NUCOR CORP
For the period ended Jul 5, 2025. Filed Aug 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 5, 2025 · Filed Aug 13, 2025
NUE$244.97-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-04-05; filed 2025-05-14.
0000950170-25-071567
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-07-05; filed 2025-08-13.
0000950170-25-107646
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 61 previous paragraphs and 76 current paragraphs.
19 unchanged; 34 reworded; 22 added; 7 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Earnings in the steel mills segment increased in the second quarter of 2025 as compared to the second quarter of 2024 due to increased metal margins and increased volumes amidst a stable demand environment. The steel products segment had decreased earnings in the second quarter of 2025 as compared to the second quarter of 2024 as increased volumes were more than offset by decreases in average selling prices across most product groups in the segment. We saw resilient demand in key end markets for both the steel mills and steel product segments at the end of the second quarter of 2025. Backlogs for those two segments at the end of the second quarter of 2025 were increased compared to the end of the second quarter of 2024. Earnings in the raw materials segment increased in the second quarter of 2025 as compared to the second quarter of 2024 due to the improved profitability of our DRI facilities, and, to a lesser extent, our scrap processing operations.
Current report
Nucor reported net earnings attributable to Nucor stockholders of $759 million, or $3.26 per diluted share, for the first six months of 2025, which represented a decrease compared to net earnings attributable to Nucor stockholders of $1.49 billion, or $6.14 per diluted share, in the first six months of 2024. The larger decrease in comparable year-to-date earnings in 2025 as compared to 2024 was caused by weaker first quarter of 2025 results compared to the first quarter of 2024.
Current report
Earnings in the first quarter of 2024 were the highest quarterly earnings of that year, and decreased in the second quarter of 2024 due to declines in earnings of the steel mills and steel products segments. In the steel mills segment, average selling prices and volumes decreased in the second quarter of 2024 as compared to the first quarter of 2024, a trend that continued through the remainder of the year. The decreased earnings of the steel products segment in the second quarter of 2024 as compared to the first quarter of 2024 was caused by decreased average selling prices, which was also a trend that continued through the remainder of the year.
Current report
Net sales for the first six months of 2025 were comparable to the first six months of 2024. Average sales price per ton decreased 8% from $1,296 in the first six months of 2024 to $1,193 in the first six months of 2025. Total tons shipped to external customers in the first six months of 2025 were approximately 13,650,000 tons, a 9% increase from the first six months of 2024.
Current report
Net sales for the steel mills segment increased 8% in the second quarter of 2025 from the second quarter of 2024, due primarily to a 9% increase in tons shipped to external customers, partially offset by a 1% decrease in the average sales price per ton, from $1,051 to $1,041 in the second quarter of 2024 and 2025, respectively.
Current report
Net sales for the steel mills segment increased 1% in the first six months of 2025 from the first six months of 2024, due primarily to an 11% increase in tons shipped to external customers, partially offset by an 8% decrease in average sales price per ton from $1,079 to $989 in 2024 and 2025, respectively.
Current report
Net sales for the steel products segment decreased 3% in the first six months of 2025 compared to the first six months of 2024, due to a 10% decrease in the average sales price per ton, from $2,560 to $2,313, partially offset by a 7% increase in shipping volumes. The most notable decreases in average selling prices in the first six months of 2025 as compared to the first six months of 2024 were at our joist and deck business.
Current report
Net sales for the raw materials segment in the first six months of 2025 increased 10% compared to the first six months of 2024. In the first six months of 2025, approximately 94% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 3% of outside sales were from the scrap processing operations of DJJ (approximately 93% and 4%, respectively, in the first six months of 2024).
Current report
Gross margins in the steel products segment decreased in the second quarter of 2025 compared to the second quarter of 2024. Our joist and deck business experienced margin compression in the second quarter of 2025 as compared to the second quarter of 2024, as average realized selling prices decreased.
Current report
Gross margins in the raw materials segment increased in the second quarter of 2025 compared to the second quarter of 2024, primarily due to increased gross margins at our DRI facilities and, to a lesser extent, our scrap processing operations.
Current report
Nucor recorded gross margins of $1.83 billion (11%) in the first six months of 2025, which decreased compared to $2.72 billion (17%) in the first six months of 2024.
Current report
The largest factor impacting the decrease in gross margins in the first six months of 2025 compared to the first six months of 2024 was decreased earnings in the steel mills segment. Metal margins decreased in the first six months of 2025 as compared to the first six months of 2024 because the previously mentioned increase in metal margins in the second quarter of 2025 compared to the second quarter of 2024 was more than offset by the decrease in metal margins in the first quarter of 2025 as compared to the first quarter of 2024.
Current report
Additionally, conversion costs in the first six months of 2025 increased compared to the first six months of 2024, with the first quarter of 2025 accounting for the majority of the increase.
Current report
Gross margins in the steel products segment decreased in the first six months of 2025 as compared to the first six months of 2024, primarily due to decreased gross margins at our joist and deck and metal buildings businesses.
Current report
Pre-operating and start-up costs of new facilities increased to approximately $306 million in the first six months of 2025 from approximately $262 million in the first six months of 2024. Pre-operating and start-up costs in the first six months of 2025 and 2024 primarily included costs related to the plate mill in Kentucky, the sheet mill in West Virginia, the melt shop addition in Arizona and the rebar micro mill in North Carolina.
Current report
Gross margins in the raw materials segment increased in the first six months of 2025 compared to the first six months of 2024, primarily due to increased gross margins at our DRI facilities.
Current report
Included in the second quarter and first six months of 2024 net earnings was $14 million of losses and impairments of assets related to the write-down of certain assets in the steel mills segment.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was signed into law. Nucor has reflected the impact of the OBBBA in the second quarter of 2025 financial statements as required by accounting principles generally accepted in the United States. The impact of the OBBBA on Nucor's provision for income taxes was immaterial.
Current report
Nucor reported net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, in the second quarter of 2025, as compared to net earnings attributable to Nucor stockholders of $645 million, or $2.68 per diluted share, in the second quarter of 2024. Net earnings attributable to Nucor stockholders as a percentage of net sales were 7.1% and 8.0% in the second quarter of 2025 and 2024, respectively.
Current report
We expect earnings in the third quarter of 2025 to be nominally lower than the second quarter of 2025, due to decreased earnings in the steel mills segment and similar earnings in the steel products and raw materials segments. In the steel mills segment, despite resilient backlogs and a stable demand outlook, we expect margin compression in the third quarter of 2025 as compared to the second quarter of 2025.
Current report
Cash provided by operating activities was $1.10 billion in the first six months of 2025 as compared to $1.95 billion in the first six months of 2024. The $849 million decrease was primarily driven by a $739 million decrease in net earnings before noncontrolling interests from $1.67 billion in the first six months of 2024 to $932 million for the first six months of 2025. In addition, changes in operating assets and operating liabilities (exclusive of acquisitions) used cash of $643 million in the first six months of 2025 as compared to $382 million in the first six months of 2024.
Current report
The funding of our working capital in the first six months of 2025 increased by $261 million compared to the first six months of 2024 mainly due to the change in inventories using cash of $352 million in the first six months of 2025 compared to providing cash of $333 million during the first six months of 2024, and the change in accounts receivable using an additional $552 million in cash compared to the same period in 2024. These changes were offset by the change in accounts payable providing cash of $375 million in the first six months of 2025 compared to using cash of $315 million in the first six months of 2024 and the change in salaries, wages and related accruals using $291 million less in cash during the first six months of 2025 compared to the same period in 2024.
Removed paragraphs (7)
Previous report
The primary driver of the decrease in earnings in the first quarter of 2025 as compared to the first quarter of 2024 was the decreased profitability of the steel mills segment. Average selling prices and metal margins decreased across all product groups within the steel mills segment in the first quarter of 2025 as compared to the first quarter of 2024. Also contributing to the decrease in steel mills segment earnings were increased conversion costs in the first quarter of 2025 as compared to the first quarter of 2024, largely driven by increased energy costs. Earnings in the steel products segment decreased in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to lower average selling prices across most product groups within the segment. Earnings in the raw materials segment increased in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to the increased profitability of our DRI facilities.
Previous report
Net sales for the steel mills segment decreased 5% in the first quarter of 2025 from the first quarter of 2024, due primarily to a 15% decrease in the average sales price per ton, from $1,108 to $938, partially offset by a 12% increase in tons sold to outside customers.
Previous report
Gross margins in the steel products segment decreased in the first quarter of 2025 as compared to the first quarter of 2024 due primarily to lower average selling prices. The largest decreases in gross margins were at our joist and deck, metal buildings and tubular products businesses.
Previous report
Gross margins in the raw materials segment increased in the first quarter of 2025 as compared to the first quarter of 2024, primarily due to the increased profitability of our DRI operations.
Previous report
Equity in Earnings of Unconsolidated Affiliates
Previous report
Equity in earnings of unconsolidated affiliates was $4 million and $9 million in the first quarter of 2025 and 2024, respectively. The decrease in equity method investment earnings in the first quarter of 2025 as compared to the first quarter of 2024 was primarily due to the decreased results of NuMit.
Previous report
Cash provided by operating activities during the first quarter of 2025 was $364 million as compared to $460 million during the first quarter of 2024. The $96 million decrease was driven by net earnings before noncontrolling interests of $226 million for the first quarter of 2025, a decrease of $733 million from net earnings before noncontrolling interests for the prior year period of $959 million. Partially offsetting this decrease, were changes in operating assets and operating liabilities (exclusive of acquisitions), which used cash in the amount of $239 million in the first quarter of 2025 as compared to $794 million in the first quarter of 2024. The decrease in the amount of cash used related to changes in operating assets and operating liabilities was primarily attributable to a $288 million decrease in the salaries, wages and related accruals during the first quarter of 2025 as compared to the first quarter of 2024, which was largely due to the profit sharing payments made in the first quarter of 2025 (based on the Company's earnings for the full year 2024) being less than the profit sharing payments made in the first quarter of 2024 (based on the Company's earnings for the full year 2023).
Reworded paragraphs (34)
Previous wording
Certain statements made in this report, or in other public filings, press releases, or other written or oral communications made by Nucor Corporation, a Delaware corporation incorporated in 1958, and its affiliates ("Nucor", the "Company", "we", "us", or "our"), which are not historical facts are forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this report. 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 ob…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Certain statements made in this report, or in other public filings, press releases, or other written or oral communications made by Nucor Corporation, a Delaware corporation incorporated in 1958, and its affiliates ("Nucor", the "Company", "we", "us", or "our"), which are not historical facts are forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this report. 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 ob…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses and rebar distribution businesses; and Nucor’s equity method investment in NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors and utility towers and structures. The raw materials segment includes DJJ, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; and our natural gas production operations.
Current wording
Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses and rebar distribution businesses; and Nucor’s equity method investment in NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, insulated metal panels, overhead doors, steel grating, tubular products, steel racking, piling products, wire and wire mesh, and utility towers and structures. The raw materials segment includes DJJ, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; and our natural gas production operations.
Previous wording
The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 80%, 55% and 73%, respectively, in the first quarter of 2025, compared to approximately 82%, 59% and 77%, respectively, in the first quarter of 2024.
Current wording
The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 82%, 61% and 73%, respectively, in the first six months of 2025, compared with approximately 79%, 59% and 75%, respectively, in the first six months of 2024.
Previous wording
Nucor reported net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, in the first quarter of 2025, which represented a decrease compared to net earnings attributable to Nucor stockholders of $845 million, or $3.46 per diluted share, in the first quarter of 2024.
Current wording
Nucor reported net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025, which represented a decrease compared to net earnings attributable to Nucor stockholders of $645 million, or $2.68 per diluted share, for the second quarter of 2024.
Previous wording
We expect earnings in the second quarter of 2025 to increase compared to the first quarter of 2025. Earnings in the second quarter of 2025 are expected to increase across all three of our operating segments, with the largest expected increase in the steel mills segment. The expected increase in the steel mills segment earnings is primarily due to higher average selling prices at our sheet and plate mills. Earnings in the steel products segment are expected to increase in the second quarter of 2025 as compared to the first quarter of 2025 due to increased volumes. The raw materials segment is expected to have increased earnings in the second quarter of 2025.
Current wording
Earnings improved substantially in the second quarter of 2025 as compared to the first quarter of 2025, driven by the increased profitability of the steel mills segment. The steel mills segment had higher average selling prices, particularly at our sheet and plate mills, and lower overall conversion costs in the second quarter of 2025 as compared to the first quarter of 2025. The steel products segment also had increased earnings in the second quarter of 2025 as compared to the first quarter of 2025 due to increased volumes and higher average selling prices.
Previous wording
The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the first quarter of 2025 as compared to the first quarter of 2024.
Current wording
The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the second quarter and first six months of 2025 as compared to the second quarter and first six months of 2024.
Previous wording
Net sales to external customers by segment for the first quarter of 2025 and 2024 were as follows (in millions):
Current wording
Net sales to external customers by segment for the second quarter and first six months of 2025 and 2024 were as follows (in millions):
Previous wording
Net sales for the first quarter of 2025 decreased 4% from the first quarter of 2024. Average sales price per ton decreased 12% from $1,307 in the first quarter of 2024 to $1,146 in the first quarter of 2025. Total tons shipped to outside customers in the first quarter of 2025 were approximately 6,830,000 tons, a 10% increase from the first quarter of 2024.
Current wording
Net sales for the second quarter of 2025 increased 5% from the second quarter of 2024. Average sales price per ton decreased 3% from $1,284 in the second quarter of 2024 to $1,240 in the second quarter of 2025. Total tons shipped to external customers in the second quarter of 2025 were approximately 6,820,000 tons, an 8% increase from the second quarter of 2024.
Previous wording
In the steel mills segment, sales tons for the first quarter of 2025 and 2024 were as follows (in thousands):
Current wording
In the steel mills segment, sales tons for the second quarter and first six months of 2025 and 2024 were as follows (in thousands):
Previous wording
Outside sales tonnage for the steel products segment for the first quarter of 2025 and 2024 was as follows (in thousands):
Current wording
Outside sales tonnage for the steel products segment for the second quarter and first six months of 2025 and 2024 was as follows (in thousands):
Previous wording
Net sales for the steel products segment decreased 4% in the first quarter of 2025 compared to the first quarter of 2024, primarily due to a 12% decrease in the average sales price per ton, from $2,608 to $2,294, partially offset by a 9% increase in tons sold to outside customers. Average selling prices decreased across most businesses within the steel products segment in the first quarter of 2025 as compared to the first quarter of 2024.
Current wording
Net sales for the steel products segment decreased 2% in the second quarter of 2025 from the second quarter of 2024, due to a 7% decrease in the average sales price per ton, from $2,517 to $2,331, partially offset by a 6% increase in shipping volumes. Average selling prices decreased across most businesses within the steel products segment in the second quarter of 2025 as compared to the second quarter of 2024, most notably at our joist and deck business.
Previous wording
Net sales for the raw materials segment increased 15% in the first quarter of 2025 compared to the first quarter of 2024, primarily due to increased average selling prices at DJJ's brokerage operations. In the first quarter of 2025, approximately 94% of outside sales for the raw materials segment were from DJJ's scrap brokerage operations, and approximately 4% of outside sales were from DJJ's scrap processing operations (approximately 93% and 4%, respectively, in the first quarter of 2024).
Current wording
Net sales for the raw materials segment increased 6% in the second quarter of 2025 compared to the second quarter of 2024. In the second quarter of 2025, approximately 94% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 3% of outside sales were from the scrap processing operations of DJJ (approximately 92% and 4%, respectively, in the second quarter of 2024).
Previous wording
Nucor recorded gross margins of $605 million (8%) in the first quarter of 2025, which was a decrease compared to $1.52 billion (19%) in the first quarter of 2024.
Current wording
Nucor recorded gross margins of $1.22 billion (14%) in the second quarter of 2025, which was an increase compared to $1.19 billion (15%) in the second quarter of 2024.
Previous wording
The primary driver of the decrease in gross margins in the first quarter of 2025 as compared to the first quarter of 2024 was decreased margins in the steel mills segment caused by lower metal margins and increased conversion costs per ton. Metal margin is the difference between the selling price of steel and the cost of scrap and scrap substitutes.
Current wording
The increase in gross margin in the second quarter of 2025 as compared to the second quarter of 2024 was due primarily to higher metal margins in the steel mills segment. Metal margin is the difference between the selling price of steel and the cost of scrap and scrap substitutes.
Previous wording
Scrap and scrap substitutes are the most significant element in the total cost of steel production. The average scrap and scrap substitute cost per gross ton used in the first quarter of 2025 was $394, a 6% decrease compared to $421 in the first quarter of 2024. The decrease in scrap and scrap substitute costs was more than offset by decreased average selling prices, resulting in lower metal margins.
Current wording
Scrap and scrap substitutes are the most significant element in the total cost of steel production. The average scrap and scrap substitute cost per gross ton used in the second quarter of 2025 was $403, a 2% increase compared to $396 in the second quarter of 2024. Despite the increase in average scrap and scrap substitute cost per gross ton used, metal margins increased in the second quarter of 2025 as compared to the second quarter of 2024 due to the previously mentioned increase in volumes.
Previous wording
Pre-operating and start-up costs of new facilities were approximately $170 million in the first quarter of 2025 and approximately $125 million in the first quarter of 2024. Pre-operating and start-up costs in the first quarter of 2025 and 2024 primarily included costs related to the plate mill in Kentucky and the sheet mill under construction in West Virginia. Nucor defines pre-operating and start-up costs, all of which are expensed, as the losses attributable to facilities or major projects that are either under construction or in the early stages of operation. Once these facilities or projects have attained a utilization rate that is consistent with our other similar operating facilities, Nucor no longer considers them to be in start-up.
Current wording
Pre-operating and start-up costs of new facilities were approximately $136 million in the second quarter of 2025 and approximately $137 million in the second quarter of 2024. Pre-operating and start-up costs in the second quarter of 2025 primarily included costs related to the sheet mill in West Virginia, the plate mill in Kentucky, the rebar micro mill in North Carolina and the melt shop addition in Arizona. Pre-operating and start-up costs in the second quarter of 2024 primarily included costs related to the plate mill in Kentucky, the sheet mill in West Virginia, the melt shop addition in Arizona and the rebar micro mill in North Carolina. Nucor defines pre-operating and start-up costs, all of which are expensed, as the losses attributable to facilities or major projects that are either under construction or in the early stages of operation. Once these facilities or projects have attained a utilization rate that is consistent with our similar operating facilities, Nucor no longer considers them to be in start-up.
Previous wording
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 by $93.0 million in the first quarter of 2025 as compared to the first quarter of 2024. The decrease was due to the Company’s decreased earnings in the first quarter of 2025 as compared to the first quarter of 2024.
Current wording
A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These profit sharing and other incentive compensation costs, which are based upon and fluctuate with Nucor’s financial performance, were comparable in the second quarter of 2025 compared to the second quarter of 2024, and decreased by $93 million in the first six months of 2025 compared to the first six months of 2024. These decreases were due to Nucor's decreased profitability in the second quarter and first six months of 2025 compared to the respective prior year periods, which resulted in decreased expense related to profit sharing.
Previous wording
Included in the first quarter of 2025 net earnings was $29 million of losses and impairments of assets (there were no losses and impairments of assets in the first quarter of 2024). Of this amount, $19 million was related to the closure or repurposing of certain facilities in the steel products segment. The remaining $10 million was related to the repurposing of a facility in the steel mills segment.
Current wording
Included in the second quarter and first six months of 2025 net earnings was $11 million and $40 million, respectively, of losses and impairments of assets. These charges consisted of the following: $19 million related to the closure or repurposing of certain facilities in the steel products segment (all of which was recorded in the first quarter of 2025); $17 million related to the repurposing of a facility in the steel mills segment ($7 million of which was recorded in the second quarter of 2025); and $4 million related to the write-off of certain assets in the raw materials segment (all of which was recorded in the second quarter of 2025).
Previous wording
Net interest expense (income) for the first quarter of 2025 and 2024 was as follows (in millions):
Current wording
Net interest expense (income) for the second quarter and first six months of 2025 and 2024 was as follows (in millions):
Previous wording
Interest expense increased in the first quarter of 2025 compared to the first quarter of 2024, primarily due to a decrease in capitalized interest. Interest income decreased in the first quarter of 2025 compared to the first quarter of 2024, due to lower average investments and a decrease in average interest rates on investments.
Current wording
Interest expense decreased in the second quarter and first six months of 2025 compared to the second quarter and first six months of 2024 mainly due to an increase in capitalized interest. Interest income decreased in the second quarter and first six months of 2025 compared to the second quarter and first six months of 2024 due to lower average investment balances and a decrease in average interest rates on those investments.
Previous wording
The table below presents earnings before income taxes and noncontrolling interests by segment for the first quarter of 2025 and 2024 (in millions). The changes between periods were driven by the quantitative and qualitative factors previously discussed.
Current wording
The table below presents earnings before income taxes and noncontrolling interests by segment for the second quarter and first six months of 2025 and 2024 (in millions). The changes between periods were driven by the quantitative and qualitative factors previously discussed.
Previous wording
Noncontrolling interests represent the income attributable to the holders of noncontrolling interests in Nucor’s joint ventures, NYS, CSI and NJSM. Nucor owns a 51% controlling interest in each of NYS, CSI and NJSM. The decrease in earnings attributable to noncontrolling interests in the first quarter of 2025 as compared to the first quarter of 2024 was due to the decreased earnings of CSI and NYS.
Current wording
Noncontrolling interests represent the income attributable to the holders of noncontrolling interests in Nucor’s joint ventures, Nucor Yamato Steel Company (Limited Partnership) ("NYS"), California Steel Industries, Inc. ("CSI") and Nucor JFE Steel Mexico, S. de R.L. de C.V. ("NJSM"). Nucor owns a 51% controlling interest in each of NYS, CSI and NJSM. The increase in earnings attributable to noncontrolling interests in the second quarter of 2025 compared to the second quarter of 2024 was primarily due to the increased earnings of NYS and CSI. The decrease in earnings attributable to noncontrolling interests in the first six months of 2025 compared to the first six months of 2024 was due to the decreased earnings of NYS and CSI.
Previous wording
The effective tax rate for the first quarter of 2025 was 20.7% compared to 21.7% for the first quarter of 2024. The expected effective tax rate for the full year of 2025 is approximately 20.9%.
Current wording
The effective tax rate for the second quarter of 2025 was 21.5% compared to 20.7% for the second quarter of 2024. The expected effective tax rate for the full year of 2025 is approximately 21.4%.
Previous wording
We estimate that in the next 12 months our gross unrecognized tax benefits, which totaled $215 million at April 5, 2025, exclusive of interest, could decrease by as much as $38 million as a result of the expiration of the statute of limitations and the closures of examinations, substantially all of which would impact the effective tax rate.
Current wording
We estimate that in the next 12 months our gross unrecognized tax benefits, which totaled $213 million at July 5, 2025, exclusive of interest, could decrease by as much as $38 million as a result of the expiration of the statute of limitations and the closures of examinations, substantially all of which would impact the effective tax rate.
Previous wording
The IRS is currently examining Nucor’s 2015, 2019, and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for the 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. (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).
Current wording
The Internal Revenue Service (the “IRS”) is currently examining Nucor’s 2015, 2019, and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for the tax years through 2014, and for the tax years 2016 through 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. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue 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).
Previous wording
Nucor reported net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, in the first quarter of 2025, as compared to net earnings attributable to Nucor stockholders of $845 million, or $3.46 per diluted share, in the first quarter of 2024. Net earnings attributable to Nucor stockholders as a percentage of net sales were 2.0% and 10.4% in the first quarter of 2025 and 2024, respectively. Annualized return on average stockholders’ equity was 3.1% and 16.2% in the first quarter of 2025 and 2024, respectively.
Current wording
Nucor reported net earnings attributable to Nucor stockholders of $759 million, or $3.26 per diluted share, in the first six months of 2025, as compared to net earnings attributable to Nucor stockholders of $1.49 billion, or $6.14 per diluted share, in the first six months of 2024. Net earnings attributable to Nucor stockholders as a percentage of net sales were 4.7% and 9.2% in the first six months of 2025 and 2024, respectively. Annualized return on average stockholders’ equity was 7.5% and 14.3% in the first six months of 2025 and 2024, respectively.
Previous wording
Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our largest single customer in the first quarter of 2025 represented approximately 5% of sales and has consistently paid within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap and scrap substitutes, pig iron and iron ore. Businesses within the steel mills segment account for the majority of the raw materials segment’s sales.
Current wording
Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our largest single customer in the second quarter of 2025 represented approximately 5% of sales and has consistently paid within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap and scrap substitutes, pig iron and iron ore. Businesses within the steel mills segment account for the majority of the raw materials segment’s sales.
Previous wording
Our liquidity position as of April 5, 2025 remained strong, consisting of total cash and cash equivalents and short-term investments of $4.06 billion ($4.14 billion as of December 31, 2024). Approximately $772 million of the cash and cash equivalents position at April 5, 2025, was held by our majority-owned joint ventures as compared to approximately $970 million at December 31, 2024.
Current wording
Our liquidity position as of July 5, 2025 remained strong, consisting of total cash and cash equivalents and short-term investments of $2.48 billion ($4.14 billion as of December 31, 2024). Approximately $841 million of the cash and cash equivalents position at July 5, 2025, was held by our majority-owned joint ventures as compared to approximately $970 million at December 31, 2024.
Previous wording
The current ratio was 2.5 at the end of the first quarter of 2025 and at year-end 2024.
Current wording
The current ratio was 2.8 at the end of the second quarter of 2025 and 2.5 at year-end 2024.
Previous wording
Cash used in investing activities during the first quarter of 2025 was $1.18 billion as compared to $890 million during the first quarter of 2024, an increase of $290 million. The primary use of cash in investing activities was capital expenditures, which was $859 million in the first quarter of 2025, an increase of $189 million from the prior year period. Capital expenditures in the first quarter of 2025 primarily related to the sheet mill under construction in West Virginia and the construction of two manufacturing locations to expand Nucor Towers & Structures ("NTS"). Capital expenditures for 2025 are estimated to be approximately $3.00 billion as compared to $3.17 billion in 2024. 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.
Current wording
Cash used in investing activities in the first six months of 2025 was $1.72 billion as compared to $1.60 billion in the first six months of 2024, an increase of $122 million. Cash used for capital expenditures of $1.81 billion in the first six months of 2025 increased by $342 million compared to the same period of 2024 primarily due to the sheet mill under construction in West Virginia and the construction of two manufacturing locations to expand Nucor Towers & Structures ("NTS"). Capital expenditures for 2025 are estimated to be approximately $3.00 billion as compared to $3.17 billion in 2024. 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.
Previous wording
Cash provided by financing activities during the first quarter of 2025 was $414 million as compared to cash used in financing activities of $1.40 billion during the first quarter of 2024. The primary source of cash in the first quarter of 2025 was proceeds from the issuance and sale of long-term debt, net of discount to the public, of $997 million. In the first quarter of 2025, Nucor issued and sold $500 million aggregate principal amount of its 4.650% Notes due 2030 and $500 million aggregate principal amount of its 5/100% Notes due 2035. We plan to use the net proceeds from the issuance and sale of these Notes, along with cash on hand if necessary, 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, with remaining proceeds, if any, to be used for general corporate purposes. The primary uses of cash were stock repurchases of $300 million in the first quarter of 2025 as compared to $1.00 billion in the first quarter of 2024, a decrease of $701 million, and distributions to noncontrolling interests of $172 million in the first quarter of 2025 as compared to $265 million in the first quarter of 2024, a decrease of $93 million.
Current wording
Cash used in financing activities in the first six months of 2025 was $996 million as compared to $2.09 billion in the first six months of 2024. The primary uses of cash were repayments of long-term debt $1.01 billion in the first six months of 2025 as compared to $5 million in the first six months of 2024. Additionally, stock repurchases used cash of $500 million in the first six months of 2025 as compared to $1.50 billion in the first six months of 2024, a decrease of $1.00 billion. The primary source of cash in the first six months of 2025 was proceeds from the issuance and sale of long-term debt, net of discount to the public, of $997 million. In the first quarter of 2025, Nucor issued and sold $500 million aggregate principal amount of its 4.650% Notes due 2030 and $500 million aggregate principal amount of its 5.100% Notes due 2035. Net proceeds from the issuance and sale of these Notes were used 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.
Previous wording
On March 11, 2025, Nucor amended and restated its revolving credit facility to increase the borrowing capacity from $1.75 billion to $2.25 billion and to extend its maturity date to March 11, 2030. The revolving credit facility includes only one financial covenant, which is a limit of 60% on the ratio of funded debt to total capital. In addition, the 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 April 5, 2025, the funded debt to total capital ratio was 27.2% and we were in compliance with all non-financial covenants under the revolving credit facility. No borrowings were outstanding under the revolving credit facility as of April 5, 2025.
Current wording
On March 11, 2025, Nucor amended and restated its revolving credit facility to increase the borrowing capacity from $1.75 billion to $2.25 billion and to extend its maturity date to March 11, 2030. The revolving credit facility includes only one financial covenant, which is a limit of 60% on the ratio of funded debt to total capital. In addition, the 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 July 5, 2025, the funded debt to total capital ratio was 24.3% and we were in compliance with all non-financial covenants under the revolving credit facility. No borrowings were outstanding under the revolving credit facility as of July 5, 2025.
Previous wording
In February 2025, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of $0.55 per share payable on May 12, 2025 to stockholders of record on March 31, 2025. This dividend is Nucor’s 208 th consecutive quarterly cash dividend.
Current wording
In June 2025, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of $0.55 per share payable on August 11, 2025 to stockholders of record on June 30, 2025. This dividend is Nucor’s 209 th consecutive quarterly cash dividend.
Previous wording
Funds provided by operations, cash and cash equivalents, short-term investments and new borrowings under our existing credit facilities are expected to be adequate to meet future capital expenditures 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.
Current wording
Funds provided from operations, cash and cash equivalents, short-term investments and new borrowings under our existing credit facilities are expected to be adequate to meet future capital expenditure 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.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The average scrap and scrap substitute cost per gross ton used in the first six months of 2025 was $398, a 3% decrease compared to $409 in the first six months of 2024. The decrease in average scrap and scrap substitute cost per gross ton used, was more than offset by the previously mentioned decrease in average sales price per ton.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Included in the first quarter of 2025 net earnings was $29 million of losses and impairments of assets (there were no losses and impairments of assets in the first quarter of 2024). Of this amount, $19 million related to the closure or repurposing of certain facilities in the steel products segment. The remaining $10 million was related to the repurposing of a facility in the steel mills segment.