Document:

Exhibit 10.03a

EXECUTION
VERSION 

AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT

AMENDMENT NO. 2 TO THE
AMENDED AND RESTATED CREDIT AGREEMENT, dated as of September 11, 2007 (this “Amendment”), by and
among STEEL DYNAMICS, INC., an Indiana corporation (the “Borrower”), the
banks, financial institutions and other lenders listed on the signature pages
hereof, NATIONAL CITY BANK (“National City”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION (“Wells
Fargo”), as co-administrative agents, NATIONAL CITY, as paying
agent (“Paying Agent”)
and BANC OF AMERICA SECURITIES LLC and NATIONAL CITY, as joint lead arrangers
(in such capacity, the “Joint
Lead Arrangers”). 

PRELIMINARY STATEMENTS: 

(1) The Borrower, the lenders listed on the signature pages
thereto, National City, as collateral agent, National City and Wells Fargo, as
co-administrative agents, National City as paying agent, Bank of America, N.A.
(“Bank of America”),
General Electric Capital Corporation, Fifth Third Bank and BMO Capital Markets
Financing, Inc., as Documentation Agents, Bank of America and National City, as
syndication agents, and Banc of America Securities LLC and National City, as
joint lead arrangers are parties to that certain Amended and Restated Credit
Agreement dated as of June 19, 2007, as amended by Amendment No. 1 dated as of
July 11, 2007 (as supplemented or otherwise modified prior to the date hereof,
the “Credit Agreement”).  Capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit Agreement. 

(2) The Borrower has requested that the Required Lenders amend the
Credit Agreement in certain respects, and the Required Lenders have agreed,
subject to the terms and conditions hereinafter set forth, to amend the Credit
Agreement as hereinafter set forth. 

(3) The Borrower has requested that the Initial Term A Lenders
commit to provide a Term A Facility to the Borrower on the terms and conditions
hereinafter set forth, and the Initial Term A Lenders have agreed to make Term
A Advances to the Borrower on the terms and subject to the conditions
hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and for other
good and valuable consideration, the sufficiency and the receipt of which is
hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION 1. Amendments to Credit Agreement.  Upon, and subject to, the satisfaction of the
conditions precedent set forth in Section 2 below, the Credit Agreement
is hereby amended as follows: 

(a)
                               The first paragraph of the Preliminary
Statements is hereby amended by inserting immediately after the words
“syndication agents,” the words “for the Revolving Credit Facility and Bank of
America, as syndication agent for the Term A Facility”. 

(b)
                              The third paragraph of the Preliminary
Statements is hereby amended by deleting the word “Loans” contained therein and
inserting in lieu thereof the word “Advances” and deleting the words “Credit
Extensions” contained therein and inserting in lieu thereof the words “credit
extensions”. 

(c)                                The third paragraph of the Preliminary
Statements is hereby amended by inserting at the end thereof immediately before
the period the following: 

“including, on the Amendment No. 2 Effective Date, the Term
A Advances to be made to the Borrower by the Term A Lenders in an aggregate
principal amount of $550,000,000”. 

(d)
                              The definition of “Advance” in Section
1.01 is hereby amended by inserting therein the words “a Term A Advance,” after
the word “means,” and before the words “a Revolving Credit Advance” contained
therein. 

(e)
                               Section 1.01 is hereby amended by
inserting therein after the defined term “Agreement Value” and before the
defined term “Applicable Lending Office” contained therein the following
defined terms: 

““Amendment No. 2”
means that certain Amendment No. 2 to this Agreement dated as of September 11,
2007 by and among the Borrower, National City, Wells Fargo, the Joint Lead
Arrangers, each Initial Term A Lender, and the Revolving Credit Lenders listed
on the signature pages thereto.” 

“Amendment No. 2 Effective Date”
means the date on which the Paying Agent notifies the Borrower that all
conditions set forth in Section 2 of Amendment No. 2 have been satisfied.” 

(f)
                                 The definition of “Applicable Margin” in
Section 1.01 is hereby amended by deleting the first sentence contained therein
and inserting in lieu thereof the following sentence: 

““Applicable Margin”
means, (a) in respect of the Revolving Credit Facility (i) at all times other
than during the Term A Period, a percentage per annum determined by reference
to the Total Debt/Consolidated EBITDA Ratio as set forth below: 

 2
 

 

	
  Total Debt/Consolidated

  EBITDA Ratio

  	
   

  	
  Base Rate

  Advances

  	
   

  	
  Eurodollar Rate

  Advances

  	
   

  
	
  Level I

  < than 2.0 : 1.0 

  	
   

  	
  0.00 

  	
  % 

  	
  0.50 

  	
  % 

  
	
  Level II

  > 2.0 : 1.0,

  but < than 3.0 : 1.0 

  	
   

  	
  0.00 

  	
  % 

  	
  0.75 

  	
  % 

  
	
  Level III

  > 3.0 : 1.0,

  but < than 4.0 : 1.0 

  	
   

  	
  0.00 

  	
  % 

  	
  1.00 

  	
  % 

  
	
  Level IV

  > 4.0 : 1.0 

  	
   

  	
  0.25 

  	
  % 

  	
  1.25 

  	
  % 

  

 

and (ii) at
all times during the Term A Period, a percentage per annum equal to the Applicable
Term A Margin and (b) in respect of the Term A Advances, the Applicable Term A
Margin.” 

(g)
                              The definition of “Applicable Percentage”
in Section 1.01 is hereby amended by deleting the first sentence contained
therein and inserting in lieu thereof the following sentence: 

““Applicable
Percentage” means, (a) at all times other than during the Term A
Period, a percentage per annum determined by reference to the Total
Debt/Consolidated EBITDA Ratio as set forth below: 

	
  Total Debt/Consolidated

  EBITDA Ratio

  	
   

  	
  Applicable

  Percentage

  	
   

  
	
  Level I

  < than 2.0 : 1.0

  	
   

  	
  0.125

  	
  %

  
	
  Level II

  > 2.0 : 1.0,

  but < than 3.0 : 1.0

  	
   

  	
  0.175

  	
  %

  
	
  Level III

  > 3.0 : 1.0,

  but < than 4.0 : 1.0

  	
   

  	
  0.225

  	
  %

  
	
  Level IV

  > 4.0 : 1.0

  	
   

  	
  0.30

  	
  %

  

 

and (b) at
all times during the Term A Period, a percentage per annum determined by
reference to the Total Debt/Consolidated EBITDA Ratio as set forth below: 

 3
 

 

	
  Total Debt/Consolidated

  EBITDA Ratio

  	
   

  	
  Applicable

  Percentage

  	
   

  
	
  Level I

  < than 2.0 : 1.0

  	
   

  	
  0.20

  	
  %

  
	
  Level II

  > 2.0 : 1.0,

  but < than 3.0 : 1.0

  	
   

  	
  0.25

  	
  %

  
	
  Level III

  > 3.0 : 1.0,

  but < than 4.0 : 1.0

  	
   

  	
  0.30

  	
  %

  
	
  Level IV

  > 4.0 : 1.0

  	
   

  	
  0.35

  	
  %

  

 

(h)
                              Section 1.01 is hereby amended by
inserting therein after the defined term “Applicable Percentage” and before the
defined term “Appropriate Lender” contained therein the following defined term:

“Applicable Term A Margin”
means, on the Amendment No. 2 Effective Date, 0.00% per annum for Base Rate
Advances and 1.00% per annum for Eurodollar Rate Advances, and thereafter, a percentage
per annum determined by reference to the Total Debt/Consolidated EBITDA Ratio
as set forth below: 

	
  Total Debt/Consolidated

  EBITDA Ratio

  	
   

  	
  Base Rate

  Advances

  	
   

  	
  Eurodollar Rate

  Advances

  	
   

  
	
  Level I

  < than 2.0 : 1.0 

  	
   

  	
  0.00

  	
  % 

  	
  1.00

  	
  % 

  
	
  Level II

  > 2.0 : 1.0,

  but < than 3.0 : 1.0 

  	
   

  	
  0.25

  	
  % 

  	
  1.25

  	
  % 

  
	
  Level III

  > 3.0 : 1.0,

  but < than 4.0 : 1.0 

  	
   

  	
  0.50

  	
  % 

  	
  1.50

  	
  % 

  
	
  Level IV

  > 4.0 : 1.0 

  	
   

  	
  0.75

  	
  % 

  	
  1.75

  	
  % 

  

 

(i)                                     The definition of “Appropriate Lender” in
Section 1.01 is hereby amended by substituting for the word “and” before clause
(c) thereof a comma and inserting immediately before the period at the end
thereof the following clause (d): 

“and (d) the Term A Facility, a Term A Lender”. 

(j)
                                  The definition of “Borrowing” in Section
1.01 is hereby amended by inserting therein the words “a Term A Borrowing,”
after the word “means,” and before the words “a Revolving Credit Borrowing”
contained therein. 

 4
 

(k)
                               The definition of “Commitment” in Section
1.01 is hereby amended by inserting therein the words “a Term A Commitment,”
after the word “means,” and before the words “a Revolving Credit Commitment”
contained therein. 

(l)
                                  The definition of “Facility” in Section
1.01 is hereby amended by inserting therein the words “the Term A Facility,” after
the word “means,” and before the words “the Revolving Credit Facility”
contained therein. 

(m)                               The definition of “Fee Letter” in Section
1.01 is hereby amended by inserting the following immediately before the
period: “and each of the fee letters between either of the Joint Lead Arrangers
and the Borrower entered into in respect of Amendment No. 2”.  

(n)
                              Section 1.01 is hereby amended by
inserting therein after the defined term “Hedge Bank” and before the defined
term “Indemnified Party” contained therein the following defined terms: 

““Incremental
Facility” has the meaning specified in Section 2.17. 

“Incremental
Facility Effective Date” has the meaning specified in Section
2.17. 

“Incremental Revolving Credit
Facility” has the meaning specified in Section 2.17. 

“Incremental
Term Facility” has the meaning specified in Section 2.17.” 

(o)
                              The definition of “Information
Memorandum” in Section 1.01 is hereby amended by deleting the word “the” and
inserting in lieu thereof the word “any” and deleting the words “dated [May],
2007” contained therein. 

(p)
                              Section 1.01 is hereby amended by
inserting therein after the defined term “Information Memorandum” and before
the defined term “Initial Extension of Credit” the following defined term: 

““Initial Term A Lenders” means the banks, financial institutions
and other lenders listed on the signature pages to Amendment No. 2 as the
Initial Term A Lenders.” 

(q)
                              The definition of “Lenders” in Section
1.01 is hereby amended by inserting therein the words “, the Initial Term A
Lenders” after the words “the Initial Lenders” and before the word “and”
contained therein. 

(r)                                  The definition of “Note” in Section 1.01
is hereby amended and restated in its entirety to read as follows: 

““  Note” means a Term A Note or a Revolving
Credit Note.” 

(s)                                Section 1.01 is hereby amended by
deleting the defined term “Revolving Credit Increase Effective Date” contained
therein. 

 5
 

(t)
                                 Section 1.01 is hereby amended by
inserting therein after the defined term “Revolving Credit Lender” and before
the defined term “Secured Cash Management Agreement” contained therein the
following defined term: 

““Revolving Credit Note”
means a promissory note of the Borrower payable to the order of any Revolving
Credit Lender, in substantially the form of Exhibit A-1 hereto, evidencing the
aggregate indebtedness of the Borrower to such Lender resulting from the
Revolving Credit Advances, Letter of Credit Advances and Swing Line Advances
made by such Lender, as amended, endorsed, extended or otherwise modified from
time to time.” 

(u)
                              Section 1.01 is hereby amended by
inserting therein after the defined term “Taxes” and before the defined term
“Termination Date” contained therein the following defined terms: 

““  Term A Advance” has the meaning specified in Section
2.01(d). 

“Term A Borrowing” means a borrowing
consisting of simultaneous Term A Advances of the same Type made by the Term A
Lenders. 

“Term A Commitment”
means, with respect to any Term A Lender at any time, the amount set forth
opposite such Lender’s name on Schedule I hereto under the caption "Term A
Commitment" or, if such Lender has entered into one or more Assignment and
Acceptances, set forth for such Lender in the Register maintained by the
Administrative Agent pursuant to Section 8.07(d) as such Lender’s "Term A
Commitment", as such amount may be reduced at or prior to such time
pursuant to Section 2.05. 

“Term A Facility” means, at any time, the
aggregate amount of the Term A Lenders’ Term A Commitments at such time. 

“Term A Lender” means any Lender that has a
Term A Commitment or is owed a Term A Advance. 

“Term A Note” means a
promissory note of the Borrower payable to the order of any Term A Lender, in
substantially the form of Exhibit A-2 hereto, evidencing the indebtedness of
the Borrower to such Lender resulting from the Term A Advance made by such
Lender, as amended, endorsed, extended or otherwise modified from time to time.

“Term A Period” means
the period commencing on the Amendment No. 2 Effective Date and ending on the
date on which the aggregate outstanding principal amount of the Term A Advances
along with all interest accrued thereon and other amounts payable in respect
thereof (including under Sections 2.10, 2.12 and 8.04(c), if applicable), are
paid in full in cash.” 

(v)                               The definition of “Termination Date” in
Section 1.01 is hereby amended by inserting immediately after the word “means”
in lieu of the comma the 

 6
 

following: “(x) in the case of the Revolving Credit
Facility,” and by inserting at the end of such definition, immediately before
the period, the following: 

“and (y) in the case of the Term A
Facility, the earlier of (a) the date on which the Commitments are terminated
and the Advances are declared due and payable pursuant to Section 6.01 and (b)
June 19, 2012”. 

(w)                               Schedule I to the Credit Agreement is
hereby supplemented by adding the table attached as Schedule I to this
Amendment to such Schedule. 

(x)                                 Section 2.01 is hereby amended by
inserting therein after the clause (c) contained therein the following clause
(d). 

“(d)
                       The Term A Advances. 
Each Term A Lender severally agrees, on the terms and conditions
hereinafter set forth, to make a single advance (a “Term A Advance”) to
the Borrower on the Amendment No. 2 Effective Date in an amount not to exceed
such Lender’s Term A Commitment at such time. 
The Term A Borrowing shall consist of Term A Advances made
simultaneously by the Term A Lenders ratably according to their Term A
Commitments.  Amounts borrowed under this
Section 2.01(d) and repaid or prepaid may not be reborrowed.” 

(y)                                 Section 2.02(b) is hereby amended by
inserting the figure “(i)” immediately before the first word of such Section
and by renumbering the remaining subsections of Section 2.02(b) accordingly. 

(z)                                   Section 2.02(c) is hereby amended by (a)
inserting in clause (ii) contained therein the words “and the Term A Advances”
immediately after the words “the Revolving Credit Advances” contained therein
and (b) deleting the “and” appearing immediately before the clause (ii)
contained therein and inserting in lieu thereof a comma and inserting the
following clause (iii) immediately before the period contained therein: 

“and (iii)
each Term A Borrowing shall be in an aggregate amount of $10,000,000 or an
integral multiple of $5,000,000 in excess thereof” 

(aa)                            Section 2.04 is hereby amended by
inserting therein after the clause (c) contained therein the following clause
(d): 

“(d)                          Term A Advances. 
The Borrower shall repay to the Paying Agent for the ratable account of
the Term A Lenders the aggregate outstanding principal amount of the Term A
Advances on the following dates in an amount equal to the percentage set forth
below for such date of the aggregate outstanding principal amount of the Term A
Advance as of the date of the initial Term A Borrowing (which amounts shall be
reduced as a result of the application of prepayments in accordance with the
order of priority set forth in Section 2.06): 

 7
 

 

	
  Date

  	
   

  	
  Percentage

  	
   

  
	
  December 31,
  2007

  	
   

  	
  2.50

  	
  %

  
	
  March 31, 2008

  	
   

  	
  2.50

  	
  %

  
	
  June 30, 2008

  	
   

  	
  2.50

  	
  %

  
	
  September 30,
  2008

  	
   

  	
  2.50

  	
  %

  
	
  December 31,
  2008

  	
   

  	
  2.50

  	
  %

  
	
  March 31, 2009

  	
   

  	
  2.50

  	
  %

  
	
  June 30, 2009

  	
   

  	
  2.50

  	
  %

  
	
  September 30,
  2009 

  	
   

  	
  2.50

  	
  %

  
	
  December 31,
  2009

  	
   

  	
  2.50

  	
  %

  
	
  March 31, 2010

  	
   

  	
  2.50

  	
  %

  
	
  June 30, 2010

  	
   

  	
  2.50

  	
  %

  
	
  September 30,
  2010

  	
   

  	
  2.50

  	
  %

  
	
  December 31,
  2010

  	
   

  	
  2.50

  	
  %

  
	
  March 31, 2011

  	
   

  	
  2.50

  	
  %

  
	
  June 30, 2011

  	
   

  	
  2.50

  	
  %

  
	
  September 30,
  2011 

  	
   

  	
  2.50

  	
  %

  
	
  December 31,
  2011

  	
   

  	
  2.50

  	
  %

  
	
  March 31, 2012

  	
   

  	
  2.50

  	
  %

  
	
  June 19, 2012

  	
   

  	
  55.00

  	
  %

  

 

provided, however, that the final principal installment
shall be repaid on the Termination Date and in any event shall be in an amount
equal to the aggregate principal amount of the Term A Advances outstanding on
such date.” 

(bb)                          Section 2.05(b) is hereby amended by
inserting therein after the clause (ii) contained therein the following clause
(iii): 

“(iii)                         On the Amendment No. 2 Effective Date,
after giving effect to the Term A Borrowing, the aggregate Term A Commitments
of the Term A Lenders shall be automatically and permanently terminated.” 

(cc)                           Section 2.06(a) is hereby amended by
substituting for the word “or” before clause (iii) contained in the penultimate
sentence thereof a comma, and inserting therein the words “or (iv) to the Term
A Facility” immediately before the period at the end of such sentence. 

(dd)                         Section 2.06(b) is hereby amended by
(i)  inserting immediately before the
first sentence of the first paragraph contained therein “(i)” and renumbering
each existing subsequent paragraph contained therein accordingly and (b) amending
each reference to “clause (iv)” in each of newly-renumbered clauses (i) and
(ii) thereof to read “clause (v)”. 

(ee)                           Section 2.06(b)(i) is hereby amended by
deleting the last sentence contained therein and inserting in lieu thereof the
following sentence: 

“Each such
prepayment shall be applied first
to the Revolving Credit Facility as set forth in clause (v) and second to the Term A Facility, to the
remaining principal repayment installments thereof on a pro rata basis.” 

 8

(ff)                                Section
2.06(b)(iv) is hereby amended by inserting therein the words “(w) the Term A
Advances,” after the words “the sum of the aggregate principal amount of” and
immediately before clause (x) contained therein and inserting therein
immediately before the period contained therein the following:

“first by prepaying the Revolving Credit
Facility as set forth in clause (v) below and second
by prepaying the Term A Advances (which prepayment of Term A Advances shall be
applied to the remaining principal repayment installments of the Term A
Facility on a pro rata basis)”

(gg)                          Section
2.06(b)(v) is amended by substituting for the reference “clause (i), (ii) or
(iii) above” wherever it appears therein the reference “clause (i), (ii), (iii)
or (iv) above”.

(hh)                          Section
2.09(b) is hereby amended by inserting the figure “(i)” immediately before the
first word of such Section and by renumbering the remaining subsections of
Section 2.09(b) accordingly.

(ii)                                  Section
2.14 is hereby amended by deleting the “and” appearing before clause (b)
contained therein and inserting in lieu thereof “,” and inserting after clause
(b) contained therein the following clause (c):

“and
(c) in the case of the Term A Facility, to pay fees and expenses incurred in
connection with Amendment No. 2 and the Term A Facility and the remainder of
the Term A Advances to repay on the Amendment No. 2 Effective Date a portion of
the Revolving Credit Advances”.

(jj)                                  Section
2.16(a) is hereby amended by deleting the second sentence contained therein and
inserting in lieu thereof the following sentence:

“The Borrower agrees that upon notice by any Lender
Party to the Borrower (with a copy of such notice to the Paying Agent) to the
effect that a promissory note or other evidence of indebtedness is required or
appropriate in order for such Lender Party to evidence (whether for purposes of
pledge, enforcement or otherwise) the Advances owing to, or to be made by, such
Lender Party, the Borrower shall promptly execute and deliver to such Lender
Party, with a copy to the Paying Agent, a Revolving Credit Note or a Term A
Note, as applicable, substantially in the form of Exhibit A-1 or Exhibit A-2
hereto, respectively, payable to the order of such Lender Party in a principal
amount equal to the Revolving Credit Commitment or Term A Commitment, as
applicable, of such Lender Party.”

(kk)                            Section
2.17 is hereby amended and restated in its entirety to read as follows:

“Increases
in Revolving Credit Facility; Incremental Term Facilities.

(a)                                  Request
for Increase.  Provided (i) there
exists no Default, (ii) after giving effect thereto, the Borrower shall be in pro forma compliance with the covenants

 9
 

contained
in Section 5.04, (iii) the aggregate of (A) 85% of the book value of accounts
receivables that constitute Collateral and (B) 65% of the book value of
inventory that constitutes Collateral exceeds the sum of (A) aggregate
principal amount outstanding under the Facilities at such time (including
outstanding Letters of Credit and Swing Line Advances) plus (B) the
aggregate amount of obligations outstanding under Secured Cash Management
Agreements at such time plus (C) the aggregate Agreement Value of all
Secured Hedge Agreements at such time and (iv) the incurrence of such
Indebtedness and the Liens securing such Indebtedness shall be permitted under
the Related Documents and all other documents evidencing Indebtedness incurred
pursuant to Section 5.02(b)(i)(C), upon written notice to the Paying Agent, the
Borrower may, from time to time, request (x) an increase in the Revolving
Credit Facility (each an “Incremental
Revolving Credit Facility”) or (y) the addition of one or more
new term loan facilities (each an “Incremental Term Facility” and, together with
any Incremental Revolving Credit Facility, an “Incremental Facility”); provided, that in no event shall the
aggregate principal amount of all Incremental Facilities exceed $350,000,000; provided further that any such request for
an Incremental Facility shall be in a minimum amount of $50,000,000.  If the Borrower elects to request that
existing Revolving Credit Lenders or Term A Lenders participate in an
Incremental Facility, then at the time of sending such notice, the Borrower
shall request that the Paying Agent promptly notify the Revolving Credit
Lenders or Term A Lenders, as applicable, of such request and (in consultation
with the Paying Agent) shall specify the time period within which each
Revolving Credit Lender or Term A Lender is requested to respond (which shall
in no event be less than ten Business Days from the date of delivery of such
notice to the Revolving Credit Lenders or Term A Lenders, as applicable).

(b)                                 Lender
Elections to Increase.  If requested
by the Borrower to participate in an Incremental Facility, each Lender shall
notify the Paying Agent within such time period as set forth in the notice
referred to in clause (a) whether or not it agrees to participate in the
Incremental Facility and, if so, by what principal amount.  Any Lender not responding within such time
period shall be deemed to have declined to participate in the applicable
Incremental Facility.  The Paying Agent
shall notify the Borrower and each Lender of the Lenders’ responses to each
request made hereunder.

(c)                                  Additional
Lenders.  Subject to the approval of
the Administrative Agents and the Joint Lead Arrangers and, in the case of any
Incremental Revolving Credit Facility, the Issuing Bank and the Swing Line
Lender (which approvals shall not be unreasonably withheld), the Borrower may,
in lieu of or in addition to requesting that existing Lenders provide such
increase, invite additional Eligible Assignees to become Lenders pursuant to a
joinder agreement in form and substance satisfactory to the Joint Lead
Arrangers and their counsel.

(d)                                 Terms
and Conditions of Incremental Facilities. 
Each Incremental Revolving Credit Facility shall be on terms applicable
to the existing Revolving Credit Facility. 
Each Incremental Term Facility shall be either (i) an increase in the
Term A Facility or (ii) a new term loan facility (i.e. not on the same terms as
any existing Term A Facility) in which case (A) the maturity date of any such
Incremental Term Facility shall be no earlier than the maturity date of the
Facilities, (B) provisions with respect to

 10
 

mandatory
prepayments, covenants and Collateral shall be consistent with the provisions
applicable to the Term A Facility, (C) if the interest rate spread applicable
to an Incremental Term Facility exceeds the interest rate spread then
applicable to the Term A Facility or the Revolving Credit Facility or any other
existing Facility, then the interest rate spread for each existing Facility, as
the case may be, shall be increased to a rate that is equal to the spread then
applicable to such Incremental Term Facility and (D) the Incremental Term
Facility shall be on terms and pursuant to documentation reasonably
satisfactory to the Joint Lead Arrangers (including, without limitation, with
respect to the interest rates and the amortization schedule).  In connection with any Incremental Facility
this Agreement may be amended in a writing executed and delivered by the
Borrower and the Joint Lead Arrangers to reflect any technical changes
necessary to give effect to such increase in accordance with its terms as set
forth herein and to reflect such increase as a facility hereunder, which may
include the addition of an Incremental Term Facility as a new term facility and
the inclusion of any such new term facility in calculations of amounts
outstanding under this Agreement and in the provisions relating to prepayments
set forth in Section 2.06 and to amendments and waivers set forth in Section
8.01 and/or Section 8.02A in a manner consistent with the treatment hereunder
of the Term A Facility.

(e)                                  Effective
Date and Allocations.  After
satisfaction of the conditions set forth in this Section 2.17 with respect to
the applicable Incremental Facility, the Paying Agent and the Borrower shall
determine the effective date (the “Incremental Facility Effective Date”) and the
final allocation of such Incremental Facility. 
The Paying Agent shall promptly notify the Borrower and the Appropriate
Lenders (including Eligible Assignees that become Lenders in accordance with
clause (c) above) of the final allocation of such Incremental Facility and the
Incremental Facility Effective Date.

(f)                                    Conditions
to Effectiveness of Increase.  As a
condition precedent to such Incremental Facility, the Borrower shall deliver to
the Paying Agent a certificate of each Loan Party dated as of the Incremental
Facility Effective Date (in sufficient copies for each Lender) signed by a
Responsible Officer of such Loan Party (i) certifying and attaching the
resolutions adopted by such Loan Party approving or consenting to the
Incremental Facility, and (ii) in the case of the Borrower, certifying that, before
and after giving effect to the Incremental Facility, and the drawings permitted
thereunder, (A) the representations and warranties contained in Article IV and
the other Loan Documents are true and correct on and as of the Incremental
Facility Effective Date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true
and correct as of such earlier date, and except that for purposes of this
Section 2.17, the representations and warranties contained in subsections (g)
and (h) of Section 4.01 shall be deemed to refer to the most recent statements
furnished pursuant to subsections (b) and (c), respectively, of Section 5.03,
(B) no Default exists, (C) the aggregate of (x) 85% of the book value of
accounts receivables that constitute Collateral and (y) 65% of the book value
of inventory that constitutes Collateral exceeds the sum of (x) aggregate
principal amount outstanding under all of the Facilities at such time
(including outstanding Letters of Credit and Swing Line Advances) plus
(y) the aggregate amount of obligations outstanding under Secured Cash
Management Agreements plus (z) the aggregate Agreement Value of all
Secured Hedge Agreements at such time, (D) the

 11
 

Borrower
is in pro forma compliance with
the covenants in Section 5.04 and (E) the incurrence of such Indebtedness and
the Liens securing such Indebtedness is permitted under the Related Documents
and all other documents evidencing Indebtedness incurred pursuant to Section
5.02(b)(i)(C) (including, in the case of an Incremental Term Facility, after
giving pro forma effect to a full
drawing of such Incremental Term Facility) (together with calculations in
detail reasonably satisfactory to the Joint Lead Arrangers).  In the case of an Incremental Revolving
Credit Facility, the Borrower shall prepay any Revolving Credit Advances
outstanding on the Incremental Facility Effective Date (and pay any additional
amounts required pursuant to Section 8.04(c)) to the extent necessary to keep the
outstanding Revolving Credit Advances ratable with any revised Pro Rata Shares
arising from any nonratable increase in the Revolving Credit Commitments under
this Section.

(g)                                 Conflicting
Provisions.  This Section shall
supersede any provisions in Sections 2.13 or 8.01 to the contrary.”

(ll)                                  Section
3.02(a)(iii) is hereby amended by inserting in clause (y) thereof after the
words “outstanding under the Revolving Credit Facility” the words “and the Term
A Facility”.

(mm)                      Section
3.02(a) is hereby amended by deleting the word “and” appearing at the end of
clause (ii) contained therein, inserting therein the word “and” immediately
after the “;” appearing at the end of clause (iii) contained therein and
inserting therein the following clause (iv) immediately following the clause
(iii) contained therein:

“(iv)                        after giving pro forma effect
to such Borrowing, the Borrower is in compliance with the covenants (including
restrictions on liens and debt) set forth in each of the Related Documents and
all other documents evidencing Indebtedness incurred pursuant to Section
5.02(b)(i)(C).”

(nn)                          Section
5.01(k)(iii) is hereby amended by (a) deleting the words “the date which is 60
days after the Closing Date” and inserting in lieu thereof the words “September
30, 2007” and (b) inserting therein after the word “been” and before the word “merged”
the words “dissolved or”.

(oo)                          Section
5.02(o) is hereby amended by inserting in clause (y) contained therein after
the words “outstanding under the Revolving Credit Facility” the words “and the
Term A Facility”.

(pp)                          Section
5.03(b) is hereby amended by inserting therein a “(i)” immediately after the
words “together with” contained therein and inserting the following clause (ii)
immediately before the period contained therein:

“and (ii) a schedule in form satisfactory to the Joint
Lead Arrangers of the computations used by the Borrower in determining
compliance with the covenants contained in Section 5.04 provided that in the
event of any change in GAAP used in the preparation of such financial
statements, the Borrower shall also provide, if necessary for the determination
of

 12
 

compliance with Section 5.04, a statement of
reconciliation conforming such financial statements to GAAP”.

(qq)                          Section
5.03(d) is hereby amended by inserting in clause (y) contained therein after
the words “outstanding under the Revolving Credit Facility” the words “and the
Term A Facility”.

(rr)                                Article
VIII is hereby amended by inserting therein after Section 8.01 and immediately
before Section 8.02 contained therein the following Section 8.02A:

“Section 8.02A. 
Term A Facility Amendments. 
Without limitation of the provisions of Section 8.01, no amendment,
waiver or consent shall, unless in writing and signed by each Term A Lender
(other than any Lender that is, at such time, a Defaulting Lender) if such
Lender is directly affected by such amendment, waiver or consent, (i) increase
the Commitments of such Lender, (ii) reduce the principal of, or interest on,
the Notes held by such Lender or any fees or other amounts payable hereunder to
such Lender, (iii) postpone any date fixed for any scheduled payment of
principal of, or interest on, the Notes held by such Lender or any fees or
other amounts payable hereunder to such Lender, (iv) change the order of application
of any prepayment set forth in Section 2.06 in any manner that materially
affects such Lender.”

(ss)                            Exhibit
A is hereby amended and shall be referred to as “Exhibit A-1” and the Form of
Term A Note attached hereto as Annex I is to be inserted immediately following “Exhibit
A-1” contained therein and shall be referred to as “Exhibit A-2”.

(tt)                                Exhibit
B is hereby amended and restated in its entirety to read as set forth on Annex
II attached hereto.

SECTION 2.  Conditions of Effectiveness of Amendments.
 This Amendment and the amendments to the
Credit Agreement set forth herein shall become effective on the date when each
of the conditions set forth in this Section 2 shall have been satisfied:

(a)                                  Execution
of Counterparts.  The Paying Agent
shall have received counterparts of (i) this Amendment executed by (A) the
Borrower, (B) the Required Lenders and (C) each Person listed on Schedule I as
having a Term A Commitment (each, an “Initial Term A Lender”) and (ii) the consent
attached hereto (the “Consent”)
executed by each Guarantor.

(b)                                 Payment
of Fees and Expenses.  The Borrower
shall have paid (i) a fee to the Paying Agent for the account of each Revolving
Credit Lender that executes and delivers this amendment prior to 5:00 P.M. on
September 6, 2007 equal to 0.025% of such Revolving Credit Lender’s Revolving
Credit Commitment under the Credit Agreement, (ii) to each Joint Lead Arranger
for its own account such fees as have been separately agreed in writing between
the Borrower and such Joint Lead Arranger and (iii) all costs and expenses
(including the reasonable fees and expenses of Shearman & Sterling LLP)
incurred by the Joint Lead Arrangers, Bank of America, as Syndication Agent,
and National City, as Co-Administrative Agent in connection with the

 13
 

preparation,
negotiation and execution of this Amendment or otherwise required to be paid
under the Loan Documents and remaining outstanding on or prior to the date of
this Amendment, in each case for which the invoice for such fees and expenses
shall have been presented to the Borrower.

(c)                                  Corporate
Authorizations, Etc.  The Joint Lead
Arrangers shall have received:

(i)                                     Certified
copies of the resolutions of the board of directors or of the members or
managers of each Loan Party approving the Amendment, the incurrence or
guarantee (as applicable) of the Term A Advances, the other transactions
contemplated hereby and each of the documents necessary to effect the Amendment
to which it is or is to be a party and of all documents evidencing other
necessary corporate action and governmental and other third party approvals and
consents, if any, with respect to the Amendment, the transactions contemplated
hereby and each such other document.

(ii)                                  A
copy of a certificate of the Secretary of State of the jurisdiction of
incorporation or organization of each Loan Party, dated reasonably near the
effective date of this Amendment, certifying (A) as to a true and correct copy
of the charter, articles of incorporation or articles of organization, as the
case may be (“Organizational
Documents”) of such Loan Party and each amendment thereto on
file in such Secretary’s office and (B) that (1) such amendments are the only
amendments to such Loan Party’s Organizational Documents on file in such
Secretary’s office, (2) if applicable, such Loan Party has paid all franchise
taxes to the date of such certificate and (C) such Loan Party is duly
incorporated or organized and in good standing or presently subsisting under
the laws of the State of the jurisdiction of its incorporation or organization.

(iii)                               A copy of a certificate
of the Secretary of State of each jurisdiction reasonably requested by the
Joint Lead Arrangers, dated reasonably near the effective date of this
Amendment, stating that a Loan Party is duly qualified and in good standing as
a foreign entity in such State and has filed all annual reports required to be
filed to the date of such certificate.

(iv)                              A
certificate of each Loan Party, signed on behalf of such Loan Party by a
Responsible Officer, dated the effective date of this Amendment (the statements
made in which certificate shall be true on and as of the effective date of this
Amendment), certifying as to (A) the absence of any amendments to the
Organizational Documents of such Loan Party since the date of the Secretary of
State’s certificate referred to in clause (d) above, (B) a true and correct
copy of the bylaws or operating agreement, as applicable, of such Loan Party as
in effect on the date on which the resolutions referred to in clause (c) above
were adopted and on the effective date of this Amendment, (C) the due
incorporation/organization and good standing or valid existence of such Loan
Party as a corporation or limited liability company organized under the laws of
the jurisdiction of its incorporation or organization, and the absence of any
proceeding for the dissolution or liquidation of such Loan Party, (D) the truth
of the representations and warranties contained in the Loan Documents as though
made on and as of the effective date of this Amendment and (E) the absence of
any event occurring and

 14
 

continuing,
or resulting from the Amendment or the full drawing of the Term A Borrowing,
that constitutes a Default.

(v)                                 A
certificate of a Responsible Officer of each Loan Party certifying the names
and true signatures of the officers of such Loan Party authorized to sign the
Amendment, the Consent and the other documents to be delivered hereunder to
which it is or is to be a party.

(d)                                 Indenture
Compliance Certificate.  The Joint
Lead Arrangers shall have received a certificate signed by the Chief Financial
Officer of the Borrower certifying that, after giving pro forma effect to the
full drawing of the Term A Borrowing, the Borrower is in compliance with the
covenants (including restrictions on liens and debt) set forth in the Related
Documents and each other indenture to which the Borrower is a party (together
with calculations in detail reasonably satisfactory the Joint Lead Arrangers).

(e)                                  Legal
Opinions.  The Joint Lead Arrangers
shall have received favorable opinions of Barrett & McNagny, LLP and
Greenberg Traurig LLP, counsel for the Loan Parties, addressed to the Joint
Lead Arrangers, the Administrative Agents, the Revolving Credit Lenders party
hereto and the Term A Lenders, as to such matters as the Administrative Agents
or the Joint Lead Arrangers may reasonably request, including the matters
addressed in Exhibits G-1 and G-2 to the Credit Agreement.

(f)                                    Solvency
Certificate.  The Joint Lead
Arrangers shall have received a certificate, in substantially the form of
Exhibit F to the Credit Agreement, signed by the Chief Financial Officer or
another Responsible Officer of each Loan Party attesting to the Solvency of
each Loan Party individually and together with its Subsidiaries, taken as a
whole, before and after giving effect to the Amendment.

(g)                                 Borrowing
Base Certificate. The Joint Lead Arrangers shall have received a
certificate signed by the Chief Financial Officer of the Borrower, the
statements in which shall be true, certifying that, after giving pro forma
effect to the full drawing of the Term A Borrowing and the subsequent repayment
from the proceeds thereof of a portion of the outstandings under the Revolving
Credit Facility, the aggregate of (x) 85% of the book value of accounts
receivables that constitute Collateral and (y) 65% of the book value of
inventory that constitutes Collateral exceeds the sum of (x) aggregate
principal amount outstanding under the Revolving Credit Facility (including
outstanding Letters of Credit and Swing Line Advances) and the Term A Facility plus
(y) the aggregate amount of obligations outstanding under Secured Cash
Management Agreements plus (z) the aggregate Agreement Value of all
Secured Hedge Agreements at such time.

SECTION 3. Reference to and Effect on the Credit Agreement
and the Loan Documents.

(a)                                  On
and after the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like

 15
 

import referring to the Credit Agreement, and each
reference in the Notes and each of the other Loan Documents to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement, as
amended by this Amendment. 

(b)                                 The Credit Agreement, the Notes and each
of the other Loan Documents, as specifically amended by this Amendment (and as
contemplated to be amended, modified, supplemented, restated, substituted or
replaced by this Amendment) are, and shall continue to be, in full force and
effect and is hereby in all respects ratified and confirmed.  Without limiting the generality of the
foregoing, the Collateral Documents and all of the Collateral described therein
do and shall continue to secure the payment of all Obligations of the Loan
Parties under the Loan Documents, in each case as amended by this Amendment
(and as contemplated to be amended, modified, supplemented, restated,
substituted or replaced by this Amendment). 

(c)                                  The execution, delivery and effectiveness
of this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any Lender or the Paying Agent under
any of the Loan Documents, nor constitute a waiver of any provision of any of
the Loan Documents.  On and after the effectiveness
of this Amendment, this Amendment shall for all purposes constitute a Loan
Document.  

(d)                                 Each Person listed on the signature pages
to this Amendment as an “Initial Term A Lender” shall be an “Initial Term A
Lender”, a “Term A Lender” and a “Lender” for all purposes under the Credit
Agreement and shall have the rights and obligations of such a Lender
thereunder. 

SECTION
4.  Execution in Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature
page to this Amendment by telecopier, facsimile or other electronic
transmission (i.e. “pdf” or “tif”) shall be effective as delivery of a manually
executed counterpart of this Amendment. 

SECTION 5.  Governing Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York. 

[Remainder
of this page intentionally left blank.]

 16

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above
written.

	
  

  	
  STEEL DYNAMICS, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E. Wagler

  	
   

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  

 

 

	
  

  	
  BANC OF AMERICA SECURITIES LLC,

  
	
   

  	
  as a Joint Lead Arranger

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Otis Ku

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Otis Ku

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as a Revolving Credit Lender and as an Initial Term

  
	
   

  	
  A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
							

 

 

	
  

  	
  BANC OF AMERICA SECURITIES LLC,

  
	
   

  	
  as a Joint Lead Arranger

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as a Revolving Credit Lender and as an Initial Term

  
	
   

  	
  A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David McCauley

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David McCauley

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
							

 

 

	
  

  	
  NATIONAL CITY BANK,

  
	
   

  	
  as Administrative Agent and a Joint Lead Arranger

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David G. McNeely

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David G. McNeely

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL CITY BANK,

  
	
   

  	
  As a Revolving Credit Lender and as an Initial Term

  
	
   

  	
  A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David G. McNeely

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David G. McNeely

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
						

 

 

	
  

  	
  BMO Capital Markets Financing Inc., as
  Revolving

  
	
   

  	
  Credit Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thad D. Rasche

  	
   

  
	
   

  	
  Name:

  	
  Thad D. Rasche

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
						

 

 

	
  

  	
  WELLS FARGO BANK, NATIONAL

  
	
   

  	
  ASSOCIATION,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rosalie C. Hawley

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Rosalie C. Hawley

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  
	
   

  	
  ASSOCIATION

  
	
   

  	
  as a Revolving Credit Lender and an Initial

  
	
   

  	
  Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rosalie C. Hawley

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Rosalie C. Hawley

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
  

  	
   

  	
   

  
	
  

  	
  GENERAL ELECTRIC CAPITAL

  
	
   

  	
  CORPORATION, as Documentation Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew McAlpine

  	
   

  
	
   

  	
   

  	
  Name: Matthew McAlpine

  
	
   

  	
   

  	
  Its Duly Authorized Signatory

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GENERAL ELECTRIC CAPITAL

  
	
   

  	
  CORPORATION, as a Revolving Credit

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew McAlpine

  	
   

  
	
   

  	
   

  	
  Name: Matthew McAlpine

  
	
   

  	
   

  	
  Its Duly Authorized Signatory

  
						

 

 

	
  

  	
  Morgan Stanley Senior Funding, as a Revolving Credit

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  Twenge

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Daniel Twenge

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
  Morgan Stanley
  Senior Funding Inc.

  	
   

  
						

 

 

	
  

  	
  ABN AMRO Bank, N.V., as a Revolving Credit Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ece Bennett

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Ece Bennett

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Allen Smith

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Mark Allen Smith

  
	
   

  	
  Title:

  	
  MD

  
					

 

 

	
  

  	
  PNC Bank National Association, as a Revolving Credit

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Louis K. McLinden

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Louis K. McLinden

  
	
   

  	
  Title:

  	
  Managing Director

  
						

 

 

	
  

  	
  FIFTH THIRD BANK

  
	
   

  	
  As a Revolving Credit Lender

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ David O’Neal

  	
   

  
	
   

  	
   

  	
  Name: David O’Neal

  
	
   

  	
   

  	
  Title:   Vice
  President

  

 

 

	
  

  	
  JPMORGAN CHASE BANK, NA as a Revolving

  
	
   

  	
  Credit Lender

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Linda M Meyer

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Linda Meyer

  
	
   

  	
  Title: Vice President

  

 

 

	
  

  	
  GOLDMAN SACHS CREDIT PARTNERS L.P.,

  
	
   

  	
  as a Revolving Credit Lender and an Initial Term A

  
	
   

  	
  Lender

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Mark Walton

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Mark Walton

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  	
   

  

 

 

	
  

  	
  Citibank N.A., as a Revolving Credit Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ George Calfo

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: George Calfo

  
	
   

  	
  Title:   Vice President

  

 

 

	
  

  	
  The Northern Trust Company, as a Revolving Credit

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J T. Hall

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Jared T. Hall

  
	
   

  	
  Title: Vice President

  

 

 

	
  

  	
  BMO Capital Markets Financing Inc., as a an
  Initial

  
	
   

  	
  Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thad D.
  Rasche

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Thad D. Rasche

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
						

 

 

	
  

  	
  Morgan Stanley Senior Funding, as a an Initial Term
  A

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  Twenge

  	
   

  
	
   

  	
  Name:

  	
  Daniel Twenge

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
  Morgan Stanley
  Senior Funding Inc.

  	
   

  
						

 

 

	
  

  	
  ABN AMRO Bank, N.V., as a an Initial Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ece Bennett

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Ece Bennett

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Allen Smith

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Mark Allen Smith

  
	
   

  	
  Title:

  	
  MD

  
					

 

 

	
  

  	
  PNC Bank National Association, as a an Initial Term
  A

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Louis K. McLinden

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Louis K. McLinden

  
	
   

  	
  Title:

  	
  Managing Director

  
						

 

 

	
  

  	
  JPMORGAN CHASE BANK, NA as an Initial Term A

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Linda M. Meyer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Linda Meyer

  
	
   

  	
  Title: Vice President

  
					

 

 

	
  

  	
  RBS CITIZENS, N.A.

  
	
   

  	
  an Initial Term A Lender

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Andrè A. Nazareth

  	
   

  
	
   

  	
   

  	
  Name: Andrè A. Nazareth

  
	
   

  	
   

  	
  Title:   Vice President

  

 

 

	
  

  	
  US Bank, as a an Initial Term A Lender

  
	
   

  	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Karen A. Meyer

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Karen A. Meyer

  
	
   

  	
  Title: Vice President

  

 

 

	
  

  	
  TD Banknorth, NA, as an Initial Term A Lender

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ James R. Riley

  	
   

  
	
   

  	
   

  	
  Name: James R. Riley

  
	
   

  	
   

  	
  Title: Managing Director

  

 

 

	
  

  	
  Mizuho Corporate Bank (USA), as a an Initial Term A

  
	
   

  	
  Lender

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Bertram H. Tang

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Bertram H. Tang

  
	
   

  	
  Title: Senior Vice President & Team Leader

  

 

 

	
  

  	
  Citibank N.A., as a an Initial Term A Lender

  
	
   

  	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ George Calfo

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  George Calfo

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
  

  	
  Union Bank of California, N.A., as a an Initial Term
  A

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Christopher Freeman

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Christopher Freeman

  
	
   

  	
  Title: Vice President

  

 

 

	
  

  	
  EXPORT DEVELOPMENT CANADA, as an

  
	
   

  	
  Initial Term A Lender

  
	
   

  	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Vivianna Bouchard

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Vivianna Bouchard

  
	
   

  	
   

  	
  Title:

  	
  Financing Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carl Burlock

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Carl Burlock

  
	
   

  	
   

  	
  Title:

  	
  DIRECTOR, FINANCING

  
	
   

  	
   

  	
   

  	
   

  
						

 

 

	
  

  	
  KEYBANK NATIONAL ASSOCIATION, as an Initial

  
	
   

  	
  Term A Lender

  
	
   

  	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Suzannah Harris

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Suzannah Harris

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
  

  	
  The Norinchukin Bank, as a an Initial Term A Lender

  
	
   

  	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ Noritsugu Sato

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Noritsugu Sato

  
	
   

  	
  Title: General Manager

  

 

Annex I

EXHIBIT A-2

FORM OF TERM A NOTE

	
  $

  	
  Dated:             ,

  

 

FOR VALUE RECEIVED, the
undersigned, STEEL DYNAMICS, INC., an Indiana corporation (the “Borrower”), HEREBY
UNCONDITIONALLY PROMISES TO PAY to                                                
or its registered assigns (the “Lender”) for the account of its Applicable Lending
Office (as defined in the Credit Agreement referred to below) the aggregate
principal amount of the Term A Advances owing to the Lender by the Borrower
pursuant to the Amended and Restated Credit Agreement dated as of June 19, 2007
(as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Credit
Agreement”; terms defined therein, unless otherwise defined
herein, being used herein as therein defined) among the Borrower, the Lender
and certain other lender parties party thereto, National City Bank (“National City”), as
Collateral Agent, National City Bank and Wells Fargo Bank, National
Association, as Co-Administrative Agents for the Lender and such other lender
parties, Bank of America, N.A. and National City, as Syndication Agent and Banc
of America Securities LLC and National City, as Joint Lead Arrangers on the
Termination Date.

The Borrower promises to
pay to          or its registered
assigns interest on the unpaid principal amount of the Term A Advance from the
date of such Term A Advance until such principal amount is paid in full (as
well after as before judgment), at such interest rates, and payable at such
times, as are specified in the Credit Agreement.

Both principal and
interest are payable in lawful money of the United States of America to
National City Bank, in its capacity as Paying Agent under the Credit Agreement,
at 629 Euclid Avenue, Locator 01-3028, Cleveland, Ohio 44114, in same day funds
without set-off or counterclaim.  The
Lender is hereby authorized to record the Term A Advance owing to the Lender by
the Borrower and the maturity thereof, and all payments made on account of
principal thereof, on the grid attached hereto, which is part of this
Promissory Note; provided, however,
that the failure of the Lender to make any such recordation or endorsement
shall not affect the Obligations of the Borrower under this Promissory Note.

This Promissory Note is
one of the Notes referred to in, and is entitled to the benefits of, the Credit
Agreement.  The Credit Agreement, among
other things, (i) provides for the making of a single advance (the “Term A Advance”) by
the Lender to the Borrower in an amount not to exceed the U.S. dollar amount
first above mentioned, the indebtedness of the Borrower resulting from such
Term A Advance being evidenced by this Promissory Note, and (ii) contains
provisions for acceleration of the maturity hereof upon the happening of certain
stated events and also for prepayments on account of principal hereof prior to
the maturity hereof upon the terms and conditions therein specified.  The obligations of the Borrower under this

Promissory Note and the other Loan Documents, and the
obligations of the other Loan Parties under the Loan Documents, are secured by
the Collateral and guaranteed by the Guaranties as provided in the Loan
Documents.

This Promissory Note shall be
governed by, and construed in accordance with, the laws of the State of New York.

	
  

  	
  STEEL DYNAMICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  

 

ADVANCES AND PAYMENTS OF PRINCIPAL

	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Amount of

  	
   

  	
  Unpaid

  	
   

  	
  Notation

  
	
   

  	
   

  	
  Amount of

  	
   

  	
  Interest Period

  	
   

  	
  Principal Paid

  	
   

  	
  Principal

  	
   

  	
  Made

  
	
  Date

  	
   

  	
  Advance

  	
   

  	
  (If Applicable)

  	
   

  	
  or Prepaid

  	
   

  	
  Balance

  	
   

  	
  By

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Annex II

EXHIBIT B

FORM OF NOTICE OF BORROWING

	
  

  	
   

  	
  Activity Notice

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  August 28, 2007

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  To:

  	
  Agent Services

  	
  Sonya Townsell

  	
  216-222-2254 phone

  
	
   

  	
   

  	
  Sonya.Townsell@NationalCity.com

  	
  216-222-0012 fax

  
	
   

  	
   

  	
  PLEASE COPY EACH OF THE

  	
   

  
	
   

  	
   

  	
  FOLLOWING:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Candace.Marsky@NationalCity.com

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sheri.Bickerton@NationalCity.com

  	
   

  
	
   

  	
   

  	
  Kimberly.Thompson@NationalCity.com

  	
   

  
	
   

  	
   

  	
  Yelena.Lapidus@NationalCity.com

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  From:

  	
  Steel Dynamics, Inc.

  	
  Rhonda Gottfried

  	
  260.969.3566 phone

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Rhonda.Gottfried@stld.com

  	
  260.969.3587 fax

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Theresa.wagler@stld.com

  	
   

  

 

National City Bank as
Administrative Agent under the Credit Agreement referred to below

August
28, 2007

Ladies and Gentlemen:

The undersigned, Steel
Dynamics, Inc. refers to the Amended and Restated Credit Agreement dated as of
June 19, 2007, as amended by Amendment No. 1 dated as of July 11, 2007 (as
amended, amended and restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”; the terms defined therein being used herein as
therein defined), among the undersigned, the Lender Parties party thereto,
National City Bank as Collateral Agent, National City Bank and Wells Fargo
Bank, National Association, as Co-Administrative Agents for the Lender Parties,
Bank of America, N.A. (“Bank of America”) and National City Bank, as
Syndication Agents, and Banc of America Securities LLC and National City Bank,
as Joint Lead Arrangers, and hereby gives you notice, irrevocably, pursuant to
Section 2.02 of the Credit Agreement that the undersigned hereby requests a
Borrowing under the Credit Agreement, and in that connection sets forth on the
following page the information relating to such Borrowing (the “Proposed
Borrowing”) as required by Section 2.02 (a) of the Credit Agreement.

The undersigned hereby
certifies that the following statements are true on the date hereof, and will
be true on the date of the Proposed Borrowing:

(A)  The
representations and warranties contained in each Loan Document are correct on
and as of the date of the Proposed Borrowing, before and after giving effect to
the Proposed Borrowing and to the application of the proceeds therefrom, as
though made on and as of such date, other than any such representations or
warranties that, by their terms, refer to a specific date other than the date
of the Proposed Borrowing, in which case as of such specific date.

 

(B)  No Default
has occurred and is continuing, or would result from such Proposed Borrowing or
from the application of the proceeds therefrom.

(C)  After giving pro forma effect
to such Borrowing, the Borrower is in compliance with the covenants (including
restrictions on liens and debt) set forth in each of the Related Documents and
all other documents evidencing Indebtedness incurred pursuant to Section
5.02(b)(i)(C).

Delivery of an executed
counterpart of this Notice of Borrowing by telecopier shall be effective as
delivery of an original executed counterpart of this Notice of Borrowing.

Kind regards,

Steel
Dynamics, Inc.

	
  

  	
   

  
	
  Theresa E.
  Wagler

  
	
  Vice President
  & Corporate Controller

  

 

	
  Please check appropriate box:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Notice
  Deadline: 12:00 Noon (Same Day)

  
	
     o REVOLVER BASE RATE

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  Beginning
  Balance: -

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  ADVANCE
  -

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  PAYDOWN
  -

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  Ending
  Balance: -

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
     o REVOLVER LIBOR RATE

  	
   

  	
   

  	
   

  	
  Notice
  Deadline: 12:00 Noon (3 Days Prior)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Effective
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  New
  Funds Borrowing: -

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  Convert
  From Prime: -

  	
   

  	
   

  	
   

  

 

Duration of Contract: o
1 month o 2 months o
3 months o 6 months

Confirmation of Rate Setting will be faxed

	
  

  	
   

  	
   

  	
   

  	
  Notice
  Deadline: 2:00 PM (Same Day)

  
	
  o SWING LINE MONEY MARKET
  RATE

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  Beginning
  Balance:-

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  ADVANCE-

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  PAYDOWN-

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  Ending
  Balance:-

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o  TERM A ADVANCE BASE RATE

  	
   

  	
   

  	
   

  	
  Notice
  Deadline: 12:00 Noon (Same Day)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  Beginning
  Balance:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  ADVANCE

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  PAYDOWN

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  Ending
  Balance:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o  TERM A ADVANCE LIBOR
  RATE

  	
   

  	
   

  	
   

  	
  Notice
  Deadline: 12:00 Noon (Same Day)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Effective
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  New
  Funds Borrowing:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  $ 

  	
   

  
	
   

  	
  Convert From Prime:

  
	
   

  	
  Duration of Contract: o
  1 month o 2 months o
  3 months o 6 months

  
	
   

  	
  Confirmation
  of Rate Setting will be faxed

  

 

Schedule I

COMMITMENTS AND APPLICABLE LENDING
OFFICES

	
  Name of Initial

  	
   

  	
  Term A

  	
   

  	
  Domestic

  	
   

  	
  Eurodollar

  
	
  Term A Lender

  	
   

  	
  Commitment

  	
   

  	
  Lending Office

  	
   

  	
  Lending Office

  
	
  Bank of America,
  N.A.

  	
   

  	
  $

  	
  55,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  National City
  Bank 

  	
   

  	
  $

  	
  55,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Charter One
  Bank, N.A.

  	
   

  	
  $

  	
  47,500,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  ABN Amro 

  	
   

  	
  $

  	
  47,500,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Morgan Stanley Senior
  Funding, Inc.

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  US Bank, N.A. 

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  BMO Capital Markets

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Wells Fargo,
  N.A. 

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  TDBank North 

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Mizuho 

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  PNC Bank,
  National Association

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  UBOC 

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Export
  Development Canada

  	
   

  	
  $

  	
  20,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Key Bank
  National Association

  	
   

  	
  $

  	
  20,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  JPMorgan Chase Bank,
  N.A.

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Citibank, N.A. 

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  

 

 

	
  Norinchukin

  	
   

  	
  $

  	
  10,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Goldman Sachs
  Credit Partners L.P.

  	
   

  	
  $

  	
  5,000,000

  	
   

  	
  On file with the Paying Agent

  	
   

  	
  On file with the Paying Agent

  
	
  Total

  	
   

  	
  $

  	
  550,000,000Exhibit 10.1

 

COMPENSATION POLICY REGARDING
COMPANY CARS

The Company shall provide
automobiles leased by it for the use of certain specified officers, described
below, as part of their compensation. 
Each such officer shall have the right to receive a new automobile
leased by the Company, with a fair market value not to exceed $100,000, not
more frequently than once every 24 months. 
Upon the Company’s lease of any new automobile for one of the specified
officers, the automobile previously authorized for use of such officer shall be
returned to the Company.  During use by
such officer, the car shall be insured by and for the benefit of the Company,
and the Company shall bear the cost of needed maintenance and repair.  All other operational costs shall be borne by
the officer.  The officers to whom this
policy applies shall be the Chief Executive Officer and the President and Chief
Financial Officer of the Company.

 

Dated:  August 1, 2007

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]