Steel Dynamics (STLD) awards 4,187 RSUs to Senior Vice President

Rhea-AI Filing Summary

Alvarez Miguel reported acquisition or exercise transactions in this Form 4 filing.

Steel Dynamics Inc. Senior Vice President Miguel Alvarez received a grant of 4,187 shares of common stock in the form of restricted stock units for no cash consideration under the company’s equity incentive plan. These units vest over four years: one-third on 02/20/2028, one-third on 02/20/2029, and the final third on 02/20/2030, after which they will settle in the same number of Steel Dynamics common shares. Following this award, Alvarez directly holds 121,391 shares of the company’s common stock.

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

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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^*

Alvarez Miguel

(Last) (First) (Middle)

7575 W. JEFFERSON BLVD.

(Street)

FORT WAYNE IN 46804

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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

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

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

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	02/20/2026		A		4,187(1)	A	$0	121,391	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 grant of restricted stock units equal to the same number of underlying shares, received as an award under the Issuer's equity incentive plan, for no consideration, and exempt from Section 16(b) by virtue of Rule 16b-3(d)(1) and (3). The restricted units vest over a four year period as follows: 1/3 on 02/20/2028, 1/3 on 02/20/2029 and the final 1/3 on 02/20/2030, following which settlement is to be made solely in the same number of shares of the Issuer's common stock shown in Column 4.

	/s/ Miguel Alvarez	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Steel Dynamics (STLD) insider Miguel Alvarez report on this Form 4?

Miguel Alvarez reported receiving a grant of 4,187 restricted stock units tied to Steel Dynamics common stock. The award was made under the company’s equity incentive plan and involved no cash payment, reflecting equity-based compensation rather than an open-market share purchase.

How many Steel Dynamics shares does Miguel Alvarez hold after this grant?

After the grant, Miguel Alvarez directly holds 121,391 shares of Steel Dynamics common stock. This figure includes the impact of the newly awarded restricted stock units, which will convert into shares as they vest according to the disclosed schedule in the filing.

What are the vesting terms of Miguel Alvarez’s 4,187 restricted stock units at STLD?

The 4,187 restricted stock units vest over four years: one-third on 02/20/2028, one-third on 02/20/2029, and the final third on 02/20/2030. After vesting, each unit settles into one share of Steel Dynamics common stock.

Did Miguel Alvarez pay cash for the new Steel Dynamics restricted stock units?

No, the filing states the 4,187 restricted stock units were received for no consideration. They were granted as an equity award under Steel Dynamics’ equity incentive plan, representing compensation rather than a cash-financed purchase in the open market.

What type of transaction is reported for Steel Dynamics insider Miguel Alvarez?

The transaction is classified as a grant, award, or other acquisition of common stock, coded “A” on Form 4. It reflects the issuance of restricted stock units under an equity incentive plan, not a traditional buy or sell transaction in the market.