NUCOR CORP false 0000073309 0000073309 2025-01-27 2025-01-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 2025
NUCOR CORPORATION
(Exact name of Registrant as Specified in Its Charter)
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| Delaware |
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1-4119 |
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13-1860817 |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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| 1915 Rexford Road, Charlotte, NC |
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28211 |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (704) 366-7000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
| Common Stock, par value $0.40 per share |
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NUE |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. |
Results of Operations and Financial Condition. |
On January 27, 2025, Nucor Corporation issued a news release reporting its financial results for the quarter ended December 31, 2024. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.
| Item 7.01. |
Regulation FD Disclosure. |
On January 27, 2025, Nucor Corporation, in conjunction with the issuance of the aforementioned news release, posted an investor presentation to its Investor Relations website. A copy of the investor presentation is furnished as Exhibit 99.2 and incorporated herein by reference.
| Item 9.01. |
Financial Statements and Exhibits. |
The information contained in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such registration statement or other document.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NUCOR CORPORATION |
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| Date: January 27, 2025 |
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By: |
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/s/ Stephen D. Laxton |
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Stephen D. Laxton |
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Chief Financial Officer and Executive Vice President |
2
Exhibit 99.1
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| News Release |
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Nucor Reports Results for the Fourth Quarter and Full Year 2024
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Fourth quarter and full year 2024 diluted EPS of $1.22 and $8.46, respectively. |
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Fourth quarter and full year 2024 net sales of $7.08 billion and $30.73 billion, respectively.
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Fourth quarter and full year 2024 net earnings before noncontrolling interests of $345 million and
$2.32 billion, respectively; EBITDA of $751 million and $4.37 billion, respectively. |
CHARLOTTE, N.C. –
January 27, 2025—Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024. By comparison, Nucor reported
consolidated net earnings attributable to Nucor stockholders of $250 million, or $1.05 per diluted share, for the third quarter of 2024. Excluding non-cash impairment charges taken during the quarter,
Nucor’s third quarter of 2024 adjusted net earnings attributable to Nucor stockholders were $353 million, or $1.49 per diluted share.
Nucor
reported consolidated net earnings attributable to Nucor stockholders of $785 million, or $3.16 per diluted share, for the fourth quarter of 2023.
For the full year 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of $2.03 billion, or $8.46 per diluted share,
compared with consolidated net earnings attributable to Nucor stockholders of $4.53 billion, or $18.00 per diluted share, in 2023.
“I want to
thank our teammates for making 2024 the safest year in Nucor history, during an active year of construction projects and ramp-ups that are advancing our growth strategy,” said Leon Topalian, Chair,
President, and Chief Executive Officer. “While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The U.S. economy is still on the front end of several
steel-intensive megatrends and as America’s largest and most diversified steel producer, Nucor is well positioned to supply those needs.”
Selected Segment Data
Earnings (loss) before
income taxes and noncontrolling interests by segment for the fourth quarter and full year 2024 and 2023 were as follows (in millions):
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Three Months (13 Weeks) Ended |
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Twelve Months (52 Weeks) Ended |
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December 31,
2024 |
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December 31,
2023 |
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December 31,
2024 |
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December 31,
2023 |
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| Steel mills |
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$ |
169 |
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$ |
588 |
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$ |
2,226 |
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$ |
3,712 |
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| Steel products |
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329 |
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656 |
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1,596 |
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3,444 |
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| Raw materials |
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57 |
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(14 |
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40 |
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254 |
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| Corporate/eliminations |
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(165 |
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(152 |
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(960 |
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(1,137 |
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$ |
390 |
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$ |
1,078 |
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$ |
2,902 |
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$ |
6,273 |
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Page 1 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
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| News Release |
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Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
Financial Review
Nucor’s consolidated net sales decreased 5% to $7.08 billion in the fourth quarter of 2024 compared with $7.44 billion in the third quarter of
2024 and decreased 8% compared with $7.71 billion in the fourth quarter of 2023. Average sales price per ton in the fourth quarter of 2024 decreased 3% compared with the third quarter of 2024 and decreased 10% compared with the fourth quarter
of 2023. Approximately 6,058,000 tons were shipped to outside customers in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024 and a 2% increase from the fourth quarter of 2023. Total steel mill shipments in the fourth quarter
of 2024 decreased 1% compared to the third quarter of 2024 and increased 2% compared to the fourth quarter of 2023. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the fourth quarter of 2024, which was
unchanged from the third quarter of 2024 and decreased from 20% in the fourth quarter of 2023. Downstream steel product shipments to outside customers in the fourth quarter of 2024 decreased 4% from the third quarter of 2024 and the fourth quarter
of 2023.
For the full year 2024, Nucor’s consolidated net sales of $30.73 billion decreased 11% compared with consolidated net sales of
$34.71 billion reported for the full year 2023. Total tons shipped to outside customers in 2024 were approximately 24,767,000 tons, a decrease of 2% from 2023, while the average sales price per ton in 2024 decreased 10% from 2023.
The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2024 was $381, a 1% increase compared to $378 in the third quarter of
2024 and a 4% decrease compared to $397 in the fourth quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the full year 2024 was $394, a 6% decrease compared to $421 in the full year 2023.
Pre-tax, pre-operating and start-up
costs related to the Company’s growth projects were approximately $164 million, or $0.53 per diluted share, in the fourth quarter of 2024, compared with approximately $168 million, or $0.54 per diluted share, in the third quarter of
2024 and approximately $127 million, or $0.39 per diluted share, in the fourth quarter of 2023.
In the full year 2024, pre-tax, pre-operating and start-up costs related to the Company’s growth projects were approximately $594 million, or $1.89 per diluted share, compared with approximately $400 million, or $1.21 per
diluted share, in the full year 2023.
Overall operating rates at the Company’s steel mills were 74% in the fourth quarter of 2024 as compared to 75%
in the third quarter of 2024 and 74% in the fourth quarter of 2023. Operating rates for the full year 2024 decreased to 76% as compared to 78% for the full year 2023.
Page 2 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
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| News Release |
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Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
Financial Strength
At the end of the fourth quarter of 2024, Nucor had $4.14 billion in cash and cash equivalents and short-term investments on hand. The Company’s
$1.75 billion revolving credit facility remains undrawn and does not expire until November 2026. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor’s, Fitch Ratings and a positive outlook at Moody’s.
Commitment to Returning Capital to Stockholders
On December 11, 2024, Nucor’s Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on February 11, 2025
to stockholders of record as of December 31, 2024 and is Nucor’s 207th consecutive quarterly cash dividend. Nucor has increased its regular, or base, dividend for 52 consecutive years
– every year since it first began paying dividends in 1973.
During the fourth quarter of 2024, Nucor repurchased approximately 2.1 million
shares of its common stock at an average price of $149.81 per share (approximately 13.1 million shares during the full year 2024 at an average price of $168.75 per share). As of December 31, 2024, Nucor had approximately $1.11 billion
remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.
For the full year 2024, Nucor returned approximately $2.74 billion to stockholders in the form of share repurchases and dividend payments.
Fourth Quarter of 2024 Analysis
Earnings in the
steel mills segment decreased in the fourth quarter of 2024 as compared to the third quarter of 2024 due to lower average selling prices and decreased volumes. Earnings in the steel products segment decreased in the fourth quarter of 2024 as
compared to the third quarter of 2024 (excluding the impairment charge taken during the third quarter of 2024) due to decreased volumes and lower average selling prices. Earnings in the raw materials segment increased in the fourth quarter of 2024
as compared to the third quarter of 2024 (excluding the impairment charge taken during the third quarter of 2024). Lower corporate, administrative and tax expenses positively impacted fourth quarter net earnings.
First Quarter of 2025 Outlook
We expect earnings
in the steel mills and steel products segments to be similar in the first quarter of 2025 as compared to the fourth quarter of 2024. Earnings in the raw materials segment are expected to decrease in the first quarter of 2025 relative to the fourth
quarter of 2024. We expect higher corporate, administrative and tax impacts in the first quarter of 2025 than realized in the fourth quarter of 2024 which may result in lower net earnings overall.
Page 3 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
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| News Release |
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Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
Earnings Conference Call
An earnings call is scheduled for January 28, 2025 at 10:00 a.m. Eastern Time to review Nucor’s fourth quarter and full year 2024 financial results
and business update. The call can be accessed via webcast from the Investor Relations section of Nucor’s website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor’s Investor
Relations website. A playback of the webcast will be posted to the same site within one day of the live event.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced
include: carbon and alloy steel - in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished
steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers
ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.
Non-GAAP Financial Measures
Nucor uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news
release, including EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted earnings per diluted share. Generally, a non-GAAP financial measure is a numerical measure of a
company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.
We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest (income) expense, net; provision for income taxes;
losses and impairments of assets; depreciation; and amortization. We define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders adding back losses and impairments of assets, net of tax. We
define adjusted earnings per diluted share as earnings per diluted share adding back the per diluted share impact of losses and impairments of assets, net of tax. Please note that other companies might define
their non-GAAP financial measures differently than we do.
Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted earnings per diluted share in this news release because it considers them to be important
supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and
operational performance by providing a consistent basis of comparison across periods.
Page 4 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
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| News Release |
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Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
Forward-Looking Statements
Certain statements contained in this news release are “forward-looking statements” that 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 news release. 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; and (15) the impact of any
pandemic or public health situation. These and other factors are discussed in Nucor’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors”
of Nucor’s most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to
update them, except as may be required by applicable law.
Page 5 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
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| News Release |
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Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
Contact Information
For Investor/Analyst Inquiries - Jack Sullivan, 704-264-8942, or Paul Donnelly, 704-264-8807
For Media Inquiries - Katherine Miller, 704-353-9015
Page 6 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
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| News Release |
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Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
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| Tonnage Data |
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| (In thousands) |
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Three Months (13 Weeks) Ended |
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Twelve Months (52 Weeks) Ended |
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December 31,
2024 |
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December 31,
2023 |
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Percent
Change |
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December 31,
2024 |
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December 31,
2023 |
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Percent
Change |
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| Steel mills total shipments: |
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| Sheet |
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2,714 |
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2,675 |
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1 |
% |
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11,394 |
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11,003 |
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4 |
% |
| Bars |
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1,887 |
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1,901 |
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-1 |
% |
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7,730 |
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8,193 |
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-6 |
% |
| Structural |
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508 |
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542 |
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-6 |
% |
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2,063 |
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2,113 |
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-2 |
% |
| Plate |
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502 |
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373 |
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35 |
% |
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1,797 |
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1,807 |
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-1 |
% |
| Other |
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39 |
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22 |
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77 |
% |
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142 |
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157 |
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-10 |
% |
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5,650 |
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5,513 |
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2 |
% |
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23,126 |
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23,273 |
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-1 |
% |
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| Sales tons to outside customers: |
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| Steel mills |
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4,580 |
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4,396 |
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4 |
% |
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18,480 |
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18,552 |
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— |
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| Joist |
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99 |
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106 |
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-7 |
% |
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391 |
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510 |
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-23 |
% |
| Deck |
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79 |
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91 |
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-13 |
% |
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321 |
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401 |
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-20 |
% |
| Rebar fabrication products |
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239 |
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251 |
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-5 |
% |
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1,020 |
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1,169 |
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-13 |
% |
| Tubular products |
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221 |
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212 |
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4 |
% |
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856 |
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949 |
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-10 |
% |
| Building systems |
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57 |
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63 |
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-10 |
% |
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238 |
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248 |
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-4 |
% |
| Other steel products |
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273 |
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288 |
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-5 |
% |
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1,192 |
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1,209 |
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-1 |
% |
| Raw materials |
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510 |
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527 |
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-3 |
% |
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2,269 |
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2,167 |
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5 |
% |
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6,058 |
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5,934 |
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2 |
% |
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24,767 |
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25,205 |
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-2 |
% |
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Page 7 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
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| News Release |
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Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
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| Condensed Consolidated Statements of Earnings (Unaudited) |
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| (In millions, except per share data) |
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Three Months (13
Weeks) Ended |
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Twelve Months (52
Weeks) Ended |
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Dec. 31,
2024 |
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Dec. 31,
2023 |
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Dec. 31,
2024 |
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Dec. 31,
2023 |
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| Net sales |
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$ |
7,076 |
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$ |
7,705 |
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$ |
30,734 |
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$ |
34,714 |
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|
|
|
|
|
|
|
| Costs, expenses and other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of products sold |
|
|
6,449 |
|
|
|
6,311 |
|
|
|
26,632 |
|
|
|
26,899 |
|
| Marketing, administrative and other expenses |
|
|
240 |
|
|
|
355 |
|
|
|
1,123 |
|
|
|
1,585 |
|
| Equity in (earnings) losses of unconsolidated affiliates |
|
|
(6 |
) |
|
|
(9 |
) |
|
|
(30 |
) |
|
|
(13 |
) |
| Losses and impairments of assets |
|
|
— |
|
|
|
— |
|
|
|
137 |
|
|
|
— |
|
| Interest (income) expense, net |
|
|
3 |
|
|
|
(30 |
) |
|
|
(30 |
) |
|
|
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
6,686 |
|
|
6,627 |
|
|
27,832 |
|
|
28,441 |
|
| Earnings before income taxes and noncontrolling interests |
|
|
390 |
|
|
|
1,078 |
|
|
|
2,902 |
|
|
|
6,273 |
|
| Provision for income taxes |
|
|
45 |
|
|
|
205 |
|
|
|
583 |
|
|
|
1,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings before noncontrolling interests |
|
|
345 |
|
|
|
873 |
|
|
|
2,319 |
|
|
|
4,913 |
|
| Earnings attributable to noncontrolling interests |
|
|
58 |
|
|
|
88 |
|
|
|
292 |
|
|
|
388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings attributable to Nucor stockholders |
|
$ |
287 |
|
|
$ |
785 |
|
|
$ |
2,027 |
|
|
$ |
4,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
1.22 |
|
|
$ |
3.17 |
|
|
$ |
8.47 |
|
|
$ |
18.05 |
|
| Diluted |
|
$ |
1.22 |
|
|
$ |
3.16 |
|
|
$ |
8.46 |
|
|
$ |
18.00 |
|
| Average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
234.0 |
|
|
|
246.9 |
|
|
|
238.3 |
|
|
|
249.8 |
|
| Diluted |
|
|
234.3 |
|
|
|
247.2 |
|
|
|
238.5 |
|
|
|
250.4 |
|
Page 8 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
|
|
|
| News Release |
|
|
Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
3,558 |
|
|
$ |
6,383 |
|
| Short-term investments |
|
|
581 |
|
|
|
747 |
|
| Accounts receivable, net |
|
|
2,675 |
|
|
|
2,953 |
|
| Inventories, net |
|
|
5,106 |
|
|
|
5,578 |
|
| Other current assets |
|
|
555 |
|
|
|
725 |
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
12,475 |
|
|
|
16,386 |
|
| Property, plant and equipment, net |
|
|
13,243 |
|
|
|
11,050 |
|
| Restricted cash and cash equivalents |
|
|
— |
|
|
|
4 |
|
| Goodwill |
|
|
4,288 |
|
|
|
3,969 |
|
| Other intangible assets, net |
|
|
3,134 |
|
|
|
3,108 |
|
| Other assets |
|
|
800 |
|
|
|
823 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
33,940 |
|
|
$ |
35,340 |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Short-term debt |
|
$ |
225 |
|
|
$ |
119 |
|
| Current portion of long-term debt and finance lease obligations |
|
|
1,042 |
|
|
|
74 |
|
| Accounts payable |
|
|
1,832 |
|
|
|
2,020 |
|
| Salaries, wages and related accruals |
|
|
903 |
|
|
|
1,326 |
|
| Accrued expenses and other current liabilities |
|
|
975 |
|
|
|
1,056 |
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
4,977 |
|
|
|
4,595 |
|
| Long-term debt and finance lease obligations due after one year |
|
|
5,683 |
|
|
|
6,649 |
|
| Deferred credits and other liabilities |
|
|
1,863 |
|
|
|
1,973 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
12,523 |
|
|
|
13,217 |
|
|
|
|
|
|
|
|
|
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
| Nucor stockholders’ equity: |
|
|
|
|
|
|
|
|
| Common stock |
|
|
152 |
|
|
|
152 |
|
| Additional paid-in capital |
|
|
2,223 |
|
|
|
2,176 |
|
| Retained earnings |
|
|
30,271 |
|
|
|
28,762 |
|
| Accumulated other comprehensive loss, net of income taxes |
|
|
(208 |
) |
|
|
(162 |
) |
| Treasury stock |
|
|
(12,144 |
) |
|
|
(9,988 |
) |
|
|
|
|
|
|
|
|
|
| Total Nucor stockholders’ equity |
|
|
20,294 |
|
|
|
20,940 |
|
| Noncontrolling interests |
|
|
1,123 |
|
|
|
1,183 |
|
|
|
|
|
|
|
|
|
|
| Total equity |
|
|
21,417 |
|
|
|
22,123 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and equity |
|
$ |
33,940 |
|
|
$ |
35,340 |
|
|
|
|
|
|
|
|
|
|
Page 9 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
|
|
|
| News Release |
|
|
Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Operating activities: |
|
|
|
|
|
|
|
|
| Net earnings before noncontrolling interests |
|
$ |
2,319 |
|
|
$ |
4,913 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
1,094 |
|
|
|
931 |
|
| Amortization |
|
|
262 |
|
|
|
238 |
|
| Stock-based compensation |
|
|
132 |
|
|
|
130 |
|
| Deferred income taxes |
|
|
(116 |
) |
|
|
21 |
|
| Distributions from affiliates |
|
|
25 |
|
|
|
34 |
|
| Equity in earnings of unconsolidated affiliates |
|
|
(30 |
) |
|
|
(13 |
) |
| Losses and impairments of assets |
|
|
137 |
|
|
|
— |
|
| Changes in assets and liabilities (exclusive of acquisitions and dispositions): |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
319 |
|
|
|
664 |
|
| Inventories |
|
|
518 |
|
|
|
(75 |
) |
| Accounts payable |
|
|
(321 |
) |
|
|
361 |
|
| Federal income taxes |
|
|
97 |
|
|
|
188 |
|
| Salaries, wages and related accruals |
|
|
(385 |
) |
|
|
(291 |
) |
| Other operating activities |
|
|
(72 |
) |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
| Cash provided by operating activities |
|
|
3,979 |
|
|
|
7,112 |
|
|
|
|
|
|
|
|
|
|
| Investing activities: |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
(3,173 |
) |
|
|
(2,214 |
) |
| Investment in and advances to affiliates |
|
|
1 |
|
|
|
(35 |
) |
| Sale of business |
|
|
1 |
|
|
|
— |
|
| Disposition of plant and equipment |
|
|
17 |
|
|
|
15 |
|
| Acquisitions (net of cash acquired) |
|
|
(758 |
) |
|
|
(71 |
) |
| Purchases of investments |
|
|
(1,296 |
) |
|
|
(1,472 |
) |
| Proceeds from the sale of investments |
|
|
1,487 |
|
|
|
1,317 |
|
| Other investing activities |
|
|
(13 |
) |
|
|
(36 |
) |
|
|
|
|
|
|
|
|
|
| Cash used in investing activities |
|
|
(3,734 |
) |
|
|
(2,496 |
) |
|
|
|
|
|
|
|
|
|
| Financing activities: |
|
|
|
|
|
|
|
|
| Net change in short-term debt |
|
|
105 |
|
|
|
(25 |
) |
| Proceeds from issuance of long-term debt, net of discount |
|
|
— |
|
|
|
— |
|
| Repayment of long-term debt |
|
|
(10 |
) |
|
|
(10 |
) |
| Bond issuance costs |
|
|
— |
|
|
|
— |
|
| Proceeds from exercise of stock options |
|
|
4 |
|
|
|
12 |
|
| Payment of tax withholdings on certain stock-based compensation |
|
|
(53 |
) |
|
|
(49 |
) |
| Distributions to noncontrolling interests |
|
|
(352 |
) |
|
|
(435 |
) |
| Cash dividends |
|
|
(522 |
) |
|
|
(515 |
) |
| Acquisition of treasury stock |
|
|
(2,217 |
) |
|
|
(1,554 |
) |
| Proceeds from government incentives |
|
|
— |
|
|
|
— |
|
| Other financing activities |
|
|
(13 |
) |
|
|
(17 |
) |
|
|
|
|
|
|
|
|
|
| Cash used in financing activities |
|
|
(3,058 |
) |
|
|
(2,593 |
) |
|
|
|
|
|
|
|
|
|
| Effect of exchange rate changes on cash |
|
|
(16 |
) |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
| Decrease (increase) in cash and cash equivalents and restricted cash and cash
equivalents |
|
|
(2,829 |
) |
|
|
2,026 |
|
| Cash and cash equivalents and restricted cash and cash equivalents - beginning of
year |
|
|
6,387 |
|
|
|
4,361 |
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents and restricted cash and cash equivalents - end of
year |
|
$ |
3,558 |
|
|
$ |
6,387 |
|
|
|
|
|
|
|
|
|
|
| Non-cash investing activity: |
|
|
|
|
|
|
|
|
| Change in accrued plant and equipment purchases |
|
$ |
115 |
|
|
$ |
1 |
|
|
|
|
|
|
|
|
|
|
Page 10 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
|
|
|
| News Release |
|
|
Nucor Reports Results for the Fourth Quarter and Full Year 2024
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP Financial Measures |
|
| Reconciliation of EBITDA (Unaudited) |
|
| (In millions) |
|
|
|
|
| |
|
Three Months (13 Weeks) Ended |
|
|
12 Months (52 Weeks) Ended |
|
| |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
| Net earnings before noncontrolling interests |
|
$ |
345 |
|
|
$ |
873 |
|
|
$ |
2,319 |
|
|
$ |
4,913 |
|
| Depreciation |
|
|
285 |
|
|
|
250 |
|
|
|
1,094 |
|
|
|
931 |
|
| Amortization |
|
|
73 |
|
|
|
62 |
|
|
|
262 |
|
|
|
238 |
|
| Losses and impairments of assets |
|
|
— |
|
|
|
— |
|
|
|
137 |
|
|
|
— |
|
| Interest (income) expense, net |
|
|
3 |
|
|
|
(30 |
) |
|
|
(30 |
) |
|
|
(30 |
) |
| Provision for income taxes |
|
|
45 |
|
|
|
205 |
|
|
|
583 |
|
|
|
1,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
$ |
751 |
|
|
$ |
1,360 |
|
|
$ |
4,365 |
|
|
$ |
7,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted net earnings attributable to Nucor stockholders (Unaudited)
(In millions, except per share data)
|
|
|
|
|
|
|
|
|
| |
|
Three Months (13 Weeks) Ended September 28, 2024 |
|
| |
|
|
|
|
Diluted EPS |
|
| Net earnings attributable to Nucor stockholders |
|
$ |
250 |
|
|
$ |
1.05 |
|
| Losses and impairments of assets, net of tax |
|
|
103 |
|
|
|
0.44 |
|
|
|
|
|
|
|
|
|
|
| Adjusted net earnings attributable to Nucor stockholders |
|
$ |
353 |
|
|
$ |
1.49 |
|
|
|
|
|
|
|
|
|
|
Page 11 of 11
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com
Exhibit 99.2 FOURTH QUARTER AND YEAR-END 2024 EARNINGS CALL LEON
TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO January 28, 2024
FORWARD-LOOKING STATEMENTS Certain statements made in this presentation
may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words “anticipate,” “believe,” “expect,”
“intend,” “may,” “project,” “will,” “should,” “could” and similar expressions are intended to identify 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. The Company does not undertake any obligation to update these statements. 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 presentation. 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 the COVID-19 pandemic, any variants of the virus, and any other similar 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, 2023 and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission. 2
NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally
Accepted Accounting Principles) financial measures in this news release, including EBITDA and Free Cash Flow (FCF). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either
excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP. We define EBITDA as net earnings before noncontrolling interests adding back
the following items: interest expense, net; provision for income taxes; depreciation; amortization; and losses and impairments of assets. We define Free Cash Flow (FCF) as Cash Provided by Operating Activities less Capital Expenditures. Please note
that other companies might define their non-GAAP financial measures differently than we do. Management presents the non-GAAP financial measures of EBITDA and FCF in this news release because it considers them to be an important supplemental measure
of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison
across periods. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in this
presentation, including in the accompanying tables located in the Appendix. 3
SPOTLIGHT ON SAFETY § I&I rate has improved each year since
2017 NUCOR INJURY & ILLNESS RATE and sits at lowest point in company history Annual OSHA Recordables per 200,000 hours/year § 42% improvement over the last 5 years § 26 Nucor divisions had zero recordable injuries in 2024 1.66 §
Our challenge is to become the world’s 1.55 safest steel company, with all Nucor teammates returning home safely after every shift 1.33 1.11 1.04 0.95 0.77 0.79 2017 2018 2019 2020 2021 2022 2023 2024 4
Q4 & FY 2024 FINANCIAL HIGHLIGHTS Q4 2024 FY 2024 Datacenter picture
– emailed Carolyn Copenhaver 1 1 • $751 million EBITDA • $4.4 billion EBITDA • $287 million Net Earnings • $2.0 billion Net Earnings • $1.22 diluted EPS • $8.46 diluted EPS • $879 million Capital
Expenditures • $3.2 billion Capital Expenditures • Returned $443 million to shareholders • Returned ~$2.7 billion to shareholders, • $128M dividend payments representing ~135% of 2024 net earnings • $315M share
repurchases (2.1M shares) • $522M dividend payments • $2.2B share repurchases (13.1M shares) 1 5 EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix.
ADVANCING OUR MISSION • Through 2024, have completed about
two-thirds of ~$10B investment plan • Shifting mix to higher margin, value-added end products GROW THE CORE • Strategically targeting higher growth regions and underserved markets • Have yet to recognize the earnings potential of
recently completed projects • Growing in steel-adjacent businesses with attractive FCF profile • Capitalizing on macro trends that intersect with the steel industry EXPAND BEYOND • Diversifying product mix to ultimately generate
more consistent earnings • Targeting $700M+ annual run rate EBITDA (~$400M in 2024, annualized) • How we succeed matters; safety, health & well-being above all else • Inclusive, performance-based culture driving growth and
innovation LIVE OUR CULTURE • Empowered teammates delivering world-class results • Industry leader in sustainability and committed to ongoing improvement 6
NUCOR’S CIRCULAR BUSINESS MODEL: VALUE CREATION OVER PAST FIVE
YEARS 2020-2024 Returns to Shareholders SCOPE, SCALE and SUSTAINABILITY • Returned ~$12B to shareholders • Largest and most diversified representing ~57% of net earnings steel products company in the US • Repurchased 78 million
shares Highly Efficient • Market leader in most products we make (23% reduction) Recycler & • Highly variable cost structure and low • Increased dividend by 36% Manufacturer GHG intensity (~6% annualized growth) Attractive
Shareholder Returns 1 2020-2024 Cash Flows Significant • ~$36B EBITDA Cash Flow • ~$30B Operating Cash Flow Generation • ~$20B Free Cash Flow Growth Investments 2020-2024 Investments INDUSTRY LEADING CREDIT PROFILE • ~$10B
CAPEX Strong • <25% Total Debt/Capitalization • ~$6B Acquisitions Balance 1 • <2x Total Debt/LTM EBITDA • Established four new Sheet • A-/A-/Baa1 credit ratings S&P/F/M Expand Beyond platforms 1 EBITDA and
Free Cash Flow (FCF) are non-GAAP financial measures. 7 For reconciliation of non-GAAP measures, please refer to the Appendix.
NEW ADMINISTRATION PLACING GREATER EMPHASIS ON FAIR TRADE PRACTICES
Section 232 coverage has narrowed significantly since implementation, with full duties applied to only 18% of 2024 total import volumes 29.1M 30 FAIR TRADE 18% Subject to full 25% duty under Section 232 HAS BEEN 20 26% Absolute Quota (Argentina,
Brazil, Korea) WATERED DOWN… 20% Tariff-Rate Quota (EU, Japan, UK) 10 Exempt from Section 232 36% (Canada, Mexico, Australia, Ukraine) 0 2024 IMPORTS More needs to be done to restore the original intent of Fair-Trade protections, including:
• Address import surges from Canada and Mexico … REQUIRING ACTION TO • Terminate alternative arrangements & apply tariffs RESTORE • Strengthen Buy America requirements ITS ORIGINAL • Enact Leveling the Playing Field
Act 2.0 INTENT • Address circumvention practices that allow bad actors to take advantage of FTA benefits 8 millions of imported short tons
IMPROVING OUTLOOK FOR CONSTRUCTION ACTIVITY ACROSS NUMEROUS SECTORS U.S.
Residential Building Starts Infrastructure Starts +6% 380 2,000 +5% +5% +8% 340 1,000 Mutlifamily Single Family 300 0 2024 2025 2026 2024 2025 2026 Commercial Construction Starts Institutional Construction Starts Accelerating +4% +4% Data Centers
260 200 +9% sq. ft. —— sq. ft. sq. ft. +5% Resuming sq. ft. Retail, Hotel —— 230 175 Leveling Off Warehouse —— Decelerating 200 150 Core office 2024 2025 2026 2024 2025 2026 Source: Dodge Construction Network 9
$billion $billion Units 000s $billion
CONSOLIDATED FINANCIAL RESULTS ($ in billions except per share data) 1
1 Diluted EPS EBITDA 2023 2023 2024 2024 $18.00 $7.41 $8.46 $4.37 $3.16 $1.36 $1.22 $0.75 Q4 2023 Q4 2024 Q4 2023 Q4 2024 2 Capital Expenditures Cash Returned to Shareholders 2023 2024 2023 2024 $2.74 $3.17 $2.10 $2.20 $0.88 $0.72 $0.44 $0.30 Q4
2023 Q4 2023 Q4 2024 Q4 2024 (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) Cash Returned to Shareholders includes dividends and share repurchases 10
Q4 SEGMENT RESULTS (1) PRE-TAX SEGMENT EARNINGS Q4 2024 VS ADJUSTED Q3
2024 $millions $10 • Lower avg selling price STEEL $512 • Flat volumes overall MILLS $39 • Lower EBT/ton Q3 SEGMENT RESULTS $656 (2) $441 As Reported Adjusted • Lower avg selling price $17 $1,102 STEEL $57 • Lower
volumes $354 $314 PRODUCTS $329 $588 $645 • Lower EBT/ton vs Q3 Adj $309 $309 $169 ($14) ($66) ($168) ($165) ($152) ($228) ($168) ($398) RAW • Flat avg selling price MATERIALS • Higher volumes Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3
2024 Q4 2024 Rep. Adj. Steel Mills Steel Products Raw Materials Corporate/Eliminations (1) Total segment earnings before income taxes and non-controlling interests 11 (2) Adjusted to exclude $83 million impairment in Raw Materials and $40 million
impairment in Steel Products taken in Q3 2024.
2025 PROJECTED CAPEX: ~$3.0 BILLION Larger 2025 2025 Est. Description
Projects Capex Completion West Virginia • 3,000,000 tpa mill with low GHG profile located $1,400 Late 2026 in heart of America’s largest sheet market Sheet Mill • Internal supply of a key steel-making input, Air Separation Units
lower long-term costs, while creating new $170 Mid 2026 COST SAVING revenue streams via excess process gas sales 9% • 500,000 tpa galvanizing line for automotive Berkeley Galv Line $150 Mid 2026 and consumer durables markets MAINTENANCE 15%
• Highly automated manufacturing complexes to IMPROVED PRODUCT Towers & Structures Mid & Late provide engineered solutions to utility $150 CAPABILITIES & EXPANSION Greenfields (AL & IN) 2025 infrastructure customers 65% •
Adding continuous galvanizing (300,000 tpa) Indiana Coating and prepaint (250,000 tpa) lines to better serve $135 Late 2025 Complex regional construction market Kingman Bar Mill • 600,000 tpa melt shop to increase regional $60 Mid 2025 Melt
Shop flexibility Lexington Rebar • 430,000 tpa micro mill serving the high-growth $50 Mid 2025 Micro Mill Southeast and mid-Atlantic • 500,000 tpa galvanizing capability to serve CSI Galv Line $50 Late 2027 western U.S. market
12
BALANCED CAPITAL ALLOCATION CONTINUES CAPITAL ALLOCATION (2020-2024) Q4
‘24 BALANCE SHEET SUMMARY 10,000 xLTM $USD in millions 1 as of December 31, 2024 Amount EBITDA % cap 8,000 Total Debt $6,950 1.6x 25% 6,000 Cash and Cash Equivalents $4,139 4,000 Net Debt $2,811 0.6x 2,000 Total Equity & Non-Controlling
Int. $21,417 75% 0 Total Book Capitalization $28,367 100% 2020 2022 2023 2024 2021 2020 2021 2022 2023 2024 ANNUALIZED DIVIDEND PER SHARE YEAR-END SHARES OUTSTANDING Shares in millions $2.40 350 302 $2.20 $2.20 300 233 $2.00 250 $1.80 200 $1.62
$1.60 150 100 $1.40 50 $1.20 0 $1.00 2020 2021 2022 2023 2024 2021 2022 2023 2024 2025 1 EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix. 13 2 Long-Term Debt includes Current Portion of
Long-Term Debt and Finance Lease Obligations thousands of $USD
Q1 2025 OUTLOOK IMPACT ON Q1 SEGMENT EXPECTATIONS FOR Q1 vs Q4 EARNINGS
VS Q4 • Higher volumes offset by lower realized Steel Mills pricing • Higher volumes offset by lower realized Steel Products pricing • Higher volumes at lower prices, primarily Raw Materials driven by lower DRI pricing Corp /
Eliminations • Expected to increase Consolidated Pre- • Similar consolidated pre-tax earnings vs Q4 Tax Earnings • Flat to potentially lower as certain discrete Consolidated benefits (e.g., state taxes) not expected to Earnings
reoccur in Q1 14
APPENDIX 15
MEDIUM-TERM OUTLOOK FOR KEY END MARKETS NUE Primary Markets and % of
Total External Shipments (2024) HEAVY EQUIPMENT, TRADITIONAL CONSTRUCTION & AUTO & CONSUMER TRANSPORTATION, AND RENEWABLE INFRASTRUCTURE DURABLES LOGISTICS & OTHER ENERGY % NUE ‘24 Shipments: ~50% ~28% ~9% ~13% • Data Centers
• Electric • Institutional Bldgs Transmission • Bridge & Highway • Advanced Mfg. Plants • Traditional Energy • Residential • Barge • Renewable Energy • Manufacturing • HVAC & Water
Heaters • Warehouse • Light Vehicles • Rail • Appliances • Heavy Equipment • Truck & Trailer • Traditional Office • Agriculture 16 Market Outlook
CAPEX PLAN FUNDED WITH ROBUST OPERATING CASHFLOW AND HEALTHY BALANCE
SHEET $3,000 FCF Line = Operating Cashflow minus Capex Annual Annual Annual Cash Period Operating (1) Capex FCF Balance Cashflow $2,500 2017 – 2019 $2.1B $1.0B $1.1B $1.4B (average) $2,000 2021 – 2023 $7.8B $1.9B $5.9B $4.9B (average)
$1,500 2024 $4.0B $3.2B $0.8B $4.1B $1,000 Operating $500 Cashflow $0 -$500 Capex -$1,000 -$1,500 2017 2018 2019 2020 2021 2022 2023 2024 $millions QUARTERLY CAPEX QUARTERLY OPERATING CASH FLOW QUARTERLY FCF (1) Represents average year-end cash,
cash equivalents and short-term investments during multi-year periods. For 2024, represents balance at end of Q4. 17
NUCOR’S FLEXIBLE RAW MATERIALS MIX 100% 6% 6% 6% 9% 10% 11% 15%
15% 15% 15% 14% 15% 80% 23% 25% 26% 23% 23% 23% 60% At least 75% of Nucor’s Raw Material 40% mix is comprised of 56% recycled 54% 54% 53% 53% 51% materials 20% 0% 2019 2020 2021 2022 2023 2024 OBSOLETE SCRAP PRIME SCRAP DRI + HBI PIG IRON
18
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in
millions, tons in thousands % Change Versus Prior Shipments Q4 ’24 Q3 ‘24 Q4 ’23 Prior Qtr. Q4 2024 vs. Q3 2024 Year Sheet 2,837 -4% 1% 2,714 2,675 • Lower pricing was the primary driver of Bars 1,887 1,926 1,901 -2% -1%
lower earnings in the segment, Structural 508 493 542 3% -6% compared to Q3 Plate 502 435 373 15% 35% • Slightly lower shipments across the Other Steel 28 39% 77% 39 22 group compared to prior quarter Total Shipments 5,650 5,719 5,513 -1% 2% 1
EBT $169 $309 $588 -45% -71% 1 EBT /Ton $30 $54 $107 -45% -72% STEEL PRODUCTS $s in millions, tons in thousands % Change Versus Prior Shipments Q4 ’24 Q3 ‘24 Q4 ’23 Prior Qtr. Q4 2024 vs. Q3 2024 Year Tubular 221 213 212 4% 4%
• Joist & Deck 178 169 197 5% -10% Pricing was down primarily in Joist & Rebar Fabrication 239 278 251 -14% -5% Deck and Tubular Products Building Systems 57 60 63 -5% -10% • Overall lower shipments Other 273 291 288 -6% -5%
Total Shipments 968 1,011 1,011 -4% -4% 1 EBT $329 $314 $656 5% -50% Exclude Impairment Charge -- $40 -- 1 Adj. EBT $329 $354 $656 -7% -50% 1 Adj. EBT /Ton $340 $350 $649 -3% -48% 19 1 EBT refers to Earnings (loss) before income taxes and
noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in
thousands % Change Versus Q4 2024 vs. Q3 2024 Prior Production Q4 ‘24 Q3 ‘24 Q4 ’23 Prior Qtr. Year DRI 1,005 835 728 20% 38% • Higher volumes and relatively flat selling Scrap Processing 1,034 993 972 4% 6% prices 1 Total
Production 2,039 1,828 1,700 12% 20% 2 EBT $57 ($66) ($14) 186% 507% Exclude Impairment Charge -- $83 -- 2 Adj. EBT $57 $17 ($14) 235% 507% 1 Total production excluding scrap brokerage activities. 2 EBT refers to Earnings (loss) before income taxes
and noncontrolling interests as disclosed in relevant 20 Nucor quarterly earnings news release
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE
CUSTOMERS EARNINGS (LOSS) STEEL STEEL PRODUCTS BEFORE INCOME TAXES COMP. SALES OTHER TOTAL PRICE TOTAL STEEL STEEL REBAR TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL JOISTS DECK FAB PRODS SYSTEMS PRODS
PRODS MATLS TONS ($ MILLIONS) TON ($) ($ 000’S) TON 2024 Q1 2,517 1,344 431 384 4,676 99 81 238 208 55 284 965 583 6,224 $8,137 $1,307 $1,111 $188 Q2 2,348 1,445 407 417 4,617 103 82 265 214 66 344 1,074 598 6,289 $8,077 $1,284 $831 $139 Q3
2,394 1,402 406 405 4,607 90 79 278 213 60 291 1,011 578 6,196 $7,444 $1,201 $335 $57 Q4 2,210 1,445 441 484 4,580 99 79 239 221 57 273 968 510 6,058 $7,076 $1,168 $332 $58 YEAR 9,469 5,636 1,685 1,690 18,480 391 321 1,020 856 238 1,192 4,018 2,269
24,767 $30,734 $1,241 $2,610 $111 2023 Q1 2,384 1,550 440 430 4,804 135 99 279 275 51 302 1,141 498 6,443 $8,709,980 $1,352 $1,501,697 $244 Q2 2,404 1,481 399 490 4,774 142 107 332 239 63 310 1,193 621 6,588 $9,523,256 $1,446 $1,924,061 $306 Q3
2,305 1,408 439 426 4,578 127 104 307 223 71 309 1,141 521 6,240 $8,775,734 $1,406 $1,468,333 $247 Q4 2,239 1,402 414 341 4,396 106 91 251 212 63 288 1,011 527 5,934 $7,704,531 $1,298 $990,676 $175 YEAR 9,332 5,841 1,692 1,687 18,552 510 401 1,169
949 248 1,209 4,486 2,167 25,205 $34,713,501 $1,377 $5,884,767 $245 21 *Beam includes all structural steel
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND
SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL SHEET BARS BEAM* PLATE PER NET TON PER GROSS PER NET STEEL TON USED TON USED 2024 2024 st st 1 Quarter $1,079 $993 $1,417 $1,334 $1,108 1 Quarter $421 $376 nd nd 2 Quarter $1,015 $942 $1,374
$1,301 $1,051 2 Quarter $396 $354 First Half $1,048 $967 $1,396 $1,317 $1,079 First Half $409 $365 rd 3 Quarter $913 $902 $1,319 $1,145 $967 rd $378 $338 3 Quarter Nine Months $1,003 $945 $1,371 $1,259 $1,042 Nine Months $399 $356 th th $875 $851
$1,292 $1,036 $926 4 Quarter $381 $340 4 Quarter $394 $352 YEAR $974 $921 $1,350 $1,195 $1,013 YEAR 2023 2023 st st 1 Quarter $876 $1,031 $1,452 $1,490 $1,035 1 Quarter $414 $370 nd nd 2 Quarter $1,103 $1,080 $1,456 $1,506 $1,168 2 Quarter $455 $406
$990 $1,055 $1,454 $1,499 $1,101 $435 $388 First Half First Half rd rd 3 Quarter $1,021 $1,029 $1,429 $1,558 $1,114 3 Quarter $415 $371 Nine Months $1,000 $1,047 $1,445 $1,517 $1,105 Nine Months $429 $383 th th $914 $961 $1,407 $1,407 $1,015 $397
$354 4 Quarter 4 Quarter YEAR $979 $1,026 $1,436 $1,495 $1,084 YEAR $421 $376 22 *Beam includes all structural steel
QUARTERLY SALES PRICES STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL OTHER
TOTAL SALES PRICE TUBULAR BUILDING JOISTS DECK REBAR FAB STEEL STEEL PER NET TON PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2024 st 1 Quarter $3,349 $3,307 $1,732 $1,776 $5,759 $2,889 $2,608 nd 2 Quarter $3,284 $3,182 $1,745 $1,606 $5,428 $2,731 $2,517
First Half $3,316 $3,244 $1,739 $1,689 $5,577 $2,803 $2,560 rd 3 Quarter $3,053 $3,050 $1,752 $1,369 $5,702 $2,954 $2,469 Nine Months $3,235 $3,180 $1,743 $1,582 $5,619 $2,851 $2,530 th 4 Quarter $2,875 $2,879 $1,734 $1,301 $5,750 $3,030 $2,448
$3,144 $3,106 $1,741 $1,509 $5,650 $2,891 $2,510 YEAR 2023 st $4,698 $4,896 $1,784 $1,595 $5,488 $3,115 $2,872 1 Quarter nd $4,514 $4,427 $1,856 $1,825 $5,415 $3,005 $2,884 2 Quarter $4,604 $4,653 $1,823 $1,702 $5,448 $3,059 $2,878 First Half rd 3
Quarter $4,145 $3,943 $1,967 $1,666 $5,495 $3,020 $2,837 Nine Months $4,459 $4,414 $1,871 $1,691 $5,466 $3,046 $2,865 th 4 Quarter $3,855 $3,757 $1,849 $1,609 $5,789 $3,086 $2,776 YEAR $4,333 $4,265 $1,867 $1,673 $5,547 $3,056 $2,845 23
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2020
2021 2022 2023 2024 Net earnings before $836 $7,122 $8,080 $4,913 $2,319 non-controlling interests Net Interest expense $153 $159 $170 ($30) ($30) Income taxes $1,360 $583 -- $2,078 $2,165 Depreciation expense $702 $735 $827 $930 $1,094 Amortization
expense $83 $129 $235 $238 $262 Losses and impairments of $614 $62 $102 -- $137 assets EBITDA $2,388 $10,292 $11,579 $7,412 $4,365 24
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF)
$ in millions 2020 2021 2022 2023 2024 CASH PROVIDED BY OPERATING $2,697 $6,231 $10,072 $7,112 $3,979 ACTIVITIES CAPITAL EXPENDITURES ($1,543) ($1,622) ($1,948) ($2,214) ($3,173) FREE CASH FLOW $1,154 $4,609 $8,124 $4,898 $806 25
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Grafico Azioni Nucor (NYSE:NUE)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Nucor (NYSE:NUE)
Storico
Da Feb 2024 a Feb 2025
