Steel Dynamics (STLD) director gains 135 shares via dividend units

Rhea-AI Filing Summary

Steel Dynamics director Bradley S. Seaman reported an automatic acquisition of 135 shares of common stock on January 9, 2026. These shares represent common stock underlying additional deferred stock units issued as a dividend equivalent tied to his director retainer under the company’s 2023 Equity Incentive Plan and Dividend Reinvestment Plan, with a stated price of $0 per share. After this transaction, he beneficially owns 50,650 shares of Steel Dynamics common stock directly, including shares from prior dividend reinvestments on his deferred stock units.

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

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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^*

Seaman Bradley S

(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)
01/09/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/09/2026		A		135(1)(2)	A	$0	50,650(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	01/12/2026
	** 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).
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FAQ

What insider transaction did Steel Dynamics (STLD) report for Bradley S. Seaman?

Steel Dynamics reported that director Bradley S. Seaman acquired 135 shares of common stock on January 9, 2026 through dividend-equivalent deferred stock units.

How many Steel Dynamics shares does Bradley S. Seaman own after this Form 4?

Following the reported transaction, Bradley S. Seaman beneficially owns 50,650 shares of Steel Dynamics common stock in direct ownership.

What was the price per share for the 135 Steel Dynamics shares acquired?

The 135 Steel Dynamics common shares were acquired at a stated price of $0 per share, reflecting an automatic award tied to dividend equivalents rather than an open-market purchase.

Why did Bradley S. Seaman receive additional Steel Dynamics shares?

The additional shares reflect common stock underlying deferred stock units (DSUs) issued as a dividend equivalent in connection with his retainer as a director under the company’s 2023 Equity Incentive Plan and Dividend Reinvestment Plan.

Are the deferred stock units for Steel Dynamics payable in cash or stock?

The filing notes that the underlying deferred stock units are payable solely in shares of common stock when they are settled, so they are reported as directly owned common shares.

Is this Steel Dynamics insider transaction exempt from certain Section 16 rules?

Yes. The filing states the transaction is exempt from Section 16(a) reporting requirements and Section 16(b) due to the dividend reinvestment features of the plan and applicable rules, including Rule 16b-3(d)(1) and (3).