Steel Dynamics director granted 157 dividend shares

STEEL DYNAMICS INC director Gabriel Shaheen reported an equity-based share acquisition.

Rhea-AI Filing Summary

STEEL DYNAMICS INC director Gabriel Shaheen reported an equity-based share acquisition. Shaheen received 157 shares of common stock at no cash cost as a dividend-equivalent grant tied to deferred stock units under the company’s 2023 Equity Incentive Plan and Dividend Reinvestment Plan.

After this award, Shaheen directly holds 82,520 shares of Steel Dynamics common stock, including shares accumulated through reinvested dividends on underlying deferred stock units that are ultimately settled solely in common stock.

Insider Trade Summary

Grant/Award: 157 shares

Grant/Award 1 txn

Insider Shaheen Gabriel

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	157	$0.00	$0.00

Holdings After Transaction: Common Stock — 82,520 shares (Direct)

Footnotes (3)

1. F1. 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. F2. 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. F3. Includes shares resulting from reinvestment of dividends on any underlying DSUs included in this total.

Key Figures

Shares granted: 157 shares Price per share: $0.0000 per share Total shares after transaction: 82,520 shares +2 more

5 metrics

Shares granted 157 shares Dividend-equivalent award on deferred stock units

Price per share $0.0000 per share Grant price for dividend-equivalent shares

Total shares after transaction 82,520 shares Common stock directly held after grant

Acquisition type Grant/award acquisition Transaction coded as A under Form 4 rules

Transaction direction Acquire Non-derivative acquisition of common stock

Key Terms

deferred stock units (DSUs), Dividend Reinvestment Plan, 2023 Equity Incentive Plan, Section 16(b), +1 more

5 terms

deferred stock units (DSUs) financial

"Represents the number of shares of common stock underlying additional deferred stock units (DSUs) issued"

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.

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.

2023 Equity Incentive Plan financial

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

Section 16(b) regulatory

"exempt from both the reporting requirements of Section 16(a) ... and the provisions of Section 16(b)"

A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.

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)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Gabriel Shaheen report on his Form 4 for STEEL DYNAMICS INC (STLD)?

Gabriel Shaheen reported receiving 157 shares of Steel Dynamics common stock as an equity award. The shares reflect dividend-equivalent deferred stock units granted under the company’s 2023 Equity Incentive Plan tied to his service as a director.

How many STEEL DYNAMICS INC (STLD) shares does Gabriel Shaheen hold after this Form 4 transaction?

After the reported transaction, Gabriel Shaheen directly holds 82,520 shares of Steel Dynamics common stock. This figure includes shares resulting from reinvestment of dividends on deferred stock units that are ultimately payable solely in common stock.

Was Gabriel Shaheen’s STEEL DYNAMICS INC (STLD) Form 4 a market purchase or a grant?

The Form 4 reflects a grant-type acquisition, not a market purchase. Shaheen received 157 shares at a price of $0.0000 per share as a dividend-equivalent award connected to deferred stock units under the company’s equity and dividend reinvestment plans.

What plan governs the equity award reported by Gabriel Shaheen for STEEL DYNAMICS INC (STLD)?

The equity award arises under Steel Dynamics’ 2023 Equity Incentive Plan. The footnotes explain that the 157-share grant represents dividend-equivalent deferred stock units issued in connection with Shaheen’s director retainer and the company’s Dividend Reinvestment Plan.

How is the deferred stock unit dividend-equivalent award for STEEL DYNAMICS INC (STLD) treated on the Form 4?

The filing reports the award as directly owned common stock rather than as a derivative. Footnotes state that all deferred stock units are settled solely in shares of common stock, so the 157-share dividend-equivalent grant appears in the non-derivative section.

Is Gabriel Shaheen’s dividend-equivalent award in STLD shares subject to Section 16(b) short-swing profit rules?

The footnotes state this dividend-equivalent transaction is exempt from Section 16(a) reporting rules and Section 16(b) liability. The exemption relies on the dividend reinvestment features of the plans and on Rule 16b-3(d)(1) and (3) under the securities regulations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/13/2026 - 02:58 PM EDT Learn about SEC filing dates

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^*

Shaheen Gabriel

(Last) (First) (Middle)

1540 PARILLA CIRCLE

(Street)

TRINITY FLORIDA 34655

(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		157(1)(2)	A	$0	82,520(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)