[Form 4] Steel Dynamics Inc Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview: On 07/11/2025, Steel Dynamics, Inc. (STLD) director Gabriel Shaheen automatically acquired 201 shares of common stock through the dividend-equivalent feature of the company’s 2023 Equity Incentive Plan. These shares are credited as deferred stock units (DSUs) but are reportable as common stock because settlement will occur solely in shares.

Transaction specifics: The acquisition is coded “A” at a price of $0, reflecting reinvestment of the quarterly cash dividend paid on previously held DSUs. Following the credit, Shaheen’s direct beneficial ownership increases from 81,812 to 82,013 shares.

Regulatory context: The transaction is exempt from short-swing profit restrictions under Rule 16b-3(d)(1) & (3) and meets the reporting exemption of Rule 16a-11 due to its dividend reinvestment nature. No derivative securities were bought or sold, and no 10b5-1 plan was invoked.

Materiality assessment: 201 shares represent an immaterial 0.0002% of STLD’s ~170 million outstanding shares and do not constitute an open-market purchase. The filing signals routine board-level dividend reinvestment rather than a discretionary vote of confidence. Accordingly, market impact is expected to be negligible.

Insights

Financial Analyst

TL;DR: Routine dividend-reinvestment adds 201 shares; negligible ownership change, neutral market impact.

The reported acquisition is purely mechanical—dividend equivalents under the 2023 Equity Incentive Plan convert into DSUs, which are deemed common stock for Section 16 reporting. At 201 shares, the value is roughly US$25-30k, insignificant against Shaheen’s existing 82k-share stake and STLD’s multi-billion-dollar market cap. Because the transaction carries no cash outlay and is exempt from Rule 16b-3 liabilities, it should not alter investor perception regarding insider sentiment or liquidity. I classify the filing as informational only, with no valuation implications.

Corporate Governance Specialist

TL;DR: Filing confirms compliance and transparent disclosure; no governance red flags or incentives shift.

The disclosure underscores proper execution of the company’s equity plan: DSUs accrue dividend equivalents automatically, aligning directors with shareholder returns. Steel Dynamics continues to file within the two-business-day window and provides a detailed explanation, demonstrating sound governance. However, since no discretionary purchase was made and the director’s economic exposure changes marginally, the event is governance-neutral rather than positive.

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 FL 34655

(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)
07/11/2025

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	07/11/2025		A		201(1)(2)	A	$0	82,013(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	07/14/2025
	** 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.