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 ~~July 1, 2023~~March 30, 2024

☐


☐	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 ☒

~~248,722,494~~239,761,770 shares of the registrant’s common stock were outstanding at ~~July 1, 2023.~~March 30, 2024.

Nucor Corporation

Quarterly Report on Form 10-Q

For the Three Months ~~and Six Months~~ Ended ~~July 1, 2023~~March 30, 2024

Table of Contents


			Page
Part I	Financial Information

	Item 1	Financial Statements (Unaudited)

		Condensed Consolidated Statements of Earnings – Three Months (13 Weeks) Ended March 30, 2024 and ~~Six Months (26 Weeks) Ended July~~April 1, 2023 ~~and July 2, 202~~2	1

		Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) Ended March 30, 2024 and ~~Six Months (26 Weeks) Ended July~~April 1, 2023 ~~and July 2, 202~~2	2

		Condensed Consolidated Balance Sheets – ~~July 1, 2023~~March 30, 2024 and December 31, ~~202~~20232	3

		Condensed Consolidated Statements of Cash Flows – ~~Six~~Three Months ~~(26~~(13 Weeks) Ended ~~July~~March 30, 2024 and April 1, 2023 ~~and 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	1615

	Item 3	Quantitative and Qualitative Disclosures About Market Risk	2422

	Item 4	Controls and Procedures	25

	~~Item 5~~	~~Other Information~~	2723

Part II	Other Information

	Item 1	Legal Proceedings	2624

	Item 1A	Risk Factors	2624

	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	2724

	Item 5	Other Information	24

	Item 6	Exhibits	2825

Signatures			2926

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Nucor Corporation Condensed Consolidated Statements of Earnings (Unaudited)

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

Three Months (13 Weeks) Ended

Six Months (26 Weeks) Ended

July 1, 2023

July 2, 2022

July 1, 2023

July 2, 2022

Net sales

$
9,523,256

$
11,794,474

$
18,233,236

$
22,287,756

Costs, expenses and other:

Cost of products sold

7,021,582

7,690,211

13,733,360

14,725,354

Marketing, administrative and other expenses

453,388

563,211

843,283

1,087,795

Equity in earnings of unconsolidated affiliates

(6,094
)

(7,113
)

(4,754
)

(14,808
)
Interest expense, net

4,598

57,763

14,781

100,898

7,473,474

8,304,072

14,586,670

15,899,239

Earnings before income taxes and noncontrolling interests

2,049,782

3,490,402

3,646,566

6,388,517

Provision for income taxes

462,707

763,165

827,862

1,434,165

Net earnings before noncontrolling interests

1,587,075

2,727,237

2,818,704

4,954,352

Earnings attributable to noncontrolling interests

125,721

166,004

220,808

297,496

Net earnings attributable to Nucor stockholders

$
1,461,354

$
2,561,233

$
2,597,896

$
4,656,856

Net earnings per share:

Basic

$
5.82

$
9.69

$
10.28

$
17.34

Diluted

$
5.81

$
9.67

$
10.26

$
17.30

Average shares outstanding:

Basic

250,144

263,221

251,876

267,416

Diluted

250,524

263,719

252,334

268,066



	Three Months (13 Weeks) Ended
	March 30, 2024			April 1, 2023
Net sales	$	8,137,083		$	8,709,980
Costs, expenses and other:
Cost of products sold		6,613,903			6,711,778
Marketing, administrative and other expenses		345,395			389,895
Equity in (earnings) losses of unconsolidated affiliates		(9,769	)		1,340
Interest (income) expense, net		(37,787	)		10,183
		6,911,742			7,113,196
Earnings before income taxes and noncontrolling interests		1,225,341			1,596,784
Provision for income taxes		266,379			365,155
Net earnings before noncontrolling interests		958,962			1,231,629
Earnings attributable to noncontrolling interests		114,121			95,087
Net earnings attributable to Nucor stockholders	$	844,841		$	1,136,542
Net earnings per share:
Basic	$	3.46		$	4.47
Diluted	$	3.46		$	4.45
Average shares outstanding:
Basic		243,098			253,608
Diluted		243,497			254,397

See notes to condensed consolidated financial statements.

Nucor Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended
	July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022			March 30, 2024			April 1, 2023
Net earnings before noncontrolling interests	$	1,587,075		$	2,727,237		$	2,818,704		$	4,954,352		$	958,962		$	1,231,629
Other comprehensive income (loss):
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	)
Other comprehensive loss:
Net unrealized loss on hedging derivatives, net of income taxes of $(1,700) and $(7,800) for the first quarter of 2024 and 2023, respectively														(5,241	)		(24,575	)
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $1,800 and $100 for the first quarter of 2024 and 2023, respectively														5,341			175
Foreign currency translation gain (loss), net of income taxes of $0 for the first quarter of 2024 and 2023														(15,468	)		(3,441	)
		36,386			(26,306	)		8,545			44,472			(15,368	)		(27,841	)
Comprehensive income		1,623,461			2,700,931			2,827,249			4,998,824			943,594			1,203,788
Comprehensive income attributable to noncontrolling interests		125,721			166,004			220,808			297,496			114,121			95,087
Comprehensive income attributable to Nucor stockholders	$	1,497,740		$	2,534,927		$	2,606,441		$	4,701,328		$	829,473		$	1,108,701

See notes to condensed consolidated financial statements.

Nucor Corporation Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)


	July 1, 2023			Dec. 31, 2022			March 30, 2024			Dec. 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	4,510,563		$	4,280,852		$	4,557,759		$	6,383,298
Short-term investments		870,475			576,946			981,179			747,479
Accounts receivable, net		3,874,933			3,591,030			3,157,184			2,953,311
Inventories, net		5,632,324			5,453,531			5,589,675			5,577,758
Other current assets		402,213			789,325			356,882			724,012
Total current assets		15,290,508			14,691,684			14,642,679			16,385,858
Property, plant and equipment, net		10,093,399			9,616,920			11,456,683			11,049,767
Restricted cash and cash equivalents		12,665			80,368			46			3,494
Goodwill		3,926,197			3,920,060			3,956,062			3,968,847
Other intangible assets, net		3,205,881			3,322,265			3,049,070			3,108,015
Other assets		851,266			847,913			827,985			824,518
Total assets	$	33,379,916		$	32,479,210		$	33,932,525		$	35,340,499
LIABILITIES
Current liabilities:
Short-term debt	$	33,339		$	49,081		$	130,002		$	119,211
Current portion of long-term debt and finance lease obligations		25,087			28,582			73,890			74,102
Accounts payable		1,855,502			1,649,523			1,616,366			2,020,289
Salaries, wages and related accruals		1,043,967			1,654,210			686,186			1,326,390
Accrued expenses and other current liabilities		1,046,279			948,348			1,139,532			1,054,517
Total current liabilities		4,004,174			4,329,744			3,645,976			4,594,509
Long-term debt and finance lease obligations due after one year		6,620,686			6,613,687			6,647,560			6,648,873
Deferred credits and other liabilities		1,814,128			1,965,873			1,913,470			1,973,363
Total liabilities		12,438,988			12,909,304			12,207,006			13,216,745
Commitments and contingencies
EQUITY
Nucor stockholders' equity:
Common stock		152,061			152,061			152,061			152,061
Additional paid-in capital		2,149,693			2,143,520			2,210,823			2,176,243
Retained earnings		27,095,661			24,754,873			29,476,087			28,762,045
Accumulated other comprehensive loss, net of income taxes		(128,972	)		(137,517	)		(177,440	)		(162,072	)
Treasury stock		(9,314,764	)		(8,498,243	)		(10,967,818	)		(9,987,643	)
Total Nucor stockholders' equity		19,953,679			18,414,694			20,693,713			20,940,634
Noncontrolling interests		987,249			1,155,212			1,031,806			1,183,120
Total equity		20,940,928			19,569,906			21,725,519			22,123,754
Total liabilities and equity	$	33,379,916		$	32,479,210		$	33,932,525		$	35,340,499

See notes to condensed consolidated financial statements.

Nucor Corporation Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended
	July 1, 2023			July 2, 2022			March 30, 2024			April 1, 2023
Operating activities:
Net earnings before noncontrolling interests	$	2,818,704		$	4,954,352		$	958,962		$	1,231,629
Adjustments:
Depreciation		448,836			397,270			256,938			221,089
Amortization		117,231			87,267			58,683			58,769
Stock-based compensation		83,587			74,219			21,341			20,401
Deferred income taxes		(44,609	)		(36,220	)		(39,627	)		(28,193	)
Distributions from affiliates		18,621			2,287			7,241			17,394
Equity in earnings of unconsolidated affiliates		(4,754	)		(14,808	)
Equity in (earnings) losses of unconsolidated affiliates								(9,769	)		1,340
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		(270,314	)		(648,569	)		(207,682	)		(67,505	)
Inventories		(174,437	)		(157,976	)		(13,980	)		(138,694	)
Accounts payable		242,071			198,062			(392,403	)		394,602
Federal income taxes		396,341			33,441			247,783			330,781
Salaries, wages and related accruals		(573,993	)		(252,758	)		(595,861	)		(858,925	)
Other operating activities		70,313			97,174			168,027			24,485
Cash provided by operating activities		3,127,597			4,733,741			459,653			1,207,173
Investing activities:
Capital expenditures		(1,057,086	)		(968,795	)		(670,340	)		(531,733	)
Investment in and advances to affiliates		(35,078	)		(227	)		(79	)		-
Disposition of plant and equipment		5,289			15,996			4,439			2,276
Acquisitions (net of cash acquired)		-			(3,465,866	)		991			-
Purchases of investments		(701,639	)		(330,278	)		(646,570	)		(468,412	)
Proceeds from the sale of investments		408,854			219,996			421,831			228,086
Other investing activities		-			(7,096	)
Cash used in investing activities		(1,379,660	)		(4,536,270	)		(889,728	)		(769,783	)
Financing activities:
Net change in short-term debt		(15,742	)		(7,214	)		10,791			(19,765	)
Proceeds from issuance of long-term debt, net of discount		-			2,091,934
Repayment of long-term debt		(5,000	)		(506,000	)		(2,500	)		(2,500	)
Bond issuance costs		-			(13,138	)
Proceeds from exercise of stock options		7,123			18,819			3,165			7,123
Payment of tax withholdings on certain stock-based compensation		(42,120	)		(58,218	)		(3,280	)		(7,105	)
Distributions to noncontrolling interests		(388,771	)		(268,535	)		(265,435	)		(337,810	)
Cash dividends		(259,894	)		(272,038	)		(133,568	)		(130,525	)
Acquisition of treasury stock		(876,698	)		(1,707,893	)		(1,001,300	)		(425,820	)
Proceeds from government incentives		-			125,000
Other financing activities		(8,296	)		(17,059	)		(3,419	)		(4,272	)
Cash used in financing activities		(1,589,398	)		(614,342	)		(1,395,546	)		(920,674	)
Effect of exchange rate changes on cash		3,469			(817	)		(3,366	)		3,243
Increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		162,008			(417,688	)
Decrease in cash and cash equivalents and restricted cash and cash equivalents								(1,828,987	)		(480,041	)
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year		4,361,220			2,508,658			6,386,792			4,361,220
Cash and cash equivalents and restricted cash and cash equivalents - end of six months	$	4,523,228		$	2,090,970
Cash and cash equivalents and restricted cash and cash equivalents - end of three months							$	4,557,805		$	3,881,179
Non-cash investing activity:
Change in accrued plant and equipment purchases	$	(36,580	)	$	(23,583	)	$	(10,880	)	$	(36,280	)

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~~2023 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.~~2023.

Recent Accounting Pronouncements

In November 2023, new accounting guidance was issued that updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (the “CODM”) and included within each reported measure of a segment's profit or loss. This new guidance also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements.

In December 2023, new accounting guidance was issued related to income tax disclosures. The new guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new guidance is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements.

2. Inventories

Inventories consisted of approximately 3632% raw materials and supplies and 6468% finished and semi-finished products at ~~July 1, 2023~~March 30, 2024 (37% and 63%, respectively, at December 31, ~~2022)~~2023). 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 $~~11.52~~12.00 billion at ~~July 1, 2023~~March 30, 2024 ($~~11.12~~11.79 billion at December 31, ~~2022)~~2023).

4. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the ~~six~~three months ended ~~July 1, 2023~~March 30, 2024 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
Balance at December 31, 2023											$	675,186	$	2,514,172		$	779,489		$	3,968,847
Acquisitions		-		(3,740	)		-		(3,740	)		-		-			(8,366	)		(8,366	)
Translation		-		9,877			-		9,877			-		(4,419	)		-			(4,419	)
Balance at July 1, 2023	$	675,186	$	2,516,182		$	734,829	$	3,926,197
Balance at March 30, 2024											$	675,186	$	2,509,753		$	771,123		$	3,956,062

Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of ~~2022~~2023 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 $~~356.3~~ ~~million as of 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 $~~33.3~~ ~~million as of 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 ~~July 1, 2023~~March 30, 2024 and December 31, ~~2022~~2023 (in thousands):


	July 1, 2023				December 31, 2022				March 30, 2024				December 31, 2023
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	4,175,432	$	1,191,801	$	4,174,724	$	1,087,834	$	4,189,905	$	1,347,718	$	4,190,156	$	1,295,778
Trademarks and trade names		364,245		153,691		364,106		142,363		372,142		174,182		372,153		168,363
Other		109,746		98,050		109,746		96,114		109,747		100,824		109,747		99,900
	$	4,649,423	$	1,443,542	$	4,648,576	$	1,326,311	$	4,671,794	$	1,622,724	$	4,672,056	$	1,564,041

Intangible asset amortization expense in the ~~second~~first quarter of ~~2023~~2024 and ~~2022~~2023 was $~~58.4~~58.7 million and $~~45.9~~58.8 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 $~~233.5~~ ~~million in 2023; $233.4~~234.4 million in 2024; $~~232.4~~233.5 million in 2025; $~~229.4~~230.5 million in 2026; ~~and~~ $~~225.1~~227.3 million in ~~2027.~~2027; and $221.9 million in 2028.

5. Current Liabilities

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $~~152.4~~71.0 million at ~~July 1, 2023~~March 30, 2024 ($~~163.6~~159.0 million at December 31, ~~2022)~~2023). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $~~127.7~~130.8 million at ~~July 1, 2023~~March 30, 2024 ($~~130.5~~133.6 million at December 31, ~~2022)~~2023). Accrued vacation and holiday pay, included in salaries, wages and related accruals in the condensed consolidated balance sheets, were $208.0 million at March 30, 2024 ($202.2 million at December 31, 2023).

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 ~~July 1, 2023~~March 30, 2024 and December 31, ~~2022~~2023 (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 July 1, 2023
As of March 30, 2024
Assets:
Cash equivalents	$	3,980,583		$	3,980,583	$	-		$	-	$	3,964,716		$	3,964,716	$	-		$	-
Short-term investments		870,475			870,475		-			-		981,179			981,179		-			-
Restricted cash and cash equivalents		12,665			12,665		-			-		46			46		-			-
Derivative contracts		7,263			-		7,263			-		138			-		138			-
Other assets												50,740			7,965		-			42,775
Total assets	$	4,870,986		$	4,863,723	$	7,263		$	-	$	4,996,819		$	4,953,906	$	138			42,775
Liabilities:
Derivative contracts	$	(621	)	$	-	$	(621	)	$	-	$	(23,056	)	$	-	$	(23,056	)	$	-

As of December 31, 2022
As of December 31, 2023
Assets:
Cash equivalents	$	3,182,631		$	3,182,631	$	-		$	-	$	5,724,549		$	5,724,549	$	-		$	-
Short-term investments		576,946			576,946		-			-		747,479			747,479		-			-
Restricted cash and cash equivalents		80,368			80,368		-			-		3,494			3,494		-			-
Derivative contracts		34,400			-		34,400			-
Other assets												47,020			4,245		-			42,775
Total assets	$	3,874,345		$	3,839,945	$	34,400		$	-	$	6,522,542		$	6,479,767	$	-			42,775
Liabilities:
Derivative contracts	$	(1,370	)	$	-	$	(1,370	)	$	-	$	(23,211	)	$	-	$	(23,211	)	$	-

Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents and an investment in a publicly traded nuclear power equipment manufacturer 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 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 risks, spot and future commodity prices, and spot and future exchange rates. Fair value measurements for Nucor's investments in privately held companies, most of which are in a nuclear fusion technology company, are classified under Level 3 because such measurements are based on unobservable inputs that indicate a change in fair value, including the transaction price in the event of a change in ownership of the investee (e.g., the sale of other investors' interest in the company) or the transaction price in the event of additional equity issuances of the investee. 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 $~~5.96~~6.16 billion at ~~July 1, 2023~~March 30, 2024 (approximately $~~5.93~~6.22 billion at December 31, ~~2022)~~2023). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at ~~July 1, 2023~~March 30, 2024 and December 31, ~~2022,~~2023, 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 ~~six months~~quarter of ~~2023~~2024 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					718		$	78.33
Granted		91		$	133.03					-		$	-
Exercised		(131	)	$	54.49		$	15,539		(54	)	$	50.09		$	7,594
Canceled		-		$	-					-		$	-
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
Outstanding at March 30, 2024										664		$	80.61	6.9 years	$	77,915
Stock options exercisable at March 30, 2024										380		$	48.09	6.1 years	$	56,861

~~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 $~~3.4~~0.4 million and $~~3.9~~ ~~million in the second quarter of 2023 and 2022, respectively, and $3.9~~ ~~million and $4.4~~0.5 million in the first ~~six months~~quarter of ~~2023~~2024 and ~~2022,~~2023, respectively. As of ~~July 1, 2023,~~March 30, 2024, unrecognized compensation expense related to stock options was $~~2.8~~1.6 million, which we expect to recognize over a weighted-average period of ~~2.2~~1.8 years.

Restricted Stock Units

A summary of Nucor’s restricted stock unit (“RSU”) activity for the first ~~six months~~quarter of ~~2023~~2024 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		947		$	124.89
Granted		831		$	133.03		-		$	-
Vested		(863	)	$	102.49		(8	)	$	130.67
Canceled		(10	)	$	96.92		(5	)	$	129.87
Unvested at July 1, 2023		961		$	124.96
Unvested at March 30, 2024							934		$	124.82

Compensation expense for RSUs was $~~48.5~~12.9 million and $~~41.9~~ ~~million in the second quarter of 2023 and 2022, respectively, and $60.7~~ ~~million and $50.9~~12.2 million in the first ~~six months~~quarter of ~~2023~~2024 and ~~2022,~~2023, respectively. As of ~~July 1, 2023,~~March 30, 2024, unrecognized compensation expense related to unvested RSUs was $~~111.9~~70.5 million, which we expect to recognize over a weighted-average period of ~~1.8~~1.0 ~~years.~~year.

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 ~~six months~~quarter of ~~2023~~2024 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		210		$	145.55
Granted		414		$	171.38		421		$	187.54
Vested		(406	)	$	152.68		(350	)	$	176.74
Canceled		(7	)	$	171.38		-		$	-
Unvested at July 1, 2023		210		$	144.98
Unvested at March 30, 2024							281		$	169.57

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 $~~11.7~~8.0 million and $~~1.8~~ ~~million in the second quarter of 2023 and 2022, respectively, and $19.4~~ ~~million and $18.8~~7.7 million in the first ~~six months~~quarter of ~~2023~~2024 and ~~2022,~~2023, respectively. As of ~~July 1, 2023,~~March 30, 2024, unrecognized compensation expense related to unvested restricted stock awards was $~~10.7~~17.2 million, which we expect to recognize over a weighted-average period of ~~2.0~~2.16 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 $~~194.4~~123.3 million and $~~333.0~~ ~~million in the second quarter of 2023 and 2022, respectively, and $356.6~~ ~~million and $619.9~~162.2 million in the first ~~six months~~quarter of ~~2023~~2024 and ~~2022,~~2023, respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets.

10. Interest (Income) Expense ~~(Income)~~

The components of net interest (income) expense for the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023 ~~and 2022~~ are as follows (in thousands):


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended
	July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022			March 30, 2024			April 1, 2023
Interest expense	$	60,806		$	63,514		$	123,488		$	107,590		$	43,487		$	62,682
Interest income		(56,208	)		(5,751	)		(108,707	)		(6,692	)		(81,274	)		(52,499	)
Interest expense, net	$	4,598		$	57,763		$	14,781		$	100,898
Interest (income) expense, net													$	(37,787	)	$	10,183

11. Income Taxes

The effective tax rate for the ~~second~~first quarter of ~~2023~~2024 was ~~22.6~~21.7% compared to ~~21.9~~22.9% for the ~~second~~first quarter of ~~2022.~~

2023. The decrease in the effective tax rate for the first quarter of 2024 as compared to the first quarter of 2023 was primarily due to increased federal tax credits and the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods.

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 the tax years through 2014, and for the tax years 2016 and 2018. The tax years 2017, 2021, and ~~2021~~2022 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formerly known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2016 through 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 $~~10.6~~42.0 million at ~~July 1, 2023~~March 30, 2024 ($~~19.3~~40.7 million at December 31, ~~2022)~~2023). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $~~1.24~~1.29 billion at ~~July 1, 2023~~March 30, 2024 ($~~1.30~~1.33 billion at December 31, ~~2022)~~2023).

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”), and Nucor-JFE Steel Mexico, S. de R.L. de C.V. ("NJSM") - in ~~both~~each of which Nucor owns 51% (the third of which Nucor acquired an additional 1% interest in the fourth quarter of 2023, bringing our total equity ownership to a 51% controlling interest), for the three months ended March 30, 2024 and ~~six months ended July~~April 1, 2023 ~~and July 2, 2022~~ (in thousands):


				Three Months (13 Weeks) Ended July 1, 2023																												Three Months (13 Weeks) Ended March 30, 2024
														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, 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, December 31, 2023																													$	22,123,754			380,154	$	152,061	$	2,176,243		$	28,762,045		$	(162,072	)		135,252		$	(9,987,643	)	$	20,940,634		$	1,183,120
Net earnings before noncontrolling interests		1,587,075			-		-		-			1,461,354			-			-			-			1,461,354			125,721			958,962			-		-		-			844,841			-			-			-			844,841			114,121
Other comprehensive income (loss)		36,386			-		-		-			-			36,386			-			-			36,386			-			(15,368	)		-		-		-			-			(15,368	)		-			-			(15,368	)		-
Stock options exercised		-			-		-					-			-			-			-			-			-			2,688			-		-		(1,449	)		-			-			(54	)		4,137			2,688			-
Stock option expense		3,447			-		-		3,447			-			-			-			-			3,447			-			392			-		-		392			-			-			-			-			392			-
Issuance of stock under award plans, net of forfeitures		16,149			-		-		(24,025	)		-			-			(566	)		40,174			16,149			-			59,964			-		-		33,037			-			-			(344	)		26,927			59,964			-
Amortization of unearned compensation		1,501			-		-		1,501			-			-			-			-			1,501			-			2,600			-		-		2,600			-			-			-			-			2,600			-
Treasury stock acquired		(454,814	)		-		-		-			-			-			3,067			(454,814	)		(454,814	)		-
Treasury stock acquired, and net impact of excise tax																														(1,011,239	)		-		-		-			-			-			5,538			(1,011,239	)		(1,011,239	)		-
Cash dividends declared		(127,725	)		-		-		-			(127,725	)		-			-			-			(127,725	)		-			(130,799	)		-		-		-			(130,799	)		-			-			-			(130,799	)		-
Distributions to noncontrolling interests		(50,961	)		-		-		-			-			-			-			-			-			(50,961	)		(265,435	)		-		-		-			-			-			-			-			-			(265,435	)
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
BALANCES, March 30, 2024																													$	21,725,519			380,154	$	152,061	$	2,210,823		$	29,476,087		$	(177,440	)		140,392		$	(10,967,818	)	$	20,693,713		$	1,031,806

Six Months (26 Weeks) Ended July 1, 2023

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, 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

2,818,704

-

-

-

2,597,896

-

-

-

2,597,896

220,808

Other comprehensive income (loss)

8,545

-

-

-

-

8,545

-

-

8,545

-

Stock options exercised

7,123

-

-

(1,749
)

-

-

(131
)

8,872

7,123

-

Stock option expense

3,922

-

-

3,922

-

-

-

-

3,922

-

Issuance of stock under award plans,
   net of forfeitures

59,969

-

-

735

-

-

(889
)

59,234

59,969

-

Amortization of unearned
   compensation

3,265

-

-

3,265

-

-

-

-

3,265

-

Treasury stock acquired

(884,627
)

-

-

-

-

-

5,790

(884,627
)

(884,627
)

-

Cash dividends declared

(257,108
)

-

-

-

(257,108
)

-

-

-

(257,108
)

-

Distributions to noncontrolling
   interests

(388,771
)

-

-

-

-

-

-

-

-

(388,771
)
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																												Three Months (13 Weeks) Ended April 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		4,954,352			-		-		-			4,656,856			-			-			-			4,656,856			297,496			1,231,629			-		-		-			1,136,542			-			-			-			1,136,542			95,087
Other comprehensive income (loss)		44,472			-		-		-			-			44,472			-			-			44,472			-			(27,841	)		-		-		-			-			(27,841	)		-			-			(27,841	)		-
Stock options exercised		18,819			-		-		(1,309	)		-			-			(359	)		20,128			18,819			-			7,123			-		-		(1,749	)		-			-			(131	)		8,872			7,123			-
Stock option expense		4,422			-		-		4,422			-			-			-			-			4,422			-			475			-		-		475			-			-			-			-			475			-
Issuance of stock under award plans, net of forfeitures		39,552			-		-		(31,143	)		-			-			(1,163	)		70,695			39,552			-			43,820			-		-		24,760			-			-			(323	)		19,060			43,820			-
Amortization of unearned compensation		2,600			-		-		2,600			-			-			-			-			2,600			-			1,764			-		-		1,764			-			-			-			-			1,764			-
Treasury stock acquired		(1,707,893	)		-		-		-			-			-			12,148			(1,707,893	)		(1,707,893	)		-
Treasury stock acquired, and net impact of excise tax																														(429,813	)		-		-		-			-			-			2,723			(429,813	)		(429,813	)		-
Cash dividends declared		(266,573	)		-		-		-			(266,573	)		-			-			-			(266,573	)		-			(129,383	)		-		-		-			(129,383	)		-			-			-			(129,383	)		-
Distributions to noncontrolling interests		(268,535	)		-		-		-			-			-			-			-			-			(268,535	)		(337,810	)		-		-		-			-			-			-			-			-			(337,810	)
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
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

Dividends declared per share were $~~0.51~~ ~~per share in the second quarter of 2023 ($0.50~~ ~~per share in the second quarter of 2022) and $1.02~~0.54 per share in the first ~~six months~~quarter of ~~2023~~2024 ($~~1.00~~0.51 per share in the first ~~six months~~quarter of ~~2022)~~2023).

On 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~~are 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 ~~July 1, 2023,~~March 30, 2024, the Company had approximately $~~4.00~~2.32 billion available for share repurchases under the program authorized by the Company’s Board of Directors.

1110

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 ended March 30, 2024 and ~~six months ended July~~April 1, 2023 ~~and July 2, 2022~~ (in thousands):

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
	March 30, 2024
	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, 2023	$	(13,900	)	$	(159,175	)	$	11,003	$	(162,072	)
Other comprehensive income (loss) before reclassifications		(5,241	)		(15,468	)		-		(20,709	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1)		5,341			-			-		5,341
Net current-period other comprehensive income (loss)		100			(15,468	)		-		(15,368	)
Accumulated other comprehensive income (loss) at March 30, 2024	$	(13,800	)	$	(174,643	)	$	11,003	$	(177,440	)

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
)


	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	)

(1)

Includes $~~6,228~~5,341 and $~~6,403~~175 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net ~~gains~~losses on commodity contracts in the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023, respectively. The tax impact of those reclassifications was $~~1,900~~1,800 and $~~2,000~~100 in the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023, respectively.

1211

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 $(15,136) and $(20,526~~) 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 2022, respectively. The tax impact of those reclassifications was $(~~4,800) and $(6,500) in the second quarter and first six months of 2022, respectively.~~

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"~~). 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 (income) 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~~first quarter of 2024 and ~~first six months of~~ 2023 ~~and 2022~~ were as follows (in thousands):


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended
	July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022			March 30, 2024			April 1, 2023
Net sales to external customers:
Steel mills	$	5,565,772		$	7,256,067		$	10,545,029		$	13,774,676		$	5,168,778		$	4,979,257
Steel products		3,442,862			3,842,948			6,718,859			7,166,036			2,516,868			3,275,997
Raw materials		514,622			695,459			969,348			1,347,044			451,437			454,726
	$	9,523,256		$	11,794,474		$	18,233,236		$	22,287,756		$	8,137,083		$	8,709,980
Intercompany sales:
Steel mills	$	1,361,066		$	1,763,563		$	2,524,698		$	3,356,821		$	1,250,863		$	1,163,632
Steel products		100,257			117,289			200,618			251,995			137,444			100,361
Raw materials		3,588,629			4,145,690			6,759,521			7,692,209			3,110,029			3,170,892
Corporate/eliminations		(5,049,952	)		(6,026,542	)		(9,484,837	)		(11,301,025	)		(4,498,336	)		(4,434,885	)
	$	-		$	-		$	-		$	-		$	-		$	-
Earnings before income taxes and noncontrolling interests:
Steel mills	$	1,403,547		$	2,815,723		$	2,241,935		$	5,394,577		$	1,102,251		$	838,388
Steel products		1,010,789			1,129,932			1,981,591			1,814,799			511,559			970,802
Raw materials		138,411			263,598			196,551			359,451			9,581			58,140
Corporate/eliminations		(502,965	)		(718,851	)		(773,511	)		(1,180,310	)		(398,050	)		(270,546	)
	$	2,049,782		$	3,490,402		$	3,646,566		$	6,388,517		$	1,225,341		$	1,596,784


	July 1, 2023		Dec. 31, 2022		March 30, 2024		Dec. 31, 2023
Segment assets:
Assets:
Steel mills	$	14,828,076	$	14,157,229	$	15,557,704	$	15,407,266
Steel products		11,487,936		12,087,145		11,012,416		10,914,870
Raw materials		3,292,148		3,383,114		3,443,812		3,546,759
Corporate/eliminations		3,771,756		2,851,722		3,918,593		5,471,604
	$	33,379,916	$	32,479,210	$	33,932,525	$	35,340,499

15. Revenue

The following tables disaggregate our revenue by major source for the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023 ~~and 2022~~ (in thousands):


	Three Months (13 Weeks) Ended July 1, 2023								Six Months (26 Weeks) Ended July 1, 2023								Three Months (13 Weeks) Ended March 30, 2024
	Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total
Sheet	$	2,645,817	$	-	$	-	$	2,645,817	$	4,748,511	$	-	$	-	$	4,748,511	$	2,710,337	$	-	$	-	$	2,710,337
Bar		1,599,724		-		-		1,599,724		3,197,852		-		-		3,197,852		1,334,898		-		-		1,334,898
Structural		581,952		-		-		581,952		1,220,259		-		-		1,220,259		611,007		-		-		611,007
Plate		738,279		-		-		738,279		1,378,407		-		-		1,378,407		512,536		-		-		512,536
Tubular Products		-		436,551		-		436,551		-		875,534		-		875,534		-		368,724		-		368,724
Rebar Fabrication		-		615,814		-		615,814		-		1,113,931		-		1,113,931		-		412,341		-		412,341
Joist		-		638,975		-		638,975		-		1,274,791		-		1,274,791		-		330,601		-		330,601
Deck		-		473,775		-		473,775		-		959,218		-		959,218		-		268,630		-		268,630
Building Systems																		-		314,013		-		314,013
Other Steel Products		-		1,277,747		-		1,277,747		-		2,495,385		-		2,495,385		-		822,559		-		822,559
Raw Materials		-		-		514,622		514,622		-		-		969,348		969,348		-		-		451,437		451,437
	$	5,565,772	$	3,442,862	$	514,622	$	9,523,256	$	10,545,029	$	6,718,859	$	969,348	$	18,233,236	$	5,168,778	$	2,516,868	$	451,437	$	8,137,083


	Three Months (13 Weeks) Ended July 2, 2022								Six Months (26 Weeks) Ended July 2, 2022								Three Months (13 Weeks) Ended April 1, 2023
	Steel Mills		Steel Products		Raw Materials		Total		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	$	2,102,694	$	-	$	-	$	2,102,694
Bar		1,992,463		-		-		1,992,463		3,820,194		-		-		3,820,194		1,598,128		-		-		1,598,128
Structural		783,121		-		-		783,121		1,566,392		-		-		1,566,392		638,307		-		-		638,307
Plate		864,150		-		-		864,150		1,588,694		-		-		1,588,694		640,128		-		-		640,128
Tubular Products		-		613,238		-		613,238		-		1,124,391		-		1,124,391		-		438,983		-		438,983
Rebar Fabrication		-		579,000		-		579,000		-		1,024,232		-		1,024,232		-		498,117		-		498,117
Joist		-		687,882		-		687,882		-		1,300,117		-		1,300,117		-		635,816		-		635,816
Deck		-		582,414		-		582,414		-		1,133,323		-		1,133,323		-		485,443		-		485,443
Building Systems																				281,910		-		281,910
Other Steel Products		-		1,380,414		-		1,380,414		-		2,583,973		-		2,583,973		-		935,728		-		935,728
Raw Materials		-		-		695,459		695,459		-		-		1,347,044		1,347,044		-		-		454,726		454,726
	$	7,256,067	$	3,842,948	$	695,459	$	11,794,474	$	13,774,676	$	7,166,036	$	1,347,044	$	22,287,756	$	4,979,257	$	3,275,997	$	454,726	$	8,709,980

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 $~~350.5~~346.3 million as of ~~July 1, 2023~~March 30, 2024 ($~~285.0~~313.8 million as of December 31, ~~2022)~~2023) and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

16. Earnings Per Share

The computations of basic and diluted net earnings per share for the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023 ~~and 2022~~ are as follows (in thousands, except per share ~~amounts)~~data):


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended
	July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022			March 30, 2024			April 1, 2023
Basic net earnings per share:
Basic net earnings	$	1,461,354		$	2,561,233		$	2,597,896		$	4,656,856		$	844,841		$	1,136,542
Earnings allocated to participating securities		(6,029	)		(11,041	)		(9,251	)		(19,380	)		(3,221	)		(3,413	)
Net earnings available to common stockholders	$	1,455,325		$	2,550,192		$	2,588,645		$	4,637,476		$	841,620		$	1,133,129
Basic average shares outstanding		250,144			263,221			251,876			267,416			243,098			253,608
Basic net earnings per share	$	5.82		$	9.69		$	10.28		$	17.34		$	3.46		$	4.47
Diluted net earnings per share:
Diluted net earnings	$	1,461,354		$	2,561,233		$	2,597,896		$	4,656,856		$	844,841		$	1,136,542
Earnings allocated to participating securities		(6,013	)		(10,997	)		(9,223	)		(19,302	)		(3,213	)		(3,392	)
Net earnings available to common stockholders	$	1,455,341		$	2,550,236		$	2,588,673		$	4,637,554		$	841,628		$	1,133,150
Diluted average shares outstanding:
Basic average shares outstanding		250,144			263,221			251,876			267,416			243,098			253,608
Dilutive effect of stock options and other		380			498			458			650			399			789
		250,524			263,719			252,334			268,066			243,497			254,397
Diluted net earnings per share	$	5.81		$	9.67		$	10.26		$	17.30		$	3.46		$	4.45

~~The number~~There were no shares excluded from the computation of ~~shares that were not included in the~~ diluted ~~net~~ earnings per common share ~~calculation,~~ because ~~to do so~~their effect would have been ~~anti-dilutive, was immaterial for all periods presented.~~antidilutive in either the first quarter of 2024 or the first quarter of 2023.

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~~2023 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.~~2023.

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.

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 82%, ~~67%~~59% and ~~76%~~77%, respectively, in the first ~~six months~~quarter of ~~2023~~2024, compared with approximately ~~81%~~79%, ~~76%~~65% and 75%, respectively, in the first ~~six months~~quarter of ~~2022.~~2023.

Results of Operations

Nucor reported net earnings attributable to Nucor ~~stockholders~~Stockholders of ~~$1.46 billion,~~$844.8 million, or ~~$5.81~~$3.46 per diluted share, ~~for~~in the ~~second~~first quarter of ~~2023, as~~2024, which represented a decrease compared to net earnings attributable to Nucor stockholders of $1.14 billion, or $4.45 per diluted share, ~~for~~in 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 second quarter in Nucor's history.~~

2023.

The primary driver for the decrease in earnings in the ~~second~~first quarter of 2024 as compared to the first quarter of 2023 ~~compared to the second quarter of 2022~~ was the decreased ~~earnings~~profitability of the steel products segment. The profitability of that segment has moderated from the historically high levels experienced over the last three years. The largest driver of the decrease was at our joist and deck businesses, but we believe selling prices will likely stabilize as we approach the second half of 2024. Though moderating, we expect the steel products segment to maintain profitability higher than pre-pandemic averages.

The profitability of the steel mills ~~segment. The steel mills~~ segment ~~experienced lower shipping volumes~~improved in the ~~second~~first quarter of 2024 as compared to the first quarter of 2023, ~~compared~~driven by higher average selling prices and increased metal margins. The largest contributor to the ~~second quarter~~increased profitability of ~~2022. Average~~the segment was our sheet mills, which experienced increases in selling prices ~~in the steel mills segment decreased~~and margins that offset decreases 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.mills.

~~The earnings of the steel products segment moderated~~Earnings 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~~first quarter ~~and first six months~~ of ~~2023~~2024 as compared to the ~~second~~first quarter ~~and first six months~~ of ~~2022 primarily~~2023, due to margin compression at our scrap processing operations and the decreased profitability of our DRI ~~facilities and our scrap brokerage operations.~~facilities.

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 primary driver of the decrease in earnings in the first six months of 2023 as compared to the first six months of 2022 was due to the decreased performance of the steel mills segment, particularly at our sheet mills. Pricing for sheet mill products on average was significantly lower in the first six months of 2023 as compared to the first six months of 2022.

The earnings of the steel products segment increased in the first six months of 2023 as compared to the first six months of 2022, driven by the strong performance across several businesses including our joist, deck, tubular products, metal buildings and rebar fabrication operations, and the addition of our overhead doors business.

The following discussion provides a greater quantitative and qualitative analysis of Nucor’s performance in the ~~second~~first quarter ~~and first six months~~ of ~~2023~~2024 as compared to the ~~second~~first quarter ~~and first six months~~ of ~~2022.~~

2023.

Net Sales

Net sales to external customers by segment for the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023 ~~and 2022~~ were as follows (in thousands):

Three Months (13 Weeks) Ended

Six Months (26 Weeks) Ended

July 1, 2023

July 2, 2022

% Change

July 1, 2023

July 2, 2022

% Change
Steel mills

$5,565,772

$7,256,067

-23%

$10,545,029

$13,774,676

-23%
Steel products

3,442,862

3,842,948

-10%

6,718,859

7,166,036

-6%
Raw materials

514,622

695,459

-26%

969,348

1,347,044

-28%
Total net sales to external customers

$9,523,256

$11,794,474

-19%

$18,233,236

$22,287,756

-18%

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


	Three Months (13 Weeks) Ended
	March 30, 2024		April 1, 2023		% Change
Steel mills	$	5,168,778	$	4,979,257		4	%
Steel products		2,516,868		3,275,997		-23	%
Raw materials		451,437		454,726		-1	%
Total net sales to external customers	$	8,137,083	$	8,709,980		-7	%

Net sales for the first ~~six months~~quarter of ~~2023~~2024 decreased ~~18%~~7% from the first ~~six months~~quarter of ~~2022.~~2023. Average sales price per ton decreased ~~16%~~3% from ~~$1,667~~$1,352 in the first ~~six months~~quarter of ~~2022~~2023 to ~~$1,399~~$1,307 in the first ~~six months~~quarter of ~~2023.~~2024. Total tons shipped to outside customers in the first ~~six months~~quarter of ~~2023~~2024 were approximately ~~13,031,000~~6,224,000 tons, a 3% decrease from the first ~~six months~~quarter of ~~2022.~~2023.

In the steel mills segment, sales tons for the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023 ~~and 2022~~ were as follows (in thousands):


	Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended			Three Months (13 Weeks) Ended
	July 1, 2023	July 2, 2022	% Change	July 1, 2023	July 2, 2022	% Change	March 30, 2024		April 1, 2023		% Change
Outside steel shipments	4,774	5,041	-5%	9,578	9,580	-		4,676		4,804		-3	%
Inside steel shipments	1,205	1,407	-14%	2,436	2,682	-9%		1,214		1,231		-1	%
Total steel shipments	5,979	6,448	-7%	12,014	12,262	-2%		5,890		6,035		-2	%

Net sales for the steel mills segment ~~decreased 23%~~increased 4% in the ~~second~~first quarter of 2024 from the first quarter of 2023, ~~from the second quarter of 2022,~~ due primarily to ~~an 18% decrease~~a 7% increase in the average sales price per ton, from ~~$1,429~~$1,035 to ~~$1,168, and~~$1,108, partially offset by a 5%3% decrease in tons sold to outside customers.

~~Net sales for the steel mills segment decreased 23% in the first six months of 2023 from the first six months of 2022, due to a 23% decrease in the average sales price per ton, from $1,432 to $1,101.~~

Outside sales tonnage for the steel products segment for the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023 ~~and 2022~~ was as follows (in thousands):


	Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended			Three Months (13 Weeks) Ended
	July 1, 2023	July 2, 2022	% Change	July 1, 2023	July 2, 2022	% Change	March 30, 2024	April 1, 2023	% Change
Joist sales	142	158	-10%	277	337	-18%	99	135	-27%
Deck sales	107	123	-13%	206	259	-20%	81	99	-18%
Cold finished sales	112	123	-9%	229	256	-11%	99	117	-15%
Rebar fabrication sales	332	339	-2%	611	630	-3%	238	279	-15%
Piling products sales	113	119	-5%	214	230	-7%	98	101	-3%
Tubular products sales	239	274	-13%	514	504	2%	208	275	-24%
Other steel products sales	148	175	-15%	283	330	-14%	142	135	5%
Total steel products sales	1,193	1,311	-9%	2,334	2,546	-8%	965	1,141	-15%

Net sales for the steel products segment decreased ~~10%~~23% in the ~~second~~first quarter of 2024 compared to the first quarter of 2023, ~~compared to the second quarter of 2022,~~ due to a 2%15% decrease in shipping volumes and a 9% decrease in the average sales price per ton, from ~~$2,931~~$2,872 to ~~$2,884, and a 9% decrease in shipping volumes.~~$2,608. Average selling prices decreased across most businesses within the steel products segment in the ~~second~~first 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 six months of 2023 compared to the first six months of 2022, due to an 8% decrease in shipping volumes, partially offset by 2% increase in the average sales price

~~per ton, from $2,814 to $2,878. The most notable increases in average selling prices in the first six months of 2023~~2024 as compared to the first ~~six months~~quarter of ~~2022 were at our insulated metal panels and joist businesses.~~2023.

Net sales for the raw materials segment decreased ~~26%~~1% in the ~~second~~first quarter of 2024 compared to the first quarter of 2023, ~~compared to the second quarter of 2022,~~ due to decreases ~~for both DJJ brokerage and scrap processing operations~~ in average sales price per ton at our scrap brokerage operations and decreased volumes at our scrap processing operations. In the ~~second~~first 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. In the first six months of 2023,2024, approximately 93% of outside sales for the raw materials segment were from the scrap brokerage operations of DJJ, and approximately 3%4% of outside sales were from the scrap processing operations of DJJ ~~(91%~~(approximately 93% and 7%4%, respectively, in the first ~~six months~~quarter of ~~2022)~~2023).

1917

Gross Margins

Nucor recorded gross margins of ~~$2.50~~$1.52 billion ~~(26%~~(19%) in the ~~second~~first quarter of ~~2023,~~2024, which was a decrease compared ~~to $4.10~~with $2.00 billion ~~(35%~~(23%) in the ~~second~~first quarter of ~~2022.~~2023.

•

The primary driver of the decrease in gross margin in the ~~second~~first quarter of ~~2023~~2024 as compared to the ~~second~~first quarter of ~~2022~~2023 was decreased margins in the steel products segment. The decrease in gross margins for the steel products segment was due ~~primarily~~ to ~~lower~~decreased selling prices and volumes shipped to outside customers, with the largest decreases at our joist and deck businesses.

•

The decrease in total gross margin in the first quarter of 2024 as compared to the first quarter of 2023 was partially offset by higher metal margins ~~across~~in 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 ~~second~~first quarter of ~~2023~~2024 was ~~$455,~~$421, a ~~15% decrease~~2% increase compared to ~~$534~~$414 in the ~~second~~first quarter of ~~2022.~~2023. The ~~decrease~~increase in scrap and scrap substitute ~~costs~~cost was ~~more than~~ offset by ~~decreased~~increased average selling prices, ~~and lower shipments to external customers,~~ resulting in ~~lower~~higher 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. ~~As we enter the third quarter of 2023, we expect scrap~~Scrap prices are subject to ~~decrease compared to the second quarter of 2023.~~change based on market fluctuations.

•

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

•

Pre-operating and start-up costs of new facilities were approximately ~~$90~~$125 million in the ~~second~~first quarter of ~~2023~~2024 and approximately ~~$60~~$82 million in the ~~second~~first quarter of ~~2022.~~2023. Pre-operating and start-up costs in the ~~second~~first quarter of 2024 and 2023 primarily included costs related to the plate mill in Kentucky ~~the sheet mill in West Virginia,~~ and the sheet mill ~~expansion~~under construction in Indiana. Pre-operating and start-up costs in the second quarter 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.West Virginia. 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 ~~second~~first 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 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 in the first six months of 2023~~2024 as compared to the first ~~six months~~quarter of ~~2022,~~2023, primarily due to decreased ~~gross margins across all businesses~~profitability in ~~the raw materials segment.~~our scrap processing and DRI operations.

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 ~~$121.5 million in the second quarter of 2023 as compared to the second quarter of 2022, and decreased by $246.6~~$46.9 million in the first ~~six months~~quarter of ~~2023~~2024 as compared to the first ~~six months~~quarter of ~~2022. These decreases were~~2023. The decrease was due to ~~Nucor's~~the Company’s decreased ~~profitability~~earnings in the ~~second~~first quarter ~~and first six months~~ of ~~2023~~2024 as compared to the ~~respective prior year periods, which resulted in decreased accruals related to profit sharing.~~first quarter of 2023.

Equity in ~~Earnings~~(Earnings) Losses of Unconsolidated Affiliates

Equity in earnings of unconsolidated affiliates was ~~$6.1 million and $7.1 million in the second quarter of 2023 and 2022, respectively, and $4.8 million and $14.8~~$9.8 million in the first ~~six months~~quarter of ~~2023~~2024, and ~~2022, respectively.~~equity in losses of unconsolidated affiliates was $1.3 million in the first quarter of 2023. The ~~decreases~~increase in equity method investment earnings ~~were~~in the first quarter of 2024 as compared to the first quarter of 2023 was primarily due to the ~~decreased~~increased results of NuMit.

NJSM was included as an unconsolidated affiliate in the first quarter of 2023. During the fourth quarter of 2023, Nucor obtained control of and began accounting for NJSM on a consolidated basis.

Interest (Income) Expense ~~(Income)~~

Net interest (income) expense for the ~~second~~first quarter of 2024 and ~~first six months of~~ 2023 ~~and 2022~~ was as follows (in thousands):


	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended
	July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022			March 30, 2024			April 1, 2023
Interest expense	$	60,806		$	63,514		$	123,488		$	107,590		$	43,487		$	62,682
Interest income		(56,208	)		(5,751	)		(108,707	)		(6,692	)		(81,274	)		(52,499	)
Interest expense, net	$	4,598		$	57,763		$	14,781		$	100,898
Interest (income) expense, net													$	(37,787	)	$	10,183

Interest expense decreased in the ~~second~~first quarter of 2024 compared to the first quarter of 2023, ~~compared to the second quarter of 2022~~primarily due to an increase in capitalized interest. Interest ~~expense~~income increased in the first ~~six months~~quarter of ~~2023~~2024 compared to the first ~~six months~~quarter of ~~2022 primarily~~2023, due to higher average interest rates on ~~debt~~investments and an increase in average ~~debt outstanding.~~

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

invested balances.

Earnings Before Income Taxes and Noncontrolling Interests

The table below presents earnings before income taxes and noncontrolling interests by segment for the ~~second~~first quarter of 2024 and ~~first 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

Six Months (26 Weeks) Ended

July 1, 2023

July 2, 2022

July 1, 2023

July 2, 2022

Steel mills

$
1,403,547

$
2,815,723

$
2,241,935

$
5,394,577

Steel products

1,010,789

1,129,932

1,981,591

1,814,799

Raw materials

138,411

263,598

196,551

359,451

Corporate/eliminations

(502,965
)

(718,851
)

(773,511
)

(1,180,310
)

$
2,049,782

$
3,490,402

$
3,646,566

$
6,388,517



	Three Months (13 Weeks) Ended
	March 30, 2024			April 1, 2023
Steel mills	$	1,102,251		$	838,388
Steel products		511,559			970,802
Raw materials		9,581			58,140
Corporate/eliminations		(398,050	)		(270,546	)
	$	1,225,341		$	1,596,784

Noncontrolling Interests

Noncontrolling interests represent the income attributable to the holders of noncontrolling interests in Nucor’s joint ventures, NYS, CSI and ~~CSI.~~NJSM. Nucor owns a 51% controlling interest in each of NYS, CSI and ~~CSI.~~NJSM. The ~~decrease~~increase in earnings attributable to noncontrolling interests in the ~~second~~first quarter ~~and first six months~~ of ~~2023~~2024 as compared to the ~~second~~first quarter ~~and first six months~~ of ~~2022~~2023 was primarily due to the ~~decreased~~increased earnings of ~~CSI as well as the earnings of NYS.~~

CSI.

Provision for Income Taxes

The effective tax rate for the ~~second~~first quarter of 2024 was 21.7% compared to 22.9% for the first quarter of 2023. The decrease in the effective tax rate for the first quarter of 2024 as compared to the first quarter of 2023 was ~~22.6% compared~~primarily due to ~~21.9% for~~increased federal tax credits and the ~~second quarter~~change in relative proportions of ~~2022.~~net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods. The expected effective tax rate for the full year of ~~2023~~2024 is approximately ~~22.9%~~22.1%.

We estimate that in the next 12 months our gross unrecognized tax benefits, which totaled ~~$161.5~~$194.5 million at ~~July 1, 2023,~~March 30, 2024, exclusive of interest, could decrease by as much as ~~$5.8~~$8.4 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 the tax years through 2014, and for the tax years 2016 and 2018. The tax years 2017, 2021, and ~~2021~~2022 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Nucor Rebar Fabrication Group Inc. (formally known as Harris Steel Group Inc.) and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2016 through 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).

Net Earnings Attributable to Nucor Stockholders and Return on Equity

Nucor reported net earnings attributable to Nucor stockholders of ~~$1.46 billion,~~$844.8 million, or ~~$5.81~~$3.46 per diluted share, in the ~~second~~first quarter of ~~2023~~2024, as compared to net earnings attributable to Nucor stockholders of ~~$2.56~~$1.14 billion, or ~~$9.67~~$4.45 per diluted share, in the ~~second~~first quarter of ~~2022.~~2023. Net earnings attributable to Nucor stockholders as a percentage of net sales were ~~15.3%~~10.4% and ~~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,~~13.0% in the first ~~six months~~quarter 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%2024 and ~~20.9% in the first six months of~~ 2023, ~~and 2022,~~ respectively. Annualized return on average stockholders’ equity was ~~27.1%~~16.2% and ~~60.4%~~24.3% in the first ~~six months~~quarter of ~~2023~~2024 and ~~2022,~~2023, respectively.

Outlook

We expect earnings in the ~~third~~second quarter of ~~2023~~2024 to decrease compared to the first quarter of 2024. The largest driver for the expected decrease in earnings in the second quarter of ~~2023. We expect~~2024 is the expected decrease in earnings ~~for~~of the steel mills segment, primarily due to ~~decline~~lower average selling prices, partially offset by modestly increased volumes. The steel products segment is expected to have moderately decreased earnings in the ~~third~~second quarter of ~~2023~~2024 as compared to the ~~second~~first quarter of ~~2023~~2024 due to ~~decreased profitability, with the largest impact at our sheet mills. The earnings of the steel products segment are expected to moderate~~lower average selling prices, partially offset by increased volumes. Earnings in ~~the third quarter of 2023 as compared to the second quarter of 2023. Earnings for~~ the raw materials segment are expected to ~~decrease~~be higher in the ~~third~~second quarter of ~~2023~~2024 as compared to the ~~second~~first quarter of ~~2023~~2024 due to ~~margin compression at~~the expected increased profitability of our DRI 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 ~~second~~first quarter of ~~2023~~2024 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, particularly during recessionary business cycles.~~ We 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- long-term 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 July 1, 2023 remained strong, consisting of total~~Nucor's cash and cash equivalents, short-term investments and restricted cash and cash equivalents ~~of $5.39~~position remained strong at $5.54 billion as of ~~such date~~March 30, 2024, compared ~~to $4.94~~with $7.13 billion as of December 31, ~~2022. Of these totals, the amount of restricted cash and cash equivalents was $12.7 million at July 1, 2023and $80.4 million at December 31, 2022.~~2023. Approximately ~~$583.3~~$619.1 million of the cash and cash equivalents position at ~~July, 1, 2023,~~March 30, 2024, was held by our majority-owned ~~and controlled subsidiaries~~joint ventures as compared to ~~$1.04~~$1.05 billion at December 31, ~~2022.~~2023.

Cash provided by operating activities ~~was $3.13 billion in~~during the first ~~six months~~quarter of ~~2023~~2024 was $459.7 million as compared to ~~$4.73~~$1.21 billion induring the first ~~six months~~quarter of ~~2022.~~2023. The ~~$1.60 billion~~$747.5 million decrease was ~~primarily~~ driven by net earnings before noncontrolling interests of ~~$2.82 billion~~$959.0 million for the first ~~six months~~quarter of ~~2023,~~2024, a decrease of ~~$2.14 billion~~$272.7 million from net earnings before noncontrolling interests for the prior year period of ~~$4.95~~$1.23 billion. ~~Partially offsetting the decline in net earnings before noncontrolling interests were the~~In addition, changes in operating assets and operating liabilities (exclusive of acquisitions) ~~which~~ used cash of ~~$310.0~~$794.1 million in the first ~~six months~~quarter of ~~2023~~2024 as compared to ~~using cash of $730.6~~$315.3 million in the first ~~six months~~quarter of ~~2022.~~

2023. The ~~funding~~change in accounts payable used cash of ~~our working capital~~$392.4 million in the first ~~six months~~quarter 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 providing $362.9 million more cash2024 as compared to providing cash of $394.6 million in the ~~same period in 2022. These changes were~~first quarter of 2023, a change of $787.0 million. This change was partially offset by ~~the $321.2 million decrease in~~ the change in salaries, wages, and related accruals, ~~in the first six months of 2023 as compared to the first six months of 2022. The change in salaries, wages, and related accruals~~which used cash of ~~$574.0~~$595.9 million in the first ~~six months~~quarter of ~~2023~~2024 as compared to ~~$252.8~~$858.9 million in the first ~~six months of 2022, due primarily to the payout in the first six months~~quarter of 2023, a change 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.~~$263.1 million.

The current ratio was ~~3.8~~4.0 at the end of the ~~second~~first quarter of ~~2023~~ 2024and ~~3.4~~3.6 at year-end ~~2022.~~2023. The increase in the current ratio at the end of the ~~second~~first quarter of ~~2023~~2024 compared to year-end ~~2022~~2023 was primarily due to the ~~$325.6~~$948.5 million, or 8%20.6%, decrease in current liabilities. The decrease in current liabilities was primarily due to the ~~$610.2~~$640.2 million decrease in salaries, wages and related accruals at the end of the first quarter of 2024 as compared to year-end 2023, which was largely due to the profit sharing payment being made in the first ~~six months~~quarter of ~~2023 as compared to~~2024 (based on the ~~first six months of 2022 due to~~Company's earnings for the ~~aforementioned incentive compensation accrued on December 31, 2022 and paid out during the first six months of 2023.~~full year 2023).

Cash used in investing activities during the first ~~six months~~quarter of ~~2023~~2024 was ~~$1.38 billion~~$889.7 million as compared to ~~$4.54 billion in~~$769.8 million during the ~~prior year period, a decrease~~first quarter of ~~$3.16 billion.~~2023, an increase of $119.9 million. The primary reason for the ~~decrease~~increase in cash used in investing activities was ~~the decrease in~~ cash used for acquisitions of $3.47 billion. Acquisitions were significantly higher in the first six months of 2022 due to the acquisition of CSI on February 1, 2022 and C.H.I. Overhead Doors, LLC on June 24, 2022. Cash used for capital expenditures, ~~of $1.06 billion~~which was $670.3 million in the first ~~six months~~quarter of ~~2023 increased by $88.3~~2024, an increase of $138.6 million ~~over~~from the ~~same period~~prior year period. Capital expenditures in the first quarter of ~~2022~~2024 primarily ~~due~~related to the plate mill ~~and tubular product facility being built~~ in Kentucky, the sheet mill expansion in Indiana and the sheet mill under construction in West ~~Virginia and the micro mill being built in North Carolina.~~Virginia. Capital expenditures for ~~2023~~2024 are estimated to be approximately ~~$3.0~~$3.5 billion as compared to ~~$1.95~~$2.2 billion in ~~2022.~~2023. The projects that we anticipate will have the largest capital expenditures in ~~2023~~2024 are the sheet mill expansion in Indiana, the sheet mill under construction in West Virginia, the rebar micro mill ~~being built~~under construction in North Carolina ~~the sheet mill expansion in Indiana~~ and the ~~plate mill in Kentucky.~~construction of two manufacturing locations to expand Nucor Towers & Structures.

Cash used in financing activities during the first ~~six months~~quarter of ~~2023~~2024 was ~~$1.59~~$1.40 billionas compared to ~~$614.3~~$920.7 million induring the first ~~six months~~quarter of ~~2022.~~2023. The primary uses of cash were stock repurchases of ~~$876.7~~$1.00 billion in the first quarter of 2024 as compared to $425.8 million in the first ~~six months~~quarter of 2023, ~~as compared to $1.71 billion in the first six months~~an increase of ~~2022, a decrease of $831.2~~$575.5 million, and distributions to noncontrolling interests of ~~$388.8~~$265.4 million in the first ~~six months~~quarter of ~~2023~~2024 as compared to ~~$268.5~~$337.8 million in the first ~~six months~~quarter of ~~2022, an increase~~2023, a decrease of ~~$120.2~~72.4 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 $2.09 billion in the first six months of 2022 as compared to none in the first six months of 2023. In the first 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 the 3.125% Notes due in 2032 and $550.0 million aggregate principal amount of 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 ~~July 1, 2023,~~March 30, 2024, the funded debt to total capital ratio was ~~24.2%~~24.0% 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 ~~July 1, 2023.~~March 30, 2024.

In ~~June 2023,~~February 2024, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of ~~$0.51~~$0.54 per share payable on ~~August 11, 2023~~May 10, 2024 to stockholders of record on ~~June 30, 2023.~~March 28, 2024. This dividend is Nucor’s ~~201~~204stth consecutive quarterly cash dividend.

Funds provided ~~from~~by 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

2321

~~expenditure~~expenditures 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.~~2023. There were no interest rate swaps outstanding at ~~July 1, 2023.~~March 30, 2024.

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 ~~materials~~material 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 ~~July 1, 2023,~~March 30, 2024, accumulated other comprehensive loss, net of income taxes included ~~$3.5~~$13.8 million in unrealized net-of-tax ~~gains~~losses 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 ~~July 1, 2023,~~March 30, 2024, 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	$	13,960	$	34,910	$	11,769	$	29,423
Aluminum	$	4,421	$	12,672
Copper	$	1,004	$	2,504
Other commodities					$	15,507	$	38,800

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 ~~July 1, 2023~~March 30, 2024 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 ~~July 1, 2023~~March 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

2523

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.

During 2022, Nucor Steel Louisiana, our DRI facility located in St. James Parish, Louisiana, received allegations of violations of the Clean Air Act from the United States Environmental Protection Agency. A combined settlement is currently being negotiated with the United States Department of Justice, the United States Environmental Protection Agency and the Louisiana Department of Environmental Quality. We do not believe that any aggregate settlement for these allegations will be material to Nucor.

There were no other 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.~~

2023.

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 ~~July 1, 2023~~March 30, 2024 was as follows (in thousands, except per share ~~amounts)~~data):

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


	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, 2024 - January 27, 2024		1,962	$	171.53		1,962	$	2,986,653
January 28, 2024 - February 24, 2024		2,417	$	184.56		2,417	$	2,541,118
February 25, 2024 - March 30, 2024		1,159	$	188.62		1,159	$	2,321,465
For the Quarter Ended March 30, 2024		5,538				5,538

(1)

Includes commissions of ~~$0.29~~$0.23 per share.

(2)

On 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.

Item 55. Other Information

Insider Trading Arrangements

During the quarter ended ~~July 1, 2023,~~March 30, 2024, none of our directors or officers (as defined in ~~rule 16a-1 (f)~~Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a ~~"Rule~~'Rule 10b5-1 trading arrangement" or a ~~"non-Rule~~"non-rule 10b5-1 trading arrangement" (as such terms are defined in Item 408 of Regulation S-K).

2724

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 ~~July 1, 2023,~~March 30, 2024, filed ~~August 9, 2023,~~May 8, 2024, 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 ~~July 1, 2023,~~March 30, 2024, filed ~~August 9, 2023,~~May 8, 2024, 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.

~~(#) Indicates a management contract or compensatory plan or arrangement~~25

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: ~~August 9, 2023~~May 8, 2024

2926


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


	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	)