Document:

<PAGE>

                                                                 Exhibit 10.1(e)

                                                                  EXECUTION COPY

                      SIXTH AMENDMENT TO CREDIT AGREEMENT

         THIS SIXTH AMENDMENT TO CREDIT AGREEMENT, dated as of November 13, 2003
(this "Amendment"), is among STEEL DYNAMICS, INC. (the "Borrower"), the Lenders
(as defined below) signatories hereto, JPMORGAN CHASE BANK, as administrative
agent for the Lenders (in such capacity, the "Administrative Agent"), GENERAL
ELECTRIC CAPITAL CORPORATION, as Documentation Agent, and MORGAN STANLEY SENIOR
FUNDING, INC., as Arranger and Syndication Agent.

                            W I T N E S S E T H:

         WHEREAS, the Borrower, certain financial institutions and other Persons
(such capitalized term and other capitalized terms used in these recitals to
have the meanings set forth or defined by reference in Part I below) from time
to time parties thereto (collectively, the "Lenders"), JPMorgan Chase Bank, as
Collateral Agent, the Administrative Agent, General Electric Capital
Corporation, as Documentation Agent, and Morgan Stanley Senior Funding, Inc., as
Arranger and Syndication Agent, are parties to the Credit Agreement, dated as of
March 26, 2002, as amended by the First Amendment to the Credit Agreement, dated
as of August 6, 2002, as waived by the Letter Waiver, dated as of October 6,
2002, as amended by the Second Amendment to the Credit Agreement, dated as of
December 16, 2002, as amended by the Third Amendment to the Credit Agreement,
dated as of January 23, 2003, as amended by the Fourth Amendment to the Credit
Agreement, dated as of February 20, 2003, and as amended by the Fifth Amendment
to the Credit Agreement, dated as of August 7, 2003 (such Credit Agreement, as
so amended and waived, the "Existing Credit Agreement");

         WHEREAS, the Borrower has requested that the Lenders amend the Existing
Credit Agreement as set forth below; and

         WHEREAS, the Lenders have agreed, subject to the terms and conditions
hereinafter set forth, to amend the Existing Credit Agreement in certain
respects (the Existing Credit Agreement, as so amended or otherwise modified by
this Amendment, being referred to as the "Credit Agreement");

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

                                     PART I
                                  DEFINITIONS

         SUBPART 1.1. Certain Definitions. The following terms (whether or not
underscored) when used in this Amendment shall have the following meanings (such
meanings to be equally applicable to the singular and plural forms thereof):

         "Administrative Agent" is defined in the preamble.

<PAGE>

         "Amendment" is defined in the preamble.

         "Borrower" is defined in the preamble.

         "Credit Agreement" is defined in the third recital.

         "Existing Credit Agreement" is defined in the first recital.

         "Sixth Amendment Effective Date" is defined in Subpart 3.1.

         "Lenders" is defined in the first recital.

         SUBPART 1.2. Other Definitions. Terms for which meanings are provided
in the Existing Credit Agreement are, unless otherwise defined herein or the
context otherwise requires, used in this Amendment with such meanings.

                                    PART II
                                   AMENDMENTS

         Effective on (and subject to the occurrence of) the Sixth Amendment
Effective Date, the Existing Credit Agreement is hereby amended in accordance
with this Part; except as so amended or otherwise modified by this Amendment,
the Existing Credit Agreement and the Loan Documents shall continue in full
force and effect in accordance with their terms.

         SUBPART 2.1. Amendment to Article I. Article I of the Existing Credit
Agreement is hereby amended in accordance with Subpart 2.1.1.

                  SUBPART 2.1.1. Article I is hereby amended by inserting the
         following new definitions therein in the appropriate alphabetical
         order:

                           "Dealer" means a dealer of U.S. government securities
                  reasonably satisfactory to the Administrative Agent and the
                  Arranger from which the Borrower shall borrow the Original
                  Bond pursuant to the Repurchase Agreement.

                           "Original Bond" means a U.S. Treasury Bond with a
                  face value of up to $65,000,000, borrowed by the Borrower
                  pursuant to the Repurchase Agreement.

                           "Repurchase Agreement" means an agreement reasonably
                  satisfactory to the Arranger and the Administrative Agent
                  pursuant to which the Borrower shall borrow the Original Bond
                  from the Dealer, with the obligation to return the Substitute
                  Bond at the conclusion of such agreement no later than the day
                  that is 365 days after the date of the Repurchase Agreement.

                           "Reverse Repurchase Agreement" means an agreement
                  between the Borrower and the Dealer reasonably satisfactory to
                  the Arranger and the Administrative Agent pursuant to which
                  the Borrower shall invest the proceeds of the Short Bond Sale.

                                        2

<PAGE>

                           "Short Bond Sale" means the short sale of the
                  Original Bond by the Borrower at fair market value.

                           "Short Bond Transaction" means the Short Bond Sale
                  and the transactions contemplated by the Repurchase Agreement
                  and the Reverse Repurchase Agreement.

                           "Sixth Amendment" means the Sixth Amendment, dated as
                  of November 13, 2003, to this Agreement among the Borrower,
                  the Administrative Agent, Morgan Stanley Senior Funding, Inc.
                  and the Lenders parties thereto.

                           "Sixth Amendment Effective Date" is defined in
                  Subpart 3.1 of the Sixth Amendment.

                           "Substitute Bond" means the U.S. Treasury Bond which
                  the Borrower intends to purchase to return to the Dealer to
                  satisfy the requirements of the Repurchase Agreement.

         SUBPART 2.2. Amendment to Article II. Article II of the Existing Credit
Agreement is hereby amended in accordance with Subparts 2.2.1 and 2.2.2.

                  SUBPART 2.2.1. Section 2.06(b)(ii) of the Existing Credit
         Agreement is hereby amended by adding the following proviso immediately
         after the first proviso therein:

                           "provided, further, however, that the Borrower shall
                  also not be required to make any such prepayment and deposit
                  with respect to Net Cash Proceeds realized from any sale of
                  assets permitted under sub-clause (vii) of Section 5.02(e)."

                  SUBPART 2.2.2. Section 2.06(b)(iii) of the Existing Credit
         Agreement is hereby amended by adding the following proviso immediately
         before the period at the end of the first sentence thereof:

                           "provided, however, that on the date of receipt of
                  the Net Cash Proceeds from the issuance of Debt permitted
                  under clause (i)(E) of Section 5.02(b), the Borrower shall
                  prepay an aggregate principal amount of the Advances
                  comprising part of the same Borrowings and deposit an amount
                  in the L/C Cash Collateral Account in accordance with clause
                  (viii) below in an amount equal to the lesser of (A) 50% of
                  the amount of such Net Cash Proceeds, or (B) $50,000,000;
                  provided, further, that the remaining balance of such Net Cash
                  Proceeds arising from the issuance of Debt permitted under
                  clause (i)(E) of Section 5.02(b) shall be applied from time to
                  time for the purpose of prefunding certain permitted Capital
                  Expenditures."

         SUBPART 2.3. Amendment to Article V. Article V of the Existing Credit
Agreement is hereby amended in accordance with Subparts 2.3.1 through 2.3.12.

                                        3
<PAGE>

                  SUBPART 2.3.1. Section 5.01(p) of the Existing Credit
         Agreement is hereby amended by (a) deleting the figure "50%" contained
         therein and (b) inserting the figure "40%" in replacement therefor.
         SUBPART 2.3.2. Section 5.02(a) of the Existing Credit Agreement is
         hereby amended by inserting at the end thereof a new sub-clause (vi) to
         read as follows: "(vi) Liens on (and only on) rights arising under the
         Reverse Repurchase Agreement securing obligations under (and only
         obligations under) the Repurchase Agreement."

                  SUBPART 2.3.3. Section 5.02(a) of the Existing Credit
         Agreement is hereby further amended by (a) deleting "and" at the end of
         sub-clause (iv) thereof, (b) deleting the punctuation mark "." at the
         end of sub-clause (v) thereof and inserting the punctuation mark ";" in
         replacement therefor and (c) inserting "and" immediately after the
         punctuation mark ";" at the end of sub-clause (v) thereof.

                  SUBPART 2.3.4. Section 5.02(b)(i) of the Existing Credit
         Agreement is hereby amended by inserting at the end thereof the
         following new sub-clause (G):

                           "(G) Debt incurred pursuant to the Repurchase
                  Agreement in an amount not to exceed $65,000,000."

                  SUBPART 2.3.5. Section 5.02(b)(i) of the Existing Credit
         Agreement is hereby further amended by (a) deleting "and" at the end of
         sub-clause (E) thereof, (b) deleting the punctuation mark "." at the
         end of sub-clause (F) thereof and inserting the punctuation mark ";" in
         replacement therefor and (c) inserting "and" immediately after the
         punctuation mark ";" at the end of sub-clause (F) thereof.

                  SUBPART 2.3.6. Section 5.02(e) of the Existing Credit
         Agreement is hereby amended by inserting immediately before the proviso
         at the end thereof the following new sub-clause (vii):

                           "(vii) the sale of the Original Bond for fair market
                  value in connection with the Short Bond Transaction;"

                  SUBPART 2.3.7. Section 5.02(e) of the Existing Credit
         Agreement is hereby further amended by (a) deleting "and" at the end of
         sub-clause (iv) thereof, (b) deleting the punctuation mark "." at the
         end of sub-clause (vi) thereof and inserting the punctuation mark ";"
         in replacement therefor, and (c) inserting "and" immediately after the
         punctuation mark ";" at the end of sub-clause (vi) thereof.

                  SUBPART 2.3.8. Section 5.02(f) of the Existing Credit
         Agreement is hereby amended by inserting at the end thereof the
         following new sub-clause (xv):

                           "(xv) Investments in certain U.S. Treasury Bonds in
                  connection with the Short Bond Transaction."

                                       4
<PAGE>

                  SUBPART 2.3.9. Section 5.02(f) of the Existing Credit
         Agreement is hereby further amended by (a) deleting "and" at the end of
         sub-clause (xiii) thereof, (b) deleting the punctuation mark "." at the
         end of sub-clause (xiv) thereof and inserting the punctuation mark ";"
         in replacement therefor and (c) inserting "and" immediately after the
         punctuation mark ";" at the end of sub-clause (xiv) thereof.

                  SUBPART 2.3.10. Section 5.02(o) of the Existing Credit
         Agreement is hereby amended by inserting the following phrase at the
         end thereof

                           "; it being understood, however, that
                  notwithstanding the provisions of this subsection, the
                  Borrower may (i) engage in the Short Bond Transaction and (ii)
                  enter into agreements resulting in the conversion of
                  outstanding Hedge Agreements from fixed rate Hedge Agreements
                  to floating rate Hedge Agreements so long as the provisions of
                  Section 5.01(p) and the other requirements of this Agreement
                  are complied with."

                  SUBPART 2.3.11. Section 5.04 of the Existing Credit Agreement
         is hereby amended by deleting the table set forth in clause (a) thereof
         in its entirety and inserting in replacement therefor the table set
         forth below:

         --------------------------------------------------------------
         Quarter Ending                                         Ratio
         --------------------------------------------------------------
         March 31, 2002                                       6.50:1.00
         June 30, 2002                                        5.75:1.00
         September 30, 2002                                   4.50:1.00
         December 31, 2002                                    4.00:1.00

         March 31, 2003                                       4.00:1.00
         June 30, 2003                                        3.75:1.00
         September 30, 2003                                   3.75:1.00
         December 31, 2003                                    3.75:1.00

         March 31, 2004                                       3.75:1.00

         For each fiscal quarter thereafter                   3.50:1.00
         --------------------------------------------------------------

                  SUBPART 2.3.12. Section 5.04 of the Existing Credit Agreement
         is hereby further amended by deleting the table set forth in clause (c)
         thereof in its entirety and inserting in replacement therefor the table
         set forth below:

                                       5
<PAGE>

         --------------------------------------------------------------
         Quarter Ending                                         Ratio
         --------------------------------------------------------------
         September 30, 2002                                   1.50:1.00
         December 31, 2002                                    1.50:1.00

         March 31, 2003                                       1.50:1.00
         June 30, 2003                                        1.50:1.00
         September 30, 2003                                   1.50:1.00
         December 31, 2003                                    1.50:1.00

         March 31, 2004                                       1.50:1.00

         For each fiscal quarter thereafter                   2.00:1.00
         --------------------------------------------------------------

         SUBPART 2.4. Amendment to Article VIII. Article VIII of the Existing
Credit Agreement is hereby amended in accordance with Subpart 2.4.1.

                  SUBPART 2.4.1. Section 8.10 of the Existing Credit Agreement
         is hereby amended by inserting the following sentence at the end
         thereof:

                  "Notwithstanding anything herein to the contrary,
         "Confidential Information" shall not include, and the Administrative
         Agent and each Lender (and their respective employees, directors,
         representatives and agents) may disclose, without limitation of any
         kind, any information with respect to the "tax treatment" and "tax
         structure" (in each case, within the meaning of Treasury Regulation
         Section 1.6011-4) of the transactions contemplated or permitted hereby
         and all materials of any kind (including opinions or other tax
         analyses) that are provided to the Administrative Agent or such Lender
         relating to such tax treatment and tax structure; provided that (a)
         with respect to any document or similar item that in either case
         contains information concerning the tax treatment or tax structure of
         the transaction as well as other information, this sentence shall only
         apply to such portions of the document or similar item that relate to
         the tax treatment or tax structure of the Advances and transactions
         contemplated hereby and (b) such "tax treatment" and "tax structure"
         shall not include the identity of any existing or future party to this
         Agreement, any specific market pricing information, including fees,
         expenses, rates or payments or any disclosure that would create a risk
         of violating securities laws.

                  Based on current information and circumstances, neither the
         Borrower nor any of its Subsidiaries expects to specifically identify
         one or more of the Advances under this Agreement or the Short Bond
         Transaction as a "reportable transaction" on IRS Form 8886 filed with
         its US tax returns for purposes of Sections 6011, 6111 or 6112 of the
         Internal Revenue Code or the Treasury Regulations promulgated
         thereunder.

                  The Borrower will notify the Administrative Agent and the
         Arranger promptly in the event that the Borrower or any of its
         Subsidiaries specifically identifies any of the Advances under this
         Agreement or the Short Bond Transaction as a "reportable transaction"
         on IRS Form 8886 filed with its US tax returns for purposes of Sections
         6011, 6111 or 6112 of the Internal Revenue Code or the Treasury
         Regulations promulgated thereunder."

                                       6
<PAGE>

                                    PART III
                          CONDITIONS TO EFFECTIVENESS

         SUBPART 3.1. Effectiveness. This Amendment and the amendments contained
herein shall become effective on the date (the "Sixth Amendment Effective Date")
when each of the conditions set forth in this Part shall have been fulfilled to
the satisfaction of the Administrative Agent provided that such conditions are
in any event fulfilled no later than November 20, 2003.

                  SUBPART 3.1.1. Execution of Counterparts. The Administrative
         Agent and the Arranger shall have received counterparts of this
         Amendment, duly executed and delivered on behalf of the Borrower, the
         Administrative Agent and the Required Lenders.

                  SUBPART 3.1.2. CONSENT. THE Administrative Agent and the
         Arranger shall have received counterparts of a consent substantially in
         the form of Schedule I to this Sixth Amendment, duly executed by each
         of the Loan Parties (other than the Borrower).

                  SUBPART 3.1.3. Amendment Fee. The Administrative Agent shall
         have received, for the account of each Lender which shall have executed
         this Amendment before 5:00 p.m. (New York time) on November 13, 2003,
         an amendment fee in an aggregate amount equal to 0.125% of the
         aggregate amount of each such Lender's Advances and Commitments.

                  SUBPART 3.1.4. EXPENSES. THE Borrower shall have paid all
         expenses (including the fees and expenses of Shearman & Sterling)
         incurred in connection with the preparation, negotiation and execution
         of this Amendment and foregoing matters relating to the Credit
         Agreement from and after the closing thereof to the extent invoiced.

                  SUBPART 3.1.5. Legal Details, etc. All documents executed or
         submitted pursuant hereto shall be satisfactory in form and substance
         to the Administrative Agent and the Arranger and Shearman & Sterling as
         counsel. The Administrative Agent, the Arranger and counsel shall have
         received all information and such counterpart originals or such
         certified or other copies of such materials as the Administrative
         Agent, the Arranger or counsel may reasonably request, and all legal
         matters incident to the transactions contemplated by this Amendment
         shall be satisfactory to the Administrative Agent, the Arranger and
         counsel.

                                     PART IV

                      MISCELLANEOUS; REPRESENTATIONS AND COVENANTS

                       SUBPART 4.1. Continuing Effectiveness, etc. As amended
    hereby, the Credit Agreement shall remain in full force and effect and is
    hereby ratified and confirmed in all respects. After the Sixth Amendment
    Effective Date, all references in the Credit Agreement and each other Loan
    Document to the "Agreement" or "Credit Agreement", as applicable, shall
    refer to the Existing Credit Agreement, after giving effect to this
    Amendment, and this Amendment shall be a Loan Document for all purposes. The
    Borrower hereby confirms its obligations under Section 8.04 of the Credit
    Agreement to pay all fees and expenses of the Administrative Agent

                                       7
<PAGE>

and the Arranger (including reasonable fees and out-of-pocket expenses of
Shearman & Sterling) in connection with this Amendment and other ongoing
administration of the Credit Agreement as provided in Section 8.04 of the Credit
Agreement since the last invoice it received.

         SUBPART 4.2. Counterparts. This Amendment may be executed in any number
of counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original but all such counterparts
shall together constitute one and the same Amendment.

         SUBPART 4.3. Governing Law. THIS AMENDMENT SHALL BE A CONTRACT MADE
UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.

         SUBPART 4.4. Successors and Assigns. This Amendment shall be binding
upon the Borrower, the Lenders and the Agents and their respective successors
and assigns, and shall inure to their successors and assigns.

         SUBPART 4.5. Representations and Warranties. In order to induce the
Lenders to execute and deliver this Amendment, the Borrower represents and
warrants to the Agents, the Lenders and the Issuing Bank that, after giving
effect to the terms of this Amendment, the following statements are true and
correct: (a) the representations and warranties set forth in Article IV of the
Credit Agreement and in the other Loan Documents are true and correct on the
Sixth Amendment Effective Date as if made on the Sixth Amendment Effective Date
and after giving effect to the Sixth Amendment (unless stated to relate solely
to an earlier date, in which case such representations and warranties were true
and correct in all material respects as of such earlier date) and (b) no Default
has occurred and is continuing.

         SUBPART 4.6. Modifications to this Amendment. This Amendment can be
amended, waived or otherwise modified by instrument in writing signed by the
Borrower and the Required Lenders.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                        8

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their respective authorized officers as of the day and
year first above written,

                                   STEEL DYNAMICS, INC.

                                   BY: /s/ Theresa E. Wagler
                                      --------------------------------------
                                      Name:  Theresa E. Wagler
                                      Title: Corporate Controller &
                                             Assistant Secretary

<PAGE>

                           JPMORGAN CHASE BANK,
                           As Administrative Agent and Collateral Agent and
                              as a Lender

                                   BY: /s/ James M. Ramage
                                      --------------------------------------
                                      Name:  James M. Ramage
                                      Title: Manager Director

<PAGE>

                              MORGAN STANLEY SENIOR FUNDING, INC.,
                              as Arranger and Syndication Agent and as a Lender

                              By: /s/ Jaap L. Tonckens
                                 -------------------------------------------
                                 Nane:  Jaap L. Tonckens
                                 Title: Vice President
                                        Morgan Stanley Senior Funding

<PAGE>

                              GENERAL ELECTRIC CAPITAL
                                   CORPORATION,
                              as Documentation Agent and as a Lender

                              By: /s/ John L. Dale
                                 ------------------------------------
                                 Name:  John L. Dale
                                 Title: Duly Authorized Signatory

<PAGE>

                              AMCO INSURANCE COMPANY

                              By: Thomas S. Leggett
                                  -----------------------------
                                  Name:  THOMAS S. LEGGETT
                                  Title: ASSOCIATE VICE PRESIDENT
                                         PUBLIC BONDS

<PAGE>

                              APEX (IDM) CDO I, LTD.

                              By: David L. Babson & Company Inc.
                                  as Collateral Manager

                              By: /s/ Glenn P Duffy
                                  -------------------------------
                                  Name: Glenn P Duffy, CFA
                                  Title: Managing Director

<PAGE>

                              ARCHIMEDES FUNDING IV (CAYMAN), LTD.

                              BY: ING Capital Advisors LLC,
                                  as Collateral Manager

                              By:  /s/ Gordon R. Cook
                                  -------------------------------
                                  Name:  Gordon R. Cook
                                  Title: Managing Director

<PAGE>

                              ARES LEVERAGED INVESTMENT FUND II,
                                  L.P.

                              BY: ARES Management II, L.P.
                                    Its General Partner

                              By:   /s/ Seth J. Brufsky
                                  -------------------------------
                                  Name:  Seth J. Brufsky
                                  Title: Vice President

<PAGE>

                              ARES III CLO Ltd

                              BY: ARES CLO Management LLC,
                                  Investment Manager

                              By:   /s/ Seth J. Brufsky
                                  -------------------------------
                                  Name:  Seth J. Browsky
                                  Title: Vice President

<PAGE>

                              ARES IV CLO Ltd.

                              BY: Ares CLO Management IV, L.P.,
                                  Investment Manager

                              By: Ares CLO GP IV, LLC,
                                  Its Managing Member

                              By:   /s/ Seth J. Brufsky
                                  -------------------------------
                                  Name:  Seth J. Brufsky
                                  Title: Vice President

<PAGE>

                              ARES V CLO Ltd.

                              BY: Ares CLO Management V, L.P.,
                                    Investment Manager

                              By: Ares CLO GP IV, LLC,
                                    Its Managing Member

                              By:   /s/ Seth J. Brufsky
                                  -------------------------------
                                  Name:  Seth J. Brufsky
                                  Title: Vice President

<PAGE>

                              ARES VI CLO Ltd.

                              BY: Ares CLO Management VI, L.P.,
                                    Investment Manager

                              By: Ares CLO GP VI, LLC,
                                    Its Managing Member

                              By:   /s/ Seth J. Brufsky
                                  -------------------------------
                                  Name:  Seth J. Brufsky
                                  Title: Vice President

<PAGE>

                              ARES VII CLO Ltd.

                              BY: Ares CLO Management VII, L.P.,
                                    Investment Manager

                              By: Ares CLO GP VII, LLC,
                                    Its Managing Member

                              By:   /s/ Seth J. Brufsky
                                  -------------------------------
                                  Name:  Seth J. Brufsky
                                  Title: Vice President

<PAGE>

                              ATRIUM CLO

                              By: /s/ David H. Lerner
                                 -------------------------------
                                 Title:

                                        DAVID H. LERNER
                                     AUTHORIZED SIGNATORY

<PAGE>

                              AURUM CLO 2002-1 LTD.

                              By: Columbia Management Advisors, Inc.,
                                    As Investment Manager

                              By:   /s/ James R. Follows
                                  -------------------------------
                                  Name:  James R. Follows
                                  Title: Sr. Vice Presidient &
                                         Portfolio Manager

<PAGE>

                              BABSON CLO LTD. 2003-1

                              By: David L. Babson & Company Inc. as Manager

                              By:   /s/ Glenn P Duffy
                                  -------------------------------
                                  Name:  Glenn P Duffy, CFA
                                  Title: Managing Director

<PAGE>

                              BALLYROCK CDO I LIMITED

                              By: BALLYROCK INVESTMENT ADVISORS
                                  LLC, as Collateral Manager

                              By:   /s/ Lisa Rymut
                                  -------------------------------
                                  Name:  Lisa Rymut
                                  Title: Assistant Treasurer

<PAGE>

                              BALLYROCK CLO II LIMITED

                              By: BALLYROCK INVESTMENT ADVISORS
                                  LLC, as Collateral Manager

                              By:   /s/ Lisa Rymut
                                  -------------------------------
                                  Name:  Lisa Rymut
                                  Title: Assistant Treasurer

<PAGE>

                              BIG SKY SENIOR LOAN FUND, LTD.

                              By: Eaton Vance Management, as Investment
                                  Manager

                              By:   /s/ Michael B. Botthof
                                  -------------------------------
                                  Name:  Michael B. Botthof
                                  Title: President

<PAGE>

                              BILL AND MELINDA GATES FOUNDATION

                              By: David L. Babson & Company Inc. as
                                  Investment Adviser

                              By:   /s/ Glenn P Duffy
                                  -------------------------------
                                  Name:  Glenn P Duffy
                                  Title: Managing Director

<PAGE>

                              Sankaty Advisors, LLC, as Collateral
                              Manager for Brant Point II CBO
                              2000-1 LTD., as Term Lender

                              By:   /s/ Diane J. Exter
                                  -------------------------------
                                  Name:  Diane J. Exter
                                  Title: Managing Director
                                         Portfolio Manager

<PAGE>

                              CALLIDUS DEBT PARTNERS CLO
                                   FUND II, LTD.

                              By:   /s/ Mavis Taintor
                                  -------------------------------
                                  Name:  Mavis Taintor
                                  Title: Managing Director

<PAGE>

                              Sankaty Advisors, LLC as Collateral
                              Manager for Castle Hill I - INGOTS,
                              Ltd., as Term Lender

                              By:   /s/ Diane J. Exter
                                  -------------------------------
                                  Name:  Diane J. Exter
                                  Title: Managing Director
                                         Portfolio Manager

<PAGE>

                              Sankaty Advisors, LLC, as Collateral
                              Manager for Castle Hill II - INGOTS,
                              Ltd., as Term Lender

                              By:   /s/ Diane J. Exter
                                  -------------------------------
                                  Name:  Diane J. Exter
                                  Title: Managing Director
                                         Portfolio Manager

<PAGE>

                              Sankaty Advisors, LLC as Collateral
                              Manager for Castle Hill III CLO,
                              Limited, as Term Lender

                              By:   /s/ Diane J. Exter
                                  -------------------------------
                                  Name:  Diane J. Exter
                                  Title: Managing Director
                                         Portfolio Manager

<PAGE>

                                        CLYDESDALE CLO 2001-1, LTD.

                                        By:   /s/ Richard W. Stewart
                                            -------------------------------
                                            Name:  Richard W. Stewart
                                            Title: Managing Director

        NOMURA CORPORATE RESEARCH
        AND ASSET MANAGEMENT INC.
                  AS
            COLLATMAL MANAM

<PAGE>

                              COLUMBIA FLOATING RATE LIMITED
                                  LIABILITY COMPANY

                              By:   Columbia Management Advisors, Inc.
                                      As Advisor

                              By:   /s/ James R. Fellows
                                  -------------------------------
                                  Name:  James R. Fellows
                                  Title: Sr. Vice President &
                                         Portfolio Director

<PAGE>

                              CSAM Funding I

                              By:   /s/ David H. Lerner
                                  -------------------------------
                                  Name:  David H. Lerner
                                  Title: Authorized Signatory
<PAGE>

                              CSAM Funding II

                              By:   /s/ David H. Lerner
                                  -------------------------------
                                  Name:  David H. Lerner
                                  Title: Authorized Signatory

<PAGE>

                              EATON VANCE CDO II

                              By:   Eaton Vance Management, as Investment
                                    Manager

                              By:   /s/ Michael B. Botthof
                                  -------------------------------
                                  Name:  Michael B. Botthof
                                  Title: President

<PAGE>

                              EATON VANCE INSTITUTIONAL SENIOR
                                    LOAN FUND

                              By:   Eaton Vance Management, as Investment
                                    Manager

                              By:   /s/ Michael B. Botthof
                                  -------------------------------
                                  Name:  Michael B. Botthof
                                  Title: President

<PAGE>

                           ELC (CAYMAN) LTD.

                           By:   David L. Babson & Company Inc., as Collateral
                                 Manager

                           By:   /s/ Glenn P Duffy
                               -------------------------------
                               Name:  Glenn P Duffy
                               Title: Managing Director

<PAGE>

                           ELC (CAYMAN) LTD. 2000-1

                           By:   David L. Babson & Company Inc., as Collateral
                                 Manager

                           By:   /s/ Glenn P Duffy
                               -------------------------------
                               Name:  Glenn P Duffy, CFA
                               Title: Managing Director

<PAGE>

                           FIDELITY ADVISOR SERIES II HIF

                           By:   /s/ John H. Costello
                               -------------------------------
                               Name:  John H. Costello
                               Title: Assistant Treasurer

<PAGE>

                           FIFTH THIRD BANK

                           By:   /s/ David W. O'Neal
                               -------------------------------
                               Name:  David W. O'Neal
                               Title: Vice President

<PAGE>

                           FIRST NATIONAL BANK AND TRUST
                               COMPANY

                           By:   /s/ Jason L. Etter
                               -------------------------------
                               Name:  Jason L. Etter
                               Title: Assistant Vice President

<PAGE>

                           FRANKLIN CLO II, LIMITED

                           By:   /s/ Richard D'Addario
                               -------------------------------
                               Name:  Richard D'Addario
                               Title: Senior Vice President

<PAGE>

                           FRANKLIN CLO III, LIMITED

                           By:   /s/ Richard D'Addario
                               -------------------------------
                               Name:  Richard D'Addario
                               Title: Senior Vice President

<PAGE>

                           FRANKLIN FLOATING RATE MASTER
                                SERIES

                           By:   /s/ Richard D'Addario
                               -------------------------------
                               Name:  Richard D'Addario
                               Title: Vice President

<PAGE>

                           GOLDENTREE LOAN OPPORTUNITIES I,
                           LIMITED

                           By: GoldenTree Asset Management, LP

                           By:   /s/ Thomas O'Shea
                               -------------------------------
                               Name:  Thomas O'Shea
                               Title: Portfolio Manager

<PAGE>

                           GRAYSON AND CO

                           By: Boston Management and Research
                               as Investment Advisor

                           By:   /s/ Michael B. Botthof
                               -------------------------------
                               Name:  Michael B. Botthof
                               Title: Vice President

<PAGE>

                              Sankaty Advisors, LLC as Collateral
                              Manager for Great Point CLO 1999-1,
                              LTD., as Term Lender

                              By:   /s/ Diane J. Exter
                                  -------------------------------
                                  Name:  Diane J. Exter
                                  Title: Managing Director
                                         Portfolio Manager

<PAGE>

                              HARBOUR TOWN FUNDING LLC

                              By:   /s/ Diane M. Himes
                                  -------------------------------
                                  Name:  Diane M. Himes
                                  Title: Assistant Vice President

<PAGE>

                              HARBOURVIEW CLO IV, LTD.

                              By:   /s/ Lisa Chaffee
                                  -------------------------------
                                  Name:  Lisa Chaffee
                                  Title: Manager

<PAGE>

                              HARBOURVIEW CLO V, LTD.

                              By:   /s/ Lisa Chaffee
                                  -------------------------------
                                  Name:  Lisa Chaffee
                                  Title: Manager

<PAGE>

                              HARRIS TRUST AND SAVINGS BANK

                              By:   /s/ Thad D. Rasche
                                  -------------------------------
                                  Name:  Thad D. Rasche
                                  Title: Vice President

<PAGE>

                              ING-ORYX CLO, LTD.

                              By:   ING Capital Advisors LLC,
                                    as Collateral Manager

                              By:   /s/ Gordon R. Cook
                                  -------------------------------
                                  Name:  Gordon R. Cook
                                  Title: Managing Director

<PAGE>

                        MAPLEWOOD (CAYMAN) LIMITED

                        By:   David L. Babson & Company Inc. under delegated
                              authority from Massachusetts Mutual Life
                              Insurance Company as Investment Manager

                        By:   /s/ Glenn Duffy
                            -------------------------------
                            Name:  Glenn Duffy, CFA
                            Title: Managing Director

<PAGE>

                        MASSACHUSETTS MUTUAL LIFE
                              INSURANCE

                        By:   David L. Babson & Company Inc. as
                              Investment Adviser

                        By:   /s/ Glenn P. Duffy
                            -------------------------------
                            Name:  Glenn P. Duffy, CFA
                            Title: Managing Director

<PAGE>

                        MONUMENT CAPITAL LTD.

                        By:   Alliance Capital Management L.P., as
                              Investment Manager

                        By:   Alliance Capital Management Corporation, as
                              General Partner

                        By:   /s/ Sverker Johansson
                            -------------------------------
                            Name:  Sverker Johansson
                            Title: Vice President

<PAGE>

                        MORGAN STANLEY BANK

                        By:   /s/ Jaap L. Tonckens
                            -------------------------------
                            Name:  Jaap L. Tonckens
                            Title: Vice President
                                   Morgan Stanley Bank

<PAGE>

                        NATIONAL CITY BANK OF INDIANA

                        By:   /s/ Lawrence J. Mayers
                            -------------------------------
                            Name:  Jaap L. Tonckens
                            Title: Senior Vice President

<PAGE>

                        NATIONWIDE MUTUAL FIRE INSURANCE
                             COMPANY

                        By:   /s/ Thomas S. Leggett
                            -------------------------------
                            Name:  Thomas S. Leggett
                            Title: Assistant Vice President
                                   Public Bonds

<PAGE>

                        NEMEAN CLO, LTD.

                        By:  ING Capital Advisors LLC,
                             as Investment Manager

                        By:   /s/ Gordon R. Cook
                            -------------------------------
                            Name:  Gordon R. Cook
                            Title: Managing Director

<PAGE>

                        NEW ALLIANCE GLOBAL CDO, LIMITED

                        By:  Alliance Capital Management L.P.,
                             as Sub-Advisor

                        By:  Alliance Capital Management Corporation,
                             as General Partner

                        By:   /s/ Sverker Johansson
                            -------------------------------
                            Name:  Sverker Johansson
                            Title: Vice President

<PAGE>

                        NEWTON CDO LTD.

                        By:  David L. Babson & Company Inc. as
                             Investment Manager

                        By:   /s/ Glenn P. Duffy
                            -------------------------------
                            Name:  Glenn P. Duffy, CFA
                            Title: Manager Director

<PAGE>

                                          NOMURA BOND & LOAN FUND

                                          By:   /s/ Richard W. Stewart
                                              -------------------------------
                                              Name:  Richard W. Stewart
                                              Title: Manager Director

By: UFJ Trust Bank Limited
    as Trustee
By: Nomura Corporate Research and
    Asset Management Inc.
    Attorney in Fact

<PAGE>

                        NYLIM HIGH YIELD CDO 2001 LTD.

                        By:  New York Life Investment Management LLC,
                        As Investment Manager and Attorney-In-Fact

                        By:   /s/ F. David Melka
                            -------------------------------
                            Name:  F. David Melka
                            Title: Vice President

<PAGE>

                        PNC BANK

                        By:   /s/ Peter A. Yanief
                            -------------------------------
                            Name:  Peter A. Yanief
                            Title: Assistant Vice President

<PAGE>

                        PRINCIPAL LIFE INSURANCE COMPANY

                        By: Principal Global Investors, LLC
                            a Delaware limited liability company,
                            its authorized signatory

                        By:   /s/ Jon C. Henry
                              ------------------------------------
                        Its:  Jon C. Henry, Counsel
                              ------------------------------------

                        By:   /s/ Elizabeth D. Swanson
                              ------------------------------------
                        Its:  Elizabeth D. Swanson, Counsel
                              ------------------------------------

<PAGE>

                        RACE POINT CLO, LIMITED

                        By:   Sankaty Advisors, LLC as Collateral Manager

                        By:   /s/ Diane J. Exter
                            -------------------------------
                            Name:  Diane J. Exter
                            Title: Manager Director
                                   Portfolio Manager

<PAGE>

                        RACE POINT II CLO, LIMITED

                        By:   Sankaty Advisors, LLC as Collateral Manager

                        By:   /s/ Diane J. Exter
                            -------------------------------
                            Name:  Diane J. Exter
                            Title: Manager Director
                                   Portfolio Manager

<PAGE>

                        SECURITY BENEFIT LIFE INSURANCE COMPANY

                        By:   /s/ Steve Columbano
                            -------------------------------
                            Name:  Steve Columbano
                            Title: Vice President

<PAGE>

                        SEQUILS-ING I (HBDGM), LTD.

                        By:  ING Capital Advisors LLC,
                             as Collateral Manager

                        By:   /s/ Gordon R. Cook
                            -------------------------------
                            Name:  Gordon R. Cook
                            Title: Managr Director

<PAGE>

                        SRF 2000, INC.

                        By:   /s/ Diana M. Himes
                            -------------------------------
                            Name:  Diana M. Himes
                            Title: Assistant Vice President

<PAGE>

                        SUFFIELD CLO, LIMITED

                        By:  David L. Babson & Company Inc.
                             as Collateral Manager

                        By:   /s/ Glenn P. Duffy
                            -------------------------------
                            Name:  Glenn P. Duffy, CFA
                            Title: Managing Director

<PAGE>

                        TRYON CLO LTD. 2000-1

                        By:  David L. Babson & Company Inc.
                             as Collateral Manager

                        By:   /s/ Glenn P. Duffy
                            -------------------------------
                            Name:  Glenn P. Duffy, CFA
                            Title: Managing Director

<PAGE>

                        WILBRAHAM CBO, LIMITED

                        By:  David L. Babson & Company Inc. as
                             Investment Manager

                        By:   /s/ Glenn P. Duffy
                            -------------------------------
                            Name:  Glenn P. Duffy, CFA
                            Title: Managing Director

<PAGE>

                          SCHEDULE I TO SIXTH AMENDMENT

                                     CONSENT

                          Dated as of November 13, 2003

                    Each of the undersigned, as Guarantor under the Subsidiary
  Guaranty and Grantor under the Security Agreement, for the benefit of the
  Administrative Agent and the benefit of the Lenders parties to the Credit
  Agreement referred to in the foregoing Sixth Amendment, hereby consents to
  such Sixth Amendment and hereby confirms and agrees that (a) notwithstanding
  the effectiveness of such Sixth Amendment, each of the Subsidiary Guaranty and
  Security Agreement is, and shall continue to be, in full force and effect and
  is hereby ratified and confirmed in all respects, except that, on and after
  the effectiveness of such Amendment, each reference in the Subsidiary Guaranty
  and Security Agreement to the "Credit Agreement", "thereunder", "thereof" or
  words of like import shall mean and be a reference to the Credit Agreement, as
  amended by such Sixth Amendment, and (b) the Collateral Documents to which
  such Grantor is a party and all of the Collateral described therein do, and
  shall continue to, secure the payment of all of the Secured Obligations (in
  each case, as defined therein).

                                   SDI INVESTMENT COMPANY

                                   By: /s/ Tracy L. Shellabarger
                                       -----------------------------
                                       Title: V.P. and CFO

                                   IRON DYNAMICS, INC.

                                   By: /s/ Tracy L. Shellabarger
                                       -----------------------------
                                       Title: V.P. and CFO

                                   DYNAMICS BAR PRODUCTS, LLC

                                   By: Steel Dynamics Inc., its sole member

                                   By: /s/ Tracy L. Shellabarger
                                       -----------------------------
                                       Title: V.P. and CFO

                                   STEEL DYNAMICS SALES NORTH
                                   AMERICA, INC.

                                   By: /s/ Tracy L. Shellabarger
                                       -----------------------------
                                       Title: V.P. and CFO

                                       10<PAGE>

                                                                 EXHIBIT 10.1(f)

                                                                  EXECUTION COPY

                      FIFTH AMENDMENT TO CREDIT AGREEMENT

         THIS FIFTH AMENDMENT TO CREDIT AGREEMENT, dated as of August 7, 2003
(this "Amendment"), is among STEEL DYNAMICS, INC. (the "Borrower"), the Lender
(as defined below) signatories hereto, JPMORGAN CHASE BANK, as administrative
agent for the Lenders (in such capacity, the "Administrative Agent"), GENERAL
ELECTRIC CAPITAL CORPORATION, as Documentation Agent, and MORGAN STANLEY SENIOR
FUNDING. INC., as Arranger and Syndication Agent.

                              W I T N E S S E T H:

         WHEREAS, the Borrower, certain financial institutions and other Persons
(such capitalized term and other capitalized terms used in these recitals to
have the meanings set forth or defined by reference in Part I below) from time
to time parties thereto (collectively, the "Lenders"), JPMorgan Chase Bank, as
Collateral Agent, the Administrative Agent, General Electric Capital
Corporation, as Documentation Agent, and Morgan Stanley Senior Funding Inc., as
Arranger and Syndication Agent, are parties to the Credit Agreement, dated as of
March 26, 2002, as amended by the First Amendment to the Credit Agreement, dated
as of August 6, 2002, as waived by the Letter Waiver, dated as of October 6,
2002, as amended by the Second Amendment to the Credit Agreement, dated as of
December 16, 2002, as amended by the Third Amendment to the Credit Agreement,
dated as of January 23, 2003, and as amended by the Fourth Amendment to the
Credit Agreement, dated as of February 20, 2003 (such Credit Agreement, as so
amended and waived, the "Existing Credit Agreement");

         WHEREAS, the Borrower desires to create a new class of Term B1 Advances
under the Credit Agreement (the "Term B1 Advances") having identical terms
with, having the same rights and obligations under the Loan Documents as and in
the same aggregate principal amounts as the Term B Advances, as set forth in the
Loan Documents, except as such terms are amended hereby;

         WHEREAS, each Term B Lender who executes and delivers this Fifth
Amendment shall be deemed, upon the effectiveness of this Fifth Amendment, to
have exchanged its Term B Commitment and Term B Advances (which Term B
Commitment and Term B Advances shall thereafter be deemed terminated and
refinanced in full) for a Term B1 Commitment (a "Term B1 Commitment") and Term
B1 Advances in the same aggregate principal amount as such Lender's outstanding
Term B Advances as set forth in Schedule I to this Amendment, and such Lender
shall thereafter become a Term B1 Lender (each, a "Term B1 Lender");

         WHEREAS, each Person who executes and delivers this Fifth Amendment as
an Additional Term B1 Lender (each, an "Additional Term B1 Lender"), will make
Term B Advances on the Fifth Amendment Effective Date (as defined herein) (each,
an "Additional Term B1 Advance") to the Borrower in an aggregate principal
amount equal to the amount set forth opposite its name on Schedule I to this
Amendment, the proceeds of which will be used by

                                        1
<PAGE>

the Borrower to refinance in full the outstanding principal amount of Term B
Advances of Term B Lenders, if any, who do not execute and deliver this Fifth
Amendment;

         WHEREAS, the Borrower shall pay to each Term B Lender all accrued and
unpaid interest on its Term B Advances to the Fifth Amendment Effective Date on
such Fifth Amendment Effective Date;

         WHEREAS, the Borrower has requested that the Lenders amend the Existing
Credit Agreement as set forth below; and

         WHEREAS, the Lenders have agreed, subject to the terms and conditions
hereinafter set forth, to amend the Existing Credit Agreement in certain
respects as set forth below (the Existing Credit Agreement, as so amended or
otherwise modified by this Fifth Amendment, being referred to as the "Credit
Agreement");

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

                                     PART I
                                  DEFINITIONS

         SUBPART 1.1. Certain Definitions. The following terms (whether or not
underscored) when used in this Fifth Amendment shall have the following meanings
(such meanings to be equally applicable to the singular and plural forms
thereof):

         "Additional Term B1 Advance" is defined in Subpart 2.1.2.
         "Additional Term B1 Lender" is defined in Subpart 2.1.2.
         "Administrative Agent" is defined in the preamble.
         "Amendment" is defined in the preamble.
         "Borrower" is defined in the preamble.
         "Credit Agreement" is defined in the seventh recital.
         "Existing Credit Agreement" is defined in the first recital.
         "Fifth Amendment Effective Date" is defined in Subpart 4.1.
         "Lenders" is defined in the first recital.
         "Term B1 Advances" is defined in the second recital.
         "Term B1 Commitment" is defined in Subpart 2.1.2.
         "Term B1 Lender" is defined in Subpart 2.1.2.

                                         2
<PAGE>

         SUBPART 1.2. Other Definitions. Terms for which meanings are provided
in the Existing Credit Agreement are, unless otherwise defined herein or the
context otherwise requires, used in this Fifth Amendment with such meanings.

                                     PART II
                                   AMENDMENTS

         Effective on (and subject to the occurrence of) the Fifth Amendment
Effective Date, the Existing Credit Agreement is hereby amended in accordance
with this Part II of this Fifth Amendment; except as so amended or otherwise
modified by this Fifth Amendment, the Existing Credit Agreement and the Loan
Documents shall continue in full force and effect in accordance with their
terms.

         SUBPART 2.1. Amendment to Article 1. Article I of the Existing Credit
Agreement is hereby amended in accordance with Subparts 2.1.1 and 2.1.2.

                           SUBPART 2.1.1. Section 1.01 of the Existing Credit
                  Agreement is hereby amended by restating clause (a) of the
                  definition of "Applicable Margin" in its entirety to read as
                  follows:

                           "(a) with respect to the Term B Facility, 2.00% per
                  annum for Base Rate Advances and 3.00% per annum for
                  Eurodollar Advances, and,"

                           SUBPART 2.1.2. Section 1.01 of the Existing Credit
                  Agreement is hereby further amended by inserting the following
                  new definitions therein in the appropriate alphabetical order:

                                    "Additional Term B1 Advance" means a term
                           loan or term loans in dollars made pursuant to
                           Section 2.03A of this Agreement on the Fifth
                           Amendment Effective Date.

                                    "Additional Term B1 Borrowing" means a
                           borrowing consisting of simultaneous Additional Term
                           B1 Advances of the same Type made by the Additional
                           Term B1 Lenders.

                                    "Additional Term B1 Commitment" means, with
                           respect to an Additional Term B1 Lender, the
                           commitment of such Additional Term B1 Lender to make
                           Additional Term B1 Advances on the Fifth Amendment
                           Effective Date, in an amount in dollars set forth
                           next to the name of such Additional Term B1 Lender
                           on Schedule I to the Fifth Amendment. The aggregate
                           amount of the Additional Term B1 Commitments shall
                           equal the outstanding principal amount of Term B
                           Advances of Term B Lenders that do not execute and
                           deliver the Fifth Amendment on or prior to the Fifth
                           Amendment Effective Date.

                                    "Additional Term B1 Lender" means a Person
                           with an Additional Term B1 Commitment to make
                           Additional Term B1 Advances to the Borrower on the
                           Fifth Amendment Effective Date.

                                       3
<PAGE>

                                    "Fifth Amendment" means the Fifth Amendment,
                           dated as of August 7, 2003, to this Agreement among
                           the Borrower, the Administrative Agent, Morgan
                           Stanley Senior Funding, Inc., General Electric
                           Capital Corporation and the Lenders parties thereto.

                                    "Fifth Amendment Effective Date" is defined
                           in Subpart 4.1 of the Fifth Amendment.

                                    "Term B1 Advance" means a term loan or term
                           loans in dollars made pursuant to Sections 2.02A or
                           2.03A of this Agreement on the Fifth Amendment
                           Effective Date.

                                    "Term B1 Borrowing" means a borrowing
                           consisting of simultaneous Term B1 Advances of the
                           same Type made by the Term B1 Lenders.

                                    "Term B1 Commitment" means, with respect to
                           a Term B Lender, the agreement of such Term B Lender
                           to exchange its Term B Advances for an equal
                           aggregate principal amount of Term B1 Advances on
                           the Fifth Amendment Effective Date, as evidenced by
                           such Term B Lender executing and delivering the Fifth
                           Amendment.

                                    "Term B1 Facility" means, at any time, the
                           aggregate amount of the Term B1 Lenders' and
                           Additional Term B1 Lenders' Commitments at such
                           time.

                                    "Term B1 Lender" means, collectively, (a)
                           each Term B Lender that executes and delivers the
                           Fifth Amendment on or prior to the Fifth Amendment
                           Effective Date and (b) each Additional Term B1
                           Lender.

                                    "Term B1 Note" means a promissory note of
                           the Borrower payable to the order of any Term B1
                           Lender or an Additional Term B1 Lender, in
                           substantially the form of Exhibit A-3 hereto,
                           evidencing the indebtedness of the Borrower to such
                           Lender resulting from the Term B1 Advance or the
                           Additional Term B1 Advance made by such Lender, as
                           amended, endorsed, extended or otherwise modified
                           from time to time.

         SUBPART 2.2. Replacement. Upon the Fifth Amendment Effective Date, the
Term B1 Advances shall have the same terms, rights and obligations as the Term
B Advances as set forth in the Loan Documents, except as modified by Part II of
this Fifth Amendment, and all references to "Term B Advances", "Term B
Commitment", "Term B Facility", "Term B Note" "Term B Lenders" and "Term B
Borrowings" in the Loan Documents shall be deemed to be references to "Term B1
Advances", "Term B1 Commitment", "Term B1 Facility", "Term B1 Note" "Term B1
Lenders" and "Term B1 Borrowings", respectively.

                                    PART III
                      FURTHER AMENDMENTS - TERM B1 ADVANCES

         Effective on (and subject to the occurrence of) the Fifth Amendment
Effective Date, the Existing Credit Agreement is hereby further amended in
accordance with this Part III

                                       4
<PAGE>

of the Fifth Amendment; except as so amended or otherwise modified by this Fifth
Amendment, the Existing Credit Agreement and the Loan Documents shall continue
in full force and effect in accordance with their terms.

         SUBPART 3.1. Article II of the Existing Credit Agreement is hereby
amended by adding the following new Sections 2.01A through 2.04A thereto:

                  "SECTION 2.01A Each Term B1 Lender severally agrees to make
         a single advance to the Borrower on the Fifth Amendment Effective Date
         in an amount not to exceed such Lender's Term B1 Commitment at such
         time on the terms and conditions set forth in this Agreement and
         otherwise as set forth in Part III to the Fifth Amendment.

                  SECTION 2.02A Exchange. Subject to the terms and conditions
         hereof, each Term B Lender with a Term B1 Commitment severally agrees
         to exchange its Term B Advance for a like principal amount in dollars
         of Term B1 Advances on the Fifth Amendment Effective Date, and from
         and after the Fifth Amendment Effective Date such Term B Advance shall
         be deemed refinanced in full.

                  SECTION 2.03A Additional Term BI Advances. Subject to the
         terms and conditions hereof, each Additional Term B Lender severally
         agrees to make Additional Term B1 Advances in Dollars to the Borrower
         on the Fifth Amendment Effective Date in a principal amount not to
         exceed its Term B1 Commitment on the Fifth Amendment Effective Date.
         The Borrower shall refinance all Term B Advances of Term B Lenders that
         do not execute and deliver this Fifth Amendment on the Fifth Amendment
         Effective Date with the gross proceeds of the Additional Term B1
         Advances.

                  SECTION 2.04A Interest, Etc. On the Fifth Amendment Effective
         Date the Borrower shall use 100% of the proceeds of all Term B1
         Advances to refinance the Term B Advances and the Borrower shall pay
         all accrued and unpaid interest on the Term B Advances to the Term B
         Lenders and any breakage loss or expense pursuant to Section 8.04(c) of
         this Agreement. The Fifth Amendment Effective Date shall be deemed the
         first day of a new Interest Period with respect to the Term B1 Advances
         made on the Fifth Amendment Effective Date."

         SUBPART 3.2. Amended and Restated Credit Agreement. The Administrative
Agent and the Arranger and Syndication Agent are hereby authorized to enter into
an Amended and Restated Credit Agreement with the Borrower within a reasonable
time period after the Fifth Amendment Effective Date to reflect the terms of
this Fifth Amendment and any previous amendment to the Credit Agreement,
together with any changes that may be incidental to or required to effect the
foregoing.

                                     PART IV
                          CONDITIONS TO EFFECTIVENESS

         SUBPART 4.1. Effectiveness. This Fifth Amendment and the amendments
contained herein shall become effective on the date (the "Fifth Amendment
Effective Date") when each of the conditions set forth in this Part IV to this
Fifth Amendment shall have been

                                       5
<PAGE>

fulfilled to the satisfaction of the Administrative Agent, provided that such
conditions are in any event fulfilled no later than August 15, 2003.

         SUBPART 4.2. Execution of Counterparts. The Administrative Agent and
the Arranger shall have received counterparts of this Fifth Amendment, duly
executed and delivered on behalf of each of the (a) Borrower, (b) the
Administrative Agent, (c) the Required Lenders and (d) each Term B Lender, or in
lieu of one or more Term B Lenders, one or more Additional Term B Lenders
providing Additional Term B1 Commitments in an amount sufficient to refinance
all of the principal of the Term B Advances owed to such non-consenting Term B
Lenders or as to any of the foregoing parties, advice reasonably satisfactory to
the Administrative Agent that each of the foregoing parties has executed a
counterpart of this Fifth Amendment.

         SUBPART 4.3. Notice of Borrowing. The Borrower shall have provided the
Administrative Agent with a Notice of Borrowing in accordance with the
requirements of Section 2.02(a) of the Credit Agreement three Business Days
prior to the Fifth Amendment Effective Date with respect to the borrowing of the
Term B1 Advances on the Fifth Amendment Effective Date.

         SUBPART 4.4. Expenses. The Borrower shall have paid all expenses
(including the fees and expenses of Shearman & Sterling) incurred in connection
with the preparation, negotiation and execution of this Fifth Amendment and
other matters relating to the Credit Agreement from and after the last invoice
to the extent invoiced.

         SUBPART 4.5. Evidence of Debt. Each Term B1 Lender or Additional Term B
1 Lender shall have received, if requested, one or more Notes payable to the
order of such Lender duly executed by the Borrower in substantially the form of
Exhibit A-3 to the Credit Agreement, as modified by this Fifth Amendment,
evidencing the Term B1 Advances.

         SUBPART 4.6. Interest, Etc. Simultaneously with the making of the Term
B1 Advances, the Borrower shall have paid to all the Term B Lenders all accrued
and unpaid interest on the Term B Advances to the Fifth Amendment Effective Date
plus any breakage, loss or expense pursuant to Section 8.04(c) of the Credit
Agreement.

         SUBPART 4.7. Consent. The Administrative Agent and the Arranger shall
have received counterparts of a Consent substantially in the form of Schedule II
to this Fifth Amendment, duly executed by each of the entities listed therein.

         SUBPART 4.8. Resolutions. The Administrative Agent and the Arranger
shall have received certified copies of (A) the resolutions of the Board of
Directors of the Borrower evidencing approval for this Fifth Amendment and all
matters contemplated hereby and (B) all documents evidencing other necessary
corporate action and governmental and other third party approvals and consents
if any, with respect to this Fifth Amendment and the matters contemplated
hereby.

         SUBPART 4.9. Certificates. The Administrative Agent and the Arranger
shall have received a certificate of the Secretary or an Assistant Secretary of
the Borrower certifying (A) the names and true signatures of the officers of the
Borrower authorized to sign this Fifth

                                       6
<PAGE>

Amendment and the other documents to be delivered hereunder, (B) that no
authorization or approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body, or any third party to any
agreements and instruments is required for the due execution, delivery or
performance by the Borrower of this Fifth Amendment, (C) the representations and
warranties contained in Part V of this Fifth Amendment are true and correct and
(D) no event has occurred and is continuing that constitutes a Default.

         SUBPART 4.10. Legal Details, etc. All documents executed or submitted
pursuant hereto shall be satisfactory in form and substance to the
Administrative Agent, the Arranger and Shearman & Sterling as counsel. The
Administrative Agent, the Arranger and counsel shall have received all
information and such counterpart originals or such certified or other copies or
such materials as the Administrative Agent, the Arranger or counsel may
reasonably request, and all legal matters incident to the transactions
contemplated by this Fifth Amendment shall be satisfactory to the Administrative
Agent, the Arranger and counsel.

                                     PART V
                  MISCELLANEOUS; REPRESENTATIONS AND COVENANTS

         SUBPART 5.1. Continuing Effectiveness etc. As amended hereby, the
Credit Agreement shall remain in full force and effect and is hereby ratified
and confirmed in all respects. After the Fifth Amendment Effective Date, all
references in the Credit Agreement and each other Loan Document to the
"Agreement" or "Credit Agreement", as applicable, shall refer to the Existing
Credit Agreement, after giving effect to this Fifth Amendment, and this Fifth
Amendment shall be a Loan Document for all purposes. The Borrower hereby
confirms its obligations under Section 8.04 of the Credit Agreement to pay all
fees and expenses of the Administrative Agent and the Arranger (including
reasonable fees and out-of-pocket expenses of Shearman & Sterling) in connection
with this Fifth Amendment and other ongoing administration of the Credit
Agreement as provided in Section 8.04 of the Credit Agreement since the last
invoice it received.

         SUBPART 5.2. Counterparts. This Fifth Amendment may be executed in any
number of counterparts and by the different parties on separate counterparts,
and each such counterpart shall be deemed to be an original but all such
counterparts shall together constitute one and the same Amendment.

         SUBPART 5.3. Governing Law. THIS FIFTH AMENDMENT SHALL BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.

         SUBPART 5.4. Successors and Assigns. This Fifth Amendment shall be
binding upon the Borrower, the Lenders and the Agents and their respective
successors and assigns, and shall inure to their successors and assigns.

         SUBPART 5.5. Representations and Warranties, Event of Default. In order
to induce the Lenders to execute and deliver this Fifth Amendment, (a) the
Borrower represents and warrants to the Agents, the Lenders and the Issuing Bank
that, after giving effect to the terms of this Fifth Amendment, the following
statements are true and correct: (i) the representations and

                                       7
<PAGE>

warranties set forth in Article IV of the Existing Credit Agreement and in the
other Loan Documents are true and correct on the Fifth Amendment Effective Date
as if made on the Fifth Amendment Effective Date and after giving effect to the
Fifth Amendment (unless stated to relate solely to an earlier date, in which
case such representations and warranties were true and correct in all material
respects as of such earlier date); and (ii) no Default has occurred and is
continuing; and (b) the Borrower agrees that any breach in any material respect
of any representation, warranty, or covenant contained in this Fifth Amendment
shall constitute an Event of Default.

         SUBPART 5.6. Modifications to this Fifth Amendment. This Fifth
Amendment can be amended, waived or otherwise modified by instrument in writing
signed by the Borrower and the Required Lenders.

                                       8
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment
to be executed and delivered by their respective authorized officers as of the
day and year first above written.

                           STEEL DYNAMICS, INC.

                           By:  /s/ Tracy L. Shellabarger
                              ----------------------------------
                                Title: Tracy L. Shellabarger
                                       Chief Financial Officer

<PAGE>

LENDERS

                           JPMORGAN CHASE BANK,

                           as Administrative Agent and Collateral Agent and
                             as a Lender

                           By: /s/ JAMES H. RAMAGE
                           -------------------------
                                 JAMES H. RAMAGE
                                MANAGING DIRECTOR

<PAGE>

                           MORGAN STANLEY SENIOR FUNDING, INC.,

                           as Arranger and Syndication Agent and as a
                             Lender

                           By: /s/
                              ----------------------------
                               Title: EXECUTIVE DIRECTOR

<PAGE>

                           GENERAL ELECTRIC CAPITAL
                           CORPORATION,

                           as Documentation Agent and as a Lender

                           By: /s/ John Dale
                              -----------------------------------
                               Title: Duly Authorized Signatory

<PAGE>

                           ARCHIMEDES FUNDING IV (CAYMAN), LTD.

                           BY: ING Capital Advisors LLC,
                               as Collateral Manager

                           BY: /s/ Gordon R. Cook
                              --------------------------
                           Name: GORDON R. COOK
                           Title: MANAGING DIRECTOR

                           SEQUILS-ING I (HBDGM), LTD.

                           BY: ING Capital Advisors LLC,
                               as Collateral Manager

                           BY: /s/ Gordon R. Cook
                              --------------------------
                           Name: GORDON R. COOK
                           Title: MANAGING DIRECTOR

                           ING-ORYX CLO, LTD.

                           BY: ING Capital Advisors LLC,
                               as Collateral Manager

                           BY: /s/ Gordon R. Cook
                              --------------------------
                           Name: GORDON R. COOK
                           Title: MANAGING DIRECTOR

                           NEMEAN CLO, LTD.

                           BY: ING Capital Advisors LLC,
                               as Investment Manager

                           BY: /s/ Gordon R. Cook
                              --------------------------
                           Name: GORDON R. COOK
                           Title: MANAGING DIRECTOR

<PAGE>

                           AMCO INSURANCE COMPANY

                           By /s/ THOMAS S. LEGGETT
                             ----------------------------------
                               Title:          THOMAS S. LEGGETT
                                           ASSOCIATE VICE PRESIDENT
                                                 PUBLIC BONDS

<PAGE>

                           APEX (IDM) CDO I, LTD.

                           By: David L. Babson & Company Inc. as Collateral
                                 Manager

                           By /s/ GLENN P DUFFY
                             --------------------------------------
                             Title:   GLENN P DUFFY, CFA
                                      Managing Director

<PAGE>

ARES Leveraged Investment Fund II,         Ares V CLO Ltd.
  L.P.

                                           By: Ares CLO Management V, L.P.,
By: ARES Management II, L.P.                   Investment Manager
Its: General Partner

                                           By: Ares CLO GP V, LLC,
By: /s/ SETH J. BRUFSKY                        Its Managing Member
   ---------------------------------
   Name: SETH J. BRUFSKY
   Title: VICE PRESIDENT                   By: /s/ SETH J. BRUFSKY
                                              ---------------------------------
                                              Name: SETH J. BRUFSKY
                                              Title: VICE PRESIDENT
ARES III CLO Ltd.

By: ARES CLO Management LLC,               Ares VI CLO Ltd.
    Investment Manager
                                           By: Ares CLO Management VI, L.P.,
                                               Investment Manager
By: /s/ SETH J. BRUFSKY
   ---------------------------------
   Name: SETH J. BRUFSKY                   By: Ares CLO GP VI, LLC,
   Title: VICE PRESIDENT                       Its Managing Member

                                           By: /s/ SETH J. BRUFSKY
Ares IV CLO Ltd.                              ---------------------------------
By: Ares CLO Management IV, L.P.,             Name: SETH J. BRUFSKY
    Investment Manager                        Title: VICE PRESIDENT

By: Ares CLO GP IV, LLC,
    Its Managing Member                    Ares VII CLO Ltd.
                                           By: Ares CLO Management VII, L.P.,
                                               Investment Manager
By: /s/ SETH J. BRUFSKY
   ---------------------------------
   Name: SETH J. BRUFSKY                   By: Ares CLO GP VII, LLC,
   Title: VICE PRESIDENT                       Its General Partner

                                           By: /s/ SETH J. BRUFSKY
                                              ---------------------------------
                                              Name: SETH J. BRUFSKY
                                              Title: VICE PRESIDENT

<PAGE>

                           ATRIUM CDO

                           By /s/ Andrew H. Marshak
                             ------------------------------------
                             Title:
                                    Andrew H. Marshak
                                    Authorized Signatory

<PAGE>

                           AURUM CLO 2002-1 LTD.

                           By: Columbia Management Advisors, Inc. (f/k/a
                               Stein Roe & Farnham Incorporated), as
                               Investment Manager

                           By /s/ Kathleen A. Zarn
                             ------------------------------------
                             Title:
                                    Kathleen A. Zarn
                                    Senior Vice President

<PAGE>

                           BABSON CLO LTD. 2003-1

                           By: David L. Babson & Company Inc. as Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           BALLYROCK CDO I LIMITED

                           By: BALLYROCK INVESTMENT ADVISORS LLC,
                               as Collateral Manager

                           By: /s/ Lisa Rymut
                              --------------------------------

                               Name: Lisa Rymut
                               Title: Assistant Treasurer

<PAGE>

                           BANK OF MONTREAL

                           BY:

                           Name:
                           Title:

<PAGE>

                           BAVARIA TRR CORPORATION

                           By /s/ Lori Gebron
                             ------------------------------------
                             Name: Lori Gebron
                             Title: Vice President

<PAGE>

                           [ADDITIONAL LENDER]

                           By /s/ SCOTT H. PAGE
                             ------------------------------------
                             Name: SCOTT H. PAGE
                             Title: VICE PRESIDENT

<PAGE>

                           BILL & MELINDA GATES FOUNDATION

                           By: David L. Babson & Company Inc. as
                                Investment Adviser

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           Sankaty Advisors, LLC, as Collateral
                           Manager for Brant Point II CBO
                           2000-1 LTD., as Term Lender

                           By /s/ DIANE J. EXTER
                             ------------------------------------
                             Title:
                                     DIANE J. EXTER
                                     MANAGING DIRECTOR
                                     PORTFOLIO MANAGER

<PAGE>

                           CALLIDUS DEBT PARTNERS CLO
                             FUND II, LTD.

                           By /s/ MAVIS TAINTOR
                             ------------------------------------
                             Title:
                                     MAVIS TAINTOR
                                     MANAGING DIRECTOR

<PAGE>

                           Sankaty Advisors, LLC, as Collateral
                           Manager for Castle Hill I - INGOTS, Ltd.,
                           as Term Lender

                           By /s/ DIANE J. EXTER
                             ------------------------------------
                             Name:   DIANE J. EXTER
                                     MANAGING DIRECTOR
                             Title:  PORTFOLIO MANAGER

<PAGE>

                           Sankaty Advisors, LLC as Collateral
                           Manager for Castle Hill II - INGOTS,
                           Ltd., as Term Lender

                           By /s/ DIANE J. EXTER
                             ------------------------------------
                             Name:   DIANE J. EXTER
                                     MANAGING DIRECTOR
                             Title:  PORTFOLIO MANAGER

<PAGE>

                           CLYDESDALE CLO 2001-1, LTD.

                           By /s/ Elizabeth MacLean
                             ------------------------------------

NOMURA CORPORATION RESEARCH    Title:   Elizabeth MacLean
AND ASSET MANAGEMENT INC.                   Director
         AS
   COLLATERAL MANAGER

<PAGE>

                           CSAM FUNDING I

                           By: /s/ Andrew H. Marshak
                              ------------------------------

                               Name:  Andrew H. Marshak
                               Title: Authorized Signatory

<PAGE>

                           CSAM FUNDING II

                           By: /s/ Andrew H. Marshak
                              ------------------------------

                               Name:  Andrew H. Marshak
                               Title: Authorized Signatory

<PAGE>

                           [ADDITIONAL LENDER]

                           EATON VANCE INSTITUTIONAL SENIOR LOAN FUND
                                   BY: EATORN VANCE MANAGEMENT
                                      AS INVESTMENT ADVISOR

                           By: /s/ SCOTT H. PAGE
                              ------------------------------

                               Name:  SCOTT H. PAGE
                               Title: VICE PRESIDENT

<PAGE>

                           ELC (CAYMAN) LTD.

                           By: David L. Babson & Company Inc. as
                           Collateral Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           ELC (CAYMAN) LTD. 2000-1

                           By: David L. Babson & Company Inc. as
                           Collateral Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           FIDELITY ADVISOR SERIES II HIF

                           Fidelity Advisor Series II: Fidelity Advisor
                           Floating Rate High Income Fund (161)

                           By /s/ John H. Costello
                             ------------------------------------
                             Title:
                                    John H. Costello
                                    Assistant Treasurer

<PAGE>

                           FRANKLIN CLO II, LIMITED

                           By:  /s/ TYLER CHAN
                               ------------------------------------
                               Name: TYLER CHAN
                               Title: VICE PRESIDENT

<PAGE>

                           FRANKLIN CLO III, LIMITED

                           By:  /s/ TYLER CHAN
                               ------------------------------------
                               Name: TYLER CHAN
                               Title: VICE PRESIDENT

<PAGE>

                           FRANKLIN FLOATING RATE MASTER SERIES

                           By:  /s/ TYLER CHAN
                               ------------------------------------
                               Name: TYLER CHAN
                               Title: ASST. VICE PRESIDENT

<PAGE>

                           GOLDENTREE LOAN OPPORTUNITIES I,
                             LIMITED

                           By: GoldenTree Asset Management, LP

                           By
                              -------------------------------------
                               Title: Analyst

<PAGE>

                           [ADDITIONAL LENDER]

                           BY: BOSTON MANAGEMENT AND RESEARCH
                                  AS INVESTMENT ADVISOR

                           By: /s/ SCOTT H. PAGE
                              ------------------------------

                              Title:  SCOTT H. PAGE
                                      VICE PRESIDENT

<PAGE>

                           Sankaty Advisors, LLC as Collateral
                           Manager for Great Point CLO 1999-1
                           LTD., as Term Lender

                           By /s/ DIANE J. EXTER
                             ------------------------------------
                             Name:   DIANE J. EXTER
                                     MANAGING DIRECTOR
                             Title:  PORTFOLIO MANAGER

<PAGE>

                           HARBOUR TOWN FUNDING LLC

                           By: /s/ DIANA M. HIMES
                              ------------------------------
                              Title:       DIANA M. HIMES
                                      ASSISTANT VICE PRESIDENT

<PAGE>

LENDERS:

                           JPMORGAN CHASE BANK,

                           as Administrative Agent and Collateral Agent and

                           By:
                              --------------------------------------
                                 Name:
                                 Title:

                           HarbourView CLO IV, Ltd as a Lender

                           By: /s/ Bill Campbell
                              --------------------------------------
                                 Name: Bill Campbell
                                 Title: Manager

<PAGE>

LENDERS

                           JPMORGAN CHASE BANK,

                           as Administrative Agent and Collateral Agent and

                           By:
                              --------------------------------------
                                 Name:
                                 Title:

                           HarbourView CLO V, Ltd as a Lender

                           By: /s/ Bill Campbell
                              --------------------------------------
                                 Name: Bill Campbell
                                 Title: Manager

<PAGE>

                           LONG LANE MASTER TRUST IV

                           By: Fleet National Bank as Trust Administrator

                           By: /s/ Michael J Sullivan
                              --------------------------------------
                                 Title:
                                           Michael J Sullivan
                                             Vice President

<PAGE>

                           MAGNETITE IV CLO, LIMITED

                           By: /s/
                              --------------------------------------
                                 Name:
                                 Title: M.D.

<PAGE>

                           MAPLEWOOD (CAYMAN) LIMITED

                           By: David L. Babson & Company Inc. under
                                 delegated authority from Massachusetts
                                 Mutual Life Insurance Company as
                                 Investment Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           MASSACHUSETTS MUTUAL LIFE
                             INSURANCE

                           By: David L. Babson & Company Inc. as
                                 Investment Adviser

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           MONUMENT CAPITAL LTD.

                           By: Alliance Capital Management L.P., as
                               Investment Manager

                           By: Alliance Capital Management Corporation, as
                               General Partner

                           By: /s/ Sverker Johansson
                              --------------------------------------
                                 Name: Sverker Johansson
                                 Title: Vice President

<PAGE>

                           NATIONWIDE MUTUAL FIRE INSURANCE
                             COMPANY

                           By /s/ THOMAS S. LEGGETT
                             ------------------------------------
                             Title:
                                       THOMAS S. LEGGETT
                                   ASSOCIATE VICE PRESIDENT
                                         PUBLIC BONDS

<PAGE>

                           NATIONWIDE MUTUAL INSURANCE
                             COMPANY

                           By /s/ THOMAS S. LEGGETT
                             ------------------------------------
                             Title:
                                       THOMAS S. LEGGETT
                                   ASSOCIATE VICE PRESIDENT
                                         PUBLIC BONDS

<PAGE>

                           NEW ALLIANCE GLOBAL CDO, LIMITED

                           By: Alliance Capital Management L.P.,
                               as Sub-Advisor

                           By: Alliance Capital Management Corporation,
                               as General Partner

                           By: /s/ Sverker Johansson
                              --------------------------------------
                                 Name: Sverker Johansson
                                 Title: Vice President

<PAGE>

                           NEWTON CDO LTD.

                           By: David L. Babson & Company Inc. as
                                 Investment Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                                NOMURA BOND & LOAN FUND

By: UFJ Trust Bank Limited      By: /s/ Elizabeth MacLean
      as Trustee                   ------------------------------------
By: Nomura Corporate                Title:
    Research and Asset                         Elizabeth MacLean
    Management Inc.                                 Director
    Attorney in Fact

<PAGE>

                           NYLIM HIGH YIELD CDO 2001 LTD.

                           By: New York Life Investment Management LLC,
                               as Investment Manager and Attorney-in-Fact

                           By /s/
                             ------------------------------------
                             Title: Director

<PAGE>

                           PRINCIPAL LIFE INSURANCE COMPANY

                           By: Principal Global Investors, LLC
                               a Delaware limited liability company,
                               its authorized signatory

                           By: /s/ JON C. HENRY
                              -----------------------------------
                           Its: JON C. HENRY, COUNSEL
                              -----------------------------------

                           By: /s/ DEBRA
                              -----------------------------------
                           Its: COUNSEL
                              -----------------------------------

<PAGE>

                           PROMETHEUS INVESTMENT FUNDING I LTD.

                           By: CPF Asset Advisors LLC,
                               as Investment Manager

                           By: /s/ IRV ROA
                              -----------------------------------
                              Name:  IRV ROA
                              Title: DIRECTOR

                           By: /s/ TIMOTHY L. HARROD
                              -----------------------------------
                              Name:  TIMOTHY L. HARROD
                              Title: MANAGING DIRECTOR

<PAGE>

                           PROMETHEUS INVESTMENT FUNDING NO. 2 LTD.

                           By: CPF Asset Advisors LLC,
                               as Investment Manager

                           By: /s/ IRV ROA
                              -----------------------------------
                              Name:  IRV ROA
                              Title: DIRECTOR

                           By: /s/ TIMOTHY L. HARROD
                              -----------------------------------
                              Name:  TIMOTHY L. HARROD
                              Title: MANAGING DIRECTOR

<PAGE>

                           THE PROVIDENT BANK

                           By: /s/
                              -----------------------------------
                              Title: AVP

<PAGE>

                           Sankaty Advisors, LLC as Collateral
                           Manager for Race Point CLO, Limited,
                           as Term Lender

                           By /s/ DIANE J. EXTER
                             ------------------------------------
                             Name:   DIANE J. EXTER
                                     MANAGING DIRECTOR
                             Title:  PORTFOLIO MANAGER

<PAGE>

                           Sankaty Advisors, LLC as Collateral
                           Manager for Race Point II CLO,
                           Limited, as Term Lender

                           By /s/ DIANE J. EXTER
                             ------------------------------------
                             Name:   DIANE J. EXTER
                                     MANAGING DIRECTOR
                             Title:  PORTFOLIO MANAGER

<PAGE>

                           SEMINOLE FUNDING LLC

                           By: /s/ DIANA M. HIMES
                              ------------------------------
                              Title:       DIANA M. HIMES
                                      ASSISTANT VICE PRESIDENT

<PAGE>

                           SIMSBURY CLO, LIMITED

                           By: David L. Babson & Company Inc. under
                           delegated authority from Massachusetts
                           Mutual Life Insurance Company as Collateral
                           Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           SRF 2000, Inc.

                           By: /s/ DIANA M. HIMES
                              ------------------------------
                              Title:       DIANA M. HIMES
                                      ASSISTANT VICE PRESIDENT

<PAGE>

                           STEIN ROE FLOATING RATE LIMITED
                             LIABILITY COMPANY

                           By: Columbia Management Advisors, Inc. (f/k/a
                               Stein Roe & Farnham Incorporated), as
                               Advisor

                           By: /s/ Kathleen A. Zarn
                              ------------------------------
                              Title:       Kathleen A. Zarn
                                        Senior Vice President

<PAGE>

                           STRONG SHORT TERM HIGH YIELD BOND
                             FUND

                           By: /s/
                              ------------------------------
                              Title: Assistant Secretary

<PAGE>

                           SUFFIELD CLO, LIMITED

                           By: David L. Babson & Company Inc. as Collateral
                               Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           TRYON CLO LTD. 2000-1

                           By: David L. Babson & Company Inc. as Collateral
                               Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                           WILBRAHAM CBO, LIMITED

                           By: David L. Babson & Company Inc. as Investment
                               Manager

                           By /s/ GLENN P DUFFY
                             ------------------------------------
                             Title:
                                    GLENN P DUFFY, CFA
                                     Managing Director

<PAGE>

                          SCHEDULE I TO FIFTH AMENDMENT
                              TERM B1 COMMITMENTS

Syndicate Investor                                       Investor Commitment
------------------                                       -------------------
AMCO Insurance Company                                         835,335.85
Apex (IDM) CDO I, Ltd.                                       2,088,339.63
Archimedes Funding IV, Ltd.                                  1,670,671.71
Ares III CLO Ltd.                                            1,461,837.74
Ares IV CLO Ltd.                                             3,132,509.43
Ares Leveraged Investment Fund II, L.P.                      1,670,671.71
Ares V CLO Ltd                                               2,923,675.48
Ares VI CLO LTD                                              3,341,343.40
Ares VII CLO Ltd.                                            3,341,343.40
Atrium CDO                                                   1,670,671.71
Aurum CLO 2002-1 Ltd.                                          835,335.85
Babson CLO Ltd. 2003-1                                       2,506,007.55
Ballyrock CDO I Limited                                      1,852,593.40
Bank of Montreal                                             3,341,343.42
Bavaria TRR Corporation                                      3,341,343.40
Big Sky Senior Loan Fund, Ltd.                               2,308,822.63
Bill and Melinda Gates Foundation                            1,253,003.78
Brant Point II CBO 2000-1 Ltd.                               1,331,585.85
Callidus Debt Partners CLO Fund II, Ltd.                     2,088,339.63
Castle Hill II-Ingots, Ltd.                                  4,803,181.14
Castle Hill I-Ingots, Ltd.                                   3,759,011.33

<PAGE>

Syndicate Investor                                       Investor Commitment
------------------                                       -------------------
Clydesdale CLO 2001-1, Ltd.                                  2,506,007.55
CSAM Funding I                                               2,506,007.56
CSAM Funding II                                              2,506,007.55
Eaton Vance Institutional Sr.Loan Fd                           362,374.02
ELC (Cayman) Ltd. 2000-1                                     1,670,671.71
ELC (Cayman) LTD.                                              835,335.85
Fidelity Advisor Series II HIF                               1,985,000.00
Franklin CLO II, Limited                                     1,253,003.78
Franklin CLO III, Ltd.                                       1,670,671.70
Franklin Floating Rate Master Series                           835,335.85
Goldentree Loan Opportunities I, Limited                     3,793,647.22
Grayson and Co                                                 992,500.00
Great Point CLO 1999-1 Ltd.                                  2,584,589.63
Harbour Town Funding LLC                                     3,341,343.40
Harbourview CLO IV, Ltd.                                       835,335.85
HarbourView CLO V, Ltd.                                      1,809,894.34
ING-ORYX CLO, Ltd.                                           3,341,343.40
Long Lane Master Trust IV                                    3,550,177.36
Magnetite IV CLO, Limited                                    3,132,509.43
MapleWood (Cayman) Limited                                   5,742,933.96
Massachusetts Mutual Life Insurance Company                  1,148,586.80
Monument Capital Ltd.                                        2,506,007.55
Morgan Stanley Senior Funding, Inc.                          3,341,343.40
Nationwide Mutual Fire Insurance                             4,176,679.25

<PAGE>

Syndicate Investor                                       Investor Commitment
------------------                                       -------------------
Nationwide Mutual Insurance Company                          3,862,350.96
Nemean CLO, Ltd.                                             5,012,015.11
New Alliance Global CDO, Ltd.                                  835,335.85
Newton CDO Ltd.                                              1,879,505.67
Nomura Bond & Loan Fund                                      5,220,849.06
NYLIM High Yield CDO 2001 Ltd.                                 835,335.85
Principal Life Insurance Company                             5,847,350.95
Prometheus Investment Funding No. 1 Ltd                      1,625,848.83
Prometheus Investment Funding No. 2 Ltd.                     1,083,899.21
Provident Bank                                               4,937,632.55
Race Point CLO, Limited                                      3,341,343.40
Race Point II CLO, Limited                                   3,341,343.40
Seminole Funding LLC                                         1,717,248.01
SEQUILS ING I (HBDGM), Ltd.                                  2,506,007.55
Simsbury CLO, Limited                                        3,445,760.39
SRF 2000, Inc. (fka SRF 2000 LLC)                            1,809,894.35
Stein Roe Floating Rate LLC                                  1,809,894.35
Strong Short Term HighYield Bond Fd                          1,670,671.71
Suffield CLO, Limited                                        3,445,760.39
Tryon CLO Ltd. 2000-1                                        1,670,671.71
Wilbraham CBO, Limited                                       1,879,505.67
Total Term Loan B-1                                       $163,762,500.17

<PAGE>

                         SCHEDULE II TO FIFTH AMENDMENT
                                    CONSENT

         Reference is made to the Credit Agreement, dated as of March 26, 2002,
as amended by the First Amendment to the Credit Agreement, dated as of August 6,
2002, as waived by the Letter Waiver, dated as of October 6, 2002, as amended by
the Second Amendment to the Credit Agreement, dated as of December 16, 2002, as
amended by the Third Amendment to the Credit Agreement, dated as of January 23,
2003, and as amended by the Fourth Amendment to the Credit Agreement, dated as
of February 20, 2003 among the Borrower, the Lenders party thereto, JPMorgan
Chase Bank, as Collateral Agent, the Administrative Agent, General Electric
Capital Corporation, as Documentation Agent, and Morgan Stanley Senior Funding,
Inc., as Arranger and Syndication Agent (such Credit Agreement, as so amended
and waived, the "Credit Agreement").

         Each of the undersigned confirms and agrees that (a) notwithstanding
the effectiveness of the foregoing fifth Amendment to the Credit Agreement, each
Loan Document to which such Person is a party is, and shall continue to be, in
full force and effect and is hereby ratified and confirmed in all respects, in
each case as amended by the Fifth Amendment to the Credit Agreement, and (b) the
Collateral Documents to which such person is a party and all of the Collateral
described therein do, and shall continue to, secure the payment of all of the
secured Obligations and the Guaranteed Obligations, respectively (in each case,
as defined therein).

                           SDI INVESTMENT COMPANY

                           By   /s/ Tracy L. Shellabarger
                             ----------------------------------------------
                                Title: President, Chief Executive Officer,
                                Chief Financial Officer & Director

                           IRON DYNAMICS INC.

                           By   /s/ Tracy L. Shellabarger
                             ----------------------------------------------
                                Title: Chief Financial Officer

                           DYNAMICS BAR PRODUCTS, LLC

                           By: Steel Dynamics, Inc., its sole member

                           By   /s/ Tracy L. Shellabarger
                             ----------------------------------------------
                                Title: Vice President, Chief Financial
                                       Officer & Principal Accounting Officer

<PAGE>

                           STEEL DYNAMICS SALES NORTH AMERICA, INC.

                           By   /s/ Tracy L. Shellabarger
                             ----------------------------------------------
                                Title: Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}]]