Steel Dynamics director granted 712 stock units

Cornew Kenneth W. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Cornew Kenneth W. reported acquisition or exercise transactions in this Form 4 filing.

Steel Dynamics director Kenneth W. Cornew received a stock-based award of 712 shares of common stock-equivalent deferred stock units. The award was granted at a price of $0.00 per share as part of his retainer under the company’s 2023 Equity Incentive Plan, and is reported as directly owned common stock because the units are payable solely in common stock when settled. The deferred stock units vest in four equal installments on 8/31/2026, 11/30/2026, 2/28/2027, and 5/31/2027. Following this grant, Cornew directly holds a total of 32,011 shares of Steel Dynamics common stock.

Insider Trade Summary

Grant/Award: 712 shares

Grant/Award 1 txn

Insider Cornew Kenneth W.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	712	$0.00	$0.00

Holdings After Transaction: Common Stock — 32,011 shares (Direct)

Footnotes (1)

1. F1. 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 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 common stock. See Lincoln National Corp. (March 20, 1992) (Q.3). The DSUs vest as follows: 1/4 on 8/31/2026, 1/4 on 11/30/2026, 1/4 on 2/28/2027 and 1/4 on 5/31/2027.

Key Figures

Stock award size: 712 shares Grant price: $0.00 per share Holdings after grant: 32,011 shares +4 more

7 metrics

Stock award size 712 shares Deferred stock units granted to director as of June 1, 2026

Grant price $0.00 per share Price for 712 deferred stock units under 2023 Equity Incentive Plan

Holdings after grant 32,011 shares Total Steel Dynamics common stock directly owned after transaction

Vesting installment 1 1/4 of units Vests on August 31, 2026

Vesting installment 2 1/4 of units Vests on November 30, 2026

Vesting installment 3 1/4 of units Vests on February 28, 2027

Vesting installment 4 1/4 of units Vests on May 31, 2027

Key Terms

Deferred stock units (DSUs), 2023 Equity Incentive Plan, Section 16(b), Rule 16b-3(d)(1) and (3)

4 terms

Deferred stock units (DSUs) financial

"Issued as deferred stock units (DSUs) in connection with reporting person's retainer as a director"

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.

2023 Equity Incentive Plan financial

"in connection with reporting person's retainer as a director under the Company's 2023 Equity Incentive Plan"

Section 16(b) regulatory

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

FAQ

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

What did Steel Dynamics (STLD) director Kenneth W. Cornew report on this Form 4?

Kenneth W. Cornew reported receiving a grant of 712 deferred stock units, treated as common stock, at $0.00 per share. The award was part of his director retainer under Steel Dynamics’ 2023 Equity Incentive Plan and increases his direct holdings.

How many Steel Dynamics (STLD) shares does Kenneth W. Cornew hold after this transaction?

After the grant, Kenneth W. Cornew directly holds 32,011 shares of Steel Dynamics common stock. This total includes the 712 deferred stock units, which are reportable as directly owned common shares because they will be settled solely in common stock when paid.

Was the Steel Dynamics (STLD) Form 4 transaction an open-market stock purchase or sale?

The transaction was not an open-market trade. It was a grant of 712 deferred stock units at $0.00 per share as part of director compensation under the 2023 Equity Incentive Plan, classified as a grant, award, or other acquisition rather than a market purchase or sale.

How do the deferred stock units awarded to the Steel Dynamics (STLD) director vest?

The 712 deferred stock units vest in four equal installments. Vesting occurs 1/4 on August 31, 2026, 1/4 on November 30, 2026, 1/4 on February 28, 2027, and 1/4 on May 31, 2027, aligning with the director’s service period.

Why are Steel Dynamics (STLD) deferred stock units reported as common stock on this Form 4?

They are reported as common stock because all underlying deferred stock units are payable solely in Steel Dynamics common stock when settled. As a result, they are treated as directly owned common shares rather than as a separate derivative security in the Form 4 tables.

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

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Accepted by SEC EDGAR 06/01/2026 - 04:44 PM 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
Estimated average burden
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^*

Cornew Kenneth W.

(Last) (First) (Middle)

7575 W. JEFFERSON BLVD.

(Street)

FORT WAYNE INDIANA 46804

(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)
06/01/2026

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	06/01/2026		A		712(1)	A	$0	32,011	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 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 common stock. See Lincoln National Corp. (March 20, 1992) (Q.3). The DSUs vest as follows: 1/4 on 8/31/2026, 1/4 on 11/30/2026, 1/4 on 2/28/2027 and 1/4 on 5/31/2027.

	/s/ Theresa E. Wagler by Power of Attorney	06/01/2026
	** 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)