Slide 1: First Quarter 2025 Earnings Call
FIRST QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO April 29, 2025
Slide 2: Forward-Looking Statements
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,
Slide 3: Non-GAAP Financial Measures
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 performa
Slide 4: Q1 Financial & Operational Highlights
Q1 FINANCIAL & OPERATIONAL HIGHLIGHTS ✓ EBITDA ✓ 1: $696 $1.5 Billion Million EBITDA FINANCIAL ✓ Net ✓ $845Earnings: $156 Million Net Million ($179 Million Adjusted Net Earnings2) Earnings PERFORMANCE ✓ Earnings ✓ Per Diluted $3.46 Earnings Share: Per Share $0.67 GAAP EPS ($0.77 Adjusted EPS2) (dilu
Slide 5: Numerous Projects Near Completion
NUMEROUS PROJECTS NEAR COMPLETION LEXINGTON, NC REBAR MICROMILL (430K tpa) • First melt/cast/roll heat planned for June BAR MILL • Mill ramp-up and initial shipments expected in Q3 2025 CONSTRUCTION KINGMAN, AZ MELT SHOP (600K tpa) • First heat of bar mill’s new melt shop planned for June • Expect t
Slide 6: Meaningful Developments Supporting Fair Trade
MEANINGFUL DEVELOPMENTS SUPPORTING FAIR TRADE On February 10th, President Trump signed a proclamation strengthening Section 232 measures • Reimposed 25% tariffs on steel imports from all sources STRONGER effective March 12, 2025 SECTION 232 • Terminates the product exclusion process and MEASURES sig
Slide 7: Despite Everything in the Periphery – Focusing on the Fundamentals
DESPITE EVERYTHING IN THE PERIPHERY – WE’RE FOCUSING ON THE FUNDAMENTALS Growing Revitalized Backlogs & Steel Trade Order Entry Policies Rates Reshoring, Pro-Business Rebuilding & Administration Repowering 7
Slide 8: 2024 Corporate Sustainability Report Key Highlights
2024 CORPORATE SUSTAINABILITY REPORT KEY HIGHLIGHTS • 6th consecutive year of improved safety, with 0.77 injury & illness rate SAFETY & • An employer of choice with a 93% retention rate TEAMMATES • Expanded Nucor University with enhanced functionality and resources for teammate training and developm
Slide 9: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) Diluted EPS1 EBITDA2 $3.46 Adj for $0.10 impairment $1,503 $0.77 $1.22 $751 $696 $0.67 Q1'24 Q4'24 Q1'25 Q1'24 Q4'24 Q1'25 Capital Expenditures Cash Returned to Shareholders3 $879 $859 $1,135 $670 $444 $429 Q1'24 Q4'24 Q1'25 Q1'24
Slide 10: Q1 2025 Segment Results
Q1 2025 SEGMENT RESULTS ADJUSTED PRE-TAX SEGMENT EARNINGS (1) Q1 2025 VS Q4 2024 $millions $9 • Higher avg selling price $512 STEEL • Higher volumes MILLS $39 • Higher EBT/ton $441 $17 • Lower avg selling price $1,102 $354 $57 $29 STEEL • Higher volumes $645 $329 $307 PRODUCTS • Lower EBT/ton $309 $
Slide 11: Balance Sheet Strength & Stability
BALANCE SHEET STRENGTH & STABILITY… …KEY ADVANTAGE DURING MARKET VOLATILITY RECENT NUE PROOF POINTS Q1 2025 BALANCE SHEET SUMMARY $USD in millions xLTM as of April 5, 2025 Amount EBITDA1 % cap • Total Debt / LTM EBITDA of 2.2x (net leverage of ~1.1x) Total Debt $7,880 2.2x 27% • Successful $1B bond
Slide 12: Market Environment, 3-6 Month Outlook
MARKET ENVIRONMENT, 3-6 MONTH OUTLOOK Rebar & Plate & Steel Sheet MBQ Structural Products ➢ Lower imports ➢ Shipments & bookings ➢ Plate demand improving: ➢ Higher Backlogs across • CORE trade case trending ahead of 2024 POTENTIAL CATALYSTS • Bridge most fabricated products • Section 232 reboot • Po
Slide 13: Q2 2025 Earnings Outlook
Q2 2025 EARNINGS OUTLOOK IMPACT ON Q2 SEGMENT EXPECTATIONS FOR Q2 vs Q1 EARNINGS VS Q1 Steel Mills • Higher realized pricing with stable volumes • Higher volumes offset by slightly lower Steel Products realized pricing • Slightly lower volumes and lower prices, Raw Materials offset by lower costs •
Slide 14: Appendix
APPENDIX NwUucoRF
Slide 15: Recognition for Our Efforts & Commitments
RECOGNITION FOR OUR EFFORTS & COMMITMENTS 15
Slide 16: 2025 Projected Capex: ~$3.0 Billion
2025 PROJECTED CAPEX: ~$3.0 BILLION Larger 2025 2025 Est. Description Projects Capex Completion West Virginia • 3,000,000 tpa mill with low GHG profile located $1,400 Late 2026 Sheet Mill in heart of America’s largest sheet market • Internal supply of a key steel-making input, COST SAVING Air Separa
Slide 17: Segment Results: Steel Mills and Steel Products
SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Shipments Q1 ’25 Q4 ’24 Q1 ’24 Prior Qtr. Year Q1 2025 vs. Q4 2024 Sheet 2,981 2,714 2,974 10% 0% • Higher volumes Bars 2,290 1,887 1,912 21% 20% Structural 577 508 550 14% 5% • Higher
Slide 18: Segment Results: Raw Materials
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Prior Q1 2025 vs. Q4 2024 Production Q1 ‘25 Q4 ‘24 Q1 ’24 Prior Qtr. Year DRI 1,038 1,005 1,066 3% -3% Scrap Processing 1,102 1,034 1,049 7% 5% • Lower margins scrap processing ops & Total Production1 2,14
Slide 19: Quarterly Sales and Earnings Data
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS EARNINGS STEEL STEEL PRODUCTS (LOSS) BEFORE COMP. INCOME TAXES SALES OTHER TOTAL PRICE TOTAL JOIST & REBAR TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PRO
Slide 20: Quarterly Sales Prices & Scrap Cost
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL PER NET TON SHEET BARS BEAM* PLATE PER GROSS PER NET STEEL TON USED TON USED 2025 2025 1st Quarter $888 $877 $1,300 $1,014 $938 1st Quarter $394 $352 2nd Quarter 2nd Quarter First H
Slide 21: Quarterly Sales Price Steel Products
QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2025 1st Quarter $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 2nd Quarter First Half 3rd Quarter Nine Months
Slide 22: Reconciliation of GAAP to Non-GAAP Measure - EBITDA
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2022 2023 2024 LTM Q1 2024 Q1 2025 Net earnings before non-controlling interests $8,080 $4,913 $2,319 $1,586 $959 $226 Net Interest expense $170 ($30) ($30) $22 ($38) $14 Income taxes $2,165 $1,360 $583 $376 $266 $59 Depreciation expe
Slide 23: Reconciliation of GAAP to Non-GAAP Measure - Free Cash Flow
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2022 2023 2024 LTM Q1 2024 Q1 2025 CASH PROVIDED BY $10,072 $7,112 $3,979 $3,883 $460 $364 OPERATING ACTIVITIES CAPITAL EXPENDITURES ($1,948) ($2,214) ($3,173) ($3,362) ($670) ($859) FREE CASH FLOW $8,124 $4,898 $806 $52
Slide 24: Reconciliation: Earnings Attributable to Nucor Stockholders
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 $250 $1.05 $156 $0.67 TO NUCOR STOCKHOLDERS LOSSES AND IMPAIRMENTS OF $103 $0.44 $23 $0.10 ASSETS, NET OF TAX ADJUSTED NET EARNINGS
Slide 25: Reconciliation: Pre-Tax Segment Earnings
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q3 2024 Q1 2025 Steel Raw Steel Raw Steel Mills Steel Mills Products Materials Products Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $314 ($66) $231 $288 $29 NONCONTROLLING INTERESTS LOSSES AND IMPAIRMENTS