Segments

3 Months Ended

Apr. 05, 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 ("NuMit"). 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 (“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 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”). Our 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 first quarter of 2025 and 2024 were as follows (in millions):

	Three Months (13 Weeks) Ended
	April 5, 2025
	Steel Mills		Steel Products		Raw Materials		Totals
Sales
Net sales to external customers	$	4,907	$	2,405	$	518	$	7,830
Intercompany sales		1,074		150		2,726		3,950
Total Sales		5,981		2,555		3,244		11,780
Reconciliation of Sales
Elimination of intercompany sales								(3,950	)
Net sales to external customers								7,830
Less:
Cost of products sold		5,743		2,229		3,204		11,176
Other segment items		7		38		11		56
Segment earnings before income taxes and noncontrolling interests		231		288		29		548
Reconciliation of earnings before income taxes and noncontrolling interests
Corporate/eliminations								(263	)
Earnings before income taxes and noncontrolling interests							$	285

	Three Months (13 Weeks) Ended
	March 30, 2024
	Steel Mills		Steel Products		Raw Materials		Totals
Sales
Net sales to external customers	$	5,169	$	2,517	$	451	$	8,137
Intercompany sales		1,251		137		2,569		3,957
Total Sales		6,420		2,654		3,020		12,094
Reconciliation of Sales
Elimination of intercompany sales								(3,957	)
Net sales to external customers								8,137
Less:
Cost of products sold		5,299		2,063		2,992		10,354
Other segment items		19		79		19		117
Segment earnings before income taxes and noncontrolling interests		1,102		512		9		1,623
Reconciliation of earnings before income taxes and noncontrolling interests
Corporate/eliminations								(398	)
Earnings before income taxes and noncontrolling interests							$	1,225

	Three Months (13 Weeks) Ended
	April 5, 2025		March 30, 2024
Depreciation expense:
Steel mills	$	207	$	170
Steel products		40		35
Raw materials		51		48
Corporate		5		4
	$	303	$	257
Amortization expense:
Steel mills	$	2	$	2
Steel products		56		50
Raw materials		7		7
	$	65	$	59
Capital expenditures:
Steel mills	$	609	$	401
Steel products		154		99
Raw materials		118		127
Corporate		40		32
	$	921	$	659

	April 5, 2025		December 31, 2024
Segment assets:
Steel mills	$	16,952	$	16,582
Steel products		11,287		11,235
Raw materials		3,871		3,656
Corporate/eliminations		2,589		2,467
	$	34,699	$	33,940

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

	Three Months (13 Weeks) Ended
	April 5, 2025		March 30, 2024
Net sales to external customers:
Sheet	$	2,209	$	2,710
Bar		1,492		1,335
Structural		644		611
Plate		562		513
Tubular Products		364		369
Rebar Fabrication		408		412
Joist & Deck		498		599
Building Systems		278		314
Other Steel Products		857		823
Raw Materials		518		451
	$	7,830	$	8,137