Nucor Corporation (NYSE: NUE) 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.
Financial Performance Dashboard (Full Year 2025)
Nucor demonstrated continued financial strength throughout 2025, supported by a diverse product portfolio and strategic growth.
• Net Sales: $32.49 billion for the full year.
• Net Earnings: 1.74billion (7.52 per diluted share).
• Adjusted Net Earnings: 1.79billion (7.71 per diluted share) after excluding impairment charges.
• EBITDA: $4.17 billion.
• Return to Stockholders: $1.2 billion total, including $700 million in share repurchases and $512 million in dividends.
• Dividend Growth: 2025 marked the 53rd consecutive year of regular base dividend increases.
Safety: A Historic Year
Safety is Nucor’s top priority, and 2025 was the safest year in the company’s history.
• Record-Low Injury Rate: The Injury & Illness (I&I) rate reached 0.71, a 35% improvement over the past five years.
• Perfect Safety Records: 21 divisions completed the year with zero recordable injuries.
• Company Challenge: Nucor aims to become the world’s safest steel company.
Q4 2025 Segment Performance
Performance across Nucor’s three primary segments varied in the fourth quarter due to market conditions and scheduled maintenance.
• Steel Mills: Earned $516 million; results decreased due to lower volumes and margin compression, specifically in sheet products.
• Steel Products: Earned $230 million; volume was lower, and average costs per ton increased.
• Raw Materials: Earned $24 million; earnings were impacted by two scheduled outages at direct reduced iron (DRI) facilities.
Advancing the Growth Journey
Nucor continues to invest in high-margin, high-growth projects to increase long-term earnings power.
• 2025 Key Completions:
◦ New rebar micro-mill in Lexington, North Carolina.
◦ Melt shop in Kingman, Arizona.
◦ Alabama Towers and Structures facility.
◦ Coating complex in Crawfordsville, Indiana.
• Major Ongoing Projects (2026):
◦ West Virginia Sheet Mill: A 3 million ton-per-annum facility with a low GHG profile, expected completion in late 2026.
◦ Berkeley Galvanizing Line: 500,000-ton capacity for automotive markets, expected completion in mid-2026.
• Capital Allocation Shift: Projected capital expenditures for 2026 are approximately $2.5 billion, a decrease from the $3.42 billion spent in 2025.
2026 Market Outlook
Nucor enters 2026 with a constructive outlook supported by strong demand and federal policies.
• Shipment Forecast: Total shipments are expected to be up approximately 5% in 2026.
• Robust End Markets: Growth is driven by demand in data centers, infrastructure, CHIPS plants, and energy.
• Healthy Backlogs: Steel mill backlogs at the end of Q4 stood at 3.9 million tons, roughly 40% higher year-over-year.
• Trade Enforcement: Strengthened Section 232 tariffs and trade policies are expected to continue reducing unfairly traded imports.
• Q1 2026 Expectation: Earnings are projected to increase across all three operating segments compared to Q4 2025.
Visual Elements Suggestion for Infographic:
• Financials: Use a bar chart to compare 2024 and 2025 EBITDA and Net Sales.
• Safety: Use a line graph showing the steady decline of the I&I rate from 1.66 in 2017 to 0.71 in 2025.
• Geography: A map of the U.S. highlighting the locations of new growth projects like West Virginia, North Carolina, and Arizona.
• Market Mix: A circular or pie chart showing that 52% of 2025 shipments went to the Construction & Infrastructure market
Bottom Line
- 2025 reflected cyclical pressure but solid execution
- Nucor enters 2026 with:
- Strong balance sheet
- Lower imports
- Rising volumes
- Major growth projects ramping
- Management tone: constructively optimistic about earnings and cash flow improving through 2026