Steel Dynamics Executive Compensation (FY25)
STLD · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025 ◇ Mark Millett | Latest say-on-pay support = May 6, 2026 | Chief executive pay ratio ◇ To the median employee |
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Data as of November 5, 2026Latest filing (8-K): May 8, 2026
11 filings cited on this page
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289 figures on this page: 281 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
More on Steel Dynamics
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Mark Millett: $11,782,886 → $12,059,908 (2.4% higher)
Say-on-pay support: 92.7% → 94.1% (1.4 points higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Steel Dynamics' chief executive and what were they paid?
Mark Millett, Chairman and Chief Executive Officer, received $12,059,908 in total compensation for fiscal 2025. Millett's total was 2.4% higher than the $11,782,886 reported for fiscal 2024.
What was Steel Dynamics' say-on-pay result?
Shareholders supported the say-on-pay proposal with 94.1% of votes cast for or against in favor at the meeting held May 6, 2026 for fiscal 2025.
Which companies are in Steel Dynamics' peer group?
The disclosed peer group names AGCO Corporation, Alcoa Corporation, Cleveland-Cliffs Inc., Commercial Metals Company and Cummins, Inc., among others.
What is Steel Dynamics' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 115:1, against median employee compensation of $104,530.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Mark Millett Chairman and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Theresa Wagler Executive Vice President, Chief Financial Officer and Corporate Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Barry Schneider President and Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Glenn Pushis Senior Vice President Special Projects | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Christopher Graham Senior Vice President Flat Roll Steel Group | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Mark Millett Chairman and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Barry Schneider President and Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Theresa Wagler Executive Vice President, Chief Financial Officer and Corporate Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Glenn Pushis Senior Vice President Special Projects | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Christopher Graham Senior Vice President Flat Roll Steel Group | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Mark Millett Chairman and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Barry Schneider President and Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Theresa Wagler Executive Vice President, Chief Financial Officer and Corporate Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Glenn Pushis Former Senior Vice President, Special Projects Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Christopher Graham Senior Vice President, Flat Roll Steel Group | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Mark Millett Chairman and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Barry Schneider President and Chief Operating Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Theresa Wagler Executive Vice President, Chief Financial Officer and Corporate Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Glenn Pushis Former Senior Vice President, Special Projects Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Christopher Graham Senior Vice President, Flat Roll Steel Group | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Barry T. Schneider | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Barry T. Schneider | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Barry T. Schneider | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Christopher A. Graham | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Christopher A. Graham | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Christopher A. Graham | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Glenn A. Pushis | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Glenn A. Pushis | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Glenn A. Pushis | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Mark D. Millett | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Mark D. Millett | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Mark D. Millett | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Theresa E. Wagler | PSU | ◇ | — | ◇ | — | ◇ | — | ◇ |
| Theresa E. Wagler | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Theresa E. Wagler | RSU | ◇ | — | — | ◇ | — | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Mark Millett | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Barry Schneider | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Theresa Wagler | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Glenn Pushis | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Christopher Graham | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Theresa E. Wagler | RSU | ◇ | ◇ | — | — |
| Barry T. Schneider | RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Severance and change in control
The terms as written in the agreements.
Barry Schneider
President and Chief Operating Officer · Terms as described in the company’s compensation discussion
| Severance cash amount | ◇ |
| Equity acceleration on change in control | ◇ |
Christopher Graham
Senior Vice President, Flat Roll Steel Group · Terms as described in the company’s compensation discussion
| Severance cash amount | ◇ |
Glenn Pushis
Former Senior Vice President, Special Projects · Terms as described in the company’s compensation discussion
| Severance cash amount | ◇ |
| Equity acceleration on change in control | ◇ |
Mark Millett
Chairman and Chief Executive Officer · Terms as described in the company’s compensation discussion
| Severance cash amount | ◇ |
| Equity acceleration on change in control | ◇ |
Theresa Wagler
Executive Vice President, Chief Financial Officer and Corporate Secretary · Terms as described in the company’s compensation discussion
| Severance cash amount | ◇ |
| Equity acceleration on change in control | ◇ |
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Kenneth W. Cornew | ◇ | ◇ | — | — | — | — | ◇ |
Traci M. Dolan | ◇ | ◇ | — | — | — | — | ◇ |
Bradley S. Seaman | ◇ | ◇ | — | — | — | — | ◇ |
Luis M. Sierra | ◇ | ◇ | — | — | — | — | ◇ |
Gabriel L. Shaheen | ◇ | ◇ | — | — | — | — | ◇ |
Richard P. Teets Jr | ◇ | ◇ | — | — | — | — | ◇ |
Sheree L. Bargabos | ◇ | ◇ | — | — | — | — | ◇ |
Jennifer L. Hamann | ◇ | ◇ | — | — | — | — | ◇ |
Mark D. Millett served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Compensation committee chair | ◇ |
| Nominating and governance chair | ◇ |
Equity is delivered as deferred stock units.
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- AGCO Corporation AGCO
- Alcoa Corporation AA
- Cleveland-Cliffs Inc. CLF
- Commercial Metals Company CMC
- Cummins, Inc. CMI
- Freeport-McMoRan Inc. FCX
- Illinois Tool Works Inc. ITW
- Newmont Corporation NEM
- Nucor Corporation NUE
- PACCAR Inc PCAR
- Parker-Hannifan Corporation symbol not shown
- Reliance, Inc. RS
- United States Steel Corporation X
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 6, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | April 25, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 9, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 11, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 5, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 19, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 8, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 16, 2019 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
Ask our research desk — $99, 24h, every figure cited to its filing.
Sample answer — “What is the CEO’s total compensation?”
- Mark Millett (Chairman and Chief Executive Officer), FY2025 total compensation $12,059,908 (base salary $1,535,000) [exec_comp, SEC accession 0001104659-26-035826, filed 2026-03-27]What this page does not include
Everything above is a fact Steel Dynamics disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Steel Dynamics sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about accessMultiple companies at once
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
289 figures on this page: 281 cited to the filing that reported them, 8 calculated from figures it prints.
281 cited to the filing
8 calculated from the filing
Documents cited
- 0001104659-26-057616
- 0001104659-26-035826CEO Pay Ratio · Compensation Discussion and Analysis · Compensation Tables · Director Compensation · and 1 more section
- 0001104659-25-040917
- 0001558370-25-002901Compensation Tables
- 0001104659-24-060930
- 0001104659-24-040422Compensation Tables
- 0001104659-23-061122
- 0001104659-22-057336
- 0001104659-21-069694
- 0001104659-20-059477
- 0001104659-19-030781
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Steel Dynamics executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/STLD (accessed 2026).
Short form: data: Velarion
The paid brief for Steel Dynamics
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $500 for the board report; $900 for both.
11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Steel Dynamics discloses
The companies named in STLD's own disclosed peer group.
Terms on this page
Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}