Nucor Corporation

Certain statements made in this report, or in other public filings, press releases, or other written or oral communications made by Nucor Corporation, a Delaware corporation incorporated in 1958, and its affiliates (collectively, "Nucor", the "Company", "we", "us", or "our"), which are not historical facts are forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 report. 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 any pandemic or 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, 2025.

Caution should be taken not to place undue reliance on the forward-looking statements included in this report. We assume no obligation to update any forward-looking statements except as may be required by law. In evaluating forward-looking statements, these risks and uncertainties should be considered, together with the other risks described from time to time in our reports and other filings with the United States Securities and Exchange Commission.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this report, as well as the audited consolidated financial statements and the notes thereto, “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2025.

Overview

Nucor and its affiliates manufacture steel and steel products. Nucor also produces direct reduced iron ("DRI") for use in its steel mills. Through The David J. Joseph Company and its affiliates ("DJJ"), the Company also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI. Most of Nucor’s operating facilities and customers are located in North America. Nucor’s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products.

Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses and rebar distribution businesses; and Nucor’s equity method investment in NuMit LLC. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, insulated metal panels, overhead doors, steel grating, tubular products, steel racking, piling products, wire and wire mesh, and utility towers and structures. The raw materials segment includes DJJ, primarily a scrap broker and

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processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; and our natural gas production operations.

The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 88%, 65% and 76%, respectively, in the first six months of 2026, compared with approximately 82%,61% and 73%, respectively, in the first six months of 2025.

Results of Operations

Nucor reported net earnings attributable to Nucor stockholders of $1.16 billion, or $5.04 per diluted share, for the second quarter of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025.

The increase in earnings in the second quarter of 2026 as compared to the second quarter of 2025 was driven by the increase in earnings of the steel mills segment. Earnings in the steel mills segment increased in the second quarter of 2026 due to higher average selling prices, increased volumes and higher metal margins. Steel mills segment earnings in the second quarter of 2026 also included a reduction to cost of products sold of $130 million related to cash refunds associated with prior periods’ raw materials procurement costs. Demand continues to be strong across key end-use markets in the steel mills segment, which is evidenced by higher backlogs at the end of the second quarter of 2026 compared to the end of the first quarter of 2026. Federal trade policies, including anti-dumping and countervailing duty laws in combination with Section 232 national security tariffs, are continuing to reduce the volume of unfairly traded imports into the United States.

The steel products segment had decreased earnings in the second quarter of 2026 as compared to the second quarter of 2025 as increased volumes and modestly higher average selling prices were more than offset by margin compression resulting from higher steel input costs. We saw resilient demand in key end markets for the steel products segment during the second quarter of 2026, and backlogs for the segment at the end of the second quarter of 2026 are higher than they were at the end of the first quarter of 2026.

Earnings in the raw materials segment increased in the second quarter of 2026 as compared to the second quarter of 2025 primarily due to increased average selling prices and shipments, and the improved profitability of our direct reduced iron facilities.

Included in the second quarter of 2026 earnings was a non-cash benefit of $61 million related to the increase in the value of our investment in Helion, a fusion energy company, after it completed a capital financing round during the quarter.

Nucor reported net earnings attributable to Nucor stockholders of $1.90 billion, or $8.27 per diluted share, for the first six months of 2026, which represented an increase compared to net earnings attributable to Nucor stockholders of $759 million, or $3.26 per diluted share, in the first six months of 2025. The larger increase in comparable year-to-date earnings in 2026 as compared to 2025 was driven by significantly stronger first quarter of 2026 results compared to the first quarter of 2025, together with continued sequential earnings improvement into the second quarter of 2026.

The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the second quarter and first six months of 2026 as compared to the second quarter and first six months of 2025.

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Net Sales

Net sales to external customers by segment for the second quarter and first six months of 2026 and 2025 were as follows (in millions):

Net sales for the second quarter of 2026 increased 23% from the second quarter of 2025. Average sales price per ton increased 10% from $1,240 in the second quarter of 2025 to $1,367 in the second quarter of 2026. Total tons shipped to external customers in the second quarter of 2026 were approximately 7,605,000 tons, a 12% increase from the second quarter of 2025.

Net sales for the first six months of 2026 increased 22% from the first six months of 2025. Average sales price per ton increased 11% from $1,193 in the first six months of 2025 to $1,323 in the first six months of 2026. Total tons shipped to external customers in the first six months of 2026 were approximately 15,032,000 tons, a 10% increase from the first six months of 2025.

In the steel mills segment, sales tons for the second quarter and first six months of 2026 and 2025 were as follows (in thousands):

Net sales for the steel mills segment increased 23% in the second quarter of 2026 from the second quarter of 2025, due to a 12% increase in tons shipped to external customers and a 10% increase in the average sales price per ton, from $1,041 to $1,145 in the second quarter of 2025 and 2026, respectively.

Net sales for the steel mills segment increased 23% in the first six months of 2026 from the first six months of 2025, due to a 10% increase in tons shipped to external customers and a 12% increase in average sales price per ton from $989 to $1,110 in the first six months of 2025 and 2026, respectively.

Outside sales tonnage for the steel products segment for the second quarter and first six months of 2026 and 2025 was as follows (in thousands):

Net sales for the steel products segment increased 17% in the second quarter of 2026 from the second quarter of 2025, due to a 13% increase in shipping volumes and a 4% increase in selling prices from $2,331 in the second quarter of 2025 to $2,415 in the second quarter of 2026. Average selling prices increased across several businesses within the steel products segment in the second quarter of 2026 as compared to the second quarter of 2025, most notably at our tubular products business.

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Net sales for the steel products segment increased 16% in the first six months of 2026 compared to the first six months of 2025, due to a 12% increase in shipping volumes and a 4% increase in average sales price from $2,313 to $2,410 in the first six months of 2025 and 2026, respectively. Average selling prices increased across several businesses within the steel products segment in the first six months of 2026 as compared to the first six months of 2025, most notably at our tubular products business.

Net sales for the raw materials segment increased 49% in the second quarter of 2026 compared to the second quarter of 2025. In the second quarter of 2026, approximately 95% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 2% of outside sales were from the scrap processing operations of DJJ (approximately 94% and 3%, respectively, in the second quarter of 2025).

Net sales for the raw materials segment in the first six months of 2026 increased 40% compared to the first six months of 2025. In the first six months of 2026, approximately 95% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 3% of outside sales were from the scrap processing operations of DJJ (approximately 94% and 3%, respectively, in the first six months of 2025).

The majority of the raw materials segment's total sales are to internal customers in the steel mills segment. Net sales to outside customers represented approximately 20% and 19% of the raw materials segment's total sales in the second quarter and first six months of 2026, respectively (approximately 16% in the second quarter and first six months of 2025).

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Gross Margins

Nucor recorded gross margins of $2.03 billion (20%) in the second quarter of 2026, which was an increase compared to $1.22 billion (14%) in the second quarter of 2025.

Scrap and scrap substitutes are the most significant element in the total cost of steel production. The average scrap and scrap substitute cost per gross ton used in the second quarter of 2026 was $422, a 5% increase compared to $403 in the second quarter of 2025. Despite the increase in average scrap and scrap substitute cost per gross ton used, metal margins increased in the second quarter of 2026 as compared to the second quarter of 2025 due to the previously mentioned increases in average selling prices and shipping volumes.

Nucor recorded gross margins of $3.54 billion (18%) in the first six months of 2026, which increased compared to $1.83 billion (11%) in the first six months of 2025.

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Marketing, Administrative and Other Expenses

A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These profit sharing and other incentive compensation costs, which are based upon and fluctuate with Nucor’s financial performance, increased by $86 million in the second quarter of 2026 compared to the second quarter of 2025, and increased by $174 million in the first six months of 2026 compared to the first six months of 2025. These increases were due to Nucor's increased profitability in the second quarter and first six months of 2026 compared to the respective prior year periods, which resulted in increased expenses related to profit sharing and other incentive compensation.

During the second quarter of 2026, Nucor recorded a non-cash $61 million increase in the value of its investment in Helion, a fusion energy company, after it completed a capital financing round during the quarter. The increase is included as a reduction of marketing, administrative and other expenses in the second quarter of 2026.

Losses and Impairments of Assets

Included in the first six months of 2026 net earnings was $15 million of impairment charges related to certain assets in the raw materials segment, all of which was recorded in the first quarter of 2026 (none was recorded in the second quarter of 2026).

Included in the second quarter and first six months of 2025 net earnings was $11 million and $40 million, respectively, of losses and impairments of assets. These charges consisted of the following: $19 million related to the closure or repurposing of certain facilities in the steel products segment (all of which was recorded in the first quarter of 2025); $17 million related to the repurposing of a facility in the steel mills segment ($7 million of which was recorded in the second quarter of 2025); and $4 million related to the write-off of certain assets in the raw materials segment (all of which was recorded in the second quarter of 2025).

Interest Expense (Income)

Net interest expense for the second quarter and first six months of 2026 and 2025 was as follows (in millions):

Interest expense decreased in the second quarter and first six months of 2026 compared to the second quarter and first six months of 2025 mainly due to an increase in capitalized interest. Interest income decreased in the second quarter and first six months of 2026 compared to the second quarter and first six months of 2025 due to a decrease in average interest rates on investments.

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Earnings Before Income Taxes and Noncontrolling Interests

The table below presents earnings before income taxes and noncontrolling interests by segment for the second quarter and first six months of 2026 and 2025 (in millions). The changes between periods were driven by the quantitative and qualitative factors previously discussed.