What indirect Steel Dynamics (STLD) holdings related to Richard P. Teets Jr.’s spouse are reported?

The filing reports 93,119 Steel Dynamics common shares held by his spouse as indirectly owned. These shares are listed separately from his direct holdings and from the Teets Family Foundation’s holdings, providing a full picture of related ownership.

Is the Steel Dynamics (STLD) share grant to Richard P. Teets Jr. an open-market purchase?

No, the grant is categorized as an award-type acquisition, not an open-market purchase. It represents 158 deferred stock units issued as part of his director retainer under the 2023 Equity Incentive Plan, rather than shares bought on the market.

Steel Dynamics director awarded 158 share units

TEETS RICHARD P JR reported acquisition or exercise transactions in this Form 4 filing.

Filing Impact

(Neutral)

Filing Sentiment

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Form Type

Rhea-AI Filing Summary

TEETS RICHARD P JR reported acquisition or exercise transactions in this Form 4 filing.

Steel Dynamics Inc. director Richard P. Teets Jr. received 158 deferred stock units as part of his director retainer under the company’s 2023 Equity Incentive Plan. These units are payable solely in common stock and are reported as directly owned shares.

Following this grant, he directly holds 4,980,252 shares of common stock. Indirectly, 73,000 shares are held through the Teets Family Foundation, over which he has voting and investment power, and 93,119 shares are held by his spouse.

Insider Trade Summary

Grant/Award: 158 shares

Grant/Award 3 txns

Insider TEETS RICHARD P JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	158	$0.00	$0.00
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 4,980,252 shares (Direct); Common Stock — 93,119 shares (Indirect, By spouse); Common Stock — 73,000 shares (Indirect, By Teets Family Foundation)

Footnotes (2)

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 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)
F2. 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.

Key Figures

Director share grant: 158 shares Direct holdings after grant: 4,980,252 shares Teets Family Foundation holdings: 73,000 shares +3 more

6 metrics

Director share grant 158 shares Deferred stock units granted as part of director retainer

Direct holdings after grant 4,980,252 shares Common stock directly owned after DSU grant

Teets Family Foundation holdings 73,000 shares Indirect common stock ownership via Teets Family Foundation

Spouse holdings 93,119 shares Indirect common stock ownership held by spouse

Transaction code Code A Grant, award, or other acquisition of common stock

Grant price $0.00 per share Deferred stock units issued with no cash price per share

Key Terms

deferred stock units (DSUs), 2023 Equity Incentive Plan, Section 16(b), Rule 16b-3(d)(1) and (3), +1 more

5 terms

deferred stock units (DSUs) financial

"Issued as deferred stock units (DSUs) in connection with reporting person's retainer"

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

"under the Company's 2023 Equity Incentive Plan and exempt from Section 16(b)"

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)"

Teets Family Foundation financial

"Represents securities held by the Teets Family Foundation, a charitable foundation"

FAQ

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

What did Steel Dynamics (STLD) director Richard P. Teets Jr. receive in this Form 4?

He received 158 deferred stock units as part of his director retainer. These units are issued under Steel Dynamics’ 2023 Equity Incentive Plan and are payable solely in common stock, so they are reported as directly owned common shares.

How many Steel Dynamics (STLD) shares does Richard P. Teets Jr. now own directly?

After the reported grant, he directly owns 4,980,252 shares of Steel Dynamics common stock. This figure includes shares represented by deferred stock units that will settle solely in common stock when they are eventually paid.

What are deferred stock units (DSUs) in the Steel Dynamics (STLD) filing?

Deferred stock units are share-based awards that convert into common stock at settlement. In this case, the DSUs granted to the director under the 2023 Equity Incentive Plan are payable only in Steel Dynamics common stock, so they are reported as directly owned shares.

How many Steel Dynamics (STLD) shares are held through the Teets Family Foundation?

The Form 4 shows 73,000 Steel Dynamics common shares held by the Teets Family Foundation. The filing states that Richard P. Teets Jr. has voting and investment power over all securities owned by the foundation, which are reported as indirectly owned.

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

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Accepted by SEC EDGAR 05/07/2026 - 02:32 PM EDT

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^*

TEETS RICHARD P JR

(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)
05/06/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/06/2026		A		158⁽¹⁾	A	$0	4,980,252	D
Common Stock								93,119	I	By spouse
Common Stock								73,000	I	By Teets Family Foundation⁽²⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 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)

2. 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.	05/07/2026
	** 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)

Source: View Original Filing on SEC EDGAR