Steel Dynamics - 1792 Exchange

Rating Overview

Steel Dynamics is Lower Risk.

Steel Dynamics does not yield to political activism in shaping corporate governance, preventing initiatives that potentially alienate consumers, divide employees, and harm shareholders. The company elevates merit, excellence, and integrity ahead of race and identity-based policies. Steel Dynamics does not embrace corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach protects free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	High Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	Medium Risk
Funding	Lower Risk
Political Actions	No Data

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

Steel Dynamics’ received a score of 10 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (1)(2). Steel Dynamics promotes divisive sex and gender policies. Its Supplier Code of Conduct requires international vendors to include sexual orientation and gender identity in their nondiscrimination policy (3). Steel Dynamics has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (4).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

High

Rationale:

Steel Dynamics’ HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (1)(2). The company does not appear to discriminate against religious organizations based on views or beliefs (3).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Steel Dynamics appears to prioritize diversity over merit in its leadership composition. From its Corporate Governance and Nominating Committee Charter: “Director nominees should be persons who, by background, knowledge, skills, business and financial experience and expertise, diversity (including life and occupational experiences, race, age, gender, and ethnicity), integrity, and leadership, are likely to materially contribute the skills and qualities that a properly functioning Board must have” (1). Steel Dynamic does not provide viewpoint protections for its employees (2).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Medium

Rationale:

Steel Dynamics supports DEI within its business practices. From its Human Rights policy: “We recognize the value of having a business that reflects diversity of backgrounds and experiences including, but not limited to, gender, race, ethnicity, age, and sexual orientation” (1). Otherwise, Steel Dynamics has not supported ideological causes or policies (2).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

Steel Dynamics has not used corporate funds to advance ideological causes, organizations, or policies (1)(2).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

N/A

Rationale:

Steel Dynamics does not operate a PAC or engage in lobbying at this time (1)(2)(3).