Steel Dynamics, Inc.(NASDAQ:STLD), a domestic steel producer and metal recycler, announced on Monday morning that holders of $271.81 principal amount of its 5.125% convertible notes due June 15, 2014 have exercised their option to convert the notes into shares of common stock by the close of business on June 12, 2014. 

The conversion rate provided under the terms of the notes was 58.4371 shares of common stock per $1,000 principal amount of notes, equivalent to a conversion price of approximately $17.10 per share of common stock. 

Steel Dynamics issued a total of 15,893,457 shares of common stock upon conversion of the notes. The remaining $15,690,000 in outstanding principal amount of the notes was paid in cash on June 16, 2014. 

The company said that the notes were issued in the original principal amount of $287,500,000 pursuant to an Indenture dated as of June 9, 2009, as supplemented and amended, among the company, as issuer, the guarantors party thereto, and Wells Fargo Bank, National Association as trustee. 

Shares in Steel Dynamics were down 0.34% to $17.46. Over the past 52 weeks, the company has seen a share price high of $19.74 and a low of $13.85.