Steel Dynamics insider adds 12 DSU dividend shares; total 4,979,635

Rhea-AI Filing Summary

Steel Dynamics (STLD) director Richard P. Teets, Jr. reported acquiring 12 shares of common stock on 10/10/2025 at $0. The shares were issued as dividend equivalents on deferred stock units under the company’s 2023 Equity Incentive Plan and are treated as common stock when settled.

After the transaction, he beneficially owned 4,979,635 shares directly, plus 93,119 shares indirectly via his spouse and 73,000 shares held by the Teets Family Foundation, over which he has voting and investment power.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider TEETS RICHARD P JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	12	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 4,979,635 shares (Direct); Common Stock — 93,119 shares (Indirect, By spouse)

Footnotes (1)

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). 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). Includes shares resulting from reinvestment of dividends on any underlying DSUs included in this total. Represents securities held by the Teets Family Foundation, a charitable foundation of which the reporting person is a member and director. The reporting person has voting and investment power over all securities owned by the foundation.

Form 4 Insider Transactions: What Each Field Means →

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).

1. Name and Address of Reporting Person^*

TEETS RICHARD P JR

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2025

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	10/10/2025		A		12(1)(2)	A	$0	4,979,635(3)	D
Common Stock								93,119	I	By spouse
Common Stock								73,000	I	By Teets Family Foundation(4)

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.

4. Represents securities held by the Teets Family Foundation, a charitable foundation of which the reporting person is a member and director. The reporting person has voting and investment power over all securities owned by the foundation.

	/s/ Richard P. Teets, Jr.	10/14/2025
	** 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 STLD director Richard P. Teets, Jr. report on Form 4?

He reported acquiring 12 shares of common stock on 10/10/2025 at $0 as dividend equivalents on deferred stock units.

Why was the acquisition price $0 for the STLD shares?

The 12 shares were issued as dividend equivalents on deferred stock units under the 2023 Equity Incentive Plan.

How many STLD shares does the reporting person own after the transaction?

He owns 4,979,635 shares directly, plus 93,119 indirectly via spouse and 73,000 via the Teets Family Foundation.

What is the nature of the indirect STLD ownership reported?

Indirect ownership includes 93,119 shares by spouse and 73,000 by the Teets Family Foundation, over which he has voting and investment power.

What plan governs the reported STLD share issuance?

The issuance relates to the company’s 2023 Equity Incentive Plan and its dividend reinvestment feature for deferred stock units.

Was this STLD transaction exempt under Section 16 rules?

Yes. It is described as exempt under Section 16(a) reporting and Section 16(b), including Rule 16b-3 and the dividend reinvestment feature.