85 added · 83 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Excluding the prior year impairment charge, the raw materials segment’s earnings increased in 2025 due to the improved performance of our DRI facilities and DJJ’s brokerage operations and insurance recoveries recorded in the fourth quarter of 2025.
The $508 million decrease in cash used in investing activities was primarily due to a decrease in the funding of acquisitions of over $750 million in 2025 compared to 2024. $565 million of this was used in the acquisition of Rytec in 2024.
Earnings for the raw materials segment increased in 2025 as compared to 2024 due primarily to the absence of the $83 million impairment charge recorded in 2024 to fully reserve a long-term note receivable.
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
The steel products segment's earnings decreased in 2025 due to decreased average selling prices and margin compression, particularly at our joist and deck businesses and decreased earnings of our metal buildings systems and rebar fabrication businesses.
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.
The following discussion will provide greater quantitative and qualitative analysis of Nucor’s performance in 2025 as compared to 2024. 34 Net Sales Net sales to external customers by segment for the years ended December 31, 2025 and 2024 were as follows (in millions): Year Ended December 31, 2025 2024 % Change Steel mills $ 20,003 $ 18,734 7 % Steel products 10,327 10,085 2 % Raw materials 2,164 1,915 13 % Total net sales to external customers $ 32,494 $ 30,734 6 % Net sales for 2025 increased 6% from the prior year.
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.
The largest decreases were at our joist and deck, building systems, and rebar fabrication businesses due to decreased average selling prices and margin compression. • Gross margins in the steel mills segment increased in 2025 compared to 2024 due to the previously mentioned increase in volumes and increased metal margins.
Impacting the increase in marketing, administrative and other expenses in 2025 as compared to 2024 were fair market value adjustments of our Level 1 investments and expenses associated with restructuring initiatives in the steel mills segment.
On March 5, 2025, Nucor completed the issuance and sale of $500 million aggregate principal amount of its 4.650% Notes due 2030 (the “2030 Notes”) and $500 million aggregate principal amount of its 5.100% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”).
Net proceeds from the issuance and sale of the Notes were used during the second quarter of 2025 to redeem all of the outstanding $500 million aggregate principal amount of our 2.000% Notes due 2025 and $500 million aggregate principal amount of our 3.950% Notes due 2025 (collectively, the “2025 Notes”) pursuant to the terms of the indenture governing the 2025 Notes.
No longer disclosed
Earnings in the raw materials segment decreased in 2024 as compared to 2023 due to the decreased profitability of DJJ’s scrap processing operations and the impact of an $83 million impairment charge of a long-term note receivable that management determined was no longer collectible.
The $1.24 billion increase in cash used in investing activities was primarily due to $758 million used in 2024 to fund acquisitions compared to $71 million used to fund acquisitions in 2023. $565 million of this was used in the acquisition of Rytec in 2024.
Market for Registrant’s Common Equity, Related Stoc kholder Matters and Issuer Purchases of Equity Securities Our common stock is listed and traded on the New York Stock Exchange under the symbol “NUE.” As of January 31, 2024, there were approximately 11,000 stockholders of record of our common stock.
The Organisation for Economic Co-operation and Development ( the “OECD”) estimated that global crude steel production overcapacity would grow from approximately 632 million net tons in 2024 to approximately 710 million net tons in 2025.However, additional capacity continues to come online and China’s steel production, the largest steel producing country, is still near record levels.
The decrease in profitability of our joist and deck businesses had the greatest impact on the decrease in profitability of the steel products segment in 2024 as compared to 2023, as average selling prices and volumes continued to moderate from the historically high levels reached in 2022.
Also contributing to the decrease in earnings in the steel mills segment in 2024 as compared to 2023 was the increase in pre-operating and start-up costs related to several growth investments that are in various stages of construction or start-up within the segment.
Net Sales Net sales to external customers by segment for the years ended December 31, 2024 and 2023 were as follows (in millions): Year Ended December 31, 2024 2023 % Change Steel mills $ 18,734 $ 20,093 -7 % Steel products 10,085 12,759 -21 % Raw materials 1,915 1,862 3 % Total net sales to external customers $ 30,734 $ 34,714 -11 % Net sales for 2024 decreased 11% from the prior year.
In the steel mills segment, sales tons for the years ended December 31, 2024 and 2023 were as follows (in thousands): Year Ended December 31, 2024 2023 % Change Outside steel shipments 18,480 18,552 - Inside steel shipments 4,646 4,721 -2 % Total steel shipments 23,126 23,273 -1 % Net sales for the steel mills segment decreased 7% in 2024 compared to the prior year due to an 7% decrease in the average sales price per ton, from $1,084 in 2023 to $1,013 in 2024.
The largest decreases were at our joist and deck businesses, as average selling prices and volumes continued to moderate from the historically high levels reached in 2022. • Gross margins in the steel mills segment decreased 2024 compared to 2023 due to decreased metal margins.
Furthermore, the decrease in earnings attributable to noncontrolling interests was due to the losses of NJSM, for which results were consolidated beginning in the fourth quarter of 2023 following Nucor's purchase of an additional 1% interest in NJSM to bring the total investment to a 51% controlling interest. 38 Provision for Income Taxes The Company’s effective tax rate in 2024 was 20.09% compared with 21.68% in 2023.
The 2024 effective tax rate includes an increased impact, when compared to 2023, related to federal tax credits and the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods.
On March 11, 2022, Nucor completed the issuance and sale of $550 million aggregate principal amount of its 3.125% Notes due 2032 (the “2032 Notes”) and $550 million aggregate principal amount of its 3.850% Notes due 2052 (the “2052 Notes” and, together with the 2032 Notes, the “2032/2052 Notes”).