Nucor Corp. · Earnings release

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

•

Fourth quarter and full year 2024 diluted EPS of $1.22 and $8.46, respectively.

•

Fourth quarter and full year 2024 net sales of $7.08 billion and $30.73 billion, respectively.

•

Fourth quarter and full year 2024 net earnings before noncontrolling interests of $345 million and

$2.32 billion, respectively; EBITDA of $751 million and $4.37 billion, respectively.

CHARLOTTE, N.C. –

January 27, 2025—Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024. By comparison, Nucor reported

consolidated net earnings attributable to Nucor stockholders of $250 million, or $1.05 per diluted share, for the third quarter of 2024. Excluding non-cash impairment charges taken during the quarter,

Nucor’s third quarter of 2024 adjusted net earnings attributable to Nucor stockholders were $353 million, or $1.49 per diluted share.

Nucor

reported consolidated net earnings attributable to Nucor stockholders of $785 million, or $3.16 per diluted share, for the fourth quarter of 2023.

For the full year 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of $2.03 billion, or $8.46 per diluted share,

compared with consolidated net earnings attributable to Nucor stockholders of $4.53 billion, or $18.00 per diluted share, in 2023.

“I want to

thank our teammates for making 2024 the safest year in Nucor history, during an active year of construction projects and ramp-ups that are advancing our growth strategy,” said Leon Topalian, Chair,

President, and Chief Executive Officer. “While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The U.S. economy is still on the front end of several

steel-intensive megatrends and as America’s largest and most diversified steel producer, Nucor is well positioned to supply those needs.”

Selected Segment Data

Earnings (loss) before

income taxes and noncontrolling interests by segment for the fourth quarter and full year 2024 and 2023 were as follows (in millions):

Three Months (13 Weeks) Ended

Twelve Months (52 Weeks) Ended

Steel mills

$

$

$

$

Steel products

Raw materials

)

Corporate/eliminations

)

)

)

)

$

$

$

$

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Financial Review

Nucor’s consolidated net sales decreased 5% to $7.08 billion in the fourth quarter of 2024 compared with $7.44 billion in the third quarter of

2024 and decreased 8% compared with $7.71 billion in the fourth quarter of 2023. Average sales price per ton in the fourth quarter of 2024 decreased 3% compared with the third quarter of 2024 and decreased 10% compared with the fourth quarter

of 2023. Approximately 6,058,000 tons were shipped to outside customers in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024 and a 2% increase from the fourth quarter of 2023. Total steel mill shipments in the fourth quarter

of 2024 decreased 1% compared to the third quarter of 2024 and increased 2% compared to the fourth quarter of 2023. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the fourth quarter of 2024, which was

unchanged from the third quarter of 2024 and decreased from 20% in the fourth quarter of 2023. Downstream steel product shipments to outside customers in the fourth quarter of 2024 decreased 4% from the third quarter of 2024 and the fourth quarter

For the full year 2024, Nucor’s consolidated net sales of $30.73 billion decreased 11% compared with consolidated net sales of

$34.71 billion reported for the full year 2023. Total tons shipped to outside customers in 2024 were approximately 24,767,000 tons, a decrease of 2% from 2023, while the average sales price per ton in 2024 decreased 10% from 2023.

The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2024 was $381, a 1% increase compared to $378 in the third quarter of

2024 and a 4% decrease compared to $397 in the fourth quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the full year 2024 was $394, a 6% decrease compared to $421 in the full year 2023.

Pre-tax, pre-operating and start-upcosts related to the Company’s growth projects were approximately $164 million, or $0.53 per diluted share, in the fourth quarter of 2024, compared with approximately $168 million, or $0.54 per diluted share, in the third quarter of

2024 and approximately $127 million, or $0.39 per diluted share, in the fourth quarter of 2023.

In the full year 2024, pre-tax, pre-operating and start-up costs related to the Company’s growth projects were approximately $594 million, or $1.89 per diluted share, compared with approximately $400 million, or $1.21 per

diluted share, in the full year 2023.

Overall operating rates at the Company’s steel mills were 74% in the fourth quarter of 2024 as compared to 75%

in the third quarter of 2024 and 74% in the fourth quarter of 2023. Operating rates for the full year 2024 decreased to 76% as compared to 78% for the full year 2023.

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Financial Strength

At the end of the fourth quarter of 2024, Nucor had $4.14 billion in cash and cash equivalents and short-term investments on hand. The Company’s

$1.75 billion revolving credit facility remains undrawn and does not expire until November 2026. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor’s, Fitch Ratings and a positive outlook at Moody’s.

Commitment to Returning Capital to Stockholders

On December 11, 2024, Nucor’s Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on February 11, 2025

to stockholders of record as of December 31, 2024 and is Nucor’s 207th consecutive quarterly cash dividend. Nucor has increased its regular, or base, dividend for 52 consecutive years

– every year since it first began paying dividends in 1973.

During the fourth quarter of 2024, Nucor repurchased approximately 2.1 million

shares of its common stock at an average price of $149.81 per share (approximately 13.1 million shares during the full year 2024 at an average price of $168.75 per share). As of December 31, 2024, Nucor had approximately $1.11 billion

remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.

For the full year 2024, Nucor returned approximately $2.74 billion to stockholders in the form of share repurchases and dividend payments.

Fourth Quarter of 2024 Analysis

Earnings in the

steel mills segment decreased in the fourth quarter of 2024 as compared to the third quarter of 2024 due to lower average selling prices and decreased volumes. Earnings in the steel products segment decreased in the fourth quarter of 2024 as

compared to the third quarter of 2024 (excluding the impairment charge taken during the third quarter of 2024) due to decreased volumes and lower average selling prices. Earnings in the raw materials segment increased in the fourth quarter of 2024

as compared to the third quarter of 2024 (excluding the impairment charge taken during the third quarter of 2024). Lower corporate, administrative and tax expenses positively impacted fourth quarter net earnings.

First Quarter of 2025 Outlook

We expect earnings

in the steel mills and steel products segments to be similar in the first quarter of 2025 as compared to the fourth quarter of 2024. Earnings in the raw materials segment are expected to decrease in the first quarter of 2025 relative to the fourth

quarter of 2024. We expect higher corporate, administrative and tax impacts in the first quarter of 2025 than realized in the fourth quarter of 2024 which may result in lower net earnings overall.

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Earnings Conference Call

An earnings call is scheduled for January 28, 2025 at 10:00 a.m. Eastern Time to review Nucor’s fourth quarter and full year 2024 financial results

and 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

Nucor uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news

release, including EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted earnings per diluted share. 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 (income) expense, net; provision for income taxes;

losses and impairments of assets; depreciation; and amortization. We define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders adding back losses and impairments of assets, net of tax. We

define adjusted earnings per diluted share as earnings per diluted share adding back the per diluted share impact of losses and impairments of assets, net of tax. Please note that other companies might definetheir non-GAAP financial measures differently than we do.

Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted earnings per diluted share in this news release because it considers them to be important

supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and

operational performance by providing a consistent basis of comparison across periods.

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

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 most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. 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.

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Contact Information

For Investor/Analyst Inquiries - Jack Sullivan, 704-264-8942, or Paul Donnelly, 704-264-8807

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Tonnage Data

(In thousands)

Three Months (13 Weeks) Ended

Twelve Months (52 Weeks) Ended

Percent

Change

Percent

Change

Steel mills total shipments:

Sheet

1

%

4

%

Bars

-1

%

-6

%

Structural

-6

%

-2

%

Plate

%

-1

%

Other

%

%

2

%

-1

%

Sales tons to outside customers:

Steel mills

4

%

—

Joist

-7

%

%

Deck

%

%

Rebar fabrication products

-5

%

%

Tubular products

4

%

%

Building systems

%

-4

%

Other steel products

-5

%

-1

%

Raw materials

-3

%

5

%

2

%

-2

%

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Condensed Consolidated Statements of Earnings (Unaudited)

(In millions, except per share data)

Three Months (13

Weeks) Ended

Twelve Months (52

Weeks) Ended

Net sales

$

$

$

$

Costs, expenses and other:

Cost of products sold

Marketing, administrative and other expenses

Equity in (earnings) losses of unconsolidated affiliates

(6

)

(9

)

)

)

Losses and impairments of assets

—

—

—

Interest (income) expense, net

3

)

)

)

Earnings before income taxes and noncontrolling interests

Provision for income taxes

Net earnings before noncontrolling interests

Earnings attributable to noncontrolling interests

Net earnings attributable to Nucor stockholders

$

$

$

$

Net earnings per share:

Basic

$

$

$

$

Diluted

$

$

$

$

Average shares outstanding:

Basic

Diluted

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Condensed Consolidated Balance Sheets (Unaudited)

(In millions)

ASSETS

Current assets:

Cash and cash equivalents

$

$

Short-term investments

Accounts receivable, net

Inventories, net

Other current assets

Total current assets

Property, plant and equipment, net

Restricted cash and cash equivalents

—

4

Goodwill

Other intangible assets, net

Other assets

Total assets

$

$

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt

$

$

Current portion of long-term debt and finance lease obligations

Accounts payable

Salaries, wages and related accruals

Accrued expenses and other current liabilities

Total current liabilities

Long-term debt and finance lease obligations due after one year

Deferred credits and other liabilities

Total liabilities

Commitments and contingencies

Equity

Nucor stockholders’ equity:

Common stock

Additional paid-in capital

Retained earnings

Accumulated other comprehensive loss, net of income taxes

)

)

Treasury stock

)

)

Total Nucor stockholders’ equity

Noncontrolling interests

Total equity

Total liabilities and equity

$

$

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

Year Ended December 31,

Operating activities:

Net earnings before noncontrolling interests

$

$

Adjustments:

Depreciation

Amortization

Stock-based compensation

Deferred income taxes

)

Distributions from affiliates

Equity in earnings of unconsolidated affiliates

)

)

Losses and impairments of assets

—

Changes in assets and liabilities (exclusive of acquisitions and dispositions):

Accounts receivable

Inventories

)

Accounts payable

)

Federal income taxes

Salaries, wages and related accruals

)

)

Other operating activities

)

Cash provided by operating activities

Investing activities:

Capital expenditures

)

)

Investment in and advances to affiliates

1

)

Sale of business

1

—

Disposition of plant and equipment

Acquisitions (net of cash acquired)

)

)

Purchases of investments

)

)

Proceeds from the sale of investments

Other investing activities

)

)

Cash used in investing activities

)

)

Financing activities:

Net change in short-term debt

)

Proceeds from issuance of long-term debt, net of discount

—

—

Repayment of long-term debt

)

)

Bond issuance costs

—

—

Proceeds from exercise of stock options

4

Payment of tax withholdings on certain stock-based compensation

)

)

Distributions to noncontrolling interests

)

)

Cash dividends

)

)

Acquisition of treasury stock

)

)

Proceeds from government incentives

—

—

Other financing activities

)

)

Cash used in financing activities

)

)

Effect of exchange rate changes on cash

)

3

Decrease (increase) in cash and cash equivalents and restricted cash and cash

equivalents

)

Cash and cash equivalents and restricted cash and cash equivalents - beginning of

year

Cash and cash equivalents and restricted cash and cash equivalents - end of

year

$

$

Non-cash investing activity:

Change in accrued plant and equipment purchases

$

$

1

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2024

(Continued)

Non-GAAP Financial Measures

Reconciliation of EBITDA (Unaudited)

(In millions)

Three Months (13 Weeks) Ended

Net earnings before noncontrolling interests

$

$

$

$

Depreciation

Amortization

Losses and impairments of assets

—

—

—

Interest (income) expense, net

3

)

)

)

Provision for income taxes

EBITDA

$

$

$

$

Reconciliation of Adjusted net earnings attributable to Nucor stockholders (Unaudited)

(In millions, except per share data)

Diluted EPS

Net earnings attributable to Nucor stockholders

$

$

Losses and impairments of assets, net of tax

Adjusted net earnings attributable to Nucor stockholders

$

$

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211