Nucor

“After recent years of weakened effectiveness due to country exemptions and product exclusions, the Section 232 steel tariffs were fully reinstated in 2025 without exceptions or exclusions, and were broadened to cover approximately 600 fabricated steel products. These comprehensive tariffs have been more effective in combating circumvention behaviors and keeping unfairly traded imports out of the U.S. market.”

Annual report 2025A · The company itself

“Industry Specific Risk Factors Overcapacity in the global steel industry could increase the level of steel imports into the United States, which may negatively affect our business, results of operations, financial condition and cash flows. Global steel production overcapacity continues to be an ongoing risk to Nucor and the entire steel industry. The Organisation for Economic Co-operation and Development (the “OECD”) has estimated global steel production overcapacity to be approximately 704 million net tons in 2025. This level of excess capacity is eight times the current annual steel production in the United States.”

Annual report 2025A · The company itself

“China continues to be a significant contributor to excess steelmaking capacity, producing more than one billion net tons of steel in each of the past eight years, despite experiencing slower economic growth. Chinese steel producers are also investing in new steelmaking capacity in several countries in southeast Asia and Africa. As a result, the OECD projects that excess global steel capacity could increase nearly 20% to an estimated 795 million net tons by 2027.”

Annual report 2025A · The company itself

“Steel manufacturers in non-market economies, such as China, tend not to adjust their production levels in line with regional demand and instead export significant amounts of steel and steel products at prices that can be at or below their costs of production. In countries with non-market economies, the steel industry is often subsidized or owned in whole or in part by the government, which can provide these producers with cost advantages or cause their production decisions to be driven by political or social factors rather than price and demand signals. Surplus output from steel producers in these countries can flow into the U.S. market. These exports to the U.S. can result in downward pressure on realized steel prices for Nucor, adversely affecting our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Our Challenges and Risks Global steel production overcapacity continues to be an ongoing risk to Nucor and the entire steel industry. The OECD has estimated that global steel production overcapacity in 2025 is approximately 704 million net tons.”

Annual report 2025A · The company itself

“Nucor operates two DRI plants which supplied approximately 3,300,000 metric tons of material with world-class metallization rates and carbon content to our steel mills in 2025.”

Annual report 2025A · The company itself

“Nucor’s DRI production and brokering capabilities provide our steel mills flexibility to quickly adjust their metallic input mix to changing market conditions, enabling them to maintain competitiveness in the often-volatile ferrous scrap market. With the potential for high-quality scrap to become scarcer, coupled with the risk of third-party supplier disruptions, Nucor’s DRI facilities provide a greater degree of certainty over metallics supply to its steel mills. • Natural gas production programs - Nucor owns operating wells and leasehold interests in natural gas properties in the South Piceance Basin in the Western Slope of Colorado.”

Annual report 2025A · The company itself

“EAF-based steel producers, such as Nucor, are more sensitive to increases in scrap prices but tend to have lower capital and fixed operating costs compared with large integrated steel producers.”

Annual report 2025A · The company itself

“The primary raw material for our steel products segment is steel produced by Nucor’s steel mills.”

Annual report 2025A · The company itself

“An uncertainty we continue to face in our business is the price of our principal raw material, ferrous scrap, which is volatile and often increases or decreases rapidly in response to changes in domestic demand, unanticipated events that affect the flow of scrap into scrap yards, the availability of scrap substitutes, currency fluctuations and changes in foreign demand for scrap.”

Annual report 2025A · The company itself

“The average scrap and scrap substitute cost per gross ton used was $392 in 2025, which was a 1% decrease from $394 in 2024. Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel.”

Annual report 2025A · The company itself

“Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas, and other raw materials and related services.”

Annual report 2025A · The company itself

“Commodity Price Risk – In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap, steel, other ferrous and non-ferrous metals, alloys and natural gas.”

Annual report 2025A · The company itself

“Our Strengths and Opportunities We are North America’s most diversified steel producer.”

Annual report 2025A · The company itself

“Our investment in DRI production facilities and scrap brokerage and processing businesses provides Nucor with significant flexibility in optimizing our raw materials costs. Additionally, having a portion of our raw materials supply under our control reduces risk associated with the global sourcing of raw materials.”

Annual report 2025A · The company itself

“Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products. In 2025, we recycled approximately 20 million gross tons of scrap steel.”

Annual report 2025A · The company itself

“The steel mills segment sold approximately 19,848,000 tons to outside customers in 2025.”

Annual report 2025A · The company itself

“In the steel mills segment, sales tons for the years ended December 31, 2025 and 2024 were as follows (in thousands): Year Ended December 31, 2025 2024 % Change Outside steel shipments 19,848 18,480 7 % Inside steel shipments 5,423 4,646 17 % Total steel shipments 25,271 23,126 9 % Net sales for the steel mills segment increased 7% in 2025 compared to the prior year due to a 7% increase in volumes.”

Annual report 2025A · The company itself

“Our primary external customers for ferrous scrap are EAF steel mills and foundries that use ferrous scrap as a raw material in their manufacturing process.”

Annual report 2025A · The company itself

“Furthermore, Nucor steel mills use significant amounts of electricity as 100% of our mills utilize EAF technology for our steel melting operations and the decarbonization of electricity generation may lead to high power costs and uncertainty in reliability. Significant changes to the regional power grids serving our steel mills and/or new rulemaking or legislation affecting the operation of these power grids may negatively affect our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Process Gases – Universal Industrial Gases provides the capability to build and operate our own air separation units to serve our steel mills, providing us with an alternative to long-term service contracts with outside providers. Where economies of scale and regional market conditions warrant, we can also sell excess output from these plants on a merchant basis.”

Annual report 2025A · The company itself

“Our steelmaking operations utilize EAFs for 100% of their production. The total energy consumed by Nucor includes electricity, natural gas, and other carbon raw material inputs. For the scrap melting process, electricity is the primary energy source, with natural gas combustion serving as the fuel for reheat furnaces and other pre-heating operations. Our DRI facilities in Trinidad and Louisiana are also large consumers of natural gas.”

Annual report 2025A · The company itself

“Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas, and other raw materials and related services.”

Annual report 2025A · The company itself

“The pay-fixed, receive-floating nature of these arrangements also offsets a portion of our exposure to higher prices for electricity over the life of the contract.”

Annual report 2025A · The company itself

“Our steelmaking processes, our DRI processes, and the manufacturing processes of many of our suppliers, customers and competitors are energy intensive and generate carbon dioxide and other GHGs. The regulation of these GHGs may negatively affect our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Carbon Capture and Sequestration (CCS) Activity In 2023, we signed an agreement with ExxonMobil Corporation ("ExxonMobil") to capture, transport, and inject carbon from our DRI plant in Convent, Louisiana. ExxonMobil will capture between 600,000 and 800,000 metric tons per year of CO2 from our DRI plant. We expect start-up in late 2026. ExxonMobil will receive the related tax credits and pay Nucor a fee for each ton of CO2 supplied.”

Annual report 2025A · The company itself

“Our steelmaking processes, our DRI processes, and the manufacturing processes of many of our suppliers, customers and competitors are energy intensive and generate carbon dioxide and other GHGs. The regulation of these GHGs may negatively affect our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“In recent years, we have come to see our EAF-based steelmaking method, with its lower GHG intensity when compared with blast furnace technology that is reliant on mined or extracted virgin iron ore and coking coal, as a competitive advantage for reasons beyond its flexible, highly variable cost base.”

Annual report 2025A · The company itself

“However, the steel products segment had increased volumes in 2025 compared to 2024, reflecting stabilized demand in the warehouse construction market in 2025 after a pull back in demand in 2024, and growing demand from data center construction.”

Annual report 2025A · The company itself

“Our ECONIQTM line of net-zero carbon steel is another example. We launched the ECONIQTM brand during 2021 and continue to find interest from customers in both the automotive and construction end-use markets.”

Annual report 2025A · The company itself

“In our steel mills segment, Nucor has initiated several new capital projects in recent years to support our expansion of value-added product offerings and cost-reduction strategies. • In January 2022, Nucor announced that its new state-of-the-art sheet mill will be located in Mason County, West Virginia. Construction of the new sheet mill began in the third quarter of 2023 and the mill is expected to be completed by the end of 2026. In February 2025, Nucor’s Board of Directors approved the allocation of additional capital to the project as the estimate of total construction costs increased to approximately $4 billion.”

Annual report 2025A · The company itself

“In addition to its advanced capabilities and strategic location, the new greenfield mill’s product mix is anticipated to have a significantly lower GHG intensity than blast furnace based competitors who have historically supplied the region. • In April 2022, Nucor announced that it would build a new rebar micro mill, with spooling capabilities, in Lexington, North Carolina. This is Nucor's third rebar micro mill, joining its other micro mills in Missouri and Florida. We expect this $440 million investment to have an annual capacity of approximately 430,000 tons.”

Annual report 2025A · The company itself

“SWDP combined with Nucor's steel racking business to form NRG. • In July 2024, Nucor acquired Rytec, a manufacturer and seller of high-speed, high-performance commercial doors, for $565 million. We believe the combination of Rytec and CHI will create an overhead door platform designed to deliver superior product breadth and solutions to Nucor's commercial customers.”

Annual report 2025A · The company itself

“NJSM is a joint venture with JFE Steel Corporation of Japan that operates a galvanized sheet steel plant in central Mexico with an annual capacity of approximately 400,000 tons, that is expected to supply the country’s automotive market. In January 2022, Nucor announced it had selected Mason County, West Virginia as the site for its new three-million-ton state-of-the-art sheet mill. When operational, the new mill will be equipped to produce 84-inch sheet products, and among other features, will include a 76-inch tandem cold mill and two galvanizing lines capable of producing advanced high-end automotive and construction grades. • Structural mills - Nucor operates two structural mills that produce wide-flange steel beams, pilings and heavy structural steel products for fabricators, construction companies, manufacturers and steel service centers.”

Annual report 2025A · The company itself

“Nucor-Yamato is the only North American producer of high-strength, low-alloy beams. Common applications for the high-strength, low-alloy beams include gravity columns for high-rise buildings, long-span trusses for stadiums and convention centers, and for use in all projects where seismic design is a critical factor. The benefits of high-strength, low-alloy beams are increasingly recognized by Nucor’s customers in the construction sector.”

Annual report 2025A · The company itself

“Structural steel products come in standard sizes and grades, which allows us to maintain inventory levels of these products to meet our customers’ expected orders. • Plate mills - Nucor operates three plate mills that produce plate for manufacturers of barges, bridges, heavy equipment, rail cars, refinery tanks, ships, wind towers and other items. Our products are further used in the pipe and tube, pressure vessel, transportation and construction industries. Considering Nucor’s production capabilities and the mix of plate products generally produced and marketed, the capacity of the plate mills is estimated at approximately 3,600,000 tons per year.”

Annual report 2025A · The company itself

“Steel products segment In the steel products segment, Nucor produces steel joists and joist girders, steel deck, galvanized torque tubes used in solar arrays, hollow structural section (“HSS”) steel tubing, electrical conduit, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, steel grating and expanded metal, wire and wire mesh, metal building systems, insulated metal panels, steel racking for warehouse systems and data centers, overhead doors, and utility towers and structures for communications and energy transmission.”

Annual report 2025A · The company itself

“The steel mills segment sells its products primarily to steel service centers, fabricators and manufacturers located throughout the United States, Canada and Mexico.”

Annual report 2025A · The company itself

“Our steel products businesses primarily serve the nonresidential construction and infrastructure markets. Our door technologies businesses also serve the garage door repair and replacement market. • Vulcraft/Verco – The Vulcraft/Verco group is the nation’s leading producer of open-web steel joists, joist girders and steel decking, which are used primarily for nonresidential building construction.”

Annual report 2025A · The company itself

“Sales of steel joists, joist girders and steel decking are dependent on the nonresidential building construction market. The majority of steel joists, joist girders and steel decking are used extensively as part of the roof and floor structural support systems in warehouses, data centers, manufacturing buildings, retail stores, shopping centers, schools, hospitals, and, to a lesser extent, in multi-story buildings and apartments.”

Annual report 2025A · The company itself

“Rebar fabrication – Nucor Rebar Fabrication fabricates, installs and distributes rebar for a wide variety of construction work classified as infrastructure (e.g., highways, bridges, reservoirs, utilities and airports) and various building projects, including manufacturing facilities, warehouses, data centers, hospitals, schools, stadiums, commercial office buildings and multi-tenant residential construction.”

Annual report 2025A · The company itself

“CHI is a leading manufacturer of overhead doors for residential and commercial markets in the United States and Canada.”

Annual report 2025A · The company itself

“Skyline distributes products to service marine construction, bridge and highway construction, heavy civil construction, flood protection, underground commercial parking and environmental containment projects in the infrastructure and construction industries.”

Annual report 2025A · The company itself

“Nonresidential construction is the largest end-use market that we serve. Products from our steel mills and steel products segments are used in a variety of nonresidential construction applications (e.g., commercial, industrial and infrastructure).”

Annual report 2025A · The company itself

“In our steel products segment we manufacture a wide range of products that primarily have construction applications.”

Annual report 2025A · The company itself

“Demand for most of our products is cyclical in nature and sensitive to general economic conditions. Our business supports cyclical industries, such as the construction, energy, metals service centers, appliance and automotive industries.”

Annual report 2025A · The company itself

“Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions.”

Annual report 2025A · The company itself

“Our ECONIQTM line of net-zero carbon steel is another example. We launched the ECONIQTM brand during 2021 and continue to find interest from customers in both the automotive and construction end-use markets.”

Annual report 2025A · The company itself

“In our steel mills segment, Nucor has initiated several new capital projects in recent years to support our expansion of value-added product offerings and cost-reduction strategies. • In January 2022, Nucor announced that its new state-of-the-art sheet mill will be located in Mason County, West Virginia. Construction of the new sheet mill began in the third quarter of 2023 and the mill is expected to be completed by the end of 2026. In February 2025, Nucor’s Board of Directors approved the allocation of additional capital to the project as the estimate of total construction costs increased to approximately $4 billion.”

Annual report 2025A · The company itself

“NJSM is a joint venture with JFE Steel Corporation of Japan that operates a galvanized sheet steel plant in central Mexico with an annual capacity of approximately 400,000 tons, that is expected to supply the country’s automotive market. In January 2022, Nucor announced it had selected Mason County, West Virginia as the site for its new three-million-ton state-of-the-art sheet mill. When operational, the new mill will be equipped to produce 84-inch sheet products, and among other features, will include a 76-inch tandem cold mill and two galvanizing lines capable of producing advanced high-end automotive and construction grades. • Structural mills - Nucor operates two structural mills that produce wide-flange steel beams, pilings and heavy structural steel products for fabricators, construction companies, manufacturers and steel service centers.”

Annual report 2025A · The company itself

“Galvanizing capabilities will include an advanced automotive line with full inspection capabilities as well as a construction-grade line.”

Annual report 2025A · The company itself

“The steel mills segment sells its products primarily to steel service centers, fabricators and manufacturers located throughout the United States, Canada and Mexico.”

Annual report 2025A · The company itself

“Our SBQ products are hot-rolled to exacting specifications primarily servicing the automotive, energy, agricultural, heavy equipment and transportation sectors.”

Annual report 2025A · The company itself

“Steel Technologies transforms flat-rolled steel into products that meet exacting specifications for customers in a wide range of industries, including the automotive, agricultural and consumer goods markets.”

Annual report 2025A · The company itself

“HSS steel tubing, mechanical steel tubing and sprinkler pipe are used in structural and mechanical applications, including nonresidential construction, infrastructure, agricultural, automotive and construction equipment end-use markets.”

Annual report 2025A · The company itself

“These bars are purchased by the appliance, automotive, construction equipment, electric motor, farm machinery and fluid power industries, as well as by service centers.”

Annual report 2025A · The company itself

“Nucor fasteners are used in a broad range of markets, including automotive, machine tool, farm implement, construction and military applications.”

Annual report 2025A · The company itself

“Demand for most of our products is cyclical in nature and sensitive to general economic conditions. Our business supports cyclical industries, such as the construction, energy, metals service centers, appliance and automotive industries.”

Annual report 2025A · The company itself

“Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions.”

Annual report 2025A · The company itself

“However, the steel products segment had increased volumes in 2025 compared to 2024, reflecting stabilized demand in the warehouse construction market in 2025 after a pull back in demand in 2024, and growing demand from data center construction.”

Annual report 2025A · The company itself

“General Development of Our Business in Recent Years Consistent with our strategy to Grow the Core, Expand Beyond and Live our Culture, Nucor has invested significant capital in recent years to expand our product portfolio to include more value-added steel mill products and capabilities, improve our cost structure, enhance our operational flexibility and increase our exposure to markets with attractive growth prospects, such as data centers and renewable energy.”

Annual report 2025A · The company itself

“In April 2024, Nucor acquired Southwest Data Products, Inc. ("SWDP"), a manufacturer and installer of data center infrastructure for $115 million. SWDP provides Nucor with expanded capabilities in airflow containment structures, as well as new product capabilities that include manufacturing cabinets/enclosures and caging for data centers and installation services.”

Annual report 2025A · The company itself

“Steel products segment In the steel products segment, Nucor produces steel joists and joist girders, steel deck, galvanized torque tubes used in solar arrays, hollow structural section (“HSS”) steel tubing, electrical conduit, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, steel grating and expanded metal, wire and wire mesh, metal building systems, insulated metal panels, steel racking for warehouse systems and data centers, overhead doors, and utility towers and structures for communications and energy transmission.”

Annual report 2025A · The company itself

“In April 2024 we acquired Southwest Data Products, Inc. to expand and enhance NRG's ability to serve the rapidly growing data center market with steel racking and other products. NRG's added capabilities now include airflow containment structures, cabinet/enclosures, caging and other products for both new data centers and data center retrofits.”

Annual report 2025A · The company itself

“Our steel products businesses primarily serve the nonresidential construction and infrastructure markets. Our door technologies businesses also serve the garage door repair and replacement market. • Vulcraft/Verco – The Vulcraft/Verco group is the nation’s leading producer of open-web steel joists, joist girders and steel decking, which are used primarily for nonresidential building construction.”

Annual report 2025A · The company itself

“Sales of steel joists, joist girders and steel decking are dependent on the nonresidential building construction market. The majority of steel joists, joist girders and steel decking are used extensively as part of the roof and floor structural support systems in warehouses, data centers, manufacturing buildings, retail stores, shopping centers, schools, hospitals, and, to a lesser extent, in multi-story buildings and apartments.”

Annual report 2025A · The company itself

“Insulated metal panels (“IMP”) – We believe the Nucor Insulated Panels Group, which includes industry-leading brands, CENTRIA and Metl-Span, broadens the value-added solutions that the Nucor Buildings group can provide to targeted end markets such as warehousing, distribution and data centers. We expect these end-use markets to continue to grow in the coming years. IMPs facilitate cost-effective climate control in the built environment and reduce energy usage and overall operations related greenhouse gas (“GHG”) emissions for owners and lessees. • Racking – Nucor Racking Group (“NRG”) produces and installs standard and custom designed steel racking systems for warehouse applications, including rack supported buildings and warehouses designed to leverage emerging automatic storage and retrieval (ASRS) technology.”

Annual report 2025A · The company itself

“Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions.”

Annual report 2025A · The company itself

“The steel mills segment sells its products primarily to steel service centers, fabricators and manufacturers located throughout the United States, Canada and Mexico.”

Annual report 2025A · The company itself

“These bars are purchased by the appliance, automotive, construction equipment, electric motor, farm machinery and fluid power industries, as well as by service centers.”

Annual report 2025A · The company itself

“Nucor fasteners are used in a broad range of markets, including automotive, machine tool, farm implement, construction and military applications.”

Annual report 2025A · The company itself

“Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions.”

Annual report 2025A · The company itself

“Currently, we are a party to two Power Purchase Agreements (“PPAs”). Under these PPAs, we have agreed to purchase for a fixed price output from one solar and one wind project in the United States.”

Annual report 2025A · The company itself

“General Development of Our Business in Recent Years Consistent with our strategy to Grow the Core, Expand Beyond and Live our Culture, Nucor has invested significant capital in recent years to expand our product portfolio to include more value-added steel mill products and capabilities, improve our cost structure, enhance our operational flexibility and increase our exposure to markets with attractive growth prospects, such as data centers and renewable energy.”

Annual report 2025A · The company itself

“Structural steel products come in standard sizes and grades, which allows us to maintain inventory levels of these products to meet our customers’ expected orders. • Plate mills - Nucor operates three plate mills that produce plate for manufacturers of barges, bridges, heavy equipment, rail cars, refinery tanks, ships, wind towers and other items. Our products are further used in the pipe and tube, pressure vessel, transportation and construction industries. Considering Nucor’s production capabilities and the mix of plate products generally produced and marketed, the capacity of the plate mills is estimated at approximately 3,600,000 tons per year.”

Annual report 2025A · The company itself

“These are the two largest end-use markets for steel in the United States. • Our ELCYON® line of sustainable heavy gauge steel plate product will be made specifically for wind energy producers. We launched the ELYCON® brand in January 2023 and plan to manufacture this product at our new plate mill in Brandenburg, Kentucky.”

Annual report 2025A · The company itself

“Steel Technologies transforms flat-rolled steel into products that meet exacting specifications for customers in a wide range of industries, including the automotive, agricultural and consumer goods markets.”

Annual report 2025A · The company itself

“These bars are purchased by the appliance, automotive, construction equipment, electric motor, farm machinery and fluid power industries, as well as by service centers.”

Annual report 2025A · The company itself

“Nucor fasteners are used in a broad range of markets, including automotive, machine tool, farm implement, construction and military applications.”

Annual report 2025A · The company itself

“Human Capital Resources We employ approximately 33,000 teammates.”

Annual report 2025A · The company itself

“Recruiting, Retention and Development Our focus on inclusiveness as supportive of our culture, and the competitive advantage we derive from it, has led us to grow more intentional in our efforts to discover, recruit, retain and develop the best talent available. Our initiatives are focused on embracing differences and building an environment of mutual respect while providing opportunities for personal and professional growth for all teammates. By prioritizing diversity of thought, background and experience, Nucor strives to reinforce our culture to drive innovation, strengthen collaboration and deliver exceptional results.”

Annual report 2025A · The company itself

“In such times, our incentive-based pay system reduces our payroll costs, both hourly and salary, which helps to offset lower selling prices.”

Annual report 2025A · The company itself

“Currently, we are a party to two Power Purchase Agreements (“PPAs”). Under these PPAs, we have agreed to purchase for a fixed price output from one solar and one wind project in the United States.”

Annual report 2025A · The company itself

“In collaboration with our electric utility partner, we evaluated opportunities to deploy battery storage and solar generation in support of the expansion at our Kingman, Arizona bar mill. In 2025, we contracted with a third party to install and operate a 50 MW onsite battery energy storage system which became operational in the fourth quarter of 2025. The Kingman site will also host a 25 MW solar project, with construction planned for 2026.”

Annual report 2025A · The company itself

“Steel products segment In the steel products segment, Nucor produces steel joists and joist girders, steel deck, galvanized torque tubes used in solar arrays, hollow structural section (“HSS”) steel tubing, electrical conduit, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, steel grating and expanded metal, wire and wire mesh, metal building systems, insulated metal panels, steel racking for warehouse systems and data centers, overhead doors, and utility towers and structures for communications and energy transmission.”

Annual report 2025A · The company itself

“Although the majority of our steel sales are to spot market customers in North America who place their orders each month based on their business needs and our pricing competitiveness compared to both domestic and global producers and trading companies, we also sell contract tons, most notably in our sheet operations. Approximately 85% of our sheet sales were to contract customers in 2025, with the balance being sold in the spot market at the prevailing prices at the time of sale.”

Annual report 2025A · The company itself

“Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions.”

Annual report 2025A · The company itself

“Energy Consumption and Costs Steel manufacturing is an energy-intensive, trade exposed industry. As a result, we continuously strive to make our operations in all three of our business segments more energy efficient.”

Annual report 2025A · The company itself

“We believe that a thoughtful approach to domestic energy policy can help ensure that steel and steel products manufactured in the United States remain competitive in the global marketplace.”

Annual report 2025A · The company itself

“Demand for most of our products is cyclical in nature and sensitive to general economic conditions. Our business supports cyclical industries, such as the construction, energy, metals service centers, appliance and automotive industries.”

Annual report 2025A · The company itself

“Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions.”

Annual report 2025A · The company itself

“External customers purchasing non-ferrous scrap metal include aluminum can producers, secondary aluminum smelters, steel mills, and other processors and consumers of various non-ferrous metals.”

Annual report 2025A · The company itself

“Because we use EAFs to produce our steel, we can easily vary our production levels to match short-term changes in demand.”

Annual report 2025A · The company itself

“In collaboration with our electric utility partner, we evaluated opportunities to deploy battery storage and solar generation in support of the expansion at our Kingman, Arizona bar mill. In 2025, we contracted with a third party to install and operate a 50 MW onsite battery energy storage system which became operational in the fourth quarter of 2025. The Kingman site will also host a 25 MW solar project, with construction planned for 2026.”

Annual report 2025A · The company itself

“Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions.”

Annual report 2025A · The company itself

“Sales of steel joists, joist girders and steel decking are dependent on the nonresidential building construction market. The majority of steel joists, joist girders and steel decking are used extensively as part of the roof and floor structural support systems in warehouses, data centers, manufacturing buildings, retail stores, shopping centers, schools, hospitals, and, to a lesser extent, in multi-story buildings and apartments.”

Annual report 2025A · The company itself

“Structural steel products come in standard sizes and grades, which allows us to maintain inventory levels of these products to meet our customers’ expected orders. • Plate mills - Nucor operates three plate mills that produce plate for manufacturers of barges, bridges, heavy equipment, rail cars, refinery tanks, ships, wind towers and other items. Our products are further used in the pipe and tube, pressure vessel, transportation and construction industries. Considering Nucor’s production capabilities and the mix of plate products generally produced and marketed, the capacity of the plate mills is estimated at approximately 3,600,000 tons per year.”

Annual report 2025A · The company itself

“Fluctuations in the supply of steel from non-U.S. competitors are a source of significant volatility in our primary markets. In 2025, vigorous enforcement of U.S. trade remedy laws and the full reinstatement of the Section 232 steel tariffs without exemptions or exclusions resulted in a lower volume of steel 9 imports compared to 2024. Imports of finished carbon and alloy steel products decreased 17.4% from 2024, supplying approximately 18% of U.S. demand in 2025.”

Annual report 2025A · The company itself

“Trade remedies implemented by the U.S. International Trade Commission, (the "USITC”) such as antidumping duties ("AD") and countervailing duties ("CVD") and similar measures play a key role in allowing the American steel industry to compete on a level playing field against unfairly traded imports. There are currently 142 AD/CVD orders in place on core steel product lines made by Nucor, and sunset reviews are typically held with respect to specific exporters and products every five years.”

Annual report 2025A · The company itself

“After recent years of weakened effectiveness due to country exemptions and product exclusions, the Section 232 steel tariffs were fully reinstated in 2025 without exceptions or exclusions, and were broadened to cover approximately 600 fabricated steel products. These comprehensive tariffs have been more effective in combating circumvention behaviors and keeping unfairly traded imports out of the U.S. market.”

Annual report 2025A · The company itself

“There can be no assurance as to when or if the Section 232 or other import tariffs, quotas or other duties may be enacted, enforced, extended, modified or terminated in the future. If the Section 232 or other import tariffs, quotas or duties expire or if others are further relaxed or repealed, or if relatively higher U.S. steel prices or a stronger U.S. dollar make it attractive for foreign steelmakers to export their steel products to the United States, despite the presence of import tariffs, quotas or duties, the resurgence of substantial imports of foreign steel could create downward pressure on U.S. steel prices.”

Annual report 2025A · The company itself

“Many countries that export steel into our markets restrict the export of scrap, protecting the supply chain of some foreign competitors. This trade practice creates an artificial competitive advantage for foreign producers that could limit our ability to compete in the U.S. market.”

Annual report 2025A · The company itself

“Circumvention of trade duties also continues to pose a risk, as countries route products through third-party countries to evade duties. Increasingly, China is seeking to evade trade duties by building new steelmaking capacity in other countries with a focus on neighboring countries in southeast Asia, as well as Africa.”

Annual report 2025A · The company itself

“Nucor’s access to a long-term, low-cost supply of natural gas is a component in the execution of Nucor’s raw material strategy. Natural gas produced by Nucor’s production operations is sold to third parties to partially offset our exposure to changes in the price of natural gas consumed by our DRI plant in Louisiana and our steel mills in the United States.”

Annual report 2025A · The company itself

“Our steelmaking operations utilize EAFs for 100% of their production. The total energy consumed by Nucor includes electricity, natural gas, and other carbon raw material inputs. For the scrap melting process, electricity is the primary energy source, with natural gas combustion serving as the fuel for reheat furnaces and other pre-heating operations. Our DRI facilities in Trinidad and Louisiana are also large consumers of natural gas.”

Annual report 2025A · The company itself

“Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas, and other raw materials and related services.”

Annual report 2025A · The company itself

“Commodity Price Risk – In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap, steel, other ferrous and non-ferrous metals, alloys and natural gas.”

Annual report 2025A · The company itself

“Many Chinese steel producers receive these kinds of support and China continues to be the largest steel producing country. In 2025, despite a continuing downturn in its property market and lower domestic demand, China still produced more than one billion net tons of steel, accounting for approximately 53% of all steel produced globally. To offset weak domestic consumption, China exported a record 131 million net tons in 2025, dampening steel prices in markets around the world.”

Annual report 2025A · The company itself

“China continues to be a significant contributor to excess steelmaking capacity, producing more than one billion net tons of steel in each of the past eight years, despite experiencing slower economic growth. Chinese steel producers are also investing in new steelmaking capacity in several countries in southeast Asia and Africa. As a result, the OECD projects that excess global steel capacity could increase nearly 20% to an estimated 795 million net tons by 2027.”

Annual report 2025A · The company itself

“Steel manufacturers in non-market economies, such as China, tend not to adjust their production levels in line with regional demand and instead export significant amounts of steel and steel products at prices that can be at or below their costs of production. In countries with non-market economies, the steel industry is often subsidized or owned in whole or in part by the government, which can provide these producers with cost advantages or cause their production decisions to be driven by political or social factors rather than price and demand signals. Surplus output from steel producers in these countries can flow into the U.S. market. These exports to the U.S. can result in downward pressure on realized steel prices for Nucor, adversely affecting our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“The availability and prices of raw materials may also be negatively affected by new laws and regulations, allocation by suppliers, interruptions in production, accidents or natural disasters, war and other forms of armed conflict or political instability, changes in exchange rates, worldwide price fluctuations, including due to global political and economic factors, changes in governmental, business and consumer spending, inflation, increases in interest rates, labor shortages, and the availability and cost of transportation.”

Annual report 2025A · The company itself

“Certain of our businesses and investments are located outside of the United States, in Canada, Mexico and in emerging markets. There are a number of risks inherent in doing business in or sourcing raw materials from such markets. These risks include, but are not limited to: unfavorable political or economic factors; local labor and social issues; changes in regulatory requirements; fluctuations in foreign currency exchange rates, interest rates and inflation; and complex foreign laws, treaties including tax laws, and the Foreign Corrupt Practices Act of 1977.”

Annual report 2025A · The company itself

“An uncertainty we continue to face in our business is the price of our principal raw material, ferrous scrap, which is volatile and often increases or decreases rapidly in response to changes in domestic demand, unanticipated events that affect the flow of scrap into scrap yards, the availability of scrap substitutes, currency fluctuations and changes in foreign demand for scrap.”

Annual report 2025A · The company itself

“Additionally, having a significant portion of our raw materials supply under our control minimizes risk associated with the global sourcing of raw materials, particularly since a good deal of scrap substitutes comes from regions of the world that have historically experienced greater political turmoil, such as Ukraine, Russia and Brazil.”

Annual report 2025A · The company itself

“The availability and prices of raw materials may also be negatively affected by new laws and regulations, allocation by suppliers, interruptions in production, accidents or natural disasters, war and other forms of armed conflict or political instability, changes in exchange rates, worldwide price fluctuations, including due to global political and economic factors, changes in governmental, business and consumer spending, inflation, increases in interest rates, labor shortages, and the availability and cost of transportation.”

Annual report 2025A · The company itself

“Certain of our businesses and investments are located outside of the United States, in Canada, Mexico and in emerging markets. There are a number of risks inherent in doing business in or sourcing raw materials from such markets. These risks include, but are not limited to: unfavorable political or economic factors; local labor and social issues; changes in regulatory requirements; fluctuations in foreign currency exchange rates, interest rates and inflation; and complex foreign laws, treaties including tax laws, and the Foreign Corrupt Practices Act of 1977.”

Annual report 2025A · The company itself

“The strength and size of the U.S. economy make the United States an attractive market to our foreign competitors.”

Annual report 2025A · The company itself

“As a result, downturns in the U.S. economy or any of these industries could materially adversely affect our results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“We estimate that approximately 85% of our sheet steel sales in 2025 were to contract customers. These sheet sales contracts are noncancellable agreements that generally incorporate monthly or quarterly price adjustments reflecting changes in the current market-based indices and/or raw material cost, and typically have terms ranging from six to 12 months.”

Annual report 2025A · The company itself

“The availability and prices of raw materials may also be negatively affected by new laws and regulations, allocation by suppliers, interruptions in production, accidents or natural disasters, war and other forms of armed conflict or political instability, changes in exchange rates, worldwide price fluctuations, including due to global political and economic factors, changes in governmental, business and consumer spending, inflation, increases in interest rates, labor shortages, and the availability and cost of transportation.”

Annual report 2025A · The company itself

“General Risk Factors We are subject to information technology and cybersecurity threats which could have an adverse effect on our business and results of operations. We utilize various information technology systems to efficiently address business functions ranging from the operation of our production equipment to administrative computation to the storage of data such as intellectual property and proprietary business information.”

Annual report 2025A · The company itself

“Many Chinese steel producers receive these kinds of support and China continues to be the largest steel producing country. In 2025, despite a continuing downturn in its property market and lower domestic demand, China still produced more than one billion net tons of steel, accounting for approximately 53% of all steel produced globally. To offset weak domestic consumption, China exported a record 131 million net tons in 2025, dampening steel prices in markets around the world.”

Annual report 2025A · The company itself

“Furthermore, Nucor steel mills use significant amounts of electricity as 100% of our mills utilize EAF technology for our steel melting operations and the decarbonization of electricity generation may lead to high power costs and uncertainty in reliability. Significant changes to the regional power grids serving our steel mills and/or new rulemaking or legislation affecting the operation of these power grids may negatively affect our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Emerging customer preferences for greater product transparency and less GHG intensive materials may put us at a competitive disadvantage as a carbon steel producer. The federal government and numerous states are considering establishing, or have already established, requirements for Environmental Product Declarations (“EPDs”) so that consumers may more readily evaluate the environmental impacts of products. California has enacted the “Buy Clean California Act” and California has also established Global Warming Potential benchmarks through EPDs for certain materials, including certain steel products. EPD legislation has caused Nucor to incur additional costs and 21 has the potential to put Nucor and its customers at a disadvantage to foreign competitors unless standardized mechanisms are used to fully evaluate and track products produced by foreign producers.”

Annual report 2025A · The company itself

“Pandemics, epidemics and other public health emergencies in the future, could have a material adverse effect on our business, results of operations, financial condition and cash flows. Our operations expose us to risks associated with pandemics, epidemics and other public health emergencies. A pandemic or any similar event may have negative impacts on our operations, supply chain, transportation networks and customers, which may compress our margins or impact demand for our steel products, including as a result of preventative and precautionary measures that we, other businesses and governments have taken or may take in the future.”

Annual report 2025A · The company itself

“IMPs facilitate cost-effective climate control in the built environment and reduce energy usage and overall operations related greenhouse gas (“GHG”) emissions for owners and lessees. • Racking – Nucor Racking Group (“NRG”) produces and installs standard and custom designed steel racking systems for warehouse applications, including rack supported buildings and warehouses designed to leverage emerging automatic storage and retrieval (ASRS) technology.”

Annual report 2025A · The company itself

“Although the majority of our steel sales are to spot market customers in North America who place their orders each month based on their business needs and our pricing competitiveness compared to both domestic and global producers and trading companies, we also sell contract tons, most notably in our sheet operations.”

Annual report 2025A · The company itself

“Although the majority of our steel sales are to spot market customers in North America who place their orders each month based on their business needs and our pricing competitiveness compared to both domestic and global producers and trading companies, we also sell contract tons, most notably in our sheet operations.”

Annual report 2025A · The company itself