01—Abstract
Summary
Summary of the 8-K filed March 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Steel Dynamics, Inc. (NASDAQ/GS: STLD) disclosed in this Form 8-K, filed March 27, 2026, that directors Richard P.
Teets, Jr. and Gabriel L. Shaheen informed the Board on March 25, 2026 of their intention to retire from the Board at the end of their current term and not stand for reelection at the 2026 Annual Meeting. Neither decision resulted from any disagreement with the Company on its operations, policies or practices.
Effective at the 2026 Annual Meeting, the Board will be reduced from nine to seven members. The company also furnished a press release dated March 27, 2026 (Exhibit 99.1), furnished under Item 7.01 and not deemed filed, that thanks both directors for their service. The release states that the retirements take effect at the Annual Meeting of Shareholders on May 6, 2026.
It describes Teets as a co-founder and longtime board member, and Shaheen as a long-standing board member who served for over sixteen years. The filing contains no financial results, guidance, or operational metrics. Its investor relevance is limited to board composition and governance changes ahead of the May 2026 annual meeting.
02—Key points
Key Highlights
- Two directors, Richard P. Teets, Jr. and Gabriel L. Shaheen, will retire from the Board and not stand for reelection at the 2026 Annual Meeting.
- Board size will decrease from nine to seven members effective at the 2026 Annual Meeting.
- The Company states that neither director's decision involved any disagreement with the Company on its operations, policies or practices.
- The Annual Meeting of Shareholders is scheduled for May 6, 2026.
- Teets is described as a co-founder of Steel Dynamics and a significant shareholder who will remain involved in charitable and community projects.
- Shaheen served on the Board for over sixteen years.
- The press release is furnished under Item 7.01 and is not deemed filed for Section 18 purposes.
03—Questions
Frequently Asked Questions
Why are Richard P. Teets, Jr. and Gabriel L. Shaheen leaving the Board?
They each informed the Board on March 25, 2026 of their intention to retire at the end of the current term and not stand for reelection. The filing states that neither decision resulted from any disagreement with the Company on operations, policies or practices.
When do the director departures take effect?
The retirements are effective at the Company's 2026 Annual Meeting of Shareholders, scheduled for May 6, 2026, per the press release attached as Exhibit 99.1.
How will the Board's size change?
Effective at the 2026 Annual Meeting, the size of the Board will be reduced from nine to seven members.
Does this filing include financial results or guidance?
No. The filing covers only the director retirements, the Board size reduction, and a press release thanking the departing directors. It contains no financial results, guidance or operating metrics.
What did the Company say about the departing directors' contributions?
In the press release, Chairman and CEO Mark D. Millett described Teets as a co-founder and longtime board member who was instrumental to the Company's success, and praised Shaheen's financial acumen and strategic counsel over many years of service.
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