Steel Dynamics SVP disposes shares for tax withholding

Steel Dynamics Senior Vice President Miguel Alvarez reported automatic share dispositions to cover taxes on vested restricted stock units.

Rhea-AI Filing Summary

Steel Dynamics Senior Vice President Miguel Alvarez reported automatic share dispositions to cover taxes on vested restricted stock units. On February 24, he disposed of 1,642 common shares at $196.01 per share, and on February 23 he disposed of 956 and 958 shares at $193.39 per share. These were transfers to the issuer for tax withholding, exempt under Rule 16b-3, not open-market sales. After these transactions, he directly holds 117,835 common shares.

Insider Trade Summary

Exercise Price or Tax Liability: 3,556 shares

Exercise Price or Tax Liability 3 txns

Insider Alvarez Miguel

Role Senior Vice President

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	1,642	$196.01	$322K
Exercise Price or Tax Liability	Common Stock	956	$193.39	$185K
Exercise Price or Tax Liability	Common Stock	958	$193.39	$185K

Holdings After Transaction: Common Stock — 117,835 shares (Direct)

Footnotes (1)

1. F1. Represents disposition to issuer to cover taxes payable upon vesting of previously issued and reported restricted stock units, exempt pursuant to Rule 16b-3.

FAQ

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

What did Steel Dynamics (STLD) executive Miguel Alvarez report on this Form 4?

Miguel Alvarez reported automatic dispositions of common stock to Steel Dynamics to satisfy taxes on vested restricted stock units. These were classified as tax-withholding transactions under code F and were exempt under Rule 16b-3, rather than discretionary open-market sales.

How many Steel Dynamics (STLD) shares did Miguel Alvarez dispose of for tax withholding?

Miguel Alvarez disposed of several blocks of common stock for tax withholding: 1,642 shares on February 24 and 956 plus 958 shares on February 23. All were delivered to Steel Dynamics to cover tax obligations from vesting restricted stock units.

At what prices were Miguel Alvarez’s Steel Dynamics (STLD) tax-withholding dispositions valued?

The tax-withholding dispositions were valued at market-based prices. On February 24, 1,642 shares were priced at $196.01 per share, and on February 23, 956 and 958 shares were priced at $193.39 per share, reflecting the fair value used to cover tax liabilities.

How many Steel Dynamics (STLD) shares does Miguel Alvarez own after these Form 4 transactions?

Following the reported tax-withholding dispositions, Miguel Alvarez directly owns 117,835 shares of Steel Dynamics common stock. This figure reflects his remaining direct holdings after delivering shares back to the company to satisfy tax obligations on restricted stock unit vesting.

Were Miguel Alvarez’s Steel Dynamics (STLD) transactions open-market sales?

No, the transactions were not open-market sales. The Form 4 and footnote state the shares were disposed of to the issuer to cover taxes due on vesting restricted stock units, categorized under code F and exempt pursuant to Rule 16b-3.

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

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Accepted by SEC EDGAR 02/25/2026 - 01:08 PM 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^*

Alvarez Miguel

(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)
02/23/2026

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	02/23/2026		F		956(1)	D	$193.39	120,435	D
Common Stock	02/23/2026		F		958(1)	D	$193.39	119,477	D
Common Stock	02/24/2026		F		1,642(1)	D	$196.01	117,835	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 disposition to issuer to cover taxes payable upon vesting of previously issued and reported restricted stock units, exempt pursuant to Rule 16b-3.

	/s/ Miguel Alvarez	02/25/2026
	** 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.