UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~April~~July 1, 2023


☐	☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to ~~___________~~.

Commission File Number: 1-4119

NUCOR CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		13-1860817
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1915 Rexford Road, Charlotte, North Carolina		28211
(Address of principal executive offices)		(Zip Code)

(704) 366-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.40 per share	NUE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

~~251,222,908~~248,722,494 shares of the registrant’s common stock were outstanding at ~~April~~July 1, 2023.

Nucor Corporation

Quarterly Report on Form 10-Q

For the Three Months and Six Months Ended ~~April~~July 1, 2023

Table of Contents


			Page
Part I	Financial Information

	Item 1	Financial Statements (Unaudited)

		Condensed Consolidated Statements of Earnings – Three Months (13 Weeks) and Six Months (26 Weeks) Ended ~~April~~July 1, 2023 and ~~April~~July 2, ~~2022~~2022	1

		Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) and Six Months (26 Weeks) Ended ~~April~~July 1, 2023 and ~~April~~July 2, ~~2022~~2022	2

		Condensed Consolidated Balance Sheets – ~~April~~July 1, 2023 and December 31, ~~2022~~2022	3

		Condensed Consolidated Statements of Cash Flows – ~~Three~~Six Months ~~(13~~(26 Weeks) Ended ~~April~~July 1, 2023 and ~~April~~July 2, 2022	4

		Notes to Condensed Consolidated Financial Statements	5

	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1516

	Item 3	Quantitative and Qualitative Disclosures About Market Risk	2124

	Item 4	Controls and Procedures	2225

	Item 5	Other Information	27

Part II	Other Information

	Item 1	Legal Proceedings	2326

	Item 1A	Risk Factors	2326

	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	2327

	Item 6	Exhibits	2428

Signatures			2529

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)

(In thousands, except per share ~~data)~~amounts)


	Three Months (13 Weeks) Ended					Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	April 1, 2023		April 2, 2022			July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Net sales	$	8,709,980	$	10,493,282		$	9,523,256		$	11,794,474		$	18,233,236		$	22,287,756
Costs, expenses and other:
Cost of products sold		6,711,778		7,035,143			7,021,582			7,690,211			13,733,360			14,725,354
Marketing, administrative and other expenses		389,895		524,584			453,388			563,211			843,283			1,087,795
Equity in losses/(earnings) of unconsolidated affiliates		1,340		(7,695	)
Equity in earnings of unconsolidated affiliates							(6,094	)		(7,113	)		(4,754	)		(14,808	)
Interest expense, net		10,183		43,135			4,598			57,763			14,781			100,898
		7,113,196		7,595,167			7,473,474			8,304,072			14,586,670			15,899,239
Earnings before income taxes and noncontrolling interests		1,596,784		2,898,115			2,049,782			3,490,402			3,646,566			6,388,517
Provision for income taxes		365,155		671,000			462,707			763,165			827,862			1,434,165
Net earnings before noncontrolling interests		1,231,629		2,227,115			1,587,075			2,727,237			2,818,704			4,954,352
Earnings attributable to noncontrolling interests		95,087		131,492			125,721			166,004			220,808			297,496
Net earnings attributable to Nucor stockholders	$	1,136,542	$	2,095,623		$	1,461,354		$	2,561,233		$	2,597,896		$	4,656,856
Net earnings per share:
Basic	$	4.47	$	7.69		$	5.82		$	9.69		$	10.28		$	17.34
Diluted	$	4.45	$	7.67		$	5.81		$	9.67		$	10.26		$	17.30
Average shares outstanding:
Basic		253,608		271,564			250,144			263,221			251,876			267,416
Diluted		254,397		272,094			250,524			263,719			252,334			268,066

See notes to condensed consolidated financial statements.

Nucor Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)


	Three Months (13 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	April 1, 2023			April 2, 2022			July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Net earnings before noncontrolling interests	$	1,231,629		$	2,227,115		$	1,587,075		$	2,727,237		$	2,818,704		$	4,954,352
Other comprehensive income (loss):
Net unrealized (loss) income on hedging derivatives, net of income taxes of $(7,800) and $16,800 for the first quarter of 2023 and 2022, respectively		(24,575	)		53,476
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $100 and $(1,700) for the first quarter of 2023 and 2022, respectively		175			(5,390	)
Foreign currency translation (loss) gain, net of income taxes of $0 for the first quarter of 2023 and 2022		(3,441	)		22,692
Net unrealized income (loss) on hedging derivatives, net of income taxes of $(1,400) and $5,100 for the second quarter of 2023 and 2022, respectively, and $(9,200) and $21,900 for the first six months of 2023 and 2022, respectively								(4,428	)		16,138			(29,003	)		69,614
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $1,900 and $(4,800) for the second quarter of 2023 and 2022, respectively, and $2,000 and $(6,500) for the first six months of 2023 and 2022, respectively								6,228			(15,136	)		6,403			(20,526	)
Foreign currency translation gain (loss), net of income taxes of $0 for the second quarter and first six months of 2023 and 2022								34,586			(27,308	)		31,145			(4,616	)
		(27,841	)		70,778			36,386			(26,306	)		8,545			44,472
Comprehensive income		1,203,788			2,297,893			1,623,461			2,700,931			2,827,249			4,998,824
Comprehensive income attributable to noncontrolling interests		95,087			131,492			125,721			166,004			220,808			297,496
Comprehensive income attributable to Nucor stockholders	$	1,108,701		$	2,166,401		$	1,497,740		$	2,534,927		$	2,606,441		$	4,701,328

See notes to condensed consolidated financial statements.

Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)


	April 1, 2023			Dec. 31, 2022			July 1, 2023			Dec. 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	3,800,034		$	4,280,852		$	4,510,563		$	4,280,852
Short-term investments		817,811			576,946			870,475			576,946
Accounts receivable, net		3,661,974			3,591,030			3,874,933			3,591,030
Inventories, net		5,590,852			5,453,531			5,632,324			5,453,531
Other current assets		445,714			789,325			402,213			789,325
Total current assets		14,316,385			14,691,684			15,290,508			14,691,684
Property, plant and equipment, net		9,862,987			9,616,920			10,093,399			9,616,920
Restricted cash and cash equivalents		81,145			80,368			12,665			80,368
Goodwill		3,914,908			3,920,060			3,926,197			3,920,060
Other intangible assets, net		3,263,385			3,322,265			3,205,881			3,322,265
Other assets		807,580			847,913			851,266			847,913
Total assets	$	32,246,390		$	32,479,210		$	33,379,916		$	32,479,210
LIABILITIES
Current liabilities:
Short-term debt	$	29,316		$	49,081		$	33,339		$	49,081
Current portion of long-term debt and finance lease obligations		25,133			28,582			25,087			28,582
Accounts payable		2,012,092			1,649,523			1,855,502			1,649,523
Salaries, wages and related accruals		759,403			1,654,210			1,043,967			1,654,210
Accrued expenses and other current liabilities		1,003,996			948,348			1,046,279			948,348
Total current liabilities		3,829,940			4,329,744			4,004,174			4,329,744
Long-term debt and finance lease obligations due after one year		6,616,498			6,613,687			6,620,686			6,613,687
Deferred credits and other liabilities		1,870,082			1,965,873			1,814,128			1,965,873
Total liabilities		12,316,520			12,909,304			12,438,988			12,909,304
Commitments and contingencies
EQUITY
Nucor stockholders' equity:
Common stock		152,061			152,061			152,061			152,061
Additional paid-in capital		2,168,770			2,143,520			2,149,693			2,143,520
Retained earnings		25,762,032			24,754,873			27,095,661			24,754,873
Accumulated other comprehensive loss, net of income taxes		(165,358	)		(137,517	)		(128,972	)		(137,517	)
Treasury stock		(8,900,124	)		(8,498,243	)		(9,314,764	)		(8,498,243	)
Total Nucor stockholders' equity		19,017,381			18,414,694			19,953,679			18,414,694
Noncontrolling interests		912,489			1,155,212			987,249			1,155,212
Total equity		19,929,870			19,569,906			20,940,928			19,569,906
Total liabilities and equity	$	32,246,390		$	32,479,210		$	33,379,916		$	32,479,210

See notes to condensed consolidated financial statements.

Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	April 1, 2023			April 2, 2022			July 1, 2023			July 2, 2022
Operating activities:
Net earnings before noncontrolling interests	$	1,231,629		$	2,227,115		$	2,818,704		$	4,954,352
Adjustments:
Depreciation		221,089			195,478			448,836			397,270
Amortization		58,769			41,411			117,231			87,267
Stock-based compensation		20,401			26,422			83,587			74,219
Deferred income taxes		(28,193	)		(18,764	)		(44,609	)		(36,220	)
Distributions from affiliates		17,394			1,500			18,621			2,287
Equity in losses/(earnings) of unconsolidated affiliates		1,340			(7,695	)
Equity in earnings of unconsolidated affiliates								(4,754	)		(14,808	)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		(67,505	)		(92,394	)		(270,314	)		(648,569	)
Inventories		(138,694	)		124,201			(174,437	)		(157,976	)
Accounts payable		394,602			(165,476	)		242,071			198,062
Federal income taxes		330,781			672,142			396,341			33,441
Salaries, wages and related accruals		(858,925	)		(658,267	)		(573,993	)		(252,758	)
Other operating activities		24,485			126,495			70,313			97,174
Cash provided by operating activities		1,207,173			2,472,168			3,127,597			4,733,741
Investing activities:
Capital expenditures		(531,733	)		(447,682	)		(1,057,086	)		(968,795	)
Investment in and advances to affiliates		-			(63	)		(35,078	)		(227	)
Disposition of plant and equipment		2,276			7,288			5,289			15,996
Acquisitions (net of cash acquired)		-			(347,177	)		-			(3,465,866	)
Purchases of investments		(468,412	)		(274,197	)		(701,639	)		(330,278	)
Proceeds from the sale of investments		228,086			80,333			408,854			219,996
Other investing activities		-			(183	)		-			(7,096	)
Cash used in investing activities		(769,783	)		(981,681	)		(1,379,660	)		(4,536,270	)
Financing activities:
Net change in short-term debt		(19,765	)		(21,202	)		(15,742	)		(7,214	)
Proceeds from issuance of long-term debt, net of discount		-			1,093,059			-			2,091,934
Repayment of long-term debt		(2,500	)		(2,500	)		(5,000	)		(506,000	)
Bond issuance costs		-			(8,388	)		-			(13,138	)
Proceeds from exercise of stock options		7,123			16,586			7,123			18,819
Payment of tax withholdings on certain stock-based compensation		(7,105	)		(8,512	)		(42,120	)		(58,218	)
Distributions to noncontrolling interests		(337,810	)		(211,558	)		(388,771	)		(268,535	)
Cash dividends		(130,525	)		(137,587	)		(259,894	)		(272,038	)
Acquisition of treasury stock		(425,820	)		(905,324	)		(876,698	)		(1,707,893	)
Proceeds from government incentives								-			125,000
Other financing activities		(4,272	)		(3,883	)		(8,296	)		(17,059	)
Cash used in financing activities		(920,674	)		(189,309	)		(1,589,398	)		(614,342	)
Effect of exchange rate changes on cash		3,243			3,672			3,469			(817	)
(Decrease) Increase in cash and cash equivalents and restricted cash and cash equivalents		(480,041	)		1,304,850
Increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents								162,008			(417,688	)
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year		4,361,220			2,508,658			4,361,220			2,508,658
Cash and cash equivalents and restricted cash and cash equivalents - end of three months	$	3,881,179		$	3,813,508
Cash and cash equivalents and restricted cash and cash equivalents - end of six months							$	4,523,228		$	2,090,970
Non-cash investing activity:
Change in accrued plant and equipment purchases	$	(36,280	)	$	(7,789	)	$	(36,580	)	$	(23,583	)

See notes to condensed consolidated financial statements.

Nucor Corporation – Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Basis of Interim Presentation

The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to make a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2022 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2022.

~~Recent Accounting Pronouncements and Impacts of Enacted Legislation~~

~~On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal~~ 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. This did not have a material impact on our financial position or results of operations.

2. Inventories

Inventories consisted of approximately 3936% raw materials and supplies and 6164% finished and semi-finished products at ~~April~~July 1, 2023 (37% and 63%, respectively, at December 31, 2022). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined.

3. Property, Plant and Equipment

Property, plant and equipment is recorded net of accumulated depreciation of $~~11.32~~11.52 billion at ~~April~~July 1, 2023 ($11.12 billion at December 31, 2022).

4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the ~~three~~six months ended ~~April~~July 1, 2023 by segment was as follows (in thousands):


	Steel Mills		Steel Products			Raw Materials		Total			Steel Mills		Steel Products			Raw Materials		Total
Balance at December 31, 2022	$	675,186	$	2,510,045		$	734,829	$	3,920,060		$	675,186	$	2,510,045		$	734,829	$	3,920,060
Acquisitions		-		(3,740	)		-		(3,740	)		-		(3,740	)		-		(3,740	)
Translation		-		(1,412	)		-		(1,412	)		-		9,877			-		9,877
Balance at April 1, 2023	$	675,186	$	2,504,893		$	734,829	$	3,914,908
Balance at July 1, 2023											$	675,186	$	2,516,182		$	734,829	$	3,926,197

Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2022 and concluded that as of such date there was no impairment of goodwill for any of its reporting units.

The annual assessment performed in 2022 for one of the Company’s reporting units, Rebar Fabrication, used forward-looking projections in future cash flows. The fair value of this reporting unit exceeded its carrying value by approximately 34% in the most recent assessment. If our assessment of the relevant facts and circumstances changes, including if the expected future performance of this reporting unit declines from the most recent assessment, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $~~346.4~~356.3 million as of ~~April~~July 1, 2023 ($347.6 million as of December 31, 2022). An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit were $~~34.4~~33.3 million as of ~~April~~July 1, 2023 ($36.3 million as of December 31, 2022). There have been no triggering events requiring an interim assessment for impairment of the Rebar Fabrication reporting unit since the most recent annual goodwill impairment testing date.

Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of ~~April~~July 1, 2023 and December 31, 2022 (in thousands):


	April 1, 2023				December 31, 2022				July 1, 2023				December 31, 2022
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	4,174,632	$	1,139,923	$	4,174,724	$	1,087,834	$	4,175,432	$	1,191,801	$	4,174,724	$	1,087,834
Trademarks and trade names		364,087		148,032		364,106		142,363		364,245		153,691		364,106		142,363
Other		109,746		97,125		109,746		96,114		109,746		98,050		109,746		96,114
	$	4,648,465	$	1,385,080	$	4,648,576	$	1,326,311	$	4,649,423	$	1,443,542	$	4,648,576	$	1,326,311

Intangible asset amortization expense in the ~~first~~second quarter of 2023 and 2022 was $~~58.8~~58.4 million and $~~41.4~~45.9 million, respectively, and $117.2 million and $87.3 million in the first six months of 2023 and 2022, respectively. Annual amortization expense is estimated to be $~~233.6~~233.5 million in 2023; $233.4 million in 2024; $~~232.5~~232.4 million in 2025; $~~229.6~~229.4 million in 2026; and $~~225.4~~225.1 million in 2027.

5. Current Liabilities

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $~~156.4~~152.4 million at ~~April~~July 1, 2023 ($163.6 million at December 31, 2022). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $~~129.4~~127.7 million at ~~April~~July 1, 2023 ($130.5 million at December 31, 2022).

6. Fair Value Measurements

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of ~~April~~July 1, 2023 and December 31, 2022 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis.


				Fair Value Measurements at Reporting Date Using										Fair Value Measurements at Reporting Date Using
Description	Carrying Amount in Condensed Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Carrying Amount in Condensed Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
As of April 1, 2023
As of July 1, 2023
Assets:
Cash equivalents	$	3,294,514		$	3,294,514	$	-		$	-	$	3,980,583		$	3,980,583	$	-		$	-
Short-term investments		817,811			817,811		-			-		870,475			870,475		-			-
Restricted cash and cash equivalents		81,145			81,145		-			-		12,665			12,665		-			-
Derivative contracts		8,247		-			8,247			-		7,263			-		7,263			-
Total assets	$	4,201,717		$	4,193,470	$	8,247		$	-	$	4,870,986		$	4,863,723	$	7,263		$	-
Liabilities:
Derivative contracts	$	(5,870	)	$	-	$	(5,870	)	$	-	$	(621	)	$	-	$	(621	)	$	-

As of December 31, 2022
Assets:
Cash equivalents	$	3,182,631		$	3,182,631	$	-		$	-	$	3,182,631		$	3,182,631	$	-		$	-
Short-term investments		576,946			576,946		-			-		576,946			576,946		-			-
Restricted cash and cash equivalents		80,368			80,368		-			-		80,368			80,368		-			-
Derivative contracts		34,400			-		34,400			-		34,400			-		34,400			-
Total assets	$	3,874,345		$	3,839,945	$	34,400		$	-	$	3,874,345		$	3,839,945	$	34,400		$	-
Liabilities:
Derivative contracts	$	(1,370	)	$	-	$	(1,370	)	$	-	$	(1,370	)	$	-	$	(1,370	)	$	-

Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Our short-term investments at ~~April~~July 1, 2023 consisted of certificates of deposit, commercial paper and corporate notes. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit ~~risk,~~risks, spot and future commodity prices, and spot and future exchange rates. There were no transfers between the levels in the fair value hierarchy for the periods presented.

The fair value of short-term and long-term debt, including current maturities, was approximately $~~6.07~~5.96 billion at ~~April~~July 1, 2023 (approximately $5.93 billion at December 31, 2022). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at ~~April~~July 1, 2023 and December 31, 2022, or similar debt with the same maturities, ratings and interest rates.

7. Contingencies

We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.

8. Stock-Based Compensation

Stock Options

A summary of activity under Nucor’s stock option plans for the first ~~quarter~~six months of 2023 is as follows (shares and aggregate intrinsic value in thousands):


				Weighted-		Weighted-						Weighted-		Weighted-
				Average		Average	Aggregate					Average		Average	Aggregate
				Exercise		Remaining	Intrinsic					Exercise		Remaining	Intrinsic
	Shares			Price		Contractual Life	Value		Shares			Price		Contractual Life	Value
Number of shares under stock options:
Outstanding at beginning of year		837		$	66.76					837		$	66.76
Granted		-		$	-					91		$	133.03
Exercised		(131	)	$	54.49		$	15,539		(131	)	$	54.49		$	15,539
Canceled		-		$	-					-		$	-
Outstanding at April 1, 2023		706		$	69.04	7.4 years	$	60,364
Stock options exercisable at April 1, 2023		182		$	63.28	6.6 years	$	16,580
Outstanding at July 1, 2023										797		$	76.32	7.5 years	$	69,890
Stock options exercisable at July 1, 2023										512		$	49.84	6.7 years	$	58,494

For the 2023 stock option grant, the grant date fair value of $49.62 per share was calculated using the Black-Scholes options pricing model with the following assumptions:


Exercise price	$	133.03
Expected dividend yield		1.53	%
Expected stock price volatility		37.55	%
Risk-free interest rate		3.66	%
Expected life (in years)		6.5

Compensation expense for stock options was $~~0.5~~3.4 million and $3.9 million in the second quarter of 2023 and 2022, respectively, and $3.9 million and $4.4 million in the first ~~quarter~~six months of ~~both~~ 2023 and ~~2022.~~2022, respectively. As of ~~April~~July 1, 2023, unrecognized compensation expense related to stock options was $~~1.7~~2.8 million, which we expect to recognize over a weighted-average period of ~~1.5~~2.2 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first ~~quarter~~six months of 2023 is as follows (shares in thousands):


	Shares			Grant Date Fair Value Per Share		Shares			Grant Date Fair Value Per Share
Restricted stock units:
Unvested at beginning of year		1,003		$	98.66		1,003		$	98.66
Granted		-		$	-		831		$	133.03
Vested		(161	)	$	94.43		(863	)	$	102.49
Canceled		(2	)	$	58.29		(10	)	$	96.92
Unvested at April 1, 2023		840		$	99.55
Unvested at July 1, 2023							961		$	124.96

Compensation expense for RSUs was $~~12.2~~48.5 million and $~~9.0~~41.9 million in the second quarter of 2023 and 2022, respectively, and $60.7 million and $50.9 million in the first ~~quarter~~six months of 2023 and 2022, respectively. As of ~~April~~July 1, 2023, unrecognized compensation expense related to unvested RSUs was $~~50.6~~111.9 million, which we expect to recognize over a weighted-average period of ~~1.0~~1.8 ~~year.~~years.

Restricted Stock Awards

A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first ~~quarter~~six months of 2023 is as follows (shares in thousands):


				Grant Date					Grant Date
	Shares			Fair Value Per Share		Shares			Fair Value Per Share
Restricted stock units and restricted stock awards:
Unvested at beginning of year		209		$	108.55		209		$	108.55
Granted		414		$	171.38		414		$	171.38
Vested		(406	)	$	152.68		(406	)	$	152.68
Canceled		-		$	-		(7	)	$	171.38
Unvested at April 1, 2023		217		$	145.82
Unvested at July 1, 2023							210		$	144.98

Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $~~7.7~~11.7 million and $~~17.0~~1.8 million in the second quarter of 2023 and 2022, respectively, and $19.4 million and $18.8 million in the first ~~quarter~~six months of 2023 and 2022, respectively. As of ~~April~~July 1, 2023, unrecognized compensation expense related to unvested restricted stock awards was $~~12.2~~10.7 million, which we expect to recognize over a weighted-average period of ~~2.2~~2.0 years.

9. Employee Benefit Plan

Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $~~162.2~~194.4 million and $~~286.9~~333.0 million in the second quarter of 2023 and 2022, respectively, and $356.6 million and $619.9 million in the first ~~quarter~~six months of 2023 and 2022, respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets.

10. Interest Expense (Income)

The components of net interest expense for the second quarter and first ~~quarter~~six months of 2023 and 2022 are as follows (in thousands):

Three Months (13 Weeks) Ended

April 1, 2023

April 2, 2022

Interest expense

$
62,682

$
44,076

Interest income

(52,499
)

(941
)
Interest expense, net

$
10,183

$
43,135

~~Table of Contents~~


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Interest expense	$	60,806		$	63,514		$	123,488		$	107,590
Interest income		(56,208	)		(5,751	)		(108,707	)		(6,692	)
Interest expense, net	$	4,598		$	57,763		$	14,781		$	100,898

11. Income Taxes

The effective tax rate for the ~~first~~second quarter of 2023 was ~~22.9~~22.6% compared to ~~23.2~~21.9% for the ~~first~~second quarter of 2022.

The Internal Revenue Service (the “IRS”) is currently examining Nucor’s 2015, 2019 and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for tax years through 2014, and for ~~the~~ tax years 2016 and 2018. The tax years 2017 and 2021 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Harris Steel Group Inc. and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2016 through ~~2021~~2022 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada ~~Trinidad & Tobago,~~ and other state and local jurisdictions).

Non-current deferred tax assets included in other assets in the condensed consolidated balance sheets were $~~13.7~~10.6 million at ~~April~~July 1, 2023 ($19.3 million at December 31, 2022). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $~~1.26~~1.24 billion at ~~April~~July 1, 2023 ($1.30 billion at December 31, 2022).

12. Stockholders’ Equity

The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures, Nucor-Yamato Steel Company (Limited Partnership) (“NYS”) and California Steel Industries, Inc. (“CSI”), in both of which Nucor owns 51%, for the three months and six months ended ~~April~~July 1, 2023 and ~~April~~July 2, 2022 (in thousands):


				Three Months (13 Weeks) Ended April 1, 2023																												Three Months (13 Weeks) Ended July 1, 2023
														Accumulated									Total																			Accumulated									Total
								Additional						Other			Treasury Stock						Nucor													Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling						Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests			Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, December 31, 2022	$	19,569,906			380,154	$	152,061	$	2,143,520		$	24,754,873		$	(137,517	)		126,661		$	(8,498,243	)	$	18,414,694		$	1,155,212
BALANCES, April 1, 2023																													$	19,929,870			380,154	$	152,061	$	2,168,770		$	25,762,032		$	(165,358	)		128,930		$	(8,900,124	)	$	19,017,381		$	912,489
Net earnings before noncontrolling interests		1,231,629			-		-		-			1,136,542			-			-			-			1,136,542			95,087			1,587,075			-		-		-			1,461,354			-			-			-			1,461,354			125,721
Other comprehensive income (loss)		(27,841	)		-		-		-			-			(27,841	)		-			-			(27,841	)		-			36,386			-		-		-			-			36,386			-			-			36,386			-
Stock options exercised		7,123			-		-		(1,749	)		-			-			(131	)		8,872			7,123			-			-			-		-					-			-			-			-			-			-
Stock option expense		475			-		-		475			-			-			-			-			475			-			3,447			-		-		3,447			-			-			-			-			3,447			-
Issuance of stock under award plans, net of forfeitures		43,820			-		-		24,760			-			-			(323	)		19,060			43,820			-			16,149			-		-		(24,025	)		-			-			(566	)		40,174			16,149			-
Amortization of unearned compensation		1,764			-		-		1,764			-			-			-			-			1,764			-			1,501			-		-		1,501			-			-			-			-			1,501			-
Treasury stock acquired, and net impact of excise tax		(429,813	)		-		-		-			-			-			2,723			(429,813	)		(429,813	)		-
Treasury stock acquired																														(454,814	)		-		-		-			-			-			3,067			(454,814	)		(454,814	)		-
Cash dividends declared		(129,383	)		-		-		-			(129,383	)		-			-			-			(129,383	)		-			(127,725	)		-		-		-			(127,725	)		-			-			-			(127,725	)		-
Distributions to noncontrolling interests		(337,810	)		-		-		-			-			-			-			-			-			(337,810	)		(50,961	)		-		-		-			-			-			-			-			-			(50,961	)
BALANCES, April 1, 2023	$	19,929,870			380,154	$	152,061	$	2,168,770		$	25,762,032		$	(165,358	)		128,930		$	(8,900,124	)	$	19,017,381		$	912,489
BALANCES, July 1, 2023																													$	20,940,928			380,154	$	152,061	$	2,149,693		$	27,095,661		$	(128,972	)		131,431		$	(9,314,764	)	$	19,953,679		$	987,249


				Three Months (13 Weeks) Ended April 2, 2022																												Six Months (26 Weeks) Ended July 1, 2023
														Accumulated									Total																			Accumulated									Total
								Additional						Other			Treasury Stock						Nucor													Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling						Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests			Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, December 31, 2021	$	14,603,794			380,154	$	152,061	$	2,140,608		$	17,674,100		$	(115,282	)		107,742		$	(5,835,098	)	$	14,016,389		$	587,405
BALANCES, December 31, 2022																													$	19,569,906			380,154	$	152,061	$	2,143,520		$	24,754,873		$	(137,517	)		126,661		$	(8,498,243	)	$	18,414,694		$	1,155,212
Net earnings before noncontrolling interests		2,227,115			-		-		-			2,095,623			-			-			-			2,095,623			131,492			2,818,704			-		-		-			2,597,896			-			-			-			2,597,896			220,808
Other comprehensive income (loss)		70,778			-		-		-			-			70,778			-			-			70,778			-			8,545			-		-		-			-			8,545			-			-			8,545			-
Stock options exercised		16,586			-		-		(507	)		-			-			(310	)		17,093			16,586			-			7,123			-		-		(1,749	)		-			-			(131	)		8,872			7,123			-
Stock option expense		458			-		-		458			-			-			-			-			458			-			3,922			-		-		3,922			-			-			-			-			3,922			-
Issuance of stock under award plans, net of forfeitures		43,098			-		-		21,170			-			-			(388	)		21,928			43,098			-			59,969			-		-		735			-			-			(889	)		59,234			59,969			-
Amortization of unearned compensation		1,400			-		-		1,400			-			-			-			-			1,400			-			3,265			-		-		3,265			-			-			-			-			3,265			-
Treasury stock acquired		(905,324	)		-		-		-			-			-			7,048			(905,324	)		(905,324	)		-			(884,627	)		-		-		-			-			-			5,790			(884,627	)		(884,627	)		-
Cash dividends declared		(134,446	)		-		-		-			(134,446	)		-			-			-			(134,446	)		-			(257,108	)		-		-		-			(257,108	)		-			-			-			(257,108	)		-
Distributions to noncontrolling interests		(211,558	)		-		-		-			-			-			-			-			-			(211,558	)		(388,771	)		-		-		-			-			-			-			-			-			(388,771	)
Acquisition of noncontrolling interest in CSI		431,219			-		-		-			-			-			-			-			-			431,219
BALANCES, April 2, 2022	$	16,143,120			380,154	$	152,061	$	2,163,129		$	19,635,277		$	(44,504	)		114,092		$	(6,701,401	)	$	15,204,562		$	938,558
BALANCES, July 1, 2023																													$	20,940,928			380,154	$	152,061	$	2,149,693		$	27,095,661		$	(128,972	)		131,431		$	(9,314,764	)	$	19,953,679		$	987,249


				Three Months (13 Weeks) Ended July 2, 2022
														Accumulated									Total
								Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, April 2, 2022	$	16,143,120			380,154	$	152,061	$	2,163,129		$	19,635,277		$	(44,504	)		114,092		$	(6,701,401	)	$	15,204,562		$	938,558
Net earnings before noncontrolling interests		2,727,237			-		-		-			2,561,233			-			-			-			2,561,233			166,004
Other comprehensive income (loss)		(26,306	)		-		-		-			-			(26,306	)		-			-			(26,306	)		-
Stock options exercised		2,233			-		-		(802	)		-			-			(49	)		3,035			2,233			-
Stock option expense		3,964			-		-		3,964			-			-			-			-			3,964			-
Issuance of stock under award plans, net of forfeitures		(3,546	)		-		-		(52,313	)		-			-			(775	)		48,767			(3,546	)		-
Amortization of unearned compensation		1,200			-		-		1,200			-			-			-			-			1,200			-
Treasury stock acquired		(802,569	)		-		-		-			-			-			5,100			(802,569	)		(802,569	)		-
Cash dividends declared		(132,127	)		-		-		-			(132,127	)		-			-			-			(132,127	)		-
Distributions to noncontrolling interests		(56,977	)		-		-		-			-			-			-			-			-			(56,977	)
Acquisition of noncontrolling interest in CSI		(3,421	)		-		-		-			-			-			-			-			-			(3,421	)
BALANCES, July 2, 2022	$	17,852,808			380,154	$	152,061	$	2,115,178		$	22,064,383		$	(70,810	)		118,368		$	(7,452,168	)	$	16,808,644		$	1,044,164


				Six Months (26 Weeks) Ended July 2, 2022
														Accumulated									Total
								Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, December 31, 2021	$	14,603,794			380,154	$	152,061	$	2,140,608		$	17,674,100		$	(115,282	)		107,742		$	(5,835,098	)	$	14,016,389		$	587,405
Net earnings before noncontrolling interests		4,954,352			-		-		-			4,656,856			-			-			-			4,656,856			297,496
Other comprehensive income (loss)		44,472			-		-		-			-			44,472			-			-			44,472			-
Stock options exercised		18,819			-		-		(1,309	)		-			-			(359	)		20,128			18,819			-
Stock option expense		4,422			-		-		4,422			-			-			-			-			4,422			-
Issuance of stock under award plans, net of forfeitures		39,552			-		-		(31,143	)		-			-			(1,163	)		70,695			39,552			-
Amortization of unearned compensation		2,600			-		-		2,600			-			-			-			-			2,600			-
Treasury stock acquired		(1,707,893	)		-		-		-			-			-			12,148			(1,707,893	)		(1,707,893	)		-
Cash dividends declared		(266,573	)		-		-		-			(266,573	)		-			-			-			(266,573	)		-
Distributions to noncontrolling interests		(268,535	)		-		-		-			-			-			-			-			-			(268,535	)
Acquisition of noncontrolling interest in CSI		427,798			-		-		-			-			-			-			-			-			427,798
BALANCES, July 2, 2022	$	17,852,808			380,154	$	152,061	$	2,115,178		$	22,064,383		$	(70,810	)		118,368		$	(7,452,168	)	$	16,808,644		$	1,044,164

Dividends declared per share were $0.51 per share in the ~~first~~second quarter of 2023 ($0.50 per share in the second quarter of 2022) and $1.02 per share in the first ~~quarter~~six months of 2023 ($1.00 per share in the first six months of 2022).

On ~~December 2, 2021,~~May 11, 2023, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. Share repurchases will be made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. As of ~~April~~July 1, 2023, the Company had ~~approximately~~ $~~661.1~~4.00 ~~million~~billion available for share repurchases under the program authorized by the Company’s Board of ~~Directors in December 2021.~~Directors.

1011

~~13.~~13. Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended ~~April~~July 1, 2023 and ~~April~~July 2, 2022 (in thousands):

Three-Month (13-Week) Period Ended

April 1, 2023

Gains and (Losses) on

Foreign Currency

Adjustment to Early

Hedging Derivatives

Gains (Losses)

Retiree Medical Plan

Total

Accumulated other comprehensive
  income (loss) at December 31, 2022

$
26,100

$
(180,216
)

$
16,599

$
(137,517
)
Other comprehensive income (loss)
   before reclassifications

(24,575
)

(3,441
)

-

(28,016
)
Amounts reclassified from accumulated
   other comprehensive income (loss)
   into earnings (1)

175

-

-

175

Net current-period other
   comprehensive income (loss)

(24,400
)

(3,441
)

-

(27,841
)
Accumulated other comprehensive
   income (loss) at April 1, 2023

$
1,700

$
(183,657
)

$
16,599

$
(165,358
)


	Three-Month (13-Week) Period Ended
	July 1, 2023
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at April 1, 2023	$	1,700		$	(183,657	)	$	16,599	$	(165,358	)
Other comprehensive income (loss) before reclassifications		(4,428	)		34,586			-		30,158
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1)		6,228		-				-		6,228
Net current-period other comprehensive income (loss)		1,800			34,586			-		36,386
Accumulated other comprehensive income (loss) at July 1, 2023	$	3,500		$	(149,071	)	$	16,599	$	(128,972	)

Three-Month (13-Week) Period Ended

April 2, 2022

Gains and (Losses) on

Foreign Currency

Adjustment to Early

Hedging Derivatives

Gains (Losses)

Retiree Medical Plan

Total

Accumulated other comprehensive
   income (loss) at December 31, 2021

$
1,112

$
(124,868
)

$
8,474

$
(115,282
)
Other comprehensive income (loss)
   before reclassifications

53,476

22,692

-

76,168

Amounts reclassified from accumulated
   other comprehensive income (loss)
   into earnings (1)

(5,390
)

-

-

(5,390
)
Net current-period other
   comprehensive income (loss)

48,086

22,692

-

70,778

Accumulated other comprehensive
   income (loss) at April 2, 2022

$
49,198

$
(102,176
)

$
8,474

$
(44,504
)


	Six-Month (26-Week) Period Ended
	July 1, 2023
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at December 31, 2022	$	26,100		$	(180,216	)	$	16,599	$	(137,517	)
Other comprehensive income (loss) before reclassifications		(29,003	)		31,145			-		2,142
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1)		6,403			-			-		6,403
Net current-period other comprehensive income (loss)		(22,600	)		31,145			-		8,545
Accumulated other comprehensive income (loss) at July 1, 2023	$	3,500		$	(149,071	)	$	16,599	$	(128,972	)

(1)

Includes $~~175~~6,228 and $6,403 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2023, respectively. The tax impact of those reclassifications was $1,900 and $2,000 in the second quarter and first six months of 2023, respectively.


	Three-Month (13-Week) Period Ended
	July 2, 2022
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at April 2, 2022	$	49,198		$	(102,176	)	$	8,474	$	(44,504	)
Other comprehensive income (loss) before reclassifications		16,138			(27,308	)		-		(11,170	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2)		(15,136	)		-			-		(15,136	)
Net current-period other comprehensive income (loss)		1,002			(27,308	)		-		(26,306	)
Accumulated other comprehensive income (loss) at July 2, 2022	$	50,200		$	(129,484	)	$	8,474	$	(70,810	)


	Six-Month (26-Week) Period Ended
	July 2, 2022
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at December 31, 2021	$	1,112		$	(124,868	)	$	8,474	$	(115,282	)
Other comprehensive income (loss) before reclassifications		69,614			(4,616	)		-		64,998
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2)		(20,526	)		-			-		(20,526	)
Net current-period other comprehensive income (loss)		49,088			(4,616	)		-		44,472
Accumulated other comprehensive income (loss) at July 2, 2022	$	50,200		$	(129,484	)	$	8,474	$	(70,810	)

(2)

Includes $(~~5,390~~15,136) and $(20,526) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net ~~(gains)/losses~~gains on commodity contracts in the second quarter and first ~~quarter~~six months of ~~2023 and~~ 2022, respectively. The tax impact of those reclassifications was $$(~~100~~4,800) and $(~~1,700~~6,500) in the second quarter and first ~~quarter~~six months of ~~2023 and~~ 2022, respectively.

~~Table of Contents~~

14. Segments

Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading and rebar distribution businesses; and Nucor’s equity method investments in NuMit LLC (“NuMit”) and Nucor-JFE Steel Mexico, S. de R.L. de C.V. ~~(“NJSM”~~("NJSM"). The steel products segment includes 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, tubular products, steel racking, piling products, wire and wire mesh, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC (“Nucor Steel Louisiana”), two facilities that produce direct reduced iron (“DRI”) used by the steel mills; and our natural gas production operations.

Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and cash equivalents, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.

Nucor’s results by segment for the second quarter and first ~~quarter~~six months of 2023 and 2022 were as follows (in thousands):


	Three Months (13 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	April 1, 2023			April 2, 2022			July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Net sales to external customers:
Steel mills	$	4,979,257		$	6,518,609		$	5,565,772		$	7,256,067		$	10,545,029		$	13,774,676
Steel products		3,275,997			3,323,088			3,442,862			3,842,948			6,718,859			7,166,036
Raw materials		454,726			651,585			514,622			695,459			969,348			1,347,044
	$	8,709,980		$	10,493,282		$	9,523,256		$	11,794,474		$	18,233,236		$	22,287,756
Intercompany sales:
Steel mills	$	1,163,632		$	1,593,258		$	1,361,066		$	1,763,563		$	2,524,698		$	3,356,821
Steel products		100,361			134,706			100,257			117,289			200,618			251,995
Raw materials		3,170,892			3,546,519			3,588,629			4,145,690			6,759,521			7,692,209
Corporate/eliminations		(4,434,885	)		(5,274,483	)		(5,049,952	)		(6,026,542	)		(9,484,837	)		(11,301,025	)
	$	-		$	-		$	-		$	-		$	-		$	-
Earnings before income taxes and noncontrolling interests:
Steel mills	$	838,388		$	2,578,854		$	1,403,547		$	2,815,723		$	2,241,935		$	5,394,577
Steel products		970,802			684,867			1,010,789			1,129,932			1,981,591			1,814,799
Raw materials		58,140			95,853			138,411			263,598			196,551			359,451
Corporate/eliminations		(270,546	)		(461,459	)		(502,965	)		(718,851	)		(773,511	)		(1,180,310	)
	$	1,596,784		$	2,898,115		$	2,049,782		$	3,490,402		$	3,646,566		$	6,388,517


	April 1, 2023		Dec. 31, 2022		July 1, 2023		Dec. 31, 2022
Segment assets:
Steel mills	$	14,053,600	$	14,157,229	$	14,828,076	$	14,157,229
Steel products		11,318,754		12,087,145		11,487,936		12,087,145
Raw materials		3,466,854		3,383,114		3,292,148		3,383,114
Corporate/eliminations		3,407,182		2,851,722		3,771,756		2,851,722
	$	32,246,390	$	32,479,210	$	33,379,916	$	32,479,210

~~Table of Contents~~

15. Revenue

The following tables disaggregate our revenue by major source for the second quarter and first ~~quarter~~six months of 2023 and 2022 (in thousands):


	Three Months (13 Weeks) Ended April 1, 2023								Three Months (13 Weeks) Ended July 1, 2023								Six Months (26 Weeks) Ended July 1, 2023
	Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total
Sheet	$	2,102,694	$	-	$	-	$	2,102,694	$	2,645,817	$	-	$	-	$	2,645,817	$	4,748,511	$	-	$	-	$	4,748,511
Bar		1,598,128		-		-		1,598,128		1,599,724		-		-		1,599,724		3,197,852		-		-		3,197,852
Structural		638,307		-		-		638,307		581,952		-		-		581,952		1,220,259		-		-		1,220,259
Plate		640,128		-		-		640,128		738,279		-		-		738,279		1,378,407		-		-		1,378,407
Tubular Products		-		438,983		-		438,983		-		436,551		-		436,551		-		875,534		-		875,534
Rebar Fabrication		-		498,117		-		498,117		-		615,814		-		615,814		-		1,113,931		-		1,113,931
Joist		-		635,816		-		635,816		-		638,975		-		638,975		-		1,274,791		-		1,274,791
Deck		-		485,443		-		485,443		-		473,775		-		473,775		-		959,218		-		959,218
Other Steel Products		-		1,217,638		-		1,217,638		-		1,277,747		-		1,277,747		-		2,495,385		-		2,495,385
Raw Materials		-		-		454,726		454,726		-		-		514,622		514,622		-		-		969,348		969,348
	$	4,979,257	$	3,275,997	$	454,726	$	8,709,980	$	5,565,772	$	3,442,862	$	514,622	$	9,523,256	$	10,545,029	$	6,718,859	$	969,348	$	18,233,236

Three Months (13 Weeks) Ended April 2, 2022

Steel
Mills

Steel
Products

Raw
Materials

Total

Sheet

$
3,183,063

$
-

$
-

$
3,183,063

Bar

1,827,731

-

-

1,827,731

Structural

783,271

-

-

783,271

Plate

724,544

-

-

724,544

Tubular Products

-

610,300

-

610,300

Rebar Fabrication

-

445,232

-

445,232

Joist

-

612,235

-

612,235

Deck

-

550,909

-

550,909

Other Steel Products

-

1,104,412

-

1,104,412

Raw Materials

-

-

651,585

651,585

$
6,518,609

$
3,323,088

$
651,585

$
10,493,282


	Three Months (13 Weeks) Ended July 2, 2022								Six Months (26 Weeks) Ended July 2, 2022
	Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total
Sheet	$	3,616,333	$	-	$	-	$	3,616,333	$	6,799,396	$	-	$	-	$	6,799,396
Bar		1,992,463		-		-		1,992,463		3,820,194		-		-		3,820,194
Structural		783,121		-		-		783,121		1,566,392		-		-		1,566,392
Plate		864,150		-		-		864,150		1,588,694		-		-		1,588,694
Tubular Products		-		613,238		-		613,238		-		1,124,391		-		1,124,391
Rebar Fabrication		-		579,000		-		579,000		-		1,024,232		-		1,024,232
Joist		-		687,882		-		687,882		-		1,300,117		-		1,300,117
Deck		-		582,414		-		582,414		-		1,133,323		-		1,133,323
Other Steel Products		-		1,380,414		-		1,380,414		-		2,583,973		-		2,583,973
Raw Materials		-		-		695,459		695,459		-		-		1,347,044		1,347,044
	$	7,256,067	$	3,842,948	$	695,459	$	11,794,474	$	13,774,676	$	7,166,036	$	1,347,044	$	22,287,756

Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $~~329.5~~350.5 million as of ~~April~~July 1, 2023 ($285.0 million as of December 31, 2022) and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

~~Table of Contents~~

16. Earnings Per Share

The computations of basic and diluted net earnings per share for the second quarter and first ~~quarter~~six months of 2023 and 2022 are as follows (in thousands, except per share ~~data)~~amounts):


	Three Months (13 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	April 1, 2023			April 2, 2022			July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Basic net earnings per share:
Basic net earnings	$	1,136,542		$	2,095,623		$	1,461,354		$	2,561,233		$	2,597,896		$	4,656,856
Earnings allocated to participating securities		(3,413	)		(8,420	)		(6,029	)		(11,041	)		(9,251	)		(19,380	)
Net earnings available to common stockholders	$	1,133,129		$	2,087,203		$	1,455,325		$	2,550,192		$	2,588,645		$	4,637,476
Basic average shares outstanding		253,608			271,564			250,144			263,221			251,876			267,416
Basic net earnings per share	$	4.47		$	7.69		$	5.82		$	9.69		$	10.28		$	17.34
Diluted net earnings per share:
Diluted net earnings	$	1,136,542		$	2,095,623		$	1,461,354		$	2,561,233		$	2,597,896		$	4,656,856
Earnings allocated to participating securities		(3,392	)		(8,385	)		(6,013	)		(10,997	)		(9,223	)		(19,302	)
Net earnings available to common stockholders	$	1,133,150		$	2,087,238		$	1,455,341		$	2,550,236		$	2,588,673		$	4,637,554
Diluted average shares outstanding:
Basic average shares outstanding		253,608			271,564			250,144			263,221			251,876			267,416
Dilutive effect of stock options and other		789			530			380			498			458			650
		254,397			272,094			250,524			263,719			252,334			268,066
Diluted net earnings per share	$	4.45		$	7.67		$	5.81		$	9.67		$	10.26		$	17.30

~~There~~The number of shares that were no ~~shares excluded from~~not included in the ~~computation of~~ diluted net earnings per ~~common~~ share calculation, because ~~their effect~~to do so would have been ~~antidilutive in either the first quarter of 2023 or the first quarter of 2022.~~anti-dilutive, was immaterial for all periods presented.

1415

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements made in this report, or in other public filings, press releases, or other written or oral communications made by Nucor, which are not historical facts are forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those 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. As such, 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 report. 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 pandemic or 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, 2022 and elsewhere in this report.

Caution should be taken not to place undue reliance on the forward-looking statements included in this report. We assume no obligation to update any forward-looking statements except as may be required by law. In evaluating forward-looking statements, these risks and uncertainties should be considered, together with the other risks described from time to time in our reports and other filings with the United States Securities and Exchange Commission.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this report, as well as the audited consolidated financial statements and the notes thereto, “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2022.

Overview

Nucor and its affiliates manufacture steel and steel products. Nucor also produces DRI for use in its steel mills. Through DJJ, the Company also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI. Most of Nucor’s operating facilities and customers are located in North America. Nucor’s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products.

~~Table of Contents~~

products, wire and wire mesh, and utility towers and structures. The raw materials segment includes DJJ, primarily a

scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; and our natural gas production operations.

The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately ~~79%~~82%, ~~65%~~67% and 76%, respectively, in the first six months of 2023 compared with approximately 81%, 76% and 75%, respectively, in the first ~~quarter of 2023 compared with approximately 77%, 73% and 72%, respectively, in the first quarter~~six months of 2022.

Results of Operations

Nucor reported net earnings attributable to Nucor stockholders of ~~$1.14~~$1.46 billion, or ~~$4.45~~$5.81 per diluted share, infor the ~~first quarter of 2023. Nucor's earnings in the first~~second quarter of 2023, ~~which was the second most profitable first quarter in Company history, decreased~~as compared to net earnings attributable to Nucor stockholders of ~~$2.10~~$1.14 billion, or ~~$7.67~~$4.45 per diluted share, infor the first quarter of 2023, and $2.56 billion, or $9.67 per diluted share, for the second quarter of 2022, which was the most profitable ~~first~~second quarter in Nucor's history.

The primary driver for the decrease in earnings in the second quarter of 2023 compared to the second quarter of 2022 was the decreased earnings of the steel mills segment. The steel mills segment experienced lower shipping volumes in the second quarter of 2023 compared to the second quarter of 2022. Average selling prices in the steel mills segment decreased at our sheet, bar, plate and structural mills in the second quarter of 2023 as compared to the second quarter of 2022. The decreases in average selling prices outpaced the decrease in scrap and scrap substitute costs in the second quarter of 2023 as compared to the second quarter of 2022, resulting in significantly lower metal margins. We believe end-use market demand was healthy in the second quarter of 2023 and the contrast in earnings when compared with the second quarter of 2022 was due to the historically favorable market conditions that existed in the second quarter of 2022.

The earnings of the steel products segment moderated in the second quarter of 2023 as compared to the second quarter of 2022, but overall market conditions in nonresidential construction remained elevated. The steel products segment had decreased earnings in the second quarter of 2023 as compared to the second quarter of 2022, which was partially offset by the strong performance of our rebar fabrication operations and the earnings from our overhead doors business, that we acquired on June 24, 2022 and had minimal impact on the second quarter of 2022.

The earnings of the raw materials segment decreased in the second quarter and first six months of 2023 as compared to the second quarter and first six months of 2022 primarily due to margin compression at our scrap processing operations, our DRI facilities and our scrap brokerage operations.

Nucor reported net earnings attributable to Nucor stockholders of $2.60 billion, or $10.26 per diluted share, for the first six months of 2023, which is the second-most profitable first six months of a year in Nucor history. The only year that had a more profitable first six months of the year was 2022, in which Nucor reported net earnings attributable to Nucor stockholders of $4.66 billion, or $17.30 per diluted share.

The ~~largest contributor to~~primary driver of the decrease in earnings in the first ~~quarter~~six months of 2023 as compared to the first ~~quarter~~six months of 2022 was due to the ~~profitability~~decreased performance of the steel mills ~~segment. The decrease in the steel mills segment's earnings~~segment, particularly at our sheet mills. Pricing for sheet mill products on average was significantly lower in the first ~~quarter~~six months of 2023 as compared to the first ~~quarter~~six months of 2022 was primarily due to lower average selling prices, with the largest and most impactful decrease at our sheet mills. Sheet mill pricing increased in 2022 by uncertainty, due in part to the conflict in Ukraine, which led to customers building up inventory levels in the first quarter of 2022. ~~Demand for sheet softened as 2022 progressed and customers worked through their inventory, leading to significantly lower sales prices by the end of the year and into the first quarter of 2023.~~

The steel products segment had a very strong first quarter of 2023, with segment earnings increasing compared to the first quarter of 2022. Demand in nonresidential construction markets was robust in the first quarter of 2023, continuing the trend of strong market conditions in nonresidential construction markets we had throughout 2022. The primary driver of the increase in earnings of the steel products segment increased in the first ~~quarter of 2023 compared to the first quarter of 2022 was higher average selling prices.~~

~~Earnings in the raw materials segment decreased in the first quarter~~six months of 2023 as compared to the first ~~quarter~~six months of 2022, ~~due to~~driven by the ~~decreased~~strong performance across several businesses including our joist, deck, tubular products, metal buildings and rebar fabrication operations, and the addition of our ~~scrap processing and brokerage operations.~~overhead doors business.

The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the second quarter and first ~~quarter~~six months of 2023 as compared to the second quarter and first ~~quarter~~six months of 2022.

Net Sales

Net sales to external customers by segment for the second quarter and first ~~quarter~~six months of 2023 and 2022 were as follows (in thousands):


	Three Months (13 Weeks) Ended							Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended
	April 1, 2023		April 2, 2022		% Change			July 1, 2023	July 2, 2022	% Change	July 1, 2023	July 2, 2022	% Change
Steel mills	$	4,979,257	$	6,518,609		-24	%	$5,565,772	$7,256,067	-23%	$10,545,029	$13,774,676	-23%
Steel products		3,275,997		3,323,088		-1	%	3,442,862	3,842,948	-10%	6,718,859	7,166,036	-6%
Raw materials		454,726		651,585		-30	%	514,622	695,459	-26%	969,348	1,347,044	-28%
Total net sales to external customers	$	8,709,980	$	10,493,282		-17	%	$9,523,256	$11,794,474	-19%	$18,233,236	$22,287,756	-18%

Net sales for the ~~first~~second quarter of 2023 decreased ~~17%~~19% from the ~~first~~second quarter of 2022. Average sales price per ton decreased ~~18%~~14% from ~~$1,641~~$1,690 in the ~~first~~second quarter of 2022 to ~~$1,352~~$1,446 in the ~~first~~second quarter of 2023. Total tons shipped to outside customers in the ~~first~~second quarter of 2023 were ~~6,443,000~~approximately 6,588,000 tons, a ~~1% increase~~6% decrease from the second quarter of 2022.

Net sales for the first six months of 2023 decreased 18% from the first ~~quarter~~six months of 2022. Average sales price per ton decreased 16% from $1,667 in the first six months of 2022 to $1,399 in the first six months of 2023. Total tons shipped to outside customers in the first six months of 2023 were approximately 13,031,000 tons, a 3% decrease from the first six months of 2022.

In the steel mills segment, sales tons for the second quarter and first ~~quarter~~six months of 2023 and 2022 were as follows (in thousands):


	Three Months (13 Weeks) Ended							Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended
	April 1, 2023		April 2, 2022		% Change			July 1, 2023	July 2, 2022	% Change	July 1, 2023	July 2, 2022	% Change
Outside steel shipments		4,804		4,539		6	%	4,774	5,041	-5%	9,578	9,580	-
Inside steel shipments		1,231		1,275		-3	%	1,205	1,407	-14%	2,436	2,682	-9%
Total steel shipments		6,035		5,814		4	%	5,979	6,448	-7%	12,014	12,262	-2%

~~Table~~Net sales for the steel mills segment decreased 23% in the second quarter of ~~Contents~~2023 from the second quarter of 2022, due primarily to an 18% decrease in the average sales price per ton, from $1,429 to $1,168, and a 5% decrease in tons sold to outside customers.

Net sales for the steel mills segment decreased ~~24%~~23% in the first ~~quarter~~six months of 2023 from the first ~~quarter~~six months of 2022, due ~~primarily~~ to a ~~28%~~23% decrease in the average sales price per ton, from ~~$1,436~~$1,432 to ~~$1,035, partially offset by a 6% increase in tons sold to outside customers.~~$1,101.

Outside sales tonnage for the steel products segment for the second quarter and first ~~quarter~~six months of 2023 and 2022 was as follows (in thousands):


	Three Months (13 Weeks) Ended			Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended
	April 1, 2023	April 2, 2022	% Change	July 1, 2023	July 2, 2022	% Change	July 1, 2023	July 2, 2022	% Change
Joist sales	135	179	-25%	142	158	-10%	277	337	-18%
Deck sales	99	136	-27%	107	123	-13%	206	259	-20%
Cold finished sales	117	133	-12%	112	123	-9%	229	256	-11%
Rebar fabrication sales	279	291	-4%	332	339	-2%	611	630	-3%
Piling products sales	101	111	-9%	113	119	-5%	214	230	-7%
Tubular products sales	275	230	20%	239	274	-13%	514	504	2%
Other steel products sales	135	155	-13%	148	175	-15%	283	330	-14%
Total steel products sales	1,141	1,235	-8%	1,193	1,311	-9%	2,334	2,546	-8%

Net sales for the steel products segment decreased 1%10% in the ~~first~~second quarter of 2023 compared to the second quarter of 2022, due to a 2% decrease in the average sales price per ton, from $2,931 to $2,884, and a 9% decrease in shipping volumes. Average selling prices decreased across most businesses within the steel products segment in the second quarter of 2023 as compared to the second quarter of 2022, most notably at our buildings and tubular businesses.

Net sales for the steel products segment decreased 6% in the first ~~quarter~~six months of 2023 compared to the first six months of 2022, due to an 8% decrease in shipping volumes, ~~which was~~ partially offset by ~~a 7%~~2% increase in the average sales price

per ton, from ~~$2,689~~$2,814 to ~~$2,872. Average~~$2,878. The most notable increases in average selling prices ~~increased across most businesses within the steel products segment~~ in the first ~~quarter~~six months of 2023 as compared to the first ~~quarter~~six months of 2022 ~~most notably~~were at our ~~joist and~~ insulated metal panels and joist businesses.

Net sales for the raw materials segment decreased ~~30%~~26% in the ~~first~~second quarter of 2023 compared to the ~~first~~second quarter of 2022, due to decreases for both DJJ brokerage and scrap processing operations in average sales price per ton and decreased volumes at our scrap processing operations. In the second quarter of 2023, approximately 94% of outside sales for the raw materials segment were from the brokerage operations of DJJ, and approximately 3% of outside sales were from the scrap processing operations of DJJ (91% and 7%, respectively, in the second quarter of 2022).

Net sales for the raw materials segment decreased 28% in the first six months of 2023 compared to the first six months of 2022, due to decreases for both DJJ brokerage and scrap processing operations in average sales price per ton and tons shipped to outside ~~customers for both DJJ brokerage and scrap processing operations.~~customers. In the first ~~quarter~~six months of 2023, approximately 93% of outside sales for the raw materials segment were from the brokerage operations of DJJ, and approximately 4%3% of outside sales were from the scrap processing operations of DJJ (91% and 7%, respectively, in the first ~~quarter~~six months of 2022).

1719

Gross Margins

Nucor recorded gross margins of ~~$2.00~~$2.50 billion ~~(23%~~(26%) in the ~~first~~second quarter of 2023, which was a decrease compared ~~with $3.46~~to $4.10 billion ~~(33%~~(35%) in the ~~first~~second quarter of 2022.

•

The ~~primary driver of the~~ decrease in gross margin in the ~~first~~second quarter of 2023 as compared to the ~~first~~second quarter of 2022 was due primarily to lower metal margins inacross the steel mills segment. Metal margin is the difference between the selling price of steel and the cost of scrap and scrap substitutes.

Scrap and scrap substitutes are the most significant element in the total cost of steel production. The average scrap and scrap substitute cost per gross ton used in the ~~first~~second quarter of 2023 was ~~$414,~~$455, a ~~16%~~15% decrease compared to ~~$495~~$534 in the ~~first~~second quarter of 2022. The decrease in scrap and scrap substitute ~~cost~~costs was more than offset by decreased average selling prices and lower shipments to external customers, resulting in lower total metal margins.

Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel. ~~We are currently projecting stability in~~As we enter the third quarter of 2023, we expect scrap prices ~~as we enter~~to decrease compared to the second quarter of 2023.

•

~~The decrease in total gross margin was partially offset by increases in gross margins in the steel products segment. The largest increases in gross~~Gross margins in the steel products segment ~~were~~decreased in the second quarter of 2023 compared to the second quarter of 2022, primarily due to decreases at our joist, deck, tubular, ~~products~~ and metal buildings businesses. This decrease was partially offset by the strong performance of our rebar fabrication ~~businesses.~~business and the addition of our overhead doors business. Demand in nonresidential construction markets continues to be strong. As we enter the ~~second~~third quarter of 2023, backlogs for the steel products segment are ~~robust.~~consistent with historical averages.

•

Pre-operating and start-up costs of new facilities were approximately ~~$82~~$90 million in the ~~first~~second quarter of 2023 and approximately ~~$62~~$60 million in the ~~first~~second quarter of 2022. Pre-operating and start-up costs in the ~~first~~second quarter of 2023 primarily included costs related to the plate mill in Kentucky, ~~and the construction of~~ the sheet mill in West ~~Virginia.~~Virginia, and the sheet mill expansion in Indiana. Pre-operating and start-up costs in the ~~first~~second quarter of 2022 primarily included costs related to the ~~sheet mill expansion and galvanizing line in Kentucky, the~~ plate mill in Kentucky, the sheet mill expansion in Kentucky and the construction of a galvanizing line at our sheet mill expansion in Arkansas. Nucor defines pre-operating and start-up costs, all of which are expensed, as the losses attributable to facilities or major projects that are either under construction or in the early stages of operation. Once these facilities or projects have attained a utilization rate that is consistent with our similar operating facilities, Nucor no longer considers them to be in start-up.

•

Gross margins in the raw materials segment decreased in the ~~first~~second quarter of 2023 as compared to the second quarter of 2022, due to decreased gross margins across all businesses in the raw materials segment.

Nucor recorded gross margins of $4.50 billion (25%) in the first ~~quarter~~six months of 2023, which was a decrease compared to $7.56 billion (34%) in the first six months of 2022.

•

In the steel mills segment, the average scrap and scrap substitute cost per gross ton used in the first six months of 2023 was $435, a 16% decrease compared to $516 in the first six months of 2022. However, the decrease in scrap and substitute costs was more than offset by the decreases in average selling prices and volumes shipped, resulting in lower metal margins.

•

The steel products segment had increased gross margins in the first six months of 2023 compared to the first six months of 2022, primarily due to the strong performance of our rebar fabrication business and the addition of our overhead doors business.

•

Pre-operating and start-up costs of new facilities increased to approximately $172 million in the first six months of 2023 from approximately $122 million in the first six months of 2022. Pre-operating and start-up costs in the first six months of 2023 primarily included costs related to the plate mill in Kentucky, the sheet mill in West Virginia, and the sheet mill expansion in Indiana. Pre-operating and start-up costs in the first six months of 2022 primarily included costs related to the plate mill in Kentucky, the sheet mill expansion in Kentucky and the construction of a galvanizing line at our sheet mill expansion in Arkansas.

•

Gross margins in the raw materials segment decreased ~~average selling prices and tons shipped~~in the first six months of 2023 as compared to ~~outside customers~~the first six months of 2022, due to decreased gross margins across all businesses in ~~our scrap processing and brokerage operations.~~the raw materials segment.

Marketing, Administrative and Other Expenses

A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These costs, which are based upon and fluctuate with Nucor’s financial performance, decreased by ~~approximately $125.0~~$121.5 million in the ~~first~~second quarter of 2023 as compared to the ~~first~~second quarter of ~~2022. The decrease was due to the Company’s~~2022, and decreased ~~earnings~~by $246.6 million in the first ~~quarter~~six months of 2023 as compared to the first ~~quarter~~six months of 2022. These decreases were due to Nucor's decreased profitability in the second quarter and first six months of 2023 as compared to the respective prior year periods, which resulted in decreased accruals related to profit sharing.

Equity in ~~Losses/~~Earnings of Unconsolidated Affiliates

Equity in ~~losses of unconsolidated affiliates was $1.3 million in the first quarter of 2023, and equity in~~ earnings of unconsolidated affiliates was ~~$7.7~~$6.1 million and $7.1 million in the second quarter of 2023 and 2022, respectively, and $4.8 million and $14.8 million in the first ~~quarter~~six months of ~~2022.~~2023 and 2022, respectively. The ~~decrease~~decreases in equity method investment earnings ~~in the first quarter of 2023 as compared to the first quarter of 2022 was~~were primarily due to the decreased results of NuMit.

~~Table of Contents~~

Interest Expense (Income)

Net interest expense for the second quarter and first ~~quarter~~six months of 2023 and 2022 was as follows (in thousands):


	Three Months (13 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	April 1, 2023			April 2, 2022			July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Interest expense	$	62,682		$	44,076		$	60,806		$	63,514		$	123,488		$	107,590
Interest income		(52,499	)		(941	)		(56,208	)		(5,751	)		(108,707	)		(6,692	)
Interest expense, net	$	10,183		$	43,135		$	4,598		$	57,763		$	14,781		$	100,898

Interest expense decreased in the second quarter of 2023 compared to the second quarter of 2022 due to an increase in capitalized interest. Interest expense increased in the first ~~quarter~~six months of 2023 compared to the first ~~quarter~~six months of 2022 primarily due to higher average interest rates on ~~variable rate debt.~~ debt and an increase in average debt outstanding.

Interest income increased in the second quarter and first ~~quarter~~six months of 2023 compared to the second quarter and first ~~quarter~~six months of 2022 primarily due to ~~higher~~an increase in average interest rates on investments and ~~an increase in~~higher average ~~invested balances.~~investments.

Earnings Before Income Taxes and Noncontrolling Interests

The table below presents earnings before income taxes and noncontrolling interests by segment for the second quarter and first ~~quarter~~six months of 2023 and 2022 (in thousands). The changes between periods were driven by the quantitative and qualitative factors previously discussed.



	Three Months (13 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	April 1, 2023			April 2, 2022			July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Steel mills	$	838,388		$	2,578,854		$	1,403,547		$	2,815,723		$	2,241,935		$	5,394,577
Steel products		970,802			684,867			1,010,789			1,129,932			1,981,591			1,814,799
Raw materials		58,140			95,853			138,411			263,598			196,551			359,451
Corporate/eliminations		(270,546	)		(461,459	)		(502,965	)		(718,851	)		(773,511	)		(1,180,310	)
	$	1,596,784		$	2,898,115		$	2,049,782		$	3,490,402		$	3,646,566		$	6,388,517

Noncontrolling Interests

Noncontrolling interests represent the income attributable to the holders of noncontrolling interests in Nucor’s joint ventures, NYS and CSI. Nucor owns a 51% controlling interest in each of NYS and CSI. The decrease in earnings attributable to noncontrolling interests in the second quarter and first ~~quarter~~six months of 2023 as compared to the second quarter and first ~~quarter~~six months of 2022 was primarily due to the decreased earnings of ~~NYS and CSI.~~CSI as well as the earnings of NYS.

~~Distributions to noncontrolling interests exceeded the amount~~21

Table of earnings attributable to noncontrolling interests in the first quarter of 2023 and 2022. Cumulative distributions to noncontrolling interests have not exceeded the cumulative earnings of both NYS and CSI.Contents

Provision for Income Taxes

The effective tax rate for the ~~first~~second quarter of 2023 was ~~22.9%~~22.6% compared to ~~23.2%~~21.9% for the ~~first~~second quarter of 2022. The expected effective tax rate for the full year of 2023 is approximately ~~23.0%~~22.9%.

We estimate that in the next 12 months our gross unrecognized tax benefits, which totaled ~~$151.0~~$161.5 million at ~~April~~July 1, 2023, exclusive of interest, could decrease by as much as ~~$6.2~~$5.8 million as a result of the expiration of the statute of limitations and the closures of examinations, substantially all of which would impact the effective tax rate.

The IRS is currently examining Nucor’s 2015, 2019 and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for tax years through 2014, and for ~~the~~ tax years 2016 and 2018. The tax years 2017 and 2021 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Harris Steel Group Inc. and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2016 through ~~2021~~2022 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada ~~Trinidad & Tobago,~~ and other state and local jurisdictions).

~~Table of Contents~~

Net Earnings Attributable to Nucor Stockholders and Return on Equity

Nucor reported net earnings attributable to Nucor stockholders of ~~$1.14~~$1.46 billion, or ~~$4.45~~$5.81 per diluted share, in the ~~first~~second quarter of 2023 as compared to net earnings attributable to Nucor stockholders of ~~$2.10~~$2.56 billion, or ~~$7.67~~$9.67 per diluted share, in the ~~first~~second quarter of 2022. Net earnings attributable to Nucor stockholders as a percentage of net sales were ~~13.0%~~15.3% and ~~20.0%~~21.7% in the second quarter of 2023 and 2022, respectively.

Nucor reported net earnings attributable to Nucor stockholders of $2.60 billion, or $10.26 per diluted share, in the first ~~quarter~~six months of 2023 as compared to net earnings attributable to Nucor stockholders of $4.66 billion, or $17.30 per diluted share, in the first six months of 2022. Net earnings attributable to Nucor stockholders as a percentage of net sales were 14.2% and 20.9% in the first six months of 2023 and 2022, respectively. Annualized return on average stockholders’ equity was ~~24.3%~~27.1% and ~~57.4%~~60.4% in the first ~~quarter~~six months of 2023 and 2022, respectively.

Outlook

We expect earnings in the ~~second~~third quarter of 2023 to ~~increase~~decrease compared to the ~~first~~second quarter of 2023. We expect earnings for the steel mills segment to ~~improve~~decline in the ~~second~~third quarter of 2023 as compared to the ~~first~~second quarter of 2023 ~~primarily~~ due to ~~margin expansion~~decreased profitability, with the largest impact at our sheet mills. The earnings of the steel products segment isare expected to ~~deliver strong results~~moderate in the second quarter of 2023, but we believe it will moderate from the first quarter of 2023 due to expected lower average selling prices offsetting higher volumes. The raw materials segment is expected to improve in the secondthird quarter of 2023 as compared to the ~~first~~second quarter of 2023. Earnings for the raw materials segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 due to ~~the improved profitability of~~margin compression at our DRI ~~facilities.~~facilities and scrap processing operations.

Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our largest single customer in the ~~first~~second quarter of 2023 represented approximately 5% of sales and has consistently paid within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap and scrap substitutes, pig iron and iron ore. Businesses within the steel mills segment account for the majority of the raw materials segment’s sales.

Liquidity and Capital Resources

We believe our financial strength is a key strategic advantage, ~~among domestic steel producers,~~ particularly during recessionary business cycles. We ~~carry~~currently have the highest credit ratings of any steel producer headquartered in North America, with an A- long-term rating from Standard & Poor’s, an A- rating from Fitch Ratings and a Baa1 long-term rating from Moody’s. Our credit ratings are dependent, however, upon a number of factors, both qualitative and quantitative, and are subject to change at any time. The disclosure of our credit ratings is made in order to enhance investors’ understanding of our sources of liquidity and the impact of our credit ratings on our cost of funds.

Our liquidity position as of ~~April~~July 1, 2023 remained strong, consisting of total cash and cash equivalents, short-term investments and restricted cash and cash equivalents of ~~$4.70~~$5.39 billion as of such date compared to $4.94 billion as of December 31, 2022. Of these totals, the amount of restricted cash and cash equivalents was ~~$81.1~~$12.7 million at ~~April~~July 1, 2023 and $80.4 million at December 31, 2022. Approximately ~~$459.4~~$583.3 million of the cash and cash equivalents position at ~~April~~July, 1, 2023, was held by our majority-owned and controlled subsidiaries as compared to $1.04 billion at December 31, 2022.

Cash provided by operating activities was ~~$1.21~~$3.13 billion in the first ~~quarter~~six months of 2023 as compared to ~~$2.47~~$4.73 billion in the first ~~quarter~~six months of 2022. The ~~$1.26~~$1.60 billion decrease was primarily driven by net earnings before noncontrolling interests of ~~$1.23~~$2.82 billion for the first ~~quarter~~six months of 2023, a decrease of ~~$995.5 million~~$2.14 billion from net earnings before noncontrolling interests for the prior year period of ~~$2.23~~$4.95 billion. ~~In addition,~~Partially offsetting the decline in net earnings before noncontrolling interests were the changes in operating assets and operating liabilities (exclusive of acquisitions) which used cash of ~~$315.3~~$310.0 million in the first ~~quarter~~six months of 2023 as compared to ~~providing~~using cash of ~~$6.7~~$730.6 million in the first ~~quarter~~six months of 2022.

The funding of our working capital in the first six months of 2023 decreased by $420.6 million compared to the first six months of 2022 mainly due to the change in accounts receivable using $378.3 million less cash and the change in federal income taxes ~~which is largely a function of~~providing $362.9 million more cash as compared to the ~~timing of federal tax payments, provided cash of $330.8~~same period in 2022. These changes were offset by the $321.2 million decrease in the change in salaries, wages and related accruals in the first ~~quarter~~six months of 2023 as compared to ~~$672.1 million in~~ the first ~~quarter of 2022. The change in inventories used cash of $138.7 million in the first quarter of 2023 as compared to providing cash of $124.2 million in the same period~~six months of 2022. The change in salaries, wages, and related accruals used cash of ~~$858.9~~$574.0 million in the first ~~quarter~~six months of 2023 as compared to ~~$658.3 million in the same period of 2022. These changes were offset by the change in accounts payable, which provided cash of $394.6 millionin the first quarter of 2023 as compared to using cash of $165.5~~$252.8 million in the first ~~quarter~~six months of 2022, ~~a change~~due primarily to the payout in the first six months of ~~$560.1 million.~~2023 of incentive compensation for 2022, which was higher than the incentive compensation for 2021 that was paid out in the first six months of 2022 due to higher Company earnings in 2022.

The current ratio was ~~3.7~~3.8 at the end of the ~~first~~second quarter of 2023and 3.4 at year-end 2022. The increase in the current ratio at the end of the ~~first~~second quarter of 2023 compared to year-end 2022 was due to the ~~$499.8~~$325.6 million, or ~~11.5%~~8%, decrease in current liabilities. The decrease in current liabilities was primarily due to the ~~$894.8~~$610.2 million decrease in salaries, wages and related accruals in the first ~~quarter~~six months of 2023 as compared to the first ~~quarter~~six months of 2022 ~~which was largely~~ due to the ~~largest profit sharing payment in Company history being made in~~aforementioned incentive compensation accrued on December 31, 2022 and paid out during the first ~~quarter~~six months of ~~2023 (based on the Company's record earnings for the full year 2022).~~2023.

~~Table of Contents~~

Cash used in investing activities during the first ~~quarter~~six months of 2023 was ~~$769.8 million~~$1.38 billion as compared to ~~$981.7 million~~$4.54 billion in the prior year period, a decrease of ~~$211.9 million.~~$3.16 billion. The primary reason for the decrease in cash used in investing activities was athe decrease in cash used for acquisitions ~~(net~~ of ~~cash acquired)~~$3.47 billion. Acquisitions were significantly higher in the first six months of ~~$347.2 million~~2022 due to the acquisition of CSI on February 1, 2022 and C.H.I. Overhead Doors, LLC on June 24, 2022. ~~There were no acquisitions in the first quarter of 2023.~~ Cash used for capital expenditures of ~~$531.7 million~~$1.06 billion in the first ~~quarter~~six months of 2023 increased by ~~$84.1~~$88.3 million over the same period of ~~2022. Capital expenditures in the first quarter of~~ 2022 primarily ~~related~~due to the plate mill and tubular ~~products~~product facility being built in Kentucky, the sheet mill ~~expansion~~ in ~~South Carolina~~West Virginia and the ~~sheet~~micro mill ~~under construction~~being built in ~~West Virginia.~~North Carolina. Capital expenditures for 2023 are estimated to be approximately ~~$2.80~~$3.0 billion as compared to $1.95 billion in 2022. The projects that we anticipate will have the largest capital expenditures in 2023 are the sheet mill under construction in West Virginia, the micro mill being built in North Carolina, the sheet mill expansion in Indiana and the plate mill in Kentucky.

Cash used in financing activities during the first ~~quarter~~six months of 2023 was ~~$920.7 million~~$1.59 billion as compared to ~~$189.3~~$614.3 million in the first ~~quarter~~six months of 2022. The primary uses of cash were stock repurchases of ~~$425.8~~$876.7 million in the first ~~quarter~~six months of 2023 as compared to ~~$905.3 million~~$1.71 billion in the first ~~quarter~~six months of 2022, a decrease of ~~$479.5~~$831.2 million and distributions to noncontrolling interests of ~~$337.8~~$388.8 million in the first ~~quarter~~six months of 2023 as compared to ~~$211.6~~$268.5 million in the first ~~quarter~~six months of 2022, an increase of ~~$126.2~~$120.2 million. The primary change in the source of cash offsetting these uses of cash was proceeds from long-term debt, net of discount to the public, of ~~$1.09~~$2.09 billion in the first ~~quarter~~six months of 2022 as compared to none in the first ~~quarter~~six months of 2023. In the first ~~quarter~~six months of 2022, Nucor issued $500.0 million aggregate principal amount of its 3.950% Notes due in 2025, $500.0 million aggregate principal amount of its 4.300% Notes due in 2027, $550.0 million aggregate principal amount of ~~its~~the 3.125% Notes due in 2032 and $550.0 million aggregate principal amount of ~~its~~the 3.850% Notes due in 2052. On April 25, 2022, we redeemed all $500.0 million aggregate principal amount outstanding of our 4.000% Notes due 2023.

Nucor’s $1.75 billion revolving credit facility matures on November 5, 2026. The revolving credit facility includes only one financial covenant, which is a limit of 60% on the ratio of funded debt to total capital. In addition, the revolving credit facility contains customary non-financial covenants, including a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of ~~April~~July 1, 2023, the funded debt to total capital ratio was ~~25.1%~~24.2% and we were in compliance with all non-financial covenants under the revolving credit facility. No borrowings were outstanding under the revolving credit facility as of ~~April~~July 1, 2023.

In ~~February~~June 2023, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of $0.51 per share payable on ~~May~~August 11, 2023 to stockholders of record on ~~March 31,~~June 30, 2023. This dividend is Nucor’s ~~200~~201thst consecutive quarterly cash dividend.

Funds provided byfrom operations, cash and cash equivalents, short-term investments, restricted cash and cash equivalents and new borrowings under our existing credit facilities are expected to be adequate to meet future capital ~~expenditures~~

expenditure and working capital requirements for existing operations for at least the next 24 months. We also believe we have adequate access to capital markets for liquidity purposes.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

In the ordinary course of business, Nucor is exposed to a variety of market risks. We continually monitor these risks and develop strategies to manage them.

Interest Rate Risk

Nucor manages interest rate risk by using a combination of variable-rate and fixed-rate debt. Nucor also occasionally makes use of interest rate swaps to manage net exposure to interest rate changes. Management does not believe that Nucor’s exposure to interest rate risk has significantly changed since December 31, 2022. There were no interest rate swaps outstanding at ~~April~~July 1, 2023.

~~Table of Contents~~

Commodity Price Risk

In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap steel, other ferrous and nonferrous metals, alloys and natural gas. We attempt to negotiate the best prices for our raw material and energy requirements and to obtain prices for our steel products that match market price movements in response to supply and demand. In periods of strong or stable demand for our products, we are more likely to be able to effectively reduce the normal time lag in passing through higher raw material costs so that we can maintain our gross margins. When demand for our products is weaker, this becomes more challenging. Our DRI facilities in Trinidad and Louisiana provide us with flexibility in managing our raw ~~material~~materials requirements and our input costs. DRI is particularly important for operational flexibility when demand for prime scrap increases due to increased domestic steel production.

Natural gas produced by Nucor’s production operations is being sold to third parties to partially offset our exposure to changes in the price of natural gas consumed by our Louisiana DRI facility and our steel mills in the United States.

Nucor also periodically uses derivative financial instruments to hedge a portion of our exposure to price risk related to natural gas purchases used in the production process and to hedge a portion of our scrap, aluminum and copper purchases and sales. Gains and losses from derivatives designated as hedges are deferred in accumulated other comprehensive loss, net of income taxes in the condensed consolidated balance sheets and recognized in net earnings in the same period as the underlying physical transaction. At ~~April~~July 1, 2023, accumulated other comprehensive loss, net of income taxes included ~~$1.7~~$3.5 million in unrealized net-of-tax gains for the fair value of these derivative instruments. Changes in the fair values of derivatives not designated as hedges are recognized in net earnings each period.

The following table presents the negative effect on pre-tax earnings of a hypothetical change in the fair value of the derivative instruments outstanding at ~~April~~July 1, 2023, due to an assumed 10% and 25% change in the market price of each of the indicated commodities (in thousands):


Commodity Derivative	10% Change		25% Change		10% Change		25% Change
Natural gas	$	14,420	$	36,040	$	13,960	$	34,910
Aluminum	$	7,642	$	19,107	$	4,421	$	12,672
Copper	$	2,520	$	6,307	$	1,004	$	2,504

Any resulting changes in fair value would be recorded as adjustments to accumulated other comprehensive loss, net of income taxes or recognized in net earnings, as appropriate. These hypothetical losses would be partially offset by the benefit of lower prices paid or higher prices received for the physical commodities.

Foreign Currency Risk

Nucor is exposed to foreign currency risk primarily through its operations in Canada, Europe and Mexico. We periodically use derivative contracts to mitigate the risk of currency fluctuations. Open foreign currency derivative contracts at ~~April~~July 1, 2023 were insignificant.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the evaluation date.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended ~~April~~July 1, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

2225

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Nucor is from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.

There were no proceedings that were pending or contemplated under federal, state or local environmental laws that the Company reasonably believes may result in monetary sanctions of at least $1.0 million (the threshold chosen by Nucor as permitted by Item 103 of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), and which Nucor believes is reasonably designed to result in disclosure of any such proceeding that is material to its business or financial condition).

Item 1A. Risk Factors

There have been no material changes in Nucor’s risk factors from those included in “Item 1A. Risk Factors” in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Our share repurchase program activity for each of the three months and the quarter ended ~~April~~July 1, 2023 was as follows (in thousands, except per share ~~data)~~amounts):

Total
Number
of Shares
Purchased

Average
Price Paid
per Share (1)

Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (2)

Approximate
Dollar Value of
Shares that
May Yet Be
Purchased
Under the
Plans or
Programs (2)

January 1, 2023 - January 28, 2023

1,043

$
148.35

1,043

$
932,218

January 29, 2023 - February 25, 2023

808

$
167.55

808

$
796,710

February 26, 2023 - April 1, 2023

872

$
155.53

872

$
661,101

For the Quarter Ended April 1, 2023

2,723

2,723


	Total Number of Shares Purchased		Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
April 2, 2023 - April 29, 2023		2,323	$	147.99		2,323	$	317,952
April 30, 2023 - May 27, 2023		744	$	144.01		744	$	4,000,000
May 28, 2023 - July 1, 2023		-	$	-		-	$	4,000,000
For the Quarter Ended July 1, 2023		3,067				3,067

(1)

Includes commissions of ~~$0.47~~$0.29 per share.

(2)

On ~~December 2, 2021,~~May 11, 2023, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. The share repurchase authorization is discretionary and has no expiration date. Share repurchases made prior to May 11, 2023 were made under the Company's prior share repurchase program. The prior share repurchase program was announced on December 2, 2021 and authorized the Company to repurchase up to $4.00 billion of the Company's common stock. The prior share repurchase program was terminated in connection with the approval of the new share repurchase program announced on May 11, 2023.

23Item 5 Other Information

Insider Trading Arrangements

During the quarter ended July 1, 2023, none of our directors or officers (as defined in rule 16a-1 (f) under the Exchange Act) adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (as such terms are defined in Item 408 of Regulation S-K).

Item 6. Exhibits


Exhibit No.		Description of Exhibit

3		Restated Certificate of Incorporation of Nucor Corporation (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed September 14, 2010 (File No. 001-04119))

3.1		Bylaws of Nucor Corporation, as amended and restated February 22, 2021 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed February 24, 2021 (File No. 001-04119))
10*		Executive Employment Agreement of Brad Ford (#)

31*		Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.1*		Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.1**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101*		Financial Statements (Unaudited) from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended ~~April~~July 1, 2023, filed ~~May 10,~~August 9, 2023, formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

104*		Cover Page from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended ~~April~~July 1, 2023, filed ~~May 10,~~August 9, 2023, formatted in Inline XBRL (included in Exhibit 101 above).

* Filed herewith.

** Furnished (and not filed) herewith pursuant to Item 601(b)(32)(ii) of Regulation S-K.

24(#) Indicates a management contract or compensatory plan or arrangement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	NUCOR CORPORATION

	By:		/s/ Stephen D. Laxton
			Stephen D. Laxton
			Chief Financial Officer, Treasurer and
			Executive Vice President

Dated: ~~May 10,~~August 9, 2023

2529