8-K
Nucor Corp (NUE)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 28, 2025
NUCOR CORPORATION
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 1-4119 | 13-1860817 |
|---|---|---|
| (State or Other Jurisdiction<br> <br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br> <br>Identification No.) |
| 1915 Rexford Road,<br> <br>Charlotte, NC | 28211 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (704) 366-7000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
|---|---|---|
| Common Stock, par value $0.40 per share | NUE | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
|---|
On July 28, 2025, Nucor Corporation issued a news release reporting its financial results for the quarter ended July 5, 2025. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.
| Item 7.01. | Regulation FD Disclosure. |
|---|
On July 28, 2025, Nucor Corporation, in conjunction with the issuance of the aforementioned news release, posted an investor presentation to its Investor Relations website. A copy of the investor presentation is furnished as Exhibit 99.2 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
|---|---|
| (d) | Exhibits |
| --- | --- |
| 99.1 | News Release of Nucor Corporation dated July 28, 2025 |
| --- | --- |
| 99.2 | Investor Presentation dated July 28, 2025 |
| 104 | Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL |
The information contained in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such registration statement or other document.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NUCOR CORPORATION | ||
|---|---|---|
| Date: July 28, 2025 | By: | /s/ Stephen D. Laxton |
| Stephen D. Laxton | ||
| Chief Financial Officer and Executive<br> <br>Vice President |
2
EX-99.1
Exhibit 99.1
| News Release |
|---|
Nucor Reports Results for the Second Quarter of 2025
Second Quarter of 2025 Highlights
| • | Net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share.<br> |
|---|---|
| • | Net sales of $8.46 billion. |
| --- | --- |
| • | Net earnings before noncontrolling interests of $706 million; EBITDA of $1.30 billion.<br> |
| --- | --- |
CHARLOTTE, N.C. – July 28, 2025—Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, for the first quarter of 2025 and $645 million, or $2.68 per diluted share, for the second quarter of 2024.
In the first six months of 2025, Nucor reported consolidated net earnings attributable to Nucor stockholders of $759 million, or $3.26 per diluted share, compared with consolidated net earnings attributable to Nucor stockholders of $1.49 billion, or $6.14 per diluted share, in the first six months of 2024.
“Our team delivered a solid second quarter, with sequential earnings growth from all three of Nucor’s reporting segments, and did so while setting another safety record in the first half of 2025,” said Leon Topalian, Nucor’s Chair, President and Chief Executive Officer. “As we head into the second half of 2025, we are encouraged by resilient demand across key end markets, a healthy order backlog and recently enacted tax and trade policies that promote American manufacturing.”
Selected Segment Data
Earnings (loss) before income taxes and noncontrolling interests by segment for the second quarter and first six months of 2025 and 2024 were as follows (in millions):
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| July 5, 2025 | June 29, 2024 | July 5,2025 | June 29,2024 | |||||||||
| Steel mills | $ | 843 | **** | $ | 645 | **** | $ | 1,074 | **** | $ | 1,748 | **** |
| Steel products | **** | 392 | **** | **** | 442 | **** | **** | 680 | **** | **** | 953 | **** |
| Raw materials | **** | 57 | **** | **** | 39 | **** | **** | 86 | **** | **** | 49 | **** |
| Corporate/eliminations | **** | (393 | ) | **** | (228 | ) | **** | (656 | ) | **** | (627 | ) |
| $ | 899 | **** | $ | 898 | **** | $ | 1,184 | **** | $ | 2,123 | **** |
Financial Review
Nucor’s consolidated net sales increased 8% to $8.46 billion in the second quarter of 2025 compared with $7.83 billion in the first quarter of 2025 and increased 5% compared with $8.08 billion in the second quarter of 2024. Average sales price per ton in the second quarter of 2025 increased 8% compared with the first quarter of 2025 and decreased 3% compared with the second quarter of 2024. A total of approximately 6,820,000 tons were shipped to outside customers in the second quarter of 2025, which was comparable with the first
Page 1 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release |
|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) |
quarter of 2025 and was an 8% increase compared with the second quarter of 2024. Total steel mill shipments in the second quarter of 2025 were comparable to the first quarter of 2025 and increased 10% compared to the second quarter of 2024. Steel mill shipments to internal customers represented 22% of total steel mill shipments in the second quarter of 2025, compared with 19% in the first quarter of 2025 and 21% in the second quarter of 2024. Downstream steel product shipments to outside customers in the second quarter of 2025 increased 9% compared with the first quarter of 2025 and increased 6% compared with the second quarter of 2024.
In the first six months of 2025, Nucor’s consolidated net sales of $16.29 billion was comparable with consolidated net sales of $16.21 billion reported in the first six months of 2024. Total tons shipped to outside customers in the first six months of 2025 were approximately 13,650,000 tons, an increase of 9% compared with the first six months of 2024, and the average sales price per ton in the first six months of 2025 decreased 8% compared with the first six months of 2024.
The average scrap and scrap substitute cost per gross ton used in the second quarter of 2025 was $403, a 2% increase compared to $394 in the first quarter of 2025 and $396 in the second quarter of 2024. The average scrap and scrap substitute cost per gross ton used in the first six months of 2025 was $398, a 3% decrease compared to $409 in the first six months of 2024.
Pre-operating and start-up costs related to the Company’s growth projects were approximately $136 million, or $0.45 per diluted share, in the second quarter of 2025, compared with approximately $170 million, or $0.56 per diluted share, in the first quarter of 2025 and approximately $137 million, or $0.43 per diluted share, in the second quarter of 2024.
In the first six months of 2025, pre-operating and start-up costs related to the Company’s growth projects were approximately $306 million, or $1.00 per diluted share, compared with approximately $262 million, or $0.82 per diluted share, in the first six months of 2024.
Overall operating rates at the Company’s steel mills increased to 85% in the second quarter of 2025 as compared to 80% in the first quarter of 2025 and 75% in the second quarter of 2024. Operating rates in the first six months of 2025 increased to 82% as compared to 79% in the first six months of 2024.
Financial Strength
At the end of the second quarter of 2025, we had $2.48 billion in cash and cash equivalents and short-term investments on hand. The Company’s $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor’s and Fitch Ratings and a positive outlook at Moody’s.
Page 2 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release |
|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) |
Commitment to Returning Capital to Stockholders
During the second quarter of 2025, Nucor repurchased approximately 1.8 million shares of its common stock at an average price of $111.89 per share (approximately 4.0 million shares during the first six months of 2025 at an average price of $123.75 per share). As of July 5, 2025, Nucor had approximately $606 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.
On June 10, 2025, Nucor’s Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on August 11, 2025, to stockholders of record as of June 30, 2025 and is Nucor’s 209^th^ consecutive quarterly cash dividend.
Second Quarter of 2025 Analysis
Earnings in the second quarter of 2025 increased across all three of our operating segments as compared to the first quarter of 2025. The increase in earnings for the steel mills segment was primarily due to higher average selling prices at our sheet and plate mills. Earnings in the steel products segment increased in the second quarter of 2025 as compared to the first quarter of 2025 due to a combination of stable overall pricing, higher volumes and lower average costs per ton. The raw materials segment had increased earnings in the second quarter of 2025 as compared to the first quarter of 2025 due primarily to our scrap processing operations.
Third Quarter of 2025 Outlook
We expect earnings in the third quarter of 2025 to be nominally lower than the second quarter of 2025, due to decreased earnings in the steel mills segment and similar earnings in the steel products and raw materials segments. In the steel mills segment, despite resilient backlogs and a stable demand outlook, we expect margin compression in the third quarter of 2025 as compared to the second quarter of 2025.
Earnings Conference Call
An earnings call is scheduled for July 29, 2025 at 10:00 a.m. Eastern Time to review Nucor’s second quarter of 2025 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor’s website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor’s Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist
Page 3 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release |
|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) |
girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.
Non-GAAP FinancialMeasures
The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.
We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. Please note that other companies might define their non-GAAP financial measures differently than we do.
Management presents the non-GAAP financial measure of EBITDA in this news release because it considers it to be an important supplemental measure of performance. Management believes that this non-GAAP financial measure provides additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods.
Forward-Looking Statements
Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability
Page 4 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release |
|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) |
and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.
Contact Information
For Investor/Analyst Inquiries – Jack Sullivan, 704-264-8942, or Paul Donnelly, 704-264-8807
For Media Inquiries – Katherine Miller, 704-353-9015
Page 5 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) | ||||||||||||||
| Tonnage Data | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (In thousands) | ||||||||||||||
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||||
| July 5,2025 | June 29,2024 | PercentChange | July 5,2025 | June 29,2024 | PercentChange | |||||||||
| Steel mills total shipments: | ||||||||||||||
| Sheet | **** | 3,057 | **** | 2,869 | **** | 7 | % | **** | 6,038 | **** | 5,843 | **** | 3 | % |
| Bars | **** | 2,148 | **** | 2,005 | **** | 7 | % | **** | 4,438 | **** | 3,917 | **** | 13 | % |
| Structural | **** | 635 | **** | 512 | **** | 24 | % | **** | 1,212 | **** | 1,062 | **** | 14 | % |
| Plate | **** | 606 | **** | 448 | **** | 35 | % | **** | 1,183 | **** | 860 | **** | 38 | % |
| Other | **** | 28 | **** | 33 | **** | -15 | % | **** | 66 | **** | 75 | **** | -12 | % |
| **** | 6,474 | **** | 5,867 | **** | 10 | % | **** | 12,937 | **** | 11,757 | **** | 10 | % | |
| Sales tons to outside customers: | ||||||||||||||
| Steel mills | **** | 5,044 | **** | 4,617 | **** | 9 | % | **** | 10,270 | **** | 9,293 | **** | 11 | % |
| Joist and deck | **** | 217 | **** | 185 | **** | 17 | % | **** | 399 | **** | 365 | **** | 9 | % |
| Rebar fabrication products | **** | 306 | **** | 265 | **** | 15 | % | **** | 553 | **** | 503 | **** | 10 | % |
| Tubular products | **** | 243 | **** | 214 | **** | 14 | % | **** | 513 | **** | 422 | **** | 22 | % |
| Building Systems | **** | 64 | **** | 66 | **** | -3 | % | **** | 112 | **** | 121 | **** | -7 | % |
| Other steel products | **** | 311 | **** | 344 | **** | -10 | % | **** | 612 | **** | 628 | **** | -3 | % |
| Raw materials | **** | 635 | **** | 598 | **** | 6 | % | **** | 1,191 | **** | 1,181 | **** | 1 | % |
| **** | 6,820 | **** | 6,289 | **** | 8 | % | **** | 13,650 | **** | 12,513 | **** | 9 | % |
Page 6 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release |
|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) |
Condensed Consolidated Statements of Earnings (Unaudited)
(In millions, except per share data)
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| July 5, 2025 | June 29, 2024 | July 5,2025 | June 29, 2024 | |||||||||
| Net sales | $ | 8,456 | **** | $ | 8,077 | **** | $ | 16,286 | **** | $ | 16,214 | **** |
| Costs, expenses and other: | ||||||||||||
| Cost of products sold | **** | 7,233 | **** | **** | 6,883 | **** | **** | 14,458 | **** | **** | 13,497 | **** |
| Marketing, administrative and other expenses | **** | 304 | **** | **** | 294 | **** | **** | 585 | **** | **** | 639 | **** |
| Equity in earnings of unconsolidated affiliates | **** | (10 | ) | **** | (10 | ) | **** | (14 | ) | **** | (19 | ) |
| Losses and impairments of assets | **** | 11 | **** | **** | 14 | **** | **** | 40 | **** | **** | 14 | **** |
| Interest expense (income), net | **** | 19 | **** | **** | (2 | ) | **** | 33 | **** | **** | (40 | ) |
| 7,557 | 7,179 | 15,102 | 14,091 | |||||||||
| Earnings before income taxes and noncontrolling interests | **** | 899 | **** | **** | 898 | **** | **** | 1,184 | **** | **** | 2,123 | **** |
| Provision for income taxes | **** | 193 | **** | **** | 186 | **** | **** | 252 | **** | **** | 452 | **** |
| Net earnings before noncontrolling interests | **** | 706 | **** | **** | 712 | **** | **** | 932 | **** | **** | 1,671 | **** |
| Earnings attributable to noncontrolling interests | **** | 103 | **** | **** | 67 | **** | **** | 173 | **** | **** | 181 | **** |
| Net earnings attributable to Nucor stockholders | $ | 603 | **** | $ | 645 | **** | $ | 759 | **** | $ | 1,490 | **** |
| Net earnings per share: | ||||||||||||
| Basic | $ | 2.60 | **** | $ | 2.68 | **** | $ | 3.26 | **** | $ | 6.15 | **** |
| Diluted | $ | 2.60 | **** | $ | 2.68 | **** | $ | 3.26 | **** | $ | 6.14 | **** |
| Average shares outstanding: | ||||||||||||
| Basic | **** | 230.6 | **** | **** | 239.6 | **** | **** | 231.7 | **** | **** | 241.3 | **** |
| Diluted | **** | 230.8 | **** | **** | 240.0 | **** | **** | 231.9 | **** | **** | 241.5 | **** |
Page 7 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release |
|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) |
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
| July 5, 2025 | Dec. 31, 2024 | |||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 1,946 | **** | $ | 3,558 | **** |
| Short-term investments | **** | 537 | **** | **** | 581 | **** |
| Accounts receivable, net | **** | 3,388 | **** | **** | 2,675 | **** |
| Inventories, net | **** | 5,462 | **** | **** | 5,106 | **** |
| Other current assets | **** | 386 | **** | **** | 555 | **** |
| Total current assets | **** | 11,719 | **** | **** | 12,475 | **** |
| Property, plant and equipment, net | **** | 14,303 | **** | **** | 13,243 | **** |
| Goodwill | **** | 4,299 | **** | **** | 4,288 | **** |
| Other intangible assets, net | **** | 3,006 | **** | **** | 3,134 | **** |
| Other assets | **** | 890 | **** | **** | 800 | **** |
| Total assets | $ | 34,217 | **** | $ | 33,940 | **** |
| LIABILITIES | ||||||
| Current liabilities: | ||||||
| Short-term debt | $ | 157 | **** | $ | 225 | **** |
| Current portion of long-term debt and finance lease obligations | **** | 32 | **** | **** | 1,042 | **** |
| Accounts payable | **** | 2,183 | **** | **** | 1,832 | **** |
| Salaries, wages and related accruals | **** | 745 | **** | **** | 903 | **** |
| Accrued expenses and other current liabilities | **** | 1,029 | **** | **** | 975 | **** |
| Total current liabilities | **** | 4,146 | **** | **** | 4,977 | **** |
| Long-term debt and finance lease obligations due after one year | **** | 6,692 | **** | **** | 5,683 | **** |
| Deferred credits and other liabilities | **** | 1,887 | **** | **** | 1,863 | **** |
| Total liabilities | **** | 12,725 | **** | **** | 12,523 | **** |
| Commitments and contingencies | ||||||
| EQUITY | ||||||
| Nucor stockholders’ equity: | ||||||
| Common stock | **** | 152 | **** | **** | 152 | **** |
| Additional paid-in capital | **** | 2,213 | **** | **** | 2,223 | **** |
| Retained earnings | **** | 30,775 | **** | **** | 30,271 | **** |
| Accumulated other comprehensive loss, net of income taxes | **** | (167 | ) | **** | (208 | ) |
| Treasury stock | **** | (12,584 | ) | **** | (12,144 | ) |
| Total Nucor stockholders’ equity | **** | 20,389 | **** | **** | 20,294 | **** |
| Noncontrolling interests | **** | 1,103 | **** | **** | 1,123 | **** |
| Total equity | **** | 21,492 | **** | **** | 21,417 | **** |
| Total liabilities and equity | $ | 34,217 | **** | $ | 33,940 | **** |
Page 8 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release |
|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Six Months (26 Weeks) Ended | ||||||
|---|---|---|---|---|---|---|
| July 5,2025 | June 29,2024 | |||||
| Operating activities: | ||||||
| Net earnings before noncontrolling interests | $ | 932 | **** | $ | 1,671 | **** |
| Adjustments: | ||||||
| Depreciation | **** | 606 | **** | **** | 528 | **** |
| Amortization | **** | 128 | **** | **** | 120 | **** |
| Impairment of assets | **** | 20 | **** | **** | 14 | **** |
| Stock-based compensation | **** | 78 | **** | **** | 83 | **** |
| Deferred income taxes | **** | (17 | ) | **** | (78 | ) |
| Distributions from affiliates | **** | 6 | **** | **** | 8 | **** |
| Equity in earnings of unconsolidated affiliates | **** | (14 | ) | **** | (19 | ) |
| Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||||||
| Accounts receivable | **** | (706 | ) | **** | (154 | ) |
| Inventories | **** | (352 | ) | **** | 333 | **** |
| Accounts payable | **** | 375 | **** | **** | (315 | ) |
| Federal income taxes | **** | 135 | **** | **** | 133 | **** |
| Salaries, wages and related accruals | **** | (135 | ) | **** | (426 | ) |
| Other operating activities | **** | 40 | **** | **** | 47 | **** |
| Cash provided by operating activities | **** | 1,096 | **** | **** | 1,945 | **** |
| Investing activities: | ||||||
| Capital expenditures | **** | (1,813 | ) | **** | (1,471 | ) |
| Investment in and advances to affiliates | **** | (1 | ) | **** | — | **** |
| Disposition of plant and equipment | **** | 39 | **** | **** | 10 | **** |
| Acquisitions (net of cash acquired) | **** | (1 | ) | **** | (109 | ) |
| Purchases of investments | **** | (666 | ) | **** | (887 | ) |
| Proceeds from the sale of investments | **** | 717 | **** | **** | 856 | **** |
| Other investing activities | **** | 2 | **** | **** | — | **** |
| Cash used in investing activities | **** | (1,723 | ) | **** | (1,601 | ) |
| Financing activities: | ||||||
| Net change in short-term debt | **** | (68 | ) | **** | 49 | **** |
| Repayment of long-term debt | **** | (1,007 | ) | **** | (5 | ) |
| Proceeds from issuance of long-term debt, net of discount | **** | 997 | **** | **** | — | **** |
| Bond issuance costs | **** | (9 | ) | **** | — | **** |
| Proceeds from exercise of stock options | **** | — | **** | **** | 3 | **** |
| Payment of tax withholdings on certain stock-based compensation | **** | (31 | ) | **** | (47 | ) |
| Distributions to noncontrolling interests | **** | (214 | ) | **** | (315 | ) |
| Cash dividends | **** | (258 | ) | **** | (264 | ) |
| Acquisition of treasury stock | **** | (500 | ) | **** | (1,501 | ) |
| Proceeds from government incentives | **** | 77 | **** | **** | — | **** |
| Other financing activities | **** | 17 | **** | **** | (7 | ) |
| Cash used in financing activities | **** | (996 | ) | **** | (2,087 | ) |
| Effect of exchange rate changes on cash | **** | 11 | **** | **** | (5 | ) |
| Decrease in cash and cash equivalents | **** | (1,612 | ) | **** | (1,748 | ) |
| Cash and cash equivalents - beginning of year | **** | 3,558 | **** | **** | 6,387 | **** |
| Cash and cash equivalents - end of six months | $ | 1,946 | **** | $ | 4,639 | **** |
| Non-cash investing activity: | ||||||
| Change in accrued plant and equipment purchases | $ | (27 | ) | $ | 37 | **** |
Page 9 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
| News Release |
|---|
| Nucor Reports Results for the Second Quarter of 2025 (Continued) |
Non-GAAP Financial Measures
Reconciliation of EBITDA (Unaudited)
(In millions)
| Three Months (13 Weeks) Ended | Six Months (26 Weeks) Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| July 5, 2025 | June 29, 2024 | July 5, 2025 | June 29, 2024 | |||||||
| Net earnings before noncontrolling interests | $ | 706 | $ | 712 | **** | $ | 932 | $ | 1,671 | **** |
| Depreciation | **** | 303 | **** | 271 | **** | **** | 606 | **** | 528 | **** |
| Amortization | **** | 63 | **** | 61 | **** | **** | 128 | **** | 120 | **** |
| Losses and impairments of assets | **** | 11 | **** | 14 | **** | **** | 40 | **** | 14 | **** |
| Interest expense (income), net | **** | 19 | **** | (2 | ) | **** | 33 | **** | (40 | ) |
| Provision for income taxes | **** | 193 | **** | 186 | **** | **** | 252 | **** | 452 | **** |
| EBITDA | $ | 1,295 | $ | 1,242 | **** | $ | 1,991 | $ | 2,745 | **** |
Page 10 of 10
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
EX-99.2
Exhibit 99.2 SECOND QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO July 29, 2025
FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “intend,” “may,” “project,” “will,” “should,” “could” and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. The Company does not undertake any obligation to update these statements. The forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this presentation. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward- looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long- lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; (15) the impact of the COVID-19 pandemic, any variants of the virus, and any other similar public health situation; and (16) the risks discussed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission. 2
NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non- GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP. We define EBITDA as net earnings before noncontrolling interests adding back the following items: interest expense, net; provision for income taxes; depreciation; amortization; and losses and impairments of assets. We define Free Cash Flow (FCF) as Cash Provided by Operating Activities less Capital Expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents the non-GAAP financial measures of EBITDA and FCF in this news release because it considers them to be an important supplemental measure of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in this presentation, including in the accompanying tables located in the Appendix. 3
NUE Q2 FINANCIAL & OPERATIONAL HIGHLIGHTS 1 ✓ EBITDA : ~$1.3 billion ✓ $1.5 Billion EBITDA ✓ Net Earnings: $603 million FINANCIAL ✓ $845 Million Net Earnings PERFORMANCE ✓ Earnings Per Diluted Share: $2.60 EPS ✓ $3.46 Earnings Per Share (diluted) 2 ✓ Balance Sheet & Liquidity: ~24% Total Debt/Cap; ~$3.4 billion Liquidity ✓ Safety: Safest first half of any year with 0.71 I&I rate ✓ Steel Mills: EBITDA positive @ Brandenburg; record sheet shipments OPERATIONAL HIGHLIGHTS ✓ Steel Products: Higher shipments and margins in Q2; stable backlog ✓ Growth Projects: On track to complete four major projects in Q3 & Q4 ✓ Capex: Deployed $954 million in Q2; reaffirming ~$3Bn estimate for FY ✓ NUE Share Repurchases: $200 million (1.8 million shares) CAPITAL th ALLOCATION ✓ Quarterly Dividend: $129 million (208 consecutive quarterly payment) ✓ Returns to Shareholders: 55% of Q2 Net Earnings; 100% of YTD Earnings ✓ Stable Q/Q External Shipments: ~6.8 million tons RESILIENT ✓ Strong Mill Backlogs: ~3.7 million tons at end of Q2 (30% higher Y/Y) MARKET CONDITIONS 3 ✓ Lower Imports: ~9% lower YTD though June vs. 2024 YTD 1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix 4 2) Liquidity defined as cash & equivalents, plus available revolver capacity of $2.25 billion facility less ~$1.35 billion outstanding floating-rate IRBs 3) Source: AISI (finished carbon & alloy)
GROWTH PROJECTS NEARING COMPLETION LEXINGTON, NC REBAR MICROMILL • 430K tpa mill conducted first continuous melt/cast/roll in July • In the early stages of ramping up production BAR MILL PROJECTS KINGMAN, AZ MELT SHOP • Multiple heats from new melt shop completed in July • Will continue to ramp up throughout Q3 INDIANA COATING COMPLEX • 300K tpa continuous galv line and 250K tpa pre-paint line • Expect to complete construction by end of 2025 NEW SHEET COATING FACILITIES BERKELEY GALV LINE • Advanced capabilities to serve SE automotive customers • Commissioning and startup planned for 2H 2026 ALABAMA GREENFIELD • Customers touring site, qualification work ongoing TOWERS & • Pole production & galvanizing set to begin in September STRUCTURES INDIANA GREENFIELD GREENFIELDS • All equipment purchased, and installation underway • Pole production and galvanizing operations by end of Q1 2026 5
DIVERSE STEEL PRODUCTS SEGMENT CONTINUES TO DELIVER STRONG RESULTS EVOLUTION OF NUCOR’S STEEL PRODUCTS SEGMENT 1960-2000 Future 2000-2020 2020-2025 Key Criteria of Future Insulated Metal Panels Steel Joists Rebar Investments: Fabrication Warehouse Racking Decking• Attractive growth rates Steel Piling Overhead Doors • Higher free cash flow Fasteners Towers & Structures Tubular Products • Attainable synergies Pre-engineered Metal Buildings Data Center • More stable earnings Infrastructure 1 Attractive Steel Products EBITDA Margins Greater Steel Products Earnings Contribution 19% 16% 16% 45% 9% 2017-19 Avg LTM Earnings Earnings Contribution Contribution 2017-2019 Avg 2024 LTM Steel Products Segment expected 15%+ long-term run rate EBITDA margin Steel Mills & Raw Materials Steel Products 6 1 Segment earnings before income taxes and non-controlling interests, excludes Corporate/eliminations
TRADE POLICY DEVELOPMENTS Overall, federal trade policy has been constructive for the American steel industry Recent actions strengthen the Section 232 program • 50% tariffs on all steel imports and listed derivative products are beginning to curb the volume of transshipped and unfairly traded imports into the U.S. • We expect comprehensive approach will increase demand for domestically produced steel and derivative products Supportive preliminary determinations in steel-related trade cases • Rebar: DOC launched new investigation into rebar imports. Favorable preliminary determinations from ITC; DOC prelim determinations expected by November [Picture] • Corrosion Resistant: Final rulings on AD/CVD expected in August (DOC) and October (ITC). Final rates will “stack” with the existing section 232 steel tariffs Navigating reciprocal tariffs and country-specific negotiations • Evolving trade policies will likely impact American steel producers unevenly, underscoring the need for vigilance and flexibility to optimize cost structures [Picture] • Nucor’s raw materials sourcing and logistics teams have a wealth of experience adapting to a highly dynamic supply chain 7
NEAR TERM CATALYSTS FROM OBBB Several provisions could have a positive impact on Nucor and our customers A catalyst for steel-intensive investments • Allows manufacturers to fully expense the costs related to new domestic manufacturing facilities and new machinery & equipment • Increases incentive to reshore steel-intensive semiconductor facilities and promotes Research and Development to accelerate innovation Significant federal investment in steel intensive projects • $150B in new defense spending, including ~$29B for shipbuilding • New investments in transportation and infrastructure • Funding for border security, including $47 billion for the border wall New tax provisions reduce near-term cash tax obligations for Nucor • Restores full immediate expensing of costs of new machinery and equipment, mfg. buildings in NUE growth pipeline, and domestic R&D • Produces NPV savings and value creation for Nucor shareholders 8
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) 1 2 Diluted EPS EBITDA Adj for $0.10 impairment $1,295 $2.68 $2.60 $1,242 $0.77 $696 0.67 Q2'24 Q1'25 Q2'25 Q2'24 Q1'25 Q2'25 3 Capital Expenditures Cash Returned to Shareholders $954 $631 $859 $801 $429 $329 Q2'24 Q1'25 Q2'25 Q2'24 Q1'25 Q2'25 (1) Adjusted Earnings and EBITDA for Q1’25 to exclude $29 million of one-time charges. See appendix for a reconciliation of non-GAAP measures. (2) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix 9 (3) Cash Returned to Shareholders includes dividends and share repurchases
Q2 2025 SEGMENT RESULTS (1) ADJUSTED PRE-TAX SEGMENT EARNINGS Q2 2025 VS Q1 2025 $millions • Higher avg selling price STEEL • Stable volumes $57 MILLS $39 • Higher EBT/ton $392 $442 • Stable avg realized price $17 $29 STEEL $57 • Higher volumes $354 $843 $307 PRODUCTS $329 $645 • Higher EBT/ton $309 $241 $169 ($168) ($165) ($228) ($263) ($393) RAW • Lower operating costs MATERIALS (2) (3) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Steel Mills Steel Products Raw Materials Corporate/Eliminations (1) Total segment earnings before income taxes and non-controlling interests Adjusted to exclude $10 million impairment in Steel (3) Mills and $19 million impairment in Steel Products (2) Adjusted to exclude $83 million impairment in Raw Materials and $40 million 10 taken in Q1 2025. For a reconciliation of non-GAAP impairment in Steel Products taken in Q3 2024. For a reconciliation of non-GAAP measures, please refer to the Appendix. measures, please refer to the Appendix.
STRONG BALANCE SHEET & SHAREHOLDER RETURNS REMAIN PRIORITIES 27% REDUCTION TO SHARECOUNT SINCE 2017 COMMITTED TO A STRONG BALANCE SHEET Shares rounded to closest million xLTM $USD in millions 318 1 as of July 5, 2025 Amount EBITDA % cap 2 Total Debt $6,881 1.9x 24% 231 Cash and Cash Equivalents $2,483 Net Debt $4,398 1.2x Total Equity & Non-Controlling Int. $21,492 76% Total Book Capitalization $28,373 100% 2017 2019 2021 2023 Q2 2025 RETURNS TO SHAREHOLDERS (2020 – Q2 2025) Cash Returns Committed to returning at least 40% of annual net earnings 135% DIVIDENDS 100% $2.8B 74% 55% 46% $13.2B 43% 40% SHARE REPURCHASES $10.3B 2020 2021 2022 2023 2024 2025 YTD 1 EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix. 11 2 Long-Term Debt includes Current Portion of Long-Term Debt and Finance Lease Obligations
KEY MARKET SEGMENTS DRIVING DEMAND MARKET SEGMENTS DEMAND DRIVERS NUCOR IMPACT • Currently supplying eight semiconductor • Over $450B in semiconductor investments plants under construction 1 announced under 2022 CHIPS Act Technology & Technology / Manufacturing • Actively bidding new projects across a • Over $2T of US manufacturing investments Manufacturing broad set of industries, including Pharma, 2 announced during the first half of 2025 Machinery, and Technology • Annual infrastructure spending expected to 3 rise ~10% between 2024 and 2026• Bar shipments up 13% YTD • State DOT bridge & tunnel contract awards • All-time high in plate shipped to bridge Infrastructure Infrastructure 4 up 18% YTD through May market in 2Q, up 35% YTD • OBBB allocated $47 billion for border wall, • Actively bidding on HSS for border wall supporting 800 – 1,000 miles (~1M tons) • Power transmission shipments nearly • Energy utility capex predicted to increase doubled YTD; highest level since 1H21 22% in 2025; over $1T of capex planned 5 over the next five years • Brandenburg approved by key pipe mfg. to Energy Energy supply line pipe for LNG & oil transmission • Dept. of Interior is taking steps to expedite the review and approval of new energy • Solar (beam, tube) & onshore wind (plate) resources, including oil and gas pipelines orders trending higher YTD • Annual sqft of new data center • Structural steel shipments for data center construction starts expected to rise ~50% projects doubled YTD Da Da ta ta Ce Cent nters ers 3 between 2024 and 2026 • Steel Product orders for data centers (J&D, • Represents ~$100B in data center project Metal Buildings, and Data Systems) up over 3 starts over next two years 30% YTD (1) Source: Semiconductor Industry Association, 2024 State of the US Semiconductor Industry Report (4) ARTBA 12 (2) Source: WhiteHouse.gov (5) S&P Global research – 04/03/2025 (3) Source: Dodge Construction Network
Q3 2025 EARNINGS OUTLOOK IMPACT ON Q3 SEGMENT EXPECTATIONS FOR Q3 vs Q2 EARNINGS VS Q2 • Stable volumes and realized pricing, with Steel Mills margin compression expected in Q3 • Margin compression, offset by higher Steel Products volumes • Slightly lower volumes, offset by lower costs Raw Materials Corp / Eliminations• Lower eliminations upon consolidation Consolidated • Nominally lower compared to Q2 Earnings 13
APPENDIX 14
MEDIUM-TERM OUTLOOK FOR KEY END MARKETS NUE Primary Markets and % of Total External Shipments (2024) HEAVY EQUIPMENT, TRADITIONAL CONSTRUCTION & AUTO & CONSUMER TRANSPORTATION, AND RENEWABLE INFRASTRUCTURE DURABLES LOGISTICS & OTHER ENERGY % NUE ‘24 Shipments: ~50% ~28% ~9% ~13% • Data Centers • Electric T&D • Bridge & Highway • Institutional Bldgs • Traditional Energy • Advanced Manufacturing • Military & Defense • Border Wall • Solar Projects• HVAC & Water Heaters • Barge • Warehouse • Appliances • Onshore Wind • General Manufacturing • Light Vehicles • Residential • Truck & Trailer • Heavy Equipment • Rail • Agriculture • Traditional Office • Offshore Wind 15 Market Outlook
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Shipments Q2 ’25 Q1 ’25 Q2 ’24 Prior Qtr. Q2 2025 vs. Q1 2025 Year Sheet 2,869 7% 3,057 2,981 3% • Higher avg selling price Bars 2,148 2,290 2,005 -6% 7% • Stable volumes Structural 635 577 512 10% 24% Plate 606 577 448 5% 35% Other Steel 28 38 33 -26% -15% Total Shipments 6,474 6,463 5,867 0% 10% 1 Adj. EBT $843 $241 $645 250% 31% 1 Adj. EBT /Ton $130 $37 $110 249% 18% STEEL PRODUCTS $s in millions, tons in thousands % Change Versus Prior Shipments Q2 ’25 Q1 ’25 Q2 ’24 Prior Qtr. Q2 2025 vs. Q1 2025 Year Tubular -10% 14% 243 270 214 • Stable avg realized price Joist & Deck 19% 17% 217 182 185 • Lower avg costs per ton Rebar Fabrication 24% 15% 306 247 265 Building Systems 33% -3% 64 48 66 • Higher volumes Other 3% -10% 311 301 344 Total Shipments 9% 6% 1,141 1,048 1,074 2 Adj. EBT 28% -11% $392 $307 $442 2 Adj. EBT /Ton 17% -17% $344 $293 $412 1 Adjusted to exclude $10 million impairment in Steel Mills taken in Q1 2025. For a reconciliation of non-GAAP measures, please refer to the Appendix. 2 Adjusted to exclude $19 million impairment in Steel Products taken in Q1 2025. For a reconciliation of non-GAAP measures, please refer to the Appendix. 16
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q2 2025 vs. Q1 2025 Prior Production Q2 ‘25 Q1 ‘25 Q2 ’24 Prior Qtr. Year DRI 979 1,038 987 -6% -1% • Lower operating costs Scrap Processing 1,155 1,102 1,037 5% 11% 1 Total Production 2,134 2,140 2,024 0% 5% 2 EBT $57 $29 $39 97% 46% 1 Total production excluding scrap brokerage activities. 2 EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant 17 Nucor quarterly earnings news release
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS EARNINGS STEEL STEEL PRODUCTS (LOSS) BEFORE INCOME TAXES COMP. SALES OTHER TOTAL PRICE TOTAL JOIST & REBAR TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PRODS PRODS MATLS TONS ($ MILLIONS) TON ($) ($ 000’S) TON 2025 Q1 2,475 1,702 495 554 5,226 182 247 270 48 301 1,048 556 6,830 $7,830 $1,146 $215 $33 Q2 2,449 1,507 513 575 5,044 217 306 243 64 311 1,141 635 6,820 $8,456 $1,240 $796 $126 Q3 Q4 YEAR 2024 Q1 2,517 1,344 431 384 4,676 180 238 208 55 284 965 583 6,224 $8,137 $1,307 $1,111 $188 Q2 2,348 1,445 407 417 4,617 185 265 214 66 344 1,074 598 6,289 $8,077 $1,284 $831 $139 Q3 2,394 1,402 406 405 4,607 169 278 213 60 291 1,011 578 6,196 $7,444 $1,201 $335 $57 Q4 2,210 1,445 441 484 4,580 178 239 221 57 273 968 510 6,058 $7,076 $1,168 $332 $58 YEAR 9,469 5,636 1,685 1,690 18,480 712 1,020 856 238 1,192 4,018 2,269 24,767 $30,734 $1,241 $2,610 $111 18 *Beam includes all structural steel
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL SHEET BARS BEAM* PLATE PER NET TON PER GROSS PER NET STEEL TON USED TON USED 2025 2025 st st 1 Quarter $888 $877 $1,300 $1,014 $938 $394 $352 1 Quarter nd nd 2 Quarter $1,008 $927 $1,352 $1,194 $1,041 2 Quarter $403 $360 First Half $948 $900 $1,327 $1,106 $989 First Half $398 $355 rd 3 Quarter rd 3 Quarter Nine Months Nine Months th th 4 Quarter 4 Quarter YEAR YEAR 2024 2024 st st 1 Quarter $1,079 $993 $1,417 $1,334 $1,108 1 Quarter $421 $376 nd nd 2 Quarter $1,015 $942 $1,374 $1,301 $1,051 2 Quarter $396 $354 $1,048 $967 $1,396 $1,317 $1,079 $409 $365 First Half First Half rd rd 3 Quarter $913 $902 $1,319 $1,145 $967 3 Quarter $378 $338 Nine Months $1,003 $945 $1,371 $1,259 $1,042 Nine Months $399 $356 th th 4 Quarter $875 $851 $1,292 $1,036 $926 4 Quarter $381 $340 YEAR $974 $921 $1,350 $1,195 $1,013 YEAR $394 $352 19 *Beam includes all structural steel
QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2025 st 1 Quarter $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 nd 2 Quarter $2,605 $1,593 $1,559 $5,206 $2,876 $2,331 First Half $2,664 $1,619 $1,450 $5,472 $2,857 $2,313 rd 3 Quarter Nine Months th 4 Quarter YEAR 2024 st $3,330 $1,732 $1,776 $5,759 $2,889 $2,608 1 Quarter nd 2 Quarter $3,239 $1,745 $1,606 $5,428 $2,731 $2,517 First Half $3,284 $1,739 $1,689 $5,577 $2,803 $2,560 rd $3,052 $1,752 $1,369 $5,702 $2,954 $2,469 3 Quarter Nine Months $3,210 $1,743 $1,582 $5,619 $2,851 $2,530 th 4 Quarter $2,877 $1,734 $1,301 $5,750 $3,030 $2,448 YEAR $3,127 $1,741 $1,509 $5,650 $2,891 $2,510 20
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2022 2023 2024 LTM Q2 2024 Q2 2025 Net earnings before $8,080 $4,913 $2,319 $1,580 $712 $706 non-controlling interests Net Interest expense $170 ($30) ($30) $43 ($2) $19 Income taxes $2,165 $1,360 $583 $382 $186 $193 Depreciation expense $827 $931 $1,094 $1,172 $271 $303 Amortization expense $235 $238 $262 $270 $61 $63 Losses and impairments $102 -- $137 $163 $14 $11 of assets $7,412 $4,365 $3,611 $1,242 $1,295 EBITDA $11,579 21
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q3 2024 Q1 2025 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE $250 $1.05 $156 $0.67 TO NUCOR STOCKHOLDERS LOSSES AND IMPAIRMENTS OF $103 $0.44 $23 $0.10 ASSETS, NET OF TAX ADJUSTED NET EARNINGS ATTRIBUTABLE TO NUCOR $353 $1.49 $179 $0.77 STOCKHOLDERS 22
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q3 2024 Q1 2025 Steel Raw Steel Raw Steel Mills Steel Mills Products Materials Products Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $314 ($66) $231 $288 $29 NONCONTROLLING INTERESTS LOSSES AND IMPAIRMENTS -- $40 $83 $10 $19 -- OF ASSETS ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $354 $17 $241 $307 $29 NONCONTROLLING INTERESTS 23