Steel Dynamics director receives dividend-equivalent shares

Rhea-AI Filing Summary

Steel Dynamics Inc. director Kenneth W. Cornew received a grant-equivalent acquisition of 2 shares of common stock on July 10, 2026, representing dividend-equivalent deferred stock units under the company’s 2023 Equity Incentive Plan and Dividend Reinvestment Plan. Following this award, he holds 32,013 shares directly, including shares from prior DSU dividend reinvestments.

Insider Trade Summary

Grant/Award: 2 shares

Grant/Award 1 txn

Insider Cornew Kenneth W.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2, F3	2	$0.00	$0.00

Holdings After Transaction: Common Stock — 32,013 shares (Direct)

Footnotes (3)

1. F1. 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. F2. 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. F3. Includes shares resulting from reinvestment of dividends on any underlying DSUs included in this total.

Key Figures

Shares acquired in award: 2 shares of common stock Price per share for award: $0.0000 per share Total shares after transaction: 32,013 shares +1 more

4 metrics

Shares acquired in award 2 shares of common stock Grant/award acquisition on July 10, 2026 as dividend-equivalent DSUs

Price per share for award $0.0000 per share Reported transaction price on the Form 4 for the 2-share award

Total shares after transaction 32,013 shares Directly held Steel Dynamics common shares following the July 10, 2026 transaction

Transaction code Code A Classified as a grant, award, or other acquisition under Section 16 reporting

Key Terms

deferred stock units, Dividend Reinvestment Plan, Section 16(b), Rule 16b-3(d)(1) and (3)

4 terms

deferred stock units financial

"underlying additional deferred stock units (DSUs) issued to the reporting person as a dividend equivalent"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

Dividend Reinvestment Plan financial

"by virtue of this dividend reinvestment feature of the Plan and the Company's existing Dividend Reinvestment Plan"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

Section 16(b) regulatory

"exempt from Section 16(b) independently 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

"independently 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 Steel Dynamics (STLD) director Kenneth W. Cornew report on this Form 4?

Kenneth W. Cornew reported a grant/award acquisition of 2 shares of Steel Dynamics common stock on July 10, 2026. These shares reflect dividend-equivalent deferred stock units issued under the 2023 Equity Incentive Plan and the company’s Dividend Reinvestment Plan.

How many Steel Dynamics (STLD) shares does Kenneth W. Cornew hold after this transaction?

After this transaction, Kenneth W. Cornew holds 32,013 shares of Steel Dynamics common stock directly. This total includes shares attributable to reinvested dividends on underlying deferred stock units that are ultimately settled solely in common stock.

Was the Steel Dynamics (STLD) Form 4 transaction an open-market purchase or sale?

The Form 4 shows no open-market purchase or sale. The transaction is coded “A” as a grant/award acquisition, reflecting dividend-equivalent deferred stock units credited under an equity plan, rather than a discretionary trade in the open market.

What is the significance of the 2-share award reported for Steel Dynamics (STLD)?

The 2-share award represents shares underlying additional dividend-equivalent deferred stock units issued as part of Kenneth W. Cornew’s director retainer. It is a routine compensation-related adjustment, not a large directional trade in Steel Dynamics stock.

How are Kenneth W. Cornew’s deferred stock units treated for Steel Dynamics (STLD) reporting?

Because the deferred stock units are settled solely in shares of common stock, they are reported as directly owned common shares rather than as derivative securities. The total also includes shares from reinvested dividends on these units.

Is the Steel Dynamics (STLD) dividend-equivalent DSU transaction exempt from Section 16 rules?

Yes. The filing states the dividend-equivalent DSU issuance is exempt from Section 16(a) reporting and from Section 16(b), citing the plan’s dividend reinvestment feature, the company’s Dividend Reinvestment Plan, and Rule 16b-3(d)(1) and (3) exemptions.

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

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Accepted by SEC EDGAR 07/14/2026 - 11:14 AM 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^*

Cornew Kenneth W.

(Last) (First) (Middle)

7575 W. JEFFERSON BLVD.

(Street)

FORT WAYNE INDIANA 46804

(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)
07/10/2026

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	07/10/2026		A		2(1)(2)	A	$0	32,013(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	07/14/2026
	** 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)