Steel Dynamics (STLD) VP receives 776 restricted stock units award

Rhea-AI Filing Summary

Bell Matthew Lane reported acquisition or exercise transactions in this Form 4 filing.

Steel Dynamics Inc. Vice President Matthew Lane Bell reported an equity award of 776 shares of common stock in the form of restricted stock units. The award was granted on February 20, 2026 for no cash consideration under the company’s equity incentive plan.

The restricted stock units vest over four years: one-third on February 20, 2028, one-third on February 20, 2029, and the final third on February 20, 2030, after which they settle in an equal number of Steel Dynamics common shares. Following this grant, Bell directly holds 2,017 common shares, and an additional 17 shares are held indirectly through a Roth IRA.

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^*

Bell Matthew Lane

(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)
	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		776(1)	A	$0	2,017	D
Common Stock								17	I	By Roth IRA

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/ Matthew Lane Bell	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.
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FAQ

What did Steel Dynamics (STLD) Vice President Matthew Lane Bell report in this Form 4?

Matthew Lane Bell reported receiving 776 restricted stock units of Steel Dynamics common stock. The award was granted on February 20, 2026 under the company’s equity incentive plan, for no cash consideration, and is structured to vest in stages over several years.

How many Steel Dynamics (STLD) shares were involved in Matthew Lane Bell’s equity award?

The grant covers 776 restricted stock units, equal to 776 underlying Steel Dynamics common shares upon settlement. After this award, Bell’s direct holdings total 2,017 common shares, with an additional 17 shares held indirectly through a Roth IRA account.

What is the vesting schedule for Matthew Lane Bell’s Steel Dynamics (STLD) restricted stock units?

The 776 restricted stock units vest over four years. One-third vests on February 20, 2028, one-third on February 20, 2029, and the final one-third on February 20, 2030, after which each vested unit settles into one Steel Dynamics common share.

Did Matthew Lane Bell pay cash for the Steel Dynamics (STLD) restricted stock units?

No, the restricted stock units were granted for no cash consideration as an award under Steel Dynamics’ equity incentive plan. This type of grant is compensation-based, with value realized as the units vest and convert into common shares over time.

What are Matthew Lane Bell’s Steel Dynamics (STLD) share holdings after this reported transaction?

Following the grant, Bell directly owns 2,017 Steel Dynamics common shares. He also has an indirect holding of 17 additional common shares through a Roth IRA, reflecting both direct and indirect ownership positions reported in the Form 4 filing.

How will the restricted stock units reported by Matthew Lane Bell convert into Steel Dynamics (STLD) shares?

Once each tranche vests on its scheduled date, the restricted stock units settle solely in an equal number of Steel Dynamics common shares. This means each vested unit converts into one share as specified in the equity award terms.