A method and apparatus for steering instructions dynamically, at issue time, so as to maximize the efficiency of use of execution units being shared by multiple threads being processed by an SMT processor. Resource vectors are used at issue time to redirect instructions, from threads being processed simultaneously, to shared resources for which the multiple threads are competing. The existing resource vectors for instructions that are queued for issuance are analyzed and, where appropriate, dynamically recalculated and modified for maximum efficiency.