Segments

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

Segments

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”). 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, 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 2024 and 2023 were as follows (in thousands):

	Three Months (13 Weeks) Ended
	March 30, 2024			April 1, 2023
Net sales to external customers:
Steel mills	$	5,168,778		$	4,979,257
Steel products		2,516,868			3,275,997
Raw materials		451,437			454,726
	$	8,137,083		$	8,709,980
Intercompany sales:
Steel mills	$	1,250,863		$	1,163,632
Steel products		137,444			100,361
Raw materials		3,110,029			3,170,892
Corporate/eliminations		(4,498,336	)		(4,434,885	)
	$	-		$	-
Earnings before income taxes and    noncontrolling interests:
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

	March 30, 2024		Dec. 31, 2023
Assets:
Steel mills	$	15,557,704	$	15,407,266
Steel products		11,012,416		10,914,870
Raw materials		3,443,812		3,546,759
Corporate/eliminations		3,918,593		5,471,604
	$	33,932,525	$	35,340,499