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Companies Steel Dynamics

Steel Dynamics (STLD): executive pay, fiscal 2025

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CEO total pay$12,059,908CEO Mark Millett · source
Say-on-pay support94.14%Latest vote · source
CEO vs. named peers9th pct.Of 13 peer CEOs
CEO pay ratio115:1To the median employee · source

CEO pay, last three years

  • $11,823,662FY2023
  • $11,782,886FY2024
  • $12,059,908FY2025

CEO total pay was $12,059,908 in fiscal 2025, up from $11,782,886 in fiscal 2024.

FY2025: salary $1,535,000 · stock awards $5,095,406

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Steel Dynamics in fiscal 2025?
As disclosed, Mark Millett (Chairman and Chief Executive Officer) was the highest-paid executive at Steel Dynamics in fiscal 2025, with total compensation of $12,059,908.
How does Steel Dynamics's chief executive pay compare to its disclosed peer group?
As disclosed, Mark Millett's total compensation ranked at the 9th percentile of Steel Dynamics's disclosed peer group.
What is Steel Dynamics's CEO-to-median employee pay ratio?
As disclosed, Steel Dynamics's CEO-to-median employee pay ratio was 115:1.
How did shareholders vote on Steel Dynamics's executive compensation?
As disclosed, 94.14% of shareholders supported Steel Dynamics's executive compensation in the latest say-on-pay vote.
How much does Steel Dynamics spend in total on board compensation for fiscal 2025?
As disclosed, Steel Dynamics reported total board compensation of $2,735,776 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Mark Millett$1,535,000—$5,095,406—$5,372,500—$57,002$12,059,908
Chairman and Chief Executive Officer
Barry Schneider925,000—2,774,800—3,237,500—49,0436,986,343
President and Chief Operating Officer
Theresa Wagler850,000—2,643,206—2,975,000—49,1266,517,332
Executive Vice President, Chief Financial Officer and Corporate Secretary
Glenn Pushis705,000—1,877,443—2,115,000—49,6054,747,048
Former Senior Vice President, Special Projects
Christopher Graham705,000—2,074,969—1,410,000—50,3374,240,306
Senior Vice President, Flat Roll Steel Group

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Mark Millett$12,059,908$11,782,886$11,823,662↑ +277,022
Barry Schneider6,986,3436,774,9026,336,441↑ +211,441
Theresa Wagler6,517,3326,255,8655,912,131↑ +261,467
Glenn Pushis4,747,0484,573,3754,442,991↑ +173,673
Christopher Graham4,240,3064,236,5094,306,985↑ +3,797

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program is designed to achieve our financial, operational and strategic business objectives, with a pay-for-performance philosophy that aligns executive interests with shareholders through equity-based long-term incentives.

CEO STI target (% of salary)175%
CEO LTI target (% of salary)—
Independent consultantPearl Meyer & Partners, LLC
Clawback policy—
Anti-hedging—
Anti-pledging—
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Mark MillettPSU2025-02-20—24,000—47,999$2,686,320
Christopher GrahamPSU2025-02-20—9,448—18,8961,057,515
Theresa WaglerPSU2025-02-20—13,290—26,5801,487,550
Christopher GrahamRSU2025-02-20——5,834—767,717
Mark MillettRSU2025-11-21——569—87,120
Glenn PushisPSU2025-02-20—9,448—18,8961,057,515
Glenn PushisRSU2025-02-20——5,834—767,717
Barry SchneiderRSU2025-11-21——569—84,918
Theresa WaglerRSU2025-11-21——455—67,904
Barry SchneiderPSU2025-02-20—14,463—28,9251,618,844
Barry SchneiderRSU2025-02-20——8,139—1,071,038
Christopher GrahamRSU2025-11-21——341—52,211
Glenn PushisRSU2025-11-21——341—52,211
Mark MillettRSU2025-02-20——17,645—2,321,966
Theresa WaglerRSU2025-02-20——8,266—1,087,752

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Mark Millett$2,409,086$2,686,320$052.7%
Christopher Graham819,9281,057,515056.3%
Theresa Wagler1,155,6561,487,550056.3%
Glenn Pushis819,9281,057,515056.3%
Barry Schneider1,155,9561,618,844058.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Theresa WaglerRSU455—$77,100
Theresa WaglerRSU484—82,014
Barry SchneiderRSU569—96,417
Barry SchneiderRSU604—102,348
Christopher GrahamRSU733—124,207
Theresa WaglerRSU3,742—634,082
Barry SchneiderRSU3,742—634,082
Christopher GrahamRSU3,742—634,082
Barry SchneiderRSU4,368—740,158
Christopher GrahamRSU4,368—740,158
Mark MillettRSU4,989—845,386
Christopher GrahamRSU5,834—988,571
Glenn PushisRSU5,834—988,571
Theresa WaglerRSU5,884—997,044
Mark MillettRSU6,188—1,048,557
Christopher GrahamRSU6,537—1,107,695
Glenn PushisRSU6,537—1,107,695
Barry SchneiderRSU8,139—1,379,154
Theresa WaglerRSU8,266—1,400,674
Barry SchneiderPSU8,452—1,432,191
Christopher GrahamPSU8,452—1,432,191
Barry SchneiderRSU9,120—1,545,384
Theresa WaglerRSU9,262—1,569,446
Christopher GrahamPSU9,448—1,600,964
Glenn PushisPSU9,448—1,600,964
Mark MillettPSU11,848—2,007,644
Theresa WaglerPSU13,025—2,207,086
Theresa WaglerPSU13,290—2,251,991
Barry SchneiderPSU14,463—2,450,755
Mark MillettRSU17,645—2,989,945
Mark MillettRSU19,771—3,350,196
Mark MillettPSU24,000—4,066,800
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Kenneth W. CornewIndependent · Compensation · Nominating/Governance$202,500$185,097———$387,597
Traci M. DolanIndependent · Audit (Chair) · Nominating/Governance167,500185,097———352,597
Bradley S. SeamanIndependent · Compensation · Nominating/Governance (Chair)162,500185,097———347,597
Luis M. SierraIndependent · Audit · Compensation (Chair)152,500185,097———337,597
Sheree L. BargabosIndependent · Audit · Compensation142,500185,097———327,597
Jennifer L. HamannIndependent · Audit · Nominating/Governance142,500185,097———327,597
Richard P. Teets Jr142,500185,097———327,597
Gabriel L. ShaheenIndependent · Audit · Compensation142,500185,097———327,597
Mark D. MillettEmployee director · Board Chair—————0

Board fee structure and ownership guideline

Annual cash retainer$150,000
Annual equity retainer$185,097
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 20,000
Stock ownership guideline$5

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,255,000
Equity awards (grant-date value)$1,480,776
All other compensation$0
Total cost of the board$2,735,776

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Steel Dynamics as a peer

Companies that benchmark against STLD

9 companies name STLD as a compensation peer

The list of companies that name STLD as a peer is temporarily unavailable — recheck shortly.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Steel Dynamics names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cummins, Inc.2025Jennifer Rumsey$1,533,750$6,429,004$0$6,975,656$19,905,532
2Agco Corporation2025Eric Hansotia1,400,00013,215,92203,651,20019,657,541
3Cleveland-Cliffs Inc.2025Lourenco Goncalves2,201,00012,874,37403,345,52019,023,041
4Newmont Corporation2025Tom Palmer1,435,00010,094,35103,339,60415,625,168
5Illinois Tool Works Inc.2025Christopher A. O'Herlihy1,337,2715,249,9575,249,9962,702,38915,211,011
6Nucor Corporation2025Leon J. Topalian1,560,0008,895,2732,000,0002,486,20314,945,471
7Freeport-McMoRan Inc.2025Kathleen Quirk1,400,00011,631,59001,400,70014,808,126
8Alcoa Corporation2025William Oplinger1,298,9259,899,06902,314,68414,002,088
9Reliance, Inc.2025Karla Lewis1,325,0007,653,35002,072,30013,374,389
10Paccar Inc2025R. Preston Feight1,690,3854,900,5002,174,4851,326,52112,618,865
11Steel Dynamics2025Mark Millett1,535,0005,095,406—5,372,50012,059,908
12Commercial Metals Company2025Peter Matt1,084,6165,505,80501,322,5308,022,901
—United States Steel Corporation——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Steel Dynamics350%PSU 53 · RSU 47NoPearl Meyer & Partners, LLC
Agco Corporation163%not disclosedNoKorn Ferry
Alcoa Corporation118.8%PSU 60 · RSU 40Yes — Relative TSRPay Governance
Cleveland-Cliffs Inc.not disclosedPerformance Cash 34 · PSU 33 · RSU 33not disclosedPearl Meyer & Partners, LLC
Commercial Metals Companynot disclosednot disclosednot disclosedFW Cook
Cummins, Inc.90%PSU 70 · Cash LTI 30NoFarient
Freeport-McMoRan Inc.66.7%PSU 75 · RSU 25NoFW Cook
Illinois Tool Works Inc.not disclosedPSU 50 · Options 50NoMeridian Compensation Partners LLC
Newmont Corporation155.15%PSU 67 · RSU 33Yes — Absolute TSRFW Cook
Nucor Corporation177.08%Cash LTI 50NoPearl Meyer & Partners, LLC
Paccar Inc62.7%not disclosedNoThe Committee typically retains a compensation consultant to assess the competitiveness of the Company's compensation programs every two years. It did not employ a compensation consultant in 2025.
Reliance, Inc.156.4%PSU 80 · RSU 20NoPay Governance LLC
United States Steel Corporationnot disclosednot disclosednot disclosednot disclosed

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-06114,604,6547,138,942424,15794.14%Passed
20252025-04-25114,802,3179,001,071407,05392.73%Passed
20242024-05-09123,502,26510,472,095778,45492.18%Passed
20232023-05-11132,030,43211,134,656913,77792.22%Passed
20222022-05-05151,929,9638,893,584225,52294.34%Passed
20212021-05-19155,486,39210,747,748195,88493.42%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-0694.14%a
20252025-04-2592.73%b
20242024-05-0992.18%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast either "for" or "against" a director's election and therefore will have no effect on the outcome.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast either "for" or "against" a director's election and therefore will have no effect on the outcome.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast either "for" or "against" a director's election and therefore will have no effect on the outcome.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)115 : 1
CEO total compensation$12,059,908
Median employee compensation$104,530
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (53 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Mark Millett. DEF 14A, filed 2026-03-27. Section “Compensation Tables” · page 60. As printed: 12,059,908. View filing ↗
  • Section 01, Barry Schneider. DEF 14A, filed 2026-03-27. Section “Compensation Tables” · page 60. As printed: 6,986,343. View filing ↗
  • Section 01, Theresa Wagler. DEF 14A, filed 2026-03-27. Section “Compensation Tables” · page 60. As printed: 6,517,332. View filing ↗
  • Section 01, Glenn Pushis. DEF 14A, filed 2026-03-27. Section “Compensation Tables” · page 60. As printed: 4,747,048. View filing ↗
  • Section 01, Christopher Graham. DEF 14A, filed 2026-03-27. Section “Compensation Tables” · page 60. As printed: 4,240,306. View filing ↗
  • Section 03, Mark Millett PSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Christopher Graham PSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Theresa Wagler PSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Christopher Graham RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Mark Millett RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Glenn Pushis PSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Glenn Pushis RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Barry Schneider RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Theresa Wagler RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Barry Schneider PSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Barry Schneider RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Christopher Graham RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Glenn Pushis RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Mark Millett RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Theresa Wagler RSU. DEF 14A, filed 2026-03-27. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-27. Section “CEO Pay Ratio”. As printed: 115 : 1. View filing ↗
  • Section 08, Kenneth W. Cornew. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 387,597. View filing ↗
  • Section 08, Traci M. Dolan. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 352,597. View filing ↗
  • Section 08, Bradley S. Seaman. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 347,597. View filing ↗
  • Section 08, Luis M. Sierra. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 337,597. View filing ↗
  • Section 08, Sheree L. Bargabos. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 327,597. View filing ↗
  • Section 08, Jennifer L. Hamann. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 327,597. View filing ↗
  • Section 08, Richard P. Teets Jr. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 327,597. View filing ↗
  • Section 08, Gabriel L. Shaheen. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 327,597. View filing ↗
  • Section 08, Mark D. Millett. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-08. Item 5.07 · say-on-pay result. As reported: 94.14% (votes for as printed: 114,604,654). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-04-29. Item 5.07 · say-on-pay result. As reported: 92.73% (votes for as printed: 114,802,317). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-14. Item 5.07 · say-on-pay result. As reported: 92.18% (votes for as printed: 123,502,265). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 1,255,000 + equity 1,480,776 + all other 0 = 2,735,776, summed across the director compensation table rows.
  • Cummins, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Cummins, Inc.'s own proxy. As printed: 19,905,532. View filing ↗
  • Agco Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-12. CEO total compensation as printed in Agco Corporation's own proxy. As printed: 19,657,541. View filing ↗
  • Cleveland-Cliffs Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Cleveland-Cliffs Inc.'s own proxy. As printed: 19,023,041. View filing ↗
  • Newmont Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Newmont Corporation's own proxy. As printed: 15,625,168. View filing ↗
  • Illinois Tool Works Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Illinois Tool Works Inc.'s own proxy. As printed: 15,211,011. View filing ↗
  • Nucor Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Nucor Corporation's own proxy. As printed: 14,945,471. View filing ↗
  • Freeport-McMoRan Inc., Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Freeport-McMoRan Inc.'s own proxy. As printed: 14,808,126. View filing ↗
  • Alcoa Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in Alcoa Corporation's own proxy. As printed: 14,002,088. View filing ↗
  • Reliance, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Reliance, Inc.'s own proxy. As printed: 13,374,389. View filing ↗
  • Paccar Inc, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Paccar Inc's own proxy. As printed: 12,618,865. View filing ↗
  • Steel Dynamics (subject), Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Steel Dynamics's own proxy. As printed: 12,059,908. View filing ↗
  • Commercial Metals Company, Section 10b CEO total. DEF 14A, filed 2025-11-25. CEO total compensation as printed in Commercial Metals Company's own proxy. As printed: 8,022,901. View filing ↗
  • Section 10a, Nucor Corporation reciprocity. DEF 14A. Nucor Corporation names Steel Dynamics in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Alcoa Corporation reciprocity. DEF 14A. Alcoa Corporation names Steel Dynamics in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Cleveland-Cliffs Inc. reciprocity. DEF 14A. Cleveland-Cliffs Inc. names Steel Dynamics in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Commercial Metals Company reciprocity. DEF 14A. Commercial Metals Company names Steel Dynamics in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Reliance, Inc. reciprocity. DEF 14A. Reliance, Inc. names Steel Dynamics in its own disclosed peer group (read from its most recent proxy). View filing ↗
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