Cornew Kenneth W. 4

What happened

Kenneth W. Cornew, a director of Steel Dynamics, received an award of 5 shares (recorded as 5 deferred stock units/DSUs) on April 10, 2026. The Form 4 shows the acquisition price as $0.00, so the reported transaction value is $0.00. This was an award/dividend-equivalent issuance tied to his director retainer — not an open-market purchase or sale.

Key Details

• Transaction date: April 10, 2026 — 5 shares acquired at $0.00 (total reported value $0.00).
• Filing date: April 13, 2026 (filed within required Form 4 timing).
• Shares owned after transaction: not specified in the provided filing.
• Footnotes:
  • The 5 shares represent DSUs issued as dividend equivalents under the company’s 2023 Equity Incentive Plan and related dividend reinvestment features.
  • The DSUs are reportable as directly owned common stock because they will be settled solely in shares when paid.
  • The filing notes the issuance is treated as exempt from certain Section 16 reporting/provisions due to the dividend-reinvestment/Plan terms and Rule 16b-3 exemptions.

Context

DSUs are typically bookkeeping units that convert to shares when payable (often upon leave from the board or at a specified payment date). This award is a routine director compensation mechanism and does not reflect an open-market purchase or sale by the director. Because the grant is recorded at $0.00 and was issued as a dividend equivalent, it should not be interpreted as an active bullish or bearish trading signal.