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What changed in Nucor's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Nucor's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+343 added−365 removedSource: 10-K (2026-02-25) vs 10-K (2025-02-27)

Top changes in Nucor's 2025 10-K

343 paragraphs added · 365 removed · 297 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

154 edited+21 added−38 removed111 unchanged
Biggest changeDemand for most of our products is cyclical in nature and sensitive to general economic conditions. Our business supports cyclical industries, such as the construction, energy, metals service centers, 19 appliance and automotive industries. As a result, downturns in the U.S. economy or any of these industries could materially adversely affect our results of operations, financial condition and cash flows.
Biggest changeOur industry is cyclical and both recessions and prolonged periods of slow economic growth may negatively affect our business, results of operations, financial condition and cash flows. Demand for most of our products is cyclical in nature and sensitive to general economic conditions. Our business supports cyclical industries, such as the construction, energy, metals service centers, appliance and automotive industries.
When operational, the new mill will be equipped to produce 84-inch sheet products, and among other features, will include a 76-inch 2 tandem cold mill and two galvanizing lines capable of producing advanced high-end automotive and construction grades. • Structural mills - Nucor operates two structural mills that produce wide-flange steel beams, pilings and heavy structural steel products for fabricators, construction companies, manufacturers and steel service centers.
When operational, the new mill will be equipped to produce 84-inch sheet products, and among other features, will include a 76-inch tandem cold mill and two galvanizing lines capable of producing advanced high-end automotive and construction grades. 2 • Structural mills - Nucor operates two structural mills that produce wide-flange steel beams, pilings and heavy structural steel products for fabricators, construction companies, manufacturers and steel service centers.
Our door technologies businesses also serve the garage door repair and replacement market. 3 • Vulcraft/Verco – The Vulcraft/Verco group is the nation’s leading producer of open-web steel joists, joist girders and steel decking, which are used primarily for nonresidential building construction. Steel joists and joist girders are produced and marketed throughout the United States by seven domestic Vulcraft facilities.
Our door technologies businesses also serve the garage door repair and replacement market. • Vulcraft/Verco – The Vulcraft/Verco group is the nation’s leading producer of open-web steel joists, joist girders and steel decking, which are used primarily for nonresidential building construction. Steel joists and joist girders are produced and marketed throughout the United 3 States by seven domestic Vulcraft facilities.
Legal Proceedings.” A negative outcome in an unusual or significant legal proceeding or compliance investigation could adversely affect our financial condition and results of operations.
Legal Proceedings.” A negative outcome in an unusual or significant legal proceeding or compliance investigation could adversely affect our results of operations and financial condition.
Natural gas produced by Nucor’s production operations is sold to third parties to partially offset our exposure to changes in the price of natural gas consumed by our DRI plant in Louisiana and our steel mills in the United States. • Process Gases – Universal Industrial Gases ("UIG") provides the capability to build and operate our own air separation units to serve our steel mills, providing us with an alternative to long-term service contracts with outside providers.
Natural gas produced by Nucor’s production operations is sold to third parties to partially offset our exposure to changes in the price of natural gas consumed by our DRI plant in Louisiana and our steel mills in the United States. • Process Gases – Universal Industrial Gases provides the capability to build and operate our own air separation units to serve our steel mills, providing us with an alternative to long-term service contracts with outside providers.
The primary markets served are commercial, industrial and institutional buildings, including distribution centers, data centers, automobile dealerships, retail centers, schools and manufacturing facilities. • Insulated metal panels (“IMP”) – We believe the Nucor Insulated Panels Group, which includes industry leading brands, CENTRIA and Metl-Span, broadens the value-added solutions that the Nucor Buildings group can provide to targeted end markets such as warehousing, distribution and data centers.
The primary markets served are commercial, industrial and institutional buildings, including 4 distribution centers, data centers, automobile dealerships, retail centers, schools and manufacturing facilities. • Insulated metal panels (“IMP”) – We believe the Nucor Insulated Panels Group, which includes industry-leading brands, CENTRIA and Metl-Span, broadens the value-added solutions that the Nucor Buildings group can provide to targeted end markets such as warehousing, distribution and data centers.
Most notably, the uncertainty of policies, enforcement priorities, legislation and regulations related to climate change mitigation strategies pose the greatest risk. As a carbon steel producer, Nucor could be increasingly affected both directly and indirectly by new or changing carbon policy decisions and mandates. Carbon is an essential raw material in Nucor’s steel production processes.
Most notably, the uncertainty of policies, enforcement priorities, legislation and international regulations related to climate change mitigation strategies pose the greatest risk. As a carbon steel producer, Nucor could be increasingly affected both directly and indirectly by new or changing carbon policy decisions and mandates. Carbon is an essential raw material in Nucor’s steel production processes.
Nucor owns a 51% controlling economic and voting interest in Nucor-JFE Steel Mexico, S. de R.L. de C.V. ("NJSM"). NJSM is a joint venture with JFE Steel Corporation (“JFE”) of Japan that operates a galvanized sheet steel plant in central Mexico with an annual capacity of approximately 400,000 tons, that is expected to supply the country’s automotive market.
Nucor owns a 51% controlling economic and voting interest in Nucor-JFE Steel Mexico, S. de R.L. de C.V. ("NJSM"). NJSM is a joint venture with JFE Steel Corporation of Japan that operates a galvanized sheet steel plant in central Mexico with an annual capacity of approximately 400,000 tons, that is expected to supply the country’s automotive market.
Factors contributing to the increased cost estimate include higher labor, material and equipment costs. The State of West Virginia has committed $350 million for the project. Nucor expects its net cash outlay for the West Virginia sheet mill will be approximately $3.65 billion. Nucor Steel West Virginia is expected to have an annual production capacity of approximately 3,000,000 tons.
Factors contributing to the increased cost estimate include higher labor, material and equipment costs. The State of West Virginia has committed $350 million for the project. Nucor expects its net cash outlay for the West Virginia sheet mill will be approximately $3.65 billion. The West Virginia sheet mill is expected to have an annual production capacity of approximately 3,000,000 tons.
Significant changes to the regional power grids serving our steel mills and/or new rulemaking or legislation affecting the operation of these power grids may negatively affect our business, results of operations, financial condition and cash flows. 21 Environmental regulation compliance and remediation could result in substantially increased costs and materially adversely impact our competitive position.
Significant changes to the regional power grids serving our steel mills and/or new rulemaking or legislation affecting the operation of these power grids may negatively affect our business, results of operations, financial condition and cash flows. Environmental regulation compliance and remediation could result in substantially increased costs and materially adversely impact our competitive position.
Our DRI facilities in Trinidad and Louisiana are also large consumers of natural gas. 12 The availability and prices of electricity and natural gas are influenced by many factors, including changes in supply and demand, the regulatory environment, technological innovation, and pipeline/transmission infrastructure. We closely monitor developments in public policy relating to energy production and consumption.
Our DRI facilities in Trinidad and Louisiana are also large consumers of natural gas. The availability and prices of electricity and natural gas are influenced by many factors, including changes in supply and demand, the regulatory environment, technological innovation, and pipeline/transmission infrastructure. We closely monitor developments in public policy relating to energy production and consumption.
We believe we have established a reputation as a market leader who can consistently meet customer needs for these products in a timely manner due to our nationwide footprint of modern production facilities and entrepreneurial, performance driven culture. Competition in our scrap and raw materials business is also vigorous.
We believe we have established a reputation as a market leader who can consistently meet customer needs for these products in a timely 10 manner due to our nationwide footprint of modern production facilities and entrepreneurial, performance driven culture. Competition in our scrap and raw materials business is also vigorous.
If we are unsuccessful in any of these matters, we may be required to pay taxes for prior periods, interest, fines or penalties. We are subject to legal proceedings and legal compliance risks. We spend substantial resources ensuring that we comply with domestic and foreign regulations, contractual obligations and other legal standards.
If we are unsuccessful in any of these matters, we may be required to pay taxes for prior periods, interest, fines or penalties. 23 We are subject to legal proceedings and legal compliance risks . We spend substantial resources ensuring that we comply with domestic and foreign regulations, contractual obligations and other legal standards.
These include savings in terms of construction time, weight, space and overall environmental impact. • Our ECONIQ TM line of net zero carbon steel is another example. We launched ECONIQ TM during 2021 and continue to find interest from customers in both the automotive and construction end-use markets.
These include savings in terms of construction time, weight, space and overall environmental impact. • Our ECONIQ TM line of net-zero carbon steel is another example. We launched the ECONIQ TM brand during 2021 and continue to find interest from customers in both the automotive and construction end-use markets.
Our steelmaking operations utilize EAFs for 100% of their production. The total energy consumed by Nucor includes electricity, natural gas, oxygen and carbon raw material inputs. For the scrap melting process, electricity is the primary energy source, with natural gas combustion serving as the fuel for reheat furnaces and other pre-heating operations.
Our steelmaking operations utilize EAFs for 100% of their production. The total energy consumed by Nucor includes electricity, natural gas, and other carbon raw material inputs. For the scrap melting process, electricity is the primary energy source, with natural gas combustion serving as the fuel for reheat furnaces and other pre-heating operations.
Increases in our energy costs that are not similarly applicable to our competitors' operations could materially adversely affect our business, results of operations, financial condition and cash flows. 20 Our business and results of operations may be negatively affected by volatility in steel prices and the cost and availability of raw materials, particularly scrap steel.
Increases in our energy costs that are not similarly applicable to our competitors' operations could materially adversely affect our business, results of operations, financial condition and cash flows. Our business and results of operations may be negatively affected by volatility in steel prices and the cost and availability of raw materials, particularly scrap steel .
The total capacity of the Nucor cold finished bar and wire facilities is approximately 1,065,000 tons per year. Nucor’s cold finished facilities produce cold finished bars for demanding applications. NCF obtains most of its steel from the Nucor bar mills, ensuring consistent quality and supply through all market conditions.
The total capacity of the Nucor cold finished bar and wire facilities is approximately 1,000,000 tons per year. Nucor’s cold finished facilities produce cold finished bars for demanding applications. NCF obtains most of its steel from the Nucor bar mills, ensuring consistent quality and supply through all market conditions.
In addition, to the extent that we have quoted prices to our customers and accepted customer orders for our products prior to purchasing necessary raw materials, we may be unable to raise the price of our products to cover all or part of the increased cost of the raw materials or pass along increased transportation costs.
In addition, to the extent that we have quoted prices to our customers and accepted customer 20 orders for our products prior to purchasing necessary raw materials, we may be unable to raise the price of our products to cover all or part of the increased cost of the raw materials or pass along increased transportation costs.
Large domestic integrated steel producers have the ability to manufacture a variety of products but are often burdened with higher capital and fixed operating costs. EAF-based steel producers, such as Nucor, are sensitive to increases in scrap prices but tend to have lower capital and fixed operating costs compared with large integrated steel producers.
Large domestic integrated steel producers have the ability to manufacture a variety of products but are often burdened with higher capital and fixed operating costs. EAF-based steel producers, such as Nucor, are more sensitive to increases in scrap prices but tend to have lower capital and fixed operating costs compared with large integrated steel producers.
Order backlog within our raw materials segment is not meaningful because the vast majority of the raw materials that segment produces are used internally. 11 Sources and Availability of Raw Materials An ample supply of high-quality scrap and scrap substitutes is critical to support Nucor’s ability to produce high-quality steel.
Order backlog within our raw materials segment is not meaningful because the vast majority of the raw materials that segment produces are used internally. Sources and Availability of Raw Materials An ample supply of high-quality scrap and scrap substitutes is critical to support Nucor’s ability to produce high-quality steel.
Emission reductions for existing operations due to a NAAQS revision can also be required. These regulations can also increase our cost of energy, primarily electricity, which we use extensively in the steelmaking process.
Emission reductions for existing operations due to a NAAQS revision may also be required. These regulations can also increase our cost of energy, primarily electricity, which we use extensively in the steelmaking process.
Certain plate steel products come in standard sizes and grades, which allows us to maintain inventory levels of these products to meet our customers’ expected orders. • Steel joint venture - Nucor owns a 50% economic and voting interest in NuMit, a company that owns 100% of the equity interest in Steel Technologies LLC (“Steel Technologies”), an operator of 32 strategically located sheet processing facilities in the United States, Canada and Mexico.
Certain plate steel products come in standard sizes and grades, which allows us to maintain inventory levels of these products to meet our customers’ expected orders. • Steel joint venture - Nucor owns a 50% economic and voting interest in NuMit, a company that owns 100% of the equity interest in Steel Technologies LLC (“Steel Technologies”), an operator of 30 strategically located sheet processing facilities in the United States, Canada and Mexico.
We believe that by leveraging Nucor’s existing sales channels into the broader nonresidential construction market we can facilitate CHI’s continuing growth. CHI has two manufacturing locations. In July 2024, Nucor acquired Rytec Corporation ("Rytec"), a leading manufacturer and seller of high-speed, high-performance commercial doors. We believe adding high-performance doors will create cross selling opportunities with other Nucor businesses.
We believe that by leveraging Nucor’s existing sales channels into the broader nonresidential construction market we can facilitate CHI’s continuing growth. CHI has two manufacturing locations. In July 2024, Nucor acquired Rytec, a manufacturer and seller of high-speed, high-performance commercial doors. We believe adding high-performance doors will create cross selling opportunities with other Nucor businesses.
Nucor believes that its system of internal evaluation and due diligence provides reasonable assurance as to these types of potential liabilities so that compliance with these regulations will not have a material adverse effect on our results of operations, cash flows or financial condition. To protect water resources, the CWA regulates water withdrawals and discharges.
Nucor believes that its system of internal evaluation and due diligence provides reasonable assurance as to these types of potential liabilities so that compliance with these regulations will not have a material adverse effect on our results of operations, financial condition or cash flow. To protect water resources, the CWA regulates water withdrawals and discharges.
Considering Nucor’s production capabilities and the mix of bar products generally produced and marketed, the capacity of the bar mills is estimated at approximately 9,560,000 tons per year. Reinforcing and merchant bar steel are sold in standard sizes and grades, which allows us to maintain inventory levels of these products to meet our customers’ expected orders.
Considering Nucor’s production capabilities and the mix of bar products generally produced and marketed, the capacity of the bar mills is estimated at approximately 9,800,000 tons per year. Reinforcing and merchant bar steel are sold in standard sizes and grades, which allows us to maintain inventory levels of these products to meet our customers’ expected orders.
The remaining 20% of the steel mills segment’s shipments went to our steel products segment. • Bar mills - Nucor has 15 bar mills located across the United States that manufacture a broad range of products, including concrete reinforcing bars, hot-rolled bars, rounds, light shapes, structural angles, channels, wire rod and highway products in carbon and alloy steels.
The remaining 21% of the steel mills segment’s shipments went to our steel products segment. • Bar mills - Nucor has 15 bar mills located across the United States that manufacture a broad range of products, including concrete reinforcing bars, hot-rolled bars, rounds, light shapes, structural angles, channels, wire rod and highway products in carbon and alloy steels.
It also processes and fabricates spiral weld pipe piling, rolled and welded pipe piling, and cold-formed sheet piling. 4 • Cold finish - Nucor Cold Finish (“NCF”) is the largest and most diversified producer of cold finished bar products for a wide range of industrial markets in North America, with assets in Canada, Mexico and throughout the United States.
It also processes and fabricates spiral weld pipe piling, rolled and welded pipe piling, and cold-formed sheet piling. 5 • Cold finish - Nucor Cold Finish (“NCF”) is the largest and most diversified producer of cold finished bar products for a wide range of industrial markets in North America, with assets in Canada, Mexico and throughout the United States.
Near Zero Ironmaking We have invested in Electra, a company that is working to develop and scale a process to produce carbon-free iron that can be used to make steel. Electra’s technology relies on intermittent, clean energy to refine low-grade iron ores through electrochemical and hydrometallurgical processes.
Near-Zero Ironmaking We have invested in Electra, a company that is working to develop and scale a process to produce carbon-free iron that can be used to make steel. Electra’s technology relies on intermittent electrical energy to refine low-grade iron ores through electrochemical and hydrometallurgical processes.
We have adopted a comprehensive Human Rights Policy, which operates in conjunction with many other Nucor policies related to ethical conduct and human rights, including our Standards of Business Conduct and Ethics, Code of Ethics for Senior Financial Professionals, Supplier Code of Conduct and Policy on Eliminating Forced Labor from our Supply Chain.
We have adopted a comprehensive Human Rights Policy, which operates in conjunction with many other Nucor policies related to ethical conduct and human rights, including our Health and Safety Policy, Standards of Business Conduct and Ethics, Code of Ethics for Senior Financial Professionals, Supplier Code of Conduct and Policy on Eliminating Forced Labor from our Supply Chain.
DJJ’s scrap recycling operations use expertise and technology to maximize metal recovery and minimize waste. DJJ is the leading broker of ferrous scrap in North America and is a global trader of scrap metal, pig iron and other metallics. In addition to sourcing steel scrap for Nucor’s mills, DJJ is a global trader of ferro-alloys and nonferrous metals.
DJJ’s scrap recycling operations use expertise and technology to maximize metal recovery and minimize waste. DJJ is the leading broker of ferrous scrap in North America and is a global trader of scrap metal, pig iron and other metallics. In addition to sourcing steel scrap for Nucor’s mills, DJJ is a global trader of ferro-alloys and non-ferrous metals.
Reducing Greenhouse Gas Emissions While steel is widely understood to be essential in any modern economy, and is increasingly seen as a critical material for addressing challenges associated with climate change, the sector also has received increased attention for its GHG emissions and their potential contribution to climate change.
Reducing GHG Emissions While steel is widely understood to be essential in any modern economy, and is increasingly seen as a critical material for addressing challenges associated with climate change, the sector also has received increased attention for its GHG emissions and their potential contribution to climate change.
Both coke ovens and blast furnaces are GHG emissions intensive. While the HIsarna process produces GHG emissions, its CO 2 rich waste gas stream can be efficiently captured and sequestered. HIsarna also produces a slag co-product that has high value for use in the cement industry.
Both coke ovens and blast furnaces are GHG emissions intensive. While the HIsarna process produces GHG emissions, its CO2 rich waste gas stream can be efficiently captured and sequestered. HIsarna also produces a slag co-product that has high value for use in the cement industry.
Our primary external customers for ferrous scrap are EAF steel mills and foundries that use ferrous scrap as a raw material in their manufacturing process. External customers purchasing nonferrous scrap metal include aluminum can producers, secondary aluminum smelters, steel mills, and other processors and consumers of various nonferrous metals.
Our primary external customers for ferrous scrap are EAF steel mills and foundries that use ferrous scrap as a raw material in their manufacturing process. External customers purchasing non-ferrous scrap metal include aluminum can producers, secondary aluminum smelters, steel mills, and other processors and consumers of various non-ferrous metals.
Included in our six sheet mills is California Steel Industries, Inc., in which Nucor has a 51% controlling ownership position. Considering Nucor’s production capabilities and the mix of flat-rolled products generally produced and marketed, the capacity of the sheet mills is estimated at approximately 14,600,000 tons per year.
Included in our six sheet mills is California Steel Industries, Inc. ("CSI"), in which Nucor has a 51% controlling ownership position. Considering Nucor’s production capabilities and the mix of flat-rolled products generally produced and marketed, the capacity of the sheet mills is estimated at approximately 14,500,000 tons per year.
Customers and Markets We have a diverse customer base and are not dependent on any single customer. Our largest single customer in 2024 represented approximately 5% of sales and consistently pays within terms.
Customers and Markets We have a diverse customer base and are not dependent on any single customer. Our largest single customer in 2025 represented approximately 5% of sales and consistently pays within terms.
Item 1A . Risk Factors Many of the factors that affect our business and operations involve risk and uncertainty. The factors described below are some of the risks that could materially negatively affect our business, financial condition, results of operations and cash flows.
Risk Factors Many of the factors that affect our business and operations involve risk and uncertainty. The factors described below are some of the risks that could materially negatively affect our business, results of operations, financial condition and cash flows.
Considering Nucor’s production capabilities and the mix of structural products generally produced and marketed, the capacity of the two structural mills is estimated at approximately 3,250,000 tons per year.
Considering Nucor’s production capabilities and the mix of structural products generally produced and marketed, the capacity of the two structural mills is estimated at approximately 3,300,000 tons per year.
Nucor’s raw materials investments are focused on creating an advantage for its steelmaking operations, through a global information network and a multi-pronged and flexible approach to raw materials supply. • Scrap recycling and brokerage operations - DJJ operates six regional scrap recycling companies across the United States that together have shredders capable of processing approximately 5,648,000 tons of ferrous scrap annually.
Nucor’s raw materials investments are focused on creating an advantage for its steelmaking operations, through a global information network and a multi-pronged and flexible approach to raw materials supply. • Scrap recycling and brokerage operations - DJJ operates six regional scrap recycling companies across the United States that together have shredders capable of processing approximately 6,800,000 tons of ferrous scrap annually.
Although we expect requirements for our business needs, including the funding of capital expenditures, debt service for financings and any contingencies, will be financed by internally generated funds, short-term commercial paper issuances, offerings of our debt securities or from borrowings under our $1.75 billion unsecured revolving credit facility, we cannot guarantee that this will be the case.
Although we expect requirements for our business needs, including the funding of capital expenditures, debt service for financings and any contingencies, will be financed by internally generated funds, short-term commercial paper issuances, offerings of our debt securities or from borrowings under our $2.25 billion unsecured revolving credit facility, we cannot guarantee that this will be the case.
Our Vulcraft/Verco group also manufactures and fabricates steel bar grating products at four of its facilities and serves the new construction and maintenance-related markets. The annual production capacity for our grating business is approximately 49,000 tons. • Tubular products – The Nucor Tubular Products (“NTP”) group has eight tubular facilities that are located in close proximity to Nucor’s sheet mills.
Our Vulcraft/Verco group also manufactures and fabricates steel bar grating products at four of its facilities and serves the new construction and maintenance-related markets. The annual production capacity for our grating business is approximately 50,000 tons. • Tubular products – The Nucor Tubular Products (“NTP”) group has seven tubular facilities that are located in close proximity to Nucor’s sheet mills.
The benefits of high-strength, low-alloy beams are increasingly recognized by Nucor’s customers in the construction sector. These include savings in terms of construction time, weight, space, and overall environmental impact. Nucor sells its high-strength, low-alloy beams under the trade name AEOS TM . Nucor also owns a steel beam mill in Berkeley County, South Carolina.
The benefits of high-strength, low-alloy beams are increasingly recognized by Nucor’s customers in the construction sector. These include savings in terms of construction time, weight, space, and overall environmental impact. Nucor sells its high-strength, low-alloy beams under the trade name AEOS ® . Nucor also owns a structural mill in Berkeley County, South Carolina.
These are the two largest end-use markets for steel in the United States. • Our Elcyon TM line of sustainable heavy gauge steel plate product will be made specifically for wind energy producers. We launched Elcyon TM in January 2023 and plan to manufacture this product at our new plate mill in Brandenburg, Kentucky.
These are the two largest end-use markets for steel in the United States. 7 • Our ELCYON ® line of sustainable heavy gauge steel plate product will be made specifically for wind energy producers. We launched the ELYCON ® brand in January 2023 and plan to manufacture this product at our new plate mill in Brandenburg, Kentucky.
Order backlog for the steel mills segment includes only orders from external customers and excludes orders from other Nucor businesses. Nucor’s backlog of orders in the steel products segment was approximately $4.02 billion and $4.97 billion at December 31, 2024 and 2023, respectively. The majority of these orders are expected to be filled within one year.
Order backlog for the steel mills segment includes only orders from external customers and excludes orders from other Nucor businesses. Nucor’s backlog of orders in the steel products segment was approximately $4.46 billion and $4.02 billion at December 31, 2025 and 2024, respectively. The majority of these orders are expected to be filled within one year.
The President’s Safety Cup is an additional annual award that is presented to the region that has the best safety record across all of Nucor. Not only does this reward a facility for exceeding their individual safety goals, but it encourages our teams to innovate and to share ideas and improve safety as a group.
The President’s Safety Cup is an additional annual award that is presented to the region that has the best safety record across all of Nucor. Not only does this reward a facility for exceeding their individual safety goals, but it encourages our teams to innovate and to share ideas and improve safety across operating divisions.
In recent years, we have developed closed loop recycling programs with some of our larger customers, through which we are able to reliably source more high purity prime scrap while reducing the waste inherent in our customers’ operations. We purchase pig iron as needed primarily from overseas sources. We received over 1,500,000 gross tons of pig iron in 2024.
In recent years, we have developed closed loop recycling programs with some of our larger customers, through which we are able to reliably source more high purity prime scrap while reducing the waste inherent in our customers’ operations. We purchase pig iron as needed primarily from overseas sources. We received over 2,000,000 gross tons of pig iron in 2025.
The Company’s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products. In 2024, we recycled approximately 18 million gross tons of scrap steel.
The Company’s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products. In 2025, we recycled approximately 20 million gross tons of scrap steel.
Where economies of scale and regional market conditions warrant, we can also sell excess output from these plants on a merchant basis. As of December 31, 2024, Nucor had six industrial gas plants operating, and eight others at various stages of commissioning, construction, or planning.
Where economies of scale and regional market conditions warrant, we can also sell excess output from these plants on a merchant basis. As of December 31, 2025, Nucor had 10 industrial gas plants operating, and six others at various stages of commissioning, construction, or planning.
Nucor’s net-zero 2050 and interim 2030 targets include scopes 1, 2, and 3 emissions from the production of hot rolled steel as defined by the GSCC, making Nucor the first diversified steelmaker in the U.S. to set GHG reduction targets encompassing all three scopes.
Nucor’s net-zero 2050 and interim 2030 targets include scopes 1, 2 and 3 emissions from the production of hot rolled steel as defined by the GSCC, making Nucor the first diversified steelmaker in the United States to set GHG reduction targets encompassing all three scopes.
Our steel mills use a significant portion of the products of the raw materials segment while our steel products segment uses approximately 20% of our steel mills' output. We believe that nonresidential construction is the largest end-use market that we serve.
Our steel mills use a significant portion of the products of the raw materials segment while our steel products segment uses approximately 21% of our steel mills' output. Nonresidential construction is the largest end-use market that we serve.
We consumed the balance in our steel mills. • Direct reduced iron operations - DRI is a substitute material for high-quality grades of scrap and pig iron. Nucor operates two DRI plants which supplied approximately 3,500,000 metric tons of material with world-class metallization rates and carbon content to our steel mills in 2024.
We consumed the balance in our steel mills. 6 • Direct reduced iron operations - DRI is a substitute material for high-quality grades of scrap and pig iron. Nucor operates two DRI plants which supplied approximately 3,300,000 metric tons of material with world-class metallization rates and carbon content to our steel mills in 2025.
Segments, Principal Products Produced, and Markets and Marketing Nucor reports its results in three segments: steel mills, steel products and raw materials. The steel mills segment is Nucor’s largest segment, representing 61% of the Company’s sales to external customers in the year ended December 31, 2024.
Segments, Principal Products Produced, and Markets and Marketing Nucor reports its results in three segments: steel mills, steel products and raw materials. The steel mills segment is Nucor’s largest segment, representing 62% of the Company’s sales to external customers in the year ended December 31, 2025.
Our DRI plants in Trinidad and Louisiana supplied approximately 3,350,000 metric tons of DRI to our steel mills in 2024. The primary raw material for our DRI facilities is pelletized iron ore, which we purchase from various international suppliers. The primary raw material for our steel products segment is steel produced by Nucor’s steel mills.
Our DRI plants in Trinidad and Louisiana supplied approximately 3,370,000 11 metric tons of DRI to our steel mills in 2025. The primary raw material for our DRI facilities is pelletized iron ore, which we purchase from various international suppliers. The primary raw material for our steel products segment is steel produced by Nucor’s steel mills.
We have invested in two companies developing next generation nuclear power technology, and we are exploring ways in which we can work with these companies and with our electric utility partners to accelerate deployment of these technologies on the regional power grids serving our operations, as they mature and become scalable.
We have invested in companies developing next generation nuclear power technologies, and are exploring ways in which we can work with these companies and with our electric utility partners to accelerate deployment of these and other clean energy technologies on the regional power grids serving our operations as they mature and become scalable.
The scrap metals market consists of many firms and is highly fragmented. Firms typically compete on price and geographic proximity to the sources of scrap metal. Backlog In the steel mills segment, Nucor’s backlog of orders was approximately $2.13 billion and $2.71 billion at December 31, 2024 and 2023, respectively.
The scrap metals market consists of many firms and is highly fragmented. Firms typically compete on price and geographic proximity to the sources of scrap metal. Backlog In the steel mills segment, Nucor’s backlog of orders was approximately $3.35 billion and $2.13 billion at December 31, 2025 and 2024, respectively.
Nucor produces mesh at Nucor Steel Connecticut, Inc. and Nucor Wire Products Utah. Nucor also produces mesh in Canada at Laurel Steel. Nucor Fastener’s bolt-making facility in Indiana produces carbon and alloy steel hex head cap screws, hex bolts, structural bolts, nuts and washers, finished hex nuts and custom-engineered fasteners.
Nucor produces wire at Nucor Wire Products Connecticut, Inc. and Nucor Wire Products Utah. Nucor Fastener’s bolt-making facility in Indiana produces carbon and alloy steel hex head cap screws, hex bolts, structural bolts, nuts and washers, finished hex nuts and custom-engineered fasteners.
These risks could restrict our ability to operate our international businesses profitably and therefore have a negative impact on our financial position and results of operations.
These risks could restrict our ability to operate 22 our international businesses profitably and therefore have a negative impact on our results of operations and financial condition.
The President’s Safety Cup trophy travels among the mills and divisions that make up the winning region. We believe, however, that safety is about more than just avoiding injuries. At Nucor, safety means making sure our teammates feel safe, welcome and valued when they come to work each day.
The President’s Safety Cup trophy travels among the mills and divisions that make up the winning region. We believe, however, that safety is about more than just avoiding injuries. At Nucor, safety means what we call “whole person safety”. We want to make sure our teammates feel safe, welcome and valued when they come to work each day.
International Trade Commission, (“the USITC”) such as antidumping duties ("AD") and countervailing duties ("CVD") and similar measures play a key role in allowing the American steel industry to compete on a level playing field against unfairly traded imports.
Trade remedies implemented by the U.S. International Trade Commission, (the "USITC”) such as antidumping duties ("AD") and countervailing duties ("CVD") and similar measures play a key role in allowing the American steel industry to compete on a level playing field against unfairly traded imports.
Our operations are also subject to state and local environmental laws and regulations. 14 As it relates to air emission rates, EAFs are the most efficient and cleanest steel making process commercially available today.
Our operations are also subject to state and local environmental laws and regulations. As it relates to air emission rates, EAFs are the most efficient and one of the cleanest steel making processes commercially available today.
These investments totaled approximately $11.84 billion over the last three years, with approximately 63% going to capital expenditures and the remainder going to acquisitions. We believe that these investments will help us deliver higher returns on invested capital and long-term growth.
These investments totaled approximately $9.73 billion over the last three years, with approximately 91% going to capital expenditures and the remainder going to acquisitions. We believe that these investments will help us deliver higher returns on invested capital and long-term growth.
NCF bars are used in tens of thousands of products. A few examples include anchor bolts, hydraulic cylinders and shafting for air conditioner compressors, ceiling fan motors, garage door openers, electric motors and lawn mowers. • Steel mesh and fasteners – Nucor manufactures wire products and industrial fasteners.
NCF bars are used in tens of thousands of products. A few examples include anchor bolts, hydraulic cylinders and shafting for air conditioner compressors, ceiling fan motors, garage door openers, electric motors and lawn mowers. • Steel mesh, wire and fasteners – Nucor produces mesh at Nucor Wire Products Utah and in Canada at Laurel Steel.
Since 1986, we have asked our teammates to complete a comprehensive survey in order to gather feedback on a range of topics, including matters relating to the effectiveness of our culture. We view the survey as an important tool in continually improving our company and ensuring our teammates remain engaged and satisfied.
Since 1986, our teammates have completed a comprehensive survey providing feedback on a range of topics, including matters relating to the effectiveness of our culture. We view the survey as an important tool in continually 17 improving our company and ensuring our teammates remain engaged and satisfied.
Teammate input is essential for us to maintain our culture of empowered teammates enabling efficient operational decisions. Aside from our practice of everyday open communication, we periodically ask our teammates to formally provide feedback.
Monitoring and Measuring Teammate input is essential for us to sustain our culture of empowered teammates enabling efficient operational decisions. Aside from our practice of everyday open communication, to maintain and build trust, we periodically ask our teammates to formally provide feedback.
We may in the future incur substantially increased costs complying with such regulations, particularly if federal regulatory agencies were to change their enforcement posture with respect to such regulations. Emerging customer preferences for greater product transparency and less GHG intensive materials may put us at a competitive disadvantage or reduce demand for our products.
We may in the future incur substantially increased costs complying with such regulations, particularly if federal regulatory agencies were to change their enforcement posture with respect to such regulations. Emerging customer preferences for greater product transparency and less GHG intensive materials may put us at a competitive disadvantage as a carbon steel producer.
The Vulcraft/Verco group’s steel decking is produced and marketed throughout the United States by nine domestic plants. Six of these plants are adjacent to Vulcraft joist facilities. The Vulcraft/Verco group also has two plants in Canada—one in Eastern Canada and one in Western Canada—that produce both joist and deck.
The Vulcraft/Verco group’s steel decking is produced and marketed throughout the United States by nine domestic plants. Six of these plants are adjacent to Vulcraft joist facilities. The Vulcraft/Verco group also has two plants in Canada—one in Eastern Canada and one in Western Canada—that produce both joist and deck. The annual joist and deck production capacity is approximately 1,300,000 tons.
In addition to the requirements of the state and local governments of the communities in which we operate, we must comply with federal health and safety regulations and environmental regulations, the most significant of which are enforced by the Occupational Safety and Health Administration (“OSHA”) and the Environmental Protection Agency ("EPA"). Safety and environmental stewardship are important values to Nucor.
In addition to the requirements of the state and local governments of the communities in which we operate, we must comply with federal health and safety regulations and environmental regulations, the most 13 significant of which are enforced by the Occupational Safety and Health Administration (“OSHA”) and the U.S. Environmental Protection Agency (the "EPA").
We market scrap metal products and related services to our external customers through in-house sales forces. In 2024, approximately 8% of the ferrous and nonferrous metals and scrap substitute tons we brokered and processed were sold to external customers.
We market scrap metal products and related services to our external customers through in-house sales forces. In 2025, approximately 7% of the ferrous and non-ferrous metals and scrap substitute tons we brokered and processed were sold to external customers.
Contract sales within the steel mills segment are most notable in our sheet operations, as it is common for contract sales to account for the majority of sheet sales in a given year. We estimate that greater than 80% of our sheet steel sales in 2024 were to contract customers.
Contract sales within the steel mills segment are most notable in our sheet operations, as it is common for contract sales to account for the majority of sheet sales in a given year. We estimate that approximately 85% of our sheet steel sales in 2025 were to contract customers.
The steel mills segment sells its products primarily to steel service centers, fabricators and manufacturers located throughout the United States, Canada and Mexico. The steel mills segment sold 1 approximately 18,480,000 tons to outside customers in 2024. In 2024, 80% of the shipments made by our steel mills segment were to external customers.
The steel mills segment sells its products primarily to steel service centers, fabricators and manufacturers located throughout the United States, Canada and Mexico. The steel mills segment sold approximately 19,848,000 tons to outside customers in 2025. In 2025, 79% of the shipments made by our 1 steel mills segment were to external customers.
In comparison to blast furnaces, EAF emissions of sulfur oxides, particulate matter and GHGs per ton of steel are significantly less than integrated steelmaking operations utilizing blast furnaces. Operating EAFs instead of blast furnaces is a proven air quality improvement strategy.
In comparison to blast furnaces, EAF emissions of sulfur oxides, particulate matter and GHGs per ton of steel are significantly less than the extractive steelmaking process utilizing a blast furnace and basic oxygen furnace. Operating EAFs instead of blast furnaces is a proven air quality improvement strategy.
They also often face less stringent environmental and safety regulations and can benefit from an artificially low exchange rate relative to the U.S. dollar. Many Chinese steel producers receive these kinds of support and China continues to be the largest steel producing country.
They can receive support in the form of direct subsidies, low-cost energy, labor, raw material and capital. They also often face less stringent environmental and safety regulations and can benefit from an artificially low exchange rate relative to the U.S. dollar. Many Chinese steel producers receive these kinds of support and China continues to be the largest steel producing country.
We have developed branded product lines to leverage this, and other advantages conferred by our specialized capabilities: • Our AEOS TM line of high-strength, low-alloy steel beams is one such example. AEOS TM ’s benefits are increasingly recognized by Nucor’s customers in the construction sector.
We have developed branded product lines and other advantages conferred by our specialized capabilities: • Our AEOS ® line of high-strength, low-alloy steel beams is one such example. Nucor’s customers in the construction sector increasingly recognize the benefits of AEOS ® steel products.
Electra’s process operates at 60°C and removes critical impurities from low-grade ores to produce high purity iron that can be charged directly into EAF steelmaking. Electra’s technology is unproven at scale at this stage.
Electra’s process operates at 60°C and removes critical impurities from low-grade ores to produce high purity iron that can be charged directly into EAF steelmaking. Electra is still in the startup phase to scale this technology.
We expect that capital expenditures we will direct toward our efforts in these areas will total approximately $344 million in 2025. Nucor operates a robust and sustainable environmental program that incorporates the concept of each individual teammate, as well as management, being responsible for environmental performance.
Safety and environmental stewardship are important values to Nucor. We expect that capital expenditures we will direct toward our efforts in these areas will total approximately $250 million in 2026. Nucor operates a robust and sustainable environmental program that incorporates the concept of each individual teammate, as well as management, being responsible for environmental performance.
We have developed dedicated teams tasked with developing relationships and educating decision makers in these sectors. 7 General Development of Our Business in Recent Years Consistent with our strategy to Grow the Core, Expand Beyond and Live our Culture, Nucor has invested significant capital in recent years to expand our product portfolio to include more value-added steel mill products and capabilities, improve our cost structure, enhance our operational flexibility and increase our exposure to markets with attractive growth prospects, such as data centers and renewable energy.
General Development of Our Business in Recent Years Consistent with our strategy to Grow the Core, Expand Beyond and Live our Culture, Nucor has invested significant capital in recent years to expand our product portfolio to include more value-added steel mill products and capabilities, improve our cost structure, enhance our operational flexibility and increase our exposure to markets with attractive growth prospects, such as data centers and renewable energy.
Our SBQ products are hot-rolled to exacting specifications primarily servicing the automotive, energy, agricultural, heavy equipment and transportation sectors. In April 2022, Nucor announced that it will build a new rebar micro mill, with spooling capabilities, in Lexington, North Carolina. The new micro mill is currently under construction.
Our SBQ products are hot-rolled to exacting specifications primarily servicing the automotive, energy, agricultural, heavy equipment and transportation sectors. In April 2022, Nucor announced that it would build a new rebar micro mill, with spooling capabilities, in Lexington, North Carolina. Construction of the new rebar micro mill is complete and the facility is in the production ramp-up phase.
Production teammates work under group incentives that provide increased earnings for increased production. This additional incentive compensation is paid weekly in most cases. Nucor has also historically contributed 10% of earnings before federal taxes to a profit sharing plan for the majority of teammates below the officer level. We believe such compensation practices incentivize our workforce and reinforce our culture.
Production teammates work under group incentives that provide increased earnings for increased production. This additional incentive compensation is paid weekly in most cases. Nucor has also historically contributed 10% of earnings before federal taxes to a profit-sharing plan for most teammates below the officer level.
Nucor’s wholly owned subsidiary, Nu-Iron Unlimited, is located in Trinidad and benefits from a low-cost supply of natural gas and favorable logistics for inbound iron ore and shipment of DRI to the United States.
Nucor’s wholly owned subsidiary, Nu-Iron Unlimited, is located in Trinidad and benefits from a low-cost supply of natural gas and favorable logistics for inbound iron ore and shipment of DRI to the United States. Nucor’s second DRI plant in Louisiana also benefits from favorable logistics and proximity to its steel mill customers.
As the leading U.S. supplier of numerous essential steel products using primarily recycled ferrous scrap metal, we believe we are in a competitively advantageous position. Our circular production process has one third the GHG emissions intensity of the average traditional extractive steelmaking process using a blast furnace. We are committed to further reducing our GHG footprint over time.
As the leading U.S. supplier of numerous essential steel products using primarily recycled ferrous scrap metal, we believe we are in a competitively advantageous position. Our circular production process has approximately one-third the GHG emissions intensity of the average extractive steelmaking process using a blast furnace and basic oxygen furnace.
The average cost of scrap and scrap substitutes used in our steel mills segment decreased approximately 6% from $421 per gross ton used in 2023 to $394 per gross ton used in 2024. On average, it takes approximately 1.1 tons of scrap and scrap substitutes to produce one ton of steel.
The average cost of scrap and scrap substitutes used in our steel mills segment remained relatively stable from $394 per gross ton used in 2024 to $392 per gross ton used in 2025. On average, it takes approximately 1.1 tons of scrap and scrap substitutes to produce one ton of steel.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThird-Party Engagement Due to the complexity and ever-changing nature of cybersecurity threats, Nucor engages a range of external experts to assist in its assessment, identification, and management of risks from cybersecurity threats. These include cybersecurity assessors, forensic and incident response experts, and auditors to review the Company’s cybersecurity posture and responsive efforts.
Biggest changeThe Board also regularly receives focused presentations regarding cybersecurity risks from the Company’s Cybersecurity Director. Third-Party Engagement Due to the complexity and ever-changing nature of cybersecurity threats, Nucor engages a range of external experts to assist in its assessment, identification, and management of risks from cybersecurity threats.
The Company also has a Risk Committee composed of the following members of the Company’s management: • Executive Vice President of Business Services & General Counsel • President, Nucor Business Technology • Vice President and Corporate Controller • Vice President and General Manager, Corporate Legal Affairs • General Manager of Internal Audit • Cybersecurity Director • Director of Legal Compliance and Assistant Corporate Secretary • Manager of External Reporting The Risk Committee is responsible for overseeing the Company’s response to cybersecurity incidents.
The Company also has a Risk Committee composed of the following members of the Company’s management: • Executive Vice President of Business Services • President of Corporate Legal Affairs and General Counsel • President of Nucor Business Technology • Cybersecurity Director • Vice President and Corporate Controller • General Manager of Internal Audit • General Manager of Legal Compliance and Assistant Corporate Secretary • Manager of External Reporting The Risk Committee is responsible for overseeing the Company’s response to cybersecurity incidents.
The Risk Committee and the Chair, President, and Chief Executive Officer inform the Audit Committee and the Board of Directors on cybersecurity risks. Monitoring of Cybersecurity Incidents The Cybersecurity Director implements and oversees our processes for regularly monitoring our information systems. This includes security measures and regular audits to identify potential issues.
The Risk Committee and the Chair and Chief Executive Officer inform the Audit Committee and the Board of Directors on cybersecurity risks. Monitoring of Cybersecurity Incidents The Cybersecurity Director implements and oversees our processes for regularly monitoring our information systems. This includes security measures and regular audits to identify potential issues.
The Cybersecurity Director is also responsible for informing the Risk Committee 26 of cybersecurity incidents, which in turn has a detailed process for assessing the impacts of incidents and monitoring the Company’s mitigation and remediation efforts.
The Cybersecurity Director is also responsible for informing the Risk Committee of cybersecurity incidents, which in turn has a detailed process for assessing the impacts of incidents and monitoring the Company’s mitigation and remediation efforts.
The program is designed to foster a culture of cybersecurity risk management across the Company. Integrated Overall Risk Management Assessing, identifying, and managing cybersecurity-related risks is integrated into our overall risk management framework.
The program is designed to foster a culture of cybersecurity risk management across the Company. 24 Integrated Overall Risk Management Assessing, identifying, and managing cybersecurity-related risks is integrated into our overall risk management framework.
The current Cybersecurity Director has more than twenty years of experience in the cybersecurity field and has broad expertise in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, and incident response.
The current Cybersecurity Director has more than 20 years of experience in the cybersecurity field and has broad expertise in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, and incident response.
Depending on the nature of the incident, this process also provides for escalating notification to senior executives, including the Chair, President, and Chief Executive Officer, the Executive Vice President of Business Services and General Counsel and to the Board of Directors. 27
Depending on the nature of the incident, this process also provides for escalating notification to senior executives, including the Chair and Chief Executive Officer, the Executive Vice President of Business Services and the Board of Directors. 26
Notwithstanding the Company’s cybersecurity framework and preventative strategies, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. See “Item 1A.
Notwithstanding the Company’s cybersecurity framework and preventative strategies, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. See “Item 1A. Risk Factors” for a discussion of cybersecurity risks.
Risk Factors” for a discussion of cybersecurity risks. 24 Risk Management and Strategy Overview We have developed and implemented a cybersecurity risk management program that is intended to enable us to assess, identify, and manage risk associated with cybersecurity threats.
Risk Management and Strategy Overview We have developed and implemented a cybersecurity risk management program that is intended to enable us to assess, identify, and manage risk associated with cybersecurity threats.
NBT’s cybersecurity function is led by the Cybersecurity Director, who reports to the President of NBT, who in turn reports to the Company's Executive Vice President of Business Services and General Counsel and to the Chair, President, and Chief Executive Officer.
NBT’s cybersecurity function is led by the Cybersecurity Director, who reports to the President of NBT, who in turn reports to the Executive Vice President of Strategy, the President and Chief Operating Officer 25 and the Chair and Chief Executive Officer.
Our relationships with these external partners enable us to leverage their expertise with the goal of maintaining best practices. Oversight of Third-Party Risks Our third-party service providers, suppliers, and vendors face their own risks from cybersecurity threats that could impact Nucor in certain circumstances. In response, we have implemented processes for overseeing and managing these risks.
Oversight of Third-Party Risks Our third-party service providers, suppliers, and vendors face their own risks from cybersecurity threats that could impact Nucor in certain circumstances. In response, we have implemented processes for overseeing and managing these risks.
The annual risk assessment is carried out under the supervision of the Executive Vice President of Business Services and General Counsel, the President of Nucor Business Technology, the Company’s Cybersecurity Director, and the Company’s Vice President and Corporate Controller. See “Governance” below. The Board also regularly receives focused presentations regarding cybersecurity risks from the Company’s Cybersecurity Director.
The annual risk assessment is carried out under the supervision of the Executive Vice President of Business Services, the President of Corporate Legal Affairs and General Counsel, the President of Nucor Business Technology, the Cybersecurity Director, and the Vice President and Corporate Controller. See “Governance” below.
We also utilize third-party risk and compliance monitoring services to monitor our service providers, suppliers, and vendors and to augment the effectiveness of our risk mitigation efforts in this area. 25 Risks from Cybersecurity Threats As of the date of this report, no risks from cybersecurity threats, including as a result of cybersecurity incidents we have experienced in the past, have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition.
Risks from Cybersecurity Threats As of the date of this report, no risks from cybersecurity threats, including as a result of cybersecurity incidents we have experienced in the past, have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition.
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These include cybersecurity assessors, forensic and incident response experts, and auditors to review the Company’s cybersecurity posture and responsive efforts. Our relationships with these external partners enable us to leverage their expertise with the goal of maintaining best practices.
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We also utilize third-party risk and compliance monitoring services to monitor our service providers, suppliers, and vendors and to augment the effectiveness of our risk mitigation efforts in this area.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe Louisiana site has approximately 174 million square feet of owned land with buildings that total approximately 72,500 square feet. DJJ has 74 operating facilities in 18 states along with multiple brokerage offices in the United States and certain other foreign locations.
Biggest changeDJJ has 72 operating facilities in 18 states along with multiple brokerage offices in the United States and certain other foreign locations. The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments in 2025 were approximately 83%, 62% and 70% of production capacity, respectively.
These facilities, by segment, are as follows: Location Approximate square footage of facilities Principal products Steel mills: Fontana, California 4,020,000 Flat-rolled steel Hickman, Arkansas 2,750,000 Flat-rolled steel Berkeley County, South Carolina 2,430,000 Flat-rolled steel, structural steel Blytheville, Arkansas 2,220,000 Structural steel Decatur, Alabama 2,010,000 Flat-rolled steel Crawfordsville, Indiana 1,870,000 Flat-rolled steel Norfolk, Nebraska 1,530,000 Steel shapes Hertford County, North Carolina 1,350,000 Steel plate Plymouth, Utah 1,300,000 Steel shapes Ghent, Kentucky 1,260,000 Flat-rolled steel Jewett, Texas 1,180,000 Steel shapes Darlington, South Carolina 980,000 Steel shapes Kankakee, Illinois 850,000 Steel shapes Silao, Guanajuato, Mexico 680,000 Steel shapes Seattle, Washington 660,000 Flat-rolled steel Tuscaloosa, Alabama 610,000 Steel shapes Memphis, Tennessee 600,000 Steel plate Auburn, New York 510,000 Steel shapes Jackson, Mississippi 490,000 Steel shapes Brandenburg, Kentucky 490,000 Steel plate Sedalia, Missouri 490,000 Steel shapes Birmingham, Alabama 460,000 Steel shapes Marion, Ohio 430,000 Steel shapes Kingman, Arizona 380,000 Steel shapes Frostproof, Florida 350,000 Steel shapes Wallingford, Connecticut 240,000 Steel shapes Steel products: Norfolk, Nebraska 1,160,000 Joist, deck, cold finish bar Brigham City, Utah 1,130,000 Joists, cold finish bar, building systems, metal panels Arthur, Illinois 1,070,000 Overhead doors St.
These facilities, by segment, are as follows: Location Approximate square footage of facilities Principal products Steel mills: Fontana, California 4,020,000 Flat-rolled steel Hickman, Arkansas 2,740,000 Flat-rolled steel Berkeley County, South Carolina 2,430,000 Flat-rolled steel, structural steel Crawfordsville, Indiana 2,270,000 Flat-rolled steel Blytheville, Arkansas 2,220,000 Structural steel Decatur, Alabama 2,010,000 Flat-rolled steel Norfolk, Nebraska 1,540,000 Steel shapes Hertford County, North Carolina 1,350,000 Steel plate Plymouth, Utah 1,310,000 Steel shapes Ghent, Kentucky 1,260,000 Flat-rolled steel Jewett, Texas 1,180,000 Steel shapes Darlington, South Carolina 1,020,000 Steel shapes Kankakee, Illinois 850,000 Steel shapes Silao, Guanajuato, Mexico 680,000 Flat-rolled steel Seattle, Washington 660,000 Steel shapes Tuscaloosa, Alabama 610,000 Steel plate Memphis, Tennessee 560,000 Steel shapes Auburn, New York 520,000 Steel shapes Jackson, Mississippi 490,000 Steel shapes Brandenburg, Kentucky 490,000 Steel plate Sedalia, Missouri 490,000 Steel shapes Frostproof, Florida 480,000 Steel shapes Birmingham, Alabama 460,000 Steel shapes Marion, Ohio 430,000 Steel shapes Kingman, Arizona 380,000 Steel shapes Lexington, North Carolina 320,000 Steel shapes Steel products: Norfolk, Nebraska 1,160,000 Joist, deck, cold finish bar Brigham City, Utah 1,130,000 Joists, cold finish bar, building systems, metal panels Arthur, Illinois 1,070,000 Overhead doors St.
Joe, Indiana 1,010,000 Joist, deck, fastener Grapeland, Texas 830,000 Joists, deck Chemung, New York 560,000 Joists, deck Marseilles, Illinois 550,000 Steel tube Florence, South Carolina 550,000 Joists, deck Swansea, South Carolina 510,000 Building systems Birmingham, Alabama 480,000 Steel tube Fort Payne, Alabama 470,000 Joists, deck Decatur, Alabama 470,000 Steel tube Louisville, Kentucky 440,000 Steel tube Trinity, Alabama 380,000 Steel tube Eufaula, Alabama 360,000 Building systems Chicago, Illinois 350,000 Steel tube Waterloo, Indiana 350,000 Building systems 28 In the steel products segment, we have 92 operating facilities, excluding the locations listed above, in 39 states with 29 operating facilities in Canada and two in Mexico.
Joe, Indiana 1,050,000 Joist, deck, fastener Grapeland, Texas 830,000 Joists, deck Chemung, New York 560,000 Joists, deck Marseilles, Illinois 550,000 Steel tube Florence, South Carolina 550,000 Joists, deck Swansea, South Carolina 510,000 Building systems Birmingham, Alabama 480,000 Steel tube Louisville, Kentucky 480,000 Steel tube Fort Payne, Alabama 470,000 Joists, deck Decatur, Alabama 470,000 Steel tube Ghent, Kentucky 400,000 Steel tube Trinity, Alabama 380,000 Steel tube Decatur, Alabama 380,000 Towers and structures Chicago, Illinois 350,000 Steel tube Waterloo, Indiana 350,000 Building systems 27 In the steel products segment, we have 91 operating facilities, excluding the locations listed above, in 39 states with 28 operating facilities in Canada and two in Mexico.
Nucor Rebar Fabrication also operates multiple sales offices in Canada and certain other foreign locations. The steel products segment also includes Skyline Steel, LLC, our steel foundation distributor. NWS has leased square footage of approximately 630,000 square feet in Los Angeles, California, and has leased square footage of approximately 370,000 square feet in Houston, Texas.
Nucor Rebar Fabrication also operates multiple sales offices in Canada and certain other foreign locations. The steel products segment also includes Skyline Steel, LLC, our steel foundation distributor.
In the raw materials segment, we have 93 operating facilities in 19 states with one operating facility in Point Lisas, Trinidad. For our DRI facilities in Trinidad and Louisiana, a significant portion of the production process occurs outdoors. The Trinidad site, including leased land, is approximately 2 million square feet.
For our DRI facilities in Trinidad and Louisiana, a significant portion of the production process occurs outdoors. The Trinidad site, including leased land, is approximately 2 million square feet. The Louisiana site has approximately 174 million square feet of owned land with buildings that total approximately 72,500 square feet.
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The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments in 2024 were approximately 76%, 58% and 73% of production capacity, respectively. We also own our principal executive offices in Charlotte, North Carolina.
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NRG has leased square footage of approximately 630,000 square feet in Los Angeles, California, leased square footage of approximately 370,000 square feet in Houston, Texas, and leased square footage of approximately 706,000 square feet in San Bernardino, California. In the raw materials segment, we have 84 operating facilities in 19 states with one operating facility in Point Lisas, Trinidad.
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We also own our principal executive offices in Charlotte, North Carolina.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeJames Parish, Louisiana, received allegations of violations of the Clean Air Act from the United States Environmental Protection Agency. A combined settlement is currently being negotiated with the United States Department of Justice, United States Environmental Protection Agency and the Louisiana Department of Environmental Quality.
Biggest changeJames Parish, Louisiana, received allegations of violations of the Clean Air Act from the EPA. A combined settlement is currently being negotiated with the U.S. Department of Justice, the EPA and the Louisiana Department of Environmental Quality. We do not believe that any aggregate settlement for these allegations will be material to Nucor.
We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks. During 2022, Nucor Steel Louisiana, our DRI facility located in St.
We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial condition or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks. During 2022, Nucor Steel Louisiana, our DRI facility located in St.
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We do not believe that any aggregate settlement for these allegations will be material to Nucor.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeIn 2020, he assumed additional responsibilities and was named General Counsel and Vice President of Legal, Environmental and Public Affairs. Prior to joining Nucor, Mr. Murphy was a Partner with the law firm of Moore & Van Allen PLLC, where he was the team leader of the Litigation Practice Group and served for a decade on the firm’s Executive Committee.
Biggest changePrior to joining Nucor, he was a Partner with the law firm of Moore & Van Allen, PLLC. K. Rex Query (60) , Executive Vice President of Strategy, was named EVP in January 2021. Mr.
Query was elected to Vice President in 2002 and served as General Manager at Nucor Steel Auburn, Inc., Nucor Steel Decatur, LLC, Nucor Steel South Carolina 30 and NCF as well as President of Nucor Europe. Most recently, Mr. Query served as President of Nucor’s Vulcraft/Verco group. Mr. Query is married to the sister of Mr. Topalian’s wife. Randy J.
Query was elected to Vice President in 2002 and served as General Manager at Nucor Steel Auburn, Inc., Nucor Steel Decatur, LLC, Nucor Steel South Carolina and NCF as well as President of Nucor Europe. Most recently, Mr. Query served as President of Nucor’s Vulcraft/Verco group. Mr. Query is married to the sister of Mr. Topalian’s wife. Randy J.
Item 4. Mine Saf ety Disclosures Not applicable. Information About O ur Executive Officers The following is a description of the names and ages of the executive officers of the Company, indicating all positions and offices with the Company held by each such person and each person’s principal occupation or employment during the past five years.
Item 4. Mine Saf ety Disclosures Not applicable. Information About O ur Executive Officers The following is a description of the names and ages of the executive officers of the Company, indicating all positions and offices with the Company held by each such person and each person’s principal occupation or employment during at least the past five years.
He later served as General Manager of Nucor Steel Utah and was elected Vice President in 2016. In 2019, Mr. Needham was promoted to Vice President and General Manager of Nucor Steel Indiana. He served as the Executive Vice President of Bar, Engineered Bar and Rebar Fabrication Products from February 2021 to May 2022. K.
He later served as General Manager of Nucor Steel Utah and was elected Vice President in 2016. In 2019, Mr. Needham was promoted to Vice President and General Manager of Nucor Steel Indiana. He served as the Executive Vice President of Bar, Engineered Bar and Rebar Fabrication Products from February 2021 to May 2022. 29 Benjamin M.
Spicer (47), was named Executive Vice President of Bar and Rebar Fabrication Products, in May 2024. Mr. Spicer began his Nucor career in 2004 as Accounting Supervisor at Nucor Steel Indiana. In 2006, he joined the start-up team at Nucor Steel Memphis, Inc. as Controller and subsequently served as Controller and Hot Mill Manager at Nucor Steel Gallatin LLC.
Spicer (48), Executive Vice President of Bar and Engineered Bar, was named EVP in May 2024. Mr. Spicer began his Nucor career in 2004 as Accounting Supervisor at Nucor Steel Indiana. In 2006, he joined the start-up team at Nucor Steel Memphis, Inc. as Controller and subsequently served as Controller and Hot Mill Manager at Nucor Steel Gallatin LLC.
John Hollatz (49) , Executive Vice President of Fabricated Construction Products, was named EVP in May 2022. Mr. Hollatz began his career at Nucor in 1999 as Design Engineer at Vulcraft Indiana and then served as Sales Engineer and Sales Manager at Vulcraft Nebraska. Mr.
Joseph Company from 2019 to 2022 . John J. Hollatz (50) , Executive Vice President of Fabricated Construction Products, was named EVP in May 2022. Mr. Hollatz began his career at Nucor in 1999 as Design Engineer at Vulcraft Indiana and then served as Sales Engineer and Sales Manager at Vulcraft Nebraska. Mr.
Ford began his career at The David J. Joseph Company (DJJ) in 2001 as a Brokerage Representative and subsequently served as District Manager and International Trading Manager. In 2013, Mr. Ford became Commercial Vice President at DJJ's subsidiary, Trademark Metals Recycling LLC (TMR), and then served as President of TMR from 2015 to 2020. Mr.
Joseph Company (DJJ) in 2001 as a Brokerage Representative and subsequently served as District Manager and International Trading Manager. In 2013, Mr. Ford became Commercial Vice President at DJJ's subsidiary, Trademark Metals Recycling LLC (TMR), and then served as President of TMR from 2015 to 2020. Mr. Ford became General Manager of Vulcraft-Indiana in 2020.
Hollatz later served as General Manager of Nucor Building Systems South Carolina, General Manager of Vulcraft Indiana, and President of the Vulcraft/Verco group. He was promoted to Vice President and General Manager of Nucor Steel Decatur, LLC in 2016. Stephen D. Laxton (54) , Chief Financial Officer and Executive Vice President, became CFO in March 2022. Mr.
Hollatz later served as General Manager of Nucor Building Systems South Carolina, General Manager of Vulcraft Indiana, and President of the Vulcraft/Verco group. He was promoted to Vice President and General Manager of Nucor Steel Decatur, LLC in 2016. Stephen D. Laxton (55) , became President and Chief Operating Officer in January 2026. Mr.
Behr became the General Manager of Vulcraft-South Carolina in 2011 and was promoted to Vice President in 2012. He was promoted to President of the Vulcraft/Verco group in 2014 and he served as General Manager of Nucor Steel-Texas from 2017 to 2019. Brad Ford (46) , Executive Vice President of Plate and Structural Products, became EVP in May 2023. Mr.
He was promoted to President of the Vulcraft/Verco group in 2014 and he served as General Manager of Nucor Steel-Texas from 2017 to 2019. Brad Ford (47) , Executive Vice President of Plate and Structural Products, became EVP in May 2023. Mr. Ford began his career at The David J.
Rex Query (59) , Executive Vice President of Strategy, was named EVP in January 2021. Mr. Query joined Nucor in 1990 as a financial analyst in the Corporate Office and subsequently served as Controller at Vulcraft South Carolina, Nucor Steel Berkeley and Nucor Steel Hertford. After serving as General Manager and Corporate Controller, Mr.
Query joined Nucor in 1990 as a financial analyst in the Corporate Office and subsequently served as Controller at Vulcraft South Carolina, Nucor Steel Berkeley and Nucor Steel Hertford. After serving as General Manager and Corporate Controller, Mr.
Daniel R. Needham (59), Executive Vice President of Commercial, was named EVP in May 2022. Mr. Needham began his career with Nucor in 2000 as Controller at Nucor Steel Hertford County. He subsequently served as Controller of Nucor Steel Decatur, LLC and Nucor Steel Utah. In 2011, Mr. Needham became General Manager of Nucor Steel Connecticut, Inc.
Needham began his career with Nucor in 2000 as Controller at Nucor Steel Hertford County. He subsequently served as Controller of Nucor Steel Decatur, LLC and Nucor Steel Utah. In 2011, Mr. Needham became General Manager of Nucor Steel Connecticut, Inc. (now Nucor Wire Products Connecticut, Inc.).
Hanners later served as General Manager of Nucor Tubular Products and General Manager of Nucor Steel Kankakee, Inc. and was promoted to Vice President in 2019. He served as the Vice President and General Manager of The David J. Joseph Company from 2019 to 2022 .
He next served as Shift Supervisor and was then promoted to Melt Shop Manager at Nucor Steel Auburn, Inc. Mr. Hanners later served as General Manager of Nucor Tubular Products and General Manager of Nucor Steel Kankakee, Inc. and was promoted to Vice President in 2019. He served as the Vice President and General Manager of The David J.
Ford became General Manager of Vulcraft-Indiana in 2020. He was promoted to Vice President of Nucor in 2022 and most recently served as Vice President and General Manager of Nucor Steel Decatur, LLC. Noah Hanners (45) , Executive Vice President of Sheet Products, became EVP in January 2023. Mr.
He was promoted to Vice President of Nucor in 2022 and most recently served as Vice President and General Manager of Nucor Steel Decatur, LLC. Noah C. Hanners (46) , Executive Vice President of Sheet Products, became EVP in January 2023. Mr. Hanners began his career with Nucor in 2011 as Melt Shop Engineer at Nucor Steel South Carolina.
He previously served as President and Chief Operating Officer from September 2019 to December 2019, as Executive Vice President of Beam and Plate Products from 2017 to 2019 and as Vice President of Nucor from 2013 to 2017. He began his Nucor career at Nucor Steel-Berkeley in 1996, serving as a project engineer and then as cold mill production supervisor.
He previously served as President from September 2019 to December 2025, as Chief Operating Officer from September 2019 to December 2019, as Executive Vice President of Beam and Plate Products from 2017 to 2019 and as Vice President of Nucor from 2013 to 2017.
Mr. Topalian was promoted to Operations Manager for Nucor’s former joint venture in Australia and later served as Melting and Casting Manager at Nucor Steel-South Carolina. He then served as General Manager of Nucor Steel Kankakee, Inc. from 2011 to 2014 and as General Manager of Nucor-Yamato from 2014 to 2017. Mr. Topalian is married to the sister of Mr.
He then served as General Manager of Nucor Steel Kankakee, Inc. from 2011 to 2014 and as General Manager of Nucor-Yamato from 2014 to 2017. Mr. Topalian is married to the sister of Mr. Query’s wife. 30 PAR T II
Behr began his career with Nucor in 1996 as Design Engineer at Nucor Building Systems-Indiana and 29 joined the start-up team at Nucor Building Systems-Texas in 1999. In 2001, he became the Engineering Manager at Nucor Building Systems-South Carolina and was promoted to General Manager in 2008. Mr.
Behr (52), Executive Vice President of Raw Materials, was named EVP in May 2020. Mr. Behr began his career with Nucor in 1996 as Design Engineer at Nucor Building Systems-Indiana and joined the start-up team at Nucor Building Systems-Texas in 1999.
He previously served as Executive Vice President from 2014 to 2020, most recently as EVP of Merchant and Rebar Products. He also served as General Manager of Nucor Steel Memphis, Inc. from 2012 to 2014 and as General Manager of Nucor Steel Marion, Inc. from 2008 to 2012. Mr. Sumoski was named Vice President in 2010.
He also served as General Manager of Nucor Steel Memphis, Inc. from 2012 to 2014 and as General Manager of Nucor Steel Marion, Inc. from 2008 to 2012. Mr. Sumoski was named Vice President in 2010. He began his career with Nucor as an electrical supervisor at Nucor Steel-Berkeley in 1995, later serving as Maintenance Manager. Leon J.
Laxton began his career at Nucor in 2003 as General Manager of Business Development and was promoted to Vice President in 2014. Prior to joining Nucor, Mr. Laxton worked for Cinergy Corp., holding various positions including Director of Asset Management and Manager of Corporate Development.
Laxton became Chief Financial Officer and Executive Vice President in March 2022, and will continue his duties as Chief Financial Officer until March 1, 2026. Mr. Laxton began his career at Nucor in 2003 as General Manager of Business Development and was promoted to Vice President in 2014. Prior to joining Nucor, Mr.
Each executive officer of Nucor is elected by the Board of Directors and holds office from the date of election until removed by the Board. Allen C. Behr (51), Executive Vice President of Raw Materials, was named EVP in May 2020. Mr.
Each executive officer of Nucor is elected by the Board of Directors and holds office from the date of election until removed by the Board. 28 Thomas J. Batterbee (56) , Executive Vice President of Human Resources and Talent, became EVP in May 2025. Mr. Batterbee began his career with Nucor in 1989 at Nucor Building Systems Indiana.
He began his career with Nucor as an electrical supervisor at Nucor Steel-Berkeley in 1995, later serving as Maintenance Manager. Leon J. Topalian (56), has served as President and Chief Executive Officer since January 2020 and as Chair of the Board of Directors since September 2022.
Topalian (57), has served as Chief Executive Officer since January 2020 and as Chair of the Board of Directors since September 2022.
Hanners began his career with Nucor in 2011 as Melt Shop Engineer at Nucor Steel South Carolina. He next served as Shift Supervisor and was then promoted to Melt Shop Manager at Nucor Steel Auburn, Inc. Mr.
He began his Nucor career at Nucor Steel-Berkeley in 1996, serving as a project engineer and then as cold mill production supervisor. Mr. Topalian was promoted to Operations Manager for Nucor’s former joint venture in Australia and later served as Melting and Casting Manager at Nucor Steel-South Carolina.
Prior to Cinergy, he held various financial roles with Ashland, Inc., North American Stainless and National City Bank. Gregory J. Murphy (61), Executive Vice President of Business Services and General Counsel, was named EVP in January 2021. Mr. Murphy began his Nucor career in 2015 as Vice President and General Counsel.
Laxton worked for Cinergy Corp., holding various positions including Director of Asset Management and Manager of Corporate Development. Prior to Cinergy, he held various financial roles with Ashland, Inc., North American Stainless and National City Bank. Daniel R. Needham (60), Executive Vice President of Commercial, was named EVP in May 2022. Mr.
He was promoted to General Manager of Nucor Tubular Products North in 2020 and elected to Vice President in 2022. He most recently served as President of Nucor Tubular Products . David A. Sumoski (58), was named Chief Operating Officer, in January 2021.
He was promoted to General Manager of Nucor Tubular Products North in 2020 and elected to President of Nucor Tubular Products in 2022. David A. Sumoski (59), Executive Vice President. In December 2025, Mr. Sumoski notified the Board of Directors that he will be retiring from the Company in June 2026. Mr.
Removed
Query’s wife. D. Chad Utermark (56), Executive Vice President of New Markets and Innovation, was named EVP in 2014. He previously served as General Manager of Nucor-Yamato from 2011 to 2014 and as General Manager of Nucor Steel-Texas from 2008 to 2011. He was named Vice President of Nucor in 2009. Mr.
Added
He was promoted to General Manager of Nucor Building Systems Texas in 2007 and later served as General Manager of Vulcraft New York, Nucor Buildings Group Utah, and Nucor Steel South Carolina. Mr. Batterbee was promoted to Vice President in 2017 and President of the Vulcraft/Verco group in 2023. Allen C.
Removed
Utermark began his Nucor career as a utility operator at Nucor Steel-Arkansas in 1992, subsequently serving as shift supervisor and Hot Mill Manager at that division as well as Roll Mill Manager at Nucor Steel-Texas. 31 PAR T II
Added
In 2001, he became the Engineering Manager at Nucor Building Systems-South Carolina and was promoted to General Manager in 2008. Mr. Behr became the General Manager of Vulcraft-South Carolina in 2011 and was promoted to Vice President in 2012.
Added
Pickett (43) , Executive Vice President of Business Services, became EVP in March 2025. Mr. Pickett began his career with Nucor in 2018 as Director of Corporate Legal Affairs. In 2020, he was promoted to General Manager and Counsel of Public Affairs and Government Relations and elected to Vice President in 2023.
Added
Sumoski stepped down from his position as Chief Operating Officer in January 2026 and will continue as EVP until his retirement. Mr. Sumoski had served as the Company's COO since January 2021. Prior to that, Mr. Sumoski served as Executive Vice President from 2014 to 2020.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeOur share repurchase program activity for each of the three months and the quarter ended December 31, 2024 was as follows (in millions, except per share amounts): Total Number of Shares Purchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) September 29, 2024—October 26, 2024 2 $ 149.81 2 $ 1,106 October 27, 2024—November 23, 2024 — $ - — $ 1,106 November 24, 2024—December 31, 2024 — $ - — $ 1,106 For the Quarter Ended December 31, 2024 2 2 (1) Includes commissions of $0.11 per share.
Biggest changeOur share repurchase program activity for each of the three months and the quarter ended December 31, 2025 was as follows (in millions, except per share amounts): Total Number of Shares Purchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) October 5, 2025—November 1, 2025 0.3 $ 136.67 0.3 $ 463 November 2, 2025—November 29, 2025 0.2 $ 143.60 0.2 $ 430 November 30, 2025—December 31, 2025 0.2 $ 162.31 0.2 $ 406 For the Quarter Ended December 31, 2025 0.7 0.7 (1) Includes commissions of $0.11 per share.
The stock performance graph required by Item 201(e) of Regulation S-K is incorporated into this report by reference from the Company's annual report to stockholders for the year ended December 31, 2024, which will be posted to the Company's website and furnished to the SEC subsequent to the date of this report.
The stock performance graph required by Item 201(e) of Regulation S-K is incorporated into this report by reference from the Company's annual report to stockholders for the year ended December 31, 2025, which will be posted to the Company's website and furnished to the SEC subsequent to the date of this report.
(2) On May 11, 2023, the Company announced that its Board of Directors had approved a share repurchase program under which the Company is authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. The share repurchase authorization is discretionary and has no expiration date .
(2) On May 11, 2023, the Company announced that its Board of Directors had approved a share repurchase program under which the Company was authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. The share repurchase authorization was discretionary and had no expiration date.
Item 5. Market for Registrant’s Common Equity, Related Stoc kholder Matters and Issuer Purchases of Equity Securities Our common stock is listed and traded on the New York Stock Exchange under the symbol “NUE.” As of January 31, 2024, there were approximately 11,000 stockholders of record of our common stock.
Item 5. Market for Registrant’s Common Equity, Related Stoc kholder Matters and Issuer Purchases of Equity Securities. Our common stock is listed and traded on the New York Stock Exchange under the symbol “NUE.” As of January 31, 2026, there were approximately 10,000 stockholders of record of our common stock.
Nucor has increased its base cash dividend every year since the Company began paying dividends in 1973. Nucor paid a total dividend of $2.16 per share in 2024 compared with $2.04 per share in 2023. In December 2024, the Board of Directors increased the base quarterly cash dividend on Nucor’s common stock to $0.55 per share from $0.54 per share.
Nucor has increased its base cash dividend every year since the Company began paying dividends in 1973. Nucor paid a total dividend of $2.20 per share in 2025 compared with $2.16 per share in 2024. In December 2025, the Board of Directors increased the base quarterly cash dividend on Nucor’s common stock to $0.56 per share from $0.55 per share.
In February 2025, the Board of Directors declared Nucor’s 208 th consecutive quarterly cash dividend of $0.55 per share payable on May 12, 2025 to stockholders of record on March 31, 2025. See Note 16 to the Company’s consolidated financial statements for a discussion regarding securities authorized for issuance under the Company’s stock-based compensation plans.
In February 2026, the Board of Directors declared Nucor’s 212 th consecutive quarterly cash dividend of $0.56 per share payable on May 11, 2026 to stockholders of record on March 31, 2026. See Note 16 to the Company’s consolidated financial statements for a discussion regarding securities authorized for issuance under the Company’s stock-based compensation plans.
Added
On February 20, 2026, the Company announced that its Board of Directors terminated this share repurchase program and approved a new share repurchase program under which it is authorized to repurchase up to $4.00 billion of Company’s common stock. The new share repurchase authorization is discretionary and has no expiration date.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

88 edited+16 added−26 removed59 unchanged
Biggest changeIn February 2025, the Board of Directors declared Nucor’s 208 th consecutive quarterly cash dividend of $0.55 per share payable on May 12, 2025 to stockholders of record as of March 31, 2025. 42 Contractual Obligations and Other Commercial Commitments The following table sets forth our contractual obligations and other commercial commitments as of December 31, 2024 for the periods presented (in millions): Payments Due By Period Contractual Obligations Total 2025 2026-2027 2028-2029 2030 and thereafter Long-term debt $ 6,725 $ 1,025 $ 597 $ 619 $ 4,484 Estimated interest on long-term debt (1) 3,324 238 432 361 2,293 Finance leases 263 27 51 98 87 Operating leases 162 35 52 31 44 Raw material purchase commitments (2) 2,972 1,313 942 435 282 Utility purchase commitments (2) 1,164 364 331 221 248 Other unconditional purchase obligations (3) 1,876 1,406 444 10 16 Other long-term obligations (4) 762 499 67 7 189 Total contractual obligations $ 17,248 $ 4,907 $ 2,916 $ 1,782 $ 7,643 (1) Interest is estimated using applicable rates at December 31, 2024 for Nucor’s outstanding fixed-rate and variable-rate debt.
Biggest changeIn February 2026, the Board of Directors declared Nucor’s 212 th consecutive quarterly cash dividend of $0.56 per share payable on May 11, 2026 to stockholders of record as of March 31, 2026. 41 Contractual Obligations and Other Commercial Commitments The following table sets forth our contractual obligations and other commercial commitments as of December 31, 2025 for the periods presented (in millions): Payments Due By Period Contractual Obligations Total 2026 2027-2028 2029-2030 2031 and thereafter Long-term debt $ 6,933 $ 66 $ 1,088 $ 1,087 $ 4,692 Estimated interest on long-term debt (1) 3,643 276 497 433 2,437 Finance leases 360 32 65 59 204 Operating leases 164 35 46 30 53 Raw material purchase commitments (2) 2,521 1,349 773 140 259 Utility purchase commitments (2) 934 386 277 140 131 Other unconditional purchase obligations (3) 1,241 1,153 76 8 4 Other long-term obligations (4) 707 431 71 8 197 Total contractual obligations $ 16,503 $ 3,728 $ 2,893 $ 1,905 $ 7,977 (1) Interest is estimated using applicable rates at December 31, 2025 for Nucor’s outstanding fixed-rate and variable-rate debt.
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 46 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 any pandemic or public health situation; and (16) the risks discussed in “Item 1A.
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 any pandemic or public health situation; and (16) the risks discussed in “Item 1A.
During periods of weaker or rapidly deteriorating steel market conditions, weak steel demand, low industry utilization rates and the impact of imports create an even more intensified competitive environment and increased pricing pressure. All of those factors, to some degree, impact pricing, which increases the likelihood that Nucor will experience lower gross margins.
During periods of weaker or rapidly deteriorating steel market conditions, weak steel demand, low industry utilization rates and the impact of 32 imports create an even more intensified competitive environment and increased pricing pressure. All of those factors, to some degree, impact pricing, which increases the likelihood that Nucor will experience lower gross margins.
Our highly variable, low-cost structure, combined with our financial strength and liquidity, have allowed us to successfully navigate cyclical steel industry market conditions in the past. In such times, our incentive-based pay system reduces our payroll costs, both hourly and salary, which helps to offset lower 34 selling prices.
Our highly variable, low-cost structure, combined with our financial strength and liquidity, have allowed us to successfully navigate cyclical steel industry market conditions in the past. In such times, our incentive-based pay system reduces our payroll costs, both hourly and salary, which helps to offset lower selling prices.
We attempt to mitigate the scrap price risk by managing scrap inventory levels at the steel mills to match the anticipated demand over the next several weeks. Certain scrap 33 substitutes, including pig iron, have longer lead times for delivery than scrap, which can make this inventory management strategy difficult to achieve.
We attempt to mitigate the scrap price risk by managing scrap inventory levels at the steel mills to match the anticipated demand over the next several weeks. Certain scrap substitutes, including pig iron, have longer lead times for delivery than scrap, which can make this inventory management strategy difficult to achieve.
When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it 44 is necessary to perform a quantitative analysis.
When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis.
Pre-operating and start-up costs in 2024 primarily related to the plate mill in Kentucky, the sheet mill being built in West Virginia, and the melt shop being built in Arizona.
Pre-operating and start-up costs in 2025 and 2024 primarily related to the plate mill in Kentucky, the sheet mill being built in West Virginia, and the melt shop being built in Arizona.
An increase of approximately 50 basis points in the discount rate, a critical assumption in which a minor change can have a significant impact on the estimated fair value, would not result in an impairment charge. See Note 8 to the Company’s consolidated financial statements for further discussion of the results of the Company’s 2024 annual goodwill impairment analysis.
An increase of approximately 50 basis points in the discount rate, a critical assumption in which a minor change can have a significant impact on the estimated fair value, would not result in an impairment charge. See Note 8 to the Company’s consolidated financial statements for further discussion of the results of the Company’s 2025 annual goodwill impairment analysis.
(2) Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas, and other raw materials and related services. These contracts include multi-year commitments and minimum annual purchase requirements and are valued at prices in effect on December 31, 2024, or according to the contract language.
(2) Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas, and other raw materials and related services. These contracts include multi-year commitments and minimum annual purchase requirements and are valued at prices in effect on December 31, 2025, or according to the contract language.
Information concerning the year ended December 31, 2023 and a comparison of the years ended December 31, 2023 and 2022 may be found under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024.
Information concerning the year ended December 31, 2024 and a comparison of the years ended December 31, 2024 and 2023 may be found under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.
We carry the highest credit ratings of any steel producer headquartered in North America, with an A- long-term rating from Standard and Poor’s, a Baa1 long-term rating from Moody’s and an A- long-term rating from Fitch. Our credit ratings are dependent, however, on many factors, both qualitative and quantitative, and are subject to change at any time.
We carry the highest credit ratings of any steel producer headquartered in North America, with an A- long-term rating from Standard and Poor’s, an A3 long-term rating from Moody’s and an A- long-term rating from Fitch. Our credit ratings are dependent, however, on many factors, both qualitative and quantitative, and are subject to change at any time.
Nucor will continue to monitor operating results within all reporting units throughout 2025 in an effort to determine if events and circumstances require further interim impairment testing. Otherwise, all reporting units will again be subject to the required annual qualitative and/or quantitative impairment test during our fourth quarter of 2025.
Nucor will continue to monitor operating results within all reporting units throughout 2026 in an effort to determine if events and circumstances require further interim impairment testing. Otherwise, all reporting units will again be subject to the required annual qualitative and/or quantitative impairment test during our fourth quarter of 2026.
Management considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of its investments are estimated. Those estimates and judgments may or may not ultimately prove appropriate.
Management considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of its equity method investments are estimated. Those estimates and judgments may or may not ultimately prove appropriate.
Our pay-for-performance system that is closely tied to our levels of production also allows us to keep our highly experienced workforce intact and to continue operating our facilities when some of our competitors with greater fixed costs are forced to shut down some of their facilities.
Our pay-for-performance system that is closely tied to our levels of production also allows us to keep our highly experienced workforce intact and to continue operating our facilities when some of our competitors with greater fixed costs are compelled to shut down some of their facilities.
Certain long-lived asset groupings were tested for impairment during the fourth quarter of 2024. Undiscounted cash flows for each asset grouping were estimated using management’s long-range estimates of market conditions associated with each asset grouping over the estimated useful life of the principal asset within the group.
Certain long-lived asset groupings were tested for impairment during the fourth quarter of 2025. Undiscounted cash flows for each asset grouping were estimated using management’s long-range estimates of market conditions associated with each asset grouping over the estimated useful life of the principal asset within the group.
Marketing, Administrative and Other Expenses A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These costs, which are based upon and fluctuate with Nucor’s financial performance, decreased from 2023 to 2024 due to the decreased profitability of the Company.
Marketing, Administrative and Other Expenses A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These costs, which are based upon and fluctuate with Nucor’s financial performance, decreased from 2024 to 2025 due to the decreased profitability of the Company.
Interest income decreased in 2024 compared to 2023 due to lower average investments and a decrease in average interest rates on investments. Earnings Before Income Taxes and Noncontrolling Interests The following table presents earnings before income taxes and noncontrolling interests by segment for the years ended December 31, 2024 and 2023 (in millions).
Interest income decreased in 2025 compared to 2024 due to lower average investments and a decrease in average interest rates on investments. Earnings Before Income Taxes and Noncontrolling Interests The following table presents earnings before income taxes and noncontrolling interests by segment for the years ended December 31, 2025 and 2024 (in millions).
Our fourth quarter 2024 annual goodwill impairment analysis did not result in an impairment charge. Management does not believe that future impairment of these reporting units is probable. However, the performance of certain businesses that comprise our reporting units requires continued improvement.
Our fourth quarter 2025 annual goodwill impairment analysis did not result in an impairment charge. Management does not believe that future impairment of these reporting units is probable. However, the performance of certain businesses that comprise our reporting units requires continued improvement.
Our largest single customer in 2024 represented approximately 5% of sales and consistently pays within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap steel, pig iron and iron ore.
Our largest single customer in 2025 represented approximately 5% of sales and consistently pays within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap steel, pig iron and iron ore.
Nucor reviews its equity method investments for impairment if and when circumstances indicate that a decline in fair value below their carrying amounts may have occurred. There were no triggering events that caused management to pursue additional testing of our equity method investments in 2024. Income Taxes We utilize the liability method of accounting for income taxes.
Nucor reviews its equity method investments for impairment if and when circumstances indicate that a decline in fair value below their carrying amounts may have occurred. There were no triggering events that caused management to pursue additional testing of our equity method investments in 2025. 44 Income Taxes We utilize the liability method of accounting for income taxes.
In evaluating forward-looking statements, these risks and uncertainties should be considered, together with the other risks described from time to time in our reports and other filings with the SEC. 47
In evaluating forward-looking statements, these risks and uncertainties should be considered, together with the other risks described from time to time in our reports and other filings with the SEC. 45
Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report discusses our financial condition and results of operations as of and for the years ended December 31, 2024 and 2023.
Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report discusses our financial condition and results of operations as of and for the years ended December 31, 2025 and 2024.
Most of the steel we produce in our mills is sold to outside customers (80% in both 2024 and 2023), but a significant percentage is used internally by many of the facilities in our steel products segment (20% in both 2024 and 2023).
Most of the steel we produce in our mills is sold to outside customers (80% in both 2025 and 2024), but a 33 significant percentage is used internally by many of the facilities in our steel products segment (20% in both 2025 and 2024).
In addition, the undrawn revolving credit facility contains customary non-financial covenants, including a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31, 2024, Nucor’s funded debt to total capital ratio was 24.5%, and Nucor was in compliance with all covenants under the credit facility.
In addition, the undrawn revolving credit facility contains customary non-financial covenants, including a limit on Nucor’s ability to pledge the Company’s assets and a limit on 40 consolidations, mergers and sales of assets. As of December 31, 2025, Nucor’s funded debt to total capital ratio was 24.4%, and Nucor was in compliance with all covenants under the credit facility.
(formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2016 through 2023 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).
(formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue 37 Agency. The tax years 2017 through 2024 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions).
Approximately 80% of our sheet sales were to contract customers in 2024, with the balance being sold in the spot market at the prevailing prices at the time of sale. Steel contract sales outside of our sheet operations are not significant.
Approximately 85% of our sheet sales were to contract customers in 2025, with the balance being sold in the spot market at the prevailing prices at the time of sale. Steel contract sales outside of our sheet operations are not significant.
Note: In addition to the amounts shown in the table above, $212 million of unrecognized tax benefits have been recorded as liabilities, and we are uncertain as to if or when such amounts may be settled. Related to these unrecognized tax benefits, we have also recorded a liability for potential penalties and interest of $50 million at December 31, 2024.
Note: In addition to the amounts shown in the table above, $173 million of unrecognized tax benefits have been recorded as liabilities, and we are uncertain as to if or when such amounts may be settled. Related to these unrecognized tax benefits, we have also recorded a liability for potential penalties and interest of $49 million at December 31, 2025.
Continued successful implementation of our raw material strategy, including key investments in DRI production, coupled with the scrap brokerage and processing services performed by our team at DJJ, give us greater control over our metallic inputs and thus also helps us to mitigate this risk. See "Item 1A.
Continued successful implementation of our raw material strategy, including key investments in DRI production, coupled with the scrap brokerage and processing services performed by our team at DJJ, give us greater control over our metallic inputs and thus also helps us to mitigate this risk. See "Item 1A. Risk Factors-Industry Specific Risk Factors" for further discussion of raw material risks.
Return on average stockholders’ equity was 9.8% and 23.0% in 2024 and 2023, respectively. Liquidity and Capital Resources We believe our financial strength is a key strategic advantage, particularly during recessionary business cycles.
Return on average stockholders’ equity was 8.5% and 9.8% in 2025 and 2024, respectively. Liquidity and Capital Resources We believe our financial strength is a key strategic advantage, particularly during recessionary business cycles.
Market Risk Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our utilization rates for the steel mills and steel products facilities for the fourth quarter of 2024 were 74% and 54%, respectively. A significant portion of our steel mills and steel products segments’ sales are into the commercial, industrial and municipal construction markets.
Market Risk Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our utilization rates for the steel mills and steel products facilities for the fourth quarter of 2025 were 82% and 61%, respectively. A significant portion of our steel mills and steel products segments’ sales are into the commercial, industrial and municipal construction markets.
The current ratio was impacted by lower cash and cash equivalents and the increase in the current portion of long-term debt at December 31, 2024. In 2024, total accounts receivable turned approximately every five weeks and inventories turned approximately every ten weeks.
The current ratio was impacted by lower cash and cash equivalents and the decrease in the current portion of long-term debt at December 31, 2025. In 2025 and 2024, total accounts receivable turned approximately every five weeks and inventories turned approximately every 10 weeks.
In 2024, profit sharing costs consisted of $298 million, including the Company’s matching contribution, made to the Company’s Profit Sharing and Retirement Savings Plan for qualified employees ($611 million in 2023).
In 2025, profit sharing costs consisted of $256 million, including the Company’s matching contribution, made to the Company’s Profit Sharing and Retirement Savings Plan for qualified employees ($298 million in 2024).
Approximately $970 million and $1.05 billion of the cash and cash equivalents position as of December 31, 2024 and 2023, respectively, was held by our majority-owned joint ventures. Cash flows provided by operating activities provide us with a significant source of liquidity.
Approximately $931 million and $970 million of the cash and cash equivalents position as of December 31, 2025 and 2024, respectively, was held by our majority-owned joint ventures. Cash flows provided by operating activities provide us with a significant source of liquidity.
Nucor paid aggregate dividends of $2.16 per share in 2024, compared with aggregate dividends of $2.04 per share in 2023. In December 2024, the Board of Directors increased the regular quarterly cash dividend on Nucor’s common stock to $0.55 per share.
Nucor paid aggregate dividends of $2.20 per share in 2025, compared with aggregate dividends of $2.16 per share in 2024. In December 2025, the Board of Directors increased the regular quarterly cash dividend on Nucor’s common stock to $0.56 per share.
Significant assumptions used to determine the fair value of each reporting unit as part of our annual testing (and any required interim testing) include: (i) expected cash flow for the five-year period following the testing date (including market share, sales volumes and prices, raw materials and other costs to produce and estimated capital needs); (ii) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; (iii) a discount rate based on management’s best estimate of the after-tax weighted-average cost of capital; and (iv) a probability-weighted scenario approach by which varying cash flows are assigned to certain scenarios based on the likelihood of occurrence.
Significant assumptions used to determine the fair value of each reporting unit as part of our annual testing (and any required interim testing) include: (i) expected cash flow for the five-year period following the testing date (including market share, sales volumes and prices, raw materials and other costs to produce and estimated capital needs); 43 (ii) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; and (iii) a discount rate based on management’s best estimate of the after-tax weighted-average cost of capital.
Our undiscounted cash flow analysis indicated that the tested long-lived asset groupings were recoverable as of December 31, 2024. Management determined that no long-lived asset impairment testing was required in 2023. Goodwill and Intangibles Goodwill is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred.
Our undiscounted cash flow analysis indicated that the tested long-lived asset groupings were recoverable as of December 31, 2025. Goodwill and Intangibles Goodwill is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred.
Funds provided by operations, cash and cash equivalents, short-term investments, restricted cash and cash equivalents and new borrowings under existing credit facilities are expected to be adequate to meet future capital expenditures, current debt maturities and working capital requirements for existing operations for at least the next 24 months.
Funds provided by operations, cash and cash equivalents, short-term investments and new borrowings under existing credit facilities are expected to be adequate to meet future capital expenditures, current debt maturities and working capital requirements for existing operations for at least the next 24 months. We also believe we have adequate access to capital markets for liquidity purposes.
Interest Expense (Income) Net interest expense (income) for the years ended December 31, 2024 and 2023 was as follows (in millions): Year Ended December 31, 2024 2023 Interest expense $ 228 $ 246 Interest income (258 ) (276 ) Interest (income) expense, net $ (30 ) $ (30 ) Interest expense decreased in 2024 compared to 2023 due to an increase in capitalized interest.
Interest Expense (Income) Net interest expense (income) for the years ended December 31, 2025 and 2024 was as follows (in millions): Year Ended December 31, 2025 2024 Interest expense $ 170 $ 228 Interest income (111 ) (258 ) Interest expense (income), net $ 59 $ (30 ) Interest expense decreased in 2025 compared to 2024 due to an increase in capitalized interest.
Risk Factors- Industry Specific Risk Factors" for further discussion of raw material risks. During periods of stronger or rapidly improving steel market conditions, we are more likely to be able to pass through to our customers, relatively quickly, the increased costs of ferrous scrap and scrap substitutes, protecting our gross margins from significant erosion.
During periods of stronger or rapidly improving steel market conditions, we are more likely to be able to pass through to our customers, relatively quickly, the increased costs of ferrous scrap and scrap substitutes, protecting our gross margins from significant erosion.
Once these facilities or projects have attained a utilization rate that is consistent with our similar operating facilities, they are no longer considered by Nucor to be in start-up. • Gross margins in the raw materials segment decreased significantly in 2024 as compared to 2023 due to the decreased profitability of our scrap processing operations.
Once these facilities or projects have attained a utilization rate that is consistent with our similar operating facilities, they are no longer considered by Nucor to be in start-up. • Gross margins in the raw materials segment increased modestly in 2025 as compared to 2024 due to the increased profitability of our DRI facilities and DJJ's brokerage operations.
Future changes in interest rates are not expected to significantly impact earnings. From time to time, Nucor makes use of interest rate swaps to manage interest rate risk. As of December 31, 2024, there were no such contracts outstanding. Nucor’s investment practice is to invest in securities that are highly liquid with short maturities.
From time to time, Nucor makes use of interest rate swaps to manage interest rate risk. As of December 31, 2025, there were no such contracts outstanding. Nucor’s investment practice is to invest in securities that are highly liquid with short maturities.
Key assumptions used to determine the fair value of our equity method investments include: (i) expected cash flow for the five-year period following the testing date (including market share, sales volumes and prices, raw materials and other costs to produce and estimated capital needs); (ii) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the investment; (iii) a discount rate based on management’s best estimate of the after-tax weighted-average cost of capital; and (iv) a probability-weighted scenario approach by which varying cash flows are assigned to certain scenarios based on the likelihood of occurrence.
Significant assumptions used to determine the fair value of the equity method investment include: (i) expected cash flow for the five-year period following the testing date (including market share, sales volumes and prices, raw materials and other costs to produce and estimated capital needs); (ii) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the equity method investment; and (iii) a discount rate based on management’s best estimate of the after-tax weighted-average cost of capital.
In 2024, approximately 93% of outside sales for the raw materials segment were from the brokerage operations of DJJ, and approximately 4% of outside sales were from the scrap processing operations of DJJ (92% and 4%, respectively, in 2023).
In 2025, approximately 95% of outside sales for the raw materials segment were from DJJ's brokerage operations, and approximately 3% of outside sales were from DJJ's scrap processing operations (93% and 4%, respectively, in 2024).
Net sales for the raw materials segment increased 3% in 2024 from the prior year, primarily due to increased volumes at DJJ’s brokerage operations.
Net sales for the raw materials segment increased 13% in 2025 from the prior year, primarily due to increased average sales price and volumes at DJJ’s brokerage operations.
Nucor returned approximately $2.73 billion in capital to its stockholders in the form of base dividends and share repurchases in 2024.
Nucor returned approximately $1.22 billion in capital to its stockholders in the form of base dividends and share repurchases in 2025.
Year Ended December 31, 2024 2023 Steel mills $ 2,226 $ 3,712 Steel products 1,596 3,444 Raw materials 40 254 Corporate/eliminations (960 ) (1,137 ) Earnings before income taxes and noncontrolling interests $ 2,902 $ 6,273 Noncontrolling Interests Noncontrolling interests represent the income attributable to the noncontrolling partners of Nucor’s joint ventures, Nucor-Yamato, CSI and NJSM.
Year Ended December 31, 2025 2024 Steel mills $ 2,383 $ 2,226 Steel products 1,229 1,596 Raw materials 153 40 Corporate/eliminations (1,197 ) (960 ) Earnings before income taxes and noncontrolling interests $ 2,568 $ 2,902 Noncontrolling Interests Noncontrolling interests represent the income attributable to the noncontrolling partners of Nucor’s joint ventures, Nucor-Yamato, CSI and NJSM.
Net Earnings and Return on Equity Nucor reported net earnings of $2.03 billion, or $8.46 per diluted share, in 2024, compared to net earnings of $4.53 billion, or $18.00 per diluted share, in 2023. Net earnings attributable to Nucor stockholders as a percentage of net sales were 6.6% and 13.0% in 2024 and 2023, respectively.
Net Earnings and Return on Equity Nucor reported net earnings of $1.74 billion, or $7.52 per diluted share, in 2025, compared to net earnings of $2.03 billion, or $8.46 per diluted share, in 2024. Net earnings attributable to Nucor stockholders as a percentage of net sales were 5.4% and 6.6% in 2025 and 2024, respectively.
Gross margins decreased across most businesses within the segment due to lower volumes and decreased average selling prices.
Gross margins decreased across many businesses within the segment due to decreased average selling prices.
Gross Margins In 2024, Nucor recorded gross margins of $4.10 billion (13%), which was a decrease from $7.82 billion (23%) in 2023: • The primary driver for the decrease in gross margins in 2024 as compared to 2023 was the decrease in gross margins in the steel products segment.
Gross Margins In 2025, Nucor recorded gross margins of $3.85 billion (12%), which was a decrease from $4.10 billion (13%) in 2024: 35 • The primary driver of the decrease in gross margins in 2025 as compared to 2024 was the decrease in gross margins in the steel products segment.
We intend to return a minimum of 40% of our net earnings to our stockholders through dividends and share repurchases, while maintaining a debt-to-capital ratio that supports a strong investment grade credit rating.
We intend to return a minimum of 40% of our net earnings to our stockholders through dividends and share repurchases, while maintaining a debt-to-capital ratio that supports a strong investment grade credit rating. Nucor returned approximately $1.2 billion in capital to its stockholders in the form of base dividends and share repurchases in 2025.
Capital expenditures for 2025 are estimated to be approximately $3.00 billion. The projects that we anticipate will have the largest capital expenditures in 2025 are the sheet mill under construction in West Virginia, the construction of two manufacturing locations to expand NTS, and the galvanizing line at our sheet mill in South Carolina.
The projects that we anticipate will have the largest capital expenditures in 2026 are the sheet mill under construction in West Virginia, the construction of a manufacturing location to expand NTS, and the galvanizing line at our sheet mill in South Carolina.
From year-end 2023 to year-end 2024, inventories decreased resulting in an inflow of $518 million due primarily to an 18% decrease in raw material tons. This compares to inventories at year-end 2023 increasing from year-end 2022 and resulting in a $75 million cash outflow.
From year-end 2024 to year-end 2025, inventories increased resulting in an outflow of $366 million due primarily to a 6% increase in raw material tons. This compares to inventories at year-end 2024 decreasing from year-end 2023 and resulting in a $518 million cash inflow.
In 2024, China’s steel production was more than 1 billion tons for the fifth consecutive year. Circumvention of trade duties also continues to pose a risk, as countries route products through third-party countries to evade duties.
In 2025, China’s steel production was more than 1 billion net tons for the eighth consecutive year, and China exported a record 131 million net tons to offset weak domestic consumption. Circumvention of trade duties also continues to pose a risk, as countries route products through third-party countries to evade duties.
Nucor owns a 51% controlling interest in each of Nucor-Yamato, CSI and NJSM. The decrease in earnings attributable to noncontrolling interests in 2024 as compared to 2023 was due to the decreased earnings of Nucor-Yamato and CSI.
Nucor owns a 51% controlling interest in each of Nucor-Yamato, CSI and NJSM. The increase in earnings attributable to noncontrolling interests in 2025 as compared to 2024 was due to the increased earnings of Nucor-Yamato combined with the decreased losses of NJSM, partially offset by losses at CSI.
During the third quarter of 2024, management determined that it was probable that a long-term note receivable in the raw materials segment would no longer be collectable and recorded an $83 million impairment charge to fully reserve the note receivable.
Those charges primarily consisted of the following: $39 million related to the closure or repurposing of certain facilities in the steel products segment and $23 million primarily related to the repurposing of a facility in the steel mills segment. 36 During the third quarter of 2024, management determined that it was probable that a long-term note receivable in the raw materials segment would no longer be collectable and recorded an $83 million impairment charge to fully reserve the note receivable.
Average sales price per ton decreased 10% from $1,377 in 2023 to $1,241 in 2024. Total tons shipped to outside customers decreased 2% from 25,205,000 tons in 2023 to 24,767,000 tons in 2024.
Average sales price per ton decreased 2% from $1,241 in 2024 to $1,221 in 2025. Total tons shipped to outside customers increased 7% from 24,767,000 tons in 2024 to 26,615,000 tons in 2025.
The changes in working capital were primarily due to a decrease in accounts receivable and inventories from year-end 2023 to year-end 2024. Accounts receivable at the end of 2024 decreased from the prior year-end resulting in a cash inflow of $319 million due to a decrease in the sales volumes and price per ton compared to the prior year.
Accounts receivable at the end of 2025 increased from the prior year-end resulting in a cash outflow of $428 million due to an increase in the sales volumes and price per ton compared to the prior year. This compares to accounts receivable at year-end 2024 decreasing from year-end 2023 and resulting in a $319 million cash inflow.
Nucor manages interest rate risk by using a combination of variable-rate and fixed-rate debt. At December 31, 2024, approximately 21% of Nucor’s long-term debt was comprised of instruments with variable interest rates, primarily industrial development revenue bonds ("IDRBs") that are adjusted weekly. The remaining 79% of Nucor’s long-term debt was at fixed rates.
Nucor manages interest rate risk by using a combination of variable-rate and fixed-rate debt. At December 31, 2025, approximately 24% of Nucor’s long-term debt consisted of instruments with variable interest rates, primarily IDRBs that are adjusted weekly. The remaining 76% of Nucor’s long-term debt was at fixed rates. Future changes in interest rates are not expected to significantly impact earnings.
Stock-based compensation included in marketing, administrative and other expenses decreased by 4% to $52 million in 2024 compared with $54 million in 2023 and includes expenses associated with vesting of stock awards granted in prior years. 37 Equity in Earnings of Unconsolidated Affiliates Equity in earnings of unconsolidated affiliates was $30 million in 2024 and $13 million in 2023.
Stock-based compensation included in marketing, administrative and other expenses increased by 7% to $56 million in 2025 compared with $52 million in 2024 and includes expenses associated with vesting of stock awards granted in prior years.
Financing Activities The primary uses of cash were: (i) stock repurchases of $2.22 billion in 2024 as compared to $1.55 billion in 2023, an increase of $663 million; (ii) cash dividends to stockholders of $522 million in 2024 as compared to $515 million in 2023; and (iii) distributions to noncontrolling interests of $352 million in 2024 as compared to $435 million in 2023, a decrease of $83 million.
Financing Activities The primary uses of cash were: (i) stock repurchases of $700 million in 2025 as compared to $2.22 billion in 2024, a decrease of $1.52 billion; (ii) cash dividends to stockholders of $512 million in 2025 as compared to $522 million in 2024; and (iii) repayments of long-term debt of $1.02 billion in 2025 as compared to $10 million in 2024, an increase of $1.01 billion.
Nucor returned approximately $2.7 billion in capital to its stockholders in the form of base dividends and share repurchases in 2024. 40 Our cash flows for each period were as follows: (Dollars in millions) December 31, 2024 2023 Net cash provided by operating activities $ 3,979 $ 7,112 Net cash used in investing activities (3,734 ) (2,496 ) Net cash used in financing activities (3,058 ) (2,593 ) Effect of exchange rate changes on cash (16 ) 3 Net (decrease)/increase in cash and cash equivalents and restricted cash and cash equivalents $ (2,829 ) $ 2,026 Operating Activities For 2024 compared to 2023, the $3.13 billion decrease in cash provided by operating activities was primarily driven by a decrease in net earnings and changes in operating assets and liabilities.
Our cash flows for each period were as follows: (in millions) December 31, 2025 2024 Net cash provided by operating activities $ 3,234 $ 3,979 Net cash used in investing activities (3,226 ) (3,734 ) Net cash used in financing activities (1,315 ) (3,058 ) Effect of exchange rate changes on cash 9 (16 ) Net decrease in cash and cash equivalents $ (1,298 ) $ (2,829 ) 39 Operating Activities For 2025 compared to 2024, the $745 million decrease in cash provided by operating activities was primarily driven by a decrease in net earnings and changes in operating assets and liabilities.
Selected Measures of Liquidity and Capital Resources (Dollars in millions) December 31, 2024 2023 Cash and cash equivalents $ 3,558 $ 6,383 Short-term investments 581 747 Restricted cash and cash equivalents - 4 Working capital 7,498 11,791 Current ratio 2.5 3.6 The current ratio, which is calculated by dividing current assets by current liabilities, was 2.5 at year-end 2024 compared with 3.6 at year-end 2023.
We expect to continue to have adequate access to the capital markets at a reasonable cost of funds for liquidity purposes when needed. 38 Selected Measures of Liquidity and Capital Resources (Dollars in millions) December 31, 2025 2024 Cash and cash equivalents $ 2,260 $ 3,558 Short-term investments 439 581 Working capital 7,761 7,498 Current ratio 2.9 2.5 The current ratio, which is calculated by dividing current assets by current liabilities, was 2.9 at year-end 2025 compared with 2.5 at year-end 2024.
Outside sales tonnage for the steel products segment for the years ended December 31, 2024 and 2023 was as follows (in thousands): Year Ended December 31, 2024 2023 % Change Joist sales 391 510 -23 % Deck sales 321 401 -20 % Rebar fabrication sales 1,020 1,169 -13 % Tubular products sales 856 949 -10 % Building systems sales 238 248 -4 % Other steel products sales 1,192 1,209 -1 % Total steel products sales 4,018 4,486 -10 % 36 Net sales for the steel products segment decreased 21% in 2024 from the prior year due to a 12% decrease in the average sales price per ton, from $2,845 in 2023 to $2,510 in 2024, as well as a 10% decrease in volumes.
Outside sales tonnage for the steel products segment for the years ended December 31, 2025 and 2024 was as follows (in thousands): Year Ended December 31, 2025 2024 % Change Joist and deck sales 871 712 22 % Rebar fabrication sales 1,179 1,020 16 % Tubular products sales 947 856 11 % Building systems sales 228 238 -4 % Other steel products sales 1,172 1,192 -2 % Total steel products sales 4,397 4,018 9 % Net sales for the steel products segment increased 2% in 2025 from the prior year due to a 9% increase in volumes, partially offset by a 6% decrease in the average sales price per ton, from $2,510 in 2024 to $2,348 in 2025.
We also believe we have adequate access to capital markets for liquidity purposes. Off-Balance Sheet Arrangements We have a simple capital structure with no off-balance sheet arrangements or relationships with unconsolidated special purpose entities that we believe could have a material impact on our financial condition or liquidity.
Off-Balance Sheet Arrangements We have a simple capital structure with no off-balance sheet arrangements or relationships with unconsolidated special purpose entities that we believe could have a material impact on our financial condition or liquidity. Capital Allocation Strategy We believe that our conservative financial practices have served us well in the past and are serving us well today.
Investing Activities Our business is capital intensive; therefore, cash used in investing activities primarily represents capital expenditures for the construction of new facilities, the expansion and upgrading of existing facilities and the acquisition of other companies.
Accounts payable increased resulting in an $80 million cash inflow due to the increases in inventory mentioned previously. Investing Activities Many of our businesses are capital intensive; therefore, cash used in investing activities primarily represents capital expenditures for the construction of new facilities, the expansion and upgrading of existing facilities and the acquisition of other companies.
Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in conformity with generally accepted accounting principles in the United States of America.
As we have in the past, we intend to allocate capital to investments that advance our strategy to grow the core and expand beyond, with the goal of keeping Nucor in a position of strength well into the future. 42 Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in conformity with generally accepted accounting principles in the United States of America.
The $1.24 billion increase in cash used in investing activities was primarily due to $758 million used in 2024 to fund acquisitions compared to $71 million used to fund acquisitions in 2023. $565 million of this was used in the acquisition of Rytec in 2024.
The $508 million decrease in cash used in investing activities was primarily due to a decrease in the funding of acquisitions of over $750 million in 2025 compared to 2024. $565 million of this was used in the acquisition of Rytec in 2024.
Net Sales Net sales to external customers by segment for the years ended December 31, 2024 and 2023 were as follows (in millions): Year Ended December 31, 2024 2023 % Change Steel mills $ 18,734 $ 20,093 -7 % Steel products 10,085 12,759 -21 % Raw materials 1,915 1,862 3 % Total net sales to external customers $ 30,734 $ 34,714 -11 % Net sales for 2024 decreased 11% from the prior year.
The following discussion will provide greater quantitative and qualitative analysis of Nucor’s performance in 2025 as compared to 2024. 34 Net Sales Net sales to external customers by segment for the years ended December 31, 2025 and 2024 were as follows (in millions): Year Ended December 31, 2025 2024 % Change Steel mills $ 20,003 $ 18,734 7 % Steel products 10,327 10,085 2 % Raw materials 2,164 1,915 13 % Total net sales to external customers $ 32,494 $ 30,734 6 % Net sales for 2025 increased 6% from the prior year.
In the steel mills segment, sales tons for the years ended December 31, 2024 and 2023 were as follows (in thousands): Year Ended December 31, 2024 2023 % Change Outside steel shipments 18,480 18,552 - Inside steel shipments 4,646 4,721 -2 % Total steel shipments 23,126 23,273 -1 % Net sales for the steel mills segment decreased 7% in 2024 compared to the prior year due to an 7% decrease in the average sales price per ton, from $1,084 in 2023 to $1,013 in 2024.
In the steel mills segment, sales tons for the years ended December 31, 2025 and 2024 were as follows (in thousands): Year Ended December 31, 2025 2024 % Change Outside steel shipments 19,848 18,480 7 % Inside steel shipments 5,423 4,646 17 % Total steel shipments 25,271 23,126 9 % Net sales for the steel mills segment increased 7% in 2025 compared to the prior year due to a 7% increase in volumes.
The largest decreases were at our joist and deck businesses, as average selling prices and volumes continued to moderate from the historically high levels reached in 2022. • Gross margins in the steel mills segment decreased 2024 compared to 2023 due to decreased metal margins.
The largest decreases were at our joist and deck, building systems, and rebar fabrication businesses due to decreased average selling prices and margin compression. • Gross margins in the steel mills segment increased in 2025 compared to 2024 due to the previously mentioned increase in volumes and increased metal margins.
The net proceeds from the issuance and sale of the 2032/2052 Notes were used along with cash on hand to redeem all of the outstanding $600 million aggregate principal amount of our 4.125% Notes due 2022 (the “2022 Notes”) and $500 million aggregate principal amount of our 4.000% Notes due 2023 (the “2023 Notes”) pursuant to the terms of the indenture governing the 2022 Notes and the 2023 Notes.
Net proceeds from the issuance and sale of the Notes were used during the second quarter of 2025 to redeem all of the outstanding $500 million aggregate principal amount of our 2.000% Notes due 2025 and $500 million aggregate principal amount of our 3.950% Notes due 2025 (collectively, the “2025 Notes”) pursuant to the terms of the indenture governing the 2025 Notes.
Nucor has concluded U.S. federal income tax matters for tax years through 2014, and for the tax years 2016 and 2018. The tax years 2021 through 2023 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc.
The Company’s effective tax rate in 2025 was 20.64% compared with 20.09% in 2024. Nucor has concluded U.S. federal income tax matters for tax years through 2021. The tax years 2022 through 2024 remain open to examination by the Internal Revenue Service. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc.
Salaries, wages and related accruals decreased $385 million due to lower current year profit sharing accrual and other benefit related accruals. Accounts payable decreased resulting in a $321 million cash outflow due to the decreases in inventory mentioned previously.
Salaries, wages and related accruals decreased from year-end 2024 to year-end 2025 resulting in a cash inflow of $2 million due to lower current year profit sharing accrual and other benefit related accruals. This compares to salaries, wages and related accruals at year-end 2024 decreasing from year-end 2023 and resulting in a $385 million cash outflow.
Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel. Scrap prices are stable as we begin 2025. • Pre-operating and start-up costs of new facilities increased to approximately $594 million in 2024 as compared to approximately $400 million in 2023.
Scrap prices are stable as we begin 2026. • Pre-operating and start-up costs of new facilities decreased to approximately $496 million in 2025 as compared to approximately $594 million in 2024.
The Organisation for Economic Co-operation and Development ( the “OECD”) estimated that global crude steel production overcapacity would grow from approximately 632 million net tons in 2024 to approximately 710 million net tons in 2025.However, additional capacity continues to come online and China’s steel production, the largest steel producing country, is still near record levels.
The OECD has estimated that global steel production overcapacity in 2025 is approximately 704 million net tons. This level of excess capacity is eight times the current annual steel production in the United States. However, additional capacity continues to come online and China’s steel production, the largest steel producing country, is still near record levels.
Net earnings decreased $2.59 billion over the prior year, which included $137 million of non-cash losses and impairments of assets in 2024 (none in 2023). The changes in operating assets and liabilities resulted in a net inflow of $156 million and $858 million in 2024 and 2023, respectively.
Net earnings decreased $281 million over the prior year, which included $47 million of non-cash losses and impairments of assets in 2025, compared to $137 million of non-cash losses and impairments of assets in 2024.
Comparison of 2024 to 2023 Results of Operations Nucor reported consolidated net earnings of $2.03 billion, or $8.46 per diluted share, in 2024, which decreased compared to $4.53 billion, or $18.00 per diluted share, in 2023. Earnings decreased across all three operating segments in 2024 as compared to 2023.
Comparison of 2025 to 2024 Results of Operations Nucor reported consolidated net earnings of $1.74 billion, or $7.52 per diluted share, in 2025, which decreased compared to $2.03 billion, or $8.46 per diluted share, in 2024. The primary driver of the decrease in earnings in 2025 as compared to 2024 was the decreased profitability of the steel products segment.
We have historically done this by investing to optimize our existing operations, initiate greenfield expansions and make acquisitions. Our second priority is to return capital to our stockholders through cash dividends and share repurchases.
Nucor’s financial strength allows for a consistent, balanced approach to capital allocation throughout the business cycle. Nucor invests in our business for profitable growth over the long term. We have historically done this by investing to optimize our existing operations, initiate greenfield expansions and make acquisitions. Additionally, we return capital to our stockholders through cash dividends and share repurchases.
On March 11, 2022, Nucor completed the issuance and sale of $550 million aggregate principal amount of its 3.125% Notes due 2032 (the “2032 Notes”) and $550 million aggregate principal amount of its 3.850% Notes due 2052 (the “2052 Notes” and, together with the 2032 Notes, the “2032/2052 Notes”).
On March 5, 2025, Nucor completed the issuance and sale of $500 million aggregate principal amount of its 4.650% Notes due 2030 (the “2030 Notes”) and $500 million aggregate principal amount of its 5.100% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”).
Nucor’s cash and cash equivalents, short-term investments and restricted cash and cash equivalents position remained strong at $4.14 billion as of December 31, 2024, compared with $7.13 billion as of December 31, 2023.
The disclosure of our credit ratings is made to enhance investors’ understanding of our sources of liquidity and the impact of our credit ratings on our cost of funds. Nucor’s cash and cash equivalents and short-term investments position remained strong at $2.70 billion as of December 31, 2025, compared with $4.14 billion as of December 31, 2024.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe following table presents the negative effect on pre-tax earnings of a hypothetical change in the fair value of the derivative instruments outstanding at December 31, 2024, due to an assumed 10% and 25% change in the market price of each of the indicated commodities (in millions): Commodity Derivative 10% Change 25% Change Natural gas $ 11 $ 28 Other commodities 9 23 Any resulting changes in fair value would be recorded as adjustments to accumulated other comprehensive loss, net of income taxes or recognized in net earnings, as appropriate.
Biggest changeThe following table presents the negative effect on pre-tax earnings of a hypothetical change in the fair value of the derivative instruments outstanding at December 31, 2025, due to an assumed 10% and 25% change in the market price of each of the indicated commodities (in millions): Commodity Derivative 10% Change 25% Change Natural gas $ 7 $ 17 Other commodities 24 60 Any resulting changes in fair value would be recorded as adjustments to accumulated other comprehensive loss, net of income taxes or recognized in net earnings, as appropriate.
Nucor also occasionally makes use of interest rate swaps to manage net exposure to interest rate changes. As of December 31, 2024, there were no such contracts outstanding. Nucor’s investment practice is to invest in securities that are highly liquid with short maturities.
Nucor also occasionally makes use of interest rate swaps to manage net exposure to interest rate changes. As of December 31, 2025, there were no such contracts outstanding. Nucor’s investment practice is to invest in securities that are highly liquid with short maturities.
Commodity Price Risk – In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap, steel, other ferrous and nonferrous metals, alloys and natural gas.
Commodity Price Risk – In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap, steel, other ferrous and non-ferrous metals, alloys and natural gas.
At December 31, 2024, accumulated other comprehensive loss, net of income taxes included $1 million in unrealized net-of-tax gains for the fair value of these derivative instruments. Changes in the fair values of derivatives not designated as hedges are recognized in net earnings each period.
At December 31, 2025, accumulated other comprehensive loss, net of income taxes included $13 million in unrealized net-of-tax losses for the fair value of these derivative instruments. Changes in the fair values of derivatives not designated as hedges are recognized in net earnings each period.
At December 31, 2024, approximately 21% of Nucor’s long-term debt was comprised of instruments with variable interest rates, primarily IDRBs that are adjusted weekly. The remaining 79% of Nucor’s long-term debt was at fixed rates. Future changes in interest rates are not expected to significantly impact earnings.
At December 31, 2025, approximately 24% of Nucor’s long-term debt was comprised of instruments with variable interest rates, primarily IDRBs that are adjusted weekly. The remaining 76% of Nucor’s long-term debt was at fixed rates. Future changes in interest rates are not expected to significantly impact earnings.
Open foreign currency derivative contracts at December 31, 2024 and 2023 were insignificant. 48
Open foreign currency derivative contracts at December 31, 2025 and 2024 were insignificant. 46

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