Document:

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                          MANAGEMENT SERVICES AGREEMENT

         AGREEMENT by and between Sharp Management, LLC, , a New York limited
liability company (together with its successors and permitted assigns, "Sharp"),
and Whitestone Group, LLC, New York, New York, a New York limited liability
company (together with its successors and permitted assigns, "Whitestone"),
dated as of this __ day of November, 1999.

         WHEREAS, Whitestone, an affiliate of Sharp , has developed expertise in
and facilities to provide certain management services; and

         WHEREAS, the Sharp and its owners desires to take advantage of the
experience and facilities of Whitestone in order to improve the functioning of
Sharp, consolidate management functions and economic value in Whitestone and to
take advantage of efficiencies of scale;

         NOW, THEREFORE, in consideration of the mutual promises set forth
herein and other good and valuable consideration the receipt of which is hereby
acknowledged, the parties hereto hereby agree as follows:

1. GENERAL MANAGEMENT SERVICES

         Whitestone agrees to provide general management services to Sharp,
including:

                  (a) investment and management of cash on hand of Sharp pending
                      investment, in accordance with policies established by
                      Sharp;
                  (b) monitoring safekeeping and custody services provided by
                      other parties with respect to Sharp's assets;
                  (c) cooperating fully with Sharp and its outside auditors with
                      respect to Sharp's audit function;
                  (d) administration of benefit plans that may be implemented by
                      Sharp for its officers;
                  (e) administration of payroll and payroll taxes, if any;
                  (f) all other management or administrative functions necessary
                      for the operations of Sharp and
                  (g) all other services incident to the foregoing.

         In providing such services, Whitestone will comply with all written
policies and procedures established by Sharp.

2. LENDING AND LOAN AND INVESTMENT MANAGEMENT SERVICES

         Whitestone agrees to provide investing, lending and loan management
services to Sharp, including:

                  (a) providing credit analysis and underwriting services and
                      advice regarding investments and loans proposed to be
                      extended by Sharp;
                  (b) preparation of investment and loan contracts and other
                      documents in connection with transactions managed by
                      Sharp;

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                  (c) establishing and maintaining investment and loan
                      documentation files, including, among other things, credit
                      files and collateral files;
                  (d) collecting and maintaining current financial statements
                      for investee companies and borrowers and other
                      information, documents and reports required by loan
                      agreements or Sharp policies;
                  (e) reviewing credit files and loan documentation at loan
                      origination, and acting to correct exceptions to Sharp
                      loan policies;
                  (f) collecting and remitting payments as directed by Sharp;
                  (g) preparing and mailing borrower bills and notices;
                  (h) conducting collection activities in connection with
                      delinquent accounts, and providing to Sharp periodic
                      reports with respect to its collection activities as well
                      as recommendations regarding delinquent accounts;
                  (i) periodically reviewing investments, loans and loan
                      documentation for compliance with investment contracts,
                      loan terms and loan policies according to compliance
                      covenants and schedules established by mutual agreement,
                      and reporting the results of these reviews to Sharp;
                  (j) monitoring the insurance coverage of property securing
                      loans for compliance with requirements of the loan terms
                      and Sharp's policies, and attempting to cure any
                      noncompliance;
                  (k) providing information in response to inquiries from
                      borrowers and investee companies, and otherwise performing
                      routine customer services with respect to the investments
                      and loans;
                  (l) providing advice to the Managing Members of Sharp
                      regarding investing, lending and related policies; and
                  (m) providing any other services incident to the foregoing.

         Sharp will provide such powers of attorney, evidences of authority or
other documents as are necessary and appropriate to allow Whitestone to perform
the lending, investing and loan management services pursuant to this Agreement.

         In providing such services, Whitestone will comply with the written
policies and procedures established by Sharp relating to investment and loan
policies, procedures and monitoring, and other matters bearing on the investment
and loan management services to be provided by Whitestone pursuant to this
Agreement. The investing, lending and loan management services provided by
Whitestone hereunder will be subject to the direction and supervision of such
officers of Sharp that are assigned responsibility for such activities.

3. REGULATORY COMPLIANCE SERVICES

         Whitestone agrees to provide regulatory compliance services to Sharp,
including:

                  (a) preparing any and all applications for permits necessary
                      for Sharp to conduct its business;
                  (b) preparing all regulatory reports or information required
                      to be filed by Sharp with any applicable regulatory
                      authority;
                  (c) maintaining all records and data required by applicable
                      law to be maintained by Sharp with respect to its
                      operations;

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                  (d) cooperating fully with Sharp with respect to examinations
                      of Sharp's operations by applicable regulatory
                      authorities; and
                  (e) providing all other services incident thereto.

4. SAME DEGREE OF CARE; BEST EFFORTS

         In performing services pursuant to this Agreement, Whitestone will use
its best efforts and exercise the same degree of care and effort it would
exercise with respect to its own functions of a like nature, and at a minimum
will cause its officers and employees to devote sufficient time, attention and
resources to the affairs of Sharp as to the management and conduct of the
business in a manner consistent with the best practices of the industry and will
not give preference or priority with respect to such matters over any other
entity for which it provides the same or similar services as to Sharp. However,
in no way does this Agreement provide any incidence of control, either directly
or indirectly, of any investment decisions of Sharp.

5. PAYMENT; REIMBURSEMENT OF EXPENSES

         In consideration of the services to be performed by Whitestone pursuant
to this Agreement, Sharp will pay an annual fee , in four equal quarterly
installments. Such annual fee shall be an amount equal to Sharp's annual gross
receipts less the amount of $70,000.00; quarterly installments shall be paid in
arrears and shall be based upon estimates of expected annual revenues and
adjusted within 45 days of the conclusion of each fiscal year. The annual fee
for any one-year term in which a cancellation of this Agreement is effective
will be calculated by multiplying the total annual fee set forth above, by a
fraction, the numerator of which is the number of days in the term of this
Agreement prior to the effective date of the cancellation, and the denominator
of which is 365.

         Sharp will reimburse Whitestone for all direct, out-of-pocket expenses
incurred by Whitestone in connection with the services provided pursuant to this
Agreement. Sharp promptly will pay such bills, invoices, or the like, delivered
to it for payment by Whitestone or such other person who has rendered goods or
services in connection with the performance by Whitestone of services pursuant
to this Agreement and Whitestone will have no liability with respect to payment
for any such bills.

6. TERM OF AGREEMENT; CANCELLATION; RENEWALS

         The term of this Agreement will be one year, and either party may
cancel this Agreement at any time, effective ten days following the delivery of
written notice to the other party.

7. AMENDMENTS, WAIVERS

         All amendments or waivers of the provisions of this Agreement must be
in writing.

8. INDEMNIFICATION

         Sharp and any successor agrees to indemnify and hold (a) Whitestone,
and (b) its officers, employees, and agents (to the extent serving in such
capacity, each such person an "Indemnified Party"), harmless against all losses,
claims, damages, expenses, or liabilities, joint or several, to which Whitestone
or an Indemnified Party may become subject in any way related to or arising out

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of the performance by Whitestone of services rendered pursuant to this
Agreement. In addition, Sharp agrees to reimburse Whitestone and the Indemnified
Party for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, or liability or
any action in respect thereof, including, without limitation, losses, claims,
damages, expenses, liabilities, costs, or expenses arising out of any dispute
whether or not Whitestone is a party to such dispute; provided, however, that
Sharp shall not be liable under the foregoing indemnity agreement with respect
to any loss, claim, damage, expense, or liability to the extent that a court
having jurisdiction over such matters shall have determined by a final judgement
that such loss, claim, damage, expense, or liability resulted primarily from the
willful misconduct or gross negligence of or violation of law by Whitestone or
the Indemnified Party. In regards to any legal expenses incurred by Whitestone
in connection with this indemnification, Sharp shall only be liable for the
expenses of one attorney unless such attorney determines, in his/her judgment,
that he/she cannot represent both parties under applicable law or ethical rules.
This indemnification agreement will remain in effect regardless of any
termination of this Agreement.

9. AUDIT; EXAMINATION AND COPIES

         Whitestone agrees to cooperate fully with Sharp or its designee in
connection with Sharp's audit functions or with regard to examinations by
regulatory authorities. Sharp acknowledges that Whitestone is not responsible
under this Agreement for providing audit services or for auditing Sharp's
records or data.

           Whitestone will permit Sharp or its authorized representatives, at
any time during Whitestone's business hours but with three days' written notice,
to examine all books and records relating to the services provided under this
Agreement and meet with any officers, employees, and independent accountants to
discuss affairs, finances and accounts of Sharp and/or Whitestone. Whitestone
will keep satisfactory books and records pertaining to the services, and will
permit Sharp or its representatives, at Sharp's expense, to make a photostatic
or other copies of such of these records as it or they may desire.

10. NO IMPERMISSIBLE TYING ARRANGEMENTS

         Neither party hereto has entered this Agreement or fixed or varied the
terms of this Agreement based upon the provision of other services, goods, or
credit from either party or based upon either party's not obtaining services,
goods, or credit from another person.

11. SEVERABILITY

         If any provision of the Agreement is invalid or enforceable then, to
the extent possible, all of the remaining provision of this Agreement shall
remain in full force and effect and shall be binding upon the parties hereto.

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12. CHOICE OF LAWS

         This Agreement and the rights and obligations hereunder shall be
governed by and construed in accordance with the laws of the State of New York,
including the choice of law rules thereof.

13. COUNTERPARTS

         This Agreement may be executed in any number of counterparts, each of
which when so executed shall be deemed to be an original.

14. ENTIRE AGREEMENT

         This Agreement embodies the entire agreement of the parties in relation
to the subject matter herein and supersedes all prior understandings or
agreements, oral or written, between the parties hereto.

15. SUCCESSORS AND ASSIGNS

         This Agreement may not be assigned by Whitestone without the written
consent of Sharp, the Insurer and the Certified Investors. This Agreement shall
be binding on the successors and assigns of the parties hereto.

16. TITLES; DEFINED TERMS

         Titles and subtitles are for convenience of reference only. Unless
otherwise defined herein, capitalized terms have the meanings assigned to them
in the Note and Warrant Purchase Agreements dated as of September 30, 1999.

17. NOTICES

         Any notice, request, demand, consent, approval or other communication
to any party hereto shall be effective when received and shall be given in
writing, and delivered in person against receipt therefor, or sent by registered
mail, postage prepaid or courier service to its address as it shall hereafter
furnish in writing to the other. All such notices and other communication shall
be deemed given on the date received by the addressee.

                            [Signature Page follows]

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         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives on the date first written
above.

                                        SHARP MANAGEMENT, LLC

Attest:

                                        By:
-----------------------------               ------------------------------------
                                        Title:  Managing Member

                                        WHITESTONE GROUP, LLC

Attest:

                                        By:
-----------------------------               ------------------------------------
                                        Title:  Managing Member

                                       6<PAGE>   1

                                                                   EXHIBIT 10.23

                              STEEL DYNAMICS, INC.
                              AMENDED AND RESTATED
                               OFFICER AND MANAGER
                            CASH AND STOCK BONUS PLAN

       1.     PURPOSE. The purpose of the Plan is to provide incentives for
Officers and Managers of the Company to increase the profitability and growth of
the Company and to provide Officers and Managers an opportunity for an ownership
interest in the Company.

       2.     EFFECTIVE DATE AND TERM OF PLAN. The Effective Date of the Plan is
October 28, 1996, the date the Plan was originally adopted and approved of by
the Board and shareholders of the Company. The effective date of the Amended and
Restated Officer and Manager Cash and Stock Bonus Plan shall be January 1, 2000.
All bonus amounts paid for Years prior to 2000 shall be governed by the terms of
the original Plan in effect prior to January 1, 2000. The Plan commenced at the
beginning of the Company's fiscal year beginning January 1, 1997, and no cash or
stock bonuses under this Plan accrued until after conclusion of the Company's
1997 fiscal year. The Plan shall terminate on October 27, 2001, unless extended
or earlier terminated by the Board.

       3.     DEFINITIONS.

              3.1 "Adjusted Distribution Pool" has the meaning assigned to such
       term in Section 6.2.

              3.2 "Adjusted Pre-Tax Net Income" means, for any Year, net income
       of the Company, before taxes, extraordinary items and bonuses payable to
       Participants under this Plan, as determined by the Company's outside
       auditors; provided, however, that, to the extent reasonably determinable,
       the effect upon Adjusted Pre- Tax Net Income of any income and start-up
       expenses associated with significant capital expenditures, for a period
       not to exceed twelve (12) months following start-up, shall be excluded
       from and not taken into account in determining such Adjusted Pre-Tax Net
       Income.

              3.3 "Base Salary" means, with respect to a Participant, the
       regular annual salary paid in a Year for services rendered without
       including any bonus (paid under this Plan or otherwise) or severance pay.

              3.4 "Board" means the Board of Directors of the Company.

              3.5 "Code" means the Internal Revenue Code of 1986, as amended
       from time to time.

              3.6 "Committee" means a Committee of the Board as contemplated by
       Section 5.

              3.7 "Company" means Steel Dynamics, Inc., an Indiana corporation,
       and its subsidiaries.

              3.8 "Distribution Pool" means, for any Year, an amount determined
       by multiplying [Adjusted Pre-Tax Net Income, minus an amount equal to ten
       percent (10%) of "Stockholders Equity" as determined by Company's audited
       Consolidated Balance Sheets] by six percent (6%).

              3.9 "Effective Date" has the meaning assigned to such term in
       Section 2.

              3.10 "Exchange Act" means the Securities Exchange Act of 1934, as
       amended from time to time.

              3.11 "Executive Officer" means an officer of the Company who is
       from time to time designated as an "Executive Officer" Participant by the
       Committee. Participant's status may be changed from year to year.

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              3.12 "Fair Market Value" means, as of any date, the value of the
       Stock determined as follows:

                   (i) If the Stock is listed on any established stock exchange
          or a national market system, including without limitation the NASDAQ
          National Market of the National Association of Securities Dealers,
          Inc. Automated Quotation (NASDAQ) System, the Fair Market Value of a
          share of Stock shall be the closing sales price for such Stock (or the
          closing bid, if no sales were reported) as quoted on such system or
          exchange (or the exchange with the greatest volume of trading in the
          Stock) on the last market trading day prior to the day of
          determination, as reported in the Wall Street Journal or such other
          source as the Committee deems reliable;

                   (ii) If the Stock is quoted on the NASDAQ System (but not on
          the NASDAQ National Market thereof) or is regularly quoted by a
          recognized securities dealer but selling prices were not reported, the
          Fair Market Value of a share of Common Stock shall be the mean between
          the high bid and low asked prices for the Stock on the last market
          trading day prior to the day of determination, as reported in the Wall
          Street Journal or such other source as the Committee deems reliable;

                   (iii) In the absence of an established market for the Stock,
          the Fair Market Value shall be determined in good faith by the
          Committee.

              3.13 "Manager" means a manager of the Company who is from time to
       time designated as a "Manager" Participant by the Committee. A
       Participant's status may be changed from year to year.

              3.14 "Officer" means an officer of the Company who is from time to
       time designated as an "Officer" Participant by the Committee. A
       Participant's status may be changed from year to year.

              3.15 "Participant" means those Executive Officers, Officers and
       Managers selected from time to time to participate in the Plan by the
       Committee.

              3.16 "Participant's Adjusted Base Salary" (a) for purposes of the
       cash portion of the bonus described in Section 6.1, means, with respect
       to any Executive Officer who is a Participant, two (2) times the
       Executive Officer's Base Salary, with respect to an Officer who is a
       Participant, one and one-half (1 1/2) times the Officer's Base Salary,
       and, with respect to any Manager who is a Participant, the Manager's Base
       Salary, and (b) for purposes of the stock portion of the bonus described
       in Section 6.2, means, with respect to an Executive Officer, the
       Executive Officer's Base Salary, with respect to an Officer, seventy-five
       percent (75%) of the Officer's Base Salary, and, with respect to a
       Manager, fifty percent (50%) of the Manager's Base Salary.

              3.17 "Participant's Bonus Percentage" means, in any Year with
       respect to a Participant, a fraction, the numerator of which is equal to
       the Participant's Adjusted Base Salary and the denominator of which is
       equal to the sum of all the Participants' Adjusted Base Salaries,
       calculated separately for purposes of the separate bonus portions
       described in Sections 6.1 and 6.2.

              3.18 "Plan" means the Steel Dynamics, Inc. Amended and Restated
       Officer and Manager Cash and Stock Bonus Plan, as it may be further
       amended from time to time.

              3.19 "Restricted Stock" means Stock issued pursuant to the Plan as
       contemplated by Section 6.2.

              3.20 "Retirement" means voluntary retirement by a Participant who
       is at least 60 years old.

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              3.21 "Stock" means the $0.01 par value common stock of the
       Company.

              3.22 "Ten Percent Return on Stockholders' Equity" means for any
       Year an amount determined by multiplying "Stockholder's Equity" as
       determined by the Company's audited Consolidated Balance Sheets by ten
       percent (10%).

              3.23 "Vested Shares" has the meaning assigned to such term in
       Section 7.

              3.24 "Year" means the Company's fiscal year, with the first Year
       beginning on January 1, 1997.

       4.     SHARES OF STOCK SUBJECT TO THE PLAN.

              4.1 The total number of shares of Stock of the Company reserved
       and available for distribution pursuant to the Plan shall not exceed, in
       the aggregate, 450,000 shares of the authorized Stock of the Company,
       subject to adjustment as described below.

              4.2 Stock which may be acquired under the Plan may be either
       authorized but unissued shares or shares of issued Stock held by the
       Company's treasury, or both, at the discretion of the Committee. Whenever
       any Stock is forfeited under the Plan, the shares forfeited may again be
       issued hereunder.

              4.3 In the event of any stock dividend, stock split, combination
       or exchange of shares, recapitalization or other change in the capital
       structure of the Company, corporate separation or division (including,
       but not limited to, split-up, split-off, spin-off or distribution to
       Company stockholders other than a normal cash dividend), sale by the
       Company of all or a substantial portion of its assets, rights offering,
       merger, consolidation, reorganization or partial or complete liquidation,
       or any other corporate transaction or event having an effect similar to
       any of the foregoing, the aggregate number of shares reserved for
       issuance under the Plan, as the Committee shall deem necessary or
       appropriate to reflect equitably the effects of such changes, shall be
       appropriately substituted for new shares or adjusted, as determined by
       the Committee in its discretion.

       5.     ADMINISTRATION. If appointed by the Board, the Plan shall be
administered by a committee of directors (the "Committee") of the Company,
consisting of at least two (2) members of the Board, each of whom shall be both
(i) a "non-employee director" as such term is defined in Rule 16b-3 promulgated
under Section 16 of the Exchange Act or any successor provision, and (ii) an
"outside director" as that term is used in Section 162 of the Code and the
regulations promulgated thereunder. In the absence of an appointment of a
Committee, however, the Board shall serve as the Committee.

       The Committee shall administer the Plan so as to comply at all times with
Rule 16b-3 of the Exchange Act, and Section 162(m) of the Code or any other
qualifying laws or rules that may be applicable from time to time. To the extent
that any provision hereof is found not to be in compliance with any such Rule or
requirement, the Committee shall have the full power and authority to effect
such changes or amendments, without the necessity of any further approval by
Shareholders. Subject to the foregoing, the Board may from time to time increase
the size of the Committee and appoint additional members, remove members (with
or without cause), substitute new members, and fill vacancies (however caused).
A majority of the members of the Committee shall constitute a quorum, and the
actions of a majority of the members of the Committee at a meeting at which a
quorum is present shall be the actions of the Committee.

       The Committee has the exclusive power, authority and discretion to adopt,
alter and repeal such administrative rules, guidelines and practices governing
the Plan as it shall from time to time deem advisable and to interpret the terms
and provisions of the Plan. The Committee may require that a Participant sign a
contract or agreement evidencing the terms and conditions of the Participant's
rights to receive a bonus under this Plan. The Committee's interpretation of the

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Plan shall be final, binding and conclusive on all parties.

       The Committee may employ such legal counsel, consultants and agents as it
may deem desirable for the administration of the Plan and may rely upon any
opinion received from any such counsel or consultant and any

computation received from any such consultant or agent. Expenses incurred by the
Committee in engaging such counsel, consultant or agent shall be paid by the
Company.

       The Committee shall have the right, in its sole discretion, to waive the
forfeiture provisions found in Section 7 below.

       6.     CASH AND STOCK BONUS. Subject to the terms, conditions and
limitations set forth in this Plan each Year, if the Distribution Pool is a
positive number, the Participants may receive a cash and stock bonus as follows:

              6.1 CASH BONUS. Each Participant shall receive a cash bonus in an
       amount equal to the product of (i) the Participant's Bonus Percentage and
       (ii) the Distribution Pool; provided, however, that with respect to an
       Executive Officer, the cash bonus shall not exceed two (2) times the
       Executive Officer's Base Salary, with respect to an Officer, the cash
       bonus shall not exceed one and one-half (1 1/2) times the Officer's Base
       Salary, and, with respect to a Manager, the cash bonus shall not exceed
       the Manager's Base Salary.

              6.2 STOCK BONUS. The excess of the Distribution Pool over the sum
       of the aggregate cash bonuses payable under Section 6.1 to all
       Participants (the "Adjusted Distribution Pool"), if any, shall be
       distributed to the Participants in the form of Restricted Stock, as
       follows: Each Participant shall receive that number of shares of
       Restricted Stock having, at the time of issuance, a Fair Market Value
       equal to the product of (i) the Participant's Bonus Percentage and (ii)
       the Adjusted Distribution Pool; provided that, with respect to an
       Executive Officer, the aggregate Fair Market Value of the Restricted
       Stock so issued shall not exceed the Executive Officer's Base Salary,
       with respect to an Officer, the aggregate Fair Market Value of the
       Restricted Stock so issued shall not exceed seventy-five percent (75%) of
       the Officer's Base Salary, and, with respect to a Manager, the aggregate
       Fair Market Value of the Restricted Stock so issued shall not exceed
       fifty percent (50%) of the Manager's Base Salary.

       7.     FORFEITURE AND VESTING OF RESTRICTED STOCK. Restricted Stock
issued to a Participant shall vest and become nonforfeitable as follows:
one-third (1/3) of the Restricted Stock shall vest immediately upon issuance, an
additional one-third (1/3) will vest one year later, and the balance will vest
on the second anniversary of the initial issuance date. Upon termination of the
Participant's employment for any reason other than Retirement, all shares of
Restricted Stock of the Participant which are not Vested Shares at the time of
termination of employment shall be forfeited and returned to the Company, and
the Participant shall no longer be the owner of or have any interest whatsoever
in the forfeitable Restricted Stock.

       The Committee, in its sole discretion, may waive the forfeiture
provisions of this Section 7 with respect to the Restricted Stock of a
Participant whose employment has terminated for reasons other than Retirement.

       8.     RESTRICTION ON TRANSFER OF RESTRICTED STOCK. Restricted Stock that
is forfeitable under the terms of this Plan may not be transferred, assigned,
sold, pledged, hypothecated, or otherwise disposed of in any manner and shall
not be subject to levy, attachment, or other legal process.

       9.     CERTIFICATES. Restricted Stock issued under this Plan shall be
registered in the name of each Participant. Stock certificates so issued shall
be held by the Company. Stock certificates shall bear such restrictive legends
as the Committee may prescribe.

      Subject to all the terms, conditions, and limitations of this Plan,

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<PAGE>   5

including provisions concerning forfeiture and restrictions on transfer, the
Participant shall be the owner of the Restricted Stock with full dividend and
voting rights. Upon the request of a Participant, separate stock certificates
shall be issued and delivered to the Participant with respect to Vested Shares.

       10.    GENERAL PROVISIONS.

              10.1 NONGUARANTY OF EMPLOYMENT. The adoption of the Plan shall not
       confer upon any Participant any right to continued employment with the
       Company nor shall it interfere in any way with the right of the Company
       to terminate its relationship with any Participant at any time.

              10.2 WITHHOLDING OF TAXES. No later than the date as of which an
       amount first becomes includible in the gross income of a Participant for
       federal income tax purposes with respect to any Restricted Stock under
       the Plan, the Participant shall pay to the Company or make arrangements
       satisfactory to the Committee regarding the payment of any federal state
       or local taxes of any kind required by law to be withheld with respect to
       such amount. The obligations of the Company under the Plan shall be
       conditioned on such payment or arrangements and the Company, to the
       extent permitted by law, shall have the right to deduct any such taxes
       from any payment of any kind otherwise due to the Participant.

              10.3 EXPENSES. The expenses of administering the Plan shall be
       borne by the Company.

              10.4 FRACTIONAL SHARES. No fractional shares of Stock shall be
       issued, and the Committee shall determine, in its discretion, whether
       cash shall be given in lieu of fractional shares or whether such
       fractional shares shall be eliminated by rounding up.

              10.5 GOVERNING LAW. To the extent not governed by federal law, the
       Plan shall be construed in accordance with and governed by the laws of
       the State of Indiana.

       IN WITNESS WHEREOF, Steel Dynamics, Inc., acting by and through its duly
authorized officers, has executed this instrument as of the 17th day of
February, 2000.

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