Steel Dynamics (STLD) SVP gets stock grant as shares withheld for taxes

Rhea-AI Filing Summary

Steel Dynamics Inc. Senior Vice President Miguel Alvarez reported routine equity compensation activity. He received a grant of 16,479 shares of Common Stock at $0.00 per share under the company’s 2023 Equity Incentive Plan. To cover withholding taxes on this equity award, 7,232 shares were withheld by the company at a price of $182.19 per share, treated as a disposition to the issuer for tax purposes rather than an open-market sale. After these transactions, Alvarez directly holds 127,082 common shares.

Insights

Equity compensation analyst

Routine equity award with tax withholding; no open-market buying or selling.

Senior Vice President Miguel Alvarez received 16,479 shares of Steel Dynamics common stock as an equity award under the 2023 Equity Incentive Plan. The award price is listed as $0.00 per share, consistent with stock granted as compensation rather than purchased in the market.

To satisfy withholding tax obligations on this award, the issuer withheld 7,232 shares at $182.19 per share, classified as a disposition to the issuer. This is a mechanical tax-payment method, not an open-market sale, and therefore carries limited signaling value about insider sentiment.

Following these transactions on March 13, 2026, Alvarez directly owns 127,082 shares of common stock. The filing shows no derivative positions and no open-market purchases or sales, indicating a standard compensation and tax-withholding event rather than a change in investment stance.

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
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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^*

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)
03/13/2026

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	03/13/2026		A		16,479(1)	A	$0	134,314	D
Common Stock	03/13/2026		F		7,232(2)	D	$182.19	127,082	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. Acquisition from Issuer: Shares awarded under Long-Term Incentive Program adopted by Compensation Committee composed of three or more independent non-employee directors pursuant to the Company's 2023 Equity Incentive Plan approved by Compensation Committee and Stockholders and exempt from Section 16(b) of Exchange Act pursuant to Rule 16b-3(d).

2. Disposition to Issuer: Shares withheld by Issuer in payment of reporting person's withholding tax liability in connection with such person's receipt or vesting of an equity security, and either approved in advance by Compensation Committee or mandated by the express terms of the Plan and exempt from Section 16(b) of Exchange Act in accordance with Exchange Act Rule 16b-3(e).

	/s/ Miguel Alvarez	03/13/2026
	** 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.

FAQ

What did Steel Dynamics (STLD) executive Miguel Alvarez report in this Form 4?

Miguel Alvarez reported receiving 16,479 shares of Steel Dynamics common stock as an equity award and having 7,232 shares withheld by the company to cover tax obligations, leaving him with 127,082 shares owned directly after the transactions.

Was Miguel Alvarez buying or selling Steel Dynamics (STLD) shares on the open market?

He did not trade on the open market. Alvarez received shares as an equity grant and the company withheld 7,232 shares at $182.19 per share solely to pay withholding taxes related to that award, a routine compensation mechanism.

How many Steel Dynamics (STLD) shares does Miguel Alvarez own after this Form 4?

After the reported transactions, Miguel Alvarez directly owns 127,082 shares of Steel Dynamics common stock. This figure reflects the 16,479-share grant he received and the 7,232 shares that were withheld by the issuer to satisfy his tax liability on the award.

What does the tax withholding transaction mean in the Steel Dynamics (STLD) Form 4?

The filing shows a code F transaction where 7,232 shares were withheld by Steel Dynamics at $182.19 per share. This represents shares used to pay Alvarez’s withholding taxes on his equity award, not an open-market sale or discretionary share disposal.

Under what plan were Miguel Alvarez’s Steel Dynamics (STLD) shares awarded?

The shares were granted under Steel Dynamics’ 2023 Equity Incentive Plan, as part of a Long-Term Incentive Program approved by the Compensation Committee and stockholders, and structured to qualify for Rule 16b-3 exemptions under the Exchange Act.

Does this Steel Dynamics (STLD) Form 4 indicate any remaining derivative positions for Miguel Alvarez?

No derivative positions are shown. The filing only reports non-derivative common stock transactions: an equity grant of 16,479 shares and a tax-withholding disposition of 7,232 shares, with no options or other derivatives listed as remaining holdings.