Cornew Kenneth W. 4

What Happened

• Kenneth W. Cornew, a director of Steel Dynamics, was granted 712 shares reported as an award (code A) on 2026-06-01. The grant is reported at $0 consideration because these were issued as deferred stock units (DSUs) tied to his director retainer.

Key Details

• Transaction date: 2026-06-01; Type: Award/Grant (A); Price: $0 (DSUs).
• Shares acquired: 712 DSUs (reported as directly owned common stock for reporting purposes).
• Shares owned after transaction: not specified in the provided summary filing.
• Footnote: DSUs are payable solely in common stock when settled, exempt from Section 16(b) under Rule 16b-3(d)(1) and (3), and are reportable as direct shares (see Lincoln National guidance).
• Vesting schedule: 1/4 vests on 8/31/2026, 1/4 on 11/30/2026, 1/4 on 2/28/2027, and 1/4 on 5/31/2027.
• Filing timeliness: Reported on the same date as the transaction (2026-06-01); no late filing indicated.

Context

• DSUs are deferred compensation for board retainer fees and are routine for directors; they do not represent an open-market purchase or sale. The units carry no immediate cash value to the company when granted, but will convert to common stock (and therefore market value) when settled per the plan and vesting schedule. This type of award is typically administrative/compensation-related rather than a direct signal of insider buying or selling.