STEEL DYNAMICS INC

Ticker: STLD CUSIP: 858119100 Class: COMMON STOCK

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

Note: Option positions (PUT/CALL) are excluded.

Q4 2017

Shares 450,000 Value ($000) $19,409 Avg Close $32.46 Range $28.33 - $37.17

Q3 2017

Shares 1,087,000 Value ($000) $37,469 Avg Close $29.48 Range $27.05 - $32.51

Q2 2017

Shares 750,350 Value ($000) $26,870 Avg Close $28.97 Range $26.88 - $31.37

Q1 2017

Shares 714,573 Value ($000) $24,839 Avg Close $29.67 Range $27.09 - $32.02

Q4 2016

Shares 150,000 Value ($000) $5,337 Avg Close $26.10 Range $19.35 - $33.31

Q3 2016

Shares 400,000 Value ($000) $9,996 Avg Close $21.06 Range $18.79 - $23.10

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	450,000	$19,409	$32.46	$28.33 - $37.17
Q3 2017	1,087,000	$37,469	$29.48	$27.05 - $32.51
Q2 2017	750,350	$26,870	$28.97	$26.88 - $31.37
Q1 2017	714,573	$24,839	$29.67	$27.09 - $32.02
Q4 2016	150,000	$5,337	$26.10	$19.35 - $33.31
Q3 2016	400,000	$9,996	$21.06	$18.79 - $23.10