Graham Christopher A 4

What Happened Christopher A. Graham, Senior Vice President of Steel Dynamics (STLD), was granted 4,187 restricted stock units (RSUs) on February 20, 2026. The filing reports the award at a price of $0.00 (no cash paid) — the grant is an equity award rather than an open-market purchase or sale. The RSUs will be settled solely in shares of Steel Dynamics common stock once they vest.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-24.
• Transaction type/code: A (award/grant).
• Shares granted: 4,187 RSUs; reported acquisition price: $0.00 (total reported cash value $0).
• Vesting/settlement: Per footnote, the RSUs vest 1/3 on 02/20/2028, 1/3 on 02/20/2029 and the final 1/3 on 02/20/2030; settlement is to be made solely in the same number of shares.
• Regulatory note: Grant is described as exempt from Section 16(b) under Rule 16b-3(d)(1) and (3).
• Shares owned after transaction: Not specified in the provided excerpt.
• Filing timeliness: Form 4 was filed on 02/24/2026 for a 02/20/2026 grant; this filing date falls within the usual two-business-day Form 4 reporting window (weekend excluded).

Context RSU grants are compensation awards that convert to actual shares only as they vest; they are not an immediate cash purchase or sale and do not by themselves signal a change in trading posture. Because settlement is deferred and tied to future vesting dates, there is no immediate change in market exposure until shares are delivered. The filing contains no indication of tax-withholding shares or immediate sales.