NUCOR CORP (NUE)

Nucor Corporation, a Delaware corporation founded in 1958, is North America's largest steel producer and largest recycler of scrap steel, manufacturing steel and steel products while also producing direct reduced iron (DRI) for use in its mills. Through its subsidiary The David J. Joseph Company (DJJ), the company processes and brokers ferrous and nonferrous metals, pig iron, HBI, and DRI. Nucor operates through three reportable segments: steel mills (58% of 2022 external sales), steel products, and raw materials.

The steel mills segment produces sheet, plate, structural, and bar steel using electric arc furnaces, continuous casting, and automated rolling mills across 15 bar mills, six sheet mills, two structural mills, and three plate mills, selling to service centers, fabricators, and manufacturers primarily in the U.S., Canada, and Mexico; the segment also includes equity investments in joint ventures NuMit (Steel Technologies) and Nucor-JFE Steel Mexico. The steel products segment manufactures joists, joist girders, steel deck, HSS tubing, electrical conduit, fabricated rebar, cold finished bar, fasteners, grating, wire mesh, metal buildings, insulated metal panels, steel racking, overhead doors, and utility towers, serving primarily nonresidential construction and infrastructure markets; recent "Expand Beyond" acquisitions include TrueCore, CENTRIA/Metl-Span (insulated metal panels), Elite Storage Solutions (steel racking), C.H.I. Overhead Doors, and Summit Utility Structures/Sovereign Steel (towers and structures). The raw materials segment includes DJJ's scrap recycling and brokerage operations (six regional recycling companies with ~5.8 million tons annual shredding capacity), two DRI plants (Trinidad and Louisiana) with combined capacity of approximately 4.5 million metric tons, natural gas production in Colorado's Piceance Basin, and Universal Industrial Gases, which operates air separation units supporting steel mill operations.

The company's markets are heavily tied to nonresidential construction, durable goods, and capital spending, and Nucor holds leading market positions in structural steel, merchant bar, joists and deck, metal buildings, piling, cold finished bar, electrical conduit, and insulated metal panels. Nucor has invested approximately $10.25 billion over the past three years in capital expenditures and acquisitions, including a new sheet mill under construction in Mason County, West Virginia, a rebar micro mill in Lexington, North Carolina, a completed plate mill in Brandenburg, Kentucky, and a new galvanizing line at its Arkansas facility, as part of its strategy to grow core operations, expand into adjacent markets, and increase exposure to growth sectors such as data centers, warehousing, and renewable energy while developing branded lower-carbon product lines such as AEOS, ECONIQ, and Elcyon.