Steel Dynamics director granted 712 deferred shares

Sierra Luis Manuel reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Sierra Luis Manuel reported acquisition or exercise transactions in this Form 4 filing.

STEEL DYNAMICS INC director Luis Manuel Sierra received a grant of 712 shares of common stock in the form of deferred stock units. The award was made at a stated price of $0.00 per share as part of his retainer under the company’s 2023 Equity Incentive Plan.

Following this grant, Sierra directly holds 11,516 shares of common stock. The deferred stock units vest in four equal installments: one-quarter on August 31, 2026, one-quarter on November 30, 2026, one-quarter on February 28, 2027, and the final quarter on May 31, 2027, and will be settled solely in common stock.

Insider Trade Summary

Grant/Award: 712 shares

Grant/Award 1 txn

Insider Sierra Luis Manuel

Role Director

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

Holdings After Transaction: Common Stock — 11,516 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

Shares granted: 712 shares Grant price: $0.00 per share Shares after transaction: 11,516 shares +1 more

4 metrics

Shares granted 712 shares Deferred stock units grant to director on June 1, 2026

Grant price $0.00 per share Stated transaction price for DSU award

Shares after transaction 11,516 shares Director’s direct holdings following the grant

Vesting schedule 4 equal installments Vests on 8/31/2026, 11/30/2026, 2/28/2027, 5/31/2027

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

"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 director Luis Manuel Sierra receive in this STEEL DYNAMICS (STLD) Form 4 filing?

Director Luis Manuel Sierra received a grant of 712 deferred stock units, reportable as common shares. The award is part of his director retainer under Steel Dynamics’ 2023 Equity Incentive Plan and carries a stated grant price of $0.00 per share as disclosed.

How many STEEL DYNAMICS (STLD) shares does Luis Manuel Sierra hold after this grant?

After the award, Luis Manuel Sierra directly holds 11,516 shares of Steel Dynamics common stock. This total includes the newly granted 712 deferred stock units, which are reportable as directly owned common shares according to the Form 4 disclosure language.

How do the deferred stock units granted to the STEEL DYNAMICS (STLD) director vest?

The 712 deferred stock units vest in four equal installments. One-quarter vests on August 31, 2026, another quarter on November 30, 2026, the third quarter on February 28, 2027, and the final quarter on May 31, 2027, as specified in the footnote.

Will the STEEL DYNAMICS (STLD) director’s deferred stock units be settled in cash or stock?

The deferred stock units for director Luis Manuel Sierra are payable solely in Steel Dynamics common stock when settled. Because settlement is only in shares, they are reported as directly owned common stock rather than as a derivative security in the Form 4 tables.

What plan governs the STEEL DYNAMICS (STLD) director’s deferred stock unit grant?

The grant was made under Steel Dynamics’ 2023 Equity Incentive Plan. The Form 4 notes that the deferred stock units were issued in connection with Sierra’s director retainer and are exempt from Section 16(b) under Rule 16b-3(d)(1) and (3).

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

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Accepted by SEC EDGAR 06/01/2026 - 04:43 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^*

Sierra Luis Manuel

(Last) (First) (Middle)

4830 ENCLAVE WAY

(Street)

PARK CITY UTAH 84098

(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	11,516	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)