FORM 3 OMB APPROVAL
OMB NUMBER 3235-0104
EXPIRES: April 30, 1997
Estimated Average burden
hours per response.....0.5
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
INITIAL STATEMENT OF BENEFICIAL
OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section
30(f) of the Investment Company act of 1940
1. Name and Address of Reporting Person
Bates, John C.
3215 Edgevale
Lambertville, Michigan 48144
2. Date of Event Requiring Statement (Month/Day/Year)
November 20, 1996#
3. IRS or Social Security Number of Reporting Person (Voluntary)
Not applicable
4. Issuer Name and Ticker or Trading Symbol
Steel Dynamics, Inc. (NASDAQ: STLD
5. Relationship of Reporting Person to Issuer (Check all applicable)
_X_ Director ___ 10% Owner
___ Officer (give title below) ___ Other (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
Not applicable
___________________________________________________________________________
TABLE I - NON DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of Security (Instr. 4)
a) Common Stock, par value $.01 per share
b) Common Stock, par value $.01 per share
2. Amount of Securities Beneficially Owned (Instr. 4)
a) 3,017,139
b) 2,805,958*
3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)
a) I
b) I
4. Nature of Indirect Beneficial Ownership (Instr. 5)
a) through control of Heidtman Steel products Inc.,
which has beneficial ownership of shares held by
Keylock Investments Limited
b) through pecuniary interests of certain members of
immediate family in Mazelina Anstalt*
___________________________________________________________________________
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of Derivative Security (Instr. 4)
No securities owned
2. Date Exercisable and Expiration Date (Month/Day/Year)
Not applicable
3. Title and Amount of Securities Underlying Derivative Security (Instr.
4)
Not applicable
4. Conversion or Exercise Price of Derivative Security
Not applicable
5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
Not applicable
6. Nature of Indirect Beneficial Ownership (Instr. 5)
Not applicable
___________________________________________________________________________
Explanation of Responses:
# A registration statement with respect to securities of Steel Dynamics,
Inc. is expected to go effective on or after 11/20/96.
* Mr. Bates expressly disclaims beneficial ownership of shares held by
Mazelina Anstalt and/or beneficially held by members of his immediate
family.
/s/ John C. Bates 11/19/96
------------------------------- --------
**Signature of Reporting Person Date
** Intentional misstatements or omission of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C.78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
