[NUE] Nucor: Q3 2026 earnings preview on steel prices after a $130M mill refund

Nucor is one of North America's largest steel producers: it melts scrap in electric arc furnaces to make sheet, bar, structural and plate steel, and its own downstream plants turn that steel into joists, deck, rebar and other construction products[1][2]. Nucor's Q3 2026 earnings call is scheduled for 2026-10-26 and will cover the third quarter of 2026, the 13 weeks ended October 3, 2026[3]. In the latest reported quarter, the second quarter ended July 4, 2026, net sales were $10.40 billion, up 23% year over year, and diluted earnings were $5.04 a share, or $4.84 excluding a non-cash gain on its Helion investment[4]; mill shipments hit a record 7.1 million tons at 91% utilization and an external average price of $1,145 a ton[5]. On September 17, Nucor guided third-quarter earnings to $5.55-$5.65 a share, against $2.63 a year earlier[6]; as of October 13, the Drillr consensus of six analysts stood at $5.75 a share, above the top of the guidance range, and the seven-analyst revenue consensus was $10.81 billion, about 4% above the second quarter[7].

Three things matter most in the results. First, whether steel mills earnings can stay above the second quarter without a refund: the segment's $1.556 billion of second-quarter pre-tax earnings included a $130 million cash refund of prior raw-material procurement costs, and the company has said no further material benefit of that kind is expected in the third quarter, so price increases have to fill the gap[8][9]. Second, whether mill shipments and utilization can hold their record levels: management expects stable third-quarter volumes and full-year mill shipment growth at the high end of a 5%-10% range, and if the second-quarter record included service-center restocking, third-quarter shipments will fall back[10][11]. Third, whether the steel products segment can pass higher steel costs through: its second-quarter shipments rose 13%, yet its $353 million of pre-tax earnings came in below the prior-year quarter, and that line decides whether the third-quarter earnings gain comes only from the mills[12].

Company Background and Business Structure

Nucor is a scrap-based electric arc furnace steelmaker with a highly decentralized organization. Incorporated in Delaware in 1958 and headquartered in Charlotte, North Carolina, it is also North America's largest recycler, processing about 20 million gross tons of scrap in 2025[1]. Only about 200 people work at headquarters, and division general managers make most day-to-day decisions; most of its roughly 33,000 employees are non-union, production workers earn a large share of their pay through production-based team bonuses, and the company has historically put 10% of pre-tax earnings into a profit-sharing plan[13]. Under its "Grow the Core, Expand Beyond, Live our Culture" strategy, Nucor has invested about $9.73 billion in expansions, upgrades and acquisitions over the past three years[14].

The steel mills segment is the largest, with $20.00 billion of external sales in 2025, or 62% of the company's external sales[15][2]. It runs 15 bar mills (about 9.8 million tons of capacity), 6 sheet mills (about 14.5 million tons, including 51%-owned CSI), 2 structural mills (about 3.3 million tons, including 51%-owned Nucor-Yamato) and 3 plate mills (about 3.6 million tons), plus steel trading, rebar distribution and NuMit, a 50%-owned steel processing joint venture[16][17]. Mill shipments were 25.271 million tons in 2025: 79% went to service centers, fabricators and manufacturers in the US, Canada and Mexico, and the other 21% went to Nucor's own steel products segment[18].

The steel products and raw materials segments extend the mills downstream and upstream. Steel products generated $10.33 billion of external sales in 2025, or 32%, from joists and deck (about 1.3 million tons of capacity), hollow structural tubing and electrical conduit, rebar fabrication, cold finished bar, metal building systems, insulated panels, warehouse and data center racking, overhead doors, and utility and communication towers, mainly for nonresidential construction and infrastructure[19][20]. Raw materials generated $2.16 billion, or 7%; within it, DJJ is North America's largest scrap broker, two direct reduced iron plants in Trinidad and Louisiana supplied about 3.3 million metric tons to the mills in 2025, and most of the segment's sales go to Nucor's own mills[21].

How each business sets prices determines how quickly profit reacts to steel prices. Most steel is sold monthly at spot to North American customers, but about 85% of sheet is sold under 6-12 month contracts that reset periodically against market indexes or scrap prices[22]; joists, deck and rebar fabrication are mostly competitively bid fixed-price contracts delivered to job sites on schedule[20]. Customer concentration is low: the largest single customer was about 5% of second-quarter sales[23].

Financial History and Current Position

Nucor's profits fell with steel prices from 2023 to 2025, as pre-tax earnings dropped from $6.273 billion in 2023 to $2.568 billion in 2025[24]. In 2025, net sales were $32.49 billion, net earnings attributable to Nucor were $1.74 billion, or $7.52 a diluted share, down from $2.03 billion and $8.46 in 2024, and gross margin was $3.85 billion, or 12%[15][24]. The decline came mainly from downstream, where steel products pre-tax earnings fell from $1.596 billion to $1.229 billion and the average price per ton fell 6% to $2,348[25]; steel mills earned $2.383 billion before tax, supported by 9% shipment growth and utilization rising from 76% to 83%, while the external average price of $1,008 a ton was flat with the prior year[26][27].

In 2025, Nucor invested slightly more than its operations generated. Operating cash flow was $3.234 billion and capital expenditures were $3.422 billion[28][29]; the company also repurchased $700 million of stock and paid $512 million in dividends, ending the year with $2.70 billion of cash and short-term investments and debt at about 24% of total capital[30].

Higher steel prices in 2026 restored profits quickly. First-quarter net earnings attributable to Nucor were $743 million, or $3.23 a share[31], and first-half net sales were $19.89 billion, up 22%, with net earnings of $1.90 billion, or $8.27 a diluted share[5]. Second-quarter net earnings were $1.16 billion, or $5.04 a share, and $4.84 excluding a $61 million non-cash gain on the Helion investment[4][32]; gross margin was $2.03 billion, or 20%, compared with $1.22 billion and 14% a year earlier[33]. By segment, steel mills earned $1.556 billion before tax (including the $130 million raw-material refund), steel products $353 million and raw materials $146 million, while corporate and eliminations were negative $430 million[34][8].

First-half cash flow shows profit growth and working-capital absorption happening together. Operating cash flow was $2.286 billion and capital expenditures were $1.232 billion, while higher receivables and inventories absorbed $1.512 billion[35][36]. In the second quarter, Nucor returned $479 million to shareholders, including $129 million of dividends and about 1.53 million shares repurchased at an average $228.76, bringing first-half returns to $733 million[37][38]. At July 4, total debt was $7.099 billion, cash and equivalents $2.692 billion and net debt $4.407 billion, or 0.8 times trailing 12-month EBITDA, with about $3.62 billion left on the buyback authorization[39][40].

Operating Model

Nucor's revenue is the sum of its three segments' external sales, and mill revenue equals external tons times the external average price. In the second quarter, the mills shipped 5.659 million tons to outside customers at $1,145 a ton, and roughly another 20% of mill shipments went to Nucor's downstream units and were eliminated in consolidation[41][5][16]. Because sheet is priced on contracts while other products are mostly sold at monthly spot prices, price changes reach revenue with a lag of about 0-2 quarters[22]. Steel products revenue equals external tons times price per ton, 1.285 million tons at $2,415 in the second quarter, and depends mainly on nonresidential construction, data centers, energy infrastructure and warehouse projects[42][43].

Mill profit can be approximated as shipments times "selling price minus scrap and substitute cost minus conversion cost." Scrap is the largest cost, with about 1.1 tons of metallics needed per ton of steel, and scrap and substitutes cost $422 per gross ton in the second quarter[44][5]; energy is about 10% of mill conversion costs, or roughly $45 a ton[45]. Higher utilization lowers conversion cost per ton, which is why conversion costs fell year over year in the first quarter[46]. Spot prices move within the quarter, sheet contract prices follow later, and scrap costs move almost at once, so whether the metal margin widens or narrows depends on which side moves faster[47].

Steel products, raw materials and corporate items each follow their own profit logic. Steel products profit equals tons times price minus steel input and fabrication costs, and because most contracts are fixed-price, margins compress first when steel prices rise and recover only after new bids take effect[20][48]. Raw materials profit depends on scrap brokerage spreads and the internal transfer price of direct reduced iron, and the segment's pre-tax earnings rose from $45 million in the first quarter to $146 million in the second[49]. Corporate and eliminations cover profit sharing, stock compensation, interest and intercompany profit eliminations, which all grow when steel prices rise; profit sharing and other incentive costs were $86 million higher than a year earlier in the second quarter[32].

Operating cash flow equals earnings plus depreciation and amortization, minus the working capital that revenue growth absorbs. In the first half, depreciation and amortization totaled $767 million, receivables and inventories absorbed $1.512 billion, and payables returned $454 million[35][50]. Nucor plans about $2.5 billion of capital expenditures in 2026, about 60% for growth projects, and second-quarter free cash flow was $829 million[36][51]. Cash goes first to growth investment, then to dividends and buybacks of at least 40% of annual net earnings (the quarterly dividend is $0.56 a share), and then to keeping leverage low; management said excess cash will go first to downstream areas such as energy infrastructure, towers and structures, and enclosure products[51][38][52].

Industry and Competitive Position

Nucor is a leading US supplier in most of its products and the largest supplier of structural steel, merchant bar, joists and deck, pre-engineered metal buildings, steel piling, cold finished bar, steel electrical conduit and insulated metal panels[2]. The mills compete with integrated producers that use iron ore and blast furnaces, other electric arc furnace mills, imports, and substitute materials such as concrete, aluminum and plastics[53]. Electric arc furnace mills are more exposed to scrap prices but carry lower capital spending and fixed costs; Nucor also holds the highest credit ratings in the North American steel industry (A-/A-/A3)[39].

Domestic steel prices are set mainly by imports and domestic supply and demand, and trade protection has tightened markedly over the past two years. In 2025, Section 232 tariffs lost their exemptions and were extended to about 600 steel products, and together with 142 antidumping and countervailing duty orders, imports of finished carbon and alloy steel fell 17.4% to about 18% of US demand[53]; import share fell to about 15% in the first quarter of 2026[54], and in the second quarter management said total imports were still only about 16% of the domestic market, with finished steel imports down 25% year over year[55][56]. Structural beam imports rose sequentially in the second quarter, which management attributed to domestic beam mills running at full capacity with backlogs measured in millions of tons, so excess demand could only be met by imports[55].

Global overcapacity is the long-run limit on this competitive position. The OECD estimates global excess steel capacity at about 704 million net tons in 2025, possibly rising to 795 million net tons by 2027, and if trade policy loosens, that capacity would press back into the US market[26][57]. Available disclosures also lack peer segment profits, so Nucor's competitive position can be judged only from its own market share and product disclosures.

Core Debates

Second-quarter mill earnings included a $130 million raw-material refund that will not recur in the third quarter. Nucor says prices are rising across all product groups. Can those price increases fill the gap and keep mill earnings above the second quarter?

The steel mills segment is the main source of the third-quarter earnings increase, having contributed 76% of the three operating segments' second-quarter pre-tax earnings[58]. The $5.60 midpoint of third-quarter EPS guidance is about 16% above the second quarter's adjusted $4.84[6], and on about 5.66 million tons of external second-quarter shipments, every $10 change in the external average price moves mill external revenue by about $57 million[41]. Mill pre-tax earnings were $1.556 billion in the second quarter, or about $1.426 billion excluding the $130 million refund, compared with only $793 million in the third quarter of 2025[34][8][59].

Second-quarter pricing evidence leans toward continued strength. The external average mill price was $1,145 a ton, up 7% sequentially and 10% year over year, with sheet at $1,088 and plate at $1,263 posting the largest gains, while scrap cost $422 per gross ton, up only 4% sequentially[60][5]. Management said its weekly published sheet spot price (CSP) has reduced speculative buying, and that lower imports and lean service-center inventories support demand[61]. An alternative explanation also holds: part of the second-quarter profit came from the refund and a concentrated round of contract resets, while the company has flagged higher third-quarter conversion costs and higher iron ore pellet costs, so if sheet contract prices reset lower against indexes, mill earnings could be flat or even decline[9][11].

The financial transmission for this debate is direct. Lower imports and demand from nonresidential, energy and data center projects lift orders from service centers and manufacturers; as mill backlogs rise, the weekly CSP spot price and index-linked sheet contract prices move up and raise the external average mill price; that price minus scrap, pig iron and direct reduced iron costs gives the metal margin, and subtracting conversion costs leaves mill pre-tax earnings, which ultimately drive consolidated EPS. Because sheet contract prices lag by 0-2 quarters, part of the second-quarter price increase will reach sheet revenue only in the third quarter[22].

What remains unresolved is whether price increases are large enough to fill the refund gap. The third-quarter report needs to show four numbers: mill pre-tax earnings above the $1.426 billion ex-refund level, an external average price at least $20 above $1,145, sheet prices still above $1,088, and scrap cost per gross ton staying below $422. If mill earnings fall below $1.426 billion, second-quarter profitability depended on a one-time refund; if scrap costs rise above $440, cost increases will offset the price gains.

Nucor's mills set shipment records in two straight quarters and ran at 91% utilization in the second quarter. The company expects stable third-quarter volumes and full-year growth near 10%. Can that near-full pace hold?

Mill shipments set the volume behind about 62% of revenue, and utilization sets conversion cost per ton[2][46]. Full-year mill shipment growth of 10% would mean about 2.5 million more tons than in 2025[18][11], and if third-quarter shipments fall below 6.8 million tons, both the full-year target and the third-quarter earnings guidance would be affected. The transmission path runs from Section 232 and antidumping and countervailing duties suppressing imports, to domestic service centers, fabricators, energy and data center projects ordering from domestic mills, to rising backlogs that lift shipments and utilization and lower conversion cost per ton, while shipments times price directly set consolidated net sales ($10.40 billion in the second quarter versus $8.52 billion in the third quarter of 2025)[41].

Second-quarter shipment and backlog data are both high. Mill shipments were 7.1 million tons, up 10% year over year, with plate up 25%, bar up 11% and sheet up 8%, a record for the second straight quarter[42][62]. Utilization was 91%, five points above the first quarter, versus 88% for the first half and 83% for full-year 2025[5][63][64]. Mill backlogs rose 18% sequentially and steel products backlogs rose 10%, after mill backlogs had already risen 20% from the end of 2025 by the end of the first quarter[37][65].

Demand is supported by retreating imports and several categories of large projects, but the record may also include restocking. Finished steel import share fell from more than 22% in the first quarter of 2025 to about 15%-16%, management cited data centers, energy infrastructure, the border wall and reshoring as multiyear demand sources, and automotive-related shipments grew 6% in the second quarter[54][55][61]. An alternative explanation is that part of the second-quarter record came from service centers restocking ahead of expected price increases; if higher third-quarter prices curb buying, or rate-sensitive markets such as housing and autos stay weak, shipments could fall back to about 6.8 million tons[26].

What remains unresolved is whether this near-full pace can last into the second half. The third-quarter report needs to show total mill shipments of at least 7.0 million tons, utilization of 90% or more, backlogs still rising sequentially, and import share staying below 16%. If shipments come in below 6.8 million tons, the second-quarter record included restocking; if backlogs decline sequentially, the fourth-quarter seasonal dip will be more pronounced, and fourth-quarter seasonality was the only implied risk management mentioned on the second-quarter call[66].

Higher steel prices have lifted Nucor's mill profits but squeezed margins in its own joist, deck and rebar fabrication businesses. Can the downstream segment pass those costs through in the third quarter?

The steel products segment accounts for about 32% of revenue and is the core of the "Expand Beyond" strategy, originally meant to smooth out the steel price cycle[15][14]. Its second-quarter pre-tax earnings per ton were about $275, about $69 below the roughly $344 a year earlier, which on 1.285 million tons is about $89 million less pre-tax profit[34][42][59]; if that recovers, the third-quarter consolidated earnings gain would come from more than the mills.

Downstream volumes and prices both grew in the second quarter while profit fell. Steel products shipped 1.285 million tons, up 13% year over year, at $2,415 a ton, up 4% year over year and roughly flat sequentially, and pre-tax earnings were $353 million, below $392 million a year earlier[43][59]. In its quarterly filing, the company attributed the decline to steel input costs rising faster than prices and volumes[12][48]. In its first-quarter presentation, management had already listed the margin impact of higher-priced steel on rebar fabrication, joists and deck as an issue to monitor, while noting that the joist and deck backlog extended through the summer at pricing above then-realized levels[67].

The sequence is mill price increases first, downstream price adjustments later. Steel bought from Nucor's own mills costs more immediately, signed fixed-price contracts cannot be repriced, and margins are squeezed first; only after new bids are priced on the new cost base do prices per ton rise and margins per ton recover[20]. An alternative view holds that the squeeze is mainly a timing gap from fixed-price backlog delivered on job-site schedules, that new bids are already higher, and that third-quarter price increases will show up in profit faster; but if the mills keep raising prices, downstream could stay a quarter behind. The company's July outlook said steel products volumes and realized prices would both rise in the third quarter[10].

What remains unresolved is whether downstream can catch up with costs. The third-quarter report needs to show steel products pre-tax earnings above $353 million, price per ton at least 2% above $2,415, and earnings per ton back above $300. If price per ton does not rise while the mills keep raising prices, the squeeze will extend into the fourth quarter; if shipments fall below 1.285 million tons, nonresidential project schedules may be slowing.

Nucor's West Virginia sheet mill is being commissioned, and start-up costs still run above $100 million a quarter. Can spending stay on plan in the third quarter so that the profit from higher steel prices turns into free cash flow?

The key to cash flow is whether peak investment is behind the company. Nucor invested about $9.7 billion in growth projects over the past three years, and its 2025 capital expenditures of $3.422 billion exceeded operating cash flow of $3.234 billion[14][28][29]. Cutting 2026 capital expenditures to about $2.5 billion is the precondition for positive free cash flow and resumed buybacks[36], and the roughly $4 billion West Virginia sheet mill is the largest single project in this investment cycle[68].

Second-quarter cash figures and project progress both remained on plan. Pre-operating and start-up costs were $120 million, below $136 million a year earlier and equal to about $0.40 a share; capital expenditures were $571 million, and free cash flow of $829 million was the highest since 2023[5][37][51]. Management said the West Virginia mill is on time and on budget: the first coil ran through the pickle line in June, melt shop and galvanizing line commissioning began in July, full commissioning is still planned to finish by the end of 2026, commercial shipments start in early 2027 and utilization should reach about 50% by the end of 2027[69][62]. Management also said start-up costs will stay elevated for the rest of 2026 and throughout 2027[11].

This debate transmits along two lines. Start-up costs from commissioning the new mill run through cost of sales and reduce pre-tax earnings, construction spending runs through capital expenditures and reduces free cash flow, and the mill contributes shipments only as it ramps from 2027; at the same time, higher steel prices and shipments increase receivables and inventories, which together absorbed $1.512 billion in the first half[35][50]. An alternative view is that late-stage commissioning of a new mill often brings equipment problems and extra costs, so start-up costs could rise in the fourth quarter and in 2027, and that working capital will keep absorbing cash while steel prices rise, so free cash flow may not improve in step with profit.

What remains unresolved is whether both the investment pace and working capital can stay under control. The third-quarter report needs to show start-up costs of no more than $130 million, West Virginia commissioning still on track for year-end, third-quarter capital expenditures of no more than $700 million, and free cash flow of at least $829 million. If start-up costs exceed $160 million or completion slips, the West Virginia mill could overrun its roughly $4 billion estimate; if free cash flow falls below $500 million, profit growth is not converting into cash.

Risks and Falsifiers

Trade policy is an external risk to both mill prices and shipments. If Section 232 tariffs are relaxed or trade agreements lower tariffs, returning imports would push down domestic steel prices and hit the steel mills segment, which accounts for 62% of external sales[57][2]; import share was about 18% in 2025 and about 15% in the first quarter of 2026, and every percentage point of import recovery takes market away from domestic mills[53][54]. As long as the finished steel import share Nucor reports stays below 16% and Section 232 tariffs remain unchanged, this risk has not materialized[56].

A demand slowdown would hit shipments at both the mills and the downstream businesses. Nucor lists nonresidential construction as a key end market, and if nonresidential construction or manufacturing investment slows on top of fourth-quarter seasonality, shipments, utilization and conversion cost per ton would all deteriorate[70][66]. If mill and steel products backlogs keep rising sequentially in the third quarter and management maintains full-year shipment growth near 10%, the current understanding still holds[37].

Raw-material cost risk targets the metal margin. If scrap, pig iron and iron ore pellet costs rise faster than steel prices, the spread narrows and erodes the mills' second-quarter pre-tax earnings of $1.556 billion[47][34]; every $10 rise in scrap cost per gross ton adds about $11 per ton of steel at 1.1 tons of input, or about $78 million a quarter on 7.1 million tons of shipments[44]. The falsifier is third-quarter scrap cost of no more than $422 per gross ton together with an external average mill price above $1,145[60].

Fixed-price downstream contracts are the other side of mill price increases. Competitively bid joist, deck and rebar fabrication contracts cannot be repriced as steel costs rise, so downstream margins stay under pressure while the mills raise prices; on second-quarter steel products pre-tax earnings of $353 million and 1.285 million tons of shipments, every $10 decline in earnings per ton cuts pre-tax earnings by about $13 million[20][12]. If third-quarter steel products pre-tax earnings per ton are at least $300, the squeeze has eased.

The West Virginia project risk falls on start-up costs and capital spending. If commissioning or ramp-up is delayed or costs overrun, start-up costs would stay high (second quarter: $120 million, about $0.40 a share), total project investment could exceed about $4 billion, and the added 2027 shipments would be delayed[68][69]. If the third-quarter report confirms commissioning on plan, an unchanged investment estimate and start-up costs of no more than $130 million, this risk has not materialized[11].

What to Watch Next

• Mill earnings without the refund: second-quarter steel mills pre-tax earnings were $1.556 billion, or about $1.426 billion excluding the refund; a third-quarter figure below $1.426 billion would show second-quarter profitability depended on a one-time refund.
• Mill price versus scrap: the external average price was $1,145 a ton and scrap $422 per gross ton; watch for a price at least $20 higher and sheet above $1,088, while scrap above $440 would mean costs are offsetting price gains.
• Mill shipments and utilization: 7.1 million tons and 91%; at least 7.0 million tons and 90% utilization would confirm the pace, while shipments below 6.8 million tons would point to restocking.
• Backlogs and imports: mill backlogs rose 18% sequentially and imports were about 16% of the market; a sequential backlog decline would signal a sharper fourth-quarter dip.
• Downstream pass-through: steel products earned $353 million, about $275 a ton; price per ton at least 2% above $2,415 and earnings per ton back above $300 would confirm recovery, while flat prices would extend the squeeze.
• Investment pace and free cash flow: start-up costs of $120 million, capital expenditures of $571 million and free cash flow of $829 million; start-up costs above $160 million or free cash flow below $500 million would falsify the current understanding.

Conclusion

Nucor's profits depend on three things: the spread between mill selling prices and scrap costs, mill shipments and utilization, and whether downstream can keep up with steel costs. In the second quarter the first two were both high, with mill shipments of 7.1 million tons, 91% utilization and an external average price of $1,145 a ton, mill pre-tax earnings of $1.556 billion, free cash flow of $829 million and net debt of only 0.8 times trailing 12-month EBITDA[5][34][51][39]. The unresolved relationship is whether, without the $130 million refund, price increases can lift mill earnings another step while downstream earnings per ton recover from about $275, and the company's third-quarter guidance of $5.55-$5.65 a share rests on both[6].

Since the second-quarter report, verifiable outside analysis with independent reasoning has been a gap. Public coverage in this period consisted mainly of stock-move reports, brokers' changing views on the shares and company expansion announcements, none of which offers an independent judgment on these debates, so no outside agreement is summarized here. The only outside benchmark available to readers is the $5.75 EPS consensus cited at the start, $0.10 above the top of company guidance, although the data source does not say whether all of those estimates were updated after the September 17 guidance[7].

The combination that would materially strengthen the current understanding is mill pre-tax earnings above $1.426 billion without a refund, shipments of at least 7.0 million tons, scrap held below $422, downstream earnings per ton back above $300, start-up costs of no more than $130 million and free cash flow of at least $829 million. Conversely, if mill earnings fall below $1.426 billion, shipments drop below 6.8 million tons, backlogs decline sequentially or free cash flow falls below $500 million, the high second-quarter profit would look more like the product of a refund, restocking and a concentrated round of contract resets than a sustainable operating level.

Sources

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[19] NUE 10-K filed 2026-02-25 · steel products segment scope · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[20] NUE 10-K filed 2026-02-25 · steel products segment businesses · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[21] NUE 10-K filed 2026-02-25 · raw materials segment and DRI · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[22] NUE 10-K filed 2026-02-25 · contract and spot sheet sales · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[23] NUE 10-Q filed 2026-08-12 · customer concentration and Q3 outlook · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[24] NUE 10-K filed 2026-02-25 · FY2025 results and segment drivers · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[25] NUE 10-K filed 2026-02-25 · FY2025 steel products pricing and gross margins · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[26] NUE 10-K filed 2026-02-25 · 2025 operating overview · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[27] NUE 10-K filed 2026-02-25 · FY2025 segment sales and pricing · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[28] NUE 10-K filed 2026-02-25 · FY2025 cash flows · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[29] NUE 10-K filed 2026-02-25 · capital expenditures and 2026 estimate · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[30] NUE 10-K filed 2026-02-25 · capital allocation and balance sheet · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[31] NUE 8-K filed 2026-04-27 · Q1 2026 highlights · 2026-04-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526182332/0001193125-26-182332-index.htm

[32] NUE 10-Q filed 2026-08-12 · profit sharing and Helion benefit · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[33] NUE 10-Q filed 2026-08-12 · Q2 2026 gross margins · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[34] NUE 8-K filed 2026-07-27 · pre-tax segment earnings Q4 2025 and Q2 2026 · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[35] NUE 8-K filed 2026-07-27 · six-month 2026 cash flows · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[36] NUE 10-Q filed 2026-08-12 · first-half 2026 investing and 2026 capex estimate · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[37] NUE 8-K filed 2026-07-27 · Q2 2026 financial and operational highlights · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[38] NUE 8-K filed 2026-07-27 · Q2 2026 capital returns · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[39] NUE 8-K filed 2026-07-27 · debt, cash and capital allocation at July 4, 2026 · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[40] NUE 10-Q filed 2026-08-12 · repurchase authorization remaining · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[41] NUE 8-K filed 2026-07-27 · quarterly sales tons and net sales 2025-2026 · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[42] NUE 8-K filed 2026-07-27 · Q2 2026 tonnage data · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[43] NUE 10-Q filed 2026-08-12 · Q2 2026 steel products net sales · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[44] NUE 10-K filed 2026-02-25 · scrap and scrap substitute cost · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[45] NUE 8-K filed 2026-04-27 · energy cost exposure · 2026-04-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526182332/0001193125-26-182332-index.htm

[46] NUE 10-Q filed 2026-05-13 · Q1 2026 gross margins and conversion costs · 2026-05-13 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526220778/0001193125-26-220778-index.htm

[47] NUE 10-K filed 2026-02-25 · scrap price pass-through · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[48] NUE 10-Q filed 2026-08-12 · first-half 2026 gross margins by segment · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[49] NUE 8-K filed 2026-07-27 · raw materials segment Q2 2026 · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[50] NUE 10-Q filed 2026-08-12 · first-half 2026 liquidity and working capital · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[51] NUE Q2 2026 earnings call 2026-07-28 · capital allocation and free cash flow · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[52] NUE Q2 2026 earnings call 2026-07-28 · capital deployment Q&A · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[53] NUE 10-K filed 2026-02-25 · competition and import share · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[54] NUE 10-Q filed 2026-05-13 · Q1 2026 results and import share · 2026-05-13 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526220778/0001193125-26-220778-index.htm

[55] NUE Q2 2026 earnings call 2026-07-28 · beam imports Q&A · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[56] NUE Q2 2026 earnings call 2026-07-28 · trade policy · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[57] NUE 10-K filed 2026-02-25 · Section 232 tariff risk · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[58] NUE Q2 2026 earnings call 2026-07-28 · segment performance · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[59] NUE 8-K filed 2026-04-27 · quarterly adjusted pre-tax segment earnings Q1 2025-Q1 2026 · 2026-04-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526182332/0001193125-26-182332-index.htm

[60] NUE 8-K filed 2026-07-27 · quarterly steel mills prices by product and scrap cost · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[61] NUE Q2 2026 earnings call 2026-07-28 · flat-roll demand and CSP pricing Q&A · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[62] NUE Q2 2026 earnings call 2026-07-28 · operations and West Virginia mill · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[63] NUE 10-Q filed 2026-08-12 · first-half 2026 utilization · 2026-08-12 · 10-Q · https://www.sec.gov/Archives/edgar/data/73309/000119312526345891/0001193125-26-345891-index.htm

[64] NUE 10-K filed 2026-02-25 · 2025 segment utilization · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[65] NUE 8-K filed 2026-04-27 · Q1 2026 operational highlights and backlogs · 2026-04-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526182332/0001193125-26-182332-index.htm

[66] NUE Q2 2026 earnings call 2026-07-28 · stated risks · 2026-07-28 · earnings-call · https://gateway.drillr.ai/mcp/private

[67] NUE 8-K filed 2026-04-27 · near- to medium-term market outlook · 2026-04-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526182332/0001193125-26-182332-index.htm

[68] NUE 10-K filed 2026-02-25 · West Virginia sheet mill · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm

[69] NUE 8-K filed 2026-07-27 · West Virginia project and 2026 growth priorities · 2026-07-27 · 8-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526318190/0001193125-26-318190-index.htm

[70] NUE 10-K filed 2026-02-25 · cyclical demand risk · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/0001193125-26-071575-index.htm