Steel Dynamics (NASDAQ: STLD) director awarded 13 dividend shares

Rhea-AI Filing Summary

Steel Dynamics Inc. director Sierra Luis Manuel reported a small equity award tied to board service. On January 9, 2026, the director acquired 13 shares of common stock at $0 per share, representing common stock underlying additional deferred stock units issued as a dividend equivalent under the company’s 2023 Equity Incentive Plan and Dividend Reinvestment Plan. These deferred stock units are settled solely in common stock, so they are reported as directly owned shares rather than as derivatives. Following this transaction, the director directly beneficially owns 10,792 shares of Steel Dynamics common stock, including shares from prior dividend reinvestments on deferred stock units.

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^*

Sierra Luis Manuel

(Last) (First) (Middle)

4830 ENCLAVE WAY

(Street)

PARK CITY UT 84098

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/09/2026

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	01/09/2026		A		13(1)(2)	A	$0	10,792(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	01/12/2026
	** 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 insider transaction did Steel Dynamics (STLD) report for Sierra Luis Manuel?

The filing reports that director Sierra Luis Manuel acquired 13 shares of Steel Dynamics common stock on January 9, 2026, tied to deferred stock units issued as a dividend equivalent under the company’s 2023 Equity Incentive Plan.

How many Steel Dynamics shares does Sierra Luis Manuel own after this Form 4 transaction?

After the reported transaction, Sierra Luis Manuel beneficially owns 10,792 shares of Steel Dynamics common stock directly, including shares resulting from reinvestment of dividends on underlying deferred stock units.

At what price were the Steel Dynamics shares acquired in this insider transaction?

The 13 shares of Steel Dynamics common stock were acquired at a price of $0 per share, reflecting an issuance as a dividend-equivalent award under the company’s equity and dividend reinvestment plans rather than an open-market purchase.

What are deferred stock units (DSUs) in the context of this Steel Dynamics Form 4?

In this filing, the deferred stock units (DSUs) represent awards granted to the director as part of their retainer under the 2023 Equity Incentive Plan. The DSUs are payable solely in shares of Steel Dynamics common stock when settled, so the related shares are reported as directly owned common stock.

Why is this Steel Dynamics director stock transaction described as dividend equivalent?

The transaction is described as a dividend equivalent because the 13 additional DSUs, reported as common stock, were issued in connection with reinvestment of dividends under the company’s 2023 Equity Incentive Plan and existing Dividend Reinvestment Plan.

Is the reported Steel Dynamics director transaction exempt under Section 16 rules?

Yes. The filing states that this dividend-equivalent issuance is exempt from the reporting requirements of Section 16(a) and from Section 16(b), including by virtue of the dividend reinvestment feature of the plans and Rule 16b-3(d)(1) and (3).

Is Sierra Luis Manuel’s ownership in Steel Dynamics reported as direct or indirect?

The 10,792 shares of Steel Dynamics common stock reported after the transaction are shown as directly owned (D), with no separate indirect ownership entity indicated in the filing.