[Form 4] Steel Dynamics Inc Insider Trading Activity

Rhea-AI Filing Summary

Sheree L. Bargabos, a director of Steel Dynamics Inc. (STLD), received 291 deferred stock units (DSUs) as compensation on 08/14/2025. The DSUs were issued under the company's 2023 Equity Incentive Plan and are reportable as directly owned common stock because they are payable solely in shares when settled. The reported transaction shows 291 shares acquired at $0, bringing the reporting persons beneficial ownership to 25,567 shares following the grant. The filing notes the grant is exempt from Section 16(b) under Rule 16b-3(d)(1) and (3). The Form 4 was signed by power of attorney on 08/15/2025.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation via DSUs increases reported beneficial ownership modestly and is exempt under Rule 16b-3.

The filing documents a standard director retainer payment in the form of 291 deferred stock units, recorded as directly owned shares because settlement will be solely in common stock. Such grants are common governance practice to align director interests with shareholders and are typically nondilutive until settlement. The exemption cited indicates this is a customary grant to an insider and not subject to short-swing profit recovery. The modest size relative to total shares outstanding suggests limited market impact.

Securities Compliance Analyst

TL;DR: Filing is a routine, timely disclosure of a director compensation grant with required exemptions noted.

The report includes transaction date 08/14/2025, acquisition code A, zero price per share, and beneficial ownership post-transaction of 25,567 shares. The explanatory note properly treats DSUs as directly owned common stock because settlement will be solely in shares, consistent with precedent. The Form 4 was executed by power of attorney on 08/15/2025, fulfilling signature requirements. No additional remedial or corrective disclosures appear necessary based on the provided content.

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

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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^*

BARGABOS SHEREE L

(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	25,567	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. 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/ Theresa E. Wagler by Power of Attorney	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 the STLD Form 4 report?

The Form 4 reports that director Sheree L. Bargabos acquired 291 deferred stock units (DSUs) on 08/14/2025, recorded as $0 price acquisitions.

How many STLD shares does the reporting person beneficially own after the transaction?

The filing shows 25,567 shares beneficially owned by the reporting person following the reported transaction.

Why are the DSUs reported as direct common stock rather than derivatives in the STLD filing?

The explanatory note states the DSUs are payable solely in common stock when settled, so they are reportable as directly owned shares rather than derivative securities.

Under what plan and exemption were the DSUs issued?

The DSUs were issued under the company's 2023 Equity Incentive Plan and are exempt from Section 16(b) under Rule 16b-3(d)(1) and (3).

Who signed the Form 4 for the reporting person?

The Form 4 was signed by Theresa E. Wagler by power of attorney on 08/15/2025.