<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
STEEL DYNAMICS, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
858119100
--------------
(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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Page 2 of 9 Pages
SCHEDULE 13G
CUSIP NO. 858119100
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J.H. WHITNEY & CO., A NEW YORK LIMITED PARTNERSHIP (IRS IDENTIFICATION NO.
13-1534455), THE GENERAL PARTNERS OF WHICH ARE MICHAEL C. BROOKS, PETER M.
CASTLEMAN, JEFFREY R. JAY, WILLIAM LAVERACK, JR., RAY E. NEWTON, III, DANIEL
J. O'BRIEN, BENNO C. SCHMIDT, MICHAEL R. STONE AND WHITNEY GENERAL PARTNER,
L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
A NEW YORK LIMITED PARTNERSHIP. ALL INDIVIDUAL GENERAL PARTNERS ARE UNITED
STATES CITIZENS. WHITNEY GENERAL PARTNER, L.L.C. IS A DELAWARE LIMITED
LIABILITY COMPANY.
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5 SOLE VOTING POWER
NUMBER OF 240,279 SHARES OF COMMON STOCK
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0 SHARES OF COMMON STOCK
EACH --------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 240,279 SHARES OF COMMON STOCK
WITH --------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 SHARES OF COMMON STOCK
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
240,279 SHARES OF COMMON STOCK
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* /X/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.50%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
Page 3 of 9 Pages
SCHEDULE 13G
CUSIP NO. 858119100
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WHITNEY 1990 EQUITY FUND, L.P., A DELAWARE LIMITED PARTNERSHIP (IRS
IDENTIFICATION NO. 06-1305466), THE GENERAL PARTNERS OF WHICH ARE MICHAEL C.
BROOKS, PETER M. CASTLEMAN, JEFFREY R. JAY, WILLIAM LAVERACK, JR., RAY E.
NEWTON, III, DANIEL J. O'BRIEN, BENNO C. SCHMIDT AND MICHAEL R. STONE.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
A DELAWARE LIMITED PARTNERSHIP. ALL GENERAL PARTNERS ARE UNITED STATES
CITIZENS.
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5 SOLE VOTING POWER
NUMBER OF 961,060 SHARES OF COMMON STOCK
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0 SHARES OF COMMON STOCK
EACH --------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 961,060 SHARES OF COMMON STOCK
WITH --------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 SHARES OF COMMON STOCK
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
961,060 SHARES OF COMMON STOCK
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.01%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
Page 4 of 9 Pages
SCHEDULE 13G
CUSIP NO. 858119100
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WHITNEY SUBORDINATED DEBT FUND, L.P., A DELAWARE LIMITED PARTNERSHIP (IRS
IDENTIFICATION NO. 13-3526570), THE GENERAL PARTNERS OF WHICH ARE MICHAEL
C. BROOKS, PETER M. CASTLEMAN, JAMES H. FORDYCE, JEFFREY R. JAY, WILLIAM
LAVERACK, JR., RAY E. NEWTON, III, DANIEL J. O'BRIEN, BENNO C. SCHMIDT AND
MICHAEL R. STONE.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
A DELAWARE LIMITED PARTNERSHIP. ALL GENERAL PARTNERS ARE UNITED STATES
CITIZENS.
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5 SOLE VOTING POWER
NUMBER OF 552,252 SHARES OF COMMON STOCK
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 0 SHARES OF COMMON STOCK
EACH --------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 552,252 SHARES OF COMMON STOCK
WITH --------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 SHARES OF COMMON STOCK
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
552,252 SHARES OF COMMON STOCK
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.16%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Page 5 of 9 Pages
Item 1(a). Name of Issuer:
Steel Dynamics
Item 1(b). Address of Issuer's Principal Executive Offices:
4500 County Road 59
Butler, IN 46721
Item 2(a). Name of Person Filing:
(i) J. H. Whitney & Co., a New York limited partnership. The names and
business addresses of the general partners of J. H. Whitney & Co.
are as follows: Michael C. Brooks, Peter M. Castleman, Jeffrey R.
Jay, William Laverack, Jr., Ray E. Newton, III, Daniel J. O'Brien,
Michael R. Stone and Whitney General Partner, L.L.C., the business
address of each of whom is 177 Broad Street, Stamford, CT 06901; and
Benno C. Schmidt whose business address is 630 Fifth Avenue, New
York, NY 10111.
(ii) Whitney 1990 Equity Fund, L.P., a Delaware limited partnership. The
names and business addresses of the general partners of Whitney 1990
Equity Fund, L.P. are as follows: Michael C. Brooks, Peter M.
Castleman, Jeffrey R. Jay, William Laverack, Jr., Ray E. Newton,
III, Daniel J. O'Brien and Michael R. Stone, the business address of
each of whom is 177 Broad Street, Stamford, CT 06901; and Benno C.
Schmidt whose business address is 630 Fifth Avenue, New York, NY
10111.
(iii) Whitney Subordinated Debt Fund, L.P., a Delaware limited
partnership. The names and business addresses of the general
partners of Whitney Subordinated Debt Fund, L.P. are as follows:
Michael C. Brooks, Peter M. Castleman, James H. Fordyce, Jeffrey R.
Jay, William Laverack, Jr., Ray E. Newton, III, Daniel J. O'Brien
and Michael R. Stone, the business address of each of whom is 177
Broad Street, Stamford CT 06901; and Benno C. Schmidt whose business
address is 630 Fifth Avenue, New York, NY 10111.
Item 2(b). Address of Principal Business Office or,
if none, Residence:
(i) J. H. Whitney & Co.
177 Broad Street
Stamford, CT 06901
(ii) Whitney 1990 Equity Fund, L.P.
177 Broad Street
Stamford, CT 06901
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Page 6 of 9 Pages
(iii) Whitney Subordinated Debt Fund, L.P.
177 Broad Street
Stamford, CT 06901
Item 2(c). Citizenship:
(i) J. H. Whitney & Co. is a New York limited partnership. All of its
individual general partners are citizens of the United States.
Whitney General Partner, L.L.C. is a Delaware limited liability
company.
(ii) Whitney 1990 Equity Fund, L.P. is a Delaware limited partnership.
All of its general partners are citizens of the United States.
(iii) Whitney Subordinated Debt Fund, L.P. is a Delaware limited
partnership. All of its general partners are citizens of the United
States.
Item 2(d). Title of Class of Securities:
Common Stock.
Item 2(e). CUSIP Number:
858119100
Item 3.
Inapplicable.
Item 4. Ownership:
The following information is provided as of December 31, 1996:
(a) Amount Beneficially Owned:
(i) J. H. Whitney & Co. is the beneficial owner of 240,279
shares.(1)
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(1) J. H. Whitney & Co., Whitney 1990 Equity Fund, L.P. and Whitney
Subordinated Debt Fund, L.P. disclaim the existence of a group with
respect to the Common Stock of the Issuer, and each disclaims beneficial
ownership of the shares of Common Stock owned by the others. The filing of
this Schedule 13G and the disclosures herein should not be deemed an
admission by J. H. Whitney & Co., Whitney 1990 Equity Fund, L.P. or
(continued...)
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Page 7 of 9 Pages
(ii) Whitney 1990 Equity Fund, L.P. is the beneficial owner of
961,060 shares.(1)
(iii) Whitney Subordinated Debt Fund, L.P. is the beneficial
owner of 552,252 shares.(1)
(b) Percent of Class:
0.50% for J. H. Whitney & Co.;
2.01% for Whitney 1990 Equity Fund, L.P.; and
1.16% for Whitney Subordinated Debt Fund, L.P.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
240,279 shares for J. H. Whitney & Co.;
961,060 shares for Whitney 1990 Equity Fund, L.P.; and
552,252 shares for Whitney Subordinated Debt Fund, L.P.
(ii) shared power to vote or to direct the vote:
0 shares for J. H. Whitney & Co.;
0 shares for Whitney 1990 Equity Fund, L.P.; and
0 shares for Whitney Subordinated Debt Fund, L.P.
(iii) sole power to dispose or to direct the disposition of:
240,279 shares for J. H. Whitney & Co.;
961,060 shares for Whitney 1990 Equity Fund, L.P.; and
552,252 shares for Whitney Subordinated Debt Fund, L.P.
(iv) shared power to dispose or to direct the disposition of:
0 shares for J. H. Whitney & Co.;
0 shares for Whitney 1990 Equity Fund, L.P.; and
0 shares for Whitney Subordinated Debt Fund, L.P.
- ---------------------
(...continued)
Whitney Subordinated Debt Fund, L.P. that it is the beneficial owner of
any shares of Common Stock of the Issuer other than the shares reported as
owned directly by such partnership.
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Page 8 of 9 Pages
Item 5. Ownership of Five Percent or Less of a Class:
Inapplicable.
Item 6. Ownership of More than Five Percent on Behalf of
Another Person:
No other person has the right to receive or the power to direct the
receipt of dividends from, or proceeds from the sale of, the securities owned by
J. H. Whitney & Co., Whitney 1990 Equity Fund, L.P. and Whitney Subordinated
Debt Fund, L.P.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the
Parent Holding Company:
Inapplicable.
Item 8. Identification and Classification of Members of the
Group:
Inapplicable.
Item 9. Notice of Dissolution of Group:
Inapplicable.
Item l0. Certification:
Inapplicable.
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Page 9 of 9 Pages
Signature:
After reasonable inquiry and to the best of its knowledge and
belief, each of J. H. Whitney & Co., Whitney 1990 Equity Fund, L.P. and Whitney
Subordinated Debt Fund, L.P. certifies that the information set forth in this
statement is true, complete and correct.
Dated: February 10, 1997
J. H. WHITNEY & CO.
By: /s/ Daniel J. O'Brien
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Daniel J. O'Brien
General Partner
WHITNEY 1990 EQUITY FUND, L.P.
By: /s/ Daniel J. O'Brien
--------------------------
Daniel J. O'Brien
General Partner
WHITNEY SUBORDINATED DEBT FUND, L.P.
By: /s/ Daniel J. O'Brien
-------------------------
Daniel J. O'Brien
General Partner
