[Form 4] Steel Dynamics Inc Insider Trading Activity

Rhea-AI Filing Summary

Steel Dynamics (STLD) Form 4, filed 14-Jul-2025, reports that director Richard P. Teets Jr. automatically acquired 13 common shares on 11-Jul-2025 via dividend-equivalent deferred stock units (DSUs) granted under the company’s 2023 Equity Incentive Plan. The acquisition cost was $0 and is exempt from Section 16(b) under Rule 16b-3. Following the transaction, Teets’ holdings rise to 5,052,332 directly owned shares plus 93,119 shares held indirectly by his spouse; no dispositions were reported. The filing shows ongoing insider equity alignment but is immaterial in size relative to both Teets’ existing stake and Steel Dynamics’ overall share count.

Positive

• Continued insider alignment: Director maintains a substantial 5.05 million-share stake and modestly increases holdings, reinforcing long-term commitment.

Negative

• None.

Insights

Corporate Governance Analyst

TL;DR: Routine, zero-cost insider share accrual; negligible market impact.

The Form 4 details a 13-share DSU dividend for director Richard P. Teets Jr. Under Rule 16b-3, the issuance is exempt and reflects normal board compensation practices. With more than 5 million shares already held, the incremental increase is statistically insignificant. Nonetheless, it affirms the director’s long-term alignment with shareholders because DSUs settle only in stock. No adverse governance or compliance issues emerge.

Portfolio Manager

TL;DR: Insider added shares, but scale too small to influence valuation.

The 13 shares acquired at $0 do not alter supply-demand dynamics or signal a directional view. Teets retains a sizable 5.05 million-share position, indicating ongoing commitment, yet investors should treat the event as non-actionable. There is neither buying pressure nor liquidity concern generated by this filing.

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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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 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)
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		13(1)(2)	A	$0	5,052,332(3)	D
Common Stock								93,119	I	By spouse

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/ Richard P. Teets, Jr.	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).
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FAQ

How many Steel Dynamics (STLD) shares did Richard P. Teets Jr. acquire on 11-Jul-2025?

13 shares were acquired via dividend-equivalent deferred stock units.

What is Teets’ total direct ownership in STLD after the transaction?

He directly owns 5,052,332 shares following the reported acquisition.

Was any cash paid for the shares disclosed in this Form 4?

No; the shares were issued at $0 cost as part of the dividend reinvestment feature of the equity plan.

What transaction code appears in the filing and what does it signify?

Transaction code “A” indicates an acquisition of securities.

Are the acquired DSUs considered derivative securities?

They are reported as common stock because DSUs settle solely in shares, not cash.