# EDGAR Filing Document

**Accession Number:** 0000073309
**File Stem:** 0001193125-25-251721
**Filing Date:** 2025-10
**Character Count:** 61984
**Document Hash:** 3f6e2dfc15a1d021d549c1e10a0688dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-251721.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-251721

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251027

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUCOR CORP
- **CENTRAL INDEX KEY:** 0000073309
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 131860817
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04119
- **FILM NUMBER:** 251420477

**BUSINESS ADDRESS:**
- **STREET 1:** 1915 REXFORD RD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28211
- **BUSINESS PHONE:** 7043667000

**MAIL ADDRESS:**
- **STREET 1:** 1915 REXFORD ROAD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUCLEAR CORP OF AMERICA INC
- **DATE OF NAME CHANGE:** 19680911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AZTEC MECHANICAL CONTRACTORS INC
- **DATE OF NAME CHANGE:** 19660629

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): October 27, 2025

## NUCOR CORPORATION

#### (Exact name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-4119** | **13-1860817** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer**<br> **Identification No.)** |
| **1915 Rexford Road,**<br> **Charlotte, NC** |  | **28211** |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

#### Registrant's Telephone Number, Including Area Code: (704) 366-7000

#### Not Applicable

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, par value $0.40 per share | NUE | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.**  |

---

On October 27, 2025, Nucor Corporation issued a news release reporting its financial results for the quarter ended October 4, 2025. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.**  |

---

On October 27, 2025, Nucor Corporation, in conjunction with the issuance of the aforementioned news release, posted an investor presentation to its Investor Relations website. A copy of the investor presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits

---

| | |
|:---|:---|
| 99.1 | [News Release of Nucor Corporation dated October 27, 2025](d34902dex991.htm) |
| 99.2 | [Investor Presentation dated October 27, 2025](d34902dex992.htm) |
| 104 | Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL |

---

The information contained in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such registration statement or other document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | NUCOR CORPORATION | NUCOR CORPORATION |
| Date: October 27, 2025 | By: | /s/ Stephen D. Laxton |
|  |  | **Stephen D. Laxton** |
|  |  | **Chief Financial Officer and Executive**<br> **Vice President** |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| **News Release** | ![LOGO](g34902dsp4.jpg) |

---

**<u>Nucor Reports Results for the Third Quarter of 2025</u>**

**<u>Third Quarter of 2025 Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales of $8.52 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings before noncontrolling interests of $683 million; EBITDA of $1.27 billion

CHARLOTTE, N.C. – October 27, 2025 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025 and $250 million, or $1.05 per diluted share, for the third quarter of 2024.

"We continue to execute on Nucor's strategy of growing our core steelmaking capabilities, while expanding into downstream, steel-adjacent businesses," said Leon Topalian, Nucor's Chair, President and Chief Executive Officer. "During the third quarter, we began ramping up production at two recently completed bar mill projects, advanced our sheet steel production and coating projects, and commenced pole production at our Alabama Towers & Structures facility. Throughout a period of capital investment, Nucor continues to have the strongest balance sheet of any major steel producer in North America and has returned nearly $1 billion to shareholders year-to-date, representing more than 70% of net earnings through the third quarter."

**<u>Earnings (loss) before income taxes and noncontrolling interests by segment (in millions)</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Nine Months (39 Weeks) Ended** | **Nine Months (39 Weeks) Ended** |
|  | **October 4, 2025** | **July 5, 2025** | **September 28, 2024** | **October 4, 2025** | **September 28, 2024** |
|  **Steel mills** | $**793** | $**843** | $**309** | $**1867** | $**2057** |
|  **Steel products** | **319** | **392** | **314** | **999** | **1267** |
|  **Raw materials** | **43** | **57** | **(66)** | **129** | **(17)** |
|  **Corporate/eliminations** | **(272)** | **(393)** | **(168)** | **(928)** | **(795)** |
|  | $**883** | $**899** | $**389** | $**2067** | $**2512** |

---

**<u>Analysis of Third Quarter of 2025 Results Compared to the Second Quarter of 2025</u>**

Earnings in the steel mills segment decreased in the third quarter of 2025 primarily due to slightly lower volumes coupled with margin compression. The decrease in the steel products segment's earnings in the third quarter was due to higher average costs per ton on stable average realized pricing and moderately higher volumes. The raw materials segment had lower earnings in the third quarter of 2025 primarily due to lower realized pricing in our direct reduced iron and scrap processing operations.

Third quarter of 2025 consolidated net earnings attributable to Nucor stockholders was positively impacted by lower profit elimination related to intracompany sales and a decrease in the amount of earnings attributable to noncontrolling interests.

Page 1 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

**<u>Financial Strength</u>**

At the end of the third quarter of 2025, Nucor had $2.75 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. The Company continues to have the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks at Standard & Poor's, Fitch Ratings and Moody's, respectively. During September 2025, Moody's upgraded Nucor's long-term credit ratings to A3 from Baa1 with a stable outlook.

**<u>Commitment to Returning Capital to Stockholders</u>**

During the third quarter of 2025, Nucor repurchased approximately 0.7 million shares of its common stock at an average price of $140.46 per share (approximately 4.8 million shares during the first nine months of 2025 at an average price of $126.26 per share). As of October 4, 2025, Nucor had approximately $506 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 September 4, 2025, Nucor's Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on November 10, 2025, to stockholders of record as of September 30, 2025 and is Nucor's 210<sup>th</sup> consecutive quarterly cash dividend.

**<u>Fourth Quarter of 2025 Outlook Compared to the Third Quarter of 2025</u>**

We expect earnings in the fourth quarter of 2025 to be lower than the third quarter of 2025. In the steel mills segment, the expected decrease is primarily due to lower overall volumes, along with lower average selling prices in our sheet mills. In the steel products segment, the expected decrease is mainly due to lower volumes. In the raw materials segment, the expected decrease is due to lower realized pricing as well as planned outages at our direct reduced iron facilities.

**<u>Earnings Conference Call</u>**

An earnings call is scheduled for October 28, 2025 at 10:00 a.m. Eastern Time to review Nucor's third 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.

**<u>About Nucor</u>**

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.

Page 2 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

**<u>Non-GAAP Financial Measures</u>**

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.

**<u>Forward-Looking Statements</u>**

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

Page 3 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

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.

**<u>Contact Information</u>**

For Investor/Analyst Inquiries –

Chris Jacobi, chris.jacobi@nucor.com, or Paul Donnelly, paul.donnelly@nucor.com

For Media Inquiries –

Katherine Miller, katherine.miller@nucor.com

Page 4 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

**<u>Consolidated Financial Statements</u>**

**<u>Condensed Consolidated Statements of Earnings (Unaudited)</u>**

**(In millions, except per share data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Nine Months (39 Weeks) Ended** | **Nine Months (39 Weeks) Ended** |
|  | **October 4, 2025** | **July 5, 2025** | **September 28, 2024** | **October 4, 2025** | **September 28, 2024** |
|  **Net sales** | $**8521** | $**8456** | $**7444** | $**24807** | $**23658** |
|  **Costs, expenses and other:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cost of products sold** | **7333** | **7233** | **6686** | **21791** | **20183** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Marketing, administrative and other expenses** | **300** | **304** | **244** | **885** | **883** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Equity in earnings of unconsolidated affiliates** | **(10)** | **(10)** | **(5)** | **(24)** | **(24)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Losses and impairments of assets** | **—** | **11** | **123** | **40** | **137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest expense (income), net** | **15** | **19** | **7** | **48** | **(33)** |
|  | **7638** | **7557** | **7055** | **22740** | **21146** |
|  **Earnings before income taxes and noncontrolling interests** | **883** | **899** | **389** | **2067** | **2512** |
|  **Provision for income taxes** | **200** | **193** | **86** | **452** | **538** |
|  **Net earnings before noncontrolling interests** | **683** | **706** | **303** | **1615** | **1974** |
|  **Earnings attributable to noncontrolling interests** | **76** | **103** | **53** | **249** | **234** |
|  **Net earnings attributable to Nucor stockholders** | $**607** | $**603** | $**250** | $**1366** | $**1740** |
|  **Net earnings per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Basic** | $**2.63** | $**2.60** | $**1.05** | $**5.89** | $**7.23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diluted** | $**2.63** | $**2.60** | $**1.05** | $**5.88** | $**7.22** |
|  **Average shares outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Basic** | **229.9** | **230.6** | **236.5** | **231.1** | **239.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diluted** | **230.2** | **230.8** | **236.8** | **231.4** | **239.8** |

---

Page 5 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

**<u>Condensed Consolidated Balance Sheets (Unaudited)</u>**

**(In millions)** 

---

| | | |
|:---|:---|:---|
|  | **October 4, 2025** | **December 31, 2024** |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents** | $**2221** | $**3558** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-term investments** | **524** | **581** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accounts receivable, net** | **3288** | **2675** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Inventories, net** | **5393** | **5106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other current assets** | **382** | **555** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** | **11808** | **12475** |
|  **Property, plant and equipment, net** | **14821** | **13243** |
|  **Goodwill** | **4294** | **4288** |
|  **Other intangible assets, net** | **2943** | **3134** |
|  **Other assets** | **910** | **800** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**34776** | $**33940** |
|  **LIABILITIES** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-term debt** | $**136** | $**225** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current portion of long-term debt and finance lease obligations** | **31** | **1042** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accounts payable** | **2145** | **1832** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Salaries, wages and related accruals** | **899** | **903** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accrued expenses and other current liabilities** | **1046** | **975** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** | **4257** | **4977** |
|  **Long-term debt and finance lease obligations due after one year** | **6686** | **5683** |
|  **Deferred credits and other liabilities** | **1902** | **1863** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **12845** | **12523** |
|  **Commitments and contingencies** |  |  |
|  **EQUITY** |  |  |
|  **Nucor stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Common stock** | **152** | **152** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Additional paid-in capital** | **2233** | **2223** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Retained earnings** | **31255** | **30271** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated other comprehensive loss, net of income taxes** | **(189)** | **(208)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Treasury stock** | **(12681)** | **(12144)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Nucor stockholders' equity** | **20770** | **20294** |
|  **Noncontrolling interests** | **1161** | **1123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total equity** | **21931** | **21417** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** | $**34776** | $**33940** |

---

Page 6 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

**<u>Condensed Consolidated Statements of Cash Flows (Unaudited)</u>**

**(In millions)** 

---

| | | |
|:---|:---|:---|
|  | **Nine Months (39 Weeks) Ended** | **Nine Months (39 Weeks) Ended** |
|  | **October 4, 2025** | **September 28, 2024** |
|  **Operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net earnings before noncontrolling interests** | $**1615** | $**1974** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Adjustments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depreciation** | **910** | **809** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amortization** | **191** | **189** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Impairment of assets** | **20** | **137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Stock-based compensation** | **102** | **114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Deferred income taxes** | **2** | **(92)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions from affiliates** | **6** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Equity in earnings of unconsolidated affiliates** | **(24)** | **(24)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Changes in assets and liabilities (exclusive of acquisitions and dispositions):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accounts receivable** | **(614)** | **47** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Inventories** | **(295)** | **496** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accounts payable** | **296** | **(207)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Federal income taxes** | **177** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Salaries, wages and related accruals** | **20** | **(314)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other operating activities** | **29** | **92** |
|  **Cash provided by operating activities** | **2435** | **3246** |
|  **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital expenditures** | **(2620)** | **(2294)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment in and advances to affiliates** | **(1)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Sale of business** | **—** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Disposition of plant and equipment** | **42** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Acquisitions (net of cash acquired)** | **—** | **(672)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchases of investments** | **(872)** | **(1037)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from the sale of investments** | **938** | **1210** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other investing activities** | **4** | **10** |
|  **Cash used in investing activities** | **(2509)** | **(2770)** |
|  **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in short-term debt** | **(89)** | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Repayment of long-term debt** | **(1012)** | **(5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Bond issuance costs** | **(9)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from issuance of long-term debt, net of discount** | **997** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from exercise of stock options** | **1** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Payment of tax withholdings on certain stock-based compensation** | **(32)** | **(50)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions to noncontrolling interests** | **(231)** | **(333)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash dividends** | **(385)** | **(394)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Acquisition of treasury stock** | **(600)** | **(1901)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from government incentives** | **77** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other financing activities** | **14** | **(12)** |
|  **Cash used in financing activities** | **(1269)** | **(2597)** |
|  **Effect of exchange rate changes on cash** | **6** | **(3)** |
|  **Decrease in cash and cash equivalents** | **(1337)** | **(2124)** |
|  **Cash and cash equivalents - beginning of year** | **3558** | **6387** |
|  **Cash and cash equivalents - end of nine months** | $**2221** | $**4263** |
|  **Non-cash investing activity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Change in accrued plant and equipment purchases** | $**14** | $**70** |

---

Page 7 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

**<u>Select Financial and Operational Data</u>**

**<u>(Dollars in millions, tons in thousands, per unit amounts as noted)</u>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Nine Months (39 Weeks) Ended** | **Nine Months (39 Weeks) Ended** | **Nine Months (39 Weeks) Ended** |
|  | **Oct. 4, 2025** | **July 5, 2025** | **% Change** | **Sep. 28, 2024** | **Year Ago %<br>Change** | **Oct. 4, 2025** | **Sep. 28, 2024** | **% Change** |
|  **<u>Consolidated Financial & Operational Data</u>** | **<u>Consolidated Financial & Operational Data</u>** |  |  |  |  |  |  |  |
|  **Net Sales** | $**8521** | $**8456** | **1%** | $**7444** | **14%** | $**24807** | $**23658** | **5%** |
|  **External Average Sales Price per Ton** | $**1258** | $**1240** | **1%** | $**1201** | **5%** | $**1215** | $**1265** | **-4%** |
|  **Sales Tons to External Customers** | **6774** | **6820** | **-1%** | **6196** | **9%** | **20424** | **18709** | **9%** |
|  **Pre-Operating & Start-Up Costs** | $**103** | $**136** | **-24%** | $**168** | **-39%** | $**408** | $**430** | **-5%** |
|  **Pre-Operating & Start-Up Costs per Diluted Share** | $**0.34** | $**0.45** |  | $**0.54** |  | $**1.34** | $**1.36** |  |
|  **Number of Days in Period** | **91** | **91** |  | **91** |  | **277** | **272** |  |
|  **<u>Steel Mills Segment Data</u>** |  |  |  |  |  |  |  |  |
|  **Total Shipments** | **6428** | **6474** | **-1%** | **5719** | **12%** | **19365** | **17476** | **11%** |
|  **Sales Tons to External Customers** | **4976** | **5044** | **-1%** | **4607** | **8%** | **15246** | **13900** | **10%** |
|  **Percentage of Sales to Internal Customers** | **23%** | **22%** |  | **19%** |  | **21%** | **20%** |  |
|  **External Average Sales Price per Ton** | $**1038** | $**1041** | **—** | $**967** | **7%** | $**1005** | $**1042** | **-4%** |
|  **Average Scrap/Scrap Substitute Cost per Gross Ton** | $**391** | $**403** | **-3%** | $**378** | **3%** | $**396** | $**399** | **-1%** |
|  **Utilization** | **85%** | **85%** |  | **75%** |  | **83%** | **77%** |  |
|  **<u>Steel Products Segment Data</u>** |  |  |  |  |  |  |  |  |
|  **Sales Tons to External Customers** | **1183** | **1141** | **4%** | **1011** | **17%** | **3372** | **3050** | **11%** |
|  **Average Sales Price per Ton** | $**2358** | $**2331** | **1%** | $**2469** | **-4%** | $**2329** | $**2530** | **-8%** |

---

Page 8 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Tonnage Data (in thousands)</u>** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Nine Months (39 Weeks) Ended** | **Nine Months (39 Weeks) Ended** | **Nine Months (39 Weeks) Ended** |
|  | **Oct. 4, 2025** | **July 5, 2025** | **% Change** | **Sep. 28,<br>2024** | **Year Ago %<br>Change** | **Oct. 4, 2025** | **Sep. 28, 2024** | **% Change** |
|  **Steel mills total shipments:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Sheet** | **3030** | **3057** | **-1%** | **2837** | **7%** | **9068** | **8680** | **4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Bars** | **2190** | **2148** | **2%** | **1926** | **14%** | **6628** | **5843** | **13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Structural** | **595** | **635** | **-6%** | **493** | **21%** | **1807** | **1555** | **16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Plate** | **594** | **606** | **-2%** | **435** | **37%** | **1777** | **1295** | **37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** | **19** | **28** | **-32%** | **28** | **-32%** | **85** | **103** | **-17%** |
|  | **6428** | **6474** | **-1%** | **5719** | **12%** | **19365** | **17476** | **11%** |
|  **Sales tons to outside customers:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Steel mills** | **4976** | **5044** | **-1%** | **4607** | **8%** | **15246** | **13900** | **10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Joist and deck** | **254** | **217** | **17%** | **169** | **50%** | **653** | **534** | **22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rebar fabrication products** | **356** | **306** | **16%** | **278** | **28%** | **909** | **781** | **16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tubular products** | **206** | **243** | **-15%** | **213** | **-3%** | **719** | **635** | **13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Building Systems** | **62** | **64** | **-3%** | **60** | **3%** | **174** | **181** | **-4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other steel products** | **305** | **311** | **-2%** | **291** | **5%** | **917** | **919** | **0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Raw materials** | **615** | **635** | **-3%** | **578** | **6%** | **1806** | **1759** | **3%** |
|  | **6774** | **6820** | **-1%** | **6196** | **9%** | **20424** | **18709** | **9%** |

---

Page 9 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

------

**<u>Nucor Reports Results for the Third Quarter of 2025 (Continued)</u>** 

**Non-GAAP Financial Measures** 

**<u>Reconciliation of EBITDA (Unaudited)</u>** 

**(In millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Three Months (13 Weeks) Ended** | **Nine Months (39 Weeks) Ended** | **Nine Months (39 Weeks) Ended** |
|  | **Oct. 4, 2025** | **July 5, 2025** | **Sept. 28, 2024** | **Oct. 4, 2025** | **Sept. 28, 2024** |
|  **Net earnings before noncontrolling interests** | $**683** | $**706** | $**303** | $**1615** | $**1974** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depreciation** | **304** | **303** | **281** | **910** | **809** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amortization** | **63** | **63** | **69** | **191** | **189** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Losses and impairments of assets** | **—** | **11** | **123** | **40** | **137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest expense (income), net** | **15** | **19** | **7** | **48** | **(33)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Provision for income taxes** | **200** | **193** | **86** | **452** | **538** |
|  **EBITDA** | $**1265** | $**1295** | $**869** | $**3256** | $**3614** |

---

Page 10 of 10

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

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

## Exhibit 99.2

![](g34902ex99_2p1g1.jpg)

Exhibit 99.2 THIRD QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO October 28, 2025

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![](g34902ex99_2p2g1.jpg)

FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words "anticipate," "believe," "expect," "intend," "may," "project," "will," "should," "could" and similar expressions are intended to identify 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. The Company does not undertake any obligation to update these statements. 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 presentation. 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; (15) the impact of the COVID-19 pandemic, any variants of the virus, and any other similar public health situation; and (16) the risks discussed in "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission. 2

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![](g34902ex99_2p3g1.jpg)

NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). 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, net; provision for income taxes; depreciation; amortization; and losses and impairments of assets. We define Free Cash Flow (FCF) as Cash Provided by Operating Activities less Capital Expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents the non-GAAP financial measures of EBITDA and FCF in this news release because it considers them to be an important supplemental measure 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. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in this presentation, including in the accompanying tables located in the Appendix. 3

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![](g34902ex99_2p4g1.jpg)

NUE Q3 FINANCIAL & OPERATIONAL HIGHLIGHTS 1 ✓ EBITDA : ~$1.3 billion ✓ $1.5 Billion EBITDA ✓ Net Earnings: $607 million FINANCIAL ✓ $845 Million Net Earnings PERFORMANCE ✓ Earnings Per Diluted Share: $2.63 EPS ✓ $3.46 Earnings Per Share (diluted) 2 ✓ Balance Sheet & Liquidity: ~24% Total Debt/Cap; ~$3.6 billion Liquidity ✓ Safety: On pace for lowest annual I&I rate (0.74 YTD) ✓ Steel Mills: Record rebar shipments in Q3 OPERATIONAL HIGHLIGHTS ✓ Steel Products: Higher Q/Q shipments in Q3 ✓ Growth Projects: On track to complete four major projects in 2025 ✓ Capex: Deployed $807 million in Q3; revising FY estimate to ~$3.3Bn ✓ NUE Share Repurchases: $100 million (~0.7 million shares) CAPITAL th ALLOCATION ✓ Quarterly Dividend: $127 million (209 consecutive quarterly payment) ✓ Returns to Shareholders: 72% of YTD Net Earnings ✓ Stable Q/Q External Shipments: ~6.8 million total tons in Q3 & Q2 RESILIENT ✓ Strong Mill Backlogs: ~3.5 million tons at end of Q3 (30% higher Y/Y) MARKET CONDITIONS 3 ✓ Lower Imports: ~11% lower YTD though August vs. 2024 YTD (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) Liquidity defined as cash & equivalents, plus short-term investments, plus available revolver capacity of $2.25 billion facility less ~$1.35 billion 4 outstanding floating-rate IRBs (3) Source: AISI (finished carbon & alloy)

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![](g34902ex99_2p5g1.jpg)

EXECUTING OUR STRATEGY SAFETY ADVANCING OUR MOST IMPORTANT VALUE GROWTH INVESTMENTS Our challenge is to become the world's Nearing end of current phase; yet to realize safest steel company earnings potential of recent growth projects • Through Q3'25, completed ~80% of • On pace for lowest annual I&I rate for the $10 billion multi-year investment plan eighth straight year • On track to complete four major capital • 42% improvement in I&I rate over the projects in 2025 last five years (2019 – 2024) PRUDENT DELIVERING CAPITAL ALLOCATION COMPREHENSIVE SOLUTIONS Leveraging existing assets and deploying Leveraging diverse portfolio to meet customer capital to supply steel-intensive megatrends needs and be the supplier of choice • Committed to returning at least 40% of • Capitalizing on differentiated solutions net earnings to shareholders • Double-digit YTD growth in joist & deck • Disciplined approach to growth shipments, as customers place more investments and M&A value on comprehensive offerings 5

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![](g34902ex99_2p6g1.jpg)

NUCOR BAR MILL GROUP: MARKET LEADERSHIP, NATIONWIDE CAPABILITIES New Projects in Fast-Growing Regions Robust Capabilities – National Reach Southwest & Southeast regions represent Nucor Bar Mill Group ~40% U.S. rebar demand Steelmaking Footprint Lexington, NC Rebar micro mill Kingman, AZ commissioned Melt shop completed in Q3 in Q3 - Recent projects completed at Kingman, AZ and Lexington, NC (1) CONSTRUCTION STARTS U.S. REBAR DEMAND (2) Pacific SW & S. Atlantic Regions • Strong geographic coverage and capabilities $567B SA to optimize broad product offering ~21% $497B $441B ~9M • Efficient micro mills allow for short cycle (1) PSW tpa times, quick delivery and competitive pricing ~18% 2023A 2025E 2030E (1) First River Consulting estimated domestic rebar market, South Atlantic (SA) and Pacific Southwest (PSW) regions 6 (2) Dodge Total Construction Starts by region, in billions

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![](g34902ex99_2p7g1.jpg)

LEADING PROVIDER OF STEEL SOLUTIONS FOR DATA CENTER CONSTRUCTION Comprehensive Suite of Products Well Suited to Data Center Applications Continued momentum in data center construction • Dodge forecasting ~60 million sq ft of 1 construction in 2025 (~30% y/y increase) • ~3,500 tons of steel required for every 250,000 sq ft of data center construction Well positioned to partner with hyperscalers and developers • Able to supply nearly all the steel that goes into data centers – from the building envelope to the interior infrastructure • Ideal partner for customers prioritizing reliability and speed to market Continuing to expand capabilities of Nucor Data Systems (NDS) • Repurposing two legacy steel products facilities into dedicated NDS sites, boosting cabinet and airflow containment capacity WHITE SPACE PRODUCTS & INSTALLATION CORE AND SHELL PRODUCTS (1) Dodge Construction Network 7

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![](g34902ex99_2p8g1.jpg)

CONSTRUCTIVE TRADE POLICY SUPPORTS AMERICAN STEEL INDUSTRY U.S. Import Data U.S. Imports for Key Nucor Products 1 All Carbon & Alloy Steel – Avg Monthly Quantity YTD 2025 vs. YTD 2024 , net tons 2.53 2.50 2.47 2.5 Corrosion Resistant Sheet -1,247,000 -39.9% 2.32 2.26 25% 2.18 Hot Rolled Sheet -467,000 -33.3% 1.92 2 Cold Rolled Sheet -224,000 -20.5% 20% Cut-To-Length Plate -113,000 -24.6% 1.5 Rebar -42,000 -5.7% 1 15% Wire Rod +166,000 +21.4% FY '21 FY '22 FY '23 FY '24 Q1 '25 Q2 '25 Q3 '25\* \*Q3 2025 – July/Aug data only 2 • Imports down 11% YTD: Strengthened 232 • Sheet imports down 35% YTD : 3.7M tons tariffs have reduced transshipped and unfairly (2025) vs. 5.6M tons (2024) traded imports into the U.S. • CORE trade case: September determination • Import reductions have accelerated: July- on corrosion resistant sheet helps level August 2025 imports are down ~20% vs. July- playing field for domestic producers August 2024 • Rebar trade case: Expect preliminary determination in Q4 2025 Sources: U.S. Imports for Consumption of Steel Products, Foreign Trade Division, U.S. Census Bureau; AISI; Platts Steel Data & Analytics 8 (1) C&A steel product difference in net tons, Jan-Aug 2024 vs. Jan-Aug 2025 (2) Includes C&A Hot Rolled Sheet, Cold Rolled Sheet and CORE Imports, Jan-Aug Data Million Net Tons, Avg Monthly % Finished C&A Import Mkt Share

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![](g34902ex99_2p9g1.jpg)

CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) 1 2 Diluted EPS EBITDA Adj. for $0.44 impairment $1.49 $1,295 $1,265 $2.60 $2.63 $869 $1.05 Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 3 Capital Expenditures Cash Returned to Shareholders $954 $530 $823 $807 $329 $227 Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 (1) Adjusted Earnings and EBITDA for Q3'24 to exclude $123 million of one-time charges. See appendix for a reconciliation of non-GAAP measures. (2) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix 9 (3) Cash Returned to Shareholders includes dividends and share repurchases

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![](g34902ex99_2p10g1.jpg)

Q3 2025 SEGMENT RESULTS (1) ADJUSTED PRE-TAX SEGMENT EARNINGS Q3 2025 VS Q2 2025 $millions • Stable realized pricing STEEL • Slightly lower volumes $57 MILLS $43 • Lower EBT/ton $392 $319 • Stable realized pricing $17 $29 STEEL $57 • Higher volumes $354 $843 $793 $307 PRODUCTS $329 • Lower EBT/ton $309 $241 $169 ($168) ($165) ($263) ($272) Lower realized pricing ($393) RAW Lower operating costs MATERIALS (2) (3) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Steel Mills Steel Products Raw Materials Corporate/Eliminations (1) Total segment earnings before income taxes and non-controlling interests (3) Adjusted to exclude $10 million impairment in Steel Mills and $19 million impairment in Steel Products taken in Q1 (2) Adjusted to exclude $83 million impairment in Raw Materials and $40 million 10 2025. For a reconciliation of non-GAAP measures, please impairment in Steel Products taken in Q3 2024. For a reconciliation of non-GAAP refer to the Appendix. measures, please refer to the Appendix.

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![](g34902ex99_2p11g1.jpg)

STRONG BALANCE SHEET & SHAREHOLDER RETURNS REMAIN PRIORITIES Committed to a strong balance sheet Highest credit ratings in the industry xLTM $USD in millions • Upgraded by Moody's to A3 in September 2025 1 as of October 4, 2025 Amount EBITDA % cap • Nucor senior unsecured credit ratings: 2 Total Debt $6,853 1.7x 24% 3 Cash and Cash Equivalents $2,745 Rating Long-term Short-term Outlook Agency Rating Rating Net Debt $4,108 1.0x S&P A- A-1 Stable Total Equity & Non-Controlling Int. $21,931 76% Fitch A- F-1 Stable Total Book Capitalization $28,784 100% Moody's A3 P-2 Stable RETURNS TO SHAREHOLDERS (2020 – Q3 2025) Cash Returns Committed to returning at least 40% of annual net earnings 135% DIVIDENDS $2.9B 74% 72% 55% 46% $13.4B 43% 40% SHARE REPURCHASES $10.5B 2020 2021 2022 2023 2024 2025 YTD (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix. 11 (2) Total Debt includes Short-Term Debt, Current Portion of Long-Term Debt, Long-term Debt and Finance Lease Obligations (3) Includes Cash and Cash Equivalents and Short-Term Investments

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![](g34902ex99_2p12g1.jpg)

NEAR TO MEDIUM-TERM OUTLOOK Steel 1 2 Flats Longs Products ➢ Mega projects ➢ Imports to retreat further➢ Backlog strength continues • CORE trade case/ across long products• Demand driver for higher full effect of Section 232 margin, engineered products ➢ Imports to retreat further • Short lead times ➢ Joist & Deck • Pending trade case (rebar)/Full • Backlogs extend into 2Q26 effect of Section 232 ➢ Incremental demand • Energy & data centers ➢ Mega projects ➢ Tube • Data centers, CHIPS plants, • Steel bridges, IIJA/state funded • Q3 facility upgrade will institutional buildings, stadiums, improve operations • New construction - OBBB, warehouses border wall, Int. rate cuts • Border wall ➢ Concrete bridges – IIJA/State ➢ Lean service-center inventories ➢ Rebar Fab funded • Backlog strength ➢ Regional growth –Lexington & • Regional growth • Normalizing lead times Kingman ramping • Bridge/tunnel investment • Domestic supply – new assets ➢ Energy – LNG facilities, on-shore ramping; prolonged life of existing wind, solar BOF mills • Construction cost/Inflation • Pace of interest rate reductions • Residential new build market • Manufacturing investment • Automotive market – domestic supply chain • New supply hitting market • Residential new build market • Residential market (new builds & • Seasonal slowdown • Seasonal slowdown existing) impact appliance/water heater/HVAC demand • Railcar & HEAT markets 12 (1) Flats include sheet and plate steel (2) Longs include bars and structural steel MONITORING POTENTIAL CATALYSTS MONITORING POTENTIAL CATALYSTS MONITORING POTENTIAL CATALYSTS

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Q4 2025 EARNINGS OUTLOOK IMPACT ON Q4 SEGMENT EXPECTATIONS FOR Q4 vs Q3 EARNINGS VS Q3 • Lower realized pricing at sheet mills Steel Mills • Lower volumes – fewer shipping days • Stable realized pricing Steel Products • Lower volumes – fewer shipping days • Lower realized pricing Raw Materials • Planned outages at both DRI facilities Corp / Eliminations• Lower eliminations upon consolidation Consolidated • Lower compared to Q3 Earnings 13

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APPENDIX 14

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GROWTH PROJECTS AT OR NEAR COMPLETION LEXINGTON, NC REBAR MICROMILL • 430K tpa mill, commissioned in Q3; targeting the growing South Atlantic region with an efficient supply chain BAR MILL PROJECTS KINGMAN, AZ MELT SHOP • New melt shop commissioned in Q3; investment enhances cost structure and product mix across Western assets INDIANA COATING COMPLEX • 300K tpa continuous galv line and 250K tpa pre-paint line • Expect construction complete by year end 2025 NEW SHEET COATING FACILITIES BERKELEY GALV LINE • Advanced capabilities to serve SE automotive customers • Commissioning and startup planned for 2H 2026 ALABAMA GREENFIELD • Actively producing products for growing customer base TOWERS & • "First dip" in galv facility in September; full production by YE'25 STRUCTURES INDIANA GREENFIELD GREENFIELDS • Ongoing customer qualifications; pole production ramp up in Q4 • "First dip" at galv facility in Q2'26; full production by mid-2026 15

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SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Shipments Q3 '25 Q2 '25 Q3 '24 Prior Qtr. Q3 2025 vs. Q2 2025 Year Sheet 2,837 7% 3,030 3,057 -1% • Margin compression Bars 2,190 2,148 1,926 2% 14% • Slightly lower volumes Structural 595 635 493 -6% 21% Plate 594 606 435 -2% 37% Other Steel 19 28 28 -32% -32% Total Shipments 6,428 6,474 5,719 -1% 12% 1 EBT $793 $843 $309 -6% 157% 1 EBT /Ton $123 $130 $54 -5% 128% STEEL PRODUCTS $s in millions, tons in thousands % Change Versus Prior Shipments Q3 '25 Q2 '25 Q3 '24 Prior Qtr. Q3 2025 vs. Q2 2025 Year Tubular 206 243 213 -15% -3% • Stable avg realized price Joist & Deck 254 217 169 17% 50% • Higher avg costs per ton Rebar Fabrication 356 306 278 16% 28% Building Systems 62 64 60 -3% 3% • Moderately higher volumes Other 305 311 291 -2% 5% Total Shipments 1,183 1,141 1,011 4% 17% 2 Adj. EBT $319 $392 $354 -19% -10% 2 Adj. EBT /Ton $270 $344 $350 -22% -23% (1) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release (2) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release; 16 adjusted to exclude $40 million impairment in Steel Products taken in Q3 2024. For a reconciliation of non-GAAP measures, please refer to the Appendix.

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SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q3 2025 vs. Q2 2025 Prior Production Q3 '25 Q2 '25 Q3 '24 Prior Qtr. Year • Lower profitability in DRI and scrap DRI 976 979 835 0% 17% processing operations Scrap Processing 1,215 1,155 993 5% 22% 1 Total Production 2,191 2,134 1,828 3% 20% 2 Adj. EBT $43 $57 $17 -25% 153% (1) Total production excluding scrap brokerage activities. (2) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release; adjusted to exclude $83 million impairment in Raw Materials taken in Q3 2024. For a reconciliation of non-GAAP measures, please refer to the 17 Appendix.

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QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS EARNINGS STEEL STEEL PRODUCTS (LOSS) BEFORE INCOME TAXES COMP. SALES OTHER TOTAL PRICE TOTAL JOIST & REBAR TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM\* PLATE STEEL DECK FAB PRODS SYSTEMS PRODS PRODS MATLS TONS ($ MILLIONS) TON ($) ($000'S) TON 2025 2,475 1,702 495 554 5,226 182 247 270 48 301 1,048 556 6,830 $7,830 $1,146 $215 $33 Q1 2,449 1,507 513 575 5,044 217 306 243 64 311 1,141 635 6,820 $8,456 $1,240 $796 $126 Q2 Q3 2,440 1,515 472 549 4,976 254 356 206 62 305 1,183 615 6,774 $8,521 $1,258 $807 $125 Q4 YEAR 2024 Q1 2,517 1,344 431 384 4,676 180 238 208 55 284 965 583 6,224 $8,137 $1,307 $1,111 $188 Q2 2,348 1,445 407 417 4,617 185 265 214 66 344 1,074 598 6,289 $8,077 $1,284 $831 $139 Q3 2,394 1,402 406 405 4,607 169 278 213 60 291 1,011 578 6,196 $7,444 $1,201 $335 $57 Q4 2,210 1,445 441 484 4,580 178 239 221 57 273 968 510 6,058 $7,076 $1,168 $332 $58 YEAR 9,469 5,636 1,685 1,690 18,480 712 1,020 856 238 1,192 4,018 2,269 24,767 $30,734 $1,241 $2,610 $111 18 \*Beam includes all structural steel

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QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL SHEET BARS BEAM\* PLATE PER NET TON PER GROSS PER NET STEEL TON USED TON USED 2025 2025 st st 1 Quarter $888 $877 $1,300 $1,014 $938 $394 $352 1 Quarter nd nd 2 Quarter $1,008 $927 $1,352 $1,194 $1,041 2 Quarter $403 $360 First Half $948 $900 $1,327 $1,106 $989 First Half $398 $355 rd 3 Quarter $982 $961 $1,394 $1,182 $1,038 rd $391 $349 3 Quarter Nine Months $959 $920 $1,348 $1,131 $1,005 Nine Months $396 $354 th th 4 Quarter 4 Quarter YEAR YEAR 2024 2024 st st 1 Quarter $1,079 $993 $1,417 $1,334 $1,108 1 Quarter $421 $376 nd nd 2 Quarter $1,015 $942 $1,374 $1,301 $1,051 2 Quarter $396 $354 $1,048 $967 $1,396 $1,317 $1,079 $409 $365 First Half First Half rd rd 3 Quarter $913 $902 $1,319 $1,145 $967 3 Quarter $378 $338 Nine Months $1,003 $945 $1,371 $1,259 $1,042 Nine Months $399 $356 th th 4 Quarter $875 $851 $1,292 $1,036 $926 4 Quarter $381 $340 YEAR $974 $921 $1,350 $1,195 $1,013 YEAR $394 $352 19 \*Beam includes all structural steel

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QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2025 st 1 Quarter $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 nd 2 Quarter $2,605 $1,593 $1,559 $5,206 $2,876 $2,331 First Half $2,664 $1,619 $1,450 $5,472 $2,857 $2,313 rd 3 Quarter $2,438 $1,594 $1,621 $5,406 $3,061 $2,358 $2,576 $1,609 $1,499 $5,449 $2,926 $2,329 Nine Months th 4 Quarter YEAR 2024 st 1 Quarter $3,330 $1,732 $1,776 $5,759 $2,889 $2,608 nd 2 Quarter $3,239 $1,745 $1,606 $5,428 $2,731 $2,517 First Half $3,284 $1,739 $1,689 $5,577 $2,803 $2,560 rd 3 Quarter $3,052 $1,752 $1,369 $5,702 $2,954 $2,469 $3,210 $1,743 $1,582 $5,619 $2,851 $2,530 Nine Months th 4 Quarter $2,877 $1,734 $1,301 $5,750 $3,030 $2,448 YEAR $3,127 $1,741 $1,509 $5,650 $2,891 $2,510 20

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RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2022 2023 2024 LTM Q3 2024 Q3 2025 Net earnings before $8,080 $4,913 $2,319 $1,960 $303 $683 non-controlling interests Net interest expense $170 ($30) ($30) $51 $7 $15 Income taxes $2,165 $1,360 $583 $497 $86 $200 Depreciation expense $827 $931 $1,094 $1,195 $281 $304 Amortization expense $235 $238 $262 $264 $69 $63 Losses and impairments $102 -- $137 $40 $123 -- of assets $7,412 $4,365 $4,007 $869 $1,265 EBITDA $11,579 21

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RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q3 2024 Q1 2025 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE $250 $1.05 $156 $0.67 TO NUCOR STOCKHOLDERS LOSSES AND IMPAIRMENTS OF $103 $0.44 $23 $0.10 ASSETS, NET OF TAX ADJUSTED NET EARNINGS ATTRIBUTABLE TO NUCOR $353 $1.49 $179 $0.77 STOCKHOLDERS 22

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RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q3 2024 Q1 2025 Steel Raw Steel Raw Steel Mills Steel Mills Products Materials Products Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $314 ($66) $231 $288 $29 NONCONTROLLING INTERESTS LOSSES AND IMPAIRMENTS -- $40 $83 $10 $19 -- OF ASSETS ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $354 $17 $241 $307 $29 NONCONTROLLING INTERESTS 23