Steel Dynamics (STLD) director granted 58 dividend-equivalent shares under equity plan

Rhea-AI Filing Summary

STEEL DYNAMICS INC director Sheree L. Bargabos received an equity award tied to her board service. On this Form 4, she acquired 58 shares of common stock at no cash cost, representing dividend-equivalent deferred stock units under the company’s 2023 Equity Incentive Plan. After this grant, she directly owns 26,192 shares, including amounts from prior dividend reinvestments.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider BARGABOS SHEREE L

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	58	$0.00	--

Holdings After Transaction: Common Stock — 26,192 shares (Direct)

Footnotes (1)

1. Represents the number of shares of common stock underlying additional deferred stock units (DSUs) issued to the reporting person as a dividend equivalent, in connection with this person's retainer as a director under the Company's 2023 Equity Incentive Plan (the "Plan"). This transaction is exempt from both the reporting requirements of Section 16(a), including Rule 16a-11, and the provisions of Section 16(b), by virtue of this dividend reinvestment feature of the Plan and the Company's existing Dividend Reinvestment Plan, as well as being exempt from Section 16(b) independently by virtue of Rule 16b-3(d)(1) and (3). Reportable as directly owned shares of common stock, rather than as a derivative security in Table II, because any and all underlying DSUs are payable, at such time as they are to be settled, solely in shares of common stock. (See Lincoln National Corp. (March 20, 1992) Q.3). Includes shares resulting from reinvestment of dividends on any underlying DSUs included in this total.

Key Figures

Shares acquired: 58 shares Price per share: $0.0000 per share Shares held after: 26,192 shares

3 metrics

Shares acquired 58 shares Grant of dividend-equivalent DSUs on common stock

Price per share $0.0000 per share Reported value for the equity grant

Shares held after 26,192 shares Total direct common stock ownership after transaction

Key Terms

deferred stock units (DSUs), 2023 Equity Incentive Plan, Dividend Reinvestment Plan, Rule 16b-3(d)(1) and (3)

4 terms

deferred stock units (DSUs) financial

"underlying additional deferred stock units (DSUs) issued to the reporting person"

Deferred stock units (DSUs) are a form of long-term pay that promises an employee or director future company shares or cash equal to the share value at a later date, usually after leaving the company or at a set vesting time. Think of them as a delayed paycheck tied to the stock: they align recipients’ interests with long-term share performance and matter to investors because they create potential future dilution and signal how management is rewarded and incentivized.

2023 Equity Incentive Plan financial

"in connection with this person's retainer as a director under the Company's 2023 Equity Incentive Plan"

Dividend Reinvestment Plan financial

"by virtue of this dividend reinvestment feature of the Plan and the Company's existing Dividend Reinvestment Plan"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

Rule 16b-3(d)(1) and (3) regulatory

"as well as being exempt from Section 16(b) independently by virtue of Rule 16b-3(d)(1) and (3)"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BARGABOS SHEREE L

(Last) (First) (Middle)

7575 W. JEFFERSON BLVD.

(Street)

FORT WAYNE INDIANA 46804

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
STEEL DYNAMICS INC [ STLD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/10/2026		A		58(1)(2)	A	$0	26,192(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the number of shares of common stock underlying additional deferred stock units (DSUs) issued to the reporting person as a dividend equivalent, in connection with this person's retainer as a director under the Company's 2023 Equity Incentive Plan (the "Plan"). This transaction is exempt from both the reporting requirements of Section 16(a), including Rule 16a-11, and the provisions of Section 16(b), by virtue of this dividend reinvestment feature of the Plan and the Company's existing Dividend Reinvestment Plan, as well as being exempt from Section 16(b) independently by virtue of Rule 16b-3(d)(1) and (3).

2. Reportable as directly owned shares of common stock, rather than as a derivative security in Table II, because any and all underlying DSUs are payable, at such time as they are to be settled, solely in shares of common stock. (See Lincoln National Corp. (March 20, 1992) Q.3).

3. Includes shares resulting from reinvestment of dividends on any underlying DSUs included in this total.

	/s/ Theresa E. Wagler by Power of Attorney	04/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did STEEL DYNAMICS (STLD) report for Sheree L. Bargabos?

STEEL DYNAMICS reported that director Sheree L. Bargabos received 58 shares of common stock as a grant related to dividend-equivalent deferred stock units. The award stems from her director retainer under the company’s 2023 Equity Incentive Plan and involved no open-market purchase or sale.

How many STEEL DYNAMICS (STLD) shares does Sheree L. Bargabos hold after this Form 4?

Following the reported award, Sheree L. Bargabos directly holds 26,192 shares of STEEL DYNAMICS common stock. This total includes shares underlying deferred stock units and additional shares resulting from the reinvestment of dividends tied to those units under the company’s plans.

Was the STEEL DYNAMICS (STLD) Form 4 transaction an open-market buy or sell?

The Form 4 transaction was not an open-market buy or sell. It reflects an acquisition coded as a grant or award, where 58 shares were issued as dividend-equivalent deferred stock units under the 2023 Equity Incentive Plan, with a reported price per share of $0.0000.

What are deferred stock units (DSUs) in the STEEL DYNAMICS (STLD) filing?

Deferred stock units in this filing represent rights tied to shares of common stock issued as part of director compensation. For Sheree L. Bargabos, any underlying DSUs are payable solely in STEEL DYNAMICS common stock and receive additional shares through dividend-equivalent reinvestments under the company’s equity and dividend plans.

Why are DSU-related shares reported as common stock for STEEL DYNAMICS (STLD)?

They are reported as directly owned common stock because any DSUs covered here are settled only in STEEL DYNAMICS common shares. As the footnotes explain, this treatment places them in the non-derivative section rather than as derivative securities, aligning with prior SEC interpretive guidance.