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 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 first quarter of 2023 and 2022 were as follows (in thousands):


	Three Months (13 Weeks) Ended
	April 1, 2023			April 2, 2022
Net sales to external customers:
Steel mills	$	4,979,257		$	6,518,609
Steel products		3,275,997			3,323,088
Raw materials		454,726			651,585
	$	8,709,980		$	10,493,282
Intercompany sales:
Steel mills	$	1,163,632		$	1,593,258
Steel products		100,361			134,706
Raw materials		3,170,892			3,546,519
Corporate/eliminations		(4,434,885	)		(5,274,483	)
	$	-		$	-
Earnings before income taxes and noncontrolling interests:
Steel mills	$	838,388		$	2,578,854
Steel products		970,802			684,867
Raw materials		58,140			95,853
Corporate/eliminations		(270,546	)		(461,459	)
	$	1,596,784		$	2,898,115


	April 1, 2023		Dec. 31, 2022
Segment assets:
Steel mills	$	14,053,600	$	14,157,229
Steel products		11,318,754		12,087,145
Raw materials		3,466,854		3,383,114
Corporate/eliminations		3,407,182		2,851,722
	$	32,246,390	$	32,479,210