NUCOR CORP
For the period ended Apr 4, 2026. Filed May 13, 2026.
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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.
Apr 4, 2026 · Filed May 13, 2026
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 2025-10-04; filed 2025-11-12.
0001193125-25-276207
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-04-04; filed 2026-05-13.
0001193125-26-220778
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 74 previous paragraphs and 62 current paragraphs.
20 unchanged; 32 reworded; 9 added; 22 removed; 0 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 (9)
Current report
The primary driver of the increase in earnings in the first quarter of 2026 as compared to the first quarter of 2025 was the increased earnings of the steel mills segment. The increase in the steel mills segment earnings in the first quarter of 2026 was primarily due to record quarterly shipments and increased average selling prices and metal margins. Earnings increased for all product groups within the steel mills segment in the first quarter of 2026, with the largest increase at our sheet mills. Demand remains strong in our key end markets, and backlog levels in the steel mills segment increased at the end of the first quarter of 2026 compared to the end of 2025. Federal trade policies, including anti-dumping and countervailing duty laws in combination with Section 232 national security tariffs, are continuing to reduce the flood of unfairly traded imports into the United States. Imports' share of the U.S. finished steel market declined from over 22% in the first quarter of 2025 to approximately 15% in the first quarter of 2026.
Current report
Earnings in the steel products segment decreased slightly in the first quarter of 2026 compared to the first quarter of 2025 primarily due to margin compression caused by increased steel input costs. Demand remains strong in key end markets and volumes and average selling prices for the steel products segment increased in the first quarter of 2026 as compared to the first quarter of 2025. Backlogs for the steel products segment were increased at the end of the first quarter of 2026 as compared to the end of 2025.
Current report
Earnings in the raw materials segment increased in the first quarter of 2026 as compared to the first quarter of 2025, primarily due to the increased profitability of our scrap processing operations. Included in the raw materials segment’s earnings in the first quarter of 2026 was $15 million of impairment charges related to certain assets within the segment.
Current report
Net sales for the steel mills segment increased 23% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to a 14% increase in the average sales price per ton, from $938 to $1,074, and an 8% increase in tons sold to outside customers.
Current report
The majority of the raw materials segment's total sales are to internal customers in the steel mills segment. Net sales to outside customers represented approximately 18% of the raw materials segment's total sales in the first quarter of 2026 (approximately 16% in the first quarter of 2025).
Current report
Gross margins in the raw materials segment increased in the first quarter of 2026 as compared to the first quarter of 2025, primarily due to the increased profitability of our scrap processing operations.
Current report
Included in the first quarter of 2026 net earnings was $15 million of impairment charges related to certain assets in the raw materials segment.
Current report
We expect higher consolidated earnings in the second quarter of 2026, with improved earnings across all three operating segments. In the steel mills segment, the expected increase is due to higher realized selling prices with stable volumes. In the steel products segment, we expect improved earnings due to higher volumes on stable pricing. The raw materials segment is expected to have increased earnings due to higher realized pricing.
Current report
Cash provided by operating activities during the first quarter of 2026 was $886 million as compared to $364 million during the first quarter of 2025. The $522 million increase was driven by net earnings before noncontrolling interests of $870 million for the first quarter of 2026, an increase of $644 million from net earnings before noncontrolling interests for the prior year period of $226 million. Partially offsetting this increase were changes in operating assets and operating liabilities (exclusive of acquisitions), which used cash in the amount of $378 million in the first quarter of 2026 as compared to $239 million in the first quarter of 2025. The increase in the amount of cash used related to changes in operating assets and operating liabilities was primarily attributable to the change in accounts receivable using cash of $463 million and $291 million during the first quarter of 2026 and 2025, respectively, an increase of $172 million from the prior year period.
Removed paragraphs (22)
Previous report
Earnings in the steel mills segment increased in the third quarter of 2025 as compared to the third quarter of 2024 due to increased metal margins and increased volumes amidst an improved demand environment compared to the prior year period. The steel products segment had similar earnings in the third quarter of 2025 as compared to the third quarter of 2024, the latter of which included $40 million of losses and impairments of assets. Excluding the impairment charge, earnings in the steel products segment decreased in the third quarter of 2025 as compared to the third quarter of 2024 primarily due to the decreased earnings of our joist and deck business and, to a lesser extent, decreased earnings of our metal buildings and rebar fabrication businesses. Earnings in the raw materials segment increased in the third quarter of 2025 as compared to the third quarter of 2024. Included in the third quarter of 2024 raw materials segment’s earnings was an $83 million impairment charge related to a long-term note receivable that management determined was no longer collectible. The increase in the raw materials segment’s earnings in the third quarter of 2025 as compared to the third quarter of 2024 was due to the absence of any impairment charges in the third quarter of 2025 and the improved profitability of our scrap brokerage and scrap processing operations.
Previous report
Nucor reported net earnings attributable to Nucor stockholders of $1.37 billion, or $5.88 per diluted share, for the first nine months of 2025, which represented a decrease compared to net earnings attributable to Nucor stockholders of $1.74 billion, or $7.22 per diluted share, for the first nine months of 2024. The decrease in comparable year-to-date earnings in 2025 as compared to 2024 was caused by weaker first six months of 2025 results compared to the first six months of 2024.
Previous report
The largest driver of the decrease in earnings in the first nine months of 2025 as compared to the first nine months of 2024 was the decreased earnings of the steel products segment. The steel products segment’s earnings decreased in the first nine months of 2025 as compared to the first nine months of 2024 due to lower average selling prices, with the most impactful decrease at our joist and deck business. Earnings in the steel mills segment decreased in the first nine months of 2025 as compared to the first nine months of 2024 due to lower average selling prices and margin compression caused by higher conversion costs, particularly in the first quarter of 2025. During the first nine months of 2025, average selling prices in the steel mills segment increased from the first quarter to the second quarter and stayed relatively flat in the third quarter as compared to the second quarter. This contrasts with the trend in average selling prices for the steel mills segment in the previous year, which decreased each consecutive quarter during the first nine months of 2024. Earnings in the raw materials segment increased in the first nine months of 2025 as compared to the first nine months of 2024 due to the prior year nine months including the previously mentioned $83 million impairment charge and the improved profitability of our DRI facilities.
Previous report
Net sales for the first nine months of 2025 increased 5% from the first nine months of 2024. Average sales price per ton decreased 4% from $1,265 in the first nine months of 2024 to $1,215 in the first nine months of 2025. Total tons shipped to outside customers in the first nine months of 2025 were approximately 20,424,000 tons, a 9% increase from the first nine months of 2024.
Previous report
Net sales for the steel mills segment increased 16% in the third quarter of 2025 from the third quarter of 2024, due to an 8% increase in volumes and a 7% increase in the average sales price per ton, from $967 to $1,038.
Previous report
Net sales for the steel mills segment increased 6% in the first nine months of 2025 from the first nine months of 2024, due primarily to a 10% increase in volumes, partially offset by a 4% decrease in average selling price from $1,042 per ton in the first nine months of 2024 to $1,005 per ton in the first nine months of 2025.
Previous report
Net sales for the steel products segment increased 12% in the third quarter of 2025 compared to the third quarter of 2024, due to a 17% increase in shipping volumes partially offset by a 4% decrease in the average sales price per ton, from $2,469 to $2,358.
Previous report
Net sales for the raw materials segment increased 13% in the first nine months of 2025 compared to the first nine months of 2024, due to higher average selling prices and increased tons shipped to outside customers by the scrap brokerage operations of DJJ. In the first nine months of 2025, approximately 95% 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 nine months of 2024).
Previous report
Gross margins in the raw materials segment increased in the third quarter of 2025 as compared to the third quarter of 2024 primarily due to the increased earnings of our scrap brokerage and scrap processing operations.
Previous report
Nucor recorded gross margins of $3.02 billion (12%) in the first nine months of 2025, which was a decrease compared to $3.48 billion (15%) in the first nine months of 2024.
Previous report
The largest driver of the decrease in gross margins in the first nine months of 2025 as compared to the first nine months of 2024 was the decreased earnings of the steel products segment, which was primarily due to the decreased profitability of our joist and deck businesses.
Previous report
In the steel mills segment, gross margins decreased in the first nine months of 2025 as compared to the first nine months of 2024 due to the previously mentioned decrease in average selling prices and higher conversion costs, particularly in the first quarter of 2025. The average scrap and scrap substitute cost per gross ton used in the first nine months of 2025 was $396, a 1% decrease compared to $399 in the first nine months of 2024.
Previous report
Pre-operating and start-up costs of new facilities decreased to approximately $408 million in the first nine months of 2025 from approximately $430 million in the first nine months of 2024. Pre-operating and start-up costs in the first nine months of both 2025 and 2024 primarily included costs related to the plate mill in Kentucky, the sheet mill under construction in West Virginia, the melt shop expansion in Arizona and the rebar micro mill in North Carolina.
Previous report
Gross margins in the raw materials segment increased in the first nine months of 2025 as compared to the first nine months of 2024 primarily due to the increased earnings of our DRI operations.
Previous report
Included in the third quarter and first nine months of 2024 net earnings was $123 million and $137 million, respectively, of losses and impairments of assets. The $123 million in charges recorded in the third quarter of 2024 consisted of an $83 million impairment charge related to a long-term note receivable in the raw materials segment and $40 million related to certain non-current assets, mostly property, plant and equipment, net, related to a business in the steel products segment. The remaining $14 million (recorded in the second quarter of 2024) in the first nine months of 2024 was related to the write-down of certain assets in the steel mills segment.
Previous report
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law. Nucor reflected the enactment 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.
Previous report
We estimate that in the next 12 months our gross unrecognized tax benefits, which totaled $209 million at October 4, 2025, exclusive of interest, could decrease by as much as $45 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 report
Nucor reported net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, in the third quarter of 2025 as compared to net earnings attributable to Nucor stockholders of $250 million, or $1.05 per diluted share, in the third quarter of 2024. Net earnings attributable to Nucor stockholders as a percentage of net sales were 7.1% and 3.4% in the third quarter of 2025 and 2024, respectively.
Previous report
We expect earnings in the fourth quarter of 2025 to be lower than the third quarter of 2025. In the steel mills segment, the expected decrease is primarily due to lower overall volumes, along with lower average selling prices in our sheet mills. In the steel products segment, the expected decrease is mainly due to lower volumes. In the raw materials segment, the expected decrease is primarily due to lower realized pricing as well as planned outages at our DRI facilities.
Previous report
Cash provided by operating activities was $2.44 billion in the first nine months of 2025 as compared to $3.25 billion in the first nine months of 2024. The $811 million decrease was primarily driven by net earnings before noncontrolling interests of $1.62 billion for the first nine months of 2025, which represented a decrease of $359 million from net earnings before noncontrolling interests for the prior year period of $1.97 billion.
Previous report
Changes in operating assets and operating liabilities (exclusive of acquisitions and dispositions) used cash of $387 million in the first nine months of 2025 as compared to providing cash of $131 million in the first nine months of 2024. This $518 million change was mainly due to the change in accounts receivable using cash of $614 million during the first nine months of 2025 compared to providing cash of $47 million during the first nine months of 2024, and the change in inventories using cash of $295 million during the first nine months of 2025 compared to providing cash of $496 million during the first nine months of 2024.These changes were partially offset by the change in accounts payable providing cash of $296 million in the first nine months of 2025 compared to using cash of $207 million in the first nine months of 2024, and the change in salaries, wages and related accruals providing cash of $20 million during the first nine months of 2025 compared to using cash of $314 million during the first nine months of 2024.
Previous report
In the third quarter of 2025, the Company decided to no longer pursue a new rebar micro-mill in the Pacific Northwest region. With the recent investments made in the bar group, we believe that we can serve the Western U.S. and Canadian markets from our current footprint with superior cost and supply chain advantages.
Reworded paragraphs (32)
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; rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC. 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 LLC ("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; rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, 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
Previous wording
The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 83%, 62% and 72%, respectively, in the first nine months of 2025 compared with approximately 77%, 59% and 73%, respectively, in the first nine months of 2024.
Current wording
The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 86%, 60% and 76%, respectively, in the first quarter of 2026, compared to approximately 80%, 55% and 73%, respectively, in the first quarter of 2025.
Previous wording
Nucor reported net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025, which represented an increase compared to net earnings attributable to Nucor stockholders of $250 million, or $1.05 per diluted share, for the third quarter of 2024.
Current wording
Nucor reported net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, in the first quarter of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, in the first quarter of 2025.
Previous wording
The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the third quarter and first nine months of 2025 as compared to the third quarter and first nine months of 2024.
Current wording
The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the first quarter of 2026 as compared to the first quarter of 2025.
Previous wording
Net sales to external customers by segment for the third quarter and first nine months of 2025 and 2024 were as follows (in millions):
Current wording
Net sales to external customers by segment for the first quarter of 2026 and 2025 were as follows (in millions):
Previous wording
Net sales for the third quarter of 2025 increased 14% from the third quarter of 2024. Average sales price per ton increased 5% from $1,201 in the third quarter of 2024 to $1,258 in the third quarter of 2025. Total tons shipped to outside customers in the third quarter of 2025 were approximately 6,774,000 tons, a 9% increase from the third quarter of 2024.
Current wording
Net sales for the first quarter of 2026 increased 21% from the first quarter of 2025. Average sales price per ton increased 12% from $1,146 in the first quarter of 2025 to $1,279 in the first quarter of 2026. Total tons shipped to outside customers in the first quarter of 2026 were approximately 7,427,000 tons, a 9% increase from the first quarter of 2025.
Previous wording
In the steel mills segment, sales tons for the third quarter and first nine months of 2025 and 2024 were as follows (in thousands):
Current wording
In the steel mills segment, sales tons for the first quarter of 2026 and 2025 were as follows (in thousands):
Previous wording
Outside sales tonnage for the steel products segment for the third quarter and first nine months of 2025 and 2024 was as follows (in thousands):
Current wording
Outside sales tonnage for the steel products segment for the first quarter of 2026 and 2025 was as follows (in thousands):
Previous wording
Net sales for the steel products segment increased 2% in the first nine months of 2025 compared to the first nine months of 2024, due to an 11% increase in shipping volumes, partially offset by an 8% decrease in the average sales price per ton, from $2,530 to $2,329.
Current wording
Net sales for the steel products segment increased 16% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to a 5% increase in the average sales price per ton, from $2,294 to $2,405, and an 11% increase in tons sold to outside customers.
Previous wording
Net sales for the raw materials segment increased 18% in the third quarter of 2025 compared to the third quarter of 2024, due to higher average selling prices and increased tons shipped to outside customers by the scrap brokerage operations of DJJ. In the third quarter of 2025, approximately 95% 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 3%, respectively, in the third quarter of 2024).
Current wording
Net sales to external customers for the raw materials segment increased 30% in the first quarter of 2026 compared to the first quarter of 2025, primarily due to increased volumes and average selling prices at DJJ's scrap brokerage operations. In the first quarter of 2026, approximately 96% of outside sales for the raw materials segment were from DJJ's scrap brokerage operations, and approximately 3% of outside sales for the raw materials segment were from DJJ's scrap processing operations (approximately 94% and 4%, respectively, in the first quarter of 2025).
Previous wording
Nucor recorded gross margins of $1.19 billion (14%) in the third quarter of 2025, which was an increase compared to $758 million (10%) in the third quarter of 2024.
Current wording
Nucor recorded gross margins of $1.50 billion (16%) in the first quarter of 2026, which was an increase compared to $605 million (8%) in the first quarter of 2025.
Previous wording
The largest driver of the increase in gross margins in the third quarter of 2025 as compared to the third quarter of 2024 was 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.
Current wording
The primary driver of the increase in gross margins in the first quarter of 2026 as compared to the first quarter of 2025 was increased margins in the steel mills segment caused by higher metal margins. Metal margin is the difference between the selling price of steel and the cost of scrap and scrap substitutes. Additionally, the steel mills segment had decreased conversion costs per ton in the first quarter of 2026 as compared to the first quarter of 2025 due to higher utilization rates.
Previous wording
Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel. As we enter the fourth quarter of 2025, scrap prices are comparable to the third quarter of 2025.
Current wording
Scrap and scrap substitutes are the most significant element in the total cost of steel production. 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 subject to change based on market fluctuations.
Previous wording
Scrap and scrap substitutes are the most significant element in the total cost of steel production. In the steel mills segment, the average scrap and scrap substitute cost per gross ton used in the third quarter of 2025 was $391, a 3% increase compared to $378 in the third quarter of 2024. Despite the increase in scrap and scrap substitute costs in the third quarter of 2025 as compared to the third quarter of 2024, total metal margin dollars increased as the increase in average selling prices and volumes outpaced the increase in scrap and scrap substitute costs.
Current wording
The average scrap and scrap substitute cost per gross ton used in the first quarter of 2026 was $403, a 2% increase compared to $394 in the first quarter of 2025. The increase in scrap and scrap substitute costs was more than offset by increased average selling prices, resulting in higher metal margins.
Previous wording
Pre-operating and start-up costs of new facilities were approximately $103 million in the third quarter of 2025 and approximately $168 million in the third quarter of 2024. Pre-operating and start-up costs in the third quarter of 2025 primarily included costs related to the sheet mill under construction in West Virginia and the melt shop expansion in Arizona. Pre-operating and start-up costs in the third quarter of 2024 primarily included costs related to the sheet mill under construction in West Virginia, the plate mill in Kentucky, and the melt shop expansion in Arizona. 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.
Current wording
Pre-operating and start-up costs of new facilities were approximately $108 million in the first quarter of 2026 and approximately $170 million in the first quarter of 2025. Pre-operating and start-up costs in the first quarter of 2026 primarily included costs related to the sheet mill being built in West Virginia and the coating complex at our sheet mill in Indiana. Pre-operating and start-up costs in the first quarter of 2025 primarily included costs related to the plate mill in Kentucky and the sheet mill being built 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.
Previous wording
Gross margins in the steel products segment decreased in the third quarter of 2025 compared to the third quarter of 2024, primarily due to decreases at our joist and deck business, and to a lesser extent, our metal buildings and rebar fabrication businesses.
Current wording
Gross margins in the steel products segment decreased slightly in the first quarter of 2026 as compared to the first quarter of 2025. Decreases in gross margins at our joist and deck and rebar fabrication businesses were partially offset by increases in gross margins at our tubular products, racking and metal buildings systems businesses.
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, increased by $49 million in the third quarter of 2025 as compared to the third quarter of 2024, and decreased by $44 million in the first nine months of 2025 as compared to the first nine months of 2024. The increase in the third quarter of 2025 was due to the Company’s increased earnings in the third quarter of 2025 as compared to the third quarter of 2024. The decrease in the first nine months of 2025 was due to Nucor’s decreased profitability in the first nine months of 2025 as compared to the first nine months of 2024, which resulted in significantly decreased accruals related to profit sharing.
Current 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, increased by $88 million in the first quarter of 2026 as compared to the first quarter of 2025. The increase was primarily due to the Company’s increased earnings in the first quarter of 2026 as compared to the first quarter of 2025.
Previous wording
Included in the first nine months of 2025 net earnings was $40 million of losses and impairments of assets (none in the third quarter of 2025). Those charges consisted of the following: $19 million related to the closure or repurposing of certain facilities in the steel products segment; $17 million related to the repurposing of a facility in the steel mills segment; and $4 million related to the write-off of certain assets in the raw materials segment.
Current wording
Included in the first quarter of 2025 net earnings was $29 million of losses and impairments of assets. 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.
Previous wording
Net interest expense (income) for the third quarter and first nine months of 2025 and 2024 was as follows (in millions):
Current wording
Net interest expense for the first quarter of 2026 and 2025 was as follows (in millions):
Previous wording
Interest expense decreased in the third quarter and first nine months of 2025 compared to the third quarter and first nine months of 2024 mainly due to an increase in capitalized interest. Interest income decreased in the third quarter and first nine months of 2025 compared to the third quarter and first nine months of 2024 due to lower average investments and a decrease in average interest rates on investments.
Current wording
Interest expense decreased in the first quarter of 2026 compared to the first quarter of 2025, primarily due to an increase in capitalized interest. Interest income decreased in the first quarter of 2026 compared to the first quarter of 2025, primarily due to lower average investments and a decrease in average interest rates on investments.
Previous wording
The table below presents earnings before income taxes and noncontrolling interests by segment for the third quarter and first nine months 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 first quarter of 2026 and 2025 (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, 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 third quarter of 2025 compared to the third quarter of 2024 was due primarily to the increased earnings of NYS, combined with the decreased losses of CSI and NJSM. The increase in earnings attributable to noncontrolling interests in the first nine months of 2025 compared to the first nine months of 2024 was due primarily to the increased earnings of CSI, combined with the decreased losses of NJSM.
Current wording
Noncontrolling interests represent the income attributable to the noncontrolling partners of 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 first quarter of 2026 as compared to the first quarter of 2025 was primarily due to the increased earnings of NYS and CSI.
Previous wording
The effective tax rate for the third quarter of 2025 was 22.6% compared to 22.1% for the third quarter of 2024. The expected effective tax rate for the full year of 2025 is approximately 21.8%.
Current wording
The effective tax rate for the first quarter of 2026 was 20.6% compared to 20.7% for the first quarter of 2025. The expected effective tax rate for the full year 2026 is between 20.0% and 22.0%.
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, as well as 2016, 2017, 2018, and 2021. The tax years 2022 through 2024 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).
Current wording
Nucor is subject to taxation in the United States, as well as various state and foreign jurisdictions. Nucor has concluded U.S. federal income tax matters for the tax years through 2021. The tax years 2022 through 2024 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. Additional state and foreign taxing authorities are examining open years. The resolution of these audits is not expected to have a material impact on our consolidated financial statements. 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 $1.37 billion, or $5.88 per diluted share, in the first nine months of 2025 as compared to net earnings attributable to Nucor stockholders of $1.74 billion, or $7.22 per diluted share, in the first nine months of 2024. Net earnings attributable to Nucor stockholders as a percentage of net sales were 5.5% and 7.4% in the first nine months of 2025 and 2024, respectively. Annualized return on average stockholders’ equity was 8.9% and 11.2% in the first nine months of 2025 and 2024, respectively.
Current wording
Nucor reported net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, in the first quarter of 2026, as compared to net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, in the first quarter of 2025. Net earnings attributable to Nucor stockholders as a percentage of net sales were 7.8% and 2.0% in the first quarter of 2026 and 2025, respectively. Annualized return on average stockholders’ equity was 14.0% and 3.1% in the first quarter of 2026 and 2025, 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 third 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 first quarter of 2026 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 October 4, 2025 remained strong, consisting of total cash and cash equivalents and short-term investments of $2.75 billion ($4.14 billion as of December 31, 2024). Approximately $960 million of the cash and cash equivalents position at October 4, 2025, was held by our majority-owned joint ventures as compared to $970 million at December 31, 2024.
Current wording
Our liquidity position as of April 4, 2026 remained strong, consisting of total cash and cash equivalents and short-term investments of $2.48 billion ($2.70 billion as of December 31, 2025). Approximately $730 million of the cash and cash equivalents position at April 4, 2026 was held by our majority-owned joint ventures as compared to approximately $931 million at December 31, 2025.
Previous wording
The current ratio was 2.8 at the end of the third quarter of 2025 and 2.5 at year-end 2024.
Current wording
The current ratio was 2.9 at the end of the first quarter of 2026 and at year-end 2025.
Previous wording
Cash used in investing activities in the first nine months of 2025 was $2.51 billion as compared to $2.77 billion in the first nine months of 2024, a decrease of $261 million. Cash used for capital expenditures of $2.62 billion in the first nine months of 2025 increased by $326 million as 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 $3.30 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. These changes were partially offset by the acquisition (net of cash acquired) of Rytec Corporation for approximately $565 million during the third quarter of 2024.
Current wording
Cash used in investing activities during the first quarter of 2026 was $446 million as compared to $1.18 billion during the first quarter of 2025. The $734 million decrease was primarily driven by a decrease in funds used to purchase short-term investments of $311 million and an increase in proceeds from the sale of short-term investments of $199 million. Cash used for capital expenditures was $661 million in the first quarter of 2026 as compared to $859 million in the prior year period. Capital expenditures in the first quarter of 2026 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 2026 are estimated to be approximately $2.50 billion as compared to $3.42 billion in 2025. 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 two manufacturing locations to expand NTS, and the galvanizing line at our sheet mill in South Carolina.
Previous wording
Cash used in financing activities in the first nine months of 2025 was $1.27 billion as compared to $2.60 billion in the first nine months of 2024. The primary uses of cash were repayments of long-term debt of $1.01 billion in the first nine months of 2025 as compared to $5 million in the first nine months of 2024. Additionally, stock repurchases used cash of $600 million in the first nine months of 2025 as compared to $1.90 billion in the first nine months of 2024, a decrease of $1.30 billion. The primary source of cash in the first nine 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.
Current wording
Cash used in financing activities during the first quarter of 2026 was $472 million as compared to cash provided by financing activities of $414 million during the first quarter of 2025. 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. Net proceeds from the issuance and sale of these 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. The Company also repurchased $125 million of its common stock in the first quarter of 2026 as compared to $300 million in the first quarter of 2025.
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 October 4, 2025, the funded debt to total capital ratio was 23.8% 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 October 4, 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 April 4, 2026, the funded debt to total capital ratio was 24.0% 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 4, 2026.
Previous wording
In September 2025, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of $0.55 per share payable on November 10, 2025 to stockholders of record on September 30, 2025. This dividend is Nucor’s 210 th consecutive quarterly cash dividend.
Current wording
On February 20, 2026, Nucor’s Board of Directors declared a cash dividend of $0.56 per share. This cash dividend is payable on May 11, 2026 to stockholders of record as of March 31, 2026 and is Nucor’s 212 th consecutive quarterly cash dividend.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
DJJ, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC ("Nucor Steel Louisiana"), two facilities that produce DRI used by the steel mills; and our natural gas production operations.