v3.26.1
Segments
3 Months Ended
Apr. 04, 2026
Segment Reporting [Abstract]  
Segments

14. Segments

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; 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, precision castings, steel fasteners, metal building systems, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.

Segment results are regularly reviewed by the Company's Chief Operating Decision Makers ("CODMs"), the Chief Executive Officer and the Chief Operating Officer, to manage the business, make decisions about resources to be allocated to the segments and assess performance. The measure of profit and loss that is used by the CODMs to assess segment performance and to allocate resources is earnings before income taxes and noncontrolling interests by segment (“segment earnings”). Our CODMs evaluate each segment’s performance based on metrics such as net sales, segment earnings and other key financial indicators, guiding strategic decisions to align with company-wide goals.

Segment cost of products sold is considered a significant segment expense and is regularly provided to the CODMs. Segment cost of products sold includes amounts related to both net sales to external customers and intercompany sales.

Nucor’s results by segment for the first quarter of 2026 and 2025 were as follows (in millions):

 

 

 

Three Months (13 Weeks) Ended

 

 

 

April 4, 2026

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Totals

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

6,036

 

 

$

2,786

 

 

$

674

 

 

$

9,496

 

Intercompany sales

 

 

1,435

 

 

 

232

 

 

 

3,087

 

 

 

4,754

 

Total Sales

 

 

7,471

 

 

 

3,018

 

 

 

3,761

 

 

 

14,250

 

Reconciliation of Sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intercompany sales

 

 

 

 

 

 

 

 

 

 

 

(4,754

)

Net sales to external customers

 

 

 

 

 

 

 

 

 

 

 

9,496

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

6,321

 

 

 

2,660

 

 

 

3,676

 

 

 

12,657

 

Other segment items

 

 

22

 

 

 

73

 

 

 

40

 

 

 

135

 

Segment earnings before income taxes and noncontrolling interests

 

 

1,128

 

 

 

285

 

 

 

45

 

 

 

1,458

 

Reconciliation of earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/eliminations

 

 

 

 

 

 

 

 

 

 

 

(362

)

Earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

$

1,096

 

 

 

 

Three Months (13 Weeks) Ended

 

 

 

April 5, 2025

 

 

 

Steel Mills

 

 

Steel Products

 

 

Raw Materials

 

 

Totals

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

4,907

 

 

$

2,405

 

 

$

518

 

 

$

7,830

 

Intercompany sales

 

 

1,074

 

 

 

150

 

 

 

2,726

 

 

 

3,950

 

Total Sales

 

 

5,981

 

 

 

2,555

 

 

 

3,244

 

 

 

11,780

 

Reconciliation of Sales

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intercompany sales

 

 

 

 

 

 

 

 

 

 

 

(3,950

)

Net sales to external customers

 

 

 

 

 

 

 

 

 

 

 

7,830

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

5,743

 

 

 

2,229

 

 

 

3,204

 

 

 

11,176

 

Other segment items

 

 

7

 

 

 

38

 

 

 

11

 

 

 

56

 

Segment earnings before income taxes and noncontrolling interests

 

 

231

 

 

 

288

 

 

 

29

 

 

 

548

 

Reconciliation of earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/eliminations

 

 

 

 

 

 

 

 

 

 

 

(263

)

Earnings before income taxes and noncontrolling interests

 

 

 

 

 

 

 

 

 

 

$

285

 

 

 

 

Three Months (13 Weeks) Ended

 

 

 

April 4, 2026

 

 

April 5, 2025

 

Depreciation expense:

 

 

 

 

 

 

Steel mills

 

$

213

 

 

$

207

 

Steel products

 

 

54

 

 

 

40

 

Raw materials

 

 

48

 

 

 

51

 

Corporate

 

 

6

 

 

 

5

 

 

$

321

 

 

$

303

 

Amortization expense:

 

 

 

 

 

 

Steel mills

 

$

2

 

 

$

2

 

Steel products

 

 

54

 

 

 

56

 

Raw materials

 

 

7

 

 

 

7

 

 

$

63

 

 

$

65

 

Capital expenditures:

 

 

 

 

 

 

Steel mills

 

$

440

 

 

$

609

 

Steel products

 

 

130

 

 

 

154

 

Raw materials

 

 

48

 

 

 

118

 

Corporate

 

 

36

 

 

 

40

 

 

$

654

 

 

$

921

 

 

 

 

April 4, 2026

 

 

December 31, 2025

 

Segment assets:

 

 

 

 

 

 

Steel mills

 

$

18,777

 

 

$

18,354

 

Steel products

 

 

11,940

 

 

 

11,770

 

Raw materials

 

 

4,100

 

 

 

4,013

 

Corporate/eliminations

 

 

818

 

 

 

967

 

 

$

35,635

 

 

$

35,104

 

 

Net sales by product for the first quarter of 2026 and 2025 were as follows (in millions). Further product group breakdown is impracticable.

 

 

Three Months (13 Weeks) Ended

 

 

 

April 4, 2026

 

 

April 5, 2025

 

Net sales to external customers:

 

 

 

 

 

 

Sheet

 

$

2,791

 

 

$

2,209

 

Bar

 

 

1,689

 

 

 

1,492

 

Structural

 

 

853

 

 

 

644

 

Plate

 

 

703

 

 

 

562

 

Tubular Products

 

 

528

 

 

 

364

 

Rebar Fabrication

 

 

479

 

 

 

408

 

Joist and Deck

 

 

455

 

 

 

498

 

Building Systems

 

 

336

 

 

 

278

 

Other Steel Products

 

 

988

 

 

 

857

 

Raw Materials

 

 

674

 

 

 

518

 

 

 

$

9,496

 

 

$

7,830