Segments

6 Months Ended

Jun. 29, 2013

Segments

18. 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 Nucor’s equity method investment in Hunter Ridge. 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.

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

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	June 29, 2013			June 30, 2012			June 29, 2013			June 30, 2012
Net sales to external customers:
Steel mills	$	3,197,433		$	3,615,151		$	6,465,587		$	7,363,292
Steel products		937,104			991,444			1,726,451			1,833,689
Raw materials		531,051			497,604			1,024,322			979,812
	$	4,665,588		$	5,104,199		$	9,216,360		$	10,176,793
Intercompany sales:
Steel mills	$	639,425		$	706,755		$	1,272,145		$	1,327,003
Steel products		30,855			18,993			50,127			35,779
Raw materials		2,183,495			2,479,148			4,346,983			5,361,379
Corporate/eliminations		(2,853,775	)		(3,204,896	)		(5,669,255	)		(6,724,161	)
	$	—		$	—		$	—		$	—
Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	237,102		$	336,508		$	509,360		$	726,231
Steel products		32,073			9,202			20,149			(23,842	)
Raw materials		12,218			15,116			13,754			29,688
Corporate/eliminations		(129,061	)		(144,633	)		(237,603	)		(290,822	)
	$	152,332		$	216,193		$	305,660		$	441,255
	June 29, 2013			Dec. 31, 2012
Segment assets:
Steel mills	$	7,873,086		$	7,870,692
Steel products		2,904,387			2,870,810
Raw materials		3,641,280			3,379,742
Corporate/eliminations		(652,102	)		30,815
	$	13,766,651		$	14,152,059