Director at Steel Dynamics (STLD) receives 197-share equity grant under 2023 plan

Rhea-AI Filing Summary

STEEL DYNAMICS INC director reports stock award. Director Sheree L. Bargabos acquired 197 shares of common stock on February 20, 2026 as a grant under the company’s 2023 Equity Incentive Plan, increasing her directly owned holdings to 26,134 shares.

The award was issued as deferred stock units that will be settled solely in common stock, and is characterized as a grant or other acquisition rather than an open-market purchase.

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^*

BARGABOS SHEREE L

(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)

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

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		197(1)	A	$0	26,134	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. Issued as deferred stock units (DSUs) in connection with reporting person's retainer, as a director, under the Company's 2023 Equity Incentive Plan and exempt from Section 16(b) by virtue of Rule 16b-3(d)(1) and (3). These DSUs are reportable, however, as directly owned shares of common stock, rather than as derivative security in Table II, because any and all underlying DSUs are payable, at such time as they are to be settled, solely in common stock. (See Lincoln National Corp. (March 20, 1992) (Q.3)

	/s/ Theresa E. Wagler by Power of Attorney	02/23/2026
	** 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 INC (STLD) report for Sheree L. Bargabos?

STEEL DYNAMICS INC reported that director Sheree L. Bargabos received an equity award of 197 shares on February 20, 2026. The transaction is classified as a grant or other acquisition, not an open-market purchase, under the company’s 2023 Equity Incentive Plan.

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

After the reported grant, Sheree L. Bargabos beneficially owns 26,134 shares of STEEL DYNAMICS INC common stock. This figure reflects the addition of 197 shares awarded as part of her director retainer under the company’s 2023 Equity Incentive Plan.

Was the STEEL DYNAMICS INC (STLD) Form 4 transaction a stock purchase or an award?

The Form 4 transaction was an equity award, not a cash purchase. The filing identifies the code as “A” for grant, award, or other acquisition, and the 197 shares were issued in connection with the director’s retainer under the 2023 Equity Incentive Plan.

How were the 197 STEEL DYNAMICS INC (STLD) shares granted to Sheree L. Bargabos structured?

The 197 shares were issued as deferred stock units (DSUs) tied to the director’s retainer. According to the footnote, all underlying DSUs are payable solely in common stock when settled, so they are reported as directly owned common shares rather than as derivative securities.

Is the STEEL DYNAMICS INC (STLD) director stock award exempt under Section 16(b)?

Yes. The filing states the deferred stock units granted to Sheree L. Bargabos are exempt from Section 16(b) under Rule 16b-3(d)(1) and (3). This exemption applies because the award was made under the company’s 2023 Equity Incentive Plan in connection with her director retainer.