Nucor Reports Results for the Second Quarter of 2025

Jul 28 2025 21:30 BST

Second Quarter of 2025 Highlights

Net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share.
Net sales of $8.46 billion.
Net earnings before noncontrolling interests of $706 million; EBITDA of $1.30 billion.

CHARLOTTE, N.C. , July 28, 2025 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, for the first quarter of 2025 and $645 million, or $2.68 per diluted share, for the second quarter of 2024.

In the first six months of 2025, Nucor reported consolidated net earnings attributable to Nucor stockholders of $759 million, or $3.26 per diluted share, compared with consolidated net earnings attributable to Nucor stockholders of $1.49 billion, or $6.14 per diluted share, in the first six months of 2024.

"Our team delivered a solid second quarter, with sequential earnings growth from all three of Nucor's reporting segments, and did so while setting another safety record in the first half of 2025," said Leon Topalian, Nucor's Chair, President and Chief Executive Officer. "As we head into the second half of 2025, we are encouraged by resilient demand across key end markets, a healthy order backlog and recently enacted tax and trade policies that promote American manufacturing."

Selected Segment Data
Earnings (loss) before income taxes and noncontrolling interests by segment for the second quarter and first six months of 2025 and 2024 were as follows (in millions):

Three Months (13 Weeks) Ended

Six Months (26 Weeks) Ended

July 5, 2025

June 29, 2024

July 5, 2025

June 29, 2024

Steel mills

843

645

1,074

1,748

Steel products

392

442

680

953

Raw materials

Corporate/eliminations

(393)

(228)

(656)

(627)

899

898

1,184

2,123

Financial Review
Nucor's consolidated net sales increased 8% to $8.46 billion in the second quarter of 2025 compared with $7.83 billion in the first quarter of 2025 and increased 5% compared with $8.08 billion in the second quarter of 2024. Average sales price per ton in the second quarter of 2025 increased 8% compared with the first quarter of 2025 and decreased 3% compared with the second quarter of 2024. A total of approximately 6,820,000 tons were shipped to outside customers in the second quarter of 2025, which was comparable with the first quarter of 2025 and was an 8% increase compared with the second quarter of 2024. Total steel mill shipments in the second quarter of 2025 were comparable to the first quarter of 2025 and increased 10% compared to the second quarter of 2024. Steel mill shipments to internal customers represented 22% of total steel mill shipments in the second quarter of 2025, compared with 19% in the first quarter of 2025 and 21% in the second quarter of 2024. Downstream steel product shipments to outside customers in the second quarter of 2025 increased 9% compared with the first quarter of 2025 and increased 6% compared with the second quarter of 2024.

In the first six months of 2025, Nucor's consolidated net sales of $16.29 billion was comparable with consolidated net sales of $16.21 billion reported in the first six months of 2024. Total tons shipped to outside customers in the first six months of 2025 were approximately 13,650,000 tons, an increase of 9% compared with the first six months of 2024, and the average sales price per ton in the first six months of 2025 decreased 8% compared with the first six months of 2024.

The average scrap and scrap substitute cost per gross ton used in the second quarter of 2025 was $403, a 2% increase compared to $394 in the first quarter of 2025 and $396 in the second quarter of 2024. The average scrap and scrap substitute cost per gross ton used in the first six months of 2025 was $398, a 3% decrease compared to $409 in the first six months of 2024.

Pre-operating and start-up costs related to the Company's growth projects were approximately $136 million, or $0.45 per diluted share, in the second quarter of 2025, compared with approximately $170 million, or $0.56 per diluted share, in the first quarter of 2025 and approximately $137 million, or $0.43 per diluted share, in the second quarter of 2024.

In the first six months of 2025, pre-operating and start-up costs related to the Company's growth projects were approximately $306 million, or $1.00 per diluted share, compared with approximately $262 million, or $0.82 per diluted share, in the first six months of 2024.

Overall operating rates at the Company's steel mills increased to 85% in the second quarter of 2025 as compared to 80% in the first quarter of 2025 and 75% in the second quarter of 2024. Operating rates in the first six months of 2025 increased to 82% as compared to 79% in the first six months of 2024.

Financial Strength
At the end of the second quarter of 2025, we had $2.48 billion in cash and cash equivalents and short-term investments on hand. The Company's $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor's and Fitch Ratings and a positive outlook at Moody's.

Commitment to Returning Capital to Stockholders
During the second quarter of 2025, Nucor repurchased approximately 1.8 million shares of its common stock at an average price of $111.89 per share (approximately 4.0 million shares during the first six months of 2025 at an average price of $123.75 per share). As of July 5, 2025, Nucor had approximately $606 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.

On June 10, 2025, Nucor's Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on August 11, 2025, to stockholders of record as of June 30, 2025 and is Nucor's 209^th consecutive quarterly cash dividend.

Second Quarter of 2025 Analysis
Earnings in the second quarter of 2025 increased across all three of our operating segments as compared to the first quarter of 2025. The increase in earnings for the steel mills segment was primarily due to higher average selling prices at our sheet and plate mills. Earnings in the steel products segment increased in the second quarter of 2025 as compared to the first quarter of 2025 due to a combination of stable overall pricing, higher volumes and lower average costs per ton. The raw materials segment had increased earnings in the second quarter of 2025 as compared to the first quarter of 2025 due primarily to our scrap processing operations.

Third Quarter of 2025 Outlook
We expect earnings in the third quarter of 2025 to be nominally lower than the second quarter of 2025, due to decreased earnings in the steel mills segment and similar earnings in the steel products and raw materials segments. In the steel mills segment, despite resilient backlogs and a stable demand outlook, we expect margin compression in the third quarter of 2025 as compared to the second quarter of 2025.

Earnings Conference Call
An earnings call is scheduled for July 29, 2025 at 10:00 a.m. Eastern Time to review Nucor's second quarter of 2025 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor's website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor's Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.

About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; 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; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.

Non-GAAP Financial Measures
The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA. Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.

We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest expense (income), net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. Please note that other companies might define their non-GAAP financial measures differently than we do.

Management presents the non-GAAP financial measure of EBITDA in this news release because it considers it to be an important supplemental measure of performance. Management believes that this non-GAAP financial measure provides additional insight for analysts and investors evaluating the Company's financial and operational performance by providing a consistent basis of comparison across periods.

Forward-Looking Statements
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words "anticipate," "believe," "expect," "intend," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor's regulatory filings with the United States Securities and Exchange Commission, including those in "Item 1A. Risk Factors" of Nucor's Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.

Tonnage Data
(In thousands)

	Three Months (13 Weeks) Ended							Six Months (26 Weeks) Ended
	July 5, 2025		June 29, 2024		Percent Change			July 5, 2025		June 29, 2024		Percent Change
Steel mills total shipments:
Sheet		3,057		2,869		7	%		6,038		5,843		3	%
Bars		2,148		2,005		7	%		4,438		3,917		13	%
Structural		635		512		24	%		1,212		1,062		14	%
Plate		606		448		35	%		1,183		860		38	%
Other		28		33		-15	%		66		75		-12	%
		6,474		5,867		10	%		12,937		11,757		10	%

Sales tons to outside customers:
Steel mills		5,044		4,617		9	%		10,270		9,293		11	%
Joist and deck		217		185		17	%		399		365		9	%
Rebar fabrication products		306		265		15	%		553		503		10	%
Tubular products		243		214		14	%		513		422		22	%
Building Systems		64		66		-3	%		112		121		-7	%
Other steel products		311		344		-10	%		612		628		-3	%
Raw materials		635		598		6	%		1,191		1,181		1	%
		6,820		6,289		8	%		13,650		12,513		9	%

Condensed Consolidated Statements of Earnings (Unaudited)

(In millions, except per share data)

Three Months (13 Weeks) Ended

Six Months (26 Weeks) Ended

July 5, 2025

June 29, 2024

July 5, 2025

June 29, 2024

Net sales

8,456

8,077

16,286

16,214

Costs, expenses and other:

Cost of products sold

7,233

6,883

14,458

13,497

Marketing, administrative and other expenses

304

294

585

639

Equity in earnings of unconsolidated affiliates

(10)

(14)

(19)

Losses and impairments of assets

Interest expense (income), net

(2)

(40)

7,557

7,179

15,102

14,091

Earnings before income taxes and noncontrolling interests

899

898

1,184

2,123

Provision for income taxes

193

186

252

452

Net earnings before noncontrolling interests

706

712

932

1,671

Earnings attributable to noncontrolling interests

103

173

181

Net earnings attributable to Nucor stockholders

603

645

759

1,490

Net earnings per share:

Basic

2.60

2.68

3.26

6.15

Diluted

2.60

2.68

3.26

6.14

Average shares outstanding:

Basic

230.6

239.6

231.7

241.3

Diluted

230.8

240.0

231.9

241.5

Condensed Consolidated Balance Sheets (Unaudited) (In millions)

	July 5, 2025		Dec. 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,946	$	3,558
Short-term investments		537		581
Accounts receivable, net		3,388		2,675
Inventories, net		5,462		5,106
Other current assets		386		555
Total current assets		11,719		12,475
Property, plant and equipment, net		14,303		13,243
Goodwill		4,299		4,288
Other intangible assets, net		3,006		3,134
Other assets		890		800
Total assets	$	34,217	$	33,940
LIABILITIES
Current liabilities:
Short-term debt	$	157	$	225
Current portion of long-term debt and finance lease obligations		32		1,042
Accounts payable		2,183		1,832
Salaries, wages and related accruals		745		903
Accrued expenses and other current liabilities		1,029		975
Total current liabilities		4,146		4,977
Long-term debt and finance lease obligations due after one year		6,692		5,683
Deferred credits and other liabilities		1,887		1,863
Total liabilities		12,725		12,523
Commitments and contingencies
EQUITY
Nucor stockholders' equity:
Common stock		152		152
Additional paid-in capital		2,213		2,223
Retained earnings		30,775		30,271
Accumulated other comprehensive loss, net of income taxes		(167)		(208)
Treasury stock		(12,584)		(12,144)
Total Nucor stockholders' equity		20,389		20,294
Noncontrolling interests		1,103		1,123
Total equity		21,492		21,417
Total liabilities and equity	$	34,217	$	33,940

Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions)

	Six Months (26 Weeks) Ended
	July 5, 2025		June 29, 2024
Operating activities:
Net earnings before noncontrolling interests	$	932	$	1,671
Adjustments:
Depreciation		606		528
Amortization		128		120
Impairment of assets		20		14
Stock-based compensation		78		83
Deferred income taxes		(17)		(78)
Distributions from affiliates		6		8
Equity in earnings of unconsolidated affiliates		(14)		(19)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		(706)		(154)
Inventories		(352)		333
Accounts payable		375		(315)
Federal income taxes		135		133
Salaries, wages and related accruals		(135)		(426)
Other operating activities		40		47
Cash provided by operating activities		1,096		1,945
Investing activities:
Capital expenditures		(1,813)		(1,471)
Investment in and advances to affiliates		(1)		-
Disposition of plant and equipment		39		10
Acquisitions (net of cash acquired)		(1)		(109)
Purchases of investments		(666)		(887)
Proceeds from the sale of investments		717		856
Other investing activities		2		-
Cash used in investing activities		(1,723)		(1,601)
Financing activities:
Net change in short-term debt		(68)		49
Repayment of long-term debt		(1,007)		(5)
Proceeds from issuance of long-term debt, net of discount		997		-
Bond issuance costs		(9)		-
Proceeds from exercise of stock options		-		3
Payment of tax withholdings on certain stock-based compensation		(31)		(47)
Distributions to noncontrolling interests		(214)		(315)
Cash dividends		(258)		(264)
Acquisition of treasury stock		(500)		(1,501)
Proceeds from government incentives		77		-
Other financing activities		17		(7)
Cash used in financing activities		(996)		(2,087)
Effect of exchange rate changes on cash		11		(5)
Decrease in cash and cash equivalents		(1,612)		(1,748)
Cash and cash equivalents - beginning of year		3,558		6,387
Cash and cash equivalents - end of six months	$	1,946	$	4,639
Non-cash investing activity:
Change in accrued plant and equipment purchases	$	(27)	$	37

Non-GAAP Financial Measures

Reconciliation of EBITDA (Unaudited)

(In millions)

Three Months (13 Weeks) Ended

Six Months (26 Weeks) Ended

July 5, 2025

June 29, 2024

July 5, 2025

June 29, 2024

Net earnings before noncontrolling interests

706

712

932

1,671

Depreciation

303

271

606

528

Amortization

128

120

Losses and impairments of assets

Interest expense (income), net

(2)

(40)

Provision for income taxes

193

186

252

452

EBITDA

1,295

1,242

1,991

2,745

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SOURCE Nucor Corporation