STEEL DYNAMICS INC

As required by Item 402(v) of Regulation S-K, we are providing the following information about pay versus performance. For a detailed explanation regarding Compensation Committee decisions with respect to Named Executive Officer pay, please refer to our Compensation Discussion & Analysis.

For purposes of this disclosure, compensation actually paid (“CAP”) represents an amount calculated based on the formulas which determine values as of a certain date and may not be reflective as of the respective grant date value, the current value or the future value, all of which may be higher or lower. CAP is not compensation actually delivered to or received by our NEOs in each respective year, nor is it a factor that drives executive pay decisions, including how the Compensation Committee establishes target compensation levels or determines incentive award opportunities and actual payouts.

Pay Versus Performance Table

1 The principal executive officer (“PEO”) for each of the years represented was our Chief Executive Officer Mr. Mark Millett

2 In calculating CAP, we have adjusted the totals of our PEO’s and Non-PEOs’ compensation as reported in the Summary Compensation Table for each of the covered fiscal years to reflect CAP by the company as defined in Item 402(v) for such fiscal years. First, we deducted the total amounts reported under the “Stock Awards” and “Option Awards” columns from the Summary Compensation Table of $5,004,495, $5,023,287, $4,646,697, $5,993,433, and $6,072,531 for the applicable fiscal years 2024, 2023, 2022, 2021, and 2020, respectively for our PEO, and average amounts of $2,228,364, $2,124,872, $2,450,124, $1,889,024, and $1,601,933 for the applicable fiscal years 2024, 2023, 2022, 2021, and 2020, respectively, for our non-PEO NEO’s. Next, we increased the compensation actually paid by adjusting for the fair value of equity awards granted during the current and prior fiscal years that either vested or remain unvested as of the current applicable fiscal year. These amounts resulted in increases of $9,469,658, $19,694,517, $28,214,008, $25,533,801, and $9,437,526 for the applicable fiscal years 2024, 2023, 2022, 2021, and 2020, respectively for our PEO, and average increases of $3,911,258, $6,934,540, $7,981,201, $7,062,672, and $2,585,093 for the applicable fiscal years 2024, 2023, 2022, 2021, and 2020, respectively for the non-PEO NEO’s. The detailed amounts are shown in the table below:

3 The non-PEO NEOs for 2024 and 2023 include Ms. Wagler, Mr. Schneider, Mr. Graham, and Mr. Pushis. The non-PEO NEOs for 2022 include Ms. Wagler, Mr. Rinn, Mr. Graham, Mr. Pushis and Mr. Schneider. The non-PEO NEOs for 2021 and 2020 include Ms. Wagler, Mr. Rinn, Mr. Pushis and Mr. Schneider.

4 Peer Group Total Shareholder Return is based on the S&P Steel Index

5 Net Income represents Net Income attributable to Steel Dynamics, Inc. as reported in our audited financial statements for each fiscal year.

Tabular List

The following table presents an unranked list that we believe represent the most important financial performance measures used to link CAP to our NEOs to Company performance.

​

Pre-Tax Return on Equity

Total Net Sales

Pre-Tax Return on Assets

Required Relationships Disclosure

The following graphical comparisons display the relationships between certain figures included in the Pay Versus Performance Table for each of years 2024, 2023, 2022, 2021, and 2020.

Compensation Actually Paid ($ in millions)

to Pre-Tax Return on Equity

Compensation Actually Paid ($ in millions)

to Net Income ($ in billions)

Compensation Actually Paid ($ in millions) to Company Total Shareholder

Return and Peer Group Total Shareholder Return

​

​