NUCOR CORP

Previous wording

Nucor and its affiliates manufacture steel and steel products. Nucor also produces direct reduced iron ("DRI") for use in its steel mills. Through The David J. Joseph Company and its affiliates ("DJJ"), the Company also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI. Most of Nucor’s operating facilities and customers are located in North America. Nucor’s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products.

Current wording

Nucor and its affiliates manufacture steel and steel products. Nucor also produces direct reduced iron ("DRI") for use in its steel mills. Through The David J. Joseph Company and its affiliates (collectively, "DJJ"), the Company also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI. Most of Nucor’s operating facilities and customers are located in North America. Nucor’s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products.

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 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.

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 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.

Previous 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.

Current wording

The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 89%, 66% and 76%, respectively, in the first nine months of 2026, compared to approximately 83%, 62% and 72%, respectively, in the first nine months of 2025.

Previous 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.

Current wording

Nucor reported net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share, for the third quarter of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025.

Previous 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.

Current wording

The increase in earnings in the third quarter of 2026 as compared to the third quarter of 2025 was driven primarily by the increase in earnings of the steel mills segment. Earnings in the steel mills segment increased due to higher average selling prices, increased volumes and higher metal margins. Shipments in the steel mills segment reached a record level in the third quarter of 2026, with the largest increases in our plate, bar and structural product groups. Demand continues to be strong across key end-use markets in the steel mills segment. 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

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 wording

Nucor reported net earnings attributable to Nucor stockholders of $3.22 billion, or $14.06 per diluted share, for the first nine months of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $1.37 billion, or $5.88 per diluted share, for the first nine months of 2025. The significant increase in comparable year-to-date earnings in 2026 as compared to 2025 was driven by higher earnings in each of the first three quarters of 2026 as compared to the corresponding quarters of 2025, led by the steel mills segment.

Previous wording

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 wording

Earnings in the raw materials segment increased in the first nine months of 2026 as compared to the first nine months of 2025 primarily due to increased average selling prices and shipments and the improved profitability of our DRI facilities.

Previous wording

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 wording

Included in the first nine months of 2026 earnings was a non-cash benefit of $61 million, recognized in the second quarter, related to the increase in the value of our investment in Helion, a fusion energy company, after it completed a capital financing round. The increase is included as a reduction of marketing, administrative and other expenses in the first nine months of 2026.

Previous 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.

Current wording

The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the third quarter and first nine months of 2026 as compared to the third quarter and first nine months of 2025.

Previous 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):

Current wording

Net sales to external customers by segment for the third quarter and first nine months of 2026 and 2025 were as follows (in millions):

Previous 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.

Current wording

Net sales for the third quarter of 2026 increased 32% from the third quarter of 2025. Average sales price per ton increased 19% from $1,258 in the third quarter of 2025 to $1,493 in the third quarter of 2026. Total tons shipped to outside customers in the third quarter of 2026 were approximately 7,533,000 tons, an 11% increase from the third quarter of 2025.

Previous wording

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 wording

Net sales for the first nine months of 2026 increased 26% from the first nine months of 2025. Average sales price per ton increased 14% from $1,215 in the first nine months of 2025 to $1,380 in the first nine months of 2026. Total tons shipped to outside customers in the first nine months of 2026 were approximately 22,565,000 tons, a 10% increase from the first nine months of 2025.

Previous 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):

Current wording

In the steel mills segment, sales tons for the third quarter and first nine months of 2026 and 2025 were as follows (in thousands):

Previous 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):

Current wording

Outside sales tonnage for the steel products segment for the third quarter and first nine months of 2026 and 2025 was as follows (in thousands):

Previous 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).

Current wording

Net sales for the raw materials segment increased 31% in the third quarter of 2026 compared to the third quarter of 2025, due primarily to higher average selling prices. In the third quarter of 2026, 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 95% and 3%, respectively, in the third quarter of 2025).

Previous wording

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 wording

Net sales for the raw materials segment increased 37% in the first nine months of 2026 compared to the first nine months of 2025, due primarily to higher average selling prices. In the first nine 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 95% and 3%, respectively, in the first nine months 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 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).

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 19% of the raw materials segment's total sales in the third quarter and first nine months of 2026 (approximately 18% and 17% in the third quarter and first nine months of 2025, respectively).

Previous 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.

Current wording

Nucor recorded gross margins of $2.33 billion (21%) in the third quarter of 2026, which was an increase compared to $1.19 billion (14%) in the third quarter of 2025.

Previous 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.

Current wording

The largest driver of the increase in gross margins in the third quarter of 2026 as compared to the third quarter of 2025 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.

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 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 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 2026 was $421, an 8% increase compared to $391 in the third quarter of 2025. Despite the increase in scrap and scrap substitute costs in the third quarter of 2026 as compared to the third quarter of 2025, total metal margin dollars increased as the increase in average selling prices and volumes outpaced the increase in scrap and scrap substitute costs.

Previous wording

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 wording

Gross margins in the steel products segment increased in the third quarter of 2026 compared to the third quarter of 2025, primarily due to increases at our tubular business, and to a lesser extent, our metal buildings business.

Previous 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.

Current wording

Pre-operating and start-up costs of new facilities were approximately $124 million in the third quarter of 2026 and approximately $103 million in the third quarter of 2025. Pre-operating and start-up costs in the third quarter of 2026 primarily included costs related to the sheet mill in West Virginia. Pre-operating and start-up costs in the third quarter of 2025 primarily included costs related to the sheet mill in West Virginia 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.

Previous wording

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 wording

Nucor recorded gross margins of $5.86 billion (19%) in the first nine months of 2026, which was an increase compared to $3.02 billion (12%) in the first nine months of 2025.

Previous wording

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 wording

The largest driver of the increase in gross margins in the first nine months of 2026 as compared to the first nine months of 2025 was the increased earnings and metal margins in the steel mills segment.

Previous 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.

Current wording

The average scrap and scrap substitute cost per gross ton used in the first nine months of 2026 was $416, a 5% increase compared to $396 in the first nine months of 2025. This increase was more than offset by the previously mentioned increases in average sales prices and volumes.

Previous wording

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 wording

The steel mills segment's gross margins in the first nine months of 2026 also benefited from a $130 million reduction in cost of products sold related to cash refunds associated with prior periods' raw material procurement costs.

Previous wording

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 wording

Pre-operating and start-up costs of new facilities decreased to approximately $352 million in the first nine months of 2026 from approximately $408 million in the first nine months of 2025. Pre-operating and start-up costs in the first nine 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 nine months of 2025 primarily included costs related to the sheet mill in West Virginia, the plate mill in Kentucky, the melt shop expansion in Arizona and the rebar micro mill in North Carolina.

Previous 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.

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 $120 million in the third quarter of 2026 as compared to the third quarter of 2025, and increased by $294 million in the first nine months of 2026 as compared to the first nine months of 2025. These increases were due to Nucor's increased profitability in the third quarter and first nine months of 2026 as compared to the respective prior year periods, which resulted in significantly increased accruals related to profit sharing and other incentive compensation.

Previous wording

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 wording

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 first nine months of 2026.

Previous 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).

Current wording

Included in the third quarter and first nine months of 2026 net earnings was $17 million and $32 million, respectively, of losses and impairments of assets. The $17 million in charges recorded in the third quarter of 2026 consisted of a $7 million impairment charge in the steel mills segment and $10 million of impairment charges related to certain assets in corporate/eliminations. The remaining $15 million (recorded in the first quarter of 2026) consisted of impairment charges related to certain assets in the raw materials segment.

Previous 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).

Current 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.

Previous wording

Net interest expense for the second quarter and first six months of 2026 and 2025 was as follows (in millions):

Current wording

Net interest expense for the third quarter and first nine months of 2026 and 2025 was as follows (in millions):

Previous 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.

Current wording

Interest expense decreased in the third quarter and first nine months of 2026 compared to the third quarter and first nine months of 2025 mainly due to an increase in capitalized interest. Interest income increased in the third quarter of 2026 compared to the third quarter of 2025 due to higher average investment balances, partially offset by lower average interest rates on those investments. Interest income decreased in the first nine months of 2026 compared to the first nine months of 2025 due to lower average investment balances and average interest rates on those investments.

Previous 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.

Current wording

The table below presents earnings before income taxes and noncontrolling interests by segment for the third quarter and first nine 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 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.

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 third quarter of 2026 compared to the third quarter of 2025 was due primarily to the increased earnings of NYS. The increase in earnings attributable to noncontrolling interests in the first nine months of 2026 compared to the first nine months of 2025 was due primarily to the increased earnings of NYS.

Previous 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%.

Current wording

The effective tax rate for the third quarter of 2026 was 21.1% compared to 22.6% for the third 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 (“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).

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 2022. The tax years 2023 through 2025 remain open to examination by the Internal Revenue Service. 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 financials. 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 $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 wording

Nucor reported net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share, in the third quarter of 2026 as compared to net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, in the third quarter of 2025. Net earnings attributable to Nucor stockholders as a percentage of net sales were 11.7% and 7.1% in the third quarter of 2026 and 2025, respectively.

Previous 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.

Current wording

Nucor reported net earnings attributable to Nucor stockholders of $3.22 billion, or $14.06 per diluted share, in the first nine months of 2026 as compared to net earnings attributable to Nucor stockholders of $1.37 billion, or $5.88 per diluted share, in the first nine months of 2025. Net earnings attributable to Nucor stockholders as a percentage of net sales were 10.3% and 5.5% in the first nine months of 2026 and 2025, respectively. Annualized return on average stockholders’ equity was 19.6% and 8.9% in the first nine months of 2026 and 2025, respectively.

Previous 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.

Current wording

We expect earnings in the fourth quarter of 2026 to be generally in-line with or modestly higher than the third quarter. In the steel mills segment, we expect stable earnings due to higher realized pricing offset by seasonally lower volumes and higher costs. In the steel products segment, we expect stable earnings on higher realized pricing and seasonally lower volumes. The raw materials segment is expected to have slightly lower earnings due to lower realized DRI pricing. Intersegment profit eliminations are expected to decrease in the fourth quarter.