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


	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	September 30, 2023			October 1, 2022			September 30, 2023			October 1, 2022
Net sales to external customers:
Steel mills	$	5,091,479		$	5,908,153		$	15,636,508		$	19,682,829
Steel products		3,235,969			4,087,107			9,954,828			11,253,143
Raw materials		448,286			505,495			1,417,634			1,852,539
	$	8,775,734		$	10,500,755		$	27,008,970		$	32,788,511
Intercompany sales:
Steel mills	$	1,201,648		$	1,486,378		$	3,726,346		$	4,843,199
Steel products		132,481			139,146			333,099			391,141
Raw materials		2,894,079			3,690,120			9,653,600			11,382,329
Corporate/eliminations		(4,228,208	)		(5,315,644	)		(13,713,045	)		(16,616,669	)
	$	-		$	-		$	-		$	-
Earnings before income taxes and noncontrolling interests:
Steel mills	$	882,614		$	1,287,855		$	3,124,549		$	6,682,432
Steel products		806,731			1,196,845			2,788,322			3,011,644
Raw materials		71,367			279,189			267,918			638,640
Corporate/eliminations		(212,630	)		(440,967	)		(986,141	)		(1,621,277	)
	$	1,548,082		$	2,322,922		$	5,194,648		$	8,711,439


	September 30, 2023		December 31, 2022
Segment assets:
Steel mills	$	14,786,460	$	14,157,229
Steel products		11,199,598		12,087,145
Raw materials		3,287,907		3,383,114
Corporate/eliminations		4,993,821		2,851,722
	$	34,267,786	$	32,479,210