Steel Dynamics director granted dividend-equivalent shares

Sierra Luis Manuel reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Sierra Luis Manuel reported acquisition or exercise transactions in this Form 4 filing.

Steel Dynamics Inc. director Luis Manuel Sierra received a grant of 7 shares of common stock on July 10, 2026, reported as stock underlying additional deferred stock units issued as a dividend equivalent under the 2023 Equity Incentive Plan and Dividend Reinvestment Plan. The grant had a price of $0.0000 per share, and Sierra now holds 11,523 shares directly.

Insider Trade Summary

Grant/Award: 7 shares

Grant/Award 1 txn

Insider Sierra Luis Manuel

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2, F3	7	$0.00	$0.00

Holdings After Transaction: Common Stock — 11,523 shares (Direct)

Footnotes (3)

1. F1. 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. F2. 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. F3. Includes shares resulting from reinvestment of dividends on any underlying DSUs included in this total.

Key Figures

Shares granted: 7 shares of Common Stock Grant price per share: $0.0000 per share Shares owned after transaction: 11,523 shares of Common Stock +1 more

4 metrics

Shares granted 7 shares of Common Stock Grant, award, or other acquisition on July 10, 2026

Grant price per share $0.0000 per share Price for the 7-share dividend-equivalent award

Shares owned after transaction 11,523 shares of Common Stock Total direct holdings by Luis Manuel Sierra following the award

Transaction code A (Grant, award, or other acquisition) Non-derivative acquisition reported on Form 4

Key Terms

deferred stock units (DSUs), Dividend Reinvestment Plan, Section 16(b), Rule 16b-3(d)(1) and (3)

4 terms

deferred stock units (DSUs) financial

"underlying additional deferred stock units (DSUs) issued to the reporting person"

Deferred stock units (DSUs) are a form of long-term pay that promises an employee or director future company shares or cash equal to the share value at a later date, usually after leaving the company or at a set vesting time. Think of them as a delayed paycheck tied to the stock: they align recipients’ interests with long-term share performance and matter to investors because they create potential future dilution and signal how management is rewarded and incentivized.

Dividend Reinvestment Plan financial

"dividend reinvestment feature of the Plan and the Company's existing Dividend Reinvestment Plan"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

Section 16(b) regulatory

"exempt from Section 16(b) independently by virtue of Rule 16b-3(d)(1) and (3)"

A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.

Rule 16b-3(d)(1) and (3) regulatory

"exempt from Section 16(b) independently by virtue of Rule 16b-3(d)(1) and (3)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Steel Dynamics (STLD) director Luis Manuel Sierra report?

Luis Manuel Sierra reported an acquisition of 7 shares of Steel Dynamics common stock tied to additional deferred stock units issued as a dividend equivalent under the 2023 Equity Incentive Plan. The award was priced at $0.0000 per share and increased his holdings to 11,523 shares.

How many Steel Dynamics (STLD) shares does Luis Manuel Sierra hold after this Form 4 transaction?

After the reported grant, Luis Manuel Sierra directly holds 11,523 shares of Steel Dynamics common stock. This total includes shares attributable to deferred stock units and dividend reinvestment features described under the company’s 2023 Equity Incentive Plan and Dividend Reinvestment Plan.

What is the nature of the 7-share award reported by Steel Dynamics (STLD) director Sierra?

The 7 shares represent common stock underlying additional deferred stock units (DSUs) issued as a dividend equivalent in connection with Sierra’s director retainer under Steel Dynamics’ 2023 Equity Incentive Plan and existing Dividend Reinvestment Plan, rather than an open-market stock purchase or sale.

Was the Steel Dynamics (STLD) insider transaction by Luis Manuel Sierra a market buy or sell?

The filing describes Sierra’s transaction as a grant, award, or other acquisition of 7 shares at $0.0000 per share. It reflects dividend-equivalent deferred stock units converted into stock, not an open-market buy or sell transaction involving cash paid or received.

Why is Sierra’s Steel Dynamics (STLD) award reported as directly owned common stock instead of a derivative?

The footnotes state the deferred stock units are payable solely in shares of common stock when settled. Because settlement can only occur in common stock, the position is reported as directly owned common shares, rather than as a derivative security, and includes shares from dividend reinvestment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/14/2026 - 11:15 AM EDT Learn about SEC filing dates

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^*

Sierra Luis Manuel

(Last) (First) (Middle)

4830 ENCLAVE WAY

(Street)

PARK CITY UTAH 84098

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	07/10/2026		A		7(1)(2)	A	$0	11,523(3)	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. 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/ Theresa E. Wagler by Power of Attorney	07/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)