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October 28, 2025 LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO THIRD QUARTER 2025 EARNINGS CALL
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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, 2024 and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission.
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3 NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news presentation, including adjusted earnings, 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.
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4 ✓ Safety: On pace for lowest annual I&I rate (0.74 YTD) ✓ Steel Mills: Record rebar shipments in Q3 ✓ Steel Products: Higher Q/Q shipments in Q3 ✓ Growth Projects: On track to complete four major projects in 2025 ✓ $1.5 Billion EBITDA ✓ $845 Million Net Earnings ✓ $3.46 Earnings Per Share (diluted) ✓ Stable Q/Q External Shipments: ~6.8 million total tons in Q3 & Q2 ✓ Strong Mill Backlogs: ~3.5 million tons at end of Q3 (30% higher Y/Y) ✓ Lower Imports: ~11% lower YTD though August vs. 2024 YTD3 ✓ Capex: Deployed $807 million in Q3; revising FY estimate to ~$3.3Bn ✓ NUE Share Repurchases: $100 million (~0.7 million shares) ✓ Quarterly Dividend: $127 million (209th consecutive quarterly payment) ✓ Returns to Shareholders: 72% of YTD Net Earnings NUE Q3 FINANCIAL & OPERATIONAL HIGHLIGHTS (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) Liquidity defined as cash & equivalents, plus short-term investments, plus available revolver capacity of $2.25 billion facility less ~$1.35 billion outstanding floating-rate IRBs (3) Source: AISI (finished carbon & alloy) ✓ EBITDA1: ~$1.3 billion ✓ Net Earnings: $607 million ✓ Earnings Per Diluted Share: $2.63 EPS ✓ Balance Sheet & Liquidity: ~24% Total Debt/Cap; ~$3.6 billion Liquidity2 FINANCIAL PERFORMANCE CAPITAL ALLOCATION RESILIENT MARKET CONDITIONS OPERATIONAL HIGHLIGHTS
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5 EXECUTING OUR STRATEGY SAFETY OUR MOST IMPORTANT VALUE PRUDENT CAPITAL ALLOCATION DELIVERING COMPREHENSIVE SOLUTIONS ADVANCING GROWTH INVESTMENTS Our challenge is to become the world’s safest steel company • On pace for lowest annual I&I rate for the eighth straight year • 42% improvement in I&I rate over the last five years (2019 – 2024) Nearing end of current phase; yet to realize earnings potential of recent growth projects • Through Q3’25, completed ~80% of $10 billion multi-year investment plan • On track to complete four major capital projects in 2025 Leveraging existing assets and deploying capital to supply steel -intensive megatrends • Committed to returning at least 40% of net earnings to shareholders • Disciplined approach to growth investments and M&A Leveraging diverse portfolio to meet customer needs and be the supplier of choice • Capitalizing on differentiated solutions • Double-digit YTD growth in joist & deck shipments, as customers place more value on comprehensive offerings
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6 SA ~21% PSW ~18% NUCOR BAR MILL GROUP: MARKET LEADERSHIP, NATIONWIDE CAPABILITIES • Strong geographic coverage and capabilities to optimize broad product offering • Efficient micro mills allow for short cycle times, quick delivery and competitive pricing CONSTRUCTION STARTS Pacific SW & S. Atlantic Regions(2) (1) First River Consulting estimated domestic rebar market, South Atlantic (SA) and Pacific Southwest (PSW) regions (2) Dodge Total Construction Starts by region, in billions U.S. REBAR DEMAND(1) ~9M tpa(1) Southwest & Southeast regions represent ~40% U.S. rebar demand New Projects in Fast -Growing Regions Robust Capabilities – National Reach Lexington, NC Rebar micro mill commissioned in Q3 Kingman, AZ Melt shop completed in Q3 Nucor Bar Mill Group Steelmaking Footprint $441B $497B $567B 2023A 2025E 2030E - Recent projects completed at Kingman, AZ and Lexington, NC
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7 LEADING PROVIDER OF STEEL SOLUTIONS FOR DATA CENTER CONSTRUCTION Comprehensive Suite of Products Well Suited to Data Center Applications Continued momentum in data center construction • Dodge forecasting ~60 million sq ft of construction in 2025 (~30% y/y increase)1 • ~3,500 tons of steel required for every 250,000 sq ft of data center construction Well positioned to partner with hyperscalers and developers • Able to supply nearly all the steel that goes into data centers – from the building envelope to the interior infrastructure • Ideal partner for customers prioritizing reliability and speed to market Continuing to expand capabilities of Nucor Data Systems (NDS) • Repurposing two legacy steel products facilities into dedicated NDS sites, boosting cabinet and airflow containment capacity WHITE SPACE PRODUCTS & INSTALLATION CORE AND SHELL PRODUCTS (1) Dodge Construction Network
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8 CONSTRUCTIVE TRADE POLICY SUPPORTS AMERICAN STEEL INDUSTRY Corrosion Resistant Sheet -1,247,000 -39.9% Hot Rolled Sheet -467,000 -33.3% Cold Rolled Sheet -224,000 -20.5% Cut-To-Length Plate -113,000 -24.6% Rebar -42,000 -5.7% Wire Rod +166,000 +21.4% U.S. Import Data All Carbon & Alloy Steel – Avg Monthly Quantity U.S. Imports for Key Nucor Products YTD 2025 vs. YTD 20241, net tons *Q3 2025 – July/Aug data only • Imports down 11% YTD: Strengthened 232 tariffs have reduced transshipped and unfairly traded imports into the U.S. • Import reductions have accelerated: July- August 2025 imports are down ~20% vs. July- August 2024 • Sheet imports down 35% YTD2: 3.7M tons (2025) vs. 5.6M tons (2024) • CORE trade case: September determination on corrosion resistant sheet helps level playing field for domestic producers • Rebar trade case: Expect preliminary determination in Q4 2025 Sources: U.S. Imports for Consumption of Steel Products, Foreign Trade Division, U.S. Census Bureau; AISI; Platts Steel Data & Analytics (1) C&A steel product difference in net tons, Jan-Aug 2024 vs. Jan-Aug 2025 (2) Includes C&A Hot Rolled Sheet, Cold Rolled Sheet and CORE Imports, Jan-Aug Data 2.53 2.47 2.26 2.32 2.50 2.18 1.92 15% 20% 25% 1 1.5 2 2.5 FY '21 FY '22 FY '23 FY '24 Q1 '25 Q2 '25 Q3 '25* % Finished C&A Import Mkt Share Million Net Tons, Avg Monthly
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9 CONSOLIDATED FINANCIAL RESULTS Diluted EPS1 Capital Expenditures $1.05 $2.60 $2.63 $1.49 Q3'24 Q2'25 Q3'25 (1) Adjusted Earnings and EBITDA for Q3’24 to exclude $123 million of one-time charges. See appendix for a reconciliation of non-GAAP measures. (2) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (3) Cash Returned to Shareholders includes dividends and share repurchases EBITDA2 Cash Returned to Shareholders3 ($ in Millions except per share data) $869 $1,295 $1,265 Q3'24 Q2'25 Q3'25 $823 $954 $807 Q3'24 Q2'25 Q3'25 $530 $329 $227 Q3'24 Q2'25 Q3'25 Adj. for $0.44 impairment
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10 $309 $169 $241 $843 $793 $354 $329 $307 $392 $319 $17 $57 $29 $57 $43 ($168) ($165) ($263) ($393) ($272) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Steel Mills Steel Products Raw Materials Corporate/Eliminations $millions Q3 2025 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT EARNINGS (1) • Stable realized pricing • Slightly lower volumes • Lower EBT/ton • Stable realized pricing • Higher volumes • Lower EBT/ton Lower realized pricing Lower operating costs STEEL PRODUCTS RAW MATERIALS STEEL MILLS Q3 2025 VS Q2 2025 (1) Total segment earnings before income taxes and non-controlling interests (2) Adjusted to exclude $83 million impairment in Raw Materials and $40 million impairment in Steel Products taken in Q3 2024. For a reconciliation of non-GAAP measures, please refer to the Appendix. (2) (3) Adjusted to exclude $10 million impairment in Steel Mills and $19 million impairment in Steel Products taken in Q1 2025. For a reconciliation of non-GAAP measures, please refer to the Appendix. (3)
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11 DIVIDENDS $2.9B SHARE REPURCHASES $10.5B 74% 55% 43% 46% 72% 2020 2021 2022 2023 2024 2025 YTD STRONG BALANCE SHEET & SHAREHOLDER RETURNS REMAIN PRIORITIES Committed to a strong balance sheet (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix. (2) Total Debt includes Short-Term Debt, Current Portion of Long-Term Debt, Long-term Debt and Finance Lease Obligations (3) Includes Cash and Cash Equivalents and Short-Term Investments RETURNS TO SHAREHOLDERS (2020 – Q3 2025) Cash Returns Committed to returning at least 40% of annual net earnings $13.4B 40% $USD in millions as of October 4, 2025 Amount xLTM EBITDA1 % cap Total Debt2 $6,853 1.7x 24% Cash and Cash Equivalents3 $2,745 Net Debt $4,108 1.0x Total Equity & Non-Controlling Int. $21,931 76% Total Book Capitalization $28,784 100% 135% Highest credit ratings in the industry • Upgraded by Moody's to A3 in September 2025 • Nucor senior unsecured credit ratings: Rating Agency Long-term Rating Short-term Rating Outlook S&P A- A-1 Stable Fitch A- F-1 Stable Moody’s A3 P-2 Stable
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12 Steel ProductsLongs2Flats1 NEAR TO MEDIUM-TERM OUTLOOK POTENTIAL CATALYSTSMONITORING ➢ Imports to retreat further • CORE trade case/ full effect of Section 232 • Short lead times ➢ Incremental demand • Energy & data centers • Steel bridges, IIJA/state funded • New construction - OBBB, border wall, Int. rate cuts ➢ Lean service-center inventories • Normalizing lead times • Domestic supply – new assets ramping; prolonged life of existing BOF mills • Pace of interest rate reductions • Automotive market – domestic supply chain • Residential market (new builds & existing) impact appliance/water heater/HVAC demand • Railcar & HEAT markets ➢ Mega projects • Demand driver for higher margin, engineered products ➢ Joist & Deck • Backlogs extend into 2Q26 ➢ Tube • Q3 facility upgrade will improve operations • Border wall ➢ Rebar Fab • Backlog strength • Regional growth • Bridge/tunnel investment ➢ Backlog strength continues across long products ➢ Imports to retreat further • Pending trade case (rebar)/Full effect of Section 232 ➢ Mega projects • Data centers, CHIPS plants, institutional buildings, stadiums, warehouses ➢ Concrete bridges – IIJA/State funded ➢ Regional growth –Lexington & Kingman ramping ➢ Energy – LNG facilities, on-shore wind, solar • Residential new build market • New supply hitting market • Seasonal slowdown • Construction cost/Inflation • Manufacturing investment • Residential new build market • Seasonal slowdown MONITORING MONITORING POTENTIAL CATALYSTS POTENTIAL CATALYSTS (1) Flats include sheet and plate steel (2) Longs include bars and structural steel
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13 Q4 2025 EARNINGS OUTLOOK SEGMENT EXPECTATIONS FOR Q4 vs Q3 IMPACT ON Q4 EARNINGS VS Q3 Steel Mills • Lower realized pricing at sheet mills • Lower volumes – fewer shipping days Steel Products • Stable realized pricing • Lower volumes – fewer shipping days Raw Materials • Lower realized pricing • Planned outages at both DRI facilities Corp / Eliminations • Lower eliminations upon consolidation Consolidated Earnings • Lower compared to Q3
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14 APPENDIX
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15 GROWTH PROJECTS AT OR NEAR COMPLETION BAR MILL PROJECTS LEXINGTON, NC REBAR MICROMILL • 430K tpa mill, commissioned in Q3; targeting the growing South Atlantic region with an efficient supply chain KINGMAN, AZ MELT SHOP • New melt shop commissioned in Q3; investment enhances cost structure and product mix across Western assets NEW SHEET COATING FACILITIES INDIANA COATING COMPLEX • 300K tpa continuous galv line and 250K tpa pre-paint line • Expect construction complete by year end 2025 BERKELEY GALV LINE • Advanced capabilities to serve SE automotive customers • Commissioning and startup planned for 2H 2026 TOWERS & STRUCTURES GREENFIELDS ALABAMA GREENFIELD • Actively producing products for growing customer base • “First dip” in galv facility in September; full production by YE’25 INDIANA GREENFIELD • Ongoing customer qualifications; pole production ramp up in Q4 • “First dip” at galv facility in Q2’26; full production by mid-2026
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16 % Change Versus Shipments Q3 ’25 Q2 ’25 Q3 ’24 Prior Qtr. Prior Year Tubular 206 243 213 -15% -3% Joist & Deck 254 217 169 17% 50% Rebar Fabrication 356 306 278 16% 28% Building Systems 62 64 60 -3% 3% Other 305 311 291 -2% 5% Total Shipments 1,183 1,141 1,011 4% 17% Adj. EBT2 $319 $392 $354 -19% -10% Adj. EBT2/Ton $270 $344 $350 -22% -23% % Change Versus Shipments Q3 ’25 Q2 ’25 Q3 ’24 Prior Qtr. Prior Year Sheet 3,030 3,057 2,837 -1% 7% Bars 2,190 2,148 1,926 2% 14% Structural 595 635 493 -6% 21% Plate 594 606 435 -2% 37% Other Steel 19 28 28 -32% -32% Total Shipments 6,428 6,474 5,719 -1% 12% EBT1 $793 $843 $309 -6% 157% EBT1/Ton $123 $130 $54 -5% 128% SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL PRODUCTS STEEL MILLS • Margin compression • Slightly lower volumes (1) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release (2) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release; adjusted to exclude $40 million impairment in Steel Products taken in Q3 2024. For a reconciliation of non-GAAP measures, please refer to the Appendix. • Stable avg realized price • Higher avg costs per ton • Moderately higher volumes Q3 2025 vs. Q2 2025 Q3 2025 vs. Q2 2025 $s in millions, tons in thousands $s in millions, tons in thousands
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17 RAW MATERIALS SEGMENT RESULTS: RAW MATERIALS % Change Versus Production Q3 ’25 Q2 ‘25 Q3 ’24 Prior Qtr. Prior Year DRI 976 979 835 0% 17% Scrap Processing 1,215 1,155 993 5% 22% Total Production1 2,191 2,134 1,828 3% 20% Adj. EBT2 $43 $57 $17 -25% 153% (1) Total production excluding scrap brokerage activities. (2) EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant Nucor quarterly earnings news release; adjusted to exclude $83 million impairment in Raw Materials taken in Q3 2024. For a reconciliation of non-GAAP measures, please refer to the Appendix. • Lower profitability in DRI and scrap processing operations Q3 2025 vs. Q2 2025 $s in millions, tons in thousands
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18 YEAR SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS NET SALES ($ MILLIONS) COMP. SALES PRICE PER TON ($) EARNINGS (LOSS) BEFORE INCOME TAXES STEEL STEEL PRODUCTS RAW MATLS TOTAL TONSSHEET BARS BEAM* PLATE TOTAL STEEL JOIST & DECK REBAR FAB TUBULAR PRODS BLDG SYSTEMS OTHER STEEL PRODS TOTAL STEEL PRODS ($ 000’S) $ PER TON 2025 Q1 2,475 1,702 495 554 5,226 182 247 270 48 301 1,048 556 6,830 $7,830 $1,146 $215 $33 Q2 2,449 1,507 513 575 5,044 217 306 243 64 311 1,141 635 6,820 $8,456 $1,240 $796 $126 Q3 2,440 1,515 472 549 4,976 254 356 206 62 305 1,183 615 6,774 $8,521 $1,258 $807 $125 Q4 YEAR 2024 Q1 2,517 1,344 431 384 4,676 180 238 208 55 284 965 583 6,224 $8,137 $1,307 $1,111 $188 Q2 2,348 1,445 407 417 4,617 185 265 214 66 344 1,074 598 6,289 $8,077 $1,284 $831 $139 Q3 2,394 1,402 406 405 4,607 169 278 213 60 291 1,011 578 6,196 $7,444 $1,201 $335 $57 Q4 2,210 1,445 441 484 4,580 178 239 221 57 273 968 510 6,058 $7,076 $1,168 $332 $58 YEAR 9,469 5,636 1,685 1,690 18,480 712 1,020 856 238 1,192 4,018 2,269 24,767 $30,734 $1,241 $2,610 $111 QUARTERLY SALES AND EARNINGS DATA *Beam includes all structural steel
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19 AVG EXTERNAL SALES PRICE PER NET TON STEEL MILLS SHEET BARS BEAM* PLATE TOTAL STEEL 2025 1st Quarter $888 $877 $1,300 $1,014 $938 2nd Quarter $1,008 $927 $1,352 $1,194 $1,041 First Half $948 $900 $1,327 $1,106 $989 3rd Quarter $982 $961 $1,394 $1,182 $1,038 Nine Months $959 $920 $1,348 $1,131 $1,005 4th Quarter YEAR 2024 1st Quarter $1,079 $993 $1,417 $1,334 $1,108 2nd Quarter $1,015 $942 $1,374 $1,301 $1,051 First Half $1,048 $967 $1,396 $1,317 $1,079 3rd Quarter $913 $902 $1,319 $1,145 $967 Nine Months $1,003 $945 $1,371 $1,259 $1,042 4th Quarter $875 $851 $1,292 $1,036 $926 YEAR $974 $921 $1,350 $1,195 $1,013 AVERAGE SCRAP AND SCRAP SUBSTITUTE COST PER GROSS TON USED PER NET TON USED 2025 1st Quarter $394 $352 2nd Quarter $403 $360 First Half $398 $355 3rd Quarter $391 $349 Nine Months $396 $354 4th Quarter YEAR 2024 1st Quarter $421 $376 2nd Quarter $396 $354 First Half $409 $365 3rd Quarter $378 $338 Nine Months $399 $356 4th Quarter $381 $340 YEAR $394 $352 QUARTERLY SALES PRICES & SCRAP COST *Beam includes all structural steel
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20 AVG EXTERNAL SALES PRICE PER NET TON STEEL PRODUCTS JOIST & DECK FABRICATED REBAR TUBULAR PRODUCTS BUILDING SYSTEMS OTHER STEEL PRODUCTS TOTAL STEEL PRODUCTS 2025 1st Quarter $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 2nd Quarter $2,605 $1,593 $1,559 $5,206 $2,876 $2,331 First Half $2,664 $1,619 $1,450 $5,472 $2,857 $2,313 3rd Quarter $2,438 $1,594 $1,621 $5,406 $3,061 $2,358 Nine Months $2,576 $1,609 $1,499 $5,449 $2,926 $2,329 4th Quarter YEAR 2024 1st Quarter $3,330 $1,732 $1,776 $5,759 $2,889 $2,608 2nd Quarter $3,239 $1,745 $1,606 $5,428 $2,731 $2,517 First Half $3,284 $1,739 $1,689 $5,577 $2,803 $2,560 3rd Quarter $3,052 $1,752 $1,369 $5,702 $2,954 $2,469 Nine Months $3,210 $1,743 $1,582 $5,619 $2,851 $2,530 4th Quarter $2,877 $1,734 $1,301 $5,750 $3,030 $2,448 YEAR $3,127 $1,741 $1,509 $5,650 $2,891 $2,510 QUARTERLY SALES PRICE STEEL PRODUCTS
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21 RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA 2022 2023 2024 LTM Q3 2024 Q3 2025 Net earnings before non-controlling interests $8,080 $4,913 $2,319 $1,960 $303 $683 Net interest expense $170 ($30) ($30) $51 $7 $15 Income taxes $2,165 $1,360 $583 $497 $86 $200 Depreciation expense $827 $931 $1,094 $1,195 $281 $304 Amortization expense $235 $238 $262 $264 $69 $63 Losses and impairments of assets $102 -- $137 $40 $123 -- EBITDA $11,579 $7,412 $4,365 $4,007 $869 $1,265 $ in millions
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22 RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q3 2024 Q1 2025 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $250 $1.05 $156 $0.67 LOSSES AND IMPAIRMENTS OF ASSETS, NET OF TAX $103 $0.44 $23 $0.10 ADJUSTED NET EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $353 $1.49 $179 $0.77
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23 RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q3 2024 Q1 2025 Steel Mills Steel Products Raw Materials Steel Mills Steel Products Raw Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS $309 $314 ($66) $231 $288 $29 LOSSES AND IMPAIRMENTS OF ASSETS -- $40 $83 $10 $19 -- ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS $309 $354 $17 $241 $307 $29