TEETS RICHARD P JR 4

What Happened
Richard P. Teets Jr., a director of Steel Dynamics, was awarded 197 deferred stock units (DSUs) on February 20, 2026. The Form 4 reports these as an acquisition (code A) at $0.00 per share (total reported value $0). This is a compensation award (routine for directors), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-23 (timely filing).
• Transaction type/code: Award/Grant (A) — 197 DSUs acquired at $0.00 per share; reported aggregate $0.
• Post-transaction shares owned: not specified in the filing.
• Footnote F1: DSUs were issued under the company’s 2023 Equity Incentive Plan, exempt from Section 16(b) under Rule 16b-3(d)(1) and (3). The DSUs are reportable as direct common shares because they will be settled solely in common stock.
• Footnote F2: Some securities are held by the Teets Family Foundation, of which the reporting person is a member/director and has voting and investment power.

Context
DSUs awarded to directors are a common form of compensation and typically reflect standard retainer arrangements rather than a trading signal. Because these units are payable in common stock when settled, the filing lists them as directly owned shares rather than a derivative. This transaction does not indicate a purchase financed by the insider nor a sale of shares.