Supplemental Indenture,
expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders of
the Notes any benefit or any legal or equitable right, remedy or claim under this Third Supplemental Indenture.


 


SECTION 107    Governing
Law.


 


THIS THIRD SUPPLEMENTAL INDENTURE AND THE
NOTES SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND THIS THIRD SUPPLEMENTAL INDENTURE AND EACH
SUCH NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.


 


ARTICLE II


 


THE NOTES 


SECTION 201    Title
and Terms.


 


There are hereby created under the Indenture
a series of Debt Securities known and designated as the “1.650% Notes due 2027” and a series of Debt Securities known
and designated as the “3.250% Notes due 2050” of the Company. The aggregate principal amount of Notes that may be authenticated
and delivered under this Third Supplemental Indenture is initially limited to $350,000,000 for the 2027 Notes and $400,000,000
for the 2050 Notes, except for Notes authenticated and delivered upon reregistration of, transfer of, or in exchange for, or in
lieu of, other Notes pursuant to Sections 2.07, 2.08, 2.09 or 9.04 of the Indenture.


 


The Company may without notice to or the
consent of the Holders of the Notes, issue in separate offerings additional notes having the same ranking, interest rate, maturity
and other terms as the Notes (other than the date of issuance and, under certain circumstances, the first interest payment date
following the issue date of such additional notes). Any such additional notes, together with the applicable series of Notes, will
form a single series of Debt Securities under the Indenture.


 


The Stated Maturity shall be October 15,
2027 for payment of principal of the 2027 Notes and October 15, 2050 for payment of principal of the 2050 Notes. The 2027 Notes
shall bear interest at the rate of 1.650% per annum, from October 9, 2020 or the most recent interest payment date to which interest
has been paid or duly provided for, payable semi-annually in arrears on April 15 and October 15 of each year (commencing April
15, 2021), to the Persons in whose names the 2027 Notes are registered at the close of business on April 1 or October 1, as the
case may be, next preceding such interest payment date, until principal thereof is paid or made available for payment. The 2050
Notes shall bear interest at the rate of 3.250% per annum, from October 9, 2020 or the most recent interest payment date to which
interest has been paid or duly provided for, payable semi-annually in arrears on April 15 and October 15 of each year (commencing
April 15, 2021), to the Persons in whose names the 2050 Notes are registered at the close of business on April 1 or October 1,
as the case may be, next preceding such interest payment date, until principal thereof is paid or made available for payment.


 


The Notes shall be initially issued in
the form of a Global Security and the depositary for the Notes shall be The Depository Trust Company, New York, New York.


 






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The Notes shall not be subject to any sinking
fund.


 


The Notes shall be in registered form without
coupons and shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


The forms of the 2027 Notes and 2050 Notes,
attached hereto as Exhibit A and Exhibit B, respectively, are hereby adopted, pursuant to Section 9.01(j) of the Indenture,
as forms of Debt Securities of the applicable series that consist of the Notes.


 


SECTION 202    Optional
Redemption.


 


(a)     The provisions
of Article III of the Indenture, as amended by the provisions of this Third Supplemental Indenture, shall apply to the Notes.


 


(b)    The Notes are
subject to redemption upon notice mailed at least 15 days but not more than 60 days prior to the redemption date to each
Registered Holder. On or after August 15, 2027 for the 2027 Notes and on or after April 15, 2050 for the 2050 Notes (which are
the dates that are two months and six months, respectively, prior to the Stated Maturity of the respective series of Notes, the
 “Par Call Date”), the Notes will be redeemable, as a whole or in part, at the option of the Company at any time, at
a redemption price equal to 100% of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest on the
principal amount being redeemed to the date of the redemption. At any time prior to the applicable Par Call Date, the Notes may
be redeemed, as a whole or in part, at the option of the Company at a redemption price equal to the greater of:


 


(i)     100%
of the principal amount to be redeemed; and


 


(ii)    the
sum of the present values of the Remaining Scheduled Payments thereon that would be due if the Notes matured on the applicable
Par Call Date, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 20 basis points for the 2027 Notes or 30 basis points for the 2050 Notes, plus, in either case, accrued
and unpaid interest, if any, on the principal amount being redeemed to the date of redemption.


 


Unless the Company defaults in payment
of the redemption price, on and after the applicable redemption date, interest will cease to accrue on the Notes or portions thereof
called for redemption.


 


SECTION 203    Purchase
upon a Change of Control Triggering Event.


 


(a)    Upon the occurrence
of a Change of Control Triggering Event with respect to a series of Notes, unless the Company has exercised its right to redeem
such Notes in full by giving irrevocable notice to the Trustee in accordance with the Indenture, each holder of such series of
Notes will have the right to require the Company to purchase all or a portion of such holder’s Notes pursuant to the offer
described below (the “Change of Control Offer”) at a purchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”), subject to the rights
of holders of such Notes on the relevant record date to receive interest due on the relevant interest payment date.


 


(b)    Unless the Company
has exercised its right to redeem such Notes, within 30 days following the date upon which the Change of Control Triggering Event
occurred with respect to a series of Notes or, at the Company’s option, prior to any Change of Control but after the public
announcement of the pending Change of Control, the Company will be required to send, by first class mail, (or with respect to global
notes, to the extent permitted or required by applicable DTC procedures or regulations, send electronically) a notice to each holder
of such Notes, with a copy to the Trustee, which notice will govern the terms of the Change of Control Offer. The notice will state,
among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days after the date the notice is
mailed or sent, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed
prior or sent to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned
on the Change of Control being consummated on or prior to the Change of Control Payment Date.


 






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(c)     On the Change
of Control Payment Date, the Company will, to the extent lawful:


 


(i)    
accept or cause a third party to accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer;


 


(ii)    deposit
or cause a third party to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes
or portions of Notes properly tendered; and


 


(iii)    deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased and that all conditions precedent to the Change of Control Offer
and to the purchase by the Company of Notes pursuant to the Change of Control Offer have been complied with.


 


(d)    The Company
will not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the manner,
at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases
all the Notes properly tendered and not withdrawn under its offer.


 


(e)    The Company
will comply in all material respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws
and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations
conflict with the Change of Control Offer provisions of the Notes, the Company will comply with those securities laws and regulations
and will not be deemed to have breached its obligations under this Section 203 by virtue of any such conflict.


 


SECTION 204    Limitation
on Liens.


 


Except as provided below, the Company shall
not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee
or permit to exist any Indebtedness secured by a Lien on any Principal Property or any shares of stock of or any Indebtedness of
any Restricted Subsidiary, whether owned on the date of issuance of the Notes or thereafter acquired, unless the Company contemporaneously
secures the Notes equally and ratably with (or prior to) such Indebtedness, except that the foregoing restrictions shall not apply
to Indebtedness secured by:


 


		1.	Liens on any property, shares of stock or Indebtedness of any Person existing at the time such Person becomes a Restricted
Subsidiary;



 


		2.	Liens on property or shares of stock existing at the time of acquisition of such property or stock by the Company or a Restricted
Subsidiary;



 


		3.	Liens to secure (a) the payment of all or any part of the price of acquisition, construction, alteration, expansion, repair
or improvement of property, assets or stock by the Company or a Restricted Subsidiary or (b) any Indebtedness incurred by
the Company or a Restricted Subsidiary prior to, at the time of or within 180 days after the later of the acquisition or completion
of construction, alteration, expansion, repair or improvements of such property (including any improvements on an existing property),
which Indebtedness is incurred for the purpose of financing all or any part of the purchase price thereof or construction, alteration,
expansion, repair or improvements thereon; provided, however, that, in the case of any such acquisition, construction, alteration,
expansion, repair or improvement, the Lien shall not apply to any property theretofore owned by the Company or a Restricted Subsidiary,
other than, in the case of any such construction, alteration, expansion, repair or improvement, any theretofore substantially unimproved
real property on which the property or improvement so constructed is located;



 


		4.	Liens securing Indebtedness of the Company or a Restricted Subsidiary owing to the Company, a Restricted Subsidiary or a wholly-owned
Subsidiary;



 


		5.	Liens on property of a Person existing at the time such Person is merged into or consolidated with the Company or a Restricted
Subsidiary or at the time of a sale, lease or other disposition of the properties of a Person as an entirety or substantially as
an entirety to the Company or a Restricted Subsidiary;



 






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		6.	Liens on property of the Company or a Restricted Subsidiary in favor of the United States or any state thereof, or any department,
agency or instrumentality or political subdivision of the United States or any state thereof, or in favor of any other country
or any political subdivision thereof, or any department, agency or instrumentality of such country or political subdivision, to
secure partial progress, advance or other payments pursuant to any contract or statute or to secure any Indebtedness incurred for
the purpose of financing all or any part of the purchase price or the cost of construction of the property subject to such Liens;



 


		7.	Liens existing as of the date of the Third Supplemental Indenture;



 


		8.	Liens resulting from the deposit of funds or evidences of Indebtedness in trust for the purpose of defeasing Indebtedness of
the Company or any of its Restricted Subsidiaries;



 


		9.	Liens to banks arising from the issuance of letters of credit issued by such banks (“issuing banks”) which constitute
borrowed money on the following: (a) any and all shipping documents, warehouse receipts, policies or certificates of insurance
and other documents accompanying or relative to drafts drawn under any credit, and any draft drawn thereunder (whether or not such
documents, goods or other property be released to or upon the order of the Company or any Subsidiary under a security agreement
or trust or bailee receipt or otherwise), and the proceeds of each and all of the foregoing; (b) the balance of every deposit
account, now or at the time hereafter existing, of the Company or any Subsidiary with the issuing banks, and any other claims of
the Company or any Subsidiary against the issuing banks; and all property claims and demands and all rights and interests therein
of the Company or any Subsidiary and all evidences thereof and all proceeds thereof which have been or at any time will be delivered
to or otherwise come into the issuing bank’s possession, custody or control, or into the possession, custody or control of
any bailee for the issuing bank or of any of its agents or correspondents for the account of the issuing bank, for any purpose,
whether or not for the express purpose of being used by the issuing bank as collateral security or for the safekeeping or for any
other or different purpose, the issuing bank being deemed to have possession or control of all of such property actually in transit
to or from or set apart for the issuing bank, any bailee for the issuing bank or any of its correspondents acting in its behalf,
it being understood that the receipt at any time by the issuing bank, or any of its bailees, agents or correspondents, or other
security, of whatever nature, including cash, will not be deemed a waiver of any of the issuing bank’s rights or powers hereunder;
(c) all property shipped under or pursuant to or in connection with any credit or drafts drawn thereunder or in any way related
thereto, and all proceeds thereof; or (d) all additions to and substitutions for any of the property enumerated above in this
subsection;



 


		10.	any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any Liens
referred to in clauses (1) through (9) above; provided, however, that the principal amount of Indebtedness so secured shall
not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal or replacement, and that such
extension, renewal or replacement shall be limited to all or a part of the property which secured the Liens so extended, renewed
or replaced (plus improvements and construction on such property);



 


		11.	Liens securing the payment of taxes and special assessments, either not yet due or the validity of which is being contested
by the Person being charged in good faith by appropriate proceedings, and as to which it has set aside on its books adequate reserves
to the extent required by GAAP;



 


		12.	deposits or Liens securing property or shares of stock under workers’ compensation, unemployment insurance and social
security laws, or to secure the performance of bids, tenders, contracts (other than for the repayment of borrowed money) or leases,
or to secure statutory obligations or surety or appeal bonds, or to secure indemnity, performance or other similar bonds in the
ordinary course of business;



 


		13.	any attachment Lien being contested in good faith and by proceedings promptly initiated and diligently conducted, unless the
attachment giving rise thereto will not, within sixty days after the entry thereof, have been discharged or fully bonded or will not
have been discharged within sixty days after the termination of any such bond;



 






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		14.	any judgment Lien, unless (a) the judgment it secures will not, within sixty days after the entry thereof, have been discharged
or execution thereof stayed pending appeal, or will not have been discharged within sixty days after the expiration of any such
stay or (b) the judgment it secures would result in an Event of Default under Section 6.01 of the Indenture;



 


		15.	easements, rights-of-way, zoning restrictions and other restrictions, charges or encumbrances not materially interfering with
the ordinary conduct of the business; or



 


		16.	any Lien securing Indebtedness of a Person which is a Successor Company to the Company to the extent permitted by Section 10.01
of the Indenture.



 


Notwithstanding the foregoing, the Company
and its Restricted Subsidiaries may, without securing the Notes, create, incur, issue, assume, guarantee or permit to exist any
Indebtedness secured by a Lien, other than those permitted pursuant to clauses (1) through (16) above, if, after giving pro forma
effect to the Incurrence of such Indebtedness (and the receipt and application of the proceeds thereof) or the securing of outstanding
Indebtedness, the sum of (without duplication) (i) all Indebtedness of the Company and its Restricted Subsidiaries secured by Liens
(other than those Liens permitted pursuant to clauses (1) through (16) above) and (ii) all Attributable Indebtedness in respect
of Sale/Leaseback Transactions with respect to any Principal Property, at the time of determination, does not exceed 15% of Consolidated
Net Tangible Assets.


 


SECTION 205    Limitation
on Sale/Leaseback Transactions.


 


The Company shall not, and shall not permit
any of its Subsidiaries to, enter into any Sale/Leaseback Transaction with respect to any Principal Property, unless (i) the
Company or such Subsidiary would be entitled to create a Lien on such Principal Property securing Indebtedness in an amount equal
to the Attributable Indebtedness with respect to such Sale/Leaseback Transaction without securing the Notes pursuant to Section 204
hereof or (ii) the Company, within six months from the effective date of such Sale/Leaseback Transaction, applies to the voluntary
defeasance or retirement (excluding retirements of Notes and other Indebtedness ranking pari passu with the Notes as a result of
conversions, pursuant to mandatory sinking funds or mandatory prepayment provisions or by payment at maturity) of notes or other
Indebtedness ranking pari passu with the Notes an amount equal to the Attributable Indebtedness with respect to such Sale/Leaseback
Transaction.


 


ARTICLE III


 


AMENDMENTS


 


SECTION 301    Statement
by Officers as to Default.


 


Section 4.05 of the Indenture, as amended
by the provisions of this Third Supplemental Indenture, shall replace such Section in its entirety to read as follows:


 


The Company will deliver to the Trustee,
on or before a date not more than four months after the end of each fiscal year of the Company (currently ending December 31) ending
after the date hereof, an Officers’ Certificate, one signer of which shall be either the principal executive officer, the
principal financial officer or the principal accounting officer of the Company and that need not comply with Section 12.05, stating,
as to each officer signing such certificate (i) that in the course of his or her performance of his or her duties as an officer
of the Company he or she would normally have knowledge of any Default, (ii) whether or not to the best of his or her knowledge
the Company was in compliance with all conditions and covenants under this Indenture during such year and (iii) if to the best
of his or her knowledge the Company is in Default, specifying all such Defaults and what action the Company is taking or proposes
to take with respect thereto. The Company also shall comply with Section 314(a)(4) of the Trust Indenture Act.


 






    10


     


    

 


ARTICLE IV


 


MISCELLANEOUS 


SECTION 401    Discharge.


 


If the Company shall effect a defeasance
of the Notes pursuant to Article XI of the Indenture, the Company shall cease to have any obligation to comply with the covenants
set forth in Sections 204 and 205 hereof.


 


SECTION 402    Confirmation
of Indenture.


 


The Indenture, as supplemented and amended
by this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture and this Third Supplemental
Indenture shall be read, taken and construed as one and the same instrument.


 


SECTION 403    Concerning
the Trustee.


 


The Trustee assumes no duties, responsibilities
or liabilities by reason of this Third Supplemental Indenture other than as set forth in the Indenture. The Trustee makes no representations
and shall not be responsible for the validity or sufficiency of this Third Supplemental Indenture, the Notes or for or in respect
of the recitals contained herein. All of the provisions contained in the Indenture in respect of the rights, powers, privileges,
and immunities of the Trustee shall be applicable in respect of this Third Supplemental Indenture as fully and with like force
and effect as though set forth in full herein. The Trustee shall not be accountable for the use or application by the Company of
the Notes or the proceeds thereof.


 


SECTION 404    Counterparts.


 


This Third Supplemental Indenture may be
executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but
one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or
PDF transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto
and may be used in lieu of the original Third Supplemental Indenture for all purposes. The execution and authentication of the
Notes shall be effected by manual, facsimile or electronic signature and shall be deemed original signatures for all purposes hereunder
for the Notes (other than the authentication of the Notes by the Trustee). Signatures of the parties hereto effected by manual,
facsimile or electronic signature and transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.


 






    11


     


    

 


IN WITNESS WHEREOF, the parties hereto
have caused this Third Supplemental Indenture to be duly executed as of the day and year first above written.


 


	 	STEEL
    DYNAMICS, INC.
	 	 	 
	 	By: 	/s/
        Richard A. Poinsatte

	 	 	Name:
    Richard A. Poinsatte
	 	 	Title:  
    Vice President, Treasurer and
	 	 	 Assistant
    Secretary
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL
	 	ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/
        Gregory S. Clarke

	 	 	Name:
    Gregory S. Clarke
	 	 	Title:
      Vice President


 


Third Supplemental Indenture


 


[Signature Page
to the Third Supplemental Indenture]


 






     


     


    

 


EXHIBIT A 


 


[Form of Face of Global Note]


 


UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL DEBT SECURITIES REPRESENTED HEREBY, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.


 


UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


1.650% Note due October 15, 2027


 


	
        CUSIP No. 858119BN9

        ISIN No. US858119BN92

        No. 0000 (Specimen)
	 	$[·]


 


STEEL DYNAMICS, INC. 


 


Steel Dynamics, Inc., a corporation duly
organized and existing under the laws of the State of Indiana (herein called the “Issuer”, which term includes any
successor Person under the Indenture hereinafter referred to) as obligor, for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of [⦁] DOLLARS
($[⦁]) on October 15, 2027, and to pay interest thereon
from October 9, 2020, or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually
on April 15 and October 15 in each year, commencing April 15, 2021, at the rate of 1.650% per annum, until the principal hereof
is paid or made available for payment. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.
The Issuer shall also pay interest on overdue principal or installments of interest at such rate. The interest so payable, and
punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture, be paid to the Person in
whose name this Debt Security is registered at the close of business on the record date for such interest, which shall be April
1 or October 1 (whether or not a Business Day), as the case may be, next preceding such interest payment date. Any interest on
this Debt Security which is payable, but is not punctually paid or duly provided for, on the dates and in the manner provided in
this Debt Security and the Indenture shall forthwith cease to be payable to the Registered Holder hereof on the relevant record
date, and such Defaulted Interest may be paid by the Issuer to the Person in whose name this Debt Security is registered at the
close of business on a special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to the Holder of this Debt Security not less than 10 days prior to such special record date, or may be paid
by the Issuer on this Debt Security in any other lawful manner not inconsistent with the requirements of any securities exchange
on which this Debt Security may be listed, and upon such notice as may be required by such securities exchange, all as more fully
provided in the Indenture.


 


As provided in the Indenture and
subject to certain limitations therein set forth, payment of interest on this Debt Security shall be made at the corporate
trust office of the Trustee or, at the option of the Issuer, by check mailed to the address of the Person entitled thereto as
such address shall appear in the Debt Security Register or, at the option of the Registered Holder, by wire transfer to an
account designated by the Registered Holder, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.


 






    A-1


     


    





 


Reference is hereby made to the further
provisions of this Debt Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.


 


Unless the certificate of authentication
hereon has been executed by the Trustee referred to herein by manual signature, this Debt Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.


 






    A-2


     


    

 


IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed.


 


	Dated: 	STEEL DYNAMICS, INC.
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	 	Name: 
	 	 	 	Title:   
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	 	Name: 
	 	 	 	Title:   


 






    A-3


     


    

 


CERTIFICATE OF AUTHENTICATION 


 


This is one of the Debt Securities of the series designated
therein referred to in the within-mentioned Indenture.


 


	Dated: 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee  
	 	 	 
	 	By:	 
	 	 	Authorized Signatory 



 






    A-4


     


    

 


[REVERSE OF GLOBAL NOTE]


 


This Debt Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Debt Securities”), issued and to be issued in one or more series
under an Indenture dated as of December 4, 2019 (the “Base Indenture ”) as supplemented by the Third Supplemental Indenture,
dated as of October 9, 2020 (the “Third Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”), and reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Issuer, the Trustee and the Registered Holders of the Debt Securities and of the terms upon which the Debt Securities are,
and are to be, authenticated and delivered. This Debt Security is one of the series designated on the face hereof.


 


This Debt Security is subject to redemption
upon notice mailed at least 15 days but not more than 60 days prior to the redemption date to each Registered Holder.
On or after August 15, 2027 (which is the date that is two months prior to the maturity date of this Debt Security, the “Par
Call Date”), this Debt Security will be redeemable, as a whole or in part, at the option of the Company at any time, at a
redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, on the principal
amount being redeemed to the date of the redemption. At any time prior to the Par Call Date, this Debt Security may be redeemed,
as a whole or in part, at the option of the Issuer at a redemption price equal to the greater of (a) 100% of the principal
amount to be redeemed and (b) the sum of the present values of the Remaining Scheduled Payments (as defined in the Third Supplemental
Indenture) thereon that would be due if the Debt Security matured on the Par Call Date, discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus,
in either case, accrued and unpaid interest, if any, on the principal amount being redeemed to the date of redemption. Unless the
Issuer defaults in payment of the redemption price, on and after the applicable redemption date, interest will cease to accrue
on the Debt Securities or portions thereof called for redemption.


 


Upon the occurrence of a Change of Control
Triggering Event with respect to this Debt Security, unless the Issuer has exercised its right to redeem this Debt Security in
full as set forth in Section 202 of the Third Supplemental Indenture, by giving irrevocable notice to the Trustee in accordance
with the Indenture, each Holder of this Debt Security will have the right to require the Issuer to purchase all or a portion of
such Holder’s Debt Security pursuant to a Change of Control Offer, at a purchase price equal to 101% of the principal amount
thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”), subject
to the rights of Holders of this Debt Security on the relevant record date to receive interest due on the relevant interest payment
date.


 


Unless the Issuer has exercised its right
to redeem this Debt Security, within 30 days following the date upon which the Change of Control Triggering Event occurred with
respect to this Debt Security or, at the Issuer’s option, prior to any Change of Control but after the public announcement
of the pending Change of Control, the Issuer will be required to send by first class mail or, to the extent permitted or required
by applicable DTC procedures or regulations, send electronically, a notice to each Holder of this Debt Security, with a copy to
the Trustee, which notice will govern the terms of the Change of Control Offer. The notice will state, among other things, the
purchase date, which must be no earlier than 30 days nor later than 60 days after the date the notice is mailed or sent, other
than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed or sent prior to the date
of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control being
consummated on or prior to the Change of Control Payment Date.


 


On the Change of Control Payment Date,
the Issuer will, to the extent lawful:


 


(i)      accept
or cause a third party to accept for payment all Debt Securities of this series or portions of Debt Securities of this series properly
tendered pursuant to the Change of Control Offer;


 


(ii)     deposit
or cause a third party to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Debt
Securities of this series or portions of Debt Securities of this series properly tendered; and


 






    A-5


     


    

 


(iii)    deliver
or cause to be delivered to the Trustee the Debt Securities of this series properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Debt Securities of this series or portions of Debt Securities of this series being purchased
and that all conditions precedent to the Change of Control Offer and to the purchase by the Issuer of the Debt Securities of this
series pursuant to the Change of Control Offer have been complied with.


 


The Issuer will not be required to make
a Change of Control Offer with respect to this Debt Security if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Issuer and such third party purchases all the Debt
Securities of this series properly tendered and not withdrawn under its offer.


 


The Issuer will comply in all material
respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to
the extent those laws and regulations are applicable in connection with the repurchase of this Debt Security as a result of a Change
of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change
of Control Offer provisions of this Debt Security, the Issuer will comply with those securities laws and regulations and will not
be deemed to have breached its obligations under Section 203 of the Third Supplemental Indenture by virtue of any such conflict.


 


The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Debt Security or certain restrictive covenants and Events of Default with respect
to this Debt Security, in each case upon compliance with certain conditions set forth in the Indenture. Such provisions shall be
applicable to this Debt Security.


 


If an Event of Default with respect to
this Debt Security shall occur and be continuing, the principal of and interest on this Debt Security may be declared due and payable
in the manner and with the effect provided in the Indenture.


 


The Indenture permits, with certain exceptions
as therein provided, without notice to any Holder but with the consent of Holders of not less than a majority in aggregate principal
amount of the Outstanding Debt Securities of each series affected by such supplemental indenture, the Issuer and the Trustee at
any time to enter into an indenture or supplemental indenture for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights
of the Holders of the Debt Securities of such series. The Indenture also permits, with certain exceptions as therein provided,
prior to the acceleration of the maturity of the Debt Securities of any series, the Holders of specified percentages in aggregate
principal amount of the Debt Securities of that series at the time Outstanding may on behalf of the Holders of all the Debt Securities
of that series waive any past Default or Event of Default and its consequences for that series specified in the terms thereof.
Any such consent or waiver by the Holder of this Debt Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Debt Security.


 


As provided in and subject to the provisions
of the Indenture, the Holder of this Debt Security shall not have the right to institute any action or proceeding at law or in
equity or in bankruptcy or otherwise, upon or under or with respect to the Indenture, or for the appointment of a receiver or trustee,
or for any other remedy thereunder, unless such Holder previously shall have given to the Trustee written notice of an Event of
Default with respect to the Debt Securities of this series and of the continuance thereof and unless the Holders of not less than
25% in aggregate principal amount of the Outstanding Debt Securities of this series shall have made written request upon the Trustee
to institute such action or proceedings in respect of such Event of Default in its own name as Trustee thereunder and shall have
offered to the Trustee such security or indemnity, and the Trustee, for 60 days after its receipt of such notice, request
and offer of security or indemnity shall have failed to institute any such action or proceedings and no direction inconsistent
with such written request shall have been given to the Trustee by the Holders of a majority in aggregate principal amount of the
Debt Securities of this series at the time Outstanding. The foregoing shall not apply to any suit instituted by the Holder of this
Debt Security for the enforcement of any payment of principal hereof or interest hereon on or after the respective due dates expressed
herein.


 






    A-6


     


    

 


No reference herein to the Indenture and
no provision of this Debt Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Debt Security at the times, place and rate, and in the coin or currency,
herein prescribed.


 


As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Debt Security is registrable in the Debt Security Register, upon
surrender of this Debt Security for registration of transfer at the office or agency of the Issuer in any Place of Payment, duly
endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Issuer, the Trustee and
the Registrar duly executed by the Registered Holder or the Registered Holder’s attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Debt Security or Debt Securities of authorized denominations for a like aggregate principal amount.


 


The Debt Securities of this series are
issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Debt Securities of this series are exchangeable
in whole or in part for a like aggregate principal amount of Debt Securities of this series and of like tenor and terms of a different
authorized denomination, as requested by the Holder surrendering the same.


 


As provided in the Indenture and subject
to certain limitations therein set forth, no service charge shall be made for any such registration of transfer of Debt Securities,
but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto.


 


Prior to due presentation for registration
of transfer of this Debt Security, the Issuer, the Trustee, any paying agent or any Registrar may deem and treat the Person in
whose name this Debt Security is registered as the absolute owner hereof for all purposes, whether or not this Debt Security shall
be overdue, and none of the Issuer, the Trustee, any paying agent or any Registrar shall be affected by notice to the contrary.


 


All terms used in this Debt Security which
are defined in the Indenture shall have the meanings assigned to them in the Indenture.


 






    A-7


     


    

 


EXHIBIT B 


 


[Form of Face of Global Note]


 


UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL DEBT SECURITIES REPRESENTED HEREBY, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.


 


UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


3.250% Note due October 15, 2050


 


	 	 	 
	
        CUSIP No. 858119BP4

        ISIN No. US858119BP41

        No. 0000 (Specimen)
	 	$[⦁]


 


STEEL DYNAMICS, INC. 


 


Steel Dynamics, Inc., a corporation duly
organized and existing under the laws of the State of Indiana (herein called the “Issuer”, which term includes any
successor Person under the Indenture hereinafter referred to) as obligor, for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of [⦁] DOLLARS
($[⦁]) on October 15, 2050, and to pay interest thereon
from October 9, 2020, or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually
on April 15 and October 15 in each year, commencing April 15, 2021, at the rate of 3.250% per annum, until the principal hereof
is paid or made available for payment. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.
The Issuer shall also pay interest on overdue principal or installments of interest at such rate. The interest so payable, and
punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture, be paid to the Person in
whose name this Debt Security is registered at the close of business on the record date for such interest, which shall be April
1 or October 1 (whether or not a Business Day), as the case may be, next preceding such interest payment date. Any interest on
this Debt Security which is payable, but is not punctually paid or duly provided for, on the dates and in the manner provided in
this Debt Security and the Indenture shall forthwith cease to be payable to the Registered Holder hereof on the relevant record
date, and such Defaulted Interest may be paid by the Issuer to the Person in whose name this Debt Security is registered at the
close of business on a special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to the Holder of this Debt Security not less than 10 days prior to such special record date, or may be paid
by the Issuer on this Debt Security in any other lawful manner not inconsistent with the requirements of any securities exchange
on which this Debt Security may be listed, and upon such notice as may be required by such securities exchange, all as more fully
provided in the Indenture.


 






    B-1


     


    

 


As provided in the Indenture and
subject to certain limitations therein set forth, payment of interest on this Debt Security shall be made at the corporate
trust office of the Trustee or, at the option of the Issuer, by check mailed to the address of the Person entitled thereto as
such address shall appear in the Debt Security Register or, at the option of the Registered Holder, by wire transfer to an
account designated by the Registered Holder, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.


 


Reference is hereby made to the further
provisions of this Debt Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.


 


Unless the certificate of authentication
hereon has been executed by the Trustee referred to herein by manual signature, this Debt Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.


 






    B-2


     


    

 


IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed.


 


	Dated: 	STEEL DYNAMICS, INC.
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	 	Name: 
	 	 	 	Title:   
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	 	Name: 
	 	 	 	Title:   


 






    B-3


     


    

 


CERTIFICATE OF AUTHENTICATION 


 


This is one of the Debt Securities of the series designated
therein referred to in the within-mentioned Indenture.


 


	Dated: 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee  
	 	 	 
	 	By:	 
	 	 	Authorized Signatory 


 






    B-4


     


    

 





[REVERSE OF GLOBAL NOTE]


 


This Debt Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Debt Securities”), issued and to be issued in one or more series
under an Indenture dated as of December 4, 2019 (the “Base Indenture ”) as supplemented by the Third Supplemental Indenture,
dated as of October 9, 2020 (the “Third Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”), and reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Issuer, the Trustee and the Registered Holders of the Debt Securities and of the terms upon which the Debt Securities are,
and are to be, authenticated and delivered. This Debt Security is one of the series designated on the face hereof.


 


This Debt Security is subject to redemption
upon notice mailed at least 15 days but not more than 60 days prior to the redemption date to each Registered Holder.
On or after April 15, 2050 (which is the date that is six months prior to the maturity date of this Debt Security, the “Par
Call Date”), this Debt Security will be redeemable, as a whole or in part, at the option of the Company at any time, at a
redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, on the principal
amount being redeemed to the date of the redemption. At any time prior to the Par Call Date, this Debt Security may be redeemed,
as a whole or in part, at the option of the Issuer at a redemption price equal to the greater of (a) 100% of the principal
amount to be redeemed and (b) the sum of the present values of the Remaining Scheduled Payments (as defined in the Third Supplemental
Indenture) thereon that would be due if the Debt Security matured on the Par Call Date, discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus,
in either case, accrued and unpaid interest, if any, on the principal amount being redeemed to the date of redemption. Unless the
Issuer defaults in payment of the redemption price, on and after the applicable redemption date, interest will cease to accrue
on the Debt Securities or portions thereof called for redemption.


 


Upon the occurrence of a Change of Control
Triggering Event with respect to this Debt Security, unless the Issuer has exercised its right to redeem this Debt Security in
full as set forth in Section 202 of the Third Supplemental Indenture, by giving irrevocable notice to the Trustee in accordance
with the Indenture, each Holder of this Debt Security will have the right to require the Issuer to purchase all or a portion of
such Holder’s Debt Security pursuant to a Change of Control Offer, at a purchase price equal to 101% of the principal amount
thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”), subject
to the rights of Holders of this Debt Security on the relevant record date to receive interest due on the relevant interest payment
date.


 


Unless the Issuer has exercised its right
to redeem this Debt Security, within 30 days following the date upon which the Change of Control Triggering Event occurred with
respect to this Debt Security or, at the Issuer’s option, prior to any Change of Control but after the public announcement
of the pending Change of Control, the Issuer will be required to send by first class mail or, to the extent permitted or required
by applicable DTC procedures or regulations, send electronically, a notice to each Holder of this Debt Security, with a copy to
the Trustee, which notice will govern the terms of the Change of Control Offer. The notice will state, among other things, the
purchase date, which must be no earlier than 30 days nor later than 60 days after the date the notice is mailed or sent, other
than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed or sent prior to the date
of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control being
consummated on or prior to the Change of Control Payment Date.


 


On the Change of Control Payment Date,
the Issuer will, to the extent lawful:


 


(i)      accept
or cause a third party to accept for payment all Debt Securities of this series or portions of Debt Securities of this series properly
tendered pursuant to the Change of Control Offer;


 


(ii)     deposit
or cause a third party to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Debt
Securities of this series or portions of Debt Securities of this series properly tendered; and


 






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(iii)    deliver
or cause to be delivered to the Trustee the Debt Securities of this series properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Debt Securities of this series or portions of Debt Securities of this series being purchased
and that all conditions precedent to the Change of Control Offer and to the purchase by the Issuer of the Debt Securities of this
series pursuant to the Change of Control Offer have been complied with.


 


The Issuer will not be required to make
a Change of Control Offer with respect to this Debt Security if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Issuer and such third party purchases all the Debt
Securities of this series properly tendered and not withdrawn under its offer.


 


The Issuer will comply in all material
respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to
the extent those laws and regulations are applicable in connection with the repurchase of this Debt Security as a result of a Change
of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change
of Control Offer provisions of this Debt Security, the Issuer will comply with those securities laws and regulations and will not
be deemed to have breached its obligations under Section 203 of the Third Supplemental Indenture by virtue of any such conflict.


 


The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Debt Security or certain restrictive covenants and Events of Default with respect
to this Debt Security, in each case upon compliance with certain conditions set forth in the Indenture. Such provisions shall be
applicable to this Debt Security.


 


If an Event of Default with respect to
this Debt Security shall occur and be continuing, the principal of and interest on this Debt Security may be declared due and payable
in the manner and with the effect provided in the Indenture.


 


The Indenture permits, with certain exceptions
as therein provided, without notice to any Holder but with the consent of Holders of not less than a majority in aggregate principal
amount of the Outstanding Debt Securities of each series affected by such supplemental indenture, the Issuer and the Trustee at
any time to enter into an indenture or supplemental indenture for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights
of the Holders of the Debt Securities of such series. The Indenture also permits, with certain exceptions as therein provided,
prior to the acceleration of the maturity of the Debt Securities of any series, the Holders of specified percentages in aggregate
principal amount of the Debt Securities of that series at the time Outstanding may on behalf of the Holders of all the Debt Securities
of that series waive any past Default or Event of Default and its consequences for that series specified in the terms thereof.
Any such consent or waiver by the Holder of this Debt Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Debt Security.


 


As provided in and subject to the provisions
of the Indenture, the Holder of this Debt Security shall not have the right to institute any action or proceeding at law or in
equity or in bankruptcy or otherwise, upon or under or with respect to the Indenture, or for the appointment of a receiver or trustee,
or for any other remedy thereunder, unless such Holder previously shall have given to the Trustee written notice of an Event of
Default with respect to the Debt Securities of this series and of the continuance thereof and unless the Holders of not less than
25% in aggregate principal amount of the Outstanding Debt Securities of this series shall have made written request upon the Trustee
to institute such action or proceedings in respect of such Event of Default in its own name as Trustee thereunder and shall have
offered to the Trustee such security or indemnity, and the Trustee, for 60 days after its receipt of such notice, request
and offer of security or indemnity shall have failed to institute any such action or proceedings and no direction inconsistent
with such written request shall have been given to the Trustee by the Holders of a majority in aggregate principal amount of the
Debt Securities of this series at the time Outstanding. The foregoing shall not apply to any suit instituted by the Holder of this
Debt Security for the enforcement of any payment of principal hereof or interest hereon on or after the respective due dates expressed
herein.


 






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No reference herein to the Indenture and
no provision of this Debt Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on this Debt Security at the times, place and rate, and in the coin or currency,
herein prescribed.


 


As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Debt Security is registrable in the Debt Security Register, upon
surrender of this Debt Security for registration of transfer at the office or agency of the Issuer in any Place of Payment, duly
endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Issuer, the Trustee and
the Registrar duly executed by the Registered Holder or the Registered Holder’s attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Debt Security or Debt Securities of authorized denominations for a like aggregate principal amount.


 


The Debt Securities of this series are
issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Debt Securities of this series are exchangeable
in whole or in part for a like aggregate principal amount of Debt Securities of this series and of like tenor and terms of a different
authorized denomination, as requested by the Holder surrendering the same.


 


As provided in the Indenture and subject
to certain limitations therein set forth, no service charge shall be made for any such registration of transfer of Debt Securities,
but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto.


 


Prior to due presentation for registration
of transfer of this Debt Security, the Issuer, the Trustee, any paying agent or any Registrar may deem and treat the Person in
whose name this Debt Security is registered as the absolute owner hereof for all purposes, whether or not this Debt Security shall
be overdue, and none of the Issuer, the Trustee, any paying agent or any Registrar shall be affected by notice to the contrary.


 


All terms used in this Debt Security which
are defined in the Indenture shall have the meanings assigned to them in the Indenture.


 






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