Two longtime Steel Dynamics (NASDAQ: STLD) directors to retire
Rhea-AI Filing Summary
Steel Dynamics, Inc. announced that longtime directors Richard P. Teets, Jr. and Gabriel L. Shaheen plan to retire from the Board at the end of their current terms and will not stand for reelection at the 2026 Annual Meeting on May 6, 2026. Effective at that meeting, the Board will be reduced from nine to seven members. The company stated that neither director’s decision resulted from any disagreement regarding operations, policies, or practices.
The company also issued a press release thanking both directors for their extensive service, highlighting Teets’ role as a co‑founder and key operational leader and Shaheen’s financial and strategic contributions over many years.
Positive
- None.
Negative
- None.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State
or other jurisdiction of incorporation) |
(Commission File Number) | (IRS
Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including
area code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 25, 2026, each of Richard P. Teets, Jr. and Gabriel L. Shaheen, members of the Board of Directors (the “Board”) of Steel Dynamics, Inc. (the “Company”), informed the Board of his respective intention to retire from the Board at the end of the current term and not stand for reelection at the 2026 Annual Meeting. Effective at the 2026 Annual Meeting, the size of the Board will be reduced from nine to seven members. Neither Mr. Teets’ nor Mr. Shaheen’s decision was the result of any disagreement with the Company on any matter relating to its operations, policies or practices.
Item 7.01. Regulation FD Disclosure.
On March 27, 2026, Steel Dynamics, Inc. issued a press release titled “Steel Dynamics Thanks Richard P. Teets, Jr. and Gabriel L. Shaheen for their Exemplary Board Service.” A copy of that press release is attached hereto as Exhibit 99.1.
The information contained in Exhibit 99.1 is furnished under this Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is furnished with this report:
| Exhibit Number | Description | |
| 99.1 | A press release dated March 27, 2026, titled “Steel Dynamics Thanks Richard P. Teets, Jr. and Gabriel L. Shaheen for their Exemplary Board Service.” | |
| 104 | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
| STEEL DYNAMICS, INC. | ||
| /s/ Theresa E. Wagler | ||
| Date: March 27, 2026 | By: | Theresa E. Wagler |
| Title: | Executive Vice President and Chief Financial Officer | |
Exhibit 99.1
| Press Release March 27, 2026 |
|
Steel Dynamics Thanks Richard P. Teets, Jr. and
Gabriel L. Shaheen for their Exemplary Board Service
FORT WAYNE, INDIANA March 27, 2026 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) announced that Richard P. Teets, Jr. and Gabriel L. Shaheen will be retiring from the Steel Dynamics Board of Directors effective as of the Company’s 2026 Annual Meeting of Shareholders taking place on May 6, 2026.
Richard P. Teets, Jr.
“Dick has been my partner and friend for over 35 years beginning with our pioneering of thin-slab-casting using electric-arc-furnace technology,” said Mark D. Millett, Chairman and Chief Executive Officer. “He was instrumental to Steel Dynamics’ success — as a co-founder, longtime board member, and exceptional leader. Dick was a key part of developing our cultural foundation upon which our success has been built. On behalf of the Board of Directors and from me personally, we extend our sincere appreciation for his meaningful contributions and invaluable impact.
“Dick’s industry expertise and sound judgment have guided the company through key milestones and periods of significant growth,” continued Millett. “His engineering insight, operational knowledge, and strategic negotiation skills have shaped every aspect of our business, driving innovation and differentiation, setting us apart within the industry. Dick’s leadership built people, teams, and a culture that is foundational to our success. Throughout the years, Dick has also provided influential leadership across the steel industry through his work with the Steel Manufacturers Association, the Association of Iron and Steel Technology, and numerous other industry organizations.”
“From co-founding Steel Dynamics with Keith and Mark, to building, acquiring, expanding and operating various businesses and serving on the Board of Directors — my time with Steel Dynamics has been a highlight of my life and it will forever be my family,” shared Dick Teets. “As a significant shareholder, I am both confident in and excited for the company’s and its team members’ future, but am equally excited to devote my time to charitable and community focused projects, including our family foundation that would not be possible without Steel Dynamics’ success. Steel Dynamics and its people will aways be a large part of my life.”
Gabriel L. Shaheen
“Additionally, on behalf of the Board of Directors, we also extend our appreciation to long-standing board member Gabe Shaheen,” concluded Millett. “Gabe’s financial acumen, strategic perspective, and thoughtful counsel have been invaluable to me and to the Board throughout his many years of service and influence. Please accept our sincere and personal thanks for your dedication and time.”
Mr. Shaheen added, “I was initially drawn to Steel Dynamics as the leading large company in the Fort Wayne community. Witnessing leadership’s commitment to the SDI team members and its communities, throughout its tremendous growth in size, capability, and financial strength was impressive. It is a vital part of the foundation for its past and continued future success. Thank you for the opportunity to serve for over sixteen years.”
About Steel Dynamics, Inc.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company also invested in aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.
Contact: Investor Relations — +1.260.969.3500
FAQ
What board changes did Steel Dynamics (STLD) announce in this 8-K?
When will the Steel Dynamics directors’ retirements become effective?
Did Steel Dynamics report any disagreements related to these board retirements?
How will the Steel Dynamics Board size change after the 2026 Annual Meeting?
What recognition did Steel Dynamics give to Richard P. Teets, Jr. in the press release?
How did Steel Dynamics describe Gabriel L. Shaheen’s contributions to the company?
Filing Exhibits & Attachments
4 documents