Steel Dynamics (STLD) SVP receives 4,187 RSUs vesting through 2030

Rhea-AI Filing Summary

Steel Dynamics Inc. senior vice president Christopher A. Graham reported receiving a grant of 4,187 restricted stock units of common stock for no cash consideration under the company’s equity incentive plan. This is recorded as an acquisition of stock-based compensation rather than an open-market purchase.

The award vests over four years in three equal installments: one-third on February 20, 2028, one-third on February 20, 2029, and the final one-third on February 20, 2030, after which the units settle in an equal number of Steel Dynamics common shares. Following this grant, Graham directly holds 72,056 shares.

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^*

Graham Christopher A

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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	02/20/2026		A		4,187(1)	A	$0	72,056	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 grant of restricted stock units equal to the same number of underlying shares, received as an award under the Issuer's equity incentive plan, for no consideration, and exempt from Section 16(b) by virtue of Rule 16b-3(d)(1) and (3). The restricted units vest over a four year period as follows: 1/3 on 02/20/2028, 1/3 on 02/20/2029 and the final 1/3 on 02/20/2030, following which settlement is to be made solely in the same number of shares of the Issuer's common stock shown in Column 4.

	/s/ Christopher A. Graham	02/24/2026
	** 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.

FAQ

What did Steel Dynamics (STLD) disclose in this Form 4 for Christopher A. Graham?

Steel Dynamics reported that Senior Vice President Christopher A. Graham received 4,187 restricted stock units as an equity incentive award. The grant was made for no cash consideration and will settle in common shares as the units vest over time.

How many shares did the Steel Dynamics (STLD) executive acquire in this transaction?

Christopher A. Graham acquired 4,187 restricted stock units tied to Steel Dynamics common stock. These units represent the right to receive the same number of shares once the vesting schedule is satisfied, rather than an immediate cash or open-market stock purchase.

What is the vesting schedule for the 4,187 restricted stock units at Steel Dynamics (STLD)?

The 4,187 restricted stock units vest over four years in three equal tranches. One-third vests on February 20, 2028, one-third on February 20, 2029, and the remaining one-third on February 20, 2030, after which common shares are delivered.

Did the Steel Dynamics (STLD) executive pay anything for the 4,187 restricted stock units?

No, the restricted stock units were granted for no cash consideration as part of Steel Dynamics’ equity incentive plan. This reflects stock-based compensation, not an open-market purchase, and is exempt from certain Section 16(b) rules under Rule 16b-3(d).

How many Steel Dynamics (STLD) shares does Christopher A. Graham own after this grant?

After the grant of 4,187 restricted stock units, Christopher A. Graham is reported as directly owning 72,056 shares of Steel Dynamics common stock. This figure reflects his direct beneficial ownership as disclosed in the Form 4 filing.

Is this Steel Dynamics (STLD) Form 4 transaction a buy or a compensation award?

This transaction is a compensation award, not a market buy. The Form 4 classifies it as a grant or award acquisition of 4,187 restricted stock units under Steel Dynamics’ equity incentive plan, with a reported price per share of $0.0000.