Form 4: Steel Dynamics SVP Exercises Stock Appreciation Rights

Steel Dynamics Senior Vice President Glenn Pushis exercised Stock Appreciation Rights, resulting in a cash settlement based on the difference between the exercise and market prices.

Summary

• Glenn Pushis, Senior Vice President of Steel Dynamics Inc. (STLD), reported transactions on September 12, 2025.
• The transactions involved the exercise of 1,284 Stock Appreciation Rights (SARs) at an exercise price of $42.83 per share.
• Concurrently, there was a deemed disposition of 1,284 underlying shares to the issuer at a price of $133.99 per share, indicating a cash settlement.
• Following these transactions, Pushis beneficially owns 141,350 shares of Common Stock directly.
• The SARs were granted on February 24, 2022, and had an expiration date of February 24, 2031.
• These transactions were approved in advance by a committee of non-employee directors and are exempt from Section 16(b) pursuant to Rule 16b-3(d) and Rule 16b-3(e).

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction related to executive compensation (exercise of SARs). It does not contain information that significantly alters the company's fundamental outlook, nor does it suggest any unexpected positive or negative developments.

Positives

• The exercise of Stock Appreciation Rights by a Senior Vice President indicates that the executive is realizing value from their compensation, which can be seen as a positive sign of the company's stock performance over the grant period.
• The transactions were approved by a committee of non-employee directors, ensuring proper corporate governance.

Negatives

• No direct negatives are apparent from this routine compensation-related transaction.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This insider transaction is a routine compensation event and does not provide specific insights into broader industry trends or competitive landscape for the steel industry. It reflects an executive realizing value from previously granted equity compensation.

Comparison to Industry Standards

• This filing reports a standard executive compensation event (SAR exercise and cash settlement) which is common across publicly traded companies. The specific terms (exercise price, number of SARs) are company-specific and reflect Steel Dynamics' compensation policies rather than a direct comparison to industry-wide operational or financial benchmarks. No specific comparable companies or projects are mentioned in the filing.

Stakeholder Impact

• Shareholders: Minimal direct impact, as it's a routine compensation event. It reflects an executive realizing value from their equity compensation.
• Employees: No direct impact mentioned.
• Customers/Suppliers/Creditors: No direct impact mentioned.

Key Dates

Keywords

Steel Dynamics, STLD, Glenn Pushis, Insider Transaction, Form 4, Stock Appreciation Rights, SARs, Executive Compensation, Beneficial Ownership, SEC Filing