STEEL DYNAMICS INC

Ticker: STLD CUSIP: 858119100 Class: COMMON STOCK

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 38,360 Value ($000) $6,500 Avg Close $158.36 Range $137.70 - $177.84

Q3 2025

Shares 41,160 Value ($000) $5,739 Avg Close $130.39 Range $119.11 - $140.98

Q2 2025

Shares 41,260 Value ($000) $5,282 Avg Close $126.36 Range $102.11 - $140.95

Q1 2025

Shares 43,160 Value ($000) $5,398 Avg Close $124.96 Range $109.33 - $137.65

Q4 2024

Shares 43,160 Value ($000) $4,923 Avg Close $130.47 Range $111.65 - $152.72

Q3 2024

Shares 43,460 Value ($000) $5,479 Avg Close $118.85 Range $102.31 - $134.27

Q2 2024

Shares 44,860 Value ($000) $5,809 Avg Close $130.12 Range $115.35 - $147.49

Q1 2024

Shares 47,760 Value ($000) $7,079 Avg Close $122.14 Range $106.53 - $144.95

Q4 2023

Shares 47,660 Value ($000) $5,629 Avg Close $107.90 Range $95.11 - $124.46

Q3 2023

Shares 53,260 Value ($000) $5,711 Avg Close $100.40 Range $92.11 - $107.71

Q2 2023

Shares 57,060 Value ($000) $6,216 Avg Close $97.72 Range $86.96 - $110.55

Q1 2023

Shares 60,060 Value ($000) $6,790 Avg Close $111.23 Range $90.76 - $130.54

Q4 2022

Shares 59,560 Value ($000) $5,819 Avg Close $91.75 Range $68.70 - $107.85

Q3 2022

Shares 60,881 Value ($000) $4,320 Avg Close $71.84 Range $59.25 - $84.09

Q2 2022

Shares 62,781 Value ($000) $4,153 Avg Close $75.64 Range $60.78 - $94.76

Q1 2022

Shares 61,481 Value ($000) $5,129 Avg Close $63.45 Range $47.52 - $84.34

Q4 2021

Shares 61,442 Value ($000) $3,814 Avg Close $58.59 Range $52.93 - $64.63

Q3 2021

Shares 52,682 Value ($000) $3,081 Avg Close $59.61 Range $51.19 - $69.35

Q2 2021

Shares 54,682 Value ($000) $3,259 Avg Close $54.47 Range $45.84 - $62.09

Q1 2021

Shares 79,582 Value ($000) $4,040 Avg Close $38.96 Range $31.19 - $48.49

Q4 2020

Shares 78,082 Value ($000) $2,879 Avg Close $31.85 Range $25.96 - $36.89

Q3 2020

Shares 78,982 Value ($000) $2,261 Avg Close $26.10 Range $21.83 - $29.60

Q2 2020

Shares 76,582 Value ($000) $1,998 Avg Close $22.53 Range $18.48 - $27.00

Q1 2020

Shares 59,800 Value ($000) $1,348 Avg Close $24.36 Range $13.32 - $30.61

Q4 2019

Shares 63,400 Value ($000) $2,158 Avg Close $28.20 Range $24.32 - $31.60

Q3 2019

Shares 63,700 Value ($000) $1,898 Avg Close $25.87 Range $22.50 - $28.88

Q2 2019

Shares 65,800 Value ($000) $1,987 Avg Close $26.59 Range $21.75 - $31.41

Q1 2019

Shares 81,800 Value ($000) $2,885 Avg Close $30.67 Range $25.17 - $33.96

Q4 2018

Shares 81,800 Value ($000) $2,457 Avg Close $32.42 Range $24.79 - $39.93

Q3 2018

Shares 86,800 Value ($000) $3,922 Avg Close $39.33 Range $35.70 - $42.45

Q2 2018

Shares 86,900 Value ($000) $3,993 Avg Close $40.25 Range $36.27 - $44.32

Q1 2018

Shares 86,000 Value ($000) $3,803 Avg Close $39.00 Range $34.83 - $42.94

Q4 2017

Shares 85,200 Value ($000) $3,675 Avg Close $32.46 Range $28.33 - $37.17

Q3 2017

Shares 90,200 Value ($000) $3,109 Avg Close $29.48 Range $27.05 - $32.51

Q2 2017

Shares 99,700 Value ($000) $3,570 Avg Close $28.97 Range $26.88 - $31.37

Q1 2017

Shares 98,500 Value ($000) $3,424 Avg Close $29.67 Range $27.09 - $32.02

Q4 2016

Shares 98,200 Value ($000) $3,494 Avg Close $26.10 Range $19.35 - $33.31

Q3 2016

Shares 98,100 Value ($000) $2,452 Avg Close $21.06 Range $18.79 - $23.10

Q2 2016

Shares 97,700 Value ($000) $2,394 Avg Close $20.03 Range $17.68 - $22.12

Q1 2016

Shares 97,100 Value ($000) $2,186 Avg Close $15.36 Range $12.48 - $18.79

Q4 2015

Shares 95,700 Value ($000) $1,710 Avg Close $14.45 Range $13.12 - $15.93

Q3 2015

Shares 110,200 Value ($000) $1,893 Avg Close $15.53 Range $13.35 - $17.42

Q2 2015

Shares 110,200 Value ($000) $2,283 Avg Close $17.16 Range $15.54 - $18.46

Q1 2015

Shares 109,500 Value ($000) $2,201 Avg Close $14.75 Range $13.06 - $16.57

Q4 2014

Shares 114,400 Value ($000) $2,258 Avg Close $16.97 Range $14.81 - $18.55

Q3 2014

Shares 113,900 Value ($000) $2,575 Avg Close $17.12 Range $13.89 - $19.97

Q2 2014

Shares 105,300 Value ($000) $1,890 Avg Close $13.98 Range $13.22 - $14.83

Q1 2014

Shares 105,000 Value ($000) $1,868 Avg Close $13.53 Range $12.21 - $15.09

Q4 2013

Shares 103,900 Value ($000) $2,030 Avg Close $14.08 Range $12.49 - $15.25

Q3 2013

Shares 102,900 Value ($000) $1,719 Avg Close $12.11 Range $11.42 - $13.41

Q2 2013

Shares 101,400 Value ($000) $1,512 Avg Close $11.35 Range $10.49 - $12.29

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	38,360	$6,500	$158.36	$137.70 - $177.84
Q3 2025	41,160	$5,739	$130.39	$119.11 - $140.98
Q2 2025	41,260	$5,282	$126.36	$102.11 - $140.95
Q1 2025	43,160	$5,398	$124.96	$109.33 - $137.65
Q4 2024	43,160	$4,923	$130.47	$111.65 - $152.72
Q3 2024	43,460	$5,479	$118.85	$102.31 - $134.27
Q2 2024	44,860	$5,809	$130.12	$115.35 - $147.49
Q1 2024	47,760	$7,079	$122.14	$106.53 - $144.95
Q4 2023	47,660	$5,629	$107.90	$95.11 - $124.46
Q3 2023	53,260	$5,711	$100.40	$92.11 - $107.71
Q2 2023	57,060	$6,216	$97.72	$86.96 - $110.55
Q1 2023	60,060	$6,790	$111.23	$90.76 - $130.54
Q4 2022	59,560	$5,819	$91.75	$68.70 - $107.85
Q3 2022	60,881	$4,320	$71.84	$59.25 - $84.09
Q2 2022	62,781	$4,153	$75.64	$60.78 - $94.76
Q1 2022	61,481	$5,129	$63.45	$47.52 - $84.34
Q4 2021	61,442	$3,814	$58.59	$52.93 - $64.63
Q3 2021	52,682	$3,081	$59.61	$51.19 - $69.35
Q2 2021	54,682	$3,259	$54.47	$45.84 - $62.09
Q1 2021	79,582	$4,040	$38.96	$31.19 - $48.49
Q4 2020	78,082	$2,879	$31.85	$25.96 - $36.89
Q3 2020	78,982	$2,261	$26.10	$21.83 - $29.60
Q2 2020	76,582	$1,998	$22.53	$18.48 - $27.00
Q1 2020	59,800	$1,348	$24.36	$13.32 - $30.61
Q4 2019	63,400	$2,158	$28.20	$24.32 - $31.60
Q3 2019	63,700	$1,898	$25.87	$22.50 - $28.88
Q2 2019	65,800	$1,987	$26.59	$21.75 - $31.41
Q1 2019	81,800	$2,885	$30.67	$25.17 - $33.96
Q4 2018	81,800	$2,457	$32.42	$24.79 - $39.93
Q3 2018	86,800	$3,922	$39.33	$35.70 - $42.45
Q2 2018	86,900	$3,993	$40.25	$36.27 - $44.32
Q1 2018	86,000	$3,803	$39.00	$34.83 - $42.94
Q4 2017	85,200	$3,675	$32.46	$28.33 - $37.17
Q3 2017	90,200	$3,109	$29.48	$27.05 - $32.51
Q2 2017	99,700	$3,570	$28.97	$26.88 - $31.37
Q1 2017	98,500	$3,424	$29.67	$27.09 - $32.02
Q4 2016	98,200	$3,494	$26.10	$19.35 - $33.31
Q3 2016	98,100	$2,452	$21.06	$18.79 - $23.10
Q2 2016	97,700	$2,394	$20.03	$17.68 - $22.12
Q1 2016	97,100	$2,186	$15.36	$12.48 - $18.79
Q4 2015	95,700	$1,710	$14.45	$13.12 - $15.93
Q3 2015	110,200	$1,893	$15.53	$13.35 - $17.42
Q2 2015	110,200	$2,283	$17.16	$15.54 - $18.46
Q1 2015	109,500	$2,201	$14.75	$13.06 - $16.57
Q4 2014	114,400	$2,258	$16.97	$14.81 - $18.55
Q3 2014	113,900	$2,575	$17.12	$13.89 - $19.97
Q2 2014	105,300	$1,890	$13.98	$13.22 - $14.83
Q1 2014	105,000	$1,868	$13.53	$12.21 - $15.09
Q4 2013	103,900	$2,030	$14.08	$12.49 - $15.25
Q3 2013	102,900	$1,719	$12.11	$11.42 - $13.41
Q2 2013	101,400	$1,512	$11.35	$10.49 - $12.29