Slide 1: Fourth Quarter and Year-End 2024 Earnings Call
Exhibit 99.2 FOURTH QUARTER AND YEAR-END 2024 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO January 28, 2024
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 release, including EBITDA and Free Cash Flow (FCF). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position
Slide 4: Spotlight on Safety
SPOTLIGHT ON SAFETY § I&I rate has improved each year since 2017 NUCOR INJURY & ILLNESS RATE and sits at lowest point in company history Annual OSHA Recordables per 200,000 hours/year § 42% improvement over the last 5 years § 26 Nucor divisions had zero recordable injuries in 2024 1.66 § Our challen
Slide 5: Q4 & FY 2024 Financial Highlights
Q4 & FY 2024 FINANCIAL HIGHLIGHTS Q4 2024 FY 2024 Datacenter picture – emailed Carolyn Copenhaver 1 1 • $751 million EBITDA • $4.4 billion EBITDA • $287 million Net Earnings • $2.0 billion Net Earnings • $1.22 diluted EPS • $8.46 diluted EPS • $879 million Capital Expenditures • $3.2 billion Capital
Slide 6: Advancing Our Mission
ADVANCING OUR MISSION • Through 2024, have completed about two-thirds of ~$10B investment plan • Shifting mix to higher margin, value-added end products GROW THE CORE • Strategically targeting higher growth regions and underserved markets • Have yet to recognize the earnings potential of recently co
Slide 7: Nucor's Circular Business Model: Value Creation Over Past Five Years
NUCOR’S CIRCULAR BUSINESS MODEL: VALUE CREATION OVER PAST FIVE YEARS 2020-2024 Returns to Shareholders SCOPE, SCALE and SUSTAINABILITY • Returned ~$12B to shareholders • Largest and most diversified representing ~57% of net earnings steel products company in the US • Repurchased 78 million shares Hi
Slide 8: New Administration Placing Greater Emphasis on Fair Trade Practices
NEW ADMINISTRATION PLACING GREATER EMPHASIS ON FAIR TRADE PRACTICES Section 232 coverage has narrowed significantly since implementation, with full duties applied to only 18% of 2024 total import volumes 29.1M 30 FAIR TRADE 18% Subject to full 25% duty under Section 232 HAS BEEN 20 26% Absolute Quot
Slide 9: Improving Outlook for Construction Activity Across Numerous Sectors
IMPROVING OUTLOOK FOR CONSTRUCTION ACTIVITY ACROSS NUMEROUS SECTORS U.S. Residential Building Starts Infrastructure Starts +6% 380 2,000 +5% +5% +8% 340 1,000 Mutlifamily Single Family 300 0 2024 2025 2026 2024 2025 2026 Commercial Construction Starts Institutional Construction Starts Accelerating +
Slide 10: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS ($ in billions except per share data) 1 1 Diluted EPS EBITDA 2023 2023 2024 2024 $18.00 $7.41 $8.46 $4.37 $3.16 $1.36 $1.22 $0.75 Q4 2023 Q4 2024 Q4 2023 Q4 2024 2 Capital Expenditures Cash Returned to Shareholders 2023 2024 2023 2024 $2.74 $3.17 $2.10 $2.20 $0.88 $0.7
Slide 11: Q4 Segment Results
Q4 SEGMENT RESULTS (1) PRE-TAX SEGMENT EARNINGS Q4 2024 VS ADJUSTED Q3 2024 $millions $10 • Lower avg selling price STEEL $512 • Flat volumes overall MILLS $39 • Lower EBT/ton Q3 SEGMENT RESULTS $656 (2) $441 As Reported Adjusted • Lower avg selling price $17 $1,102 STEEL $57 • Lower volumes $354 $3
Slide 12: 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 in heart of America’s largest sheet market Sheet Mill • Internal supply of a key steel-making input, Air Separation Units l
Slide 13: Balanced Capital Allocation Continues
BALANCED CAPITAL ALLOCATION CONTINUES CAPITAL ALLOCATION (2020-2024) Q4 ‘24 BALANCE SHEET SUMMARY 10,000 xLTM $USD in millions 1 as of December 31, 2024 Amount EBITDA % cap 8,000 Total Debt $6,950 1.6x 25% 6,000 Cash and Cash Equivalents $4,139 4,000 Net Debt $2,811 0.6x 2,000 Total Equity & Non-Con
Slide 14: Q1 2025 Outlook
Q1 2025 OUTLOOK IMPACT ON Q1 SEGMENT EXPECTATIONS FOR Q1 vs Q4 EARNINGS VS Q4 • Higher volumes offset by lower realized Steel Mills pricing • Higher volumes offset by lower realized Steel Products pricing • Higher volumes at lower prices, primarily Raw Materials driven by lower DRI pricing Corp / El
Slide 15: Appendix
APPENDIX Nucor
Slide 16: Medium-Term Outlook for Key End Markets
MEDIUM-TERM OUTLOOK FOR KEY END MARKETS NUE Primary Markets and % of Total External Shipments (2024) HEAVY EQUIPMENT, TRADITIONAL CONSTRUCTION & AUTO & CONSUMER TRANSPORTATION, AND RENEWABLE INFRASTRUCTURE DURABLES LOGISTICS & OTHER ENERGY % NUE ‘24 Shipments: ~50% ~28% ~9% ~13% • Data Centers • Ele
Slide 17: Capex Plan Funded with Robust Operating Cashflow and Healthy Balance Sheet
CAPEX PLAN FUNDED WITH ROBUST OPERATING CASHFLOW AND HEALTHY BALANCE SHEET $3,000 FCF Line = Operating Cashflow minus Capex Annual Annual Annual Cash Period Operating (1) Capex FCF Balance Cashflow $2,500 2017 – 2019 $2.1B $1.0B $1.1B $1.4B (average) $2,000 2021 – 2023 $7.8B $1.9B $5.9B $4.9B (avera
Slide 18: Nucor's Flexible Raw Materials Mix
NUCOR’S FLEXIBLE RAW MATERIALS MIX 100% 6% 6% 6% 9% 10% 11% 15% 15% 15% 15% 14% 15% 80% 23% 25% 26% 23% 23% 23% 60% At least 75% of Nucor’s Raw Material 40% mix is comprised of 56% recycled 54% 54% 53% 53% 51% materials 20% 0% 2019 2020 2021 2022 2023 2024 OBSOLETE SCRAP PRIME SCRAP DRI + HBI PIG IR
Slide 19: 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 Q4 ’24 Q3 ‘24 Q4 ’23 Prior Qtr. Q4 2024 vs. Q3 2024 Year Sheet 2,837 -4% 1% 2,714 2,675 • Lower pricing was the primary driver of Bars 1,887 1,926 1,901 -2% -1% lower earning
Slide 20: Segment Results: Raw Materials
SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q4 2024 vs. Q3 2024 Prior Production Q4 ‘24 Q3 ‘24 Q4 ’23 Prior Qtr. Year DRI 1,005 835 728 20% 38% • Higher volumes and relatively flat selling Scrap Processing 1,034 993 972 4% 6% prices 1 Total Producti
Slide 21: Quarterly Sales and Earnings Data
QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS EARNINGS (LOSS) STEEL STEEL PRODUCTS BEFORE INCOME TAXES COMP. SALES OTHER TOTAL PRICE TOTAL STEEL STEEL REBAR TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL JOISTS DECK FAB PRODS
Slide 22: Quarterly Sales Prices & Scrap Cost: Steel Mills
QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL SHEET BARS BEAM* PLATE PER NET TON PER GROSS PER NET STEEL TON USED TON USED 2024 2024 st st 1 Quarter $1,079 $993 $1,417 $1,334 $1,108 1 Quarter $421 $376 nd nd 2 Quarter $1,015 $9
Slide 23: Quarterly Sales Prices: Steel Products
QUARTERLY SALES PRICES STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL OTHER TOTAL SALES PRICE TUBULAR BUILDING JOISTS DECK REBAR FAB STEEL STEEL PER NET TON PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2024 st 1 Quarter $3,349 $3,307 $1,732 $1,776 $5,759 $2,889 $2,608 nd 2 Quarter $3,284 $3,182 $1,745 $1,606 $5,4
Slide 24: Reconciliation of GAAP to Non-GAAP Measure - EBITDA
RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2020 2021 2022 2023 2024 Net earnings before $836 $7,122 $8,080 $4,913 $2,319 non-controlling interests Net Interest expense $153 $159 $170 ($30) ($30) Income taxes $1,360 $583 -- $2,078 $2,165 Depreciation expense $702 $735 $827 $930
Slide 25: Reconciliation of GAAP to Non-GAAP Measure – Free Cash Flow
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2020 2021 2022 2023 2024 CASH PROVIDED BY OPERATING $2,697 $6,231 $10,072 $7,112 $3,979 ACTIVITIES CAPITAL EXPENDITURES ($1,543) ($1,622) ($1,948) ($2,214) ($3,173) FREE CASH FLOW $1,154 $4,609 $8,124 $4,898 $806 25