Segments

6 Months Ended

Jun. 29, 2024

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 and rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC (“NuMit”). 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, overhead doors, steel grating, tubular products, steel racking, piling products, wire and wire mesh, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC (“Nucor Steel Louisiana”), two facilities that produce direct reduced iron (“DRI”) used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as net interest (income) expense, 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, restricted cash and cash equivalents, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.

Nucor’s results by segment for the second quarter and first six months of 2024 and 2023 were as follows (in thousands):

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Net sales to external customers:
Steel mills	$	4,858,205		$	5,565,772		$	10,026,983		$	10,545,029
Steel products		2,702,776			3,442,862			5,219,644			6,718,859
Raw materials		516,191			514,622			967,628			969,348
	$	8,077,172		$	9,523,256		$	16,214,255		$	18,233,236
Intercompany sales:
Steel mills	$	1,171,861		$	1,361,066		$	2,422,724		$	2,524,698
Steel products		155,025			100,257			292,469			200,618
Raw materials		2,749,174			3,588,629			5,859,203			6,759,521
Corporate/eliminations		(4,076,060	)		(5,049,952	)		(8,574,396	)		(9,484,837	)
	$	-		$	-		$	-		$	-
Earnings before income taxes and    noncontrolling interests:
Steel mills	$	645,315		$	1,403,547		$	1,747,566		$	2,241,935
Steel products		441,391			1,010,789			952,950			1,981,591
Raw materials		39,396			138,411			48,977			196,551
Corporate/eliminations		(227,939	)		(502,965	)		(625,989	)		(773,511	)
	$	898,163		$	2,049,782		$	2,123,504		$	3,646,566

	June 29, 2024		Dec. 31, 2023
Segment assets:
Steel mills	$	15,754,570	$	15,407,266
Steel products		11,063,154		10,914,870
Raw materials		3,477,728		3,546,759
Corporate/eliminations		3,889,773		5,471,604
	$	34,185,225	$	35,340,499