Steel Dynamics : Investor Presentation March 22, 2021

Investor Presentation

22 March 2021

Forward Looking Statements and Non-GAAP Financial Measures

Forward-Looking Statements

This presentation contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and steel imports, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues, such as the COVID-19 pandemic; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, or other resources are subject to volatile market conditions; (7) compliance with and changes in environmental and remediation requirements; (8) increased regulation associated with the environment, climate change, greenhouse gas emissions and sustainability; (9) significant price and other forms of competition from other steel producers, scrap processors and alternative materials; (10) availability of an adequate source of supply for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance, (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment.

More specifically, we refer you to Steel Dynamics' more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently than expected or anticipated, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission. These are available publicly on the SEC website,www.sec.gov, and on the Steel Dynamics website,www.steeldynamics.com: Investors: SEC Filings.

Note Regarding Non-GAAP Financial Measures

Steel Dynamics reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, Adjusted EBITDA, Adjusted Operating Income and Free Cash Flow, non-GAAP financial measures, provide additional meaningful information regarding Steel Dynamic's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Steel Dynamics' reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, Adjusted EBITDA, Adjusted Operating Income and Free Cash Flow included in this presentation may not be comparable to similarly titled measures of other companies. The reconciliations of these non-GAAP measures to their most comparable GAAP measures are contained in the appendix at the end of this presentation.

.

We are a leading North American steel producer with a differentiated and proven business model

Consistent best-in-class performance

Led North American steel peers in EBITDA margin in each of the last 10 years

Differentiated business model delivering strong profitability and cash flow

High value-added product mix and diversified customer base drives strong free cash flow conversion

Smart growth - Gaining market share and growing with customers

Organic and transactional growth drive supply-chain differentiation and higher steel mill utilization

100% of steel produced with electric-arc-furnace technology

Significantly much lower environmental impact than traditional technologies - Recycled scrap primary raw material

Strong balance sheet provides strategic flexibility for current operations and prudent growth

Q4 2020 net leverage of 1.5x - Committed to maintaining investment grade ratings

Sustainable shareholder value creation and distribution growth

Maintain a positive dividend profile complemented by share repurchases when appropriate

Steel Dynamics - One of the largest and most differentiated steel producers and metals recyclers in North America

2020

Revenue: $9.6BNet Income: $551MAdj. EBITDA: $1.2B1

Steel Shipping Capacity: 13M tons

Premium / value-added product mix2

Serving diverse, growing steel end-markets3

Other Manufacturing

Ag, Equipment, & Mining Non-Energy Pipe & Tube

Energy

Transportation & Rail

Automotive

Appliance / HVAC

Light Commercial /

Residential

• 1 The reconciliation to GAAP net income is provided in the appendix to this presentation.

• 2 Based on 2020 steel sales.

³ Based on 2020 steel shipments.

Heavy Non-Residential

Metal Building

18%

4% 7%

5% 6% 12%

7%

19%

Construction-

9%

Related 48%

13%

We have a proven track record of delivering smart growth and shareholder value creation

1996 Shipments

Steel: 794,000 tons

1996: Flat Roll Steel

Mill - Greenfield

2002: SBQ Steel Mill

Acquisition

2002: Structural

Steel Mill - Greenfield

2000: 1st Steel Fabrication Facility -

Greenfield

2006: Merchant &

2020 Shipments

2018: Flat Roll Steel Processing Facility

Acquisition - Heartland

• ▪ Steel: 10.7M tons

• ▪ Metals Recycling: 4.6M gross tons ferrous and 978M pounds nonferrous

• ▪ Steel Fabrication: Record 666k tons

Experienced, entrepreneurial leadership has delivered significant value through disciplined M&A and strategic capital investments

1 Based on the period from 1996 to December 31, 2020.

Consistent best-in-class through-cycle financial performance

EBITDA Margin1

Customer Commitment

Focus on being a preferred partner by providing quality products and unique supply-chain solutions

1 EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization (excludes non-cash asset impairments). See the reconciliation to GAAP net income for Steel Dynamics in the appendix to this presentation. Peers include: Nucor, AK Steel, US Steel, and Commercial Metals Company (CMC). Source: Respective SEC filings. CMC data for annual periods ended November 30. Margin for Peer 4 could not be calculated based on data disclosed, as the peer was acquired in 2020.

Our differentiated business model maximizes cash generation through-the-cycle

Steel Operations

• - 74% 2020 Revenue

• - Low-cost, modern, efficient

• - Premium value-added focus

Our steel operations have a secure supply of high-quality scrap from our metals recycling operations, and also benefit from base-load "pull-through" volume from our manufacturing operations.

Metals Recycling

• - 11% 2020 Revenue

• - Low-cost, efficient, green

• - 69% of 2020 ferrous shipments were to our internal steel operations

Steel Fabrication

• - 9% 2020 Revenue

• - Manufacturing operations support base-load, "pull-through" volume for SDI steel operations

Note: Above representation based on the Company's est. annual capacity, except for Metals Recycling, Steel Fabrication, and United Steel Supply which are actual 2020 shipments.

Our differentiated business model results in higher through-cycle steel utilization

We achieve consistently higher through-cycle steel utilization compared to our peers, driven by our low-cost, vertically connected business model, and diversified value-added product portfolio and supply-chain solutions.

Steel Mill Production Utilization

96%

94%

2010

2011

2012

2013

2014

2015

2016

2017

Domestic Steel Industry Production Utilization (%)

2018

2019 2020 Q1'20 Q2'20 Q3'20 Q4'20

Domestic Steel Imports Excluding Semi-finished as a % of Apparent Domestic ConsumptionSteel Dynamics Steel Mill Production Utilization (%)

Source: AISI, U.S. Department of Commerce, Accenture

2020

Est. Annual SDI Steel Mill Production Capacity

(Thousands of Tons)

Flat Roll Group - Butler 3,200

- Columbus 3,200

Structural & Rail 2,200

Engineered Bar 950

Roanoke Bar 720

Steel of West Virginia 555

Total¹ 10,825

¹ Excludes our processing divisions capacity of approximately 2.4 million tons.

Our differentiated business model is a proven cash generator in all demand environments

Doubled Average Annual Free

Cash Flow

Free Cash Flow1 (dollars in millions)

5-year average: $580 million

$681

5-year average: $1.2 billion

($22)

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Excluding 2019 and 2020 funding of $205M and $928M, respectively, for our new Texas flat roll steel mill, our 2019 and 2020 free cash flow would have been $1.1B and $0.9B.

1 Free Cash Flow is defined as Adjusted EBITDA - Capital Investments.

Strong track record of delivering smart growth and attractive returns

2012

2020

Steel Shipments

5.8 million tons

10.7 million tons +84%

Net Income

Cash Flow from

Operations

$164 million $446 million

$551 million +236%

$987 million +121%

Adjusted EBITDA

Margin1

ROIC2

9% 4%

12% +33%

8% +100%

Average Market Cap

$3 billion

$6.1 billion +114%

Net Leverage

2.9x

1.5x (1.4x)

Liquidity

$1.5 billion

• 1 See the reconciliation to GAAP net income in the appendix to this presentation.

• 2 ROIC defined as Net Income / Average Invested Capital; Invested Capital defined as (Total Debt + Total Book Value of Equity)

$2.6 billion +73%

We are operating from a position of strength, investing to deliver our next phase of meaningful growth

Leveraging expertise to create next generation EAF production capabilities, while gaining market share from disadvantaged, high-cost competitors and imports

• ▪ New Sinton, Texas Greenfield Flat Roll Steel Mill

Current estimated investment of approximately $1.9 billion1

Continuing to grow and diversify premium, value-added product capabilities and unlock value of existing operations

• ▪ Columbus Flat Roll Division $160 million Metallic Coating Line, with galvanized and aluminized coating capability

• ▪ Roanoke Bar Division $38 million Reinforcing Bar Expansion

• ▪ Structural and Rail Division $82 million Reinforcing Bar Expansion

Growing high-margin downstream manufacturing to provide optional base-load, "pull-through" volume for our steel operations

• ▪ United Steel Supply Coated Flat Roll Steel Distributor,

  75% Acquisition of Equity Interest, Valued at $134 million

• ▪ Heartland Flat Roll Steel Acquisition $434 million (includes $98 million of working capital)

1 Estimated project cost and start-up timeline.

Timing

Mid-20211

First prime coil July 2020

Q2 2018

Q1 2019

March 2019

June 2018

Collectively, these primary strategic growth investments provide estimated incremental annual EBITDA of over $425M on a through-cycle historical spread basis.

Columbus Flat Roll Division 3rd state-of-the-art metallic coating line addition, with galvanized and aluminized coating capability

Congratulations to the team on

running their 1st prime coil!

July 9, 2020

Our new Sinton, Texas flat roll steel mill provides transformational growth

Once completed as planned, will represent over a 25% increase in our annual steel production capacity

InvestmentTrack Record

• ▪ "Next Generation" electric-arc-furnace flat roll steel mill, including a higher-margin, value-addedgalvanizing line (550k tons) and paint line (250k tons)

• ▪ Estimated 3.0 million tons of annual production capability

• ▪ Differentiated production capabilities, with meaningful customer and supply-chain benefits

  • ▪ Widths (38" to 84") and gauges from 0.047" to 1.00" / Produce up to 52.5 ton coils

• ▪ Our team has an unparalleled track record for delivering organic investments "on time" and "on budget", creating significant value

• ▪ Expertise delivering "Next Generation", state-of-the-art steel production facilities

  Strategically Compelling

  Smart Growth

  • 1 Source: CRU

• ▪ "Next Generation" capabilities that goes beyond existing EAF-based production capabilities

• ▪ Latest generation of advanced high strength steel grades, including automotive and energy grades

• ▪ Diversified, higher-quality value-added product mix

• ▪ Targeting underserved markets reliant on imports with long lead times and inferior product quality

• ▪ Competitively advantaged location

• ▪ Growth from import share gains and higher-growth, steel-consuming markets

  • ▪ Mexican flat roll steel consumption grew over 20% from 2013 - 20191, with shipments of 15M tons in 2019

  • ▪ Mexican market imported 6M tons of flat roll steel or over 40% in 20192

• 2 Source: U.S. Department of Commerce

New greenfield Sinton, Texas flat roll steel mill drives transformational growth and "next-generation" EAF steelmaking

Estimated 27 million tons in Targeted Regional Markets

• ✓ Texas and Surrounding States = 7 million tons1

• ✓ West Coast = 4 million tons1

• ✓ Mexico = 15 million tons2 (~45% imported)

Location Benefits

• ✓ Customer-centric logistics, providing shorter lead times and working capital savings

• ✓ Central to the largest domestic consumption of flat roll Galvalume® and construction painted products, with the ability to effectively compete with excessive imports

• ✓ Available acreage to allow customers to locate on-site, providing logistic savings and steel mill volume base-loading opportunities, representing over 1.0M annual tons of local steel processing and consumption capability

• ✓ Proximity to prime ferrous scrap generation via the four-state Texas region and Mexico through our existing metals recycling platform and our August 2020 acquisition of a Mexican metals recycling company

• ✓ Cost-effective access to pig iron through the deep-water port of Corpus Christi, as well as other alternative iron units

• ✓ Excellent logistics provided by on-site access to two class I railroads, proximity to a major U.S. highway system, and access to the deep-water port of Corpus Christi

• ✓ Existing, mature and dependable power, natural gas, and water sources

• 1 Source: 2017 CANACERO information published through AISI, market study including imports by regional ports, producer shipments and confidential customer information

• 2 Source: CRU

Sinton, Texas flat roll steel mill provides value-added product diversification

Sinton's targeted markets are similar to our other flat roll operations including construction, automotive, energy tubulars, appliance, and other manufacturing. Like our other steel operations, we can quickly pivot from one market to another based on underlying demand.

Estimated Sinton

Product Mix¹

Estimated Sinton Shipments by Region¹

Hot Roll

Pickled & Oiled

Cold Roll

United StatesMexico

Galvanized

Painted

1 Based on a pro-forma full year of production at the Flat Roll Group Southwest - Sinton Division.

Capital allocation framework, committed to growth and investment grade ratings

• • Capital investments largely funded through cash flow

• • Acquisitions funded to maintain credit flexibility and prudent liquidity

• • Broad access to low-cost debt

• • Net leverage managed to not exceed 2.0x through-cycle

while ensuring strong strategic logic, cultural fit, levering core competencies, and clear execution roadmap

• • Subsequent to an acquisition, committed to deleveraging in a timely manner

• • Current growth strategy plans funded through free cash flow and debt capacity

• • Flexible shareholder distributions - maintain positive dividend profile and use share repurchases as appropriate

$3.0 billion

1 Period ended December 31, 2020.

Strong liquidity and conservative credit metrics

Strong liquidity (dollars in millions)

As of December 31, 2020

We executed a 5 year $1.2B unsecured credit facility

December 2019

Staggered debt maturity profile2 (dollars in millions)

No Near-Term Maturities

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2050

Low leverage, low-cost debt (dollars in millions)

Cash and cash equivalents

December 31, 2020

x Adjusted EBITDA¹

$1,369

2.800% senior notes, 2024

2.400% senior notes, 2025

5.000% senior notes, 2026

1.650% senior notes, 2027

3.450% senior notes, 2030

3.250% senior notes, 2031

3.250% senior notes, 2050 Other obligations

400 0.3x

400 0.3x

400 0.3x

350 0.3x

600 0.5x

500 0.4x

400 0.3x

109 0.1x

Total debt $3,159 2.7x

Net debt $1,790 1.5x

Adjusted EBITDA¹ $1,176

We are committed to maintaining investment grade credit ratings

¹ 2020 Adjusted EBITDA. The reconciliation to GAAP net income is provided in the appendix to this presentation. 2 Excludes other debt obligations of $109 million.

Safety is our number one value, our first core strategic pillar

COMMITTED TO WORLD-CLASS SAFETY RESULTS

Safety for MeSafety for My

TeamSafety for All

Identification and elimination of hazardous exposures that could result in potentially significant life-altering injuries

During 2020, each of our platforms performed meaningfully better than industry benchmarks

1 Total Recordable Injury Rate is defined as OSHA recordable incidents x 200,000 / hours worked and Lost Time Injury Rate is defined as OSHA days away from work cases x 200,000 / hours worked. Severity Rate is defined as OSHA days away from work x 200,000 / hours worked.

2 Source: 2019 U.S. DOL Bureau of Labor Statistics

Platform Total Recordable Injury Rate1

SteelSteel Fabrication

Severity Injury Rate1

Metals Recycling

Lost Time Injury Rate¹

We are committed to sustainability

Matching operations to sustainability

• ▪ EAF steel production uses a fraction of the energy and has a fraction of the carbon footprint vs. blast furnace technology

• ▪ We are the largest nonferrous metals recycler and the 2nd largest ferrous recycler in the U.S.

  • ▪ We reintroduced 1.1 billion pounds of recycled nonferrous scrap into the manufacturing life cycle in 2019

  • ▪ We reintroduced 11 million tons of recycled ferrous scrap into the manufacturing life cycle in 2019

Source: Our 2019 Sustainability Report located on our website atwww.steeldynamics.com/Sustainability.aspx¹Based on Scope 1 CO2 equivalent emissions reported to the U.S. EPA. ²World Steel Association

Greenhouse Gas Emissions Intensity

Metric tons of CO2 equivalent emissions / cast steel metric ton

Scope 1 Emissions Intensity

Steel Dynamics 6 EAF steel millsU.S. blast furnace average¹

Scope 2 Emissions Intensity

0.32

0.32

0.29

2017

2018

2019

Energy Intensity

GJ / cast steel metric ton

19.9	19.5	19.8
5.0	4.9	5.0

2017

2018

Steel Dynamics 6 EAF steel mills

World average²

2019

EAF vs. Blast Furnace Technology

Steel Dynamics steel production is 100% electric-arc-furnace

100%

of our steel mills water withdrawn was recycled and reused in 2019

12%

our steel mills generated only 12% of the Scope 1 emissions per metric ton of average U.S. blast furnaces¹

84%

of the material used in our furnaces to produce steel was recycled ferrous scrap and internally generated iron substitutes

25%

our steel mills required only 25% of the energy needed per metric ton versus world steel averages²

Source: Our 2019 Sustainability Report located on our website atwww.steeldynamics.com/Sustainability.aspx¹Based on Scope 1 CO2 equivalent emissions reported to the U.S. EPA. ²World Steel Association

Our highly levered performance-based compensation programs drive opportunity

Our unique compensation culture promotes a balance of innovation, responsible growth, low-cost efficient operations, and risk mitigation

Team Performance

• • Teamwork and performance bonuses focus teams on quality, cost control, and efficient use of assets

• • Promotes individual division success

• • Production / Conversion Costs / ROA

• • Unites all platforms to promote the success of Steel Dynamics as a whole

  Company Wide PerformanceStakeholder Alignment

  Performance Based Executive Compensation

• • Profit Sharing (8% of pretax earnings)

• • 401k Match is also performance-based (ROA)

• • Aligns all teams with stakeholder interests in pursuit of long-term value creation

• • Company wide annual equity (RSU) award, with two year vesting

• • ~85% of total potential compensation is

  "at-risk"

• • Based on ROE, ROA, revenue growth, operating margin, and cash flow margin

We are a leading North American steel producer with a differentiated and proven business model

Consistent best-in-class performance

Differentiated business model delivering strong profitability and cash flow

Smart growth - Gaining market share and growing with customers

100% of steel produced with electric-arc-furnace technology

Strong balance sheet provides strategic flexibility for current operations and prudent growth

Sustainable shareholder value creation and distribution growth

APPENDIX

Our primary steel operations - at a glance

We are one of the largest domestic steel producers, with approx. 13 million tons of steel shipping capability We have one of the most diversified product and end-market portfolios in the domestic steel industry

Flat Roll Steel Group

8.4M Tons Annual Shipping Capacity

Butler, Indiana

-	Greenfield EAF Steel Mill	-	Greenfield EAF Steel Mill
-	3.2M Tons	-	2.2M Tons
-	3 Galvanizing Lines	-	Structural and Rail
-	2 Paint Lines

Columbus, Mississippi

• - Acquired / Expanded EAF Steel Mill

• - 3.2M Tons

• - 3 Galvanizing Lines

• - 1 Paint Line

Terre Haute, IN¹	Roanoke, Virginia
- Heartland / Acquired Flat Roll	- Acquired / Expanded EAF
Processing Facility	Steel Mill
- 1.0M Tons	- 720K Tons
- 1 Galvanizing Line	- Merchant and Rebar
Pittsburgh, PA¹	Huntington, WV
- The Techs / Acquired Flat	- Acquired / Expanded
Roll Galvanizing Facilities	EAF Steel Mill
- 1.0M Tons Galvanized	- 555K tons
- 3 Galvanizing Lines	- Specialty Shapes

1 Processing locations

Columbia City, Indiana

Long Product Steel Group

4.6M Tons Annual Shipping Capacity

Pittsboro, Indiana

• - Acquired / Expanded EAF Steel Mill

• - 950K Tons

• - Special-bar-quality

• - Value-Added Finishing / Inspecting Lines

Steel Dynamics - Adjusted EBITDA, Free Cash Flow and Adjusted Operating Income Reconciliations

Dollars in millions

Net Income (Loss) $266 $142 $164 $ 92 $ (145) $ 360

$ 806 $1,256 $ 678 $ 571

Income Taxes (Benefit) Net Interest Expense Depreciation Amortization Noncontrolling Interests

EBITDA $826 $595 $636 $622 $ 214 $1,017

$1,360 $2,038 $1,283 $ 1,098

Unrealized (Gains) / Losses Inventory Valuation Equity-Based Compensation Asset Impairment Charges Refinancing Charges

Adjusted EBITDA $848 $621 $666 $863 $ 706 $1,172

$1,405 $2,074 $1,333 $ 1,176

$ 1,176

Less Capital Investments

Free Cash Flow $681 $397 $479 $751 $ 591 $ 974

$1,240 $1,835 $ 881 $ (22)

2016

$ 728

$1,067 $1,722 $ 987 $ 847

Asset Impairment Charges Non-cash Purchase Accounting

$ 861

$1,067 $1,738 $ 987 $ 867

Note: Calculations may not tie due to rounding.

2011

2012

• 2013 2014

158

62

99

172

154

123

177

180

192

40

36

32

13

21

26

(4)

(3)

5

9 17 - -

6

7

12

8

16 -

3

2

167

• 224 187

2015

2016

• 2017 2018

2019 2020

$ 571

73

(97)

204

129

364

197 135

135

153

141

124

104

99 85

229

263

261

265

283

286 291

28

25

29

29

28

30 29

65

15

22

7

3

(7) (13)

$ 1,098

(5)

3

1 1 30

5 3 34

(6)

3 2

10

28

2 40

1 2

23

29

43 49

213 -

429

120 - - - 17

3

3 3 - 3 8

112

115

198

165

239

• 452 1,198

  2017

  2018

• 2019 2020

  • $ 847

133 -- -- - 19

16

-

-

• $ 867