NUCOR CORP
For the period ended Jul 4, 2026. Filed Aug 12, 2026.
View on SEC.govAbout this filing
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 4, 2026 · Filed Aug 12, 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 2026-04-04; filed 2026-05-13.
0001193125-26-220778
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-04; filed 2026-08-12.
0001193125-26-345891
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 62 previous paragraphs and 77 current paragraphs.
20 unchanged; 34 reworded; 21 added; 7 removed; 1 previous and 2 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 (21)
Current report
The steel products segment had decreased earnings in the second quarter of 2026 as compared to the second quarter of 2025 as increased volumes and modestly higher average selling prices were more than offset by margin compression resulting from higher steel input costs. We saw resilient demand in key end markets for the steel products segment during the second quarter of 2026, and backlogs for the segment at the end of the second quarter of 2026 are higher than they were at the end of the first quarter of 2026.
Current report
Earnings in the raw materials segment increased in the second quarter of 2026 as compared to the second quarter of 2025 primarily due to increased average selling prices and shipments, and the improved profitability of our direct reduced iron facilities.
Current report
Included in the second quarter of 2026 earnings was a non-cash benefit of $61 million related to the increase in the value of our investment in Helion, a fusion energy company, after it completed a capital financing round during the quarter.
Current report
Nucor reported net earnings attributable to Nucor stockholders of $1.90 billion, or $8.27 per diluted share, for the first six months of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $759 million, or $3.26 per diluted share, in the first six months of 2025. The larger increase in comparable year-to-date earnings in 2026 as compared to 2025 was driven by significantly stronger first quarter of 2026 results compared to the first quarter of 2025, together with continued sequential earnings improvement into the second quarter of 2026.
Current report
Net sales for the first six months of 2026 increased 22% from the first six months of 2025. Average sales price per ton increased 11% from $1,193 in the first six months of 2025 to $1,323 in the first six months of 2026. Total tons shipped to external customers in the first six months of 2026 were approximately 15,032,000 tons, a 10% increase from the first six months of 2025.
Current report
Net sales for the steel mills segment increased 23% in the first six months of 2026 from the first six months of 2025, due to a 10% increase in tons shipped to external customers and a 12% increase in average sales price per ton from $989 to $1,110 in the first six months of 2025 and 2026, respectively.
Current report
Net sales for the steel products segment increased 17% in the second quarter of 2026 from the second quarter of 2025, due to a 13% increase in shipping volumes and a 4% increase in selling prices from $2,331 in the second quarter of 2025 to $2,415 in the second quarter of 2026. Average selling prices increased across several businesses within the steel products segment in the second quarter of 2026 as compared to the second quarter of 2025, most notably at our tubular products business.
Current report
Net sales for the steel products segment increased 16% in the first six months of 2026 compared to the first six months of 2025, due to a 12% increase in shipping volumes and a 4% increase in average sales price from $2,313 to $2,410 in the first six months of 2025 and 2026, respectively. Average selling prices increased across several businesses within the steel products segment in the first six months of 2026 as compared to the first six months of 2025, most notably at our tubular products business.
Current report
Net sales for the raw materials segment in the first six months of 2026 increased 40% compared to the first six months of 2025. In the first six months of 2026, 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 94% and 3%, respectively, in the first six months of 2025).
Current report
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 2026 was $422, a 5% increase compared to $403 in the second quarter of 2025. Despite the increase in average scrap and scrap substitute cost per gross ton used, metal margins increased in the second quarter of 2026 as compared to the second quarter of 2025 due to the previously mentioned increases in average selling prices and shipping volumes.
Current report
Also benefiting gross margins in the second quarter of 2026 was a $130 million reduction in cost of products sold in the steel mills segment related to cash refunds associated with prior periods' raw material procurement costs.
Current report
Gross margins in the steel products segment decreased in the second quarter of 2026 compared to the second quarter of 2025. Increased average sales prices and volumes were outpaced by increased steel input costs causing margin compression.
Current report
Gross margins in the raw materials segment increased in the second quarter of 2026 compared to the second quarter of 2025, 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 $3.54 billion (18%) in the first six months of 2026, which increased compared to $1.83 billion (11%) in the first six months of 2025.
Current report
The largest factor impacting the increase in gross margins in the first six months of 2026 compared to the first six months of 2025 was increased metal margin in the steel mills segment.
Current report
Gross margins in the steel products segment decreased in the first six months of 2026 as compared to the first six months of 2025, primarily due to increased steel input costs which outpaced the previously mentioned increases in volumes and average selling prices.
Current report
Gross margins in the raw materials segment increased in the first six months of 2026 compared to the first six months of 2025, primarily due to increased gross margins at our scrap processing operations and DRI facilities.
Current report
During the second quarter of 2026, Nucor recorded a non-cash $61 million increase in the value of its investment in Helion, a fusion energy company, after it completed a capital financing round during the quarter. The increase is included as a reduction of marketing, administrative and other expenses in the second quarter of 2026.
Current report
Nucor reported net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share, in the second quarter of 2026, as compared to net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, in the second quarter of 2025. Net earnings attributable to Nucor stockholders as a percentage of net sales were 11.1% and 7.1% in the second quarter of 2026 and 2025, respectively.
Current report
Cash provided by operating activities was $2.29 billion in the first six months of 2026 as compared to $1.10 billion in the first six months of 2025. The $1.19 billion increase was primarily driven by a $1.22 billion increase in net earnings before noncontrolling interests from $932 million in the first six months of 2025 to $2.15 billion in the first six months of 2026. Changes in use of operating assets and operating liabilities (exclusive of acquisitions) increased slightly to $668 million in the first six months of 2026 as compared to $643 million in the first six months of 2025.
Current report
The funding of our working capital in the first six months of 2026 increased by $25 million compared to the first six months of 2025. Increased usage was driven by the change in inventories using cash of $560 million in the first six months of 2026 compared to using cash of $352 million during the first six months of 2025, and the change in accounts receivable using an additional $246 million in cash compared to the same period in 2025. These changes were offset by the change in accounts payable providing cash of $454 million in the first six months of 2026 compared to $375 million in the first six months of 2025 and the change in salaries, wages and related accruals providing $265 million more in cash during the first six months of 2026 compared to the same period in 2025.
Removed paragraphs (7)
Previous 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.
Previous 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.
Previous report
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 report
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 report
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 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.
Previous 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.
Reworded paragraphs (34)
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, 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
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 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, 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 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.
Current wording
The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 88%, 65% and 76%, respectively, in the first six months of 2026, compared with approximately 82%,61% and 73%, respectively, in the first six months of 2025.
Previous 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.
Current wording
Nucor reported net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share, for the second quarter of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025.
Previous wording
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 wording
The increase in earnings in the second quarter of 2026 as compared to the second quarter of 2025 was driven by the increase in earnings of the steel mills segment. Earnings in the steel mills segment increased in the second quarter of 2026 due to higher average selling prices, increased volumes and higher metal margins. Steel mills segment earnings in the second quarter of 2026 also included a reduction to cost of products sold of $130 million related to cash refunds associated with prior periods’ raw materials procurement costs. Demand continues to be strong across key end-use markets in the steel mills segment, which is evidenced by higher backlogs at the end of the second quarter of 2026 compared to the end of the first quarter of 2026. Federal trade policies, including anti-dumping and countervailing duty laws in combination with Section 232 national security tariffs, are continuing to reduce the volume of unfairly traded imports into the United States.
Previous 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.
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 2026 as compared to the second quarter and first six months of 2025.
Previous wording
Net sales to external customers by segment for the first quarter of 2026 and 2025 were as follows (in millions):
Current wording
Net sales to external customers by segment for the second quarter and first six months of 2026 and 2025 were as follows (in millions):
Previous 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.
Current wording
Net sales for the second quarter of 2026 increased 23% from the second quarter of 2025. Average sales price per ton increased 10% from $1,240 in the second quarter of 2025 to $1,367 in the second quarter of 2026. Total tons shipped to external customers in the second quarter of 2026 were approximately 7,605,000 tons, a 12% increase from the second quarter of 2025.
Previous wording
In the steel mills segment, sales tons for the first quarter of 2026 and 2025 were as follows (in thousands):
Current wording
In the steel mills segment, sales tons for the second quarter and first six months of 2026 and 2025 were as follows (in thousands):
Previous wording
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 wording
Net sales for the steel mills segment increased 23% in the second quarter of 2026 from the second quarter of 2025, due to a 12% increase in tons shipped to external customers and a 10% increase in the average sales price per ton, from $1,041 to $1,145 in the second quarter of 2025 and 2026, respectively.
Previous wording
Outside sales tonnage for the steel products segment for the first quarter of 2026 and 2025 was as follows (in thousands):
Current wording
Outside sales tonnage for the steel products segment for the second quarter and first six months of 2026 and 2025 was as follows (in thousands):
Previous 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).
Current wording
Net sales for the raw materials segment increased 49% in the second quarter of 2026 compared to the second quarter of 2025. In the second quarter of 2026, approximately 95% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 2% of outside sales were from the scrap processing operations of DJJ (approximately 94% and 3%, respectively, in the second quarter of 2025).
Previous wording
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 wording
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 20% and 19% of the raw materials segment's total sales in the second quarter and first six months of 2026, respectively (approximately 16% in the second quarter and first six months of 2025).
Previous 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.
Current wording
Nucor recorded gross margins of $2.03 billion (20%) in the second quarter of 2026, which was an increase compared to $1.22 billion (14%) in the second quarter of 2025.
Previous 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.
Current wording
The increase in gross margin in the second quarter of 2026 as compared to the second quarter of 2025 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
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.
Current wording
Pre-operating and start-up costs of new facilities were approximately $120 million in the second quarter of 2026 and approximately $136 million in the second quarter of 2025. Pre-operating and start-up costs in the second quarter of 2026 primarily included costs related to the sheet mill in West Virginia and the coating complex at our sheet mill in Indiana. 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 at the bar mill 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.
Previous 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.
Current wording
The average scrap and scrap substitute cost per gross ton used in the first six months of 2026 was $413, a 4% increase compared to $398 in the first six months of 2025. The increase in average scrap and scrap substitute cost per gross ton used, was more than offset by the previously mentioned increases in average sales price and volume.
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 $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.
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, increased by $86 million in the second quarter of 2026 compared to the second quarter of 2025, and increased by $174 million in the first six months of 2026 compared to the first six months of 2025. These increases were due to Nucor's increased profitability in the second quarter and first six months of 2026 compared to the respective prior year periods, which resulted in increased expenses related to profit sharing and other incentive compensation.
Previous wording
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 wording
Included in the first six months of 2026 net earnings was $15 million of impairment charges related to certain assets in the raw materials segment, all of which was recorded in the first quarter of 2026 (none was recorded in the second quarter of 2026).
Previous 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.
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 for the first quarter of 2026 and 2025 was as follows (in millions):
Current wording
Net interest expense for the second quarter and first six months of 2026 and 2025 was as follows (in millions):
Previous 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.
Current wording
Interest expense decreased in the second quarter and first six months of 2026 compared to the second quarter and first six months of 2025 mainly due to an increase in capitalized interest. Interest income decreased in the second quarter and first six months of 2026 compared to the second quarter and first six months of 2025 due to 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 first quarter of 2026 and 2025 (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 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 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.
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 second quarter of 2026 compared to the second quarter of 2025 was primarily due to the increased earnings of NYS. The increase in earnings attributable to noncontrolling interests in the first six months of 2026 compared to the first six months of 2025 was primarily due to the increased earnings of NYS.
Previous 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%.
Current wording
The effective tax rate for the second quarter of 2026 was 21.2% compared to 21.5% for the second quarter of 2025. The expected effective tax rate for the full year 2026 is between 20.0% and 22.0%.
Previous 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).
Current wording
Nucor is subject to taxation in the United States (“U.S.”), 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 Internal Revenue Service (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 tax years. The resolution of these audits is not expected to have a material impact on our consolidated financial statements. The tax years 2018 through 2025 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 $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.
Current wording
Nucor reported net earnings attributable to Nucor stockholders of $1.90 billion, or $8.27 per diluted share, in the first six months of 2026, as compared to net earnings attributable to Nucor stockholders of $759 million, or $3.26 per diluted share, in the first six months of 2025. Net earnings attributable to Nucor stockholders as a percentage of net sales were 9.5% and 4.7% in the first six months of 2026 and 2025, respectively. Annualized return on average stockholders’ equity was 17.6% and 7.5% in the first six months of 2026 and 2025, respectively.
Previous wording
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 wording
We expect higher consolidated reported earnings in the third quarter of 2026. In the steel mills segment we expect an increase in earnings due to higher realized pricing across all major product categories with stable volumes. In the steel products segment, we expect increased earnings due to both higher volumes and higher realized pricing. The raw materials segment is expected to have decreased earnings due to lower margins.
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 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.
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 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 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.
Current wording
Our liquidity position as of July 4, 2026 remained strong, consisting of total cash and cash equivalents and short-term investments of $2.69 billion ($2.70 billion as of December 31, 2025). Approximately $843 million of the cash and cash equivalents position at July 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 2.9 at the end of the first quarter of 2026 and at year-end 2025.
Current wording
The current ratio was 2.5 at the end of the second quarter of 2026 and 2.9 at year-end 2025. Contributing to the decrease in the current ratio at the end of the second quarter of 2026 as compared to year-end 2025 was the reclassification of the Company's $500 million principal amount of its 4.300% Notes due 2027 to current portion of long-term debt during the second quarter of 2026.
Previous 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.
Current wording
Cash used in investing activities during the first six months of 2026 was $956 million as compared to $1.72 billion during the first six months of 2025. The $767 million decrease in usage was primarily driven by a decrease in funds used to purchase investments of $509 million and a decrease in proceeds from the sale of investments of $335 million. Cash used for capital expenditures was $1.23 billion in the first six months of 2026 compared to $1.81 billion for the prior year period. Capital expenditures in the first six months 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 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.
Current wording
Cash used in financing activities in the first six months of 2026 was $1.10 billion as compared to $996 million in the first six months of 2025. The primary uses of cash in the first six months of 2026 were stock repurchases of $475 million, which was decreased compared to $500 million in the first six months of 2025. The primary uses of cash in the first six months of 2025 were repayments of long-term debt of $1.01 billion which was largely offset by proceeds from the issuance and sale of long-term debt, net of discount to the public, of $997 million. In the first six months 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 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.
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 4, 2026, the funded debt to total capital ratio was
Previous 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.
Current wording
In June 2026, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of $0.56 per share payable on August 11, 2026 to stockholders of record on June 30, 2026. This dividend is Nucor’s 213 th consecutive quarterly cash dividend.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Pre-operating and start-up costs of new facilities decreased to approximately $228 million in the first six months of 2026 from approximately $306 million in the first six months of 2025. Pre-operating and start-up costs in the first six months of 2026 primarily included costs related to the sheet mill in West Virginia and the coating complex at our sheet mill in Indiana. Pre-operating and start-up costs in the first six months of 2025 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 — wording carried from elsewhere
23.4% 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 4, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried 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.