[Form 4] Steel Dynamics Inc Insider Trading Activity

Rhea-AI Filing Summary

Richard P. Teets Jr., a director of Steel Dynamics Inc. (STLD), received 291 deferred stock units (DSUs) as compensation on 08/14/2025 that are payable solely in common stock and reported as shares. These DSUs were issued under the Company's 2023 Equity Incentive Plan and are exempt from Section 16(b) by Rule 16b-3(d)(1) and (3). After the issuance, Mr. Teets reports directly owning 5,052,623 shares of common stock and indirectly holding 93,119 shares through his spouse. The Form 4 was signed on 08/15/2025.

The filing documents a routine director retainer payment settled in DSUs and clarifies why the units are reported as direct share ownership rather than derivative securities.

Positive

• Director compensation issued as DSUs under the 2023 Equity Incentive Plan, showing use of equity-based retention tools
• Clear reporting and exemption citation (Rule 16b-3(d)(1) and (3)) explaining why DSUs are reported as direct shares

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received DSUs as part of standard retainer; reporting clarifies classification and exemption under Rule 16b-3.

The Form 4 shows a routine equity-based retainer payment to a director recorded as 291 DSUs, which the filer treats as direct common stock because settlement is exclusively in shares. The filing cites the 2023 Equity Incentive Plan and Rule 16b-3 exemptions, indicating this is a compensatory grant rather than a market transaction. For governance reviewers, this confirms board compensation was paid in equity and properly reported.

Compensation Analyst

TL;DR: Compensation grant of 291 DSUs increases reported direct ownership; treatment aligns with plan terms that pay in stock.

The disclosure specifies 291 DSUs granted as a director retainer and explains the reporting treatment because the DSUs will be settled solely in common stock. Post-transaction beneficial ownership rises to 5,052,623 shares directly, with an additional 93,119 shares indirectly held by spouse. This is a routine, non-cash compensation event consistent with equity incentive plan practices.

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)
08/14/2025

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	08/14/2025		A		291(1)	A	$0	5,052,623	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. 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)

	/s/ Richard P. Teets, Jr.	08/15/2025
	** 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.

FAQ

What transaction did Richard P. Teets Jr. report on Form 4 for STLD?

He reported receiving 291 deferred stock units (DSUs) on 08/14/2025, recorded as shares of common stock.

How many shares does Richard P. Teets Jr. beneficially own after the reported transaction?

The filing reports 5,052,623 shares owned directly by Mr. Teets following the transaction.

Does the filing show any indirect ownership for Mr. Teets in STLD?

Yes, the filing reports 93,119 shares indirectly owned by his spouse.

Why were the DSUs reported as direct common stock rather than derivative securities?

The DSUs are payable solely in common stock when settled, so they are reported as directly owned shares, per the filing explanation.

Under which plan were the DSUs issued?

The DSUs were issued under the Company’s 2023 Equity Incentive Plan.