| Imagery Source: Wikimedia Commons/ Joe Mabel |
| Information Source: Nucor Corporation |
| First Quarter of 2025 Highlights |
- Net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share.
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- Adjusted net earnings attributable to Nucor stockholders of $179 million, or $0.77 per diluted share.
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- Net sales of $7.83 billion.
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- Net earnings before noncontrolling interests of $226 million; EBITDA of $696 million.
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| Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, for the first quarter of 2025. Excluding certain one-time charges taken during the quarter, Nucor's first quarter of 2025 adjusted net earnings attributable to Nucor stockholders were $179 million, or $0.77 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024 and $845 million, or $3.46 per diluted share, for the first quarter of 2024. |
| Reflected in the first quarter of 202,5, losses and impairments of assets include certain one-time charges totalling $29 million, or $0.10 per diluted share, related to the closure or repurposing of certain facilities. |
| "Despite recent financial market volatility, Nucor is seeing solid demand for the steel and steel products we manufacture. Our healthy balance sheet and diverse product portfolio position us well, even in uncertain times," said Leon Topalian, Chair, President and Chief Executive Officer. "Our investment strategy continues to position Nucor as the premier North American steel producer, creating long-term economic value for our customers and shareholders." |
| Financial Review
Nucor's consolidated net sales were $7.83 billion in the first quarter of 2025, an 11% increase compared to $7.08 billion in the fourth quarter of 2024 and a 4% decrease compared to $8.14 billion in the first quarter of 2024. Average sales price per ton in the first quarter of 2025 decreased 2% compared to the fourth quarter of 2024 and decreased 12% compared to the first quarter of 2024. A total of 6,830,000 tons were shipped to outside customers in the first quarter of 2025, an increase of 13% compared to the fourth quarter of 2024 and an increase of 10% compared to the first quarter of 2024. Total steel mill shipments in the first quarter of 2025 increased 14% compared to the fourth quarter of 2024 and increased 10% compared to the first quarter of 2024. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the first quarter of 2025, compared to 19% in the fourth quarter of 2024 and 21% in the first quarter of 2024. Downstream steel product shipments to outside customers in the first quarter of 2025 increased 8% from the fourth quarter of 2024 and increased 9% from the first quarter of 2024. |
| The average scrap and scrap substitute cost per gross ton used in the first quarter of 2025 was $394, a 3% increase compared to $381 in the fourth quarter of 2024 and a 6% decrease compared to $421 in the first quarter of 2024. |
| Pre-operating and start-up costs related to the Company's growth projects were approximately $170 million, or $0.56 per diluted share, in the first quarter of 2025, compared with approximately $164 million, or $0.53 per diluted share, in the fourth quarter of 2024 and approximately $125 million, or $0.39 per diluted share, in the first quarter of 2024. |
| Overall operating rates at the Company's steel mills were 80% in the first quarter of 2025, compared to 74% in the fourth quarter of 2024 and 82% in the first quarter of 2024. |
| Financial Strength
At the end of the first quarter of 2025, we had $4.06 billion in cash and cash equivalents and short-term investments on hand. On March 11, 2025, the Company amended and restated its revolving credit facility to increase the borrowing capacity from $1.75 billion to $2.25 billion and to extend its maturity date to March 11, 2030. The facility remains undrawn. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor's and Fitch Ratings and a positive outlook at Moody's. |
| Commitment to Returning Capital to Stockholders
During the first quarter of 2025, Nucor repurchased approximately 2.3 million shares of its common stock at an average price of $133.17 per share. As of April 5, 2025, Nucor had approximately $806 million remaining authorised and available for repurchases under its share repurchase program. This share repurchase authorisation is discretionary and has no scheduled expiration date. |
| On February 18, 2025, Nucor's Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on May 12, 2025, to stockholders of record as of March 31, 2025 and is Nucor's 208th consecutive quarterly cash dividend. |
| First Quarter of 2025 Analysis
Steel mills segment earnings in the first quarter of 2025 increased from the fourth quarter of 2024, primarily due to increased volumes. Earnings in the steel products segment decreased in the first quarter of 2025 as compared to the fourth quarter of 2024 due to lower average selling prices. Earnings in the raw materials segment decreased in the first quarter of 2025 as compared to the fourth quarter of 2024 due to lower margins at our scrap processing operations and direct reduced iron facilities. |
| Second Quarter of 2025 Outlook
We expect earnings in the second quarter of 2025 to increase compared to the first quarter of 2025. Earnings in the second quarter of 2025 are expected to increase across all three of our operating segments, with the largest increase in the steel mills segment. The expected increase in the steel mills segment earnings is primarily due to higher average selling prices at our sheet and plate mills. Earnings in the steel products segment are expected to increase in the second quarter of 2025 as compared to the first quarter of 2025 due to increased volumes. The raw materials segment is expected to have increased earnings in the second quarter of 2025. |
| 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. |
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| Nucor Corporation |
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