Steel Dynamics (STLD) 10-K 2006 FY Annual report

EXHIBIT 12.1

STEEL DYNAMICS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(DOLLARS IN THOUSANDS)

	2002			2003			2004			2005			2006
Interest expense, including amortization of debt issuance costs	$	38,513		$	38,568		$	45,355		$	40,277		$	39,178
Capitalized interest	11,413			7,820			6,935			730			1,686
Fixed charges (a)	49,926			46,388			52,290			41,007			40,864
Income before taxes and extraordinary items	124,477			75,437			475,033			360,626			631,555
Amortization of capitalized interest	2,932			3,859			3,670			4,073			4,814
Less capitalized interest	(11,413		)	(7,820		)	(6,935		)	(730		)	(1,686		)
Adjusted earnings (b)	165,922			117,864			524,058			404,976			675,547
Ratio (b) / (a)	3.32x			2.54x			10.02x			9.88x			16.53x

For purposes of calculating our ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before income taxes and extraordinary items, adjusted for the portion of fixed charges deducted from the earnings, plus amortization of capitalized interest.  Fixed charges consist of interest on all indebtedness, including capitalized interest, and amortization of debt issuances costs.