17.

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 businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes DJJ, a scrap broker and processor; Nu-Iron Unlimited, a facility that produces DRI used by the steel mills; a DRI facility under construction in Louisiana; our natural gas working interests; and certain equity method investments. Previously Nucor’s steel trading businesses and rebar distribution businesses were reported in an “All other” category. Beginning in the first quarter of 2013, these businesses were reclassified to the steel mills segment as part of a realignment of Nucor’s reportable segments to better reflect the way in which they are managed. The segment data for the comparable period has also been reclassified into the steel mills segment in order to conform to the current year presentation. The steel mills, steel products and raw materials segments are consistent with the way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each segment.

Net interest expense, other income, profit sharing expense, stock-based compensation and changes in the LIFO reserve are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and investments, allowances to eliminate intercompany profit in inventory, fair value of natural gas hedges, deferred income tax assets, federal income taxes receivable, the LIFO reserve and investments in and advances to affiliates. Certain amounts for prior years have been reclassified to conform to the 2013 presentation.

Nucor’s results by segment were as follows (in thousands):


	Three Months (13 Weeks) Ended
	March 30, 2013			March 31, 2012
Net sales to external customers:
Steel mills	$	3,268,154		$	3,748,141
Steel products		789,347			842,245
Raw materials		493,271			482,208

	$	4,550,772		$	5,072,594


Intercompany sales:
Steel mills	$	632,720		$	620,248
Steel products		19,272			16,786
Raw materials		2,163,488			2,882,231
Corporate/eliminations		(2,815,480	)		(3,519,265	)

	$	—		$	—


Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	272,258		$	389,723
Steel products		(11,924	)		(33,044	)
Raw materials		1,536			14,572
Corporate/eliminations		(108,542	)		(146,189	)

	$	153,328		$	225,062


	March 30, 2013			Dec. 31, 2012
Segment assets:
Steel mills	$	7,968,804		$	7,870,692
Steel products		2,844,926			2,870,810
Raw materials		3,570,325			3,379,742
Corporate/eliminations		(345,045	)		30,815

	$	14,039,010		$	14,152,059