Steel Dynamics (STLD) director awarded shares via dividend units plan

Rhea-AI Filing Summary

Steel Dynamics, Inc. director Kenneth W. Cornew reported an automatic grant of 5 shares of common stock on 01/09/2026. These shares represent dividend-equivalent deferred stock units credited under the company’s 2023 Equity Incentive Plan and its Dividend Reinvestment Plan, tied to his director retainer. The shares were acquired at a price of $0, reflecting a non-cash, dividend-based award. Following this transaction, Cornew directly beneficially owns 36,294 shares of Steel Dynamics common stock, including shares resulting from prior dividend reinvestments on underlying 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^*

Cornew Kenneth W.

(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)
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		5(1)(2)	A	$0	36,294(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 Kenneth W. Cornew?

Steel Dynamics reported that director Kenneth W. Cornew was credited with 5 shares of common stock on 01/09/2026. The shares arose from dividend-equivalent deferred stock units tied to his director retainer under the 2023 Equity Incentive Plan.

Was cash paid for the 5 Steel Dynamics shares reported in this Form 4?

No cash changed hands in this transaction. The 5 shares were acquired at a reported price of $0 per share as a dividend-equivalent grant under the company’s equity and dividend reinvestment plans.

How many Steel Dynamics shares does Kenneth W. Cornew own after this transaction?

After the reported grant, Kenneth W. Cornew beneficially owns 36,294 shares of Steel Dynamics common stock in direct ownership, including shares accumulated through dividend reinvestment on deferred stock units.

Why are dividend-equivalent deferred stock units reported as common stock for STLD?

The filing states that the dividend-equivalent deferred stock units are payable solely in shares of common stock when settled, so they are reported as directly owned common shares rather than as derivative securities.

Under what plan were the additional Steel Dynamics shares issued to the director?

The additional shares were issued in connection with the director’s retainer under Steel Dynamics’ 2023 Equity Incentive Plan and the company’s existing Dividend Reinvestment Plan, via dividend-equivalent deferred stock units.