NUCOR CORP (NUE)

Nucor Corporation, a Delaware corporation incorporated in 1958, manufactures steel and steel products and also produces and procures ferrous and non-ferrous materials, primarily for use in its steel manufacturing. It describes itself as North America's largest recycler, using scrap steel as the primary raw material, and recycled approximately 20 million gross tons of scrap in 2025. Its operations also include international trading and sales companies that buy and sell steel and steel products made by Nucor and others. Its strategy is summarized as Grow the Core, Expand Beyond and Live Our Culture, and it has made acquisitions and investments to broaden its offerings beyond traditional steelmaking.

Nucor reports three segments: steel mills, steel products and raw materials. Steel mills is the largest, at 62% of 2025 sales to external customers. It makes sheet steel (hot-rolled, cold-rolled and galvanized), plate, structural steel and bar steel, mainly from scrap using electric arc furnaces with continuous casting and automated rolling mills. It operates 15 bar mills (about 9.8 million tons of capacity), six sheet mills (about 14.5 million tons, including 51%-owned California Steel Industries), two structural mills (about 3.3 million tons, including 51%-owned Nucor-Yamato, which sells AEOS high-strength, low-alloy beams) and three plate mills (about 3.6 million tons). It also owns 51% of Nucor-JFE Steel Mexico, a galvanized sheet plant, and 50% of NuMit, whose Steel Technologies subsidiary runs 30 sheet processing facilities. New projects include a rebar micro mill in Lexington, North Carolina, now ramping up, and a planned three-million-ton sheet mill in Mason County, West Virginia. The steel products segment makes steel joists and joist girders, steel deck, tubular products, electrical conduit, galvanized solar torque tubes, fabricated rebar, cold finished steel, fasteners, grating, wire and mesh, pre-engineered metal buildings, insulated metal panels, racking, overhead doors, and utility towers and structures. Its groups include Vulcraft/Verco, Nucor Tubular Products, Nucor Rebar Fabrication (nearly 70 facilities) and the Buildings group, which operates under the Nucor Building Systems, American Buildings Company and Kirby Building Systems brands.

Most of Nucor's facilities and customers are in North America. The steel mills segment sells mainly to steel service centers, fabricators and manufacturers in the United States, Canada and Mexico, and sold about 19.8 million tons to outside customers in 2025. Another 21% of its shipments went to the steel products segment. Steel products serve mainly nonresidential construction and infrastructure, and the door businesses also serve the garage door repair and replacement market. End markets include automotive, appliance, energy, agricultural, heavy equipment, rail, shipbuilding, wind towers and data centers. About 85% of 2025 sheet sales were under noncancellable contracts of six to 12 months with periodic price adjustments tied to market indices or raw material costs, and the rest were spot sales. Joist and deck contracts are mostly firm, fixed-price and competitively bid. Nucor sells mainly through in-house sales forces and its own distribution and trading companies abroad, and it describes itself as a leading domestic supplier of most of its products and the leading supplier of several, such as structural steel, merchant bar, joists and deck, metal buildings, steel piling and insulated metal panels.