Exhibit 14.1


                     Code of Ethics for Principal Officers
                      For Principal Executive Officers and
                          Senior Financial Officers of
                              Steel Dynamics, Inc.


         It is the policy of Steel Dynamics, Inc. ("SDI") that the Chief
Executive Officer, each other principal executive officer, the Chief Financial
Officer, Chief Accounting Officer, Corporate Controller and Controller of each
of SDI's operating divisions adhere to and advocate the following principles
governing their professional and ethical conduct in the fulfillment of their
responsibilities:

         1.       Act at all times in accordance with SDI's Code of Business
Conduct and Ethics, of which this Code of Ethics for Principal Executive
Officers and Senior Financial Officers is a part, as well as SDI's Policy on
Insider Trading, and all other current and future policies governing the
conduct of SDI's principal executive or senior financial officers.

         2.       Provide full, fair, accurate, objective, timely and
understandable disclosures in internal reports as well as in registration
statements, periodic reports and other documents filed with or furnished to the
Securities and Exchange Commission, any other government agency or
self-regulatory organization, or otherwise used in any form of public
communication.

         3.       Act at all times with honesty, integrity and independence.

         4.       Always act in good faith, with due care and diligence.

         5.       Avoid actual or apparent conflicts of interest in both
personal and professional relationships, always distinguishing between
personal, private interests and those interests of SDI, including the use of
company property or the receipt of personal benefits. Company information,
company assets and company opportunities should not be exploited for personal
gain.

         6.       Comply with all federal, state, local and foreign laws, rules
and regulations applicable to business conduct, including (but not limited to)
laws relating to securities, competition, health, safety and the environment.

         7.       Respect the confidentiality of information acquired in the
course of performing one's duties and responsibilities, except where disclosure
is authorized or otherwise legally required. Do not use confidential
information acquired in the course of business for personal advantage.

         8.       Communicate this Code of Ethics at least annually throughout
all financial departments, and proactively promote ethical behavior and the
importance of adhering to the spirit as well as the letter of the law among
subordinates and peers.

         9.       Subject at all times to the provisions of SDI's confidential
and anonymous complaint process, which goes directly to the Audit Committee,
promptly report any violations

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Code of Ethics for Principal Officers





or suspected violations of this Code of Ethics, or any unethical behavior
encompassed by this Code, to the Chief Executive Officer, with a copy to the
Audit Committee of the Board of Directors, for internal investigation and any
appropriate remedial action

         10.        Violations, failure to report apparent violations, covering
up violations or apparent violations, retaliating against or disciplining a
person for reporting a violation or apparent violation, or obstructing an
investigation of an alleged or apparent violation will constitute grounds for
disciplinary action, including possible termination of employment. If there are
any questions involving application of this Code of Ethics, guidance should be
sought from SDI's legal counsel.

         SDI will waive application of this Code of Ethics, if ever, only in
limited situations where circumstances warrant, and then only in conjunction
with appropriate monitoring and controls. Changes in and waivers of this Code of
Ethics may be made only by the Board or by the Audit Committee, based on full
disclosure of all relevant facts, and will be disclosed as required under
applicable law and regulations.

         It is also the Policy of SDI that the Chief Executive Officer, each
Vice President, the Chief Financial Officer, Chief Accounting Officer, Corporate
Controller and Controller of each of SDI's operating divisions acknowledge
receipt of and certify their willingness to adhere to the foregoing annually and
file a copy of such certification with the Audit Committee of the Board.

         The Audit Committee shall have the power to monitor, make
determinations, and recommend action to the Board with respect to the
administration of this Policy or the violation thereof.




























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Code of Ethics for Principal Officers                                          2