Steel Dynamics director granted 197 share units

TEETS RICHARD P JR reported acquisition or exercise transactions in this Form 4 filing.

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Rhea-AI Filing Summary

TEETS RICHARD P JR reported acquisition or exercise transactions in this Form 4 filing.

Steel Dynamics director Richard P. Teets Jr received an award of 197 deferred stock units as part of his director retainer under the 2023 Equity Incentive Plan, payable solely in common stock, increasing his direct holdings to 4,980,085 shares. He also reports 93,119 shares held indirectly by his spouse and 73,000 shares held indirectly through the Teets Family Foundation, over which he has voting and investment power.

Insider Trade Summary

Grant/Award: 197 shares

Grant/Award 3 txns

Insider TEETS RICHARD P JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	197	$0.00	$0.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 4,980,085 shares (Direct); Common Stock — 93,119 shares (Indirect, By spouse); Common Stock — 73,000 shares (Indirect, By Teets Family Foundation)

Footnotes (2)

F1. 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)
F2. Represents securities held by the Teets Family Foundation, a charitable foundation of which the reporting person is a member and director. The reporting person has voting and investment power over all securities owned by the foundation.

FAQ

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What insider transaction did STLD director Richard P. Teets Jr report?

Richard P. Teets Jr reported receiving 197 deferred stock units as part of his director retainer. These units are payable solely in Steel Dynamics common stock and are reported as directly owned shares, reflecting a non-cash equity award rather than an open-market purchase or sale.

How many Steel Dynamics shares does Richard P. Teets Jr own after this Form 4?

After the reported award, Richard P. Teets Jr directly owns 4,980,085 Steel Dynamics common shares. The filing also shows additional indirect ownership through his spouse and the Teets Family Foundation, providing a fuller picture of his total reported economic and voting exposure.

What are deferred stock units (DSUs) in the STLD Form 4 filing?

The Form 4 states the 197 units were issued as deferred stock units in connection with the director retainer. These DSUs are settled solely in Steel Dynamics common stock, so they are reported as directly owned common shares rather than as derivative securities in a separate table.

What indirect Steel Dynamics shareholdings are reported for STLD director Teets?

The filing lists 93,119 Steel Dynamics shares held indirectly by his spouse and 73,000 shares held by the Teets Family Foundation. It notes he has voting and investment power over the foundation’s holdings, highlighting both personal and related-entity exposure to the company’s stock.

Is the STLD director transaction a stock purchase or a grant?

The transaction is described as a grant or award acquisition, not an open-market stock purchase. The 197 deferred stock units were issued as part of the director’s retainer under Steel Dynamics’ 2023 Equity Incentive Plan, with no cash price per share reported in the filing.

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Accepted by SEC EDGAR 02/23/2026 - 01:03 PM EST

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^*

TEETS RICHARD P JR

(Last)

(First)

(Middle)

7575 W. JEFFERSON BLVD.

(Street)

FORT WAYNE

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/20/2026		A		197⁽¹⁾	A	$0	4,980,085	D
Common Stock								93,119	I	By spouse
Common Stock								73,000	I	By Teets Family Foundation⁽²⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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)

2. Represents securities held by the Teets Family Foundation, a charitable foundation of which the reporting person is a member and director. The reporting person has voting and investment power over all securities owned by the foundation.

	/s/ Richard P. Teets, Jr.	02/23/2026
	** 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.

Source: View Original Filing on SEC EDGAR