Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

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

									Value of Initial Fixed
									$100 Investment
									Based On:
					Average
					Summary		Average
	Summary				Compensation		Compensation		Company		Peer Group
	Compensation		Compensation		Table Total for		Actually Paid		Total		Total		Net Income		Pre-Tax
	Table Total for		Actually Paid		Non-PEO		to Non-PEO		Shareholder		Shareholder		(in millions)		Return on
Year (a)	PEO ($) (b)1		to PEO ($)(c)2		NEOs ($) (d)3		NEOs ($)(e)2		Return ($) (f)		Return ($) (g)4		($) (h)5		Equity (i)
2024	$	11,782,886	$	16,248,049	$	5,460,163	$	7,143,057	$	371	$	249	$	1,537	22	%
2023		11,823,662		26,494,892		5,249,637		10,059,306		379		324		2,451	38	%
2022		11,234,457		34,801,768		5,046,515		10,577,592		308		249		3,863	68	%
2021		10,999,918		30,540,286		4,047,731		9,221,379		193		214		3,214	81	%
2020		10,976,625		14,341,620		3,603,810		4,586,970		112		98		551	17	%

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:

	PEO								Average Non-PEO NEOs
			Change in		Change in						Change in		Change in
			Value of		Value of		Total Equity				Value of		Value of		Total Equity
	Fair Value		Prior Years’		Prior Years’		Value		Fair Value		Prior Years’		Prior Years’		Value
	of Awards		Awards		Awards that		Included in		of Awards		Awards		Awards that		Included in
Year	Granted		Unvested		Vested		CAP		Granted		Unvested		Vested		CAP
2024	$	4,835,278	$	2,492,936	$	2,141,444	$	9,469,658	$	2,142,873	$	1,067,280	$	701,105	$	3,911,258
2023		5,652,135		8,782,143		5,260,239		19,694,517		2,395,963		3,068,741		1,469,836		6,934,540
2022		9,563,127		17,524,779		1,126,102		28,214,008		4,029,198		3,555,421		396,582		7,981,201
2021		10,128,715		13,328,783		2,076,303		25,533,801		2,708,162		3,758,692		595,818		7,062,672
2020		7,351,026		3,887,491		(1,800,991)		9,437,526		1,932,332		1,079,519		(426,758)		2,585,093

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.

Named Executive Officers, Footnote

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

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.

Peer Group Issuers, Footnote

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

PEO Total Compensation Amount

$ 11,782,886

$ 11,823,662

$ 11,234,457

$ 10,999,918

$ 10,976,625

PEO Actually Paid Compensation Amount

$ 16,248,049

26,494,892

34,801,768

30,540,286

14,341,620

Adjustment To PEO Compensation, Footnote

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:

	PEO								Average Non-PEO NEOs
			Change in		Change in						Change in		Change in
			Value of		Value of		Total Equity				Value of		Value of		Total Equity
	Fair Value		Prior Years’		Prior Years’		Value		Fair Value		Prior Years’		Prior Years’		Value
	of Awards		Awards		Awards that		Included in		of Awards		Awards		Awards that		Included in
Year	Granted		Unvested		Vested		CAP		Granted		Unvested		Vested		CAP
2024	$	4,835,278	$	2,492,936	$	2,141,444	$	9,469,658	$	2,142,873	$	1,067,280	$	701,105	$	3,911,258
2023		5,652,135		8,782,143		5,260,239		19,694,517		2,395,963		3,068,741		1,469,836		6,934,540
2022		9,563,127		17,524,779		1,126,102		28,214,008		4,029,198		3,555,421		396,582		7,981,201
2021		10,128,715		13,328,783		2,076,303		25,533,801		2,708,162		3,758,692		595,818		7,062,672
2020		7,351,026		3,887,491		(1,800,991)		9,437,526		1,932,332		1,079,519		(426,758)		2,585,093

Non-PEO NEO Average Total Compensation Amount

$ 5,460,163

5,249,637

5,046,515

4,047,731

3,603,810

Non-PEO NEO Average Compensation Actually Paid Amount

$ 7,143,057

10,059,306

10,577,592

9,221,379

4,586,970

Adjustment to Non-PEO NEO Compensation Footnote

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:

	PEO								Average Non-PEO NEOs
			Change in		Change in						Change in		Change in
			Value of		Value of		Total Equity				Value of		Value of		Total Equity
	Fair Value		Prior Years’		Prior Years’		Value		Fair Value		Prior Years’		Prior Years’		Value
	of Awards		Awards		Awards that		Included in		of Awards		Awards		Awards that		Included in
Year	Granted		Unvested		Vested		CAP		Granted		Unvested		Vested		CAP
2024	$	4,835,278	$	2,492,936	$	2,141,444	$	9,469,658	$	2,142,873	$	1,067,280	$	701,105	$	3,911,258
2023		5,652,135		8,782,143		5,260,239		19,694,517		2,395,963		3,068,741		1,469,836		6,934,540
2022		9,563,127		17,524,779		1,126,102		28,214,008		4,029,198		3,555,421		396,582		7,981,201
2021		10,128,715		13,328,783		2,076,303		25,533,801		2,708,162		3,758,692		595,818		7,062,672
2020		7,351,026		3,887,491		(1,800,991)		9,437,526		1,932,332		1,079,519		(426,758)		2,585,093

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

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

Total Shareholder Return Amount

$ 371

379

308

193

112

Peer Group Total Shareholder Return Amount

249

324

249

214

98

Net Income (Loss)

$ 1,537,000,000

$ 2,451,000,000

$ 3,863,000,000

$ 3,214,000,000

$ 551,000,000

Company Selected Measure Amount

22

38

68

81

17

PEO Name

Mr. Mark Millett

Equity Awards Adjustments, Footnote

	PEO								Average Non-PEO NEOs
			Change in		Change in						Change in		Change in
			Value of		Value of		Total Equity				Value of		Value of		Total Equity
	Fair Value		Prior Years’		Prior Years’		Value		Fair Value		Prior Years’		Prior Years’		Value
	of Awards		Awards		Awards that		Included in		of Awards		Awards		Awards that		Included in
Year	Granted		Unvested		Vested		CAP		Granted		Unvested		Vested		CAP
2024	$	4,835,278	$	2,492,936	$	2,141,444	$	9,469,658	$	2,142,873	$	1,067,280	$	701,105	$	3,911,258
2023		5,652,135		8,782,143		5,260,239		19,694,517		2,395,963		3,068,741		1,469,836		6,934,540
2022		9,563,127		17,524,779		1,126,102		28,214,008		4,029,198		3,555,421		396,582		7,981,201
2021		10,128,715		13,328,783		2,076,303		25,533,801		2,708,162		3,758,692		595,818		7,062,672
2020		7,351,026		3,887,491		(1,800,991)		9,437,526		1,932,332		1,079,519		(426,758)		2,585,093

Measure:: 1

Pay vs Performance Disclosure

Name

Pre-Tax Return on Equity

Measure:: 2

Pay vs Performance Disclosure

Name

Total Net Sales

Measure:: 3

Pay vs Performance Disclosure

Name

Pre-Tax Return on Assets

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (5,004,495)

$ (5,023,287)

$ (4,646,697)

$ (5,993,433)

$ (6,072,531)

PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

9,469,658

19,694,517

28,214,008

25,533,801

9,437,526

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,835,278

5,652,135

9,563,127

10,128,715

7,351,026

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,492,936

8,782,143

17,524,779

13,328,783

3,887,491

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,141,444

5,260,239

1,126,102

2,076,303

(1,800,991)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(2,228,364)

(2,124,872)

(2,450,124)

(1,889,024)

(1,601,933)

Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,911,258

6,934,540

7,981,201

7,062,672

2,585,093

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,142,873

2,395,963

4,029,198

2,708,162

1,932,332

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,067,280

3,068,741

3,555,421

3,758,692

1,079,519

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 701,105

$ 1,469,836

$ 396,582

$ 595,818

$ (426,758)