Steel Dynamics (NASDAQ: STLD) director granted 163 dividend-based shares

Rhea-AI Filing Summary

Steel Dynamics director Shaheen Gabriel reported an automatic share-based award tied to dividends. On 01/09/2026, Gabriel acquired 163 shares of Steel Dynamics common stock at a price of $0 per share. These represent shares underlying additional deferred stock units issued as a dividend equivalent in connection with the director retainer under the company’s 2023 Equity Incentive Plan and Dividend Reinvestment Plan. After this transaction, Gabriel beneficially owned 82,363 shares of common stock directly, including shares accumulated through prior dividend reinvestment on 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

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^*

Shaheen Gabriel

(Last) (First) (Middle)

1540 PARILLA CIRCLE

(Street)

TRINITY FL 34655

(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		163(1)(2)	A	$0	82,363(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).
** 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 insider transaction did Steel Dynamics (STLD) disclose in this Form 4?

Steel Dynamics reported that director Shaheen Gabriel acquired 163 shares of common stock on 01/09/2026 through an automatic grant linked to deferred stock units.

How many Steel Dynamics shares does Shaheen Gabriel own after this transaction?

Following the reported transaction, Shaheen Gabriel beneficially owned 82,363 shares of Steel Dynamics common stock directly.

What was the price paid for the shares acquired by Shaheen Gabriel?

The 163 shares of Steel Dynamics common stock were acquired at a reported price of $0 per share, reflecting an automatic, non-cash award tied to dividend equivalents.

What is the nature of the shares acquired by the Steel Dynamics director in this filing?

The 163 shares represent common stock underlying additional deferred stock units (DSUs) issued as a dividend equivalent under the company’s 2023 Equity Incentive Plan and existing Dividend Reinvestment Plan.

Is the Steel Dynamics director’s DSU dividend transaction treated as a derivative security?

No. The filing notes the position is reported as directly owned common stock rather than a derivative in Table II because all underlying DSUs are payable solely in shares of common stock when settled.

Who is the reporting person in this Steel Dynamics Form 4 and what is their role?

The reporting person is Shaheen Gabriel, who is identified in the filing as a director of Steel Dynamics Inc.