Steel Dynamics management check
STLD · Materials · Steel · CEO Mark D Millett
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $498, against $369 for the peer group the company picked itself.
- Flag
Does pay follow performance?
Pay moved against returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.45 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.0% of net income$12.1m of reported pay in fiscal 2025, against $1.2bn of net income.
- Watch
Do they own the stock?
Insiders are selling3 insiders sold $5.4m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -5.9% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Good
Is leadership stable?
7 leadership filings in 3 yearsCEO in the pay table: Mr. Mark Millett. 7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Materials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 94 | 40 | |
| Pay for performance | 28 | 77 | |
| CEO cost | 49 | 40 | |
| Skin in the game | — | — | 38 |
| Dilution | 100 | 71 | |
| Stable leadership | 90 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Steel, by management score. Steel Dynamics is 3rd of 24 in its sector.
- 89MLMMartin Marietta Materials77
- 92CFCF Industries77
- 94STLDSteel Dynamics77
- 105VMCVulcan Materials Company76
- 119CRHCRH plc75
- 203NUENucor68
Pay versus performance
From the proxy statement filed March 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Mark Millett | $12.1m | $24.2m | $5.6m | $498 | $369 | $1.2bn |
| 2024 | — | $11.8m | $16.2m | $5.5m | $330 | $254 | $1.5bn |
| 2023 | — | $11.8m | $26.5m | $5.2m | $337 | $331 | $2.5bn |
| 2022 | — | $11.2m | $34.8m | $5.0m | $275 | $254 | $3.9bn |
| 2021 | — | $11.0m | $30.5m | $4.0m | $171 | $218 | $3.2bn |
The board says pay is tied most to Pre-Tax Return on Equity. Its other key measures: Total Net Sales, Pre-Tax Return on Assets.
Insiders and the CEO's stake
Mark D Millett (Chairman and CEO) held 3,016,401 shares directly after their latest Form 4 on Jul 28, 2026.
3 insiders sold $5.4m in the last six months and none bought.
- SoldJames Stanley AndersonSenior Vice President$2.7mJun 5, 2026
- SoldChristopher A GrahamSenior Vice President$2.1mMay 13, 2026
- SoldRichard A PoinsatteSenior Vice President$538kMay 12, 2026
Leadership and governance on file
- Aug 18, 2026Leadership change8-K/A 5.02
- Aug 4, 2026Leadership change8-K 5.02
- Mar 27, 2026Leadership change8-K 5.02
- Sep 30, 2025Leadership change8-K/A 5.02
- May 12, 2025Leadership change8-K 5.02
- Nov 7, 2024Leadership change8-K 5.02
- May 14, 2024Leadership change8-K 5.02
- Sep 15, 2023Leadership change8-K 5.02
- May 16, 2023Leadership change8-K 5.02
- Feb 9, 2023Leadership change8-K 5.02
- Mar 29, 2022Leadership change8-K 5.02
- Nov 24, 2021Leadership change8-K 5.02
Latest shareholder vote results: May 8, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.7bn returned to owners in buybacks and dividends, 63% of net income, and $314.3m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $18.4bn | $22.3bn | $18.8bn | $17.5bn | $18.2bn |
| Net income | $3.2bn | $3.9bn | $2.5bn | $1.5bn | $1.2bn |
| Stock-based pay | $57.7m | $59.2m | $61.7m | $66.6m | $69.0m |
| Buybacks | $1.1bn | $1.8bn | $1.5bn | $1.2bn | $900.9m |
| Dividends | $213.0m | $237.2m | $271.3m | $282.6m | $291.2m |
| Diluted shares | 207m | 185m | 167m | 156m | 148m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.