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Segments
 9 Months Ended
Oct. 04, 2025
Segment Reporting [Abstract]  
Segments

14. Segments

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 The David J. Joseph Company and its affiliates, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.

Segment results are regularly reviewed by the Company's Chief Operating Decision Makers ("CODMs"), the President and Chief Executive Officer and the Chief Operating Officer, to manage the business, to make decisions about resources to be allocated to the segments and to assess performance. The measure of profit and loss that is used by the CODMs to assess segment performance and to allocate resources is earnings before income taxes and noncontrolling interests by segment (“segment earnings”). The CODMs evaluate each segment’s performance based on metrics such as net sales, segment earnings and other key financial indicators, guiding strategic decisions to align with Company-wide goals.

Segment cost of products sold is considered a significant segment expense and is regularly provided to the CODMs. Segment cost of products sold includes amounts related to both net sales to external customers and intercompany sales.

Certain prior period amounts have been reclassified to conform to the current year presentation.

Nucor’s results by segment for the third quarter and first nine months of 2025 and 2024 were as follows (in millions):

 

 

 

Three Months (13 Weeks) Ended

 

 

 

October 4, 2025

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Totals

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

5,152

 

 

$

2,791

 

 

$

578

 

 

$

8,521

 

Intercompany sales

 

 

1,416

 

 

 

181

 

 

 

2,713

 

 

 

4,310

 

Total Sales

 

 

6,568

 

 

 

2,972

 

 

 

3,291

 

 

 

12,831

 

Reconciliation of Sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intercompany sales

 

 

 

 

 

 

 

 

 

 

 

(4,310

)

Net sales to external customers

 

 

 

 

 

 

 

 

 

 

 

8,521

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

5,777

 

 

 

2,506

 

 

 

3,227

 

 

 

11,510

 

Other segment items

 

 

(2

)

 

 

147

 

 

 

21

 

 

 

166

 

Segment earnings before income taxes and noncontrolling interests

 

 

793

 

 

 

319

 

 

 

43

 

 

 

1,155

 

Reconciliation of earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/eliminations

 

 

 

 

 

 

 

 

 

 

 

(272

)

Earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

$

883

 

 

 

 

Nine Months (39 Weeks) Ended

 

 

 

October 4, 2025

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Totals

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

15,312

 

 

$

7,853

 

 

$

1,642

 

 

$

24,807

 

Intercompany sales

 

 

3,850

 

 

 

479

 

 

 

8,240

 

 

 

12,569

 

Total Sales

 

 

19,162

 

 

 

8,332

 

 

 

9,882

 

 

 

37,376

 

Reconciliation of Sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intercompany sales

 

 

 

 

 

 

 

 

 

 

 

(12,569

)

Net sales to external customers

 

 

 

 

 

 

 

 

 

 

 

24,807

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

17,247

 

 

 

7,063

 

 

 

9,693

 

 

 

34,003

 

Other segment items

 

 

48

 

 

 

270

 

 

 

60

 

 

 

378

 

Segment earnings before income taxes and noncontrolling interests

 

 

1,867

 

 

 

999

 

 

 

129

 

 

 

2,995

 

Reconciliation of earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/eliminations

 

 

 

 

 

 

 

 

 

 

 

(928

)

Earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

$

2,067

 

 

 

 

Three Months (13 Weeks) Ended

 

 

 

September 28, 2024

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Totals

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

4,460

 

 

$

2,496

 

 

$

488

 

 

$

7,444

 

Intercompany sales

 

 

983

 

 

 

124

 

 

 

2,243

 

 

 

3,350

 

Total Sales

 

 

5,443

 

 

 

2,620

 

 

 

2,731

 

 

 

10,794

 

Reconciliation of Sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intercompany sales

 

 

 

 

 

 

 

 

 

 

 

(3,350

)

Net sales to external customers

 

 

 

 

 

 

 

 

 

 

 

7,444

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

5,119

 

 

 

2,199

 

 

 

2,694

 

 

 

10,012

 

Other segment items

 

 

15

 

 

 

107

 

 

 

103

 

 

 

225

 

Segment earnings before income taxes and noncontrolling interests

 

 

309

 

 

 

314

 

 

 

(66

)

 

 

557

 

Reconciliation of earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/eliminations

 

 

 

 

 

 

 

 

 

 

 

(168

)

Earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

$

389

 

 

 

 

Nine Months (39 Weeks) Ended

 

 

 

September 28, 2024

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Totals

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

14,486

 

 

$

7,716

 

 

$

1,456

 

 

$

23,658

 

Intercompany sales

 

 

3,406

 

 

 

417

 

 

 

7,044

 

 

 

10,867

 

Total Sales

 

 

17,892

 

 

 

8,133

 

 

 

8,500

 

 

 

34,525

 

Reconciliation of Sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intercompany sales

 

 

 

 

 

 

 

 

 

 

 

(10,867

)

Net sales to external customers

 

 

 

 

 

 

 

 

 

 

 

23,658

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

15,787

 

 

 

6,601

 

 

 

8,374

 

 

 

30,762

 

Other segment items

 

 

48

 

 

 

265

 

 

 

143

 

 

 

456

 

Segment earnings before income taxes and noncontrolling interests

 

 

2,057

 

 

 

1,267

 

 

 

(17

)

 

 

3,307

 

Reconciliation of earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/eliminations

 

 

 

 

 

 

 

 

 

 

 

(795

)

Earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

$

2,512

 

 

 

 

Three Months (13 Weeks) Ended

 

 

Nine Months (39 Weeks) Ended

 

 

 

October 4, 2025

 

 

September 28, 2024

 

 

October 4, 2025

 

 

September 28, 2024

 

Depreciation expense:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

200

 

 

$

187

 

 

$

604

 

 

$

538

 

Steel products

 

 

46

 

 

 

38

 

 

 

132

 

 

 

110

 

Raw materials

 

 

53

 

 

 

51

 

 

 

158

 

 

 

147

 

Corporate

 

 

5

 

 

 

5

 

 

 

16

 

 

 

14

 

 

$

304

 

 

$

281

 

 

$

910

 

 

$

809

 

Amortization expense:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

2

 

 

$

2

 

 

$

6

 

 

$

6

 

Steel products

 

 

53

 

 

 

60

 

 

 

163

 

 

 

162

 

Raw materials

 

 

8

 

 

 

7

 

 

 

22

 

 

 

21

 

 

$

63

 

 

$

69

 

 

$

191

 

 

$

189

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

$

586

 

 

$

603

 

 

$

1,747

 

 

$

1,618

 

Steel products

 

 

137

 

 

 

140

 

 

 

447

 

 

 

358

 

Raw materials

 

 

77

 

 

 

104

 

 

 

313

 

 

 

336

 

Corporate

 

 

48

 

 

 

9

 

 

 

127

 

 

 

52

 

 

$

848

 

 

$

856

 

 

$

2,634

 

 

$

2,364

 

 

 

 

October 4, 2025

 

 

December 31, 2024

 

Segment assets:

 

 

 

 

 

 

Steel mills

 

$

18,103

 

 

$

16,582

 

Steel products

 

 

11,779

 

 

 

11,235

 

Raw materials

 

 

3,900

 

 

 

3,656

 

Corporate/eliminations

 

 

994

 

 

 

2,467

 

 

$

34,776

 

 

$

33,940

 

 

 

 

Net sales by product for the third quarter and first nine months of 2025 and 2024 were as follows (in millions). Further product group breakdown is impracticable.

 

 

 

Three Months (13 Weeks) Ended

 

 

Nine Months (39 Weeks) Ended

 

 

 

October 4, 2025

 

 

September 28, 2024

 

 

October 4, 2025

 

 

September 28, 2024

 

Net sales to external customers:

 

 

 

 

 

 

 

 

 

 

 

 

Sheet

 

$

2,388

 

 

$

2,196

 

 

$

7,073

 

 

$

7,303

 

Bar

 

 

1,457

 

 

 

1,264

 

 

 

4,346

 

 

 

3,960

 

Structural

 

 

658

 

 

 

535

 

 

 

1,996

 

 

 

1,705

 

Plate

 

 

649

 

 

 

464

 

 

 

1,897

 

 

 

1,519

 

Tubular Products

 

 

333

 

 

 

291

 

 

 

1,077

 

 

 

1,005

 

Rebar Fabrication Products

 

 

567

 

 

 

487

 

 

 

1,462

 

 

 

1,362

 

Joist and Deck

 

 

620

 

 

 

517

 

 

 

1,682

 

 

 

1,714

 

Building Systems

 

 

331

 

 

 

342

 

 

 

946

 

 

 

1,016

 

Other Steel Products

 

 

940

 

 

 

859

 

 

 

2,686

 

 

 

2,618

 

Raw Materials

 

 

578

 

 

 

489

 

 

 

1,642

 

 

 

1,456

 

 

 

$

8,521

 

 

$

7,444

 

 

$

24,807

 

 

$

23,658