Form 8-K - Current report

NUCOR CORPORATION

Date: January 29, 2024

/s/ Stephen D. Laxton

Stephen D. Laxton

Chief Financial Officer, Treasurer and Executive

Vice President

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 29, 2024

NUCOR CORPORATION

(Exact name of Registrant as Specified in Its Charter)


Delaware	1-4119	13-1860817
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1915 Rexford Road, Charlotte, NC		28211
(Address of Principal Executive Offices)		(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)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	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:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.40 per share	NUE	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 29, 2024, Nucor Corporation issued a news release reporting its financial results for the quarter ended December 31, 2023. 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 29, 2024, 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.

(d) Exhibits


99.1		News Release of Nucor Corporation dated January 29, 2024

99.2		Investor Presentation dated January 29, 2024

104		Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

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.

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.

Exhibit 99.1


News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2023

•

Fourth quarter and full year 2023 diluted EPS of $3.16 and $18.00, respectively.

•

Fourth quarter and full year 2023 net earnings before noncontrolling interests of $872.8 million and $4.91 billion, respectively; EBITDA of $1.36 billion and $7.41 billion, respectively.

•

2024 expected to be another strong year as Nucor executes its strategy to grow the core and expand its portfolio of solutions.

•

Capital deployment expected to increase in 2024 with planned capital expenditures of $3.5 billion, continued evaluation of acquisitions, and share repurchases set to outpace the prior year.

CHARLOTTE, N.C. – January 29, 2024 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings of $785.4 million, or $3.16 per diluted share, for the fourth quarter of 2023. By comparison, Nucor reported consolidated net earnings of $1.14 billion, or $4.57 per diluted share, for the third quarter of 2023 and $1.26 billion, or $4.89 per diluted share, for the fourth quarter of 2022.

For the full year 2023, Nucor reported consolidated net earnings of $4.52 billion, or $18.00 per diluted share, compared with consolidated net earnings of $7.61 billion, or $28.79 per diluted share, in 2022.

“The Nucor team delivered a strong finish to 2023, which represents the third-most profitable year in our Company’s history. Nucor’s strategy to grow our core steelmaking capabilities and expand beyond into steel-adjacent business lines continues to deliver strong results,” said Leon Topalian, Nucor’s Chair, President and Chief Executive Officer. “Over the past four years, Nucor has generated an average annual ROE of 33% and has returned approximately $9.7 billion to its shareholders through dividends and share repurchases. We remain optimistic that Nucor’s best days are ahead of us, with a resilient U.S. economy and steel-intensive megatrends driving increased demand for our products. With our strong balance sheet and broad array of sustainable steel solutions, we believe Nucor is unparalleled with respect to its ability to leverage these market drivers for continued growth.”

Selected Segment Data

Earnings (loss) before income taxes and noncontrolling interests by segment for the fourth quarter and full year 2023 and 2022 were as follows (in thousands):

Three Months (13 Weeks) Ended

Twelve Months (52 Weeks) Ended

December 31,
2023

December 31,
2022

December 31,
2023

December 31,
2022

Steel mills

587,921

516,655

3,712,470

7,199,087

Steel products

655,628

1,081,461

3,443,950

4,093,105

Raw materials

(14,412

)

(141,817

)

253,506

496,823

Corporate/eliminations

(151,028

)

77,106

(1,137,169

)

(1,544,171

)

1,078,109

1,533,405

6,272,757

10,244,844

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


News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2023

(Continued)

Financial Review

Nucor’s consolidated net sales decreased 12% to $7.70 billion in the fourth quarter of 2023 compared with $8.78 billion in the third quarter of 2023 and decreased 12% compared with $8.72 billion in the fourth quarter of 2022. Average sales price per ton in the fourth quarter of 2023 decreased 8% compared with the third quarter of 2023 and decreased 15% compared with the fourth quarter of 2022. Approximately 5,934,000 tons were shipped to outside customers in the fourth quarter of 2023, a 5% decrease from the third quarter of 2023 and a 3% increase from the fourth quarter of 2022. Total steel mill shipments in the fourth quarter of 2023 decreased 4% compared to the third quarter of 2023 and increased 8% compared to the fourth quarter of 2022. Steel mill shipments to internal customers represented 20% of total steel mill shipments in the fourth quarter of 2023, which was unchanged from the third quarter of 2023 and the fourth quarter of 2022. Downstream steel product shipments to outside customers in the fourth quarter of 2023 decreased 11% from the third quarter of 2023 and decreased 14% from the fourth quarter of 2022.

For the full year 2023, Nucor’s consolidated net sales of $34.71 billion decreased 16% compared with consolidated net sales of $41.51 billion reported for the full year 2022. Total tons shipped to outside customers in 2023 were approximately 25,205,000 tons, a decrease of 1% from 2022, while the average sales price per ton in 2023 decreased 15% from 2022.

The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2023 was $397, a 4% decrease compared to $415 in the third quarter of 2023 and a 7% decrease compared to $427 in the fourth quarter of 2022. The average scrap and scrap substitute cost per gross ton used in the full year 2023 was $421, a 14% decrease compared to $492 in the full year 2022.

Pre-tax, pre-operating and start-up costs related to the Company’s growth projects were approximately $127 million, or $0.39 per diluted share, in the fourth quarter of 2023, compared with approximately $101 million, or $0.31 per diluted share, in the third quarter of 2023 and approximately $73 million, or $0.22 per diluted share, in the fourth quarter of 2022.

In the full year 2023, pre-tax, pre-operating and start-up costs related to the Company’s growth projects were approximately $400 million, or $1.21 per diluted share, compared with approximately $247 million, or $0.71 per diluted share, in the full year 2022.

Overall operating rates at the Company’s steel mills were 74% in the fourth quarter of 2023 as compared to 77% in the third quarter of 2023 and 70% in the fourth quarter of 2022. Operating rates for the full year 2023 increased to 78% as compared to 77% for the full year 2022.

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


News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2023

(Continued)

Included in the results for the fourth quarter of 2022 was an after-tax net benefit of $60.4 million, or $0.24 per diluted share, related to state tax credits and an after-tax net benefit of $88.0 million, or $0.34 per diluted share, related to a change in the valuation allowance of a state deferred tax asset. Also included in the fourth quarter of 2022 results was a pre-tax $96.0 million, or $0.29 per diluted share, write-off of the remaining carrying value of the Company’s leasehold interest in unproved oil and gas properties that is included in the raw materials segment.

Financial Strength

At the end of the fourth quarter of 2023, Nucor had $7.13 billion in total liquidity, not including the Company’s $1.75 billion revolving credit facility. 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 Moody’s.

Commitment to Returning Capital to Stockholders

On December 14, 2023, Nucor’s Board of Directors declared a cash dividend of $0.54 per share. This represents a 6% increase over the prior cash dividend, and is payable on February 9, 2024 to stockholders of record as of December 29, 2023. Nucor has increased its regular, or base, dividend for 51 consecutive years – every year since it first began paying dividends in 1973.

During the fourth quarter of 2023, Nucor repurchased approximately 1.0 million shares of its common stock at an average price of $177.18 per share (approximately 9.75 million shares during the full year 2023 at an average price of $159.34 per share). As of December 31, 2023, Nucor had approximately $3.32 billion, or 26 million shares, 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 2023, Nucor returned approximately $2.1 billion to stockholders in the form of share repurchases and dividend payments, consistent with the Company’s practice of returning at least 40% of earnings to stockholders.

Fourth Quarter of 2023 Analysis

Earnings in the fourth quarter of 2023 decreased compared to the third quarter of 2023 due to lower pricing and volumes across all three operating segments. In the steel mills segment, the decrease in realized pricing was most pronounced at our sheet and plate mills. In the steel products segment, earnings decreased due to moderating average selling prices at most of the product groups within the segment and lower volumes. Earnings for the raw materials segment decreased in the fourth quarter of 2023 compared to the third quarter of 2023 due to lower pricing for raw materials and planned outages at our direct reduced iron, or DRI, facilities.

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


News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2023

(Continued)

First Quarter of 2024 Outlook

We expect earnings in the first quarter of 2024 to increase compared to the fourth quarter of 2023. The steel mills segment’s earnings are expected to increase in the first quarter of 2024 due to higher average selling prices and volumes, particularly at our sheet mills. Earnings in the steel products segment are expected to decrease in the first quarter of 2024 due to lower average selling prices. We expect increased earnings in the raw materials segment in the first quarter of 2024 due to the increased profitability of our DRI facilities and our scrap processing and brokerage operations.

Earnings Conference Call

An earnings call is scheduled for January 30, 2024 at 10:00 a.m. Eastern Time to review Nucor’s fourth-quarter and full year 2023 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.

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

The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA. 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; depreciation; and amortization. First, second and third quarter of 2023 EBITDA was $1.89 billion, $2.34 billion and $1.82 billion, respectively, using this definition. Please note that other companies might define their non-GAAP financial measures differently than we do.

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


News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2023

(Continued)

Management presents the non-GAAP financial measure of EBITDA in this news release because it considers it to be an important supplemental measure of performance. Management believes that this non-GAAP financial measure provides additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods.

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 the COVID-19 pandemic, any variants of the virus, and any other similar 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 Annual Report on Form 10-K for the year ended December 31, 2022. 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


News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2023

(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


News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2023

(Continued)

Tonnage Data

(In thousands)

Three Months (13 Weeks) Ended

Twelve Months (52 Weeks) Ended

December 31,
2023

December 31,
2022

Percent
Change

December 31,
2023

December 31,
2022

Percent
Change

Steel mills total shipments:

Sheet

2,675

2,314

11,003

10,310

Bars

1,901

1,907

—

8,193

8,635

-5

Structural

542

445

2,113

2,292

-8

Plate

373

375

-1

1,807

1,626

Other

-68

157

378

-58

5,513

5,110

23,273

23,241

—

Sales tons to outside customers:

Steel mills

4,396

4,067

18,552

18,200

Joist

106

174

-39

510

671

-24

Deck

127

-28

401

515

-22

Cold finished

-3

428

467

-8

Rebar fabrication products

251

302

-17

1,169

1,282

-9

Piling

102

433

443

-2

Tubular products

212

215

-1

949

950

—

Other steel products

153

167

-8

596

687

-13

Raw materials

527

493

2,167

2,309

-6

5,934

5,738

25,205

25,524

-1

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


News Release

Nucor Reports Results for the Fourth Quarter and Full Year 2023

(Continued)

Condensed Consolidated Statements of Earnings (Unaudited)

(In thousands, except per share data)

Three Months (13 Weeks) Ended

Twelve Months (52 Weeks) Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Net sales

7,704,531

8,723,956

34,713,501

41,512,467

Costs, expenses and other:

Cost of products sold

6,310,813

6,626,469

26,899,107

29,009,187

Marketing, administrative and other expenses

355,001

422,823

1,584,052

1,997,178

Equity in (earnings) losses of unconsolidated affiliates

(9,112

)

12,532

(12,783

)

(10,714

)

Losses and impairments of assets

—

101,756

—

101,756

Interest (income) expense, net

(30,280

)

26,971

(29,632

)

170,216

6,626,422

7,190,551

28,440,744

31,267,623

Earnings before income taxes and noncontrolling interests

1,078,109

1,533,405

6,272,757

10,244,844

Provision for income taxes

205,277

207,160

1,359,966

2,165,204

Net earnings before noncontrolling interests

872,832

1,326,245

4,912,791

8,079,640

Earnings attributable to noncontrolling interests

87,433

70,512

387,990

472,303

Net earnings attributable to Nucor stockholders

785,399

1,255,733

4,524,801

7,607,337

Net earnings per share:

Basic

3.17

4.90

18.05

28.88

Diluted

3.16

4.89

18.00

28.79

Average shares outstanding:

Basic

246,868

255,402

249,773

262,348

Diluted

247,249

255,838

250,412

263,176

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 2023

(Continued)

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)


	December 31,
	2023			2022
ASSETS
Current assets:
Cash and cash equivalents	$	6,383,298		$	4,280,852
Short-term investments		747,479			576,946
Accounts receivable, net		2,953,311			3,591,030
Inventories, net		5,577,758			5,453,531
Other current assets		724,012			789,325

Total current assets		16,385,858			14,691,684
Property, plant and equipment, net		11,049,767			9,616,920
Restricted cash and cash equivalents		3,494			80,368
Goodwill		3,968,847			3,920,060
Other intangible assets, net		3,108,015			3,322,265
Other assets		824,518			847,913

Total assets	$	35,340,499		$	32,479,210

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	$	119,211		$	49,081
Current portion of long-term debt and finance lease obligations		74,102			28,582
Accounts payable		2,020,289			1,649,523
Salaries, wages and related accruals		1,326,390			1,654,210
Accrued expenses and other current liabilities		1,054,517			948,348

Total current liabilities		4,594,509			4,329,744
Long-term debt and finance lease obligations due after one year		6,648,873			6,613,687
Deferred credits and other liabilities		1,973,363			1,965,873

Total liabilities		13,216,745			12,909,304

Commitments and contingencies
Equity
Nucor stockholders’ equity:
Common stock		152,061			152,061
Additional paid-in capital		2,176,243			2,143,520
Retained earnings		28,762,045			24,754,873
Accumulated other comprehensive loss, net of income taxes		(162,072	)		(137,517	)
Treasury stock		(9,987,643	)		(8,498,243	)

Total Nucor stockholders’ equity		20,940,634			18,414,694
Noncontrolling interests		1,183,120			1,155,212

Total equity		22,123,754			19,569,906

Total liabilities and equity	$	35,340,499		$	32,479,210

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 2023

(Continued)

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	Year Ended December 31,
	2023			2022
Operating activities:
Net earnings before noncontrolling interests	$	4,912,791		$	8,079,640
Adjustments:
Depreciation		930,585			826,692
Amortization		237,730			234,942
Stock-based compensation		130,162			136,834
Deferred income taxes		21,419			(46,849	)
Distributions from affiliates		33,621			57,071
Equity in earnings of unconsolidated affiliates		(12,783	)		(10,714	)
Losses and impairments of assets		—			101,756
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		663,825			501,225
Inventories		(75,042	)		962,424
Accounts payable		361,146			(496,234	)
Federal income taxes		188,344			(337,359	)
Salaries, wages and related accruals		(290,859	)		155,005
Other operating activities		10,992			(92,379	)

Cash provided by operating activities		7,111,931			10,072,054

Investing activities:
Capital expenditures		(2,214,157	)		(1,947,897	)
Investment in and advances to affiliates		(35,137	)		(258	)
Sale of business		—			99,681
Disposition of plant and equipment		14,907			32,277
Acquisitions (net of cash acquired)		(70,824	)		(3,553,191	)
Purchases of investments		(1,471,528	)		(913,898	)
Proceeds from the sale of investments		1,317,308			590,173
Other investing activities		(37,000	)		(9,596	)

Cash used in investing activities		(2,496,431	)		(5,702,709	)

Financing activities:
Net change in short-term debt		(24,870	)		(58,642	)
Proceeds from issuance of long-term debt, net of discount		—			2,091,934
Repayment of long-term debt		(10,000	)		(1,111,000	)
Bond issuance costs		—			(13,138	)
Proceeds from exercise of stock options		11,731			22,852
Payment of tax withholdings on certain stock-based compensation		(49,318	)		(64,079	)
Distributions to noncontrolling interests		(435,047	)		(332,293	)
Cash dividends		(514,534	)		(533,589	)
Acquisition of treasury stock		(1,553,933	)		(2,762,568	)
Proceeds from government incentives		—			275,000
Other financing activities		(16,840	)		(25,340	)

Cash used in financing activities		(2,592,811	)		(2,510,863	)

Effect of exchange rate changes on cash		2,883			(5,920	)

Increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		2,025,572			1,852,562
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year		4,361,220			2,508,658

Cash and cash equivalents and restricted cash and cash equivalents - end of year	$	6,386,792		$	4,361,220

Non-cash investing activity:
Change in accrued plant and equipment purchases	$	1,053		$	4,568

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 2023

(Continued)

Non-GAAP Financial Measures

Reconciliation of EBITDA (Unaudited)

(In thousands)


	Three months (13 weeks) ended			Twelve months (52 weeks) ended
	December 31, 2023			December 31, 2023
Net earnings before noncontrolling interests	$	872,832		$	4,912,791

Depreciation		249,432			930,585
Amortization		62,029			237,730
Interest income, net		(30,280	)		(29,632	)
Provision for income taxes		205,277			1,359,966

EBITDA	$	1,359,290		$	7,411,440

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

January 30, 2024 Leon Topalian Chair, President and CEO Steve Laxton Executive Vice President and CFO fourth quarter and year-end 2023 EARNINGS CALL Exhibit 99.2

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, 2022 and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission.

Non-GAAP Financial Measures The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA. 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. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents the non-GAAP financial measure of EBITDA in this news release because it considers it to be an important supplemental measure of performance. Management believes that this non-GAAP financial measure provides 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 news release, including in the accompanying tables.

Q4 & FY 2023 financial highlights Q4 2023 FY 2023 MVA, please insert “teamwork” photo from page 4 of Q4 2022 earnings call deck $1.4 billion EBITDA1 $785 million Net Earnings $3.16 diluted EPS $718 million Capital Expenditures Returned $304 million to shareholders $127M dividend payments $177M share repurchases (1.0M shares) $7.4 billion EBITDA1 $4.5 billion Net Earnings $18.00 diluted EPS $2.2 billion Capital Expenditures Returned ~$2.1 billion to shareholders, representing ~46% of 2023 net earnings $514M dividend payments $1,554M share repurch (9.75M shares) 1EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix.

Spotlight on safety NUCOR INJURY & ILLNESS RATE Annual OSHA Recordables per 200,000 hours/year I&I rate has improved each year since 2017 17% improvement over 2022 Our success is not defined by metrics; it’s about all Nucor teammates returning home safely after every shift Our challenge is to become the world’s safest steel company

Leading the American Steel industry FINANCIAL OPERATIONAL ENVIRONMENTAL MVA, please insert “made for good” photo from slide 5 of Q3’23 earnings call deck and improve formatting below RETURN ON EQUITY: 33% avg annual ROE (2020-2023) LONG-TERM GROWTH: 44% EPS CAGR (2020-2023) RETURNS TO SHAREHOLDERS: $9.7B, nearly 50% of net earnings (2020-2023) FORTRESS BALANCE SHEET: Strongest credit ratings among all American steel companies SCOPE and SCALE: Largest and most diversified steel producer in America, making ~1 out of every 4 tons produced in the U.S. HIGHLY EFFICIENT: 30 EAFs (+4 under construction); able to flex production levels in response to demand trends; variable cost structure SAFETY PERFORMANCE: 5 straight years of improved safety metrics on quest to become world’s safest steel company LOW GHG INTENSITY: 60% lower than global steelmaking average CIRCULAR BUSINESS MODEL: Largest recycler of any product in western hemisphere, with steel made from 79% recycled content NET ZERO COMMITMENT: Announced net-zero science- based greenhouse gas target for 2050, including Scopes 1, 2 & 3

strategies & investments that Drive Growth STRATEGY INITIATIVES & INVESTMENTS RAW MATERIALS Leverage our market intelligence and flexible supply chain to provide lower- cost, more sustainable inputs Advanced separation technology Carbon Capture & Storage (DRI) Investing in emerging technologies related to low-emission ironmaking STEEL MILLS Shifting mix to higher-margin products Creating value through our cost advantages, sustainability leadership and broad set of capabilities West Virginia Sheet Mill Brandenburg, KY Plate Mill Micro mill Bar projects in NC, TX and exploring options in Pacific NW STEEL PRODUCTS Leverage reputation as a high-quality service provider to command premium pricing Create value by cross-selling more products through our Solutions team Investments in automation to decrease costs and improve safety New product development EXPAND BEYOND Grow in complementary businesses aligned with steel-intensive mega-trends Pursue opportunities with attractive growth and margins, steady FCF and high-synergy potential Investing in new greenfield projects Broadening customer base with new channels to market & cross-selling

Forecast Forecast Increases in MANUFACTURING & Infrastructure spending Source: Dodge Construction Network –Construction Market Forecasting Service (Released: December 2023) Dodge Forecast of Census Annual Rate of Construction Spending Put in Place Utilities Public Works Manufacturing Construction Spending Infrastructure Construction Spending $ billions $ billions

Highly Efficient Recycler & Manufacturer Nucor’s circular Business model Significant Cash Flow Generation Strong Balance Sheet Growth Investments Attractive Shareholder Returns SCOPE, SCALE and SUSTAINABILITY Largest and most diversified steel products company in the US Market leader in most products we make Highly variable cost structure and low GHG intensity 2020-2023 Cash Flows1 ~$31B EBITDA ~$19B Free Cash Flow INDUSTRY LEADING CREDIT <25% Total Debt/Capitalization <1x Total Debt/FY’23EBITDA1 A- ratings from S&P and Fitch 2020-2023 Investments ~$7B CAPEX ~$5B Acquisitions Established four new Expand Beyond platforms 2020-2023 Returns to Shareholders Returned ~$9.7B to shareholders representing ~50% of net earnings Repurchased 65 million shares (19% reduction) Increased dividend by 34% (8% annualized growth) 1EBITDA and Free Cash Flow (FCF) are non-GAAP financial measures. For reconciliation of non-GAAP measures, please refer to the Appendix.

Q4 2023 SEGMENT RESULTS STEEL MILLS SEGMENT Q4 2023 vs. Q3 2023 Q4 ‘23 Q3 ‘23 Q4 ‘22 Prior Qtr Prior Year Shipments (tons in 000s) 5,513 5,746 5,110 -4% 8% EBT1($M) 588 883 517 -33% 14% EBT/Ton ($) 107 154 101 -31% 5% % Change vs. STEEL PRODUCTS SEGMENT Q4 2023 vs. Q3 2023 Q4 ‘23 Q3 ‘23 Q4 ‘22 Prior Qtr Prior Year Shipments (tons in 000s) 1,011 1,141 1,178 -11% -14% EBT1($M) 656 807 1,081 -19% -39% EBT/Ton ($) 649 707 918 -8% -29% % Change vs. RAW MATERIALS SEGMENT Q4 2023 vs. Q3 2023 Q4 ‘23 Q3 ‘23 Q4 ‘22 Prior Qtr Prior Year Production (tons in 000s) 2 1,700 1,998 1,587 -15% 7% EBT1($M) (14) 71 (142) -120% 90% Asset Impairment -- -- (96) n/a n/a Adjust EBT1 ($M) (14) 71 (46) -120% 70% % Change vs. 1EBT ($M) refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant quarterly Nucor quarterly earnings news release. 2Excludes scrap brokerage activities Lower shipments, outages in DRI Realized prices stable Modest decrease in shipments Lower realized pricing, reduced metal margin Lower consumables and alloys expenses Modest decrease in shipments Lower realized pricing in joist and deck, some impact from mix shift to lower priced products Continued high profitability per ton

Strength of a Diversified portfolio 2018-2023 EARNINGS MIX(a) (a) Operating segment earnings before income taxes and non-controlling interests. Excludes corporate, other and eliminations. % Contribution to Earnings Before Income Taxes & NCI STEEL PRODUCTS RESILIENCY(a) $ EBT/TON Diversifying our earnings profile with a more balanced product offering Steel Products has contributed 40% or greater to Nucor’s segment earnings for six consecutive quarters

Balanced Capital allocation continues CAPITAL ALLOCATION (2018-2023) Q4 ‘23 BALANCE SHEET SUMMARY $USD in millions as of December 31, 2023 Amount xLTM EBITDA1 % cap Total Debt $6,842 0.9x 24% Cash and Cash Equivalents $7,134 Net Debt ($292) Total Equity & Non-Controlling Int. $22,124 76% Total Book Capitalization $28,966 100% 1EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix. 2Long-Term Debt includes Current Portion of Long-Term Debt and Finance Lease Obligations thousands of $USD 2018 2019 2020 2021 2022 2023 ANNUALIZED DIVIDEND PER SHARE YEAR-END SHARES OUTSTANDING ~42% Increase ~23% Reduction Shares in millions

2024 projected Capex: ~$3.5 Billion

Q1 2024 Earnings Outlook SEGMENT EXPECTATIONS FOR Q1 2024 OUTLOOK VARIANCE TO Q4 2023 Steel Mills Increased profitability on higher average selling prices and shipments Steel Products Profitability to decrease with lower average selling prices Raw Materials Expect increased earnings due to increased operating rates at both DRI facilities and scrap processing Corp / Eliminations Intercompany eliminations likely trend higher Consolidated Earnings Overall higher than Q4

2024 Domestic End use MARKET outlook End Use Market Outlook Commentary Non-residential Construction Generally constructive outlook, with inflation easing and likelihood for lower interest rate environment by 2H of year Manufacturing, retail, healthcare, data centers and education expected to show strength Bridge, highway, water & other infrastructure spending expected to increase as projects move from planning into construction phase Scarcity of construction labor continues risk of project delays Automotive Modest growth for light vehicles expected in 2024 On-highway truck & trailer demand expected to pull back Oil & Gas Rig counts lower from year ago Oil price has recovered to mid $70s area after falling from $95 to below $70 during Fall of ’23 (WTI). Gas prices low at ~$2.20/MMBTU Electricity/ Renewable Energy EIA projecting 36 GW of solar energy capacity and 7 GW of onshore wind capacity additions coming online in 2024 Power transmission growth expected to be strong in 2024 driven by renewable energy boom, primarily solar Heavy Equip, Rail, Agriculture High interest rates coupled with declining profits hurting demand forecasts for tractors, combines, earth moving machinery and rail cars

APPENDIX

Broad product capabilities aimed at large steel consuming end markets Note: Figures are approximate percentages of total external shipments for 2023

NUCOR’S FLEXIBLE raw materials mix At least 75% of Nucor’s Raw Material mix is comprised of recycled materials

Metal MARGINs have historically trended higher in rising scrap price environments Period Avg. Scrap Cost(a) Avg. Metal Margin 2018-2023 $391 $582 2013-2023 $355 $493 2003-2023 $333 $425 Nucor metal margins are highly correlated (~80%) with scrap & substitute costs (a) Scrap and scrap substitute per ton gross ton used METAL MARGIN Avg. Scrap Cost per Ton Avg. Steel Mill Selling Price per Ton

Corp expenses and intercompany eliminations reconcile segment to consolidated earnings Corp/Eliminations include: (a) Total segment before income taxes and non-controlling interests. Quarterly Segment Earnings & Corporate/Eliminations(a) $ in millions

5-year safety track record Nucor Recordable Injury & Illness Rate(1) Nucor Lost Time Injury Rate(2) Nucor vs Industry(3) Recordable Injury & Illness Rate: 2023 1) Recordable I&I rate defined by OSHA as (# of recordables x 200,000) / employee hours worked 2) Lost Time Injury Rate defined by OSHA as (# lost time incidents x 200,000) / employee hours worked. 3) Source: U.S. DOL Bureau of Labor Statistics

% Change Versus Shipments (tons in thousands) Q4 ‘23 Q3 ‘23 Q4 ‘22 Prior Qtr. Prior Year Tubular Tubular 212 223 215 -5% -1% Joist & Deck Joist & Deck 197 231 301 -15% -35% Rebar Fabrication Rebar Fabrication 251 307 302 -18% -17% Piling Piling 102 117 94 -13% 9% Cold finished Cold finished 96 103 99 -7% -3% Other Other 153 160 167 -4% -8% Total Shipments 1,011 1,141 1,178 -11% -14% EBT1 ($ in millions) $656 $807 $1,081 -19% -39% EBT1/Ton ($) $649 $707 $918 -8% -29% % Change Versus Shipments (tons in thousands) Q4 ‘23 Q3 ‘23 Q4 ‘22 Prior Qtr. Prior Year Sheet Sheet 2,675 2,723 2,314 -2% 16% Bars Bars 1,901 2,001 1,907 -5% 0% Structural Structural 542 530 445 2% 22% Plate Plate 373 460 375 -19% -1% Other Steel Other Steel 22 32 69 -31% -68% Total Shipments 5,513 5,746 5,110 -4% 8% EBT1 ($ in millions) $588 $883 $517 -33% 14% EBT1/Ton ($) $107 $154 $101 -31% 5% SEGMENT RESULTS: Steel Mills and Steel Products STEEL PRODUCTS STEEL MILLS Modest decrease in shipments Lower realized pricing, reduced metal margin Lower consumables and alloys expenses 1EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release Modest decrease in shipments Lower realized pricing in joist and deck, some impact from mix shift to lower priced products Continued high profitability per ton Q4 2023 vs. Q3 2023 Q4 2023 vs. Q3 2023

RAW MATERIALS SEGMENT RESULTS: raw materials % Change Versus Production (tons in thousands) Q4 ‘23 Q3 ‘23 Q4 ‘22 Prior Qtr. Prior Year DRI Tubular 728 1,005 606 -28% 20% Scrap Processing Other 972 993 880 -2% 10% Total Shipments1 1,700 1,998 1,587 -15% 7% EBT2 ($ in millions) ($14) $71 ($142) -120% 90% Asset Impairment -- -- ($96) n/a n/a Adjusted EBT2 ($ in millions) ($14) $71 ($46) -120% 70% 1Total production excluding scrap brokerage activities. 2EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release Lower shipments, outages in DRI Realized prices stable Q4 2023 vs. Q3 2023

YEAR SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS NET SALES (000’s) Comp. SALES PRICE PER TON EARNINGS (LOSS) BEFORE INCOME TAXES STEEL STEEL PRODUCTS RAW MATlS TOTAL TONS SHEET BARS Structural PLATE TOTAL STEEL STEEL JOISTS STEEL DECK COLD FINISH REBAR FAB PILING Tubular prods OTHER STEEL PRODS TOTAL STEEL PRODS SHEET BARS BEAMS PLATE TOTAL STEEL STEEL JOISTS STEEL DECK COLD FINISH REBAR FAB PILING Tubular prods OTHER STEEL PRODS TOTAL STEEL PRODS (000’s) Per ton 2023 Q1 2,384 1,550 440 430 4,804 135 99 117 279 101 275 135 1,141 498 6,443 $8,709,980 $1,352 $1,501,697 $244 Q2 2,404 1,481 399 490 4,774 142 107 112 332 113 239 148 1,193 621 6,588 $9,523,256 $1,446 $1,924,061 $306 Q3 2,305 1,408 439 426 4,578 127 104 103 307 117 223 160 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 96 251 102 212 153 1,011 527 5,934 $7,704,531 $1,298 $990,676 $175 year 9,332 5,841 1,692 1,687 18,552 510 401 428 1,169 433 949 596 4,486 2,167 25,205 $34,713,501 $1,377 $5,884,767 $245 2022 Q1 2,023 1,603 524 389 4,539 179 136 133 291 111 230 155 1,235 620 6,394 $10,493,282 $1,641 $2,766,623 $450 Q2 2,470 1,625 494 452 5,041 158 123 123 339 119 274 175 1,311 625 6,977 $11,794,474 $1,690 $3,324,398 $499 Q3 2,197 1,498 491 367 4,553 160 129 112 350 119 231 190 1,291 571 6,415 $10,500,755 $1,637 $2,218,627 $363 Q4 1,974 1,365 373 355 4,067 174 127 99 302 94 215 167 1,178 493 5,738 $8,723,956 $1,520 $1,462,893 $267 YEAR 8,664 6,091 1,882 1,563 18,200 671 515 467 1,282 443 950 687 5,015 2,309 25,524 $41,512,467 $1,626 $9,772,541 $401 QUARTERLY SALES AND Earnings data

AVG EXTERNAL SALES PRICE PER NET TON STEEL Mills Total STEEL PRODUCTS SHEET BARS Structural PLATE TOTAL STEEL 2023 1st Quarter $876 $1,031 $1,452 $1,490 $1,035 $2,872 2nd Quarter $1,103 $1,080 $1,456 $1,506 $1,168 $2,884 First Half $990 $1,055 $1,454 $1,499 $1,101 $2,878 3rd Quarter $1,021 $1,029 $1,429 $1,558 $1,114 $2,837 Nine Months $1,000 $1,047 $1,445 $1,517 $1,105 $2,865 4th Quarter $914 $961 $1,407 $1,407 $1,015 $2,776 YEAR $979 $1,026 $1,436 $1,495 $1,084 $2,845 2022 1st Quarter $1,571 $1,140 $1,496 $1,861 $1,436 $2,689 2nd Quarter $1,441 $1,226 $1,583 $1,913 $1,429 $2,931 First Half $1,499 $1,183 $1,538 $1,889 $1,432 $2,814 3rd Quarter $1,228 $1,176 $1,603 $1,765 $1,296 $3,167 Nine Months $1,410 $1,181 $1,559 $1,851 $1,388 $2,933 4th Quarter $961 $1,063 $1,543 $1,564 $1,102 $3,230 YEAR $1,308 $1,155 $1,556 $1,786 $1,324 $3,003 AVERAGE SCRAP AND SCRAP SUBSTITUTE COST PER GROSS TON USED PER NET TON USED 2023 1st Quarter $414 $370 2nd Quarter $455 $406 First Half $435 $388 3rd Quarter $415 $371 Nine Months $429 $383 4th Quarter $397 $354 YEAR $421 $376 2022 1st Quarter $495 $442 2nd Quarter $534 $477 First Half $516 $461 3rd Quarter $502 $448 Nine Months $511 $456 4th Quarter $427 $381 YEAR $492 $439 QUARTERLY SALES prices & scrap cost

Reconciliation of gaap to non-gaap measure 2019 2020 2021 2022 2023 Net earnings before non-controlling interests $1,371 $836 $7,122 $8,080 $4,913 Net Interest expense $121 $153 $159 $170 ($30) Income taxes $412 -- $2,078 $2,165 $1,360 Depreciation expense $649 $702 $735 $827 $930 Amortization expense $86 $83 $129 $235 $238 Losses and impairments of assets $67 $614 $62 $102 $0 EBITDA $2,706 $2,388 $10,292 $11,579 $7,411 $ in millions

Reconciliation of gaap to non-gaap measure 2019 2020 2021 2022 2023 Cash provided by operating Activities $2,809 $2,697 $6,231 $10,072 $7,112 Capital Expenditures ($1,477) ($1,543) ($1,622) ($1,948) ($2,214) Free Cash Flow $1,332 $1,154 $4,609 $8,124 $4,898 $ in millions

Document and Entity Information	Jan. 29, 2024
Cover [Abstract]
Entity Registrant Name	NUCOR CORP
Amendment Flag	false
Entity Central Index Key	0000073309
Document Type	8-K
Document Period End Date	Jan. 29, 2024
Entity Incorporation State Country Code	DE
Entity File Number	1-4119
Entity Tax Identification Number	13-1860817
Entity Address, Address Line One	1915 Rexford Road
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28211
City Area Code	(704)
Local Phone Number	366-7000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.40 per share
Trading Symbol	NUE
Security Exchange Name	NYSE
Entity Emerging Growth Company	false