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Departure of Directors or Certain

(b) On March31, 2016, Richard P. Teets,Jr., the Executive Vice President for Steelmaking of Steel Dynamics,Inc., a co-founder of the Company and a member of the Board of Directors since its inception in 1993, retired.

In connection with Mr.Teets retirement, he will receive a payment of $250,000 to assist in the transition from April2016 through July2016, will continue to serve as a director through the 2016 Annual Meeting of Stockholders, and thereafter, if again elected by stockholders at the 2016 Annual Meeting, will continue to serve as a member of the Companys Board of Directors.

In addition, the Boards Compensation Committee approved the following post-retirement compensatory payments to or arrangements with Mr.Teets:


All previously earned but unvested awards held by Mr.Teets on March31


pursuant to the Companys Long-Term Incentive Program (LTIP) will vest;


Mr.Teets will receive a one-time fully vested restricted stock grant equivalent to $1,000,000, or 43,803 shares, based upon the Companys March30, 2016 close of business NASDAQ stock price of $22.83, subject, however, to a two year holding period; and