10-K

2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2013

OR

¨    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 1-4119

NUCOR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	13-1860817
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1915 Rexford Road, Charlotte, North Carolina	28211
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (704) 366-7000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange      on which registered
Common stock, par value $0.40 per share	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x     No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x Accelerated filer  ¨ Non-accelerated filer  ¨ Smaller reporting company  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x

Aggregate market value of common stock held by non-affiliates was approximately $13.69 billion based upon the closing sales price of the registrant’s common stock on the last business day of our most recently completed second fiscal quarter, June 29, 2013.

318,366,149 shares of common stock were outstanding at February 21, 2014.

Documents incorporated by reference include: Portions of the registrant’s 2013 Annual Report (Parts I, II and IV), and portions of the registrant’s Proxy Statement for its 2014 Annual Meeting of Stockholders (Part III) to be filed within 120 days after the registrant’s fiscal year end.

Nucor Corporation

Table of Contents

PART I
	Item 1.	Business	1
	Item 1A.	Risk Factors	8
	Item 1B.	Unresolved Staff Comments	13
	Item 2.	Properties	13
	Item 3.	Legal Proceedings	14
	Item 4.	Mine Safety Disclosures	14
	Executive Officers of the Registrant		14
PART II
	Item 5.	Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	16
	Item 6.	Selected Financial Data	16
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	16
	Item 8.	Financial Statements and Supplementary Data	17
	Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	18
	Item 9A.	Controls and Procedures	18
	Item 9B.	Other Information	18
PART III
	Item 10.	Directors, Executive Officers and Corporate Governance	19
	Item 11.	Executive Compensation	19
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	19
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	19
	Item 14.	Principal Accountant Fees and Services	19
PART IV
	Item 15.	Exhibits and Financial Statement Schedules	20
SIGNATURES			24
Index to Financial Statement Schedule			26

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PART I

Item 1. Business

Overview

Nucor Corporation and its affiliates (“Nucor” or the “Company”) manufacture steel and steel products. The Company also produces direct reduced iron (“DRI”) for use in the Company’s steel mills. Through The David J. Joseph Company and its affiliates (“DJJ”), which the Company acquired in 2008, the Company also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (“HBI”) and DRI. Most of the Company’s operating facilities and customers are located in North America, but increasingly, Nucor is doing business outside of North America as well. The Company’s operations include several international trading companies that buy and sell steel and steel products manufactured by the Company and others.

Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products. In 2013, we recycled approximately 19.2 million tons of scrap steel.

General Development of our Business in Recent Years

Nucor has employed a multi-pronged growth strategy in recent years that allows for the ability to capitalize on a variety of growth opportunities as they arise. The five prongs of that growth strategy are: (1) optimizing and continually improving our existing operations, (2) executing on our raw materials strategy, (3) growing through developing greenfield projects that capitalize on new technologies and unique marketplace opportunities, (4) acquiring other companies that will strengthen Nucor’s position as North America’s most diversified producer of steel and steel products and (5) growing internationally with an emphasis on leveraging strategic partnerships and new technologies.

In order to optimize our existing operations, we commit a significant portion of our capital expenditures each year to projects that enhance productivity and improve costs, as well as allow us to produce more value-added and typically higher-margin products at our existing facilities. The heat treat line at our Hertford County, North Carolina mill became operational in 2010, which has allowed Nucor to grow its presence in higher-margin products where greater strength and abrasion resistance is required. The heat treat line allows us to improve the product mix allocation between our two plate mills and four sheet mills to improve margins at those facilities. Also at the Hertford County mill, we commissioned a vacuum tank degasser in 2012, and we began operating a normalizing line in 2013. During 2012, Nucor began work on a $290 million strategic investment to expand our special bar quality (“SBQ”) and wire rod production capabilities at our Tennessee, Nebraska and South Carolina bar mills by approximately one million tons. The following achievements illustrate the significant progress that was made on these projects during 2013: production began on the new wire rod mill located in South Carolina, our Nebraska mill successfully started up its upgraded rolling mill and our Tennessee mill completed the installation and commissioning of a new quality assurance line. The SBQ projects, which we expect to be completed over the course of 2014 and 2015, will allow us to produce engineered bar for the most demanding applications while maintaining our market share in commodity bar products by shifting production to our other bar mills. Other planned value-added projects at existing operations include the vacuum tank degasser that began operating at our Hickman, Arkansas mill in late 2012 and the modernization of casting, hot rolling and downstream operations that will allow us to produce wider and lighter gauge hot-rolled and cold-rolled steel products at our Berkeley, South Carolina mill beginning in early 2014.

As part of the execution of our raw materials strategy, we have a goal of controlling between six and seven million tons of annual capacity in high-quality scrap substitutes. Our 2,500,000 metric tons-per-year DRI facility in St. James Parish, Louisiana began production in December 2013. Between our existing DRI plant in Trinidad, which we expanded in recent years to increase the annual capacity from 1,800,000 to 2,000,000 metric tons, and our new facility in Louisiana, we will be approximately two-thirds of the way towards that goal.

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The DRI-making process requires significant volumes of natural gas. To ensure the new DRI plant in Louisiana has a sustained advantage from lower natural gas costs, Nucor entered into two long-term, onshore natural gas working interest drilling programs in U.S.-based proven reserves with Encana Oil & Gas (USA) Inc. (“Encana”) that allow us to better manage our exposure to natural gas pricing volatility and our overall energy demand for our operations. The natural gas produced by these two programs will be sold to offset our exposure to the volatility of the price of natural gas consumed by the Louisiana DRI facility and our other operations. In December 2013, Nucor announced that we and Encana made a joint decision to temporarily suspend drilling new natural gas wells. The joint decision was made due to the current weak natural gas pricing environment. This joint decision demonstrates the flexibility of our partnership with Encana to react to market conditions to the mutual benefit of both parties while still allowing us to better manage our exposure to natural gas pricing volatility at our operating divisions that consume natural gas.

Growth through greenfield projects has included the construction of our SBQ steel mill in Memphis, Tennessee, which we completed in 2009. We also began commercial production in 2009 at a new facility in Blytheville, Arkansas, which uses breakthrough Castrip^® technology to strip cast molten steel into near final shape and thickness with minimal hot or cold rolling. This allows for lower investment and operating costs and reduces the environmental impact of producing steel.

Although the pace at which we have been acquiring other companies has slowed in the past few years, the acquisition of Skyline Steel LLC (“Skyline”) in 2012 was a notable exception. The Skyline acquisition is an important strategic investment as it pairs Skyline’s leadership position in the steel piling distribution market with our Nucor-Yamato Steel Company (“Nucor-Yamato”) joint venture’s position as the market leader in steel piling manufacturing. To build upon the synergies in the piling market serviced by Skyline, Nucor announced that Nucor-Yamato will be expanding to broaden its range of hot-rolled piling products. Upon completion in mid-2014, this project will add several new sheet piling sections, increasing the single sheet widths by 22% and providing a lighter, stronger sheet covering more area at a lower installed cost.

In 2010, we entered into an agreement with Mitsui & Co. (U.S.A.) to form NuMit LLC (“NuMit”), in which we own a 50% economic and voting interest. NuMit owns 100% of the equity interest in Steel Technologies LLC (“Steel Technologies”), which operates 24 sheet processing facilities located throughout the United States, Canada and Mexico. Since our investment in NuMit began, Steel Technologies constructed a flat-rolled steel processing operation in Celaya, Mexico, that became operational in late 2012. The 125,000-square-foot facility is equipped with two slitting lines. Additionally, Steel Technologies’ new flat-rolled steel processing facility in the Bajio region of Mexico became fully operational in November 2013. These new investments will allow us to capitalize on the rapid growth in the Mexican automotive industry.

Segments

Nucor reports its results in three segments: steel mills, steel products and raw materials. Net sales to external customers, intercompany sales, depreciation expense, amortization expense, earnings before income taxes and noncontrolling interests, assets and capital expenditures by segment for each of the three fiscal years in the three-year period ended December 31, 2013 are set forth in Note 23 of the Notes to Consolidated Financial Statements included in Nucor’s 2013 Annual Report, which is hereby incorporated by reference. The steel mills are Nucor’s largest segment, representing approximately 70% of the Company’s sales to external customers in the fiscal year ended December 31, 2013.

Principal Products Produced

In the steel mills segment, Nucor produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar and SBQ). Nucor manufactures steel principally from scrap steel and scrap steel substitutes using electric arc furnaces, continuous casting and automated rolling mills.

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Nucor’s equity method investments in Duferdofin Nucor S.r.l. and NuMit are included in the steel mills segment. Also included in the steel mills segment are our international trading companies that buy and sell steel and steel products that Nucor and other steel producers have manufactured. In the steel products segment, Nucor produces 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. In the raw materials segment, the Company produces DRI; brokers ferrous and nonferrous metals, pig iron, HBI and DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap metal. The raw materials segment also includes our natural gas working interest drilling programs with Encana and Nucor’s equity method investment in Hunter Ridge Energy Services LLC.

Markets and Marketing

The steel mills segment sells its products primarily to steel service centers, fabricators and manufacturers located throughout the United States, Canada, Mexico and, increasingly, elsewhere in the world. Nucor produces hot-rolled, cold-rolled and galvanized sheet steel in standard grades and to customers’ specifications while maintaining inventories to fulfill anticipated orders. We estimate that approximately 65% of our sheet steel sales in 2013 were to contract customers. The balance of our sheet steel sales was made in the spot market at prevailing prices at the time of sale. The proportion of tons sold to contract customers at any given time depends on a variety of factors, including our consideration of current and future market conditions, our strategy to appropriately balance spot and contract tons to maximize profitability, our desire to sustain a diversified customer base, and our end-use customers’ perceptions about future market conditions. These sheet sales contracts permit price adjustments to reflect changes in prevailing raw material costs and market conditions. These sheet sales contracts typically have terms ranging from six to twelve months. Steel contract sales outside of our sheet operations are not significant.

Our plate, structural, reinforcing and merchant bar steel come in standard sizes and grades, which allows us to maintain inventory levels of these products to meet our customers’ expected orders. In addition, our bar mill group manufactures hot-rolled SBQ products to exacting specifications primarily servicing the automotive, energy, agricultural, heavy equipment and transportation sectors. Almost all of our plate, structural, and bar steel sales occur in the spot market at prevailing market prices.

In 2013, approximately 86% of the shipments made by our steel mills segment were to external customers. The balance of the steel mill segment’s shipments went to our piling distributor and our downstream joist, deck, rebar fabrication, fastener, metal buildings and cold finish operations.

In the steel products segment, we sell steel joists and joist girders, and steel deck to general contractors and fabricators located throughout the United States and Canada. We make these products to the customers’ specifications and do not maintain inventories of these finished steel products. The majority of these contracts are firm, fixed-price contracts that are in most cases competitively bid against other suppliers. Longer-term supply contracts may permit us to adjust our prices to reflect changes in prevailing raw materials costs. We sell fabricated reinforcing products only on a construction contract bid basis. These products are used by contractors in constructing highways, bridges, reservoirs, utilities, hospitals, schools, airports, stadiums and high-rise buildings. We manufacture cold finished steel, steel fasteners, steel grating, wire and wire mesh in standard sizes and maintain inventories of these products to fulfill anticipated orders. We sell cold finished steel and steel fasteners primarily to distributors and manufacturers located throughout the United States and Canada.

We market products from the steel mills and steel products segments mainly through in-house sales forces. We also utilize our internal trading companies to market our products abroad. The markets for these products are largely tied to capital and durable goods spending and are affected by changes in general economic conditions.

In the raw materials segment, we process ferrous and nonferrous scrap metal for use in our steel mills and for sale to various domestic and international external customers. We also broker ferrous and nonferrous metals and scrap substitutes, supply ferro-alloys, and provide transportation, material handling and other services to

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users of scrap metals. Our primary external customers for ferrous scrap are electric arc furnace steel mills and foundries that use ferrous scrap as a raw material in their manufacturing process. External customers purchasing nonferrous scrap metal include aluminum can producers, secondary aluminum smelters, steel mills and other processors and consumers of various nonferrous metals. We market scrap metal products and related services to our external customers through in-house sales forces. In 2013, approximately 13% of the ferrous and nonferrous metals and scrap substitutes tons we processed were sold to external customers. We used the balance in our steel mills.

Also within the raw materials segment are our DRI plants in Trinidad and Louisiana that produce iron inputs exclusively for use in the Nucor mills, as well as our working interest drilling programs. All natural gas produced by the working interest drilling programs is and will be sold to outside parties, and as a result the revenues from these sales are a small but increasing amount of our revenues.

Backlog

In the steel mills segment, Nucor’s backlog of orders was approximately $1.77 billion and $1.46 billion at December 31, 2013 and 2012, respectively. Order backlog for the steel mills segment includes only orders from external customers and excludes orders from our downstream businesses. Nucor’s backlog of orders in the steel products segment was approximately $1.27 billion and $1.17 billion at December 31, 2013 and 2012, respectively. The majority of these orders will be filled within one year. Order backlog within our raw materials segment is not significant because the majority of the raw materials that segment produces are used internally.

Sources and Availability of Raw Materials

The primary raw materials for our steel mills segment are ferrous scrap and scrap substitutes such as pig iron, DRI and HBI. On average, it takes approximately 1.1 tons of scrap and scrap substitutes to produce a ton of steel. As of December 31, 2013, DJJ operated over 70 scrap recycling facilities, and our annual scrap processing capability exceeded five million tons. DJJ acquires ferrous scrap from numerous sources including manufacturers of products made from steel, industrial plants, scrap dealers, peddlers, auto wreckers and demolition firms. We purchase pig iron as needed from a variety of sources and operate DRI plants in Trinidad and Louisiana with respective capacities of 2,000,000 and 2,500,000 metric tons annually. The primary raw material for our DRI facilities is iron ore, which we purchase from various international suppliers. Our newly constructed Louisiana DRI facility is the first phase of a multi-phase plan that is expected to include additional operations in Louisiana.

In 2010, Nucor entered into an agreement with Encana that involves drilling and completing onshore natural gas wells in U.S.-based proven reserves over an approximate seven-year period that began in June 2010. Nucor entered into a second and more extensive drilling agreement with Encana in late 2012 that is projected to span more than 20 years. Natural gas produced by these working interest drilling programs is being sold to offset our exposure to the volatility of the price of gas consumed by our Louisiana DRI facility. In the fourth quarter of 2013, Nucor and Encana announced an agreement to temporarily suspend drilling new natural gas wells given current expectations that the natural gas pricing environment will be weak in 2014. By the middle of 2014, all in-process wells will be completed. At that point, there will be over 300 producing wells providing enough natural gas to cover our Louisiana DRI plant’s expected consumption into 2015. In addition to our natural gas needs at the new DRI facility, Nucor is also a substantial consumer of natural gas at our steel mill operations. Once drilling resumes, the drilling of natural gas wells under the two agreements is expected to be sufficient to cover Nucor’s demand at all of its steel mills in the United States plus the demand of two DRI plants or, alternatively, at three DRI plants.

The primary raw material for our steel products segment is steel produced by Nucor’s steel mills.

DJJ generally purchases ferrous and nonferrous scrap for sale to external customers from the same variety of sources it purchases ferrous scrap for use as a raw material in Nucor’s steel mills. DJJ does not purchase a significant amount of scrap metal from a single source or from a limited number of major sources. The

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availability and price of ferrous scrap are affected by changes in the global supply and demand for steel and steel products. Ferrous scrap and scrap substitutes are our single largest cost of products sold. A key part of our business strategy is to control a significant portion of the supply of high quality metallics needed to operate our steel mills.

Energy Consumption and Costs

Our steel mills are large consumers of electricity and natural gas. Our DRI facilities in Trinidad and Louisiana are large consumers of natural gas. Consequently, we use a variety of strategies to manage our exposure to price risk of natural gas, including cash flow hedges and our natural gas working interest drilling programs.

Historically, manufacturers in the United States have benefitted from relatively stable and competitive energy costs that have allowed them to compete on an equal footing in the increasingly global marketplace. The availability and prices of electricity and natural gas are influenced today, however, by many factors including changes in supply and demand, advances in drilling technology and, increasingly, changes in public policy relating to energy production and use. Because energy is such a significant cost of products sold for Nucor, we strive continually to make our operations in all three of our business segments more energy efficient. We also closely monitor developments in public policy relating to energy production and consumption. When appropriate, we work to shape those developments in ways that we believe will allow us to continue to be a competitive producer of steel and steel products in an increasingly competitive global marketplace.

Competition

We compete in a variety of steel and metal markets, including markets for finished steel products, unfinished steel products and raw materials. These markets are highly competitive with many domestic and foreign firms participating, and, as a result of this highly competitive environment, we find that we primarily compete on price and service.

Our electric arc furnace steel mills face many different forms of competition, including integrated steel producers (who use iron ore converted into liquid form in a blast furnace as their basic raw material instead of scrap steel), other electric arc furnace mills, foreign imports and alternative materials. Large integrated steel producers have the ability to manufacture a wide variety of products but face significantly higher energy costs and are often burdened with higher capital and fixed operating costs. Electric arc furnace mill producers such as Nucor are sensitive to increases in scrap prices but tend to have lower capital and fixed operating costs compared with integrated steel producers.

Over the last few years, Nucor has experienced increased competition stemming from significant excess capacity, both domestic and foreign. Although there were no noteworthy additions to domestic capacity in 2013, oversupply is still a significant issue. While steel imports decreased slightly from 2012, the overall level of finished and semi-finished steel imports is still extremely high at 30% of the U.S. steel market. These artificially-priced imports make it very difficult for Nucor to maintain sales prices and profit levels.

Competition from foreign steel and steel product producers presents unique challenges for us. Imported steel and steel products often benefit from government subsidies, either directly or indirectly through government-owned enterprises or government-owned or controlled financial institutions. In particular, competition from steel imported from China, which accounts for more than 45% of the steel produced annually in the world, is a major challenge. We believe that Chinese producers, many of whom are government-owned in whole or in part, benefit from their government’s manipulation of foreign currency exchange rates and from the receipt of government subsidies, which allow them to sell their products below cost. These distorting trade practices are widely recognized as being unfair and have been challenged successfully as violating world trade rules. Examples of successful challenges include the imposition of antidumping duty orders on imports of line pipe, oil country tubular goods, rebar, cut-to-length plate and hot-rolled sheet from China.

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China’s aggressive trade practices, left unchallenged, seriously undermine the ability of Nucor and other domestic producers to compete on price. China’s artificially lowered production costs have significantly contributed to the exodus of manufacturing jobs from the United States. When such an exodus occurs, the U.S. economy is weakened and Nucor’s customer base is diminished. Rigorous trade law enforcement is critical to our ability to maintain our competitive position against foreign producers that engage in unlawful trade practices. Nucor has been active in calling on policymakers to enforce global trade agreements and address the jobs crisis in the United States.

We also experience competition from other materials. Depending on our customers’ end use of our products, there are sometimes other materials, such as concrete, aluminum, plastics, composites and wood that compete with our steel products. When the price of steel relative to other raw materials rises, these alternatives become more attractive to our customers.

Competition in our scrap and raw materials business is also vigorous. The scrap metals market consists of many firms and is highly fragmented. Firms typically compete on price and geographic proximity to the sources of scrap metal.

Environmental Laws and Regulations

Our business operations are subject to numerous federal, state and local laws and regulations intended to protect the environment. The principal federal environmental laws include the Clean Air Act (“CAA”) that regulates air emissions; the Clean Water Act (“CWA”) that regulates water discharges; the Resource Conservation and Recovery Act (“RCRA”) that addresses solid and hazardous waste treatment, storage and disposal; and the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) that governs releases of, and remediation of, sites contaminated by hazardous substances. Our operations are also subject to state laws and regulations that are patterned on these and other federal laws.

We believe that we are in substantial compliance with the provisions of all federal and state environmental laws and regulations applicable to our business operations. However, both federal and state laws and regulations are becoming increasingly stringent, making compliance with them increasingly expensive and burdensome. In many instances the total costs of compliance are not readily quantifiable because compliance is so engrained in our operating philosophy that these costs are simply considered part of our standard operating procedures.

The United States Environmental Protection Agency (“USEPA”) has proposed or promulgated many new national ambient air quality standards and toxic air emissions rules for which it has recently or not yet issued guidance or compliance deadlines. While we begin immediately to plan for compliance with such standards and rules, we cannot fully assess their impact on our operations until the guidance has been fully developed or issued and compliance deadlines have been established. In other cases where environmental regulations are proposed or promulgated that may regulate previously unregulated aspects of our operations, it is impossible for us to fully determine the impact of these regulations until protracted legal challenges have been concluded and USEPA or other regulatory agencies have developed and issued technical guidance. Despite this atmosphere of regulatory uncertainty, at this time we do not believe that compliance with these new environmental regulations will have a material adverse effect on our results of operations, cash flows or financial condition.

The CAA imposes stringent limits on air emissions with a federally mandated operating permit program administered by the states with civil and criminal enforcement sanctions. Each of our steel mills is required to operate in compliance with its permit or potentially incur sanctions for failing to do so. Because of the size of our steelmaking operations, they are subject to new “Greenhouse Gasses” (“GHGs”) regulations and are required to do GHG Best Available Control Technology (“BACT”) evaluations when their permits are modified. There is still uncertainty and very little guidance from USEPA as to what is or may be considered GHG BACT for steelmaking operations. Our operations are currently properly permitted, and we will not need to make these determinations unless and until these permits are modified. Based on current guidance, we do not expect these requirements to have a material adverse effect on our results of operations, cash flows or financial condition.

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Nucor uses electric arc furnaces (“EAF”) to recycle scrap metal into new steel products. These EAFs use electricity as their primary source of energy. As the new GHG regulations, air toxics rules and other new environmental regulations are imposed on electric utilities, it is reasonable to expect that the cost of electricity produced by these utilities will increase. See Item 1A “Risk Factors” for more information about the potential impact of GHG regulations on Nucor’s business.

The CWA regulates water discharges and withdrawals. Nucor maintains discharge and withdrawal permits as appropriate at its facilities under the national pollutant discharge elimination system program of the CWA and conducts its operations in compliance with those permits. Nucor also maintains permits from local governments for the discharge of water into publicly owned treatment works where available.

RCRA establishes standards for the management of solid and hazardous wastes. RCRA also addresses the environmental impact of contamination from waste disposal activities and from recycling of and storage of most wastes. While Nucor believes it is in substantial compliance with these regulations, past waste disposal activities that were legal when conducted but now may pose a contamination threat are periodically discovered. These and off-site properties that USEPA has determined are contaminated, for which Nucor may be potentially responsible at some level, are quickly evaluated and corrected. While Nucor has conducted and is in the final stages of completing some cleanups under RCRA, these liabilities either are identified already and being resolved or have been fully resolved.

Because Nucor long ago implemented environmental practices that have resulted in the responsible disposal of waste materials, Nucor is also not presently considered a major contributor to any major cleanups under CERCLA for which Nucor has been named a potentially responsible party. Nucor continually evaluates these types of potential liabilities and, if appropriate, maintains reserves sufficient to remediate the identified liabilities. Under RCRA, private citizens may also bring an action against the operator of a regulated facility for potential damages and payment of cleanup costs. Nucor is confident that its system of internal evaluation and due diligence has sufficiently identified these types of potential liabilities so that compliance with these regulations will not have a material adverse effect on our results of operations, cash flows or financial condition beyond that already reflected in the reserves established for them.

The primary raw material of Nucor’s steelmaking operations is scrap metal. The process of recycling scrap metal brings with it many contaminants such as paint, zinc, chrome and other metals that produce air emissions which are captured in specialized emission control equipment. This filtrant (EAF dust) is classified as a listed hazardous waste under the RCRA. Because these contaminants contain valuable metals, this filtrant is recycled to recover those metals. Nucor sends all but a small fraction of the EAF dust it produces to recycling facilities that recover the zinc, lead, chrome and other valuable metals from this dust. By recycling this material, Nucor is not only acting in a sustainable, responsible manner but is also substantially limiting its potential for future liability under both CERCLA and RCRA.

Nucor operates an aggressive and sustainable environmental program that incorporates the concept of individual employee as well as management responsibility for environmental performance. All of Nucor’s steelmaking operations are ISO 14001 certified. Achieving ISO 14001 certification means that each of Nucor’s steel mills has put an environmental management system in place with measurable targets and objectives, such as reducing the use of oil and grease and minimizing electricity use, and has implemented site-wide recycling programs. These environmental management systems make environmental commitment each Nucor teammate’s responsibility. Nucor’s environmental program maintains a high level of training, commitment, outreach and visibility.

Capital expenditures at our facilities that are associated with environmental regulation compliance for 2014 and 2015 are estimated to be less than $100 million per year.

Employees

Nucor has a simple, streamlined organizational structure to allow our employees to make quick decisions and be innovative. Our organization is highly decentralized, with most day-to-day operating decisions made by our division general managers and their staff. We have fewer than 100 employees in our executive office. The majority of Nucor’s 22,300 employees are not represented by labor unions.

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Available Information

Nucor’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to these reports, are available on our website at www.nucor.com, as soon as reasonably practicable after Nucor files these reports electronically with, or furnishes them to, the Securities and Exchange Commission (“SEC”). Except as otherwise stated in these reports, the information contained on our website or available by hyperlink from our website is not incorporated into this Annual Report on Form 10-K or other documents we file with, or furnish to, the SEC.

Item 1A. Risk Factors

Many of the factors that affect our business and operations involve risk and uncertainty. The factors described below are some of the risks that could materially negatively affect our business, financial condition and results of operations.

Recovery from the global recession and credit crisis has and likely will continue to adversely affect our business.

The continuing economic downturn as a result of the deep global recession that began in the United States in December 2007 and officially ended in June 2009 is continuing to have an adverse effect on demand for our products and consequently the results of our operations, financial condition and cash flows. Apprehension about the potential economic consequences of continuing domestic political wrangling over budgetary decisions and debt ceiling limits could negatively impact demand for our products. In addition, uncertainties in Europe regarding the financial sector and debt crises and the potential impact on banks in other regions of the world will continue to weigh on global and domestic growth.

Although domestic credit markets have largely stabilized from the height of the financial crisis in the fourth quarter of 2008 and the first half of 2009, the effects of the financial crisis continue to present additional risks to us, our customers and suppliers. In particular, there is no guarantee that the credit markets or liquidity will not once again be restricted. Additionally, stricter lending standards have made it more difficult and costly for some firms to access the credit markets. Although we believe we have adequate access to several sources of contractually committed borrowings and other available credit facilities, these risks could temporarily restrict our ability to borrow money on acceptable terms in the credit markets and potentially could affect our ability to draw on our credit facility. In addition, restricted access to the credit markets is also continuing to make it difficult or, in some cases, impossible for our customers to borrow money to fund their operations. Lack of, or limited access to, capital would adversely affect our customers’ ability to purchase our products or, in some cases, to pay for our products on a timely basis.

Long-term unemployment for those unemployed for more than six months remains high and the housing market and nonresidential construction market remain depressed. High unemployment and a weak housing market have an impact on downstream demand for many of our products. Additionally, nonresidential construction, including publicly financed state and municipal projects, has slowed significantly due to overcapacity of commercial properties and the reluctance of state and local governments to borrow to spend on capital projects when their operating expenses are in many cases growing faster than their revenues from taxes and other sources.

Our industry is cyclical and both recessions and prolonged periods of slow economic growth could have an adverse effect on our business.

Demand for most of our products is cyclical in nature and sensitive to general economic conditions. Our business supports cyclical industries such as the commercial construction, energy, metals service centers, appliance and automotive industries. As a result, downturns in the United States economy or any of these industries could materially adversely affect our results of operations, financial condition and cash flows. The global economic recession of 2008-2009 and subsequent anemic economic recovery period, coupled with the lingering effects of the global financial and credit market disruptions, have had a historic negative impact on the steel industry and Nucor. These events contributed to an unprecedented decline in pricing for steel and steel

8

products, weak end-markets and continued depressed demand, resulting in extraordinary volatility in our financial results since the last up-cycle. In 2009, we reported a net loss of $293.6 million, the first in the Company’s history. Although we have since returned to profitability, the economic outlook remains uncertain both in the United States and globally. While we believe that the long-term prospects for the steel industry remain bright, we are unable to predict the duration of the depressed economic conditions that are contributing to reduced demand for our products. Future economic downturns or a prolonged slow-growth or stagnant economy could materially adversely affect our business, results of operations, financial condition and cash flows.

Overcapacity in the global steel industry could increase the level of steel imports, which may negatively affect our business, results of operations and cash flows.

Global steelmaking capacity exceeds global consumption of steel products. During periods of global economic weakness this overcapacity is amplified because of weaker global demand. This excess capacity often results in manufacturers in certain countries exporting significant amounts of steel and steel products at prices that are at or below their costs of production. In some countries the steel industry is subsidized or owned in whole or in part by the government, giving imported steel from those countries certain cost advantages. These imports, which are also affected by demand in the domestic market, international currency conversion rates and domestic and international government actions, can result in downward pressure on steel prices, which could materially adversely affect our business, results of operations, financial condition and cash flows. Over capacity has also led to greater protectionism as is evident in raw material and finished product border tariffs put in place by China, Brazil and other countries.

In particular, steel production in China, the world’s largest producer and consumer of steel, continues to exceed Chinese demand. This rising overcapacity in China has the potential to result in a further increase in imports of artificially low-priced steel and steel products to the United States that could put our steel products at a competitive disadvantage. A continuation of this unbalanced growth trend or a significant decrease in China’s rate of economic expansion could result in increasing steel exports from China.

The recent addition of new capacity and expansion or restarting of existing sheet steel production in the United States has exacerbated this issue domestically as well as globally.

Competition from other producers, imports or alternative materials may adversely affect our business.

We face strong competition from other steel producers and imports that compete with our products on price and service. The steel markets are highly competitive and a number of firms, domestic and foreign, participate in the steel and raw materials markets. Depending on a variety of factors, including raw materials, energy, labor and capital costs, government control of currency exchange rates and government subsidies of foreign steel producers, our business may be materially adversely affected by competitive forces.

In many applications, steel competes with other materials, such as concrete, aluminum, composites, plastic and wood. Increased use of these materials in substitution for steel products could have a material adverse effect on prices and demand for our steel products.

Since 2011, automobile producers have begun taking steps towards complying with new Corporate Average Fuel Economy mileage requirements for new cars and light trucks that they produce. As automobile producers work to produce vehicles in compliance with these new standards, they may reduce the amount of steel or begin utilizing alternative materials in cars and trucks to improve fuel economy, thereby reducing demand for steel and resulting in further over-supply of steel in North America. Certain automakers have announced that they will use greater amounts of aluminum and smaller proportions of steel in some 2015 models that will be available next year.

The results of our operations are sensitive to volatility in steel prices and the cost of raw materials, particularly scrap steel.

We rely to an extent on outside vendors to supply us with raw materials, including both scrap and scrap substitutes that are critical to the manufacture of our products. Although we have vertically integrated our

9

business by constructing our DRI facilities in Trinidad and Louisiana and also acquiring DJJ, we still must purchase most of our primary raw material, steel scrap, from numerous other sources located throughout the United States. Although we believe that the supply of scrap and scrap substitutes is adequate to operate our facilities, prices of these critical raw materials are volatile and are influenced by changes in scrap exports in response to changes in the scrap demands of our global competitors. At any given time, we may be unable to obtain an adequate supply of these critical raw materials with price and other terms acceptable to us. The availability and prices of raw materials may also be negatively affected by new laws and regulations, allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, worldwide price fluctuations, and the availability and cost of transportation. Many countries that export steel into our markets restrict the export of scrap, protecting the supply chain of some foreign competitors. This trade practice creates artificial competitive advantage for foreign producers that could limit our ability to compete in the U.S. market.

If our suppliers increase the prices of our critical raw materials, we may not have alternative sources of supply. In addition, to the extent that we have quoted prices to our customers and accepted customer orders for our products prior to purchasing necessary raw materials, we may be unable to raise the price of our products to cover all or part of the increased cost of the raw materials, although we have successfully used a raw material surcharge in the steel mills segment since 2004. Also, if we are unable to obtain adequate and timely deliveries of our required raw materials, we may be unable to timely manufacture sufficient quantities of our products. This could cause us to lose sales, incur additional costs and suffer harm to our reputation.

Changes in the availability and cost of electricity and natural gas are subject to volatile market conditions that could adversely affect our business.

Our steel mills are large consumers of electricity and natural gas. In addition, our DRI facilities are also large consumers of natural gas. We rely upon third parties for our supply of energy resources consumed in the manufacture of our products. The prices for and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions. These market conditions often are affected by weather, political and economic factors beyond our control, and we may be unable to raise the price of our products to cover increased energy costs. Disruptions in the supply of our energy resources could temporarily impair our ability to manufacture our products for our customers. Increases in our energy costs resulting from regulations that are not equally applicable across the entire global steel market could materially adversely affect our business, results of operations, financial condition and cash flows.

A substantial or extended decline in natural gas prices could have a material adverse effect on our natural gas working interest drilling programs.

The financial performance and condition of our natural gas drilling programs are substantially dependent on the prevailing prices of natural gas and liquids. Fluctuations in natural gas or liquids prices could have an adverse effect on the Company’s natural gas operations and financial condition and the value and recovery of its reserves in the working interest drilling programs. Prices for natural gas and liquids fluctuate in response to changes in the supply and demand for natural gas and oil, market uncertainty and a variety of additional factors beyond the Company’s control. A substantial or extended decline in the price of natural gas could result in further delay or cancellation of existing or future drilling programs or curtailment in production at some properties, all of which could have an adverse effect on the Company’s revenues, profitability and cash flows.

Our steelmaking and DRI processes, and the manufacturing processes of many of our suppliers and customers, are energy intensive and generate carbon dioxide and other GHGs, and regulation of GHGs, through new regulations or legislation in an onerous form, could have a material adverse impact on our results of operations, financial condition and cash flows.

Carbon is an essential raw material in Nucor’s production processes. As a carbon steel producer, Nucor will be increasingly affected both directly and indirectly as GHG regulations are further implemented. Because these

10

operations are subject to most of these new GHG regulations, we have already begun to feel the impact in the permit modification and reporting processes. Both GHG regulations and recently promulgated National Ambient Air Quality Standards (“NAAQS”), which are more restrictive than previous standards, make it significantly more difficult to obtain new permits and to modify existing permits.

These same regulations have indirectly increased the costs to manufacture our products as they have increased the cost of energy, primarily electricity, which we use extensively in the steelmaking process. The discovery of new natural gas reserves utilizing the practice of horizontal drilling and hydraulic fracturing is dampening some of this indirect impact, as some utilities switch fuels to natural gas from coal thereby reducing their emissions significantly. To the extent that these regulations cause an increase in the cost of energy, they will have an impact on Nucor’s ability to compete.

The USEPA continues to press forward with new regulations that control GHG and other NAAQS pollutants. Most of these and other related regulations are already, or we expect will shortly be, challenged in court. Until all proposed GHG emission regulations are adopted in final form and all legal challenges are resolved, we cannot reliably estimate their full impact on our financial condition, operating performance or ability to compete. Because some foreign steel producers are not subject to these same indirect cost increases, our products could be at a further competitive disadvantage. In addition to increased costs of production, we could also incur costs to defend and resolve legal claims and other litigation related to new air and water quality regulations and the alleged impact of our operations on the environment.

Environmental compliance and remediation could result in substantially increased costs and materially adversely impact our competitive position.

Our operations are subject to numerous federal, state and local laws and regulations relating to protection of the environment, and we, accordingly, make provision in our financial statements for the estimated costs of compliance. These laws are becoming increasingly stringent, resulting in inherent uncertainties in these estimates. To the extent that competitors, particularly foreign steel producers and manufacturers of competitive products, are not required to incur equivalent costs, our competitive position could be materially adversely impacted. If one of our permits is revoked or if we were to experience significant delays in obtaining a permit modification or a new permit, this could result in operational delays at one or more of our facilities, causing a negative impact on our results of operations and cash flows.

Federal and state legislation and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.

Various legislative efforts, at all levels, are in process that are intended to further regulate the hydraulic fracturing process used by the oil and gas industry. Hydraulic fracturing is an important and commonly used process in the completion of natural gas wells in shale and tight sand formations, including all of those in our working interest natural gas drilling program. This process involves the injection of water, chemicals and, at times, sand under pressure into rock formations to stimulate the production of natural gas, oil and natural gas liquids. Sponsors of these proposals and regulations have asserted that chemicals used in the fracturing process could adversely affect drinking water supplies and/or that hydraulic fracturing could pose a variety of other risks. Any onerous governmental regulations could lead to operational delays, increased operating costs that could make it more difficult to perform hydraulic fracturing and possibly even the cessation of drilling.

We acquire businesses from time to time and we may encounter difficulties in integrating businesses we acquire.

We plan to continue to seek attractive opportunities to acquire businesses, enter into joint ventures and make other investments that are complementary to our existing strengths. Realizing the anticipated benefits of acquisitions or other transactions will depend on our ability to operate these businesses and integrate them with our operations and to cooperate with our strategic partners. Our business, results of operations, financial condition and cash flows could be materially adversely affected if we are unable to successfully integrate these businesses.

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In addition, we may enter into joint ventures or acquisitions located outside the U.S., which may be adversely affected by foreign currency fluctuations, changes in economic conditions and changes in local government regulations and policies.

Our operations are subject to business interruptions and casualty losses.

The steelmaking business is subject to numerous inherent risks, particularly unplanned events such as explosions, fires, other accidents, natural disasters such as floods or earthquakes, unplanned critical equipment failures, acts of terrorism, inclement weather and transportation interruptions. While our insurance coverage could offset losses relating to some of those types of events, our results of operations and cash flows could be adversely impacted to the extent any such losses are not covered by our insurance.

Our business requires substantial capital investment and maintenance expenditures, and our capital resources may not be adequate to provide for all of our cash requirements.

Our operations are capital intensive. For the five-year period ended December 31, 2013, our total capital expenditures, excluding acquisitions, were approximately $3.44 billion. Our business also requires substantial expenditures for routine maintenance. Although we expect requirements for our business needs, including the funding of capital expenditures, debt service for financings and any contingencies, will be financed by internally generated funds or from borrowings under our $1.5 billion unsecured revolving credit facility, we cannot assure you that this will be the case. Additional acquisitions could require financing from external sources.

Changes in foreign currency may adversely affect our financial results.

Because of our international expansion efforts, we are increasingly exposed to changes in foreign exchange rates. Generally, each of our foreign operations both produces and sells in its local currency, limiting our exposure to foreign currency transactions. We monitor our exposures and, from time to time, may use forward currency contracts to hedge certain forecasted currency transactions. In addition to potential transaction losses, our reported results of operations and financial position could be negatively affected by exchange rates when the activities and balances of our foreign operations are translated into U.S. dollars for financial reporting purposes.

The accounting treatment of equity method investments, goodwill and other long-lived assets could result in future asset impairments, which would reduce our earnings.

We periodically test our equity method investments, goodwill and other long-lived assets to determine whether their estimated fair value is less than their value recorded on our balance sheet. The results of this testing for potential impairment may be adversely affected by the continuing uncertain market conditions for the steel industry, as well as changes in interest rates and general economic conditions. If we determine that the fair value of any of these long-lived assets is less than the value recorded on our balance sheet, and in the case of equity method investments the decline is other than temporary, we would likely incur a non-cash impairment loss that would negatively impact our results of operations.

Tax increases and changes in tax rules could adversely affect our financial results.

The steel industry and our business are sensitive to changes in taxes. As a company based in the U.S., Nucor is more exposed to the effects of changes in U.S. tax laws than some of our major competitors. Our provision for income taxes and cash tax liability in the future could be adversely affected by changes in U.S. tax laws. Potential changes that would adversely affect us include, but are not limited to, current proposals for corporate tax reform which would lower tax rates and eliminate most tax expenditures (repealing LIFO (last-in, first-out treatment of inventory), accelerated depreciation, and the domestic production activity deduction) and decreasing the ability of U.S. companies to receive a tax credit for foreign taxes paid or to defer the U.S. deduction of expenses in connection with investments made in other countries.

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We are subject to legal proceedings and legal compliance risks.

We spend substantial resources ensuring that we comply with governmental safety and environmental regulations, contractual obligations and other legal standards. Notwithstanding this, we are subject to a variety of legal proceedings and compliance risks in respect of various issues, including regulatory, environmental, employment, intellectual property, contractual and governmental matters, that arise in the course of our business and in our industry. For information regarding our current significant legal proceedings, see Item 3. Legal Proceedings. A negative outcome in an unusual or significant legal proceeding or compliance investigation could adversely affect our financial condition and results of operations. While we believe that we have adopted appropriate risk management and compliance programs, the nature of our operations means that legal and compliance risks will continue to exist and additional legal proceedings and other contingencies, the outcome of which cannot be predicted with certainty, will arise from time to time.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

We own all of our principal operating facilities. These facilities, by segment, are as follows:

Location	Approximate square footage of facilities		Principal products
Steel mills:
Blytheville, Arkansas		2,560,000	Steel shapes, flat-rolled steel
Berkeley County, South Carolina		2,170,000	Flat-rolled steel, steel shapes
Decatur, Alabama		2,000,000	Flat-rolled steel
Crawfordsville, Indiana		1,900,000	Flat-rolled steel
Norfolk, Nebraska		1,460,000	Flat-rolled steel
Hickman, Arkansas		1,450,000	Steel shapes
Hertford County, North Carolina		1,220,000	Steel shapes
Plymouth, Utah		1,200,000	Steel plate
Jewett, Texas		1,080,000	Steel shapes
Darlington, South Carolina		970,000	Steel shapes
Seattle, Washington		640,000	Steel shapes
Memphis, Tennessee		570,000	Steel shapes
Auburn, New York		450,000	Steel shapes
Marion, Ohio		440,000	Steel shapes
Kankakee, Illinois		430,000	Steel shapes
Jackson, Mississippi		420,000	Steel shapes
Kingman, Arizona		380,000	Steel shapes
Tuscaloosa, Alabama		370,000	Steel plate
Birmingham, Alabama		280,000	Steel shapes
Wallingford, Connecticut		260,000	Steel shapes
Steel products:
Norfolk, Nebraska		1,080,000	Joists, deck, cold finished bar
Brigham City, Utah		730,000	Joists, cold finished bar
Grapeland, Texas		680,000	Joists, deck
St. Joe, Indiana		550,000	Joists, deck
Chemung, New York		550,000	Joists, deck
Florence, South Carolina		540,000	Joists, deck
Fort Payne, Alabama		470,000	Joists, deck

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The steel mills segment also includes Skyline, our steel foundation distributor with U.S. manufacturing facilities in eight states and one facility in Canada. Additionally, we have a distribution center in Pompano Beach, Florida and in Mexico.

In the steel products segment, we have 77 additional operating facilities in 37 states and 28 operating facilities in Canada. Our affiliate, Harris Steel, also operates multiple sales offices in Canada and certain other foreign locations.

In the raw materials segment, DJJ has 77 operating facilities in 16 states along with multiple brokerage offices in the U.S. and certain other foreign locations. Nucor’s raw materials segment also includes our DRI facilities. Nucor has DRI facilities in Point Lisas, Trinidad and St. James Parish, Louisiana. A significant portion of the DRI production process occurs outdoors. The Trinidad site, including leased land, is approximately 1.84 million square feet. The Louisiana site, which began operations in December 2013, has approximately 174.2 million square feet of owned land with buildings that total approximately 72,000 square feet.

During 2013, the average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 74%, 58% and 62% of production capacity, respectively.

We also own our principal executive office in Charlotte, North Carolina.

Item 3. Legal Proceedings

Nucor has been named, along with other major steel producers, as a co-defendant in several related antitrust class-action complaints filed by Standard Iron Works and other steel purchasers in the United States District Court for the Northern District of Illinois. The majority of these complaints were filed in September and October of 2008, with two additional complaints being filed in July and December of 2010. Two of these complaints have been voluntarily dismissed and are no longer pending. The plaintiffs allege that from April 1, 2005 through December 31, 2007, eight steel manufacturers, including Nucor, engaged in anticompetitive activities with respect to the production and sale of steel. The plaintiffs seek monetary and other relief. Although we believe the plaintiffs’ claims are without merit and will vigorously defend against them, we cannot at this time predict the outcome of this litigation or estimate the range of Nucor’s potential exposure.

Nucor is from time to time a party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance for certain risks that is subject to certain self-insurance limits.

Item 4. Mine Safety Disclosures

Not applicable.

Executive Officers of the Registrant

James R. Darsey (58)—Mr. Darsey has been an Executive Vice President of Nucor since September 2010. He was promoted to Vice President in 1996 and to President of the Vulcraft/Verco Group in 2007. He was General Manager of Nucor Steel, Jewett, Texas from 1999 to 2007; General Manager of Vulcraft, Grapeland, Texas from 1995 to 1999; Engineering Manager of Vulcraft, Grapeland, Texas from 1987 to 1995; and Engineering Manager of Vulcraft, Brigham City, Utah from 1986 to 1987. He began his Nucor career in 1979 as a Design Engineer at Vulcraft, Grapeland, Texas.

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John J. Ferriola (61)—Mr. Ferriola became Chairman of the Board of Directors of Nucor in January 2014, has served as Chief Executive Officer since January 2013 and has served as President since January 2011. He has also been a director of Nucor since January 2011. Previously, Mr. Ferriola served as President and Chief Operating Officer from January 2011 to December 2012 and, prior to that, as Chief Operating Officer of Steelmaking Operations from 2007 to 2010, Executive Vice President from 2002 to 2007 and Vice President from 1996 to 2001. He was General Manager of Nucor Steel, Crawfordsville, Indiana from 1998 to 2001; General Manager of Nucor Steel, Norfolk, Nebraska from 1995 to 1998; General Manager of Vulcraft, Grapeland, Texas in 1995; and Manager of Maintenance and Engineering at Nucor Steel, Jewett, Texas from 1992 to 1995.

James D. Frias (57)—Mr. Frias has been Chief Financial Officer, Treasurer and Executive Vice President since January 2010. He was a Vice President of Nucor from 2006 to 2009. Mr. Frias previously served as Corporate Controller from 2001 to 2009; Controller of Nucor Steel, Crawfordsville, Indiana from 1994 to 2001; and Controller of Nucor Building Systems, Waterloo, Indiana from 1991 to 1994.

Keith B. Grass (57)—Mr. Grass became an Executive Vice President of Nucor in February 2008 when Nucor acquired DJJ. He has served as Chief Executive Officer of DJJ since 2000 and served as President of DJJ from 2000 until December 2012. Prior to 2000, Mr. Grass held the following positions with DJJ: President and Chief Operating Officer of the Metal Recycling Division during 1999; President of the International Division from 1996 to 1998; Vice President of Trading from 1992 to 1996; District Manager of the Chicago trading office from 1988 to 1992; District Manager of the Detroit office from 1986 to 1988; and District Manager of the Omaha office from 1985 to 1986. Mr. Grass began his career as a brokerage representative in DJJ’s Chicago office in 1978.

Ladd R. Hall (57)—Mr. Hall has been an Executive Vice President of Nucor since September 2007. He was Vice President and General Manager of Nucor Steel, Berkeley County, South Carolina from 2000 to 2007; Vice President and General Manager of Nucor Steel, Darlington, South Carolina from 1998 to 2000; Vice President of Vulcraft, Brigham City, Utah from 1994 to 1998 and General Manager there from 1993 to 1994; General Manager of Vulcraft, Grapeland, Texas in 1993; Sales Manager of Vulcraft, Brigham City, Utah from 1988 to 1993; and Inside Sales at Nucor Steel Plymouth, Utah from 1981 to 1988.

Raymond S. Napolitan, Jr. (56)—Mr. Napolitan became an Executive Vice President of Nucor in June 2013. He was elected Vice President of Nucor in 2007. He served as President of Nucor’s Vulcraft/Verco group from 2010 until 2013; President of American Buildings Company from 2007 until 2010; General Manager of Nucor Buildings Systems, Terrell, Texas from 1999 until 2007. He began his Nucor career in 1996 as Engineering Manager of Nucor Building Systems, Waterloo, Indiana.

R. Joseph Stratman (57)—Mr. Stratman has been an Executive Vice President of Nucor since September 2007 and was Vice President and General Manager of Nucor-Yamato Steel Company from 1999 to 2007. He was Vice President of Nucor Steel, Norfolk, Nebraska in 1999 and General Manager there from 1998 to 1999; Controller of Nucor-Yamato Steel Company from 1991 to 1998; and Controller of Nucor Building Systems, Waterloo, Indiana from 1989 to 1991.

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PART II

Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Nucor has increased its base cash dividend every year since the Company began paying dividends in 1973. Nucor paid a total dividend of $1.47 per share in 2013 compared with $1.46 per share in 2012. In December 2013, the board of directors increased the base quarterly cash dividend on Nucor’s common stock to $0.37 per share from $0.3675 per share. In February 2014, the board of directors declared Nucor’s 164^th consecutive quarterly cash dividend of $0.37 per share payable on May 12, 2014 to stockholders of record on March 31, 2014.

Additional information regarding the market for Nucor’s common stock, quarterly market price ranges, the number of stockholders and dividend payments is incorporated by reference to Nucor’s 2013 Annual Report, page 76. Additional information regarding securities authorized for issuance under stock-based compensation plans is incorporated by reference to Nucor’s 2013 Annual Report, pages 62 through 65.

Item 6. Selected Financial Data

Historical financial information is incorporated by reference to Nucor’s 2013 Annual Report, page 43.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Information required by this item is incorporated by reference to Nucor’s 2013 Annual Report, page 3 (Forward-looking Statements) and pages 22 through 39.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

In the ordinary course of business, Nucor is exposed to a variety of market risks. We continually monitor these risks and develop appropriate strategies to manage them.

Interest Rate Risk—Nucor manages interest rate risk by using a combination of variable-rate and fixed-rate debt. At December 31, 2013, 24% of Nucor’s long-term debt was in industrial revenue bonds that have variable interest rates that are adjusted weekly or annually. The remaining 76% of Nucor’s debt is at fixed rates. Future changes in interest rates are not expected to significantly impact earnings. Nucor also makes use of interest rate swaps to manage net exposure to interest rate changes. As of December 31, 2013, there were no such contracts outstanding. Nucor’s investment practice is to invest in securities that are highly liquid with short maturities. As a result, we do not expect changes in interest rates to have a significant impact on the value of our investment securities recorded as short-term investments.

Commodity Price Risk—In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap steel, other ferrous and nonferrous metals, alloys and natural gas. We attempt to negotiate the best prices for our raw materials and energy requirements and to obtain prices for our steel products that match market price movements in response to supply and demand. Nucor utilizes a raw material surcharge as a component of pricing steel to pass through the cost increases of scrap steel and other raw materials. In periods of stable demand for our products, our surcharge mechanism has worked effectively to reduce the normal time lag in passing through higher raw material costs so that we can maintain our gross margins. When demand for and cost of raw materials is lower, however, the surcharge benefits our sales prices to a lesser extent.

Natural gas produced by Nucor’s working interest drilling program is being sold to third parties to offset our exposure to changes in the price of gas consumed by our Louisiana DRI facility. In addition to its future natural gas needs at the new DRI facility that began operations in the fourth quarter of 2013, Nucor is also a substantial consumer of natural gas at our steel mill operations. We expect that the natural gas produced through the drilling

16

program will be sufficient to cover Nucor’s demand at all of its steel mills in the United States plus the demand of two DRI plants or, alternatively, at three DRI plants. However, the natural gas production from the working interest drilling program currently does not completely cover the natural gas usage at our operating facilities. For the year ended December 31, 2013, the volume of natural gas sold from our natural gas working interest drilling program was approximately 73% of the volume of natural gas purchased for consumption in our domestic steelmaking and DRI facilities.

Our natural gas working interest drilling program is affected by changes in natural gas prices in an inverse manner to natural gas costs at our DRI and steel mill operations. As natural gas prices increase, our increased energy costs at our DRI and steel mill operations is somewhat mitigated by increased profit from sales of natural gas to third party customers from our natural gas drilling program. Likewise, as natural gas prices decrease, we experience decreased energy costs at our DRI and steel mill operations, but we also experience decreased profit from our natural gas drilling program.

The impact of low natural gas prices associated with our drilling program is limited by the existence of a drilling suspension clause. Nucor is contractually obligated to drill a minimum number of wells per year under the terms of our original agreements with Encana; however, we have the right to suspend drilling of new wells at any time after January 1, 2015, if market pricing falls below a pre-established threshold. In the fourth quarter of 2013, Nucor and Encana agreed to temporarily suspend drilling new natural gas wells. This joint decision was made due to the current weak natural gas pricing environment. This pause demonstrates the flexibility of our partnership with Encana to react to market conditions to the mutual benefit of both parties while still allowing us to better manage our exposure to natural gas pricing volatility at our operating divisions that consume natural gas.

Nucor also uses derivative financial instruments from time to time primarily to partially manage our exposure to price risk related to natural gas purchases used in the production process as well as scrap, aluminum and copper purchases and sales. Gains and losses from derivatives designated as hedges are deferred in accumulated other comprehensive income (loss) on the consolidated balance sheets and recognized into earnings in the same period as the underlying physical transaction. At December 31, 2013, there were no amounts in accumulated other comprehensive income (loss) related to derivative instruments as all of our previously held positions have settled. Changes in the fair values of derivatives not designated as hedges are recognized in earnings each period. The following table presents the negative effect on pre-tax earnings of a hypothetical change in the fair value of derivative instruments outstanding at December 31, 2013, due to an assumed 10% and 25% change in the market price of each of the indicated commodities (in thousands):

Commodity Derivative	10% Change		25% Change
Natural gas	$	838	$	2,095
Aluminum		1,011		2,527
Copper		1,337		3,342

Any resulting changes in fair value would be recorded as adjustments to other comprehensive income (loss), net of tax, or recognized in net earnings, as appropriate. These hypothetical losses would be partially offset by the benefit of lower prices paid or higher prices received for the physical commodities.

Foreign Currency Risk—Nucor is exposed to foreign currency risk primarily through its operations in Canada, Europe, Trinidad and Colombia. We periodically use derivative contracts to mitigate the risk of currency fluctuations. Open foreign currency derivative contracts at December 31, 2013 and 2012 were insignificant.

Item 8. Financial Statements and Supplementary Data

Information required by this item is incorporated by reference to Nucor’s 2013 Annual Report, pages 44 through 72.

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures—As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the evaluation date.

Changes in Internal Control Over Financial Reporting—There were no changes in our internal control over financial reporting during the quarter ended December 31, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Report on Internal Control Over Financial Reporting—Management’s report on internal control over financial reporting required by Section 404 of the Sarbanes-Oxley Act of 2002 and the attestation report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, on the effectiveness of Nucor’s internal control over financial reporting as of December 31, 2013 are incorporated by reference to Nucor’s 2013 Annual Report, pages 44 through 45.

Item 9B. Other Information

None.

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PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this Item about Nucor’s executive officers is contained in Part I of this Form 10-K. The other information required by this Item is contained in the sections of Nucor’s Proxy Statement for the 2014 Annual Meeting of Stockholders (the “Proxy Statement”) captioned Election of Directors, Section 16(a) Beneficial Ownership Reporting Compliance and Corporate Governance and Board of Directors, which sections are incorporated by reference.

Nucor has adopted a Code of Ethics for Senior Financial Professionals (“Code of Ethics”) that applies to the Company’s Chief Executive Officer, Chief Financial Officer, Corporate Controller and other senior financial professionals, as well as Corporate Governance Principles for our Board of Directors and charters for our board committees. These documents are publicly available on our website, www.nucor.com. If we make any substantive amendments to the Code of Ethics or grant any waiver, including any implicit waiver, from a provision of the Code of Ethics, we will disclose the nature of such amendment or waiver on our website.

Item 11. Executive Compensation

The information required by this item is included under the headings Compensation Discussion and Analysis, Corporate Governance and Board of Directors, Report of the Compensation and Executive Development Committee in Nucor’s Proxy Statement and is incorporated by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this item with respect to security ownership of certain beneficial owners and management is incorporated by reference to Nucor’s Proxy Statement under the heading Security Ownership of Management and Certain Beneficial Owners.

The information regarding the number of securities issuable under equity compensation plans and the related weighted average exercise price is incorporated by reference to the Proxy Statement under the heading Equity Compensation Plan Information.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Information required by this item is incorporated by reference to Nucor’s Proxy Statement under the heading Corporate Governance and Board of Directors.

Item 14. Principal Accountant Fees and Services

Information about the fees in 2013 and 2012 for professional services rendered by our independent registered public accounting firm is incorporated by reference to Nucor’s Proxy Statement under the heading Fees Paid to Independent Registered Public Accounting Firm. The description of our audit committee’s policy on pre-approval of audit and permissible non-audit services of our independent registered public accounting firm is also incorporated by reference from the same section of the Proxy Statement.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

Financial Statements:

The following consolidated financial statements and the report of independent registered public accounting firm are incorporated by reference to Nucor’s 2013 Annual Report, pages 44 through 72:

• Management’s Report on Internal Control Over Financial Reporting

• Report of Independent Registered Public Accounting Firm

• Consolidated Balance Sheets—December 31, 2013 and 2012

• Consolidated Statements of Earnings—Years ended December 31, 2013, 2012 and 2011

• Consolidated Statements of Comprehensive Income—Years ended December 31, 2013, 2012, and 2011

• Consolidated Statements of Stockholders’ Equity—Years ended December 31, 2013, 2012 and 2011

• Consolidated Statements of Cash Flows—Years ended December 31, 2013, 2012 and 2011

• Notes to Consolidated Financial Statements

Financial Statement Schedules:

The following financial statement schedule is included in this report as indicated:

	Page
Report of Independent Registered Public Accounting Firm on Financial Statement Schedule		27
Schedule II—Valuation and Qualifying Accounts—Years ended December 31, 2013, 2012 and 2011		28

All other schedules are omitted because they are not required, not applicable, or the information is furnished in the consolidated financial statements or notes.

Exhibits:

3	Restated Certificate of Incorporation (incorporated by reference to Form 8-K filed September 14, 2010)
3(i)	Bylaws as amended and restated September 11, 2012 (incorporated by reference to Form 8-K filed September 13, 2012)
4	Indenture, dated as of January 12, 1999, between Nucor Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (incorporated by reference to Form S-4 filed December 13, 2002)
4(i)	Second Supplemental Indenture, dated October 1, 2002, between Nucor Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (incorporated by reference to Form S-4 filed December 13, 2002)
4(ii)	Third Supplemental Indenture, dated December 3, 2007, between Nucor Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (incorporated by reference to Form 8-K filed December 4, 2007)
4(iii)	Fourth Supplemental Indenture, dated June 2, 2008, between Nucor Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (incorporated by reference to Form 8-K filed June 3, 2008)

20

4(iv)	Fifth Supplemental Indenture, dated September 21, 2010, between Nucor Corporation and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (incorporated by reference to Form 8-K filed September 21, 2010)
4(v)	Sixth Supplemental Indenture, dated July 29, 2013, between Nucor Corporation and The Bank of New York Mellon, as trustee (incorporated by reference to Form 8-K filed July 29, 2013)
4(vi)	Form of 5.75% Notes due December 2017 (included in Exhibit 4(ii) above) (incorporated by reference to Form 8-K filed December 4, 2007)
4(vii)	Form of 6.40% Notes due December 2037 (included in Exhibit 4(ii) above) (incorporated by reference to Form 8-K filed December 4, 2007)
4(viii)	Form of 5.85% Notes due June 2018 (included in Exhibit 4(iii) above) (incorporated by reference to Form 8-K filed June 3, 2008)
4(ix)	Form of 4.125% Notes due September 2022 (included in Exhibit 4(iv) above) (incorporated by reference to Form 8-K filed September 21, 2010)
4(x)	Form of 4.000% Notes due August 2023 (included in Exhibit 4(v) above) (incorporated by reference to Form 8-K filed September July 29, 2013)
4(xi)	Form of 5.200% Notes due August 2043 (included in Exhibit 4(v) above) (incorporated by reference to Form 8-K filed July 29, 2013)
10	2005 Stock Option and Award Plan (incorporated by reference to Form 8-K filed May 17, 2005) (#)
10(i)	2005 Stock Option and Award Plan, Amendment No. 1 (incorporated by reference to Form 10-Q for quarter ended September 29, 2007) (#)
10(ii)	2010 Stock Option and Award Plan (incorporated by reference to Form 10-Q for quarter ended July 3, 2010) (#)
10(iii)	Form of Restricted Stock Unit Award Agreement—time-vested awards (incorporated by reference to Form 10-K for year ended December 31, 2005) (#)
10(iv)	Form of Restricted Stock Unit Award Agreement—retirement-vested awards (incorporated by reference to Form 10-K for year ended December 31, 2005) (#)
10(v)	Form of Restricted Stock Unit Award Agreement for Non-Employee Directors (incorporated by reference to Form 10-Q for quarter ended April 1, 2006) (#)
10(vi)	Form of Award Agreement for Annual Stock Option Grants (incorporated by reference to Form 10-Q for quarter ended June 30, 2012) (#)
10(vii)*	Retirement, Separation, Waiver and Release Agreement of Daniel R. DiMicco (#)
10(viii)	Employment Agreement of James D. Frias (incorporated by reference to Form 10-K for year ended December 31, 2009) (#)
10(ix)	Employment Agreement of Hamilton Lott, Jr. (incorporated by reference to Form 10-Q for quarter ended June 30, 2001) (#)
10(x)	Amendment to Employment Agreement of Hamilton Lott, Jr. (incorporated by reference to Form 10-K for year ended December 31, 2007) (#)
10(xi)*	Retirement, Separation, Waiver and Release Agreement of Hamilton Lott, Jr. (#)
10(xii)	Employment Agreement of John J. Ferriola (incorporated by reference to Form 10-K for year ended December 31, 2001) (#)

21

10(xiii)	Amendment to Employment Agreement of John J. Ferriola (incorporated by reference to Form 10-K for year ended December 31, 2007) (#)
10(xiv)	Employment Agreement of Ladd R. Hall (incorporated by reference to Form 10-Q for quarter ended September 29, 2007) (#)
10(xv)	Employment Agreement of R. Joseph Stratman (incorporated by reference to Form 10-Q for quarter ended September 29, 2007) (#)
10(xvi)	Employment Agreement of Keith B. Grass (incorporated by reference to Form 10-K for the year ended December 31, 2011) (#)
10(xvii)	Employment Agreement of James R. Darsey (incorporated by reference to Form 10-K for year ended December 31, 2010) (#)
10(xviii)	Employment Agreement of Raymond S. Napolitan, Jr. (incorporated by reference to Form 10-Q for quarter ended June 29, 2013) (#)
10(xix)	Severance Plan for Senior Officers and General Managers as Amended and Restated Effective February 18, 2009 (incorporated by reference to Form 10-Q for quarter ended April 4, 2009) (#)
10(xx)	Senior Officers Annual Incentive Plan, As Amended and Restated Effective January 1, 2013 (incorporated by reference to Appendix A of our Definitive Proxy Statement on Schedule 14A filed on March 27, 2013) (#)
10(xxi)	Senior Officers Long-Term Incentive Plan, As Amended and Restated Effective January 1, 2013 (incorporated by reference to Appendix B of our Definitive Proxy Statement on Schedule 14A filed on March 27, 2013) (#)
10(xxii)	Underwriting Agreement dated September 16, 2010 among Nucor Corporation, Banc of America Securities LLC, Citigroup Capital Markets Inc. and J.P. Morgan Securities, Inc. (incorporated by reference to Form 8-K filed September 21, 2010)
10(xxiii)	Underwriting Agreement, dated July 24, 2013, among Nucor Corporation, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (incorporated by reference to Form 8-K filed July 29, 2013)
10(xxiv)	BJU Carry and Earning Agreement dated October 31, 2012, among Nucor Corporation, Nucor Energy Holdings, Inc. and Encana Oil & Gas (USA) Inc. (incorporated by reference to Form 10-K for year ended December 31, 2012) †
10(xxv)	Consulting Services Agreement with The Corporate Development Institute, Inc. and James D. Hlavacek (incorporated by reference to Form 10-Q for quarter ended June 29, 2013)
12*	Computation of Ratio of Earnings to Fixed Charges
13*	2013 Annual Report (portions incorporated by reference)
21*	Subsidiaries
23*	Consent of Independent Registered Public Accounting Firm
24	Power of attorney (included on signature page)
31*	Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31(i)*	Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

22

32**	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32(i)**	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*	Nucor Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Earnings, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Stockholders’ Equity, and (vi) the Notes to Consolidated Financial Statements.

* Filed herewith.

** Furnished (and not filed) herewith pursuant to Item 601(b)(32)(ii) of the SEC’s Regulation S-K.

† Certain portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with Securities and Exchange Commission.

(#) Indicates a management contract or compensatory plan or arrangement.

23

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NUCOR CORPORATION
By:	/S/ JOHN J. FERRIOLA
	John J. Ferriola
	Chairman, President and Chief Executive Officer
Dated: February 28, 2014

POWER OF ATTORNEY

KNOW ALL PERSON BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints James D. Frias and A. Rae Eagle, or either of them, his or her attorney-in-fact, for such person in any and all capacities, to sign any amendments to this report and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that either of said attorney-in-fact, or substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/S/ JOHN J. FERRIOLA	/S/ PETER C. BROWNING
John J. Ferriola Chairman, President and Chief Executive Officer (Principal Executive Officer)	Peter C. Browning Director
/S/ JAMES D. FRIAS	/S/ HARVEY B. GANTT
James D. Frias Chief Financial Officer, Treasurer and Executive Vice President (Principal Financial Officer)	Harvey B. Gantt Director
/S/ MICHAEL D. KELLER	/S/ GREGORY J. HAYES
Michael D. Keller Vice President and Corporate Controller (Principal Accounting Officer)	Gregory J. Hayes Director
	/S/ VICTORIA F. HAYNES
	Victoria F. Haynes Director
	/S/ BERNARD L. KASRIEL
	Bernard L. Kasriel Director
	/S/ CHRISTOPHER J. KEARNEY
	Christopher J. Kearney Director

24

/S/ RAYMOND J. MILCHOVICH

Raymond J. Milchovich

Lead Director

/S/ JOHN H. WALKER

John H. Walker

Director

Dated: February 28, 2014

25

NUCOR CORPORATION

Index to Financial Statement Schedule

	Page
Report of Independent Registered Public Accounting Firm on Financial Statement Schedule		27
Schedule II—Valuation and Qualifying Accounts—Years ended December 31, 2013, 2012 and 2011		28

26

Report of Independent Registered Public Accounting Firm on Financial Statement Schedule

To the Board of Directors and Stockholders of

Nucor Corporation:

Our audits of the consolidated financial statements and of the effectiveness of internal control over financial reporting referred to in our report dated February 28, 2014 appearing in the 2013 Annual Report to Stockholders of Nucor Corporation (which report and consolidated financial statements are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedule listed in Item 15 of this Form 10-K. In our opinion, this financial statement schedule presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 28, 2014

27

NUCOR CORPORATION

Financial Statement Schedule

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (in thousands)

Description	Balance at beginning of year		Additions charged to costs and expenses		Deductions			Balance at end of year
Year ended December 31, 2013 LIFO Reserve	$	607,240	$	17,445	$	—		$	624,685
Year ended December 31, 2012 LIFO Reserve	$	763,176	$	—	$	(155,936	)	$	607,240
Year ended December 31, 2011 LIFO Reserve	$	620,414	$	142,762	$	—		$	763,176

28

NUCOR CORPORATION

List of Exhibits to Form 10-K—December 31, 2013

Exhibit No.	Description of Exhibit
10(vii)	Retirement, Separation, Waiver and Release Agreement of Daniel R. DiMicco
10(xi)	Retirement, Separation, Waiver and Release Agreement of Hamilton Lott, Jr.
12	Computation of Ratio of Earnings to Fixed Charges
13	2013 Annual Report (portions incorporated by reference)
21	Subsidiaries
23	Consent of Independent Registered Public Accounting Firm
31	Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31(i)	Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32(i)	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	Nucor Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Earnings, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Stockholders’ Equity, and (vi) the Notes to Consolidated Financial Statements.

29

EX-10.VII

EXHIBIT 10(vii)

RETIREMENT, SEPARATION, WAIVER AND RELEASE AGREEMENT

This Retirement, Separation, Waiver and Release Agreement (“Agreement”) is entered into as of the 13th day of December, 2013, by and between Daniel R. DiMicco (“Executive”), a citizen and resident of North Carolina, and Nucor Corporation, a Delaware corporation with its principal place of business in Charlotte, North Carolina.

WHEREAS, Executive has spent thirty-one years as a Nucor (as hereinafter defined) employee, and has most recently been employed as Executive Chairman of Nucor Corporation, where he was significantly involved with and responsible for the management and direction of Nucor’s business operations;

WHEREAS, Executive has decided to retire from Nucor effective December 31, 2013 (the “Effective Date”);

WHEREAS, based upon the Severance Plan (as hereinafter defined), Executive shall be eligible to receive certain severance benefits contingent upon his execution of this Agreement and his strict compliance with the Restrictive Covenants (as hereinafter defined);

WHEREAS, pursuant to that certain Executive Employment Agreement by and between Executive and Nucor Corporation dated as of April 10, 2001, as amended by an Amendment Agreement dated as of November 5, 2007 (as amended, the “Executive Agreement”), Executive is entitled to certain post-separation benefits in addition to those granted under the Severance Plan provided that Executive adheres to the post-separation restrictive covenants set forth in the Executive Agreement;

WHEREAS, Executive’s years of experience as an Executive Officer of Nucor give him unique expertise and insight into Nucor’s operations and management; and

WHEREAS, the parties wish to enter into this Agreement during the course of Executive’s employment to set forth Executive’s post-retirement benefits and to protect Nucor’s competitive advantages, confidential trade secrets and goodwill.

NOW, THEREFORE, in consideration of the reasons recited above, the post-retirement benefits to be paid by Nucor to Executive upon termination of his full-time employment with Nucor, the mutual covenants and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and which consideration Executive was not otherwise entitled to receive, Executive and Nucor hereby agree effective as of the Effective Date as follows:

1. Recitals; Nucor Defined. The above recitals are true and correct and are incorporated herein by reference as if fully set forth herein. For purposes of this Agreement the term “Nucor” means Nucor Corporation and its direct and indirect subsidiaries and affiliates in existence or planned as of the Effective Date.

2. Post-Retirement Benefits.

(a) Severance Plan. Executive recognizes and agrees that pursuant to the Nucor Corporation Severance Plan for Senior Officers and General Managers (the “Severance Plan”), Executive shall receive certain Severance Benefits (as defined in the Severance Plan) contingent upon his execution of this Agreement and strict compliance with the Restrictive Covenants (as hereinafter defined). Based on Executive’s (i) November 15, 1982 date of hire, (ii) effective retirement date of December 31, 2013 and (iii) current annual base salary of $925,000, Executive

would be eligible to receive Severance Benefits under the Severance Plan totaling Two Million Three Hundred Ninety Nine Thousand Three Hundred Forty Four Dollars and Six Cents ($2,399,344.06) payable in twenty-four (24) monthly installments of Ninety Nine Thousand Nine Hundred Seventy Two Dollars and Sixty Seven Cents ($99,972.67) (the “Monthly Severance Plan Payments”). Subject to the provisions of Paragraph 2(c) of this Agreement, the payments of the Monthly Severance Plan Payments shall be made each month following the Effective Date. In the event Executive dies during the first twenty-four (24) months following the Effective Date, and provided that Executive was not in breach of his obligations under this Agreement or the Restrictive Covenants at the time of his death, the remaining Monthly Severance Plan Payments that would have been paid to Executive pursuant to the Severance Plan shall be paid to Executive’s estate in a single sum payment as soon as practicable (but in any event within ninety (90) days) following Executive’s death. All Monthly Severance Plan Payments shall be subject to regular and customary withholding.

(b) Non-Competition Payment.

(i) Contingent upon his execution of this Agreement and strict compliance with the Restrictive Covenants, Nucor will pay Executive Two Hundred Fifty Nine Thousand Dollars ($259,000.00) each month (the “Monthly Non-Compete Payments”, and together with the Monthly Severance Plan Payments, collectively, the “Monthly Separation Payments”) for twenty-four (24) months following the Effective Date. Subject to the provisions of Paragraph 2(c) of this Agreement, the payments of the Monthly Non-Compete Payments shall be made each month following the Effective Date. All Monthly Non-Compete Payments shall be subject to regular and customary withholding.

(ii) If Executive dies prior to the Effective Date, Nucor’s obligations to make any payments of the Monthly Non-Compete Payments under this Agreement will automatically terminate and Executive’s estate and executors will have no rights to any payments of the Monthly Non-Compete Payments under this Agreement. If Executive dies during the first twelve (12) months following the Effective Date, then Nucor will pay Executive’s estate the payments of the Monthly Non-Compete Payments through the end of the twelfth (12^th) month following the Effective Date. If Executive dies twelve (12) or more months following the Effective Date, then Nucor’s obligations to make any payments of the Monthly Non-Compete Payments will automatically terminate without the necessity of Nucor providing notice (written or otherwise).

(iii) Executive acknowledges and agrees that the payments described in this Paragraph 2(b): (A) are the same payments that Executive would have been entitled to pursuant to Section 4 of the Employment Agreement, and (B) are provided in lieu of, and not in addition to, the payments Executive would have been entitled to pursuant to Section 4 of the Employment Agreement.

(c) Compliance with 409A. Because Executive (i) is and will be as of the Effective Date a “specified employee” under Section 409A(a)(2)(B)(i) of the Code and (ii) the Monthly Separation Payments would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code, in order to comply with Section 409A of the Code, the Monthly Separation Payments that would otherwise be payable pursuant to Paragraphs 2(a) and 2(b) of this Agreement during the six (6) month period immediately following the Effective Date shall be accumulated and the Executive’s right to receive payment of such accumulated amount (which

such amount shall not accrue interest) will be delayed until the seventh month following the Effective Date.

3. Executive Agreement Covenants. Executive and Nucor Corporation acknowledge and agree that except for Sections 1, 3, 4 and 5 of the Executive Agreement, which paragraphs shall be deemed void and of no further force or effect as of the Effective Date, all of the other provisions of the Executive Agreement (collectively, the “Surviving Provisions”), including without limitation Sections 10, 11 and 13 thereof (collectively, the “Restrictive Covenants”), shall survive and continue in full force and effect after the Effective Date in accordance with their respective terms.

4. Release; Covenant Not to Sue.

(a) Executive agrees that, in consideration for the Monthly Separation Payments, he, for himself, his heirs, executors, administrators, and assigns, hereby releases, waives, and forever discharges Nucor, its predecessors, successors and assigns, and its officers, directors, employees, agents, representatives and trustees (“Nucor Releasees”), from any and all claims or liabilities of whatever kind or nature which he ever had or which he now has, known or unknown, against any and all Nucor Releasees that are attributable to or arose during all periods of time occurring on or prior to the Effective Date, including, but not limited to, any claims arising under or pursuant to any employment agreements, including the Employment Agreement (as hereinafter defined); claims for bonuses, severance pay, employee or fringe benefits; claims based on any state or federal wage, employment, or common laws, statutes, or amendments thereto, including, but not limited to: (i) any claim under the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq., or COBRA; (ii) any race, color, religion, sex, or national origin discrimination claims under Title VII of the 1964 Civil Rights Act, 42 U.S.C. § 2000(e) et seq.; (iii) any claim of disability discrimination under the Americans with Disabilities Act (“ADA”), 42 U.S.C. § 12102 et seq.; (iv) any claim of retaliation or wrongful discharge, (v) any age discrimination claims under the Age Discrimination in Employment Act, as amended (“ADEA”), 29 U.S.C. § 621 et seq.; (vi) any claim under the Fair Labor Standard Act of 1939 as amended, 29 U.S.C.§ 201 et seq.; or (vii) any claim under the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; and any other claims related to or arising out of his employment relationship with Nucor or the termination thereof whether based on contract, quasi-contract, quantum merit implied contract, tort, wrongful or constructive discharge or any other employment related claim (collectively, the “Released Claims”). Notwithstanding the foregoing, the Released Claims do not include any claims that Executive may have for incentive compensation earned under or pursuant to the Nucor Corporation Senior Officers Annual Incentive Plan or the Nucor Corporation Senior Officers Long-Term Incentive Plan for his employment with Nucor through the Effective Date.

(b) Except to the extent contemplated by Paragraph 4(d) of this Agreement, Executive covenants not to sue or bring a claim against any of the Nucor Releasees with respect to any Released Claim in any forum for any reason. If Executive sues any Nucor Releasee in violation of the foregoing covenant not to sue, Executive agrees that Executive shall pay all reasonable fees, costs and expenses incurred by the Nucor Releasees in defending against any such suit or claim, including reasonable attorneys’ fees.

(c) Executive understands that Executive may later discover claims or facts that may be different than, or in addition to, those that Executive now knows or believes to exist regarding the subject matter of the Released Claims, and which, if known at the time of signing this Agreement, may have materially affected this Agreement and the Executive’s decision to enter into this Agreement and grant the release and covenant not to sue contained herein. Nevertheless, Executive, for himself, his heirs, executors, administrators, and assigns, intends to fully, finally

and forever settle and release all Released Claims that now exist, may exist or previously existed, as set forth herein, whether known or unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, existing or claimed to exist, fixed or contingent, both at law and in equity, and the release given herein is and will remain in effect as a complete release, notwithstanding the discovery or existence of such additional or different facts.

(d) Nothing in this Paragraph 4 or elsewhere in this Agreement prevents or prohibits Executive from filing a claim with a government agency such as the United States Equal Employment Opportunity Commission that is responsible for enforcing a law on behalf of the government. However, Executive understands that because he is waiving and releasing all claims for monetary damages and any other forms of personal relief, he may only seek and receive non-financial forms of relief through any such claim.

5. Remedies. Executive agrees that in the event of a breach or threatened breach by Executive of any provision of this Agreement or any of the Restrictive Covenants, monetary remedies may not be adequate and Executive agrees that Nucor is entitled to injunctive relief, without need to post bond or similar security, in lieu of or in addition to, such monetary remedies. In the event that Executive engages in or attempts to engage in any of the conduct prohibited by any of the Restrictive Covenants or fails to comply with the provisions of Paragraph 4(b), Nucor shall be entitled, in Nucor’s sole discretion, to (a) cease all Monthly Separation Payments, and Executive shall immediately refund to Nucor any Monthly Separation Payments already paid to him, and/or (b) in addition to any other remedies available at law or in equity, to enforce any of the Restrictive Covenants hereof by temporary, preliminary and permanent injunction to restrain any violation or threatened violation by Executive of any provisions of the Restrictive Covenants. Executive further agrees to reimburse Nucor its costs (including, without limitation, attorney’s fees) incurred to enforce any of the Restrictive Covenants.

6. Cooperation With Legal Matters: Executive agrees that after the Effective Date, he will cooperate with and assist Nucor, upon request and with reasonable notice, by providing information relevant to matters he gained knowledge of or was involved with while employed by meeting with Nucor’s attorneys or other representatives on such matters, and by appearing voluntarily for hearings, depositions, trials, or any regulatory or legal proceedings related to such matters. Executive understands that Nucor will reimburse him for any reasonable expense he incurs related to this cooperation and assistance, but will not be obligated to pay him any additional amounts.

7. Assignability. Neither this Agreement, nor any right or interest hereunder, shall be assignable by Executive, Executive’s beneficiaries, or legal representatives. Nucor, however, retains the right to assign this Agreement. This Agreement shall be binding upon Executive, Executive’s heirs, administrators, and representatives, and shall inure for the benefit of the Nucor Releasees and each of their respective heirs, administrators, representatives, executors, successors, and assigns.

8. Choice of Law and Venue. This Agreement is made in, and its validity, interpretation, performance and enforcement shall be construed and governed in accordance with, the laws of, the State of North Carolina, the location of Nucor Corporation’s corporate headquarters where Executive was employed prior to the Effective Date. Executive, for himself and his successors and assigns, hereby expressly and irrevocably (a) consents to the exclusive jurisdiction of the state courts of Mecklenburg County, North Carolina or the federal district court for the Western District of North Carolina, Charlotte Division, for any action arising out of or related to this Agreement; and (b) waives any and all objection to any such action based on venue or forum non conveniens. Executive agrees that Nucor shall have the right to file and enforce any award, order, judgment, or injunction in any appropriate jurisdiction, and Executive waives service of process in connection with the filing and enforcement of the award, order,

judgment, or injunction in any foreign jurisdiction and venue in which Nucor seeks to enforce the award, order, judgment, or injunction.

9. Severability. If any part of this Agreement is determined by a court of competent jurisdiction to be invalid in any respect, the parties agree that the court may modify by redaction (or any other method available to and endorsed by such court) any provision or part thereof to the extent reasonably necessary to protect Nucor’s legitimate business interests. The remaining provisions shall retain full force and effect.

10. Entire Agreement. This Agreement, together with the Surviving Provisions of the Executive Agreement, collectively contain the entire agreement of the parties and supersede all prior agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof. This Agreement may be modified or amended only by an instrument in writing signed by Executive and Nucor Corporation. The language of this Agreement and all parts shall be construed as a whole and according to its reasonable and fair meaning, and not strictly for or against either party. The parties agree they have jointly drafted this Agreement and agree that any rules requiring construction of this Agreement against its drafter shall not be applied to this Agreement. This Agreement may be executed in counterparts and by facsimile or .pdf signature, all of which together shall be considered one and the same original document.

11. No Violation of Public Policy. Executive has carefully considered the nature and extent of the restrictions upon him and the rights and remedies conferred upon Nucor under the Restrictive Covenants and Paragraph 5 of this Agreement and acknowledges and agrees that they are reasonable in scope, time, and territory; are designed to eliminate competition which would otherwise be unfair; do not interfere with Executive’s exercise of his inherent skill and experience; are reasonably required to protect the legitimate interests of Nucor; and do not confer a benefit upon Nucor disproportionate to the detriment to Executive.

12. Compliance with Older Workers Benefit Protection Act: Before executing this Agreement, Executive is advised to consult with an attorney of his choice, at his expense. By signing this Agreement, Executive specifically acknowledges and represents that:

(a) Executive has been given a period of twenty-one (21) days to consider the terms of this Agreement;

(b) The terms of this Agreement are clear and understandable to Executive; and

(c) The benefits Nucor will provide to Executive under this Agreement exceed the benefits that Executive would otherwise be entitled to receive as an employee of Nucor.

The parties acknowledge and agree that Executive has seven (7) days after execution hereof in which to revoke the Agreement, and this Agreement shall not become effective and enforceable until the expiration of seven (7) days following its execution by Executive. To revoke this Agreement, Executive should notify the Chief Financial Officer of Nucor, by fax or email confirmed by certified mail within such seven (7) day period. No attempted revocation after the expiration of such seven (7) day period shall have any effect on the terms of this Agreement.

IN WITNESS WHEREOF, Executive and Nucor have executed this Agreement as of the date first set forth above.

Executive:
	Daniel R. DiMicco
Nucor Corporation:
	By:	A. Rae Eagle
	Its:	Secretary

EXHIBIT A

See Attached Executive Agreement

EXECUTIVE EMPLOYMENT AGREEMENT

THIS AGREEMENT is made and entered into between Nucor Corporation, a Delaware corporation, on behalf of itself and its affiliates (collectively “Nucor”), and Daniel R. DiMicco, a resident of Waxhaw, North Carolina (the “Employee”).

WHEREAS, Employee has been employed as an “at-will” employee of Nucor, and the parties wish to formalize their employment relationship in writing and for Nucor to continue Employee’s employment under the terms and conditions set forth below;

WHEREAS, Employee and Nucor previously entered into an “Agreement Not to Compete” dated as of September 19, 1999;

WHEREAS, Employee and Nucor now wish to substitute this Employment Agreement for the previous “Agreement Not to Compete”;

NOW, THEREFORE, in consideration for the promises and mutual agreements contained herein, the parties agree as follows:

1. Employment. Nucor agrees to continue to employ Employee in the position of President and Chief Executive Officer, and Employee agrees to accept continued employment in this position, subject to the terms and conditions set forth in this Agreement.

2. Signing Payment. Nucor will pay Employee a one-time $10,000 amount for executing this Agreement. This $10,000 will become due and payable to Employee upon Employee’s execution of this Agreement.

3. Compensation and Benefits During Employment. Nucor will provide the following compensation and benefits to Employee:

(a.) Nucor will pay Employee a base salary of $412,500 per year, paid on a monthly basis, subject to withholding by Nucor and other deductions as required by law. This amount is subject to adjustment up or down by Nucor’s Board of Directors at its sole discretion and without notice to Employee.

(b.) Employee will be eligible for bonuses based on the Senior Officer Incentive Compensation Plans, as modified from time to time by, and in the sole discretion of, the Board of Directors of Nucor.

(c.) Employee will be eligible for those employee benefits that are generally made available by Nucor to its employees.

(d.) Employee shall be eligible to participate in the Key Employees Incentive Stock Option Plan (the “Option Plan”) in accordance with the applicable terms and conditions of the Option Plan and a Key Employee Stock Option Certificate issued to Employee.

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4. Compensation Following Termination.

(a.) From the date of Employee’s termination, whether by Employee or Nucor for any or no reason, Nucor will pay Employee a monthly amount for twenty-four (24) months following Employee’s termination. The monthly amount will be computed using the following formula: the amount of Employee’s highest base salary level during the prior twelve months multiplied by 3.36 and the product divided by twelve. The payments shall be made at the end of each month following Employee’s termination on Nucor’s regular monthly payroll date.

(b.) In exchange for Nucor’s promises in this Section 4 and other good and valuable consideration, Employee agrees to strictly abide by the terms of Sections 10, 11, and 13 of this Agreement. If Employee fails to strictly abide by the terms of Sections 10, 11, and 13 of this Agreement, Nucor may, at its option, do any or all of the following: (i) pursue any legal remedies available to it (including but not limited to injunctive relief, damages, and specific performance), and (ii) declare the monthly payment forfeited with respect to any month during which Employee is in breach of this Agreement. Nucor may declare the monthly payment forfeited if Employee is in breach of this Agreement for any portion of the month at issue, and Employee will not be entitled to a payment for that month.

(c.) If Employee is employed by Nucor at the time of Employee’s death, Nucor’s obligations to make any monthly payments under this Agreement will automatically terminate and Employee’s estate and executors will have no rights to payments under this Agreement. If Employee dies during the first twelve months following Employee’s termination from employment with Nucor, then Nucor will pay Employee’s estate the monthly payments through the end of the twelfth month following Employee’s termination. If Employee dies twelve or more months after termination of Employee’s employment with Nucor, then Nucor’s obligations to make monthly payments under this Agreement will automatically terminate without the necessity of Nucor providing written notice.

5. Duties and Responsibilities; Best Efforts. While employed by Nucor, Employee shall perform such duties for and on behalf of Nucor as may be determined and assigned to Employee from time to time by members of Nucor’s Board of Directors. Employee shall devote his full time and best efforts to the business and affairs of Nucor. During the term of Employee’s employment with Nucor, Employee will not undertake other paid employment or engage in any other business activity without prior written consent of Nucor.

6. Employment at Will. The parties acknowledge and agree that this Agreement does not create employment for a definite term and that Employee’s employment with Nucor is terminable by Nucor or Employee at any time, with or without cause and with or without notice, unless otherwise expressly set forth in a separate written agreement executed by Employee and Nucor after the date of this Agreement.

7. Change in Employee’s Position. In the event that Nucor transfers, demotes, promotes, or otherwise changes Employee’s compensation or position with Nucor, the restrictions and post-termination obligations of this Agreement shall remain in full force and effect on both parties.

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8. Recognition of Nucor’s Legitimate Interests. Employee understands and acknowledges that Nucor and its affiliates compete in North America in the research, manufacture, marketing, sale and distribution of steel and steel products, including but not limited to flat-rolled steel, steel shapes, structural steel, steel plate, steel joists and girders, steel deck, steel fasteners, and metal building systems. As part of Employee’s employment with Nucor, Employee will be provided significant Confidential Information by Nucor (as defined below). In addition, Employee will have direct contact with Nucor’s customers, in which capacity he is expected to develop good relationships with such customers. Employee acknowledges that Nucor’s competitors would obtain an unfair advantage if Employee disclosed the Confidential Information to a competitor, used it in a competitor’s behalf, or if he were able to exploit the relationships he developed as an employee of Nucor to solicit business on behalf of a competitor.

9. Definition of Confidential Information. As used in this Agreement, Confidential Information shall include, without limitation, financial and budgetary information and strategies; plant design, specifications, and layouts; equipment design, specifications, and layouts; product design and specifications; manufacturing processes, procedures, and specifications; data processing or other computer programs; research and development projects; marketing information and strategies; customer lists; vendor lists; information about customer preferences and buying patterns; information about prospective customers, vendors, or business opportunities; information about Nucor’s costs and the pricing structure used in sales to customers; information about Nucor’s overall corporate business strategy; and technological innovations used in the business.

10. Agreement to Maintain Confidentiality.

(a.) Except as otherwise provided in this Agreement, during Employee’s employment with Nucor and at all times after the termination of Employee’s employment, Employee covenants and agrees to treat as confidential and not to negligently or intentionally disclose, and to use only for the advancement of the interests of Nucor, all Confidential Information submitted to the Employee or received, compiled, developed, designed, produced, accessed, or otherwise discovered by the Employee from time to time while employed by Nucor. Employee will not disclose or divulge the Confidential Information to any person, entity, firm or company whatsoever or use the Confidential Information for Employee’s own benefit or for the benefit of any person, entity, firm or company other than Nucor.

(b.) Employee specifically acknowledges that the Confidential Information, whether reduced to writing or maintained in the mind or memory of Employee, and whether compiled or created by Employee, Nucor, or any of its affiliates or customers, derives independent economic value from not being readily known to or ascertainable by proper means by others who could obtain economic value from the disclosure or use of the Confidential Information. Employee also acknowledges that reasonable efforts have been put forth by Nucor to maintain the secrecy of the Confidential Information, that the Confidential Information is and will remain the sole property of Nucor or any of its affiliates or customers, as the case may be, and that any retention and/or use of Confidential Information during or after the termination of Employee’s

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employment with Nucor (except in the regular course of performing his duties hereunder) will constitute a misappropriation of the Confidential Information belonging to Nucor.

(c.) Employee’s obligations under this Section 10 will survive termination of his employment and will continue indefinitely. For purposes of this Section, information shall not be deemed to be “Confidential Information” to the extent that the information (i) is in the public domain, or hereafter becomes generally known or available through no action or omission on the part of Employee; (ii) is furnished to any person by Nucor without restriction on disclosure; (iii) becomes known to the Employee from a source other than Nucor, without a breach of any agreement with Nucor and without any restriction on disclosure; (iv) is required to be disclosed by judicial action, provided, however, that prompt notice of said judicial action shall have been given to Nucor and that efforts to avoid disclosure shall have been exhausted; or (v) is disclosed after written approval for the disclosure has been given by Nucor.

11. Noncompetition.

(a.) Employee hereby agrees that for the duration of Employee’s employment with Nucor, and for a period of twenty-four (24) months thereafter, Employee will NOT, within the Restricted Territory, do any of the following:

(1) Engage directly or indirectly (either as an owner, employee, consultant, or in any similar capacity) in the research, development, manufacture, marketing, sale, or distribution of steel or steel products which are the same as or similar to those in development, manufactured, and/or sold by Nucor on the date of Employee’s termination.

(2) Solicit or encourage any customers of Nucor (a) with whom Employee had direct contact during the last twelve (12) months of Employee’s employment with Nucor, and (b) who remain Nucor customers at the time of solicitation, to purchase steel or steel products from any entity other than Nucor.

(3) Encourage, induce, or attempt to induce any employees of Nucor (a) with whom Employee had direct contact during the last twelve (12) months of Employee’s employment with Nucor, and (b) who remain employed by Nucor at the time of the attempted inducement, to end their employment relationship with Nucor.

(b.) As used in this provision, “Restricted Territory” shall mean the following:

(1) The United States, Canada, and Mexico.

(2) If the definition in subparagraph (b)(1) is found to be unreasonable with respect to subparagraph (a)(1), (a)(2), or (a)(3) of this Section 11, then with regard to such subparagraph, the term “Restricted Territory” shall mean the United States.

(3) If the definitions in subparagraphs (b)(1) and (b)(2) are found to be unreasonable with respect to subparagraph (a)(1), (a)(2), or (a)(3) of this Section 11, then with regard to such subparagraph, the term “Restricted Territory” shall mean each state in

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the United States in which Nucor has a manufacturing facility or plant on the date of the termination of Employee’s employment with Nucor (at the time of entry into this Agreement, these states include North Carolina, South Carolina, Texas, Alabama, Arkansas, Nebraska, Utah, Indiana, and New York).

(c.) Employee specifically agrees that the post-termination restrictions in this Section 11 will apply to Employee regardless of whether termination of employment is initiated by Nucor or Employee and regardless of the reason for termination of Employee’s employment. Further, Employee acknowledges and agrees that Nucor’s payment of the compensation described in Section 4 is intended to compensate Employee for the limitations on Employee’s competitive activities described in this Section 11 for the two-year period following Employee’s employment with Nucor regardless of the reason for termination. Thus, for example, in the event that Nucor terminates Employee’s employment without cause, Employee expressly agrees that the restrictions in this Section 11 will apply to Employee notwithstanding the reasons or motivations of Nucor in terminating Employee’s employment.

12. Severability. It is the intention of the parties to restrict the activities of Employee only to the extent reasonably necessary for the protection of Nucor’s legitimate interests. The parties specifically covenant and agree that should any of the provisions in this Agreement be deemed by a court of competent jurisdiction too broad for the protection of Nucor’s legitimate interests, the parties authorize the court to narrow, limit or modify the restrictions herein to the extent reasonably necessary to accomplish such purpose. In the event such limiting construction is impossible, such invalid or unenforceable provision shall be deemed severed from this Agreement and every other provision of this Agreement shall remain in full force and effect.

13. Assignment of Intellectual Property Rights.

(a.) Employee hereby assigns to Nucor Employee’s entire right, title and interest, including copyrights and patents, in any idea, invention, design of a useful article (whether the design is ornamental or otherwise), and any other work of authorship (collectively the “Developments”), made or conceived during Employee’s employment by Nucor solely or jointly by Employee, or created wholly or in part by Employee, whether or not such Developments are patentable, copyrightable or susceptible to other forms of protection, where the Developments: (i) relate to Nucor’s actual or anticipated business or research or development, or (ii) are suggested by or result from any work performed by Employee on Nucor’s behalf.

(b.) In connection with any of the Developments assigned in subparagraph (a) above: (i) Employee will promptly disclose them to Nucor’s management; and (ii) Employee will, on Nucor’s request, promptly execute a specific assignment of title to Nucor or its designee, and do anything else reasonably necessary to enable Nucor or its designee to secure a patent, copyright, or other form of protection therefore in the United States and in any other applicable country.

14. Enforcement. In addition to any other remedies available to Nucor, the provisions of this Agreement may be enforced by injunction to (a) restrain any violation by Employee, Employee’s partners, agents, servants, employers, and employees, and all persons acting for or with Employee, and (b) to compel specific performance of the terms and conditions of this

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Agreement. Employee represents and acknowledges that in the event of the termination of Employee’s employment for any reason, Employee’s experience and capabilities are such that Employee can obtain employment and that enforcement of this Agreement by way of injunction will not prevent Employee from earning a livelihood.

15. Reasonableness of Restrictions. Employee has carefully considered the nature and extent of the restrictions upon him and the rights and remedies conferred upon Nucor under Sections 4, 10, 11, 13, and 14 and hereby acknowledges and agrees that the same are reasonable in time and territory, are designed to eliminate competition which would otherwise be unfair to Nucor, do not interfere with Employee’s exercise of his inherent skill and experience, are reasonably required to protect the legitimate interests of Nucor, and do not confer a benefit upon Nucor disproportionate to the detriment to the Employee. Employee certifies that he has had the opportunity to discuss this Agreement with such legal advisors as he chooses and that he understands its provisions and has entered into this Agreement freely and voluntarily.

16. Applicable Law. This Agreement shall be interpreted, construed and governed according to the laws of the State of North Carolina, regardless of choice of law principles to the contrary. Further, Nucor and Employee agree that in any dispute between them jurisdiction and venue are appropriate in Mecklenburg County, North Carolina.

17. Employee to Return Property. Employee agrees that upon (a) the termination of Employee’s employment with Nucor, whether by Employee or Nucor for any reason (with or without cause), or (b) the written request of Nucor, Employee (or in the event of the death or disability of Employee, Employee’s heirs, successors, assigns and legal representatives) shall return to Nucor any and all property of Nucor, including but not limited to all Confidential Information, notes, data, tapes, computers, lists, reference items, phones, documents, sketches, drawings, software, product samples, rolodex cards, forms, manuals, and equipment, without retaining any copies or summaries of such property.

18. Entire Agreement: Amendments. This Agreement discharges and cancels all previous agreements and constitutes the entire agreement between the parties with regard to the subject matter hereof. No agreements, representations, or statements of any party not contained herein shall be binding on either party. Further, no amendment or variation of the terms or conditions of this Agreement shall be valid unless in writing and signed by both parties.

19. Assignability. This Agreement and the rights and duties created hereunder shall not be assignable or delegable by Employee. Nucor may, at its option and without consent of Employee, assign its rights and duties hereunder to any successor entity or transferee of Nucor’s assets.

20. Binding Effect. This Agreement shall be binding upon and inure to the benefit of Nucor and Employee and their respective successors, assigns, heirs and legal representatives.

21. No Waiver. No failure or delay by any party to this Agreement to enforce any right specified in this Agreement will operate as a waiver of such right, nor will any single or

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partial exercise of a right preclude any further or later enforcement of the right within the period of the applicable statute of limitations.

IN WITNESS WHEREOF, the parties have executed this Agreement on the dates specified below.

DANIEL R. DIMICCO
Daniel R. DiMicco
Date:	APR 10 2001
NUCOR CORPORATION
By:
Its:	EXECUTIVE VICE PRESIDENT
Date:	APR 10 2001

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AMENDMENT AGREEMENT

THIS AMENDMENT AGREEMENT (this “Agreement”) is made and entered into between Nucor Corporation, a Delaware corporation, on behalf of itself and its affiliates (collectively “Nucor”), and Daniel R. DiMicco (“Employee”).

WHEREAS, Employee and Nucor are parties to an Executive Employment Agreement dated as of April 10, 2001 (the “Employment Agreement”);

WHEREAS, Employee and Nucor desire to amend the Employment Agreement to comply with the requirements of Section 409A of the Internal Revenue Code;

NOW, THEREFORE, in consideration for the promises and mutual agreements contained herein, the parties agree as follows:

1. The following new paragraph 22 is added to the end of the Employment Agreement effective as of November 5, 2007:

“22. Compliance with Code Section 409A. Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that Nucor determines constitutes non-exempt “deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986 would otherwise be payable or distributable under this Agreement by reason of Employee’s separation from service, then to the extent necessary to comply with Code Section 409A: (i) if the payment or distribution is payable in a lump sum, Employee’s right to receive payment or distribution of such non-exempt deferred compensation will be delayed until the earlier of Employee’s death or the first day of the seventh month following Employee’s separation from service, and (ii) if the payment, distribution or benefit is payable or provided over time, the amount of such non-exempt deferred compensation or benefit that would otherwise be payable or provided during the six-month period immediately following Employee’s separation from service will be accumulated, and Employee’s right to receive payment or distribution of such accumulated amount or benefit will be delayed until the earlier of Employee’s death or the first day of the seventh month following Employee’s separation from service and paid or provided on the earlier of such dates, without interest, and the normal payment or distribution schedule for any remaining payments, distributions or benefits will commence.”

2. Except as expressly or by necessary implication amended hereby, the Employment Agreement shall continue in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Agreement on the dates specified below.

Date:	11-8-07
NUCOR CORPORATION
By:
Its:	Chief Financial Officer, Treasurer and EVP
Date:	11/21/07

EX-10.XI

EXHIBIT 10(xi)

RETIREMENT, SEPARATION, WAIVER AND RELEASE AGREEMENT

This Retirement, Separation, Waiver and Release Agreement (“Agreement”) is entered into as of the 14^th day of May, 2013, by and between Hamilton Lott, Jr. (“Executive”) and Nucor Corporation.

WHEREAS, Executive has spent thirty seven (37) years as a Nucor (as defined below) employee, and has most recently been employed as Nucor Corporation’s Executive Vice President of Fabricated Construction Products;

WHEREAS, Executive has decided to retire from Nucor effective June 3, 2013 (the “Effective Date”);

WHEREAS, based upon the Severance Plan (as defined below), Executive shall be eligible to receive certain severance benefits contingent upon his agreement to the covenants set forth in this Agreement and his strict compliance with such covenants;

WHEREAS, pursuant to that certain Executive Employment Agreement by and between Executive and Nucor dated as of April 10, 2001, as amended by an Amendment Agreement dated as of November 7, 2007 (as amended, the “Employment Agreement”), Executive is entitled to certain post-separation benefits in addition to those granted under the Severance Plan provided that Executive adheres to the post-separation restrictive covenants set forth in the Employment Agreement;

WHEREAS, Nucor and Executive desire for this Agreement to, amongst other things, supersede (as of the Effective Date) the terms of the Employment Agreement;

WHEREAS, Executive’s years of experience as an Executive Officer of Nucor give him unique expertise and insight into Nucor’s operations and management; and

WHEREAS, the parties wish to enter into this Agreement during the course of Executive’s employment to set forth Executive’s post-separation benefit opportunities and to protect Nucor’s competitive advantages, confidential trade secrets and goodwill.

NOW, THEREFORE, in consideration of the reasons recited above, the severance and other post-separation benefits to be paid by Nucor to Executive upon termination of his full-time employment with Nucor, the mutual covenants and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Executive and Nucor hereby agree effective as of the Effective Date as follows:

1. Recitals. The above recitals are true and correct and are incorporated herein by reference as if fully set forth herein.

2. Definitions. For purposes of this Agreement the following definitions shall apply:

(a) The term “Business” means the research, manufacture, marketing, sale, fabrication, placement and/or distribution of steel or steel products (including but not limited to flat-rolled steel, special quality and merchant quality steel bar and shapes, concrete reinforcement bars, structural steel, light gauge steel framing, steel plate, steel joists and girders, steel deck, steel fasteners, steel trusses, metal building systems, wire rod, welded-wire reinforcement rolls and sheets, cold finished steel bars and wire, steel grating, and structural welded-wire reinforcement) or steel or steel product inputs (including but not limited to scrap metal and direct reduced iron).

(b) The term “Code” means the Internal Revenue Code of 1986, as amended.

(c) The term “Competing Business” means any business activity (i) that is the same as, or is in direct competition with, any portion of the Business and (ii) in which Executive engaged in during the course of his employment with Nucor.

(d) The term “Confidential Information” shall include all confidential and proprietary information of Nucor, including, without limitation, any of the following information to the extent not generally known to third persons: financial and budgetary information and strategies; plant design, specifications, and layouts; equipment design, specifications, and layouts; product design and specifications; manufacturing processes, procedures, and specifications; data processing or other computer programs; research and development projects; marketing information and strategies; customer lists; vendor lists; information about customer preferences and buying patterns; information about prospective customers, vendors, or business opportunities; information about Nucor’s costs and the pricing structure used in sales to customers; information about Nucor’s overall corporate business strategy; and technological innovations used in Nucor’s business, to the extent that such information does not fall within the definition of Secret Information.

(e) The term “Customer” means the following alternatives:

(i) any and all customers of Nucor with whom Nucor is doing business as of the Effective Date, but if such definition is deemed overbroad by a court of law, then;

(ii) any customer of Nucor with whom Executive or Executive’s direct reports had significant contact or with whom Executive or Executive’s direct reports directly dealt on behalf of Nucor at the time of or immediately prior to Executive’s last date of full time employment with Nucor, but if such definition is deemed overbroad by a court of law, then;

(iii) any customer of Nucor with whom Executive had significant contact or with whom Executive directly dealt on behalf of Nucor at the time of or immediately prior to Executive’s last date of full time employment with Nucor.

Provided, however, that the term “Customer” shall not include any business or entity that no longer does business with Nucor without any direct or indirect interference by Executive or violation of this Agreement by Executive, and that ceased doing business with Nucor prior to any direct or indirect communication or contact by Executive.

(f) The term “Prospective Customer” means any person or entity who does not currently or has not yet purchased the products or services of Nucor, but who, at the time of or immediately prior to Executive’s last date of full-time employment with Nucor has been targeted by Nucor as a potential user of the products or services of Nucor, and whom Executive or his direct reports participated in the solicitation of or on behalf of Nucor.

(g) The term “Nucor” means Nucor Corporation and its direct and indirect subsidiaries and affiliates in existence or planned as of the Effective Date.

(h) The term “Restricted Territory” means Executive’s geographic area of responsibility at Nucor which Executive acknowledges extends to the full scope of Nucor

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operations throughout North America. “Restricted Territory” therefore consists of the following alternatives reasonably necessary to protect Nucor’s legitimate business interests:

(i) the United States, Canada, and Mexico, where Executive acknowledges Nucor engages in the Business, but if such territory is deemed overbroad by a court of law, then;

(ii) the United States, where Executive acknowledges Nucor engages in the Business, but if such territory is deemed overbroad by a court of law, then;

(iii) any state in the United States located within a three hundred (300) mile radius of a Nucor plant or facility, but if such territory is deemed overbroad by a court of law, then;

(iv) any state in the United States located within a three hundred (300) mile radius of a Nucor plant or facility that engages in the business of the (A) production, manufacture, fabrication, distribution or sale of steel joists, girders or decking, metal building systems, steel trusses or (B) the fabrication of rebar or the distribution or sale of fabricated rebar or related products, but if such territory is deemed overbroad by a court of law, then;

(v) any state in the United States where a Customer or Prospective Customer is located.

(i) The term “Secret Information” means Nucor’s proprietary and confidential information (i) that is not generally known in the Business, which would be difficult for others to acquire or duplicate without improper means, (ii) that Nucor strives to keep secret, and (iii) from which Nucor derives substantial commercial benefit because of the fact that it is not generally known. As used in this Agreement, Nucor’s Secret Information includes, without limitation: (w) Nucor’s process of developing and producing raw material, and designing and manufacturing steel and iron products; (x) Nucor’s process for treating, processing or fabricating steel and iron products; (y) Nucor’s customer lists, non-public financial data, strategic business plans, competitor analysis, sales and marketing data, and proprietary margin, pricing, and cost data; and (z) any other information or data which meets the definition of Trade Secrets.

(j) The term “Severance Period” means the period of time commencing on the Effective Date and terminating twenty four (24) months thereafter.

(k) The term “Trade Secrets” has the meaning assigned to such term by the North Carolina Trade Secrets Protection Act.

3. Post-Retirement Benefits.

(a) Severance Plan. Executive recognizes and agrees that pursuant to the Nucor Corporation Severance Plan for Senior Officers and General Managers (the “Severance Plan”), Executive shall receive certain Severance Benefits (as defined in the Severance Plan) contingent upon his execution of this Agreement and strict compliance with the covenants contained herein. Based on Executive’s (i) December 1, 1975 date of hire, (ii) effective retirement date of June 3, 2013 and (iii) current annual base salary of Four Hundred Forty Eight Thousand Three Hundred and Fifty Dollars ($448,350.00), Executive would be eligible to receive Severance Benefits under the Severance Plan totaling One Million Four Hundred One Thousand Three Hundred and Eleven Dollars and Twelve Cents ($1,401,311.12) payable in twenty-four (24) monthly installments of

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Fifty Eight Thousand Three Hundred and Eighty Seven Dollars and Ninety Six Cents ($58,387.96) (the “Monthly Severance Plan Payments”). Subject to the provisions of Paragraph 3(c) of this Agreement, the payments of the Monthly Severance Plan Payments shall be made each month following the Effective Date. In the event Executive dies during the Severance Period and provided that Executive was not in breach of his obligations under this Agreement at the time of his death, the remaining Monthly Severance Plan Payments that would have been paid to Executive pursuant to the Severance Plan shall be paid to Executive’s estate in a single sum payment as soon as practicable (but in any event within ninety (90) days) following Executive’s death. All Monthly Severance Plan Payments shall be subject to regular and customary withholding.

(b) Non-Competition Payment.

(i) Contingent upon his execution of this Agreement and strict compliance with the covenants contained herein, Nucor will pay Executive One Hundred Twenty Five Thousand Five Hundred and Thirty Eight Dollars ($125,538.00) each month (the “Monthly Non-Compete Payments”, and together with the Monthly Severance Plan Payments, collectively, the “Monthly Separation Payments”) for twenty-four (24) months following the Effective Date. Subject to the provisions of Paragraph 3(c) of this Agreement, the payments of the Monthly Non-Compete Payment shall be made each month following the Effective Date. All Monthly Non-Compete Payments shall be subject to regular and customary withholding.

(ii) If Executive dies prior to the Effective Date, Nucor’s obligations to make any payments of the Monthly Non-Compete Payments under this Agreement will automatically terminate and Executive’s estate and executors will have no rights to any payments of the Monthly Non-Compete Payments under this Agreement. If Executive dies during the first twelve months following the Effective Date, then Nucor will pay Executive’s estate the payments of the Monthly Non-Compete Payments through the end of the twelfth (12^th) month following the Effective Date. If Executive dies twelve (12) or more months following the Effective Date, then Nucor’s obligations to make any payments of the Monthly Non-Compete Payments will automatically terminate without the necessity of Nucor providing notice (written or otherwise).

(iii) Executive acknowledges and agrees that the payments described in this Paragraph 3(b) (A) are the same payments that Executive would have been entitled to pursuant to Section 4 of the Employment Agreement and (B) are provided in lieu of, and not in addition to, the payments Executive would have been entitled to pursuant to Section 4 of the Employment Agreement.

(c) Compliance with 409A. Because Executive (i) is and will be as of the Effective Date a “specified employee” under Section 409A(a)(2)(B)(i) of the Code and (ii) the Monthly Separation Payments would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code, in order to comply with Section 409A of the Code, the Monthly Separation Payments that would otherwise be payable pursuant to Paragraphs 3(a) and 3(b) of this Agreement during the six (6) month period immediately following the Effective Date shall be accumulated and the Executive’s right to receive payment of such accumulated amount (which such amount shall not accrue interest) will be delayed until the seventh month following the Effective Date.

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4. Acknowledgment of Nucor Protectable Interests. Executive acknowledges and agrees that Nucor competes in North America and throughout the world in the Business. Executive further acknowledges and agrees that Nucor has Secret Information and Confidential Information to which he has had access and has used in the course of his employment with Nucor. Executive acknowledges that Nucor’s Secret Information and Confidential Information are valuable to Nucor and provide it with a competitive advantage in the Business. Executive also acknowledges and agrees that during his employment with Nucor he has had substantial contact and developed goodwill with Nucor’s personnel (including, without limitation, executive officers and senior management of Nucor), customers, vendors and/or suppliers, joint venture and strategic partners, and potential acquisition targets, and that such goodwill is an important and valuable asset of Nucor.

5. Non-Competition Covenant. Executive hereby agrees that for the duration of the Severance Period, Executive will not, directly or indirectly, within the Restricted Territory:

(a) engage in a Competing Business, whether as an employee, consultant, or in any other capacity;

(b) commence, establish or own (in whole or in part) any business that engages in a Competing Business, whether (i) by establishing a sole proprietorship, (ii) as a partner of a partnership, (iii) as a member of a limited liability company, (iv) as a shareholder of a corporation (except to the extent Executive is the holder of not more than five percent (5%) of any class of the outstanding stock of any company listed on a national securities exchange so long as Executive does not actively participate in the management or business of any such entity) or (v) as the owner of any similar equity interest in any such entity;

(c) provide any public endorsement of, or otherwise lend Executive’s name for use by, any person or entity engaged in a Competing Business; or

(d) engage in work that would inherently call on him in the fulfillment of his duties and responsibilities to reveal, rely upon, or otherwise use Nucor’s Confidential Information or Secret Information.

6. Nonsolicitation. Executive hereby agrees that for the duration of the Severance Period, Executive will not, directly or indirectly, within the Restricted Territory:

(a) solicit, contact, or attempt to influence any Customer to limit, curtail, cancel, or terminate any business it transacts with, or products it receives from Nucor;

(b) solicit, contact, or attempt to influence any Prospective Customer to terminate any business negotiations it is having with Nucor, or to otherwise not do business with Nucor;

(c) solicit, contact, or attempt to influence any Customer to purchase products or services from an entity other than Nucor, which are the same or substantially similar to, or otherwise in competition with, those offered to the Customer by Nucor; or

(d) solicit, contact, or attempt to influence any Prospective Customer to purchase products or services from an entity other than Nucor, which are the same or substantially similar to, or otherwise in competition with, those offered to the Prospective Customer by Nucor.

5

For avoidance of doubt, Nucor and Executive agree that Executive’s contemplated association with the University of South Carolina as an adjunct professor does not violate any of the provisions of this Section 5.

7. Anti-Piracy.

(a) Executive agrees for the duration of the Severance Period, Executive will not, directly or indirectly, encourage, contact, or attempt to induce any employees of Nucor (i) with whom Executive had regular contact with as of or immediately prior to the Effective Date, and (ii) who are employed by Nucor at the time of the encouragement, contact or attempted inducement, to end their employment relationship with Nucor.

(b) Executive further agrees for the duration of the Severance Period not to hire for any reason any employees described in Paragraph 7(a) of this Agreement.

8. Confidentiality. Except and only as required by law, Executive shall not, at any time or in any manner, either directly or indirectly, disclose, divulge, reveal, or use any Confidential Information or Secret Information of Nucor that Executive learned of or otherwise acquired during his employment with Nucor. The provisions of this Paragraph 8 shall survive indefinitely.

9. Return of Property. Executive agrees that he shall return to Nucor any and all property of Nucor, including all Confidential Information or Secret Information of Nucor, regardless of medium or format, no later than three (3) days following his last day of employment, and Executive shall not retain any copies or summaries of any such information. Notwithstanding the foregoing, Executive may retain such property of Nucor as is specifically agreed to in writing by Nucor’s Chief Executive Officer.

10. Release. Executive agrees that, in consideration for the opportunity to receive Monthly Separation Payments hereunder, he, for himself, his heirs, executors, administrators, and assigns, hereby releases, waives, and forever discharges Nucor, its predecessors, successors and assigns, and its officers, directors, employees, agents, representatives and trustees (“Nucor Releasees”), from any and all claims or liabilities of whatever kind or nature which he ever had or which he now has, known or unknown, against any and all Nucor Releasees, including, but not limited to, any claims arising under or pursuant to the Employment Agreement or any other contract claims; claims for bonuses, severance pay, employee or fringe benefits; and claims based on any state or federal wage, employment, or common laws, statutes, or amendments thereto, including, but not limited to: (i) any claim under the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq., or COBRA; (ii) any race, color, religion, sex, or national origin discrimination claims under Title VII of the 1964 Civil Rights Act, 42 U.S.C. § 2000(e) et seq.; (iii) any claim of disability discrimination under the Americans with Disabilities Act (“ADA”), 42 U.S.C. § 12102 et seq.; (iv) any claim of retaliation or wrongful discharge, (v) any age discrimination claims under the Age Discrimination in Employment Act, as amended (“ADEA”), 29 U.S.C. § 621 et seq.; (v) any claim under the Fair Labor Standard Act of 1939 as amended, 29 U.S.C.§ 201 et seq.; or (vi) any claim under the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; or any other claims related to or arising out of his employment relationship with Nucor or the termination thereof whether based on contract (including, without limitation, the Employment Agreement), quasi-contract, quantum merit implied contract, tort, wrongful or constructive discharge or any employment related claim. This release and waiver does not apply to claims that (x) Executive may have for incentive compensation earned under or pursuant to the Nucor Corporation Senior Officers Annual Incentive Plan or the Nucor Corporation Senior Officers Long-Term Incentive Plan for his employment with Nucor through the Effective Date, or (y) may arise after the date this Agreement is executed.

6

Nothing in this Paragraph 10 or elsewhere in this Agreement prevents or prohibits Executive from filing a claim with a government agency such as the United States Equal Employment Opportunity Commission that is responsible for enforcing a law on behalf of the government. However, Executive understands that because he is waiving and releasing all claims for monetary damages and any other forms of personal relief, he may only seek and receive non-financial forms of relief through any such claim.

11. Remedies. Executive agrees that in the event of a breach or threatened breach by Executive of any provision of this Agreement, monetary remedies may not be adequate and Executive agrees that Nucor is entitled to injunctive relief, without need to post bond or similar security, in lieu of or in addition to, such monetary remedies. In the event that Executive engages in or attempts to engage in any of the conduct prohibited in Paragraphs 5, 6, 7 or 8 of this Agreement or fails to comply with the provisions of Paragraph 9, Nucor shall be entitled, in Nucor’s sole discretion, to (a) cease all Monthly Separation Payments, and Executive shall immediately refund to Nucor any Monthly Separation Payments already paid to him, and/or (b) in addition to any other remedies available at law or in equity, to enforce the provisions of Paragraphs 5, 6, 7, 8 and 9 by temporary, preliminary and permanent injunction to restrain any violation or threatened violation by Executive of any provisions of Paragraphs 5, 6, 7, 8 or 9. Executive further agrees to reimburse Nucor its costs (including, without limitation reasonable attorneys’ fees) incurred by Nucor to enforce Paragraphs 5, 6, 7, 8 or 9.

12. Cooperation With Legal Matters: Executive agrees that after the Effective Date, he will cooperate with and assist Nucor, upon request and with reasonable notice, by providing information relevant to matters he gained knowledge of or was involved with while employed with Nucor by meeting with Nucor’s attorneys or other representatives on such matters, and by appearing voluntarily for hearings, depositions, trials, or any regulatory or legal proceedings related to such matters. Executive understands that Nucor will reimburse him for any reasonable expense he incurs related to this cooperation and assistance, but will not be obligated to pay him any additional amounts.

13. Assignability. Neither this Agreement, nor any right or interest hereunder, shall be assignable by Executive, Executive’s beneficiaries, or legal representatives. Nucor, however, retains the right to assign this Agreement. This Agreement shall be binding upon Executive, Executive’s heirs, administrators, and representatives, and shall inure for the benefit of the Nucor Releasees and each of their respective heirs, administrators, representatives, executors, successors, and assigns.

14. Choice of Law and Venue. This Agreement’s validity, interpretation, performance and enforcement shall be construed and governed in accordance with, and by the laws of, the State of North Carolina, the location of Nucor Corporation’s corporate headquarters and Executive’s place of employment prior to the Effective Date. Executive, for himself and his successors and assigns, hereby expressly and irrevocably (a) consents to the exclusive jurisdiction of the state courts of Mecklenburg County, North Carolina or the federal district court for the Western District of North Carolina, Charlotte Division, for any action arising out of or related to this Agreement; and (b) waives any and all objection to any such action based on venue or forum non conveniens. Executive agrees that Nucor shall have the right to file and enforce any award, order, judgment, or injunction in any appropriate jurisdiction, and Executive waives service of process in connection with the filing and enforcement of the award, order, judgment, or injunction in any foreign jurisdiction and venue in which Nucor seeks to enforce such award, order, judgment, or injunction.

15. Severability. If any part of this Agreement is determined by a court of competent jurisdiction to be invalid in any respect, the parties agree that the court may modify by redaction (or any other method available to and endorsed by such court) any provision or part thereof to the extent reasonably necessary to protect Nucor’s legitimate business interests. The remaining provisions shall retain full force and effect.

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16. Entire Agreement. This Agreement contains the entire agreement of the parties and supersedes all prior agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof, including, without limitation and as of the Effective Date, the Employment Agreement. This Agreement may be modified or amended only by an instrument in writing signed by Executive and Nucor and approved by Nucor’s Board of Directors. The language of this Agreement and all parts shall be construed as a whole and according to its reasonable and fair meaning, and not strictly for or against either party. The parties agree they have jointly drafted this Agreement and agree that any rules requiring construction of this Agreement against its drafter shall not be applied to this Agreement.

17. No Violation of Public Policy; Executive’s Right of Rescission. Executive has carefully considered the nature and extent of the restrictions upon him and the rights and remedies conferred upon Nucor under Paragraphs 5, 6, 7, 8, 9 and 11 of this Agreement and acknowledges and agrees that they are reasonable in scope, time, and territory; are designed to eliminate competition which would otherwise be unfair; do not interfere with Executive’s exercise of his inherent skill and experience; are reasonably required to protect the legitimate interests of Nucor; and do not confer a benefit upon Nucor disproportionate to the detriment to Executive. Before executing this Agreement, Executive is advised to consult with an attorney of his choice, at his expense. Executive has seven (7) days after execution hereof in which to revoke the Agreement, and this Agreement shall not become effective and enforceable until the expiration of seven (7) days following its execution by Executive. To revoke this Agreement, Executive should notify the Chief Executive Officer of Nucor, by fax confirmed by certified mail within such seven (7) day period. No attempted revocation after the expiration of such seven (7) day period shall have any effect on the terms of this Agreement.

18. Compliance with Older Workers Benefit Protection Act: In addition to the items noted, acknowledged or discussed in Paragraph 17 above, by signing this Agreement, Executive specifically acknowledges and represents that:

(a) Executive has been given a period of twenty-one days to consider the terms of this Agreement.

(b) The terms of this Agreement are clear and understandable to Executive; and

(c) The benefits Nucor will provide to Executive under this Agreement exceed the benefits that Executive was otherwise entitled to receive as an employee of Nucor.

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IN WITNESS WHEREOF, Executive and Nucor have executed this Agreement as of the date first set forth above.

Executive:	/s/ Hamilton Lott, Jr.
	Hamilton Lott, Jr.
Nucor Corporation:	/s/ A. Rae Eagle
	By:	A. Rae Eagle
	Its:	Secretary

EX-12

Exhibit 12

Nucor Corporation

2013 Form 10-K

Computation of Ratio of Earnings to Fixed Charges

	Year-ended December 31,
	2009			2010			2011			2012			2013
	(In thousands, except ratios)
Earnings
Earnings/(loss) before income taxes and noncontrolling interests	$	(413,978	)	$	267,115		$	1,251,812		$	852,940		$	791,123
Plus: (earnings)/losses from equity investments		82,341			32,082			10,043			13,323			(9,297	)
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)		168,317			163,626			183,541			179,169			164,128
Plus: amortization of capitalized interest		962			2,332			2,724			2,550			3,064
Plus: distributed income of equity investees		7,373			4,923			3,883			9,946			8,708
Less: interest capitalized		(16,390	)		(940	)		(3,509	)		(4,715	)		(10,913	)
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges		(57,865	)		(73,110	)		(83,591	)		(88,507	)		(97,504	)
Total earnings/(loss) before fixed charges	$	(229,240	)	$	396,028		$	1,364,903		$	964,706		$	849,309
Fixed charges
Interest cost and amortization of bond issuance and settled swaps	$	166,313		$	162,213		$	182,321		$	178,218		$	162,899
Estimated interest on rent expense		2,004			1,413			1,220			951			1,229
Total fixed charges	$	168,317		$	163,626		$	183,541		$	179,169		$	164,128
Ratio of earnings to fixed charges		*			2.42			7.44			5.38			5.17

* Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557.

EX-13

Exhibit 13

      FINANCIAL HIGHLIGHTS                  3         

FINANCIAL HIGHLIGHTS		(dollar and share amounts in thousands, except per share data)
	2013		2012		% CHANGE
FOR THE YEAR
Net sales		$19,052,046		$19,429,273	-2%
Earnings:
Earnings before income taxes and noncontrolling interests		791,123		852,940	-7%
Provision for income taxes		205,594		259,814	-21%
Net earnings		585,529		593,126	-1%
Earnings attributable to noncontrolling interests		97,504		88,507	10%
Net earnings attributable to Nucor stockholders		488,025		504,619	-3%
Per share:
Basic		1.52		1.58	-4%
Diluted		1.52		1.58	-4%
Dividends declared per share		1.4725		1.4625	1%
Percentage of net earnings to net sales		2.6%		2.6%
Return on average stockholders’ equity		6.4%		6.7%
Capital expenditures		1,230,418		1,019,334	21%
Depreciation		535,852		534,010	—
Acquisitions (net of cash acquired)		—		760,833	not meaningful
Sales per employee		859		906	-5%
AT YEAR END
Working capital		$  4,449,830		$  3,631,796	23%
Property, plant and equipment, net		4,917,024		4,283,056	15%
Long-term debt (including current maturities)		4,380,200		3,630,200	21%
Total Nucor stockholders’ equity		7,645,769		7,641,571	—
Per share		24.02		24.06	—
Shares outstanding		318,328		317,663	—
Employees		22,300		22,200	—

FORWARD-LOOKING STATEMENTS Certain statements made in this annual report are forward-looking statements that involve risks and uncertainties. The words “believe,” “expect,” “project,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this report. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) the sensitivity of the results of our operations to prevailing steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (2) availability and cost of electricity and natural gas which could negatively affect our cost of steel production or could result in a delay or cancelation of existing or future drilling within our natural gas working interest drilling programs; (3) critical equipment failures and business interruptions; (4) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the U.S.; (5) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (6) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (7) uncertainties surrounding the global economy, including the severe economic downturn in construction markets and excess world capacity for steel production; (8) fluctuations in currency conversion rates; (9) U.S. and foreign trade policies affecting steel imports or exports; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs and our capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; and (13) our safety performance.

        22               MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF     OPERATIONS  

OVERVIEW

MACROECONOMIC CONDITIONS

After five years of recession, the worst the United States has experienced in decades, we still do not see any real and sustained signs of a full recovery. Our nation’s unemployment rate remains high due to the loss of millions of jobs during the recession, the slow pace of the recovery and the uncertainty surrounding domestic fiscal policies. In the face of these economic headwinds, the pace and degree of recovery has been weak and uneven at best, and it has been experienced in fits and starts. While there has been some recent traction gained in single-family housing starts, nonresidential construction (the sector to which we are most closely tied) has continued to languish. Even though there has been some recent improvement in the U.S. Labor Department’s U-6 unemployment figures, which include not only unemployed workers but also discouraged workers and those who are working part-time but would like to work full-time, those rates remain historically high and employment is not expected to regain the peak reached during the most recent economic cycle for several more years. Until a stronger job recovery takes hold, consumer confidence and spending will be inconsistent, indirectly diminishing demand for our products. Macro-level uncertainties in world markets will almost certainly continue to weigh on global and domestic growth in 2014. We believe our net sales and financial results will be stronger in 2014 than in 2013, but they will continue to be adversely affected by these general economic factors as well as by the conditions specific to the steel industry that are described below.

CONDITIONS IN THE STEEL INDUSTRY

The steel industry has always been cyclical in nature, but North American producers of steel and steel products have been facing and are continuing to face some of the most challenging market conditions they have experienced in decades. The average capacity utilization rate of U.S. steel mills was at a historically unprecedented low of 52% in 2009. Since then, the average capacity utilization rate increased to approximately 76% in 2013 and 75% in 2012. These rates, though improved, still compare unfavorably to capacity utilization rates of 81% and 87% in 2008 and 2007, respectively. As domestic demand for steel and steel products is expected to improve only slightly in 2014, it is unlikely that average capacity utilization rates will increase significantly. The average utilization rates of all operating facilities in our steel mills, steel products and raw materials segments were approximately 74%, 58% and 62%, respectively, in 2013, compared with 74%, 60% and 63% respectively, in 2012.

The steel industry has also historically been characterized by global overcapacity and intense competition for sales among producers. This aspect of the industry remains true today despite the bankruptcies of numerous domestic steel companies and ongoing global steel industry consolidation. The recent addition of new production capacity in the United States, as well as the very rapid and extraordinary increase in China’s total production of steel in the last decade, has exacerbated this overcapacity issue domestically as well as globally.

Foreign imports of steel continued to significantly affect our domestic markets. Imported steel and steel products continue to present unique challenges for us because foreign producers often benefit from government subsidies, either directly through government-owned enterprises or indirectly through government-owned or controlled financial institutions. Foreign imports of finished and semi-finished steel accounted for approximately 30% of the U.S. steel market in 2013 despite significant unused domestic capacity. Rebar and hot-rolled bar were impacted especially hard by imports in 2013 as imports of these products increased by 23% and 15%, respectively, over 2012 levels. Increased imports of bar have translated into even lower domestic utilization rates for that product – utilization in the mid-60% range – and significant decreases in domestic bar pricing in 2013. Competition from China, the world’s largest producer and exporter of steel, which produces more than 45% of the steel produced globally, is a major challenge in particular. We believe that Chinese producers, many of which are government-owned in whole or in part, benefit from their government’s manipulation of foreign currency exchange rates and from the receipt of government subsidies, which allow them to sell steel into our markets at artificially low prices.

China is not only selling steel at artificially low prices into our domestic market but also across the globe. When they do so, steel products which would otherwise have been consumed by the local steel customers in other countries are displaced into global markets, which compounds the issue. In a more indirect manner, but still significant, is the import of fabricated steel products, such as oil country tubular goods, wind towers and other construction components that were produced in China.

OUR CHALLENGES AND RISKS

Sales of many of our products are dependent upon capital spending in the nonresidential construction markets in the United States, including in the industrial and commercial sectors, as well as capital spending on infrastructure that is publicly funded such as bridges, schools, prisons and hospitals. Unlike recoveries from past recessions, the recovery from the recession of 2008-2009 has not included a strong recovery in the severely depressed nonresidential construction market. In fact, while capital spending on nonresidential construction projects is slowly improving, it continues to lack sustained momentum, which is posing a significant challenge to our business. We do not expect to see strong growth in our net sales until we see a sustained increase in capital spending on these types of construction projects.

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Artificially cheap exports by some of our major foreign competitors to the United States and elsewhere reduce our net sales and adversely impact our financial results. Aggressive enforcement of trade rules by the World Trade Organization to limit unfairly traded imports remains uncertain, although it is critical to our ability to remain competitive. We have been encouraged by recent actions the United States International Trade Commission has taken on existing antidumping and countervailing duty orders on hot-rolled sheet steel as well as on imports of rebar that threaten domestic rebar producers. We continue to believe that assertive enforcement of world trade rules must be one of the highest priorities of the United States government.

A major uncertainty we continue to face in our business is the price of our principal raw material, ferrous scrap, which is volatile and often increases rapidly in response to changes in domestic demand, unanticipated events that decrease the flow of scrap into scrap yards and increased foreign demand for scrap. In periods of rapidly increasing raw material prices in the industry, which is often also associated with periods of strong or rapidly improving steel market conditions, being able to increase our prices for the products we sell quickly enough to offset increases in the prices we pay for ferrous scrap is challenging but critical to maintaining our profitability. We attempt to manage this risk via a raw material surcharge mechanism, which our customers understand is a necessary response by us to the market forces of supply and demand for our raw materials. The surcharge mechanism functions to offset changes in prices of our raw materials and is based upon widely available market indices for prices of scrap and other raw materials. We monitor changes in those indices closely and make adjustments as needed, generally on a monthly basis, to our surcharges and sometimes directly to the selling prices for our products. The surcharges are determined from a base scrap price and can differ by product. To further help mitigate the scrap price risk, we also aim to manage scrap inventory levels at the steel mills to match the anticipated demand over a period of the next several weeks for various steel products. Certain scrap substitutes, including pig iron, have longer lead times for delivery than scrap.

During periods of stronger or improving steel market conditions, the surcharge is generally an effective mechanism that facilitates Nucor’s ability to pass through, relatively quickly, the increased costs of ferrous scrap and scrap substitutes and to protect our gross margins from significant erosion. During weaker or rapidly deteriorating steel market conditions, including the steel market environment of the past several years, weak steel demand, low industry utilization rates and the impact of imports create an even more intensified competitive environment. All of those factors, to some degree, impact base pricing, which increases the likelihood that Nucor will experience lower gross margins. During these periods, the surcharge mechanism is less effective at protecting our gross margins; however, there are typically less frequent and smaller raw material cost increases.

Although the majority of our steel sales are to spot market customers who place their orders each month based on their business needs and our pricing competitiveness compared to both domestic and global producers and trading companies, we also sell contract tons, primarily in our sheet operations. Approximately 65% of our sheet sales was to contract customers in 2013 (65% in 2012), with the balance in the spot market at the prevailing prices at the time of sale. Steel contract sales outside of our sheet operations are not significant. The amount of tons sold to contract customers depends on the overall market conditions at the time, how the end-use customers see the market moving forward and the strategy that Nucor management believes is appropriate to the upcoming period. Nucor management considerations include maintaining an appropriate balance of spot and contract tons based on market projections and appropriately supporting our diversified customer base. The percentage of tons that is placed under contract also depends on the overall market dynamics and customer negotiations. In years of strengthening demand, we typically see an increase in the percentage of sheet sales sold under contract as our customers have an expectation that transaction prices will rapidly rise and available capacity will quickly be sold out. To mitigate this risk, customers prefer to enter into contracts in order to obtain committed volumes of supply from the mills. Our contracts include a method of adjusting prices on a periodic basis to reflect changes in the market pricing for steel and/ or scrap. Market indices for steel generally trend with scrap pricing changes but during periods of steel market weakness, including the market conditions of the past several years, the more intensified competitive steel market environment can cause the sales price indices to result in reduced gross margins and profitability. Furthermore, since the selling price adjustments are not immediate, there will always be a timing difference between changes in the prices we pay for raw materials and the adjustments we make to our contract selling prices. Generally, in periods of increasing scrap prices, we experience a short-term margin contraction on contract tons. Conversely, in periods of decreasing scrap prices, we typically experience a short-term margin expansion. Contract sales typically have terms ranging from six to twelve months.

Another significant uncertainty we face is the cost of energy. The availability and prices of electricity and natural gas are influenced today by many factors including changes in supply and demand, advances in drilling technology and, increasingly, by changes in public policy relating to energy production and use. Proposed regulation of greenhouse gas emissions from new and refurbished power plants could increase our cost of electricity in future years, particularly if they are adopted in a form that requires deep reductions in greenhouse gas emissions. Adopting these regulations in an onerous form could lead to foreign producers that are not affected by them gaining a competitive advantage over us. We are monitoring these regulatory developments closely and will seek to educate public policy makers during the adoption process about their potential impact on our business.

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Finally, due to our natural gas working interest drilling programs with Encana, a substantial or extended decline in natural gas prices could have a material adverse effect on these programs and, by extension, us. In order to mitigate this risk, we announced a joint decision with Encana in the fourth quarter of 2013 to temporarily suspend drilling new wells until there is a sustained improvement in natural gas pricing. A substantial or extended decline in the price of natural gas could result in further delays or cancellation of existing or future drilling programs or curtailment in production at some properties, all of which could have an adverse effect on our revenues, profitability and cash flows. In addition, natural gas drilling and production are subject to intense federal and state regulation as well as to public interest in environmental protection. Such regulation and interest, when coupled, could result in these drilling programs being forced to comply with certain future regulations, resulting in unknown impacts on the programs’ ability to achieve the cost and hedge benefits we expect from the programs.

OUR STRENGTHS AND OPPORTUNITIES

We are North America’s most diversified steel producer. As a result, our short-term performance is not tied to any one market. The pie chart below shows the diversity of our product mix by total tons sold to outside customers in 2013.

Our highly variable cost structure, combined with our financial strength and liquidity, has allowed us to succeed during cyclical severely depressed steel industry market conditions in the past. In such times, our incentive-based pay system reduces our payroll costs, both hourly and salary, which helps to offset lower selling prices. Our pay-for-performance system, which is closely tied to our levels of production, also allows us to keep our work force intact and to continue operating our facilities when some of our competitors with greater fixed costs are forced to shut down some of their facilities. Because we use electric arc furnaces to produce our steel, we can easily vary our production levels to match short-term changes in demand, unlike our integrated competitors. We believe these strengths also give us opportunities to gain market share during such times.

EVALUATING OUR OPERATING PERFORMANCE

We report our results of operations in three segments: steel mills, steel products and raw materials. Most of the steel we produce in our mills is sold to outside customers, but a significant percentage is used internally by many of the facilities in our steel products segment.

We begin measuring our performance by comparing our net sales, both in total and by individual segment, during a reporting period with our net sales in the corresponding period in the prior year. In doing so, we focus on changes in and the reasons for such changes in the two key variables that have the greatest influence on our net sales: average sales price per ton during the period and total tons shipped to outside customers.

We also focus on both dollar and percentage changes in gross margins, which are key drivers of our profitability, and the reasons for such changes. There are many factors from period to period that can affect our gross margins. One consistent area of focus for us is changes in “metal margins,” which is the difference between the selling price of steel and the cost of scrap and scrap substitutes. Increases in the cost of scrap and scrap substitutes that are not offset by increases in the selling price of steel can quickly compress our margins and reduce our profitability.

Another factor affecting our gross margins in any given period is the application of the last-in, first-out (LIFO) method of accounting to a substantial portion of our inventory (45% of total inventories as of December 31, 2013). LIFO charges or credits for interim periods are based on management’s interim period-end estimates, after considering current and anticipated market conditions, of both inventory costs and quantities at fiscal year end. The actual year end amounts may differ significantly from these estimated interim amounts. Annual LIFO charges or credits are largely based on the relative changes in cost and quantities year over year, primarily with raw material inventory in the steel mills segment.

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Because we are such a large user of energy, material changes in energy costs per ton can significantly affect our gross margins as well. Lower energy costs per ton increase our gross margins. Generally, our energy costs per ton are lower when the average utilization rates of all operating facilities in our steel mills segment are higher.

Changes in marketing, administrative and other expenses, particularly profit sharing costs, can have a material effect on our results of operations for a reporting period as well. Profit sharing costs vary significantly from period to period as they are based upon changes in our pre-tax earnings and are a reflection of our pay-for-performance system that is closely tied to our levels of production.

EVALUATING OUR FINANCIAL CONDITION

We evaluate our financial condition each reporting period by focusing primarily on the amounts of and reasons for changes in cash provided by operating activities, our current ratio, the turnover rate of our accounts receivable and inventories, the amount and reasons for changes in cash used in investing activities, the amounts and reasons for changes in cash provided by or used in financing activities and our cash and cash equivalents and short-term investments position at period end. Our conservative financial practices have served us well in the past and are serving us well today. As a result, our financial position remains strong despite the negative effects on our business of the continued weakness in the domestic and global economies.

COMPARISON OF 2013 TO 2012

RESULTS OF OPERATIONS

NET SALES

Net sales to external customers by segment for 2013 and 2012 were as follows:

					(in thousands)
Year Ended December 31,	2013		2012		% Change
Steel mills	$	13,311,948	$	13,781,797	-3%
Steel products		3,607,333		3,738,381	-4%
Raw materials		2,132,765		1,909,095	12%
Total net sales to external customers	$	19,052,046	$	19,429,273	-2%

Net sales for 2013 decreased 2% from the prior year. The average sales price per ton decreased 5% from $841 in 2012 to $803 in 2013, while total tons shipped to outside customers increased 3% in 2013 as compared to 2012.

Net sales in the fourth quarter of 2013 increased 10% compared with the fourth quarter of 2012 due to a 10% increase in tons shipped to outside customers. The average sales price per ton was $813 in the fourth quarters of 2013 and 2012.

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In the steel mills segment, production and sales tons were as follows:

					(in thousands)
Year Ended December 31,	2013		2012		% Change
Steel production		19,900		19,865	—
Outside steel shipments		17,733		17,473	1%
Inside steel shipments		2,917		2,769	5%
Total steel shipments		20,650		20,242	2%

Net sales to external customers in the steel mills segment decreased 3% due to a 5% decrease in the average sales price per ton from $792 in 2012 to $751 in 2013, partially offset by a 1% increase in tons sold to outside customers.

The average selling prices for our sheet, bar and plate products decreased in 2013 as compared to 2012 due to pressure from imports and excess domestic capacity. Though average selling prices for our sheet products were lower in 2013 than 2012, average selling prices for sheet products increased during the last half of 2013 due to pricing increases that began late in the second quarter that were supported by competitor supply disruptions and slightly improved demand. Average selling prices for our structural products group increased in 2013 as compared to 2012 because Skyline’s distribution business is included for the entire year in 2013. Skyline was only included in 2012 after its June 20, 2012 acquisition date. Skyline has higher average sales prices for its products because of the value-added functions it provides to its customers. Demand in nonresidential construction markets is slowly improving but continues to lack sustained momentum. The strongest end markets in 2013 continue to be in manufactured goods, including energy and automotive, much like they were in 2012.

Tonnage data for the steel products segment is as follows:

					(in thousands)
Year Ended December 31,	2013		2012		% Change
Joist production		342		291	18%
Deck sales		334		308	8%
Cold finished sales		474		492	-4%
Fabricated concrete reinforcing steel sales		1,065		1,180	-10%

Net sales to external customers in the steel products segment decreased 4% from 2012 due to a 3% decrease in tons sold to outside customers and a 1% decrease in the average sales price per ton from $1,393 to $1,375. The 10% decrease in volume of our rebar fabricated products in 2013 as compared to 2012 was partially offset by a 3% increase in the average sales price per ton. Selling prices of our joist and deck products decreased in 2013 as compared to 2012, but these decreases were more than offset by increased sales volumes due to moderately improved demand in nonresidential construction. Pricing and volumes of cold finished bar products decreased from the prior year. Steel products segment shipments to external customers decreased 6% in the fourth quarter of 2013 from the third quarter of 2013 because of typical seasonality in the nonresidential construction market. Tons shipped to external customers in the fourth quarter of 2013 increased 3% over the fourth quarter of 2012. Though we have seen slow improvement in demand related to nonresidential construction, that improvement has lacked sustained momentum, causing net sales in the steel products segment to remain depressed.

Sales for the raw materials segment increased 12% from 2012 primarily due to increased volumes in DJJ’s brokerage and processing operations and increased volumes at our natural gas drilling working interests, partially offset by decreased pricing experienced by DJJ. Raw materials segment sales increased 25% in the fourth quarter of 2013 as compared to the fourth quarter of 2012, due mainly to increases in volumes at DJJ’s brokerage operations and at our natural gas drilling working interests. Approximately 83% of outside sales in the raw materials segment in 2013 were from brokerage operations of DJJ and approximately 12% of the outside sales were from the scrap processing facilities (85% and 13%, respectively, in 2012).

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GROSS MARGIN

In 2013, Nucor recorded gross margins of $1.41 billion (7%) compared to $1.51 billion (8%) in 2012. The year-over-year dollar and gross margin percentage decreases were primarily the result of the 5% decrease in the average sales price per ton, partially offset by the 3% increase in tons shipped to outside customers. Additionally, gross margins were impacted by the following factors:

•	In the steel mills segment, the average scrap and scrap substitute cost per ton used decreased 8% from $407 in 2012 to $376 in 2013; however, metal margins also decreased for our sheet, bar and plate products from 2012 due to the previously mentioned decreases in selling prices in those categories. Metal margin dollars for all of our steel mill products increased in the fourth quarter of 2013 as compared to the fourth quarter of 2012. Metal margins increased in the fourth quarter of 2013 as compared to the third quarter of 2013 due to increased metal margins from our sheet, structural and plate products.
	Scrap prices are driven by global supply and demand for scrap and other iron-based raw materials used to make steel. We experienced less quarterly volatility in scrap costs during 2013 than in 2012. We expect that early 2014 conditions in the domestic scrap market will be very dependent on the region of the country where they are located. Some regions are experiencing less export demand while weather conditions in other regions are negatively impacting the flow of scrap into scrap yards. We anticipate low volatility in scrap costs going forward until we see stronger market demand either domestically or globally.
•	Nucor’s gross margins are significantly impacted by the application of the LIFO method of accounting. LIFO charges or credits are largely based on the relative changes in cost and quantities year over year, primarily within raw material inventory in the steel mills segment. The average scrap and scrap substitute cost per ton in ending inventory within our steel mills segment at December 31, 2013 increased 3% as compared to December 31, 2012. Ending inventory quantities also increased as compared to December 31, 2012. As a result of these factors, Nucor recorded a LIFO charge of $17.4 million in 2013 (a LIFO credit of $155.9 million in 2012). The increases in cost per ton were driven by market conditions at the end of 2013, which experienced stronger demand for steel and raw materials than market conditions at the end of 2012.
	In the fourth quarter of 2013, Nucor recorded a LIFO charge of $17.4 million compared with a LIFO credit of $71.9 million in the fourth quarter of 2012.
•	Nucor’s 2012 gross margins were negatively impacted by $48.8 million in inventory-related purchase accounting adjustments associated with our acquisition of Skyline (none in 2013). Purchase accounting adjustments related to Skyline were $12.0 million in the fourth quarter of 2012 with none being recorded in the fourth quarter of 2013.
•	Gross margins at our rebar fabrication businesses increased significantly in 2013 as compared to 2012 due to higher average sales prices and the effects of management initiatives that have resulted in lower costs, better selling strategies and improved supplier relationships. With the exception of the fourth quarter, in which margins were down slightly from the prior year fourth quarter, the rebar fabrication businesses had higher gross margins in each quarter of 2013 than in the comparable quarter of 2012.
•	Total energy costs decreased approximately $1 per ton from 2012 to 2013, primarily due to the negative impact of natural gas hedge settlements on our overall natural gas costs in 2012. Due to the efficiency of Nucor’s steel mills, energy costs remained less than 6% of the sales dollar in 2013 and 2012.
	In the fourth quarter of 2013, total energy costs decreased approximately $2 per ton from the third quarter of 2013 due primarily to lower electricity unit costs, and decreased approximately $3 per ton from the fourth quarter of 2012 primarily due to natural gas hedge settlement costs in the fourth quarter of last year.
•	Gross margins related to DJJ’s scrap processing operations decreased significantly during 2013 compared to 2012 due to excess shredding capacity increasing DJJ’s cost of scrap purchases and weather-related effects in the first quarter of 2013 that reduced the flow of scrap into our scrap processing operations.

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MARKETING, ADMINISTRATIVE AND OTHER EXPENSES

A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These costs, which are based upon and fluctuate with Nucor’s financial performance, decreased from 2012 to 2013. In 2013, profit sharing costs consisted of $71.7 million of contributions, including the Company’s matching contribution, made to the Company’s Profit Sharing and Retirement Savings Plan for qualified employees ($77.7 million in 2012). Other bonus costs also fluctuate based on Nucor’s achievement of certain financial performance goals, including comparisons of Nucor’s financial performance to peers in the steel industry and other companies. Stock-based compensation included in marketing, administrative and other expenses decreased by 8% to $22.9 million in 2013 compared with $25.0 million in 2012 and includes costs associated with vesting of stock awards granted in prior years.

Of the $27.0 million increase in marketing, administrative and other expenses in 2013 as compared to 2012, $15.3 million was due to the inclusion of Skyline’s results for the entire 2013 year as compared to only being included after its June 2012 acquisition date during 2012. Additionally, in the third quarter of 2013, a storage dome collapsed at Nucor Steel Louisiana in St. James Parish. As a result, Nucor recorded a partial write-down of assets at the facility, including $7.0 million of inventory and $21.0 million of property, plant and equipment, offset by a $14.0 million insurance receivable that was based on management’s estimate of probable insurance recoveries. Included in marketing, administrative and other expenses in 2012 was a $17.6 million loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc.

EQUITY IN (EARNINGS) LOSSES OF UNCONSOLIDATED AFFILIATES

Nucor recorded equity method investment earnings of $9.3 million in 2013 compared with losses of $13.3 million in 2012. The equity method investment results included amortization expense and other purchase accounting adjustments. The improvement in the equity method investment results in 2013 from 2012 is primarily due to greater equity method earnings at NuMit, a decrease in losses at Duferdofin Nucor and earnings at Hunter Ridge (acquired in November 2012). Equity in earnings of unconsolidated affiliates was $6.6 million in the fourth quarter of 2013 compared to losses of $4.2 million in the fourth quarter of 2012 and earnings of $2.3 million in the third quarter of 2013. The improvement in equity method earnings in the fourth quarter of 2013 from the fourth quarter of last year is mainly due to an increase in equity method earnings at NuMit as well as a decrease in losses at Duferdofin Nucor. The improvement in equity method earnings in the fourth quarter of 2013 from the previous quarter is primarily due to a decrease in losses at Duferdofin Nucor.

IMPAIRMENT OF NON-CURRENT ASSETS

In 2013, Nucor incurred no charges for impairment of non-current assets compared to $30.0 million in 2012. In the second quarter of 2012, Nucor recorded a $30.0 million impairment charge related to its equity method investment in Duferdofin Nucor (see Note 10 to the Consolidated Financial Statements).

INTEREST EXPENSE (INCOME)

Net interest expense is detailed below:

(in thousands)

Year Ended December 31,	2013			2012
Interest expense	$	151,986		$	173,503
Interest income		(5,091	)		(11,128	)
Interest expense, net	$	146,895		$	162,375

The 12% decrease in gross interest expense from 2012 is primarily attributable to a 6% decrease in average debt outstanding and a 2% decrease in the average interest rate. In 2013, Nucor issued $1.0 billion of new notes at a lower weighted average interest rate than the $900.0 million of debt that matured between the fourth quarter of 2012 and the second quarter of 2013. Gross interest income decreased 54% due to a 50% decrease in average investments and a 45% decrease in the average interest rate on investments.

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EARNINGS BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS

Earnings before income taxes and noncontrolling interests by segment for 2013 and 2012 are as follows:

(in thousands)

Year Ended December 31,	2013			2012
Steel mills	$	1,156,715		$	1,162,270
Steel products		82,129			(17,140	)
Raw materials		13,686			55,264
Corporate/eliminations		(461,407	)		(347,454	)
Earnings before income taxes and noncontrolling interests	$	791,123		$	852,940

Earnings before income taxes and noncontrolling interests in the steel mills segment in 2013 decreased slightly from 2012. Gross margin was negatively affected in 2013 by lower metal margin dollars resulting from factors discussed above. The profitability of the steel mills segment in 2013 benefited from improved results from the NuMit and Duferdofin Nucor equity method investments as compared to 2012. Other factors impacting the profitability of the steel mills segment in 2012 that did not occur in 2013 were the $30.0 million impairment charge related to Duferdofin Nucor and the $48.8 million of inventory-related purchase accounting adjustments related to Skyline. Earnings before income taxes and noncontrolling interests in the steel mills segment increased significantly in the fourth quarter of 2013 as compared to the fourth quarter of 2012 due to more favorable market conditions in our sheet mills resulting from competitor supply disruptions that began late in the second quarter and slightly improved demand. Although conditions are slowly improving from historically low levels, the nonresidential construction market continues to lack sustained momentum. The strongest end markets continue to be in manufactured goods, including energy and automotive.

The steel products segment had earnings before income taxes and noncontrolling interests in 2013 as compared to a loss in 2012. Although the average sales price and volume for the segment were lower in 2013 than 2012, profitability in our joist, cold finish and rebar fabrication businesses improved from 2012. The largest increase in profitability was in our rebar fabrication businesses, which experienced higher average sales prices and the effects of management initiatives that have resulted in lower costs, better selling strategies and improved supplier relationships. The steel products segment’s 2012 results were impacted by the $17.6 million loss on the sale of assets of Nucor Wire Products Pennsylvania, Inc. in the third quarter of 2012. In 2013, the steel products segment experienced its first profitable year since 2008. Though the profitability of the steel products segment has improved, conditions in the nonresidential construction markets continue to negatively impact the results of the segment.

The profitability of our raw materials segment decreased from 2012. Difficult conditions in the scrap processing industry have had a negative impact on the profitability of the scrap processing operations of DJJ since the first quarter of 2012. During this time, excess shredding capacity has increased competition and therefore the cost of raw materials while the selling price of scrap has decreased in 2013 as compared to 2012. Also negatively affecting profitability in the raw materials segment were the third quarter 2013 charges related to the net $14.0 million write-down of inventory and property, plant and equipment as a result of the dome collapse at Nucor Steel Louisiana. Nucor Steel Louisiana also had increased startup costs in 2013 as it began production in late December. An unplanned 18-day outage at our Trinidad DRI facility in early 2013 also contributed to lower profitability for the raw materials segment in 2013 as compared to 2012.

The decrease in results in Corporate/eliminations in 2013 was primarily due to a LIFO charge of $17.4 million in 2013 as compared to a $155.9 million LIFO credit in 2012.

NONCONTROLLING INTERESTS

Noncontrolling interests represent the income attributable to the minority interest partners of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company (NYS) of which Nucor owns 51%. The 10% increase in earnings attributable to noncontrolling interests in 2013 over the previous year was primarily due to increased margins as a result of a shift in product mix at NYS. Under the NYS limited partnership agreement, the minimum amount of cash to be distributed each year to the partners is the amount needed by each partner to pay applicable U.S. federal and state income taxes.

PROVISION FOR INCOME TAXES

The effective tax rate in 2013 was 26.0% compared with 30.5% in 2012. The change in the rate between 2012 and 2013 was primarily due to a $21.3 million out-of-period adjustment to the deferred tax balances recorded in 2013. The out-of-period item did not have a material impact in the current or any previously reported period. Nucor has concluded U.S. federal income tax matters for years through 2009. The 2010 through 2013 tax years are open to examination by the Internal Revenue Service. The Canada Revenue Agency has completed an audit examination for the periods 2006 to 2008 for Harris Steel Group Inc. and subsidiaries with immaterial adjustments to the income tax returns. The tax years 2009 through 2013 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).

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NET EARNINGS AND RETURN ON EQUITY

Nucor reported net earnings of $488.0 million, or $1.52 per diluted share, in 2013 compared to net earnings of $504.6 million, or $1.58 per diluted share, in 2012. Net earnings attributable to Nucor stockholders as a percentage of net sales were 3% in both 2013 and 2012. Return on average stockholders’ equity was 6% and 7% in 2013 and 2012, respectively.

COMPARISON OF 2012 TO 2011

RESULTS OF OPERATIONS

NET SALES

Net sales to external customers by segment for 2012 and 2011 were as follows:

(in thousands)

Year Ended December 31,	2012		2011		% Change
Steel mills	$	13,781,797	$	14,463,683		-5%
Steel products		3,738,381		3,431,490		9%
Raw materials		1,909,095		2,128,391		-10%
Total net sales to external customers	$	19,429,273	$	20,023,564		-3%

Net sales for 2012 decreased 3% from the prior year. The average sales price per ton decreased 3% from $869 in 2011 to $841 in 2012, while total tons shipped to outside customers only slightly increased.

In the steel mills segment, production and sales tons were as follows:

(in thousands)

Year Ended December 31,	2012		2011		% Change
Steel production		19,865		19,561		2%
Outside steel shipments		17,473		16,796		4%
Inside steel shipments		2,769		3,329		-17%
Total steel shipments		20,242		20,125		1%

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Net sales to external customers in the steel mills segment decreased 5% in 2012 from 2011 due to a decrease in the average sales price per ton, partially offset by an increase in tons sold to outside customers.

Tonnage data for the steel products segment is as follows:

(in thousands)

Year Ended December 31,	2012		2011		% Change
Joist production		291		288		1%
Deck sales		308		312		-1%
Cold finished sales		492		494		—
Fabricated concrete reinforcing steel sales		1,180		1,074		10%

Net sales to external customers in the steel products segment increased 9% over 2011 due to a 4% increase in tons sold to outside customers and a 4% increase in the average sales price per ton from $1,335 to $1,393. Pricing of joists, deck, metal buildings and components and rebar fabricated products improved over the prior year as nonresidential construction activity showed modest improvement; however, sales in the steel products segment were depressed as demand in the nonresidential construction market remained well below historical averages. Pricing and volumes of cold finished bar products decreased slightly from 2011. Sales of rebar fabricated products contributed most significantly to the year-over-year increases in volumes and prices in the steel products segment due to the modest improvement in nonresidential construction activity.

Sales for the raw materials segment decreased 10% from 2011 primarily due to decreased pricing and decreased volumes in DJJ’s brokerage operations. Approximately 85% of outside sales in the raw materials segment in 2012 were from brokerage operations of DJJ and approximately 13% of the outside sales were from the scrap processing facilities (86% and 13%, respectively, in 2011).

GROSS MARGIN

In 2012, Nucor recorded gross margins of $1.51 billion (8%) compared to $1.88 billion (9%) in 2011. The year-over-year dollar and gross margin percentage decreases were primarily the result of the 3% decrease in the average sales price per ton. Additionally, gross margins were impacted by the following factors:

• In the steel mills segment, the average scrap and scrap substitute cost per ton used decreased 7% from $439 in 2011 to $407 in 2012; however, metal margins also decreased from 2011.

The average scrap and scrap substitute cost per ton used decreased each quarter during 2012. However, the average sales price per ton also decreased each quarter of 2012 for all of the products within our steel mills segment except for structural. The decrease in sales prices and the resulting decrease in metal margins is primarily the result of new domestic suppliers and very high import levels in 2012 that increased from 2011 levels.

• The average scrap and scrap substitute cost per ton in ending inventory within our steel mills segment at December 31, 2012 decreased 13% as compared to December 31, 2011, which was partially offset by increased quantities included in ending inventory. As a result of these factors, Nucor recorded a LIFO credit of $155.9 million (a LIFO charge of $142.8 million in 2011).

• Nucor’s 2012 gross margins were negatively impacted by $48.8 million in inventory-related purchase accounting adjustments associated with our acquisition of Skyline.

• Total energy costs decreased $2 per ton from 2011 to 2012 due primarily to lower natural gas unit costs. Due to the efficiency of Nucor’s steel mills, energy costs remained less than 6% of the sales dollar in 2012 and 2011.

• Gross margins related to DJJ’s scrap processing operations were significantly lower in 2012 compared to 2011. The decrease was due to conditions in the scrap processing industry, in which excess shredding capacity increased competition for raw materials. As scrap selling prices decreased throughout 2012, DJJ experienced severe downward pressure on margins.

• Gross margins were impacted in the fourth quarter of 2011 by a non-cash gain of $29.0 million as a result of the correction of an actuarial calculation related to the medical plan covering certain eligible early retirees.

• Gross margins in 2012 were positively affected by the improved performance of our steel products segment, which experienced gross margin improvement between the third and fourth quarters of 2012.

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MARKETING, ADMINISTRATIVE AND OTHER EXPENSES

Profit sharing costs decreased from 2011 to 2012. In 2012, profit sharing costs consisted of $77.7 million of contributions, including the Company’s matching contribution, made to the Company’s Profit Sharing and Retirement Savings Plan for qualified employees ($117.7 million in 2011). Stock-based compensation included in marketing, administrative and other expenses increased 1% to $25.0 million in 2012 compared with $24.7 million in 2011 and includes costs associated with vesting of stock awards granted in prior years.

In 2012, marketing, administrative and other expenses included a charge of $17.6 million for the loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc. Also contributing to the increase in marketing, administrative and other expenses in 2012 was the inclusion of Skyline’s results since the acquisition date and a general increase in the steel products segment related to increased shipments to outside customers.

EQUITY IN LOSSES OF UNCONSOLIDATED AFFILIATES

Nucor incurred equity method investment losses of $13.3 million and $10.0 million in 2012 and 2011, respectively. The increase in the equity method investment losses is primarily attributable to an increase in losses generated by Duferdofin Nucor S.r.l.

IMPAIRMENT OF NON-CURRENT ASSETS

In 2012, Nucor recorded $30.0 million in charges for impairment of non-current assets compared with $13.9 million in 2011. In the second quarter of 2012, Nucor incurred a $30.0 million charge related to its equity method investment in Duferdofin Nucor. The entire impairment charge recorded in 2011 relates to the impairment of Nucor’s investment in a dust recycling joint venture that has since been terminated (see Note 10 to the Consolidated Financial Statements).

INTEREST EXPENSE (INCOME)

Net interest expense is detailed below:

(in thousands)

Year Ended December 31,	2012			2011
Interest expense		$173,503			$178,812
Interest income		(11,128	)		(12,718	)
Interest expense, net		$162,375			$166,094

The 3% decrease in gross interest expense from 2011 is primarily attributable to a 3% decrease in average debt outstanding and a slight decrease in the average interest rate. Gross interest income decreased 13% due primarily to a decrease in average investments.

EARNINGS BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS

Earnings before income taxes and noncontrolling interests by segment for 2012 and 2011 are as follows:

(in thousands)

Year Ended December 31,	2012			2011
Steel mills		$1,162,270			$1,813,155
Steel products		(17,140	)		(60,282	)
Raw materials		55,264			156,180
Corporate/eliminations		(347,454	)		(657,241	)
Earnings before income taxes and noncontrolling interests		$   852,940			$1,251,812

Earnings before income taxes and noncontrolling interests in the steel mills segment for 2012 decreased 36% from 2011. A major factor behind the decrease is that metal margin dollars decreased from 2011 resulting from the factors described above. Other factors impacting the profitability of the steel mills segment in 2012 were the $30.0 million impairment charge related to Duferdofin Nucor and the $48.8 million of inventory-related purchase accounting adjustments related to Skyline. The market conditions that impacted the steel mills segment include an import surge across most products that began late in 2011 and continued through 2012. In addition, U.S. sheet steel markets were negatively impacted by new domestic supply that began ramping up production in 2011. The strongest end markets were manufactured goods, including automotive, energy and heavy equipment.

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Losses before income taxes and noncontrolling interests in the steel products segment in 2012 decreased from 2011. The 2012 loss was impacted by the $17.6 million loss on the sale of assets of Nucor Wire Products Pennsylvania, Inc. At our rebar fabrication businesses, 2012 shipments to outside customers increased 10% over 2011, which led to improved profitability within the segment. Although the segment experienced market share gains, improved pricing and effective management of costs, the profitability of this segment was weak due to the continued challenging conditions in the nonresidential construction market.

The profitability of our raw materials segment, particularly DJJ, decreased significantly from 2011 primarily due to margin compression at the scrap processing operations resulting from falling scrap selling prices and excess shredding capacity.

The improvements in results in Corporate/eliminations in 2012 were primarily due to the change in LIFO from a charge to a credit and lower profit sharing and incentive compensation costs.

NONCONTROLLING INTERESTS

The 7% increase in noncontrolling interests from 2011 to 2012 was primarily attributable to the increased earnings of NYS, which were primarily due to increases in volumes and changes in product mix.

PROVISION FOR INCOME TAXES

The effective tax rate in 2012 was 30.5% compared with 31.2% in 2011. The change in the rate between 2011 and 2012 was primarily due to the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings, a greater benefit in 2012 from the domestic manufacturing deduction and the recognition of a deferred tax asset related to state tax credit carryforwards and the adjustment of tax expense to previously filed returns.

NET EARNINGS AND RETURN ON EQUITY

Nucor reported net earnings of $504.6 million, or $1.58 per diluted share, in 2012 compared to net earnings of $778.2 million, or $2.45 per diluted share, in 2011. Net earnings attributable to Nucor stockholders as a percentage of net sales were 3% in 2012 and 4% in 2011. Return on average stockholders’ equity was 7% and 11% in 2012 and 2011, respectively.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows provided by operating activities provide us with a significant source of liquidity. When needed, we also have external short-term financing sources available, including the issuance of commercial paper and borrowings under our bank credit facilities. We also issue long-term debt from time to time.

In 2013, Nucor’s $1.5 billion revolving credit facility was amended and restated to extend the maturity date to August 2018. The revolving credit facility was undrawn and Nucor had no commercial paper outstanding at December 31, 2013. We believe our financial strength is a key strategic advantage among domestic steel producers, particularly during recessionary business cycles. We currently carry the highest credit ratings of any metals and mining company in North America with an A rating from Standard & Poor’s and a Baa1 rating from Moody’s. Based upon these factors, we expect to continue to have adequate access to the capital markets at a reasonable cost of funds for liquidity purposes when needed. Our credit ratings are dependent, however, upon a number of factors, both qualitative and quantitative, and are subject to change at any time. The disclosure of our credit ratings is made in order to enhance investors’ understanding of our sources of liquidity and the impact of our credit ratings on our cost of funds.

Nucor’s cash and cash equivalents and short-term investments position remains robust at $1.51 billion as of December 31, 2013. Approximately $173.2 million and $186.2 million of the cash and cash equivalents position at December 31, 2013 and December 31, 2012, respectively, was held by our majority-owned joint ventures.

  Selected Measures of Liquidity

(dollars in thousands)

December 31,	2013		2012
Cash and cash equivalents	$	1,483,252	$	1,052,862
Short-term investments		28,191		104,167
Restricted cash and investments		—		275,163
Working capital		4,449,830		3,631,796
Current ratio		3.3		2.8

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The current ratio was 3.3 at year end 2013 compared with 2.8 at year end 2012. The current ratio was positively impacted by a 31% increase from 2012 in cash and cash equivalents and short-term investments. The increase in cash and cash equivalents and short-term investments was primarily due to proceeds from the issuance of debt and cash generated by operations, partially offset by cash paid for capital expenditures and dividend payments. In addition, inventories increased by 12% due primarily to increases at the new DRI plant in Louisiana, as well as an 8% increase in inventory tons on hand and a 3% increase in scrap costs in inventory over the prior year. The current ratio was also positively impacted by an 88% decrease from 2012 in long-term debt due within one year and short-term debt, due primarily to the repayment of $250 million of debt in the second quarter of 2013. The next significant debt maturity is not until 2017.

Accounts receivable increased by 6% over 2012 due primarily to the 10% increase in net sales in the fourth quarter of 2013 compared with the prior year fourth quarter. This increase is the result of a 10% increase in outside shipments in the fourth quarter of 2013 as compared with the fourth quarter of 2012. In 2013, total accounts receivable turned approximately every five weeks and inventories turned approximately every seven weeks. This compares to turns of every five weeks for accounts receivable and every six weeks for inventory in 2012. Inventory turnover has slowed slightly from historical rates due mainly to the acquisition of Skyline which, as a distributor, must keep a larger supply of inventory on hand.

Funds provided by operations, cash and cash equivalents, short-term investments and new borrowings under existing credit facilities are expected to be adequate to meet future capital expenditure and working capital requirements for existing operations for at least the next 24 months.

We have a simple capital structure with no off-balance sheet arrangements or relationships with unconsolidated special purpose entities that we believe could have a material impact on our financial condition or liquidity.   OPERATING ACTIVITIES Cash provided by operating activities was $1.08 billion in 2013 compared with $1.20 billion in 2012, a decrease of 10%. The change in operating assets and liabilities of ($235.2) million in 2013 compared with ($86.1) million in 2012 was partially offset by the increase in deferred income taxes over the prior year. The funding of working capital increased over the prior year due mainly to increases in accounts receivable and inventory, somewhat offset by a decrease in cash provided by the change in accounts payable. Accounts receivable increased due to increased outside shipments in the fourth quarter over the prior year fourth quarter. Inventory increased due to an increase in inventory on hand and an increase in scrap prices in inventory from year end 2012. The increase in scrap prices also drove the increase in the accounts payable balance.   INVESTING ACTIVITIES Our business is capital intensive; therefore, cash used in investing activities primarily represents capital expenditures for new facilities, the expansion and upgrading of existing facilities and the acquisition of other companies. Nucor invested $1.20 billion in new facilities    

or upgrading of existing facilities in 2013 compared with $947.6 million in 2012, an increase of 26%. This increase in capital expenditures was in large part due to the construction of our DRI facility in Louisiana and the funding of our natural gas working interest drilling program. Offsetting the increase in capital expenditures was the decrease in acquisitions. In 2012, Nucor invested $760.8 million in the acquisition of other companies (primarily Skyline); however, there were no acquisitions in 2013. Another factor contributing to the increase in cash used in investing activities was the net decrease of $1.22 billion in proceeds from the sale of investments and restricted investments (net of purchases) and changes in restricted cash from 2012.

FINANCING ACTIVITIES

Cash provided by financing activities was $196.0 million in 2013 compared with cash used in financing activities of $1.15 billion in 2012. The increase in cash provided by financing activities is primarily attributable to the issuance of debt in 2013 and a decrease in required debt repayments in 2013 than 2012. In the third quarter of 2013, Nucor issued $500.0 million of 4.0% notes due in 2023 and $500.0 million of 5.2% notes due in 2043. The bond offering effectively refinanced $900.0 million of debt that matured between the fourth quarter of 2012 ($650.0 million) and the second quarter of 2013 ($250.0 million). The weighted average interest rate of the new debt is 35 basis points lower than the retired debt, and the new debt also lengthens our debt maturity profile with its weighted average term to maturity of 20 years. Additionally, over 99% of our long-term debt matures in 2017 and beyond.

In 2013, Nucor increased its quarterly base dividend resulting in dividends paid of $471.0 million ($466.4 million in 2012).

Although there were no repurchases in 2013 or 2012, approximately 27.2 million shares remain authorized for repurchase under the Company’s stock repurchase program.

    35    

Our credit facility includes only one financial covenant, which is a limit of 60% on the ratio of funded debt to total capitalization. In addition, the credit facility contains customary non-financial covenants, including a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. Our funded debt to total capital ratio was 36% and 32% at year-end 2013 and 2012, respectively, and we were in compliance with all other covenants under our credit facility.

MARKET RISK

Nucor’s largest exposure to market risk is in our steel mills and steel products segments. Our utilization rates for the steel mills and steel products facilities for the fourth quarter of 2013 were 75% and 58%, respectively. A significant portion of our steel and steel products segments sales are into the commercial, industrial and municipal construction markets, which continue to be depressed. Our largest single customer in 2013 represented approximately 5% of sales and consistently pays within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap steel and iron ore. Our exposure to market risk is mitigated by the fact that our steel mills use a significant portion of the products of this segment.

The majority of Nucor’s tax-exempt industrial revenue bonds (IDRBs), including the Gulf Opportunity Zone bonds, have variable interest rates that are adjusted weekly, with the rate of one IDRB adjusted annually. These IDRBs represent 24% of Nucor’s long-term debt outstanding at December 31, 2013. The remaining 76% of Nucor’s long-term debt is at fixed rates. Future changes in interest rates are not expected to significantly impact earnings. From time to time, Nucor makes use of interest rate swaps to manage interest rate risk. As of December 31, 2013, there were no such interest rate swap contracts outstanding. Nucor’s investment practice is to invest in securities that are highly liquid with short maturities. As a result, we do not expect changes in interest rates to have a significant impact on the value of our investment securities recorded as short-term investments.

Nucor also uses derivative financial instruments from time to time to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor uses forward foreign exchange contracts from time to time to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. Nucor generally does not enter into derivative instruments for any purpose other than hedging the cash flows associated with specific volumes of commodities that will be purchased and processed or sold in future periods and hedging the exposures related to changes in the fair value of outstanding fixed rate debt instruments and foreign currency transactions. Nucor recognizes all material derivative instruments in the consolidated balance sheets at fair value.

The Company is exposed to foreign currency risk through its operations in Canada, Europe, Trinidad and Colombia. We periodically use derivative contracts to mitigate the risk of currency fluctuations.

CONTRACTUAL OBLIGATIONS AND OTHER COMMERCIAL COMMITMENTS

The following table sets forth our contractual obligations and other commercial commitments as of December 31, 2013 for the periods presented:

(in thousands)

	Payments Due By Period
Contractual Obligations	Total		2014		2015 - 2016		2017 - 2018		2019 and thereafter
Long-term debt		$  4,380,200		$       3,300		$     16,300		$1,100,000		$3,260,600
Estimated interest on long-term debt(1)		2,519,614		179,775		359,436		304,911		1,675,492
Capital leases		34,200		3,420		6,840		6,840		17,100
Operating leases		92,171		26,781		32,955		17,984		14,451
Raw material purchase commitments(2)		4,595,800		1,246,713		2,021,166		1,072,757		255,164
Utility purchase commitments(2)		1,093,797		325,193		235,216		113,923		419,465
Natural gas drilling commitments		4,709,322		42,920		584,916		927,168		3,154,318
Other unconditional purchase obligations(3)		166,106		147,563		3,441		3,356		11,746
Other long-term obligations(4)		355,173		188,333		60,690		26,757		79,393
Total contractual obligations		$17,946,383		$2,163,998		$3,320,960		$3,573,696		$8,887,729

    (1) Interest is estimated using applicable rates at December 31, 2013 for Nucor’s outstanding fixed and variable rate debt.

    (2) Nucor enters into contracts for the purchase of scrap and scrap substitutes, iron ore, electricity, natural gas and other raw materials and related services. These contracts include multi-year commitments and minimum annual purchase requirements and are valued at prices in effect on December 31, 2013, or according to the contract language. These contracts are part of normal operations and are reflected in historical operating cash flow trends. We do not believe such commitments will adversely affect our liquidity position.

    (3) Purchase obligations include commitments for capital expenditures on operating machinery and equipment.

    (4) Other long-term obligations include amounts associated with Nucor’s early-retiree medical benefits, management compensation and guarantees.

Note: In addition to the amounts shown in the table above, $66.0 million of unrecognized tax benefits have been recorded as liabilities, and we are uncertain as to if or when such amounts may be settled. Related to these unrecognized tax benefits, we have also recorded a liability for potential penalties and interest of $37.2 million at December 31, 2013.

    36    

DIVIDENDS

Nucor has increased its base cash dividend every year since it began paying dividends in 1973. Nucor paid dividends of $1.47 per share in 2013 compared with $1.46 per share in 2012. In December 2013, the board of directors increased the base quarterly dividend to $0.37 per share. The base quarterly dividend has more than tripled since the end of 2007. In February 2014, the board of directors declared Nucor’s 164th consecutive quarterly cash dividend of $0.37 per share payable on May 12, 2014 to stockholders of record on March 31, 2014.

OUTLOOK

In 2014, we will continue to take advantage of our position of strength to grow Nucor’s long-term earnings power and shareholder value despite a U.S. economy burdened by a challenging regulatory and overall business environment. We have invested significant capital into our business since the last cyclical peak in 2008. We have done so over a broad range of strategic investments that will further enhance our key competitive strengths: low-cost production, diversified product mix and market leadership positions. With many of these capital projects completed and ready to yield results, we will focus on execution in order to generate strong returns on these investments.

Although macro-level uncertainties in world markets will almost certainly affect both global and domestic growth, we anticipate that our sales and profitability will strengthen somewhat in 2014. Utilization rates, which were flat when compared to 2012, have continued at a similar pace in early 2014 and we expect this trend to continue as we progress through the first quarter. We are encouraged by improvements in backlogs at our steel mills and steel products segments of approximately 21% and 9%, respectively, over year end 2012, and we believe several end-use markets such as automotive, energy and general manufacturing will experience some real demand improvement in 2014. However, the effect this improvement in demand will have on our operating rates will be challenged by excess global steel capacity and the threat of continued increases in imported steel. Nucor is most closely tied to the nonresidential construction sector, which is showing signs of improvement but still lacks sustained momentum. Our ability to achieve significant earnings and sales growth will be diminished until there is sustained improvement in nonresidential construction. Although we expect that we will continue to experience fluctuations in raw material costs in 2014, we have made great strides to manage our raw material costs more effectively with the completion and startup of our second DRI facility located in Louisiana.

We are committed to executing on the opportunities we see ahead to reward Nucor stockholders with very attractive long-term returns on their valuable capital invested in our company. Nucor is the only steel producer in North America with the extremely important competitive advantage of an investment grade credit rating. Our industry-leading financial strength allows us to support investments in our facilities that will prepare us for increased profitability as we enter into more favorable market conditions. In 2014, as we have in our past, we will allocate capital to investments that build our long-term earnings power. Capital expenditures are currently projected to be approximately $600 million in 2014, which is significantly lower than in 2013 mainly due to the joint agreement with Encana to temporarily suspend drilling new natural gas wells given current gas price expectations for 2014. Included in this $600 million total are residual expenditures for our Louisiana DRI facility and our natural gas related investments, capacity expansions in SBQ steel and in sheet piling production as well as other investments in our core operations to expand our product offerings and keep our facilities
state-of-the-art and globally competitive.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year end and the reported amount of revenues and expenses during the year. On an ongoing basis, we evaluate our estimates, including those related to the valuation allowances for receivables, the carrying value of non-current assets, reserves for environmental obligations and income taxes. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Accordingly, actual costs could differ materially from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect our significant judgments and estimates used in the preparation of our consolidated financial statements.

    37    

ALLOWANCES FOR DOUBTFUL ACCOUNTS

We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

INVENTORIES

Inventories are stated at the lower of cost or market. All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by the parent company’s other subsidiaries are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold.

If steel selling prices were to decline in future quarters, write-downs of inventory could result. Specifically, the valuation of raw material inventories purchased during periods of peak market pricing held by subsidiaries valued using the FIFO method of accounting would most likely be impacted. Low utilization rates at our steel mills could hinder our ability to work through high-priced scrap and scrap substitutes (particularly pig iron), leading to period-end exposure when comparing carrying value to net realizable value.

LONG-LIVED ASSET IMPAIRMENTS

We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. In developing estimated values for assets that we currently use in our operations, we utilize judgments and assumptions of future undiscounted cash flows that the assets will produce. When it is determined that an impairment exists, the related assets are written down to estimated fair market value.

Certain long-lived asset groupings were tested for impairment during the fourth quarter of 2013. Undiscounted cash flows for each asset grouping were estimated using management’s long-range estimates of market conditions associated with each asset grouping over the estimated useful life of the principal asset within the group. Our undiscounted cash flow analysis indicated that those long-lived asset groupings were recoverable as of December 31, 2013; however, if our projected cash flows are not realized, either because of an extended recessionary period or other unforeseen events, impairment charges may be required in future periods. A 20% decrease in the projected cash flows of each of our asset groupings would not result in an impairment, with the exception of one asset grouping included in the steel products segment that has $34.9 million of property, plant and equipment and $34.1 million of finite-lived intangible assets at December 31, 2013.

GOODWILL

Goodwill is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit to the recorded value, including goodwill.

When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. Key assumptions used to determine the fair value of each reporting unit as part of our annual testing (and any required interim testing) include: (a) expected cash flow for the five-year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; (c) a discount rate based on management’s best estimate of the after-tax weighted average cost of capital; and (d) a probability-weighted scenario approach by which varying cash flows are assigned to certain scenarios based on the likelihood of occurrence. Management considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of its reporting units are estimated.

Our fourth quarter 2013 annual goodwill impairment analysis did not result in an impairment charge. And, management does not currently believe that future impairment of these reporting units is probable. However, the performance of certain businesses that comprise our reporting units requires continued improvement. An increase of approximately 50 basis points in the discount rate, a critical assumption in which a minor change can have a significant impact on the estimated fair value, would not result in an impairment charge.

    38    

Nucor will continue to monitor operating results within all reporting units throughout the upcoming year in an effort to determine if events and circumstances warrant further interim impairment testing. Otherwise, all reporting units will again be subject to the required annual impairment test during our fourth quarter of 2014. Changes in the judgments and estimates underlying our analysis of goodwill for possible impairment, including expected future operating cash flows and discount rate, could decrease the estimated fair value of our reporting units in the future and could result in an impairment of goodwill.

EQUITY METHOD INVESTMENTS

Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that an other-than-temporary decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. An other-than-temporary decline in carrying value is determined to have occurred when, in management’s judgment, a decline in fair value below carrying value is of such length of time and/or severity that it is considered permanent.

In the event that an impairment review is necessary, we calculate the estimated fair value of our equity method investments using a probability-weighted multiple scenario income approach. Management’s analysis includes three discounted cash flow scenarios (best case, base case and recessionary case), which contain forecasted near-term cash flows under each scenario. Generally, (i) the best case scenario contains estimates of future results ranging from slightly higher than recent operating performance to levels that are consistent with historical operating and financial performance (i.e., results experienced prior to the onset of the current recessionary period that began in 2008); (ii) the base case scenario has estimates of future results ranging from generally in line with recent operating performance to levels that are more conservative than historical operating and financial performance; and (iii) the worst case scenario has estimates of future results ranging from results relatively consistent with the operating and financial performance that we are experiencing in the current unprecedented recessionary state of the global steel industry to limited growth resulting only from slight improvements each year in utilization rates as an acknowledgement of where the industry is at the bottom of the economic cycle. Management determines the probability that each cash flow scenario will come to fruition based on the specific facts and circumstances of each of the preceding scenarios, with the base case typically receiving the majority of the weighting.

Key assumptions used to determine the fair value of our equity method investments include: (a) expected cash flow for the five-year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; (c) a discount rate based on management’s best estimate of the after-tax weighted average cost of capital; and (d) a probability-weighted scenario approach by which varying cash flows are assigned to certain scenarios based on the likelihood of occurrence. While the assumptions that most significantly affect the fair value determination include projected revenues and discount rate, the assumptions are often interdependent and no single factor predominates in determining the estimated fair value. Management considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of its investments are estimated. Those estimates and judgments may or may not ultimately prove appropriate.

In the second quarter of 2012, Nucor concluded that a triggering event occurred requiring assessment for impairment of its equity investment in Duferdofin Nucor due to the continued declines in the global demand for steel, the escalated economic and political turmoil in Europe and continued operating performance well below budgeted levels through the first half of 2012. Duferdofin Nucor’s updated unfavorable forecast of future operating performance was also a contributing factor. After completing its assessment, Nucor determined that the carrying amount exceeded its estimated fair value and recorded a $30.0 million impairment charge against the Company’s investment in Duferdofin Nucor in the second quarter of 2012. This charge is included in impairment of non-current assets in the consolidated statements of earnings.

Although the operating results of Duferdofin Nucor have improved since 2012 and there have been no significant deteriorations in
near-term financial projections or other key assumptions since the last impairment test performed in the fourth quarter of 2012, Nucor concluded that it was appropriate to reassess its equity investment in Duferdofin Nucor for impairment during the fourth quarter of 2013 due to the protracted challenging steel market conditions in Europe. The updated analysis included expected future cash flow assumptions that were developed by local management at Duferdofin Nucor and were reviewed in detail by Nucor senior management using the methodology outlined above. The base case scenario received the majority of the probability weighting, with equal weighting given to the other two scenarios. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount by a sufficient amount and that there was no need for additional impairment charges.

    39    

It is reasonably possible that based on actual future performance the estimates used in our fourth quarter valuation could change and result in further impairment of our investment. Changes in management estimates to the unobservable inputs would change the valuation of the investment. The estimates for the projected revenue and discount rate are the assumptions that most significantly affect the fair value determination.

ENVIRONMENTAL REMEDIATION

We are subject to environmental laws and regulations established by federal, state and local authorities, and we make provisions for the estimated costs related to compliance. Undiscounted remediation liabilities are accrued based on estimates of known environmental exposures. The accruals are reviewed periodically and, as investigations and remediation proceed, adjustments are made as we believe are necessary. Our measurement of environmental liabilities is based on currently available facts, present laws and regulations and current technology.

INCOME TAXES

We utilize the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits within operations are recognized as a component of interest expense.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 2 to our consolidated financial statements for a discussion of new accounting pronouncements adopted by Nucor during 2013 and the expected financial impact of accounting pronouncements recently issued or proposed but not yet required to be adopted.

RECLASSIFICATIONS

In the first quarter of 2013, we began reporting the results of Nucor’s steel trading businesses and rebar distribution businesses in the steel mills segment. Previously these businesses were reported in an “All other” category. 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 periods 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. Additionally, the composition of assets by segment at December 31, 2012 and December 31, 2011 was reclassified to conform with the current presentation. This reclassification between segments did not have any impact on the consolidated asset balances.

In 2012, we began classifying internal fleet and some common carrier costs in cost of products sold in the consolidated statements of earnings. We made this change so that all freight costs will be recorded within the same financial statement line item to allow users of our financial statements to better understand our expense structure. This change resulted in the reclassification of $67.2 million of these costs from marketing, administrative and other expenses to cost of products sold for the year ended December 31, 2011 in order to conform to the current presentation.

  FIVE-YEAR FINANCIAL REVIEW              43        

	(dollar and share amounts in thousands, except per share data)
	2013			2012		2011		2010		2009
FOR THE YEAR
Net sales	$	19,052,046		$	19,429,273	$	20,023,564	$	15,844,627	$	11,190,296
Costs, expenses and other:
Cost of products sold		17,641,421			17,915,735		18,142,144		15,060,882		11,090,230
Marketing, administrative and other expenses		481,904			454,900		439,528		331,455		296,951
Equity in (earnings) losses of unconsolidated affiliates		(9,297	)		13,323		10,043		32,082		82,341
Impairment of non-current assets		—			30,000		13,943		—		—
Interest expense, net		146,895			162,375		166,094		153,093		134,752
		18,260,923			18,576,333		18,771,752		15,577,512		11,604,274
Earnings (loss) before income taxes and noncontrolling interests		791,123			852,940		1,251,812		267,115		(413,978	)
Provision for (benefit from) income taxes		205,594			259,814		390,828		60,792		(176,800	)
Net earnings (loss)		585,529			593,126		860,984		206,323		(237,178	)
Earnings attributable to noncontrolling interests		97,504			88,507		82,796		72,231		56,435
Net earnings (loss) attributable to Nucor stockholders		488,025			504,619		778,188		134,092		(293,613	)
Net earnings (loss) per share:
Basic		1.52			1.58		2.45		0.42		(0.94	)
Diluted		1.52			1.58		2.45		0.42		(0.94	)
Dividends declared per share		1.4725			1.4625		1.4525		1.4425		1.41
Percentage of net earnings (loss) to net sales		2.6%			2.6%		3.9%		0.8%		-2.6%
Return on average stockholders’ equity		6.4%			6.7%		10.7%		1.8%		-3.8%
Capital expenditures		1,230,418			1,019,334		450,627		345,294		390,500
Acquisitions (net of cash acquired)		—			760,833		3,959		64,788		32,720
Depreciation		535,852			534,010		522,571		512,147		494,035
Sales per employee		859			906		974		777		539
AT YEAR END
Current assets	$	6,410,046		$	5,661,364	$	6,708,081	$	5,861,175	$	5,182,248
Current liabilities		1,960,216			2,029,568		2,396,059		1,504,438		1,227,057
Working capital		4,449,830			3,631,796		4,312,022		4,356,737		3,955,191
Cash provided by operating activities		1,077,949			1,200,385		1,031,053		866,794		1,173,194
Current ratio		3.3			2.8		2.8		3.9		4.2
Property, plant and equipment, net		4,917,024			4,283,056		3,755,604		3,852,118		4,013,836
Total assets		15,203,283			14,152,059		14,570,350		13,921,910		12,571,904
Long-term debt (including current maturities)		4,380,200			3,630,200		4,280,200		4,280,200		3,086,200
Percentage of debt to capital(1)		35.6%			31.5%		35.7%		36.9%		28.9%
Total Nucor stockholders’ equity		7,645,769			7,641,571		7,474,885		7,120,070		7,390,526
Per share		24.02			24.06		23.60		22.55		23.47
Shares outstanding		318,328			317,663		316,749		315,791		314,856
Employees		22,300			22,200		20,800		20,500		20,400

(1) Long-term debt divided by total equity plus long-term debt.

        44               MANAGEMENT’S REPORT  

MANAGEMENT’S  REPORTon internal control over financial reporting

Nucor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of Nucor’s internal control over financial reporting as of December 31, 2013. In making this assessment, management used criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework (1992).

Based on its assessment, management concluded that Nucor’s internal control over financial reporting was effective as of December 31, 2013. PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited the effectiveness of Nucor’s internal control over financial reporting as of December 31, 2013 as stated in their report which is included herein.

  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM               45        

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors

Nucor Corporation:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of earnings, comprehensive income, stockholders’ equity and cash flows present fairly, in all material respects, the financial position of Nucor Corporation and its subsidiaries at December 31, 2013 and 2012, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2013 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on these financial statements and on the Company’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

PricewaterhouseCoopers LLP

Charlotte, NC

February 28, 2014

46
	CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS				(in thousands)
December 31,	2013			2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (Note 15)	$	1,483,252		$	1,052,862
Short-term investments (Notes 4 and 15)		28,191			104,167
Accounts receivable, net (Note 5)		1,810,987			1,707,317
Inventories, net (Note 6)		2,605,609			2,323,641
Other current assets (Notes 10 and 20)		482,007			473,377
Total current assets		6,410,046			5,661,364
PROPERTY, PLANT AND EQUIPMENT, NET (Note 7)		4,917,024			4,283,056
RESTRICTED CASH AND INVESTMENTS (Notes 8 and 15)		—			275,163
GOODWILL (Note 9)		1,973,608			2,004,538
OTHER INTANGIBLE ASSETS, NET (Note 9)		874,154			959,240
OTHER ASSETS (Note 10)		1,028,451			968,698
TOTAL ASSETS	$	15,203,283		$	14,152,059
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term debt (Notes 12 and 15)	$	29,202		$	29,912
Long-term debt due within one year (Notes 12 and 15)		3,300			250,000
Accounts payable (Note 11)		1,117,078			1,046,713
Salaries, wages and related accruals (Note 18)		282,860			279,898
Accrued expenses and other current liabilities (Notes 11, 14, 16 and 20)		527,776			423,045
Total current liabilities		1,960,216			2,029,568
LONG-TERM DEBT DUE AFTER ONE YEAR (Notes 12 and 15)		4,376,900			3,380,200
DEFERRED CREDITS AND OTHER LIABILITIES (Notes 16, 18 and 20)		955,889			856,917
TOTAL LIABILITIES		7,293,005			6,266,685
COMMITMENTS AND CONTINGENCIES (Note 16)
EQUITY
NUCOR STOCKHOLDERS’ EQUITY (Notes 13 and 17):
Common stock (800,000 shares authorized; 377,525 and 377,013 shares issued, respectively)		151,010			150,805
Additional paid-in capital		1,843,353			1,811,459
Retained earnings		7,140,440			7,124,523
Accumulated other comprehensive income, net of income taxes (Notes 2, 14 and 21)		9,080			56,761
Treasury stock (59,197 and 59,350 shares, respectively)		(1,498,114	)		(1,501,977	)
Total Nucor stockholders’ equity		7,645,769			7,641,571
NONCONTROLLING INTERESTS		264,509			243,803
TOTAL EQUITY		7,910,278			7,885,374
TOTAL LIABILITIES AND EQUITY	$	15,203,283		$	14,152,059

  See notes to consolidated financial statements.

	47
CONSOLIDATED STATEMENTS OF EARNINGS

CONSOLIDATED STATEMENTS OF EARNINGS	(in thousands, except per share data)
Year Ended December 31,	2013			2012		2011
NET SALES	$	19,052,046		$	19,429,273	$	20,023,564
COSTS, EXPENSES AND OTHER:
Cost of products sold (Notes 1, 6, 14 and 18)		17,641,421			17,915,735		18,142,144
Marketing, administrative and other expenses (Notes 1, 3 and 7)		481,904			454,900		439,528
Equity in (earnings) losses of unconsolidated affiliates (Note 10)		(9,297	)		13,323		10,043
Impairment of non-current assets (Note 10)		—			30,000		13,943
Interest expense, net (Notes 19 and 20)		146,895			162,375		166,094
		18,260,923			18,576,333		18,771,752
EARNINGS BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS		791,123			852,940		1,251,812
PROVISION FOR INCOME TAXES (Note 20)		205,594			259,814		390,828
NET EARNINGS		585,529			593,126		860,984
EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		97,504			88,507		82,796
NET EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS	$	488,025		$	504,619	$	778,188
NET EARNINGS PER SHARE (Note 22):
Basic		$1.52		$	1.58		$2.45
Diluted	$	1.52		$	1.58		$2.45

  See notes to consolidated financial statements.

48
	CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME				(in thousands)
Year Ended December 31,	2013			2012			2011
NET EARNINGS	$	585,529		$	593,126		$	860,984
OTHER COMPREHENSIVE INCOME (LOSS):
Net unrealized loss on hedging derivatives, net of     income taxes of $0, ($1,100) and ($4,700)       for 2013, 2012 and 2011, respectively		—			(2,264	)		(8,454	)
Reclassification adjustment for loss on settlement of     hedging derivatives included in net earnings, net of       income taxes of $0, $25,000 and $21,800         for 2013, 2012 and 2011, respectively		—			42,515			37,093
Foreign currency translation gain (loss), net of     income taxes of ($600), $0 and $100       for 2013, 2012 and 2011, respectively		(53,619	)		58,626			(40,210	)
Adjustment to early retiree medical plan, net of     income taxes of $2,547, ($1,528) and $952       for 2013, 2012 and 2011, respectively		5,938			(3,646	)		1,165
		(47,681	)		95,231			(10,406	)
COMPREHENSIVE INCOME		537,848			688,357			850,578
COMPREHENSIVE INCOME ATTRIBUTABLE TO   NONCONTROLLING INTERESTS		(97,504	)		(88,512	)		(82,791	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO   NUCOR STOCKHOLDERS	$	440,344		$	599,845		$	767,787

  See notes to consolidated financial statements.

	49
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands, except per share data)

				COMMON STOCK				ADDITIONAL PAID-IN		RETAINED			ACCUMULATED OTHER COMPREHENSIVE		TREASURY STOCK (AT COST)						TOTAL NUCOR STOCKHOLDERS’			NON- CONTROLLING
	TOTAL			SHARES		AMOUNT		CAPITAL		EARNINGS			INCOME (LOSS)		SHARES			AMOUNT			EQUITY			INTERESTS
BALANCES, December 31, 2010		$7,330,694			375,451		$150,181		$1,711,518		$6,795,988			($27,776)		59,660			($1,509,841	)		$7,120,070			$210,624
Net earnings in 2011		860,984									778,188											778,188			82,796
Other comprehensive income		(10,406	)											(10,401)								(10,401	)		(5	)
Stock options exercised		8,097			387		155		7,942													8,097
Stock option expense		9,850							9,850													9,850
Issuance of stock under award plans, net of forfeitures		30,091			401		160		25,624							(170	)		4,307			30,091
Amortization of unearned compensation		1,600							1,600													1,600
Cash dividends ($1.4525 per share)		(462,610	)								(462,610	)										(462,610	)
Distributions to noncontrolling interests		(61,720	)																						(61,720	)
BALANCES, December 31, 2011		7,706,580			376,239		150,496		1,756,534		7,111,566			(38,177)		59,490			(1,505,534	)		7,474,885			231,695
Net earnings in 2012		593,126									504,619											504,619			88,507
Other comprehensive income		95,231												95,226								95,226			5
Stock options exercised		10,515			354		142		10,373													10,515
Stock option expense		9,850							9,850													9,850
Issuance of stock under award plans, net of forfeitures		36,119			420		167		32,395							(140	)		3,557			36,119
Amortization of unearned compensation		800							800													800
Cash dividends ($1.4625 per share)		(467,662	)								(467,662	)										(467,662	)
Distributions to noncontrolling interests		(74,848	)																						(74,848	)
Other		(24,337	)						1,507		(24,000	)		(288)								(22,781	)		(1,556	)
BALANCES, December 31, 2012		7,885,374			377,013		150,805		1,811,459		7,124,523			56,761		59,350			(1,501,977	)		7,641,571			243,803
Net earnings in 2013		585,529									488,025											488,025			97,504
Other comprehensive income		(47,681	)											(47,681)								(47,681	)
Stock option expense		8,576							8,576													8,576
Issuance of stock under award plans, net of forfeitures		26,565			512		205		22,497							(153	)		3,863			26,565
Amortization of unearned compensation		821							821													821
Cash dividends ($1.4725 per share)		(472,108	)								(472,108	)										(472,108	)
Distributions to noncontrolling interests		(76,798	)																						(76,798	)
BALANCES, December 31, 2013		$7,910,278			377,525		$151,010		$ 1,843,353		$ 7,140,440			$    9,080		59,197			($1,498,114	)		$7,645,769			$264,509

See notes to consolidated financial statements.

50
	CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED STATEMENTS OF CASH FLOWS				(in thousands)
Year Ended December 31,	2013			2012			2011
OPERATING ACTIVITIES:
Net earnings	$	585,529		$	593,126		$	860,984
Adjustments:
Depreciation		535,852			534,010			522,571
Amortization		74,356			73,011			67,829
Stock-based compensation		47,450			50,733			49,003
Deferred income taxes		56,564			(25,274	)		58,051
Distributions from affiliates		8,708			—			—
Equity in (earnings) losses of unconsolidated affiliates		(9,297	)		13,323			10,043
Impairment of non-current assets		—			30,000			13,943
Loss on assets		14,000			17,563			—
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		(103,649	)		148,113			(274,920	)
Inventories		(298,074	)		(65,655	)		(433,696	)
Accounts payable		39,489			(111,496	)		62,012
Federal income taxes		77,950			(28,022	)		930
Salaries, wages and related accruals		7,155			(60,363	)		129,340
Other operating activities		41,916			31,316			(35,037	)
Cash provided by operating activities		1,077,949			1,200,385			1,031,053
INVESTING ACTIVITIES:
Capital expenditures		(1,196,952	)		(947,608	)		(438,943	)
Investment in and advances to affiliates		(85,053	)		(180,472	)		(95,950	)
Repayment of advances to affiliates		54,500			65,446			50,000
Disposition of plant and equipment		34,097			51,063			25,333
Acquisitions (net of cash acquired)		—			(760,833	)		(3,959	)
Purchases of investments		(19,349	)		(409,403	)		(1,494,782	)
Proceeds from the sale of investments		92,761			1,667,142			1,285,763
Purchases of restricted investments		—			—			(564,994	)
Proceeds from the sale of restricted investments		148,725			359,295			47,479
Changes in restricted cash		126,438			(48,625	)		530,165
Other investing activities		4,863			—			—
Cash used in investing activities		(839,970	)		(203,995	)		(659,888	)
FINANCING ACTIVITIES:
Net change in short-term debt		(671	)		27,945			(11,450	)
Repayment of long-term debt		(250,000	)		(650,000	)		—
Proceeds from issuance of long-term debt, net of discount		999,100			—			—
Bond issuance costs		(7,625	)		—			—
Issuance of common stock		—			10,515			8,097
Excess tax benefits from stock-based compensation		2,955			4,700			1,000
Distributions to noncontrolling interests		(76,798	)		(74,848	)		(61,720	)
Cash dividends		(471,028	)		(466,361	)		(461,518	)
Other financing activities		111			1,172			30,569
Cash provided by (used in) financing activities		196,044			(1,146,877	)		(495,022	)
Effect of exchange rate changes on cash		(3,633	)		2,704			(904	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		430,390			(147,783	)		(124,761	)
CASH AND CASH EQUIVALENTS — BEGINNING OF YEAR		1,052,862			1,200,645			1,325,406
CASH AND CASH EQUIVALENTS — END OF YEAR	$	1,483,252		$	1,052,862		$	1,200,645
NON-CASH INVESTING ACTIVITY:
Change in accrued plant and equipment purchases	$	33,467		$	71,726		$	1,559

See notes to consolidated financial statements.

	51
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Nature of Operations Nucor is principally a manufacturer of steel and steel products, as well as a scrap broker and processor, with operating facilities and customers primarily located in North America.

Principles of Consolidation The consolidated financial statements include Nucor and its controlled subsidiaries, including Nucor-Yamato Steel Company, a limited partnership of which Nucor owns 51%. All significant intercompany transactions are eliminated.

Distributions are made to noncontrolling interest partners in Nucor-Yamato Steel Company in accordance with the limited partnership agreement by mutual agreement of the general partners. At a minimum, sufficient cash is distributed so that each partner may pay their U.S. federal and state income taxes.

Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Reclassifications In the first quarter of 2013, we began reporting the results of Nucor’s steel trading businesses and rebar distribution businesses in the steel mills segment. Previously, these businesses were reported in an “All other” category. 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 periods 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 based primarily upon the similarity of the types of products produced and sold by each segment. Additionally, the composition of assets by segment at December 31, 2012 and December 31, 2011 was reclassified to conform with the current presentation. This reclassification between segments did not have any impact on the consolidated asset balances.

In 2012, we began classifying internal fleet and some common carrier costs in cost of products sold in the consolidated statements of earnings. We made this change so that all freight costs will be recorded within the same financial statement line item to allow users of our financial statements to better understand our expense structure. This change resulted in the reclassification of $67.2 million of these costs from marketing, administrative and other expenses to cost of products sold for the year ended December 31, 2011 in order to conform to the 2012 presentation.

Additionally, certain other prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not have an impact on net earnings for the current or any prior periods.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents Cash equivalents are recorded at cost plus accrued interest, which approximates market, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions.

Short-term Investments Short-term investments are recorded at cost plus accrued interest, which approximates market. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date.

Inventories Valuation Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 45% of total inventories as of December 31, 2013 (45% as of December 31, 2012). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold.

Property, Plant and Equipment Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred.

    52    

Goodwill and Other Intangibles Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods.

Finite-lived intangible assets are amortized over their estimated useful lives.

Long-Lived Asset Impairments We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to estimated fair market value.

Equity Method Investments Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value.

Derivative Financial Instruments Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions.

Nucor recognizes all material derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported currently in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction.

Revenue Recognition Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred.

Income Taxes Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized.

Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense.

Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings.

    53    

Stock-Based Compensation The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience.

Foreign Currency Translation For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur.

Recently Adopted Accounting Pronouncements In the first quarter of 2013, Nucor adopted new accounting guidance requiring additional disclosures on reclassifications from accumulated other comprehensive income into net income. The new accounting guidance requires entities to report either parenthetically on the face of the financial statements or in the notes to the financial statements these reclassifications for each financial statement line item. Nucor elected to report this information within the notes to the financial statements (see Note 21). This new guidance only impacts disclosures and has no impact on Nucor’s consolidated financial position, results of operations or cash flows.

In the first quarter of 2014, Nucor will adopt new accounting guidance, which requires unrecognized tax benefits to be presented as a decrease in net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The new guidance may affect balance sheet classification of certain unrecognized tax benefits and will have no impact on Nucor’s consolidated results of operations or cash flows.

3. ACQUISITIONS AND DISPOSITIONS

On June 20, 2012, Nucor completed the acquisition of the entire equity interest in Skyline Steel LLC (Skyline) and its subsidiaries for the cash purchase price of approximately $675.4 million. No cash was received nor was any debt assumed as a result of the acquisition. Skyline’s financial results are included as part of the steel mills segment (see Note 23).

Skyline is a steel foundation manufacturer and distributor serving the U.S., Canada, Mexico and the Caribbean. Skyline’s steel products are used in marine construction, bridge and highway construction, heavy civil construction, storm protection, underground commercial parking and environmental containment projects in the infrastructure and construction industries. Skyline is a significant consumer of H-piling and sheet piling from Nucor-Yamato Steel Company.

We have allocated the purchase price for Skyline to its individual assets acquired and liabilities assumed.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Skyline as of the date of acquisition:

	(in thousands)
Accounts receivable		$128,004
Inventory		260,473
Other current assets		4,410
Property, plant and equipment		70,100
Goodwill		138,579
Other intangible assets		215,600
Total assets acquired		817,166
Current liabilities		137,654
Deferred credits and other liabilities		4,078
Total liabilities assumed		141,732
Net assets acquired		$675,434

    54    

The purchase price allocation to the identifiable intangible assets is as follows:

As of the date of acquisition	(in thousands, except years)
			Weighted-         Average Life
Customer relationships	$	184,500	17 years
Trademarks and trade names		28,500	20 years
Other		2,600	3 years
	$	215,600

The goodwill of $138.6 million is primarily attributed to the synergies expected to arise after the acquisition and has been allocated to the steel mills segment (see Note 9). Approximately $128.2 million of the goodwill recognized is expected to be deductible for tax purposes.

In August 2012, Nucor sold the assets of Nucor Wire Products Pennsylvania, Inc., resulting in a loss of $17.6 million. This charge is included in marketing, administrative and other expenses in the consolidated statement of earnings.

In November 2012, Nucor acquired a 50% economic and voting interest in Hunter Ridge Energy Services LLC (Hunter Ridge). Hunter Ridge provides services for the gathering, separation and compression of energy products, including natural gas produced by Nucor’s working interest drilling program. Nucor accounts for the investment (on a one-month lag basis) under the equity method (see Note 10). As of December 31, 2013, Nucor’s investment in Hunter Ridge was $134.5 million ($95.4 million at December 31, 2012).

Other minor acquisitions, exclusive of purchase price adjustments of acquisitions made in prior years, totaled $85.4 million in 2012 and $4.0 million in 2011 (none in 2013).

4. SHORT-TERM INVESTMENTS

Nucor’s short-term investments held as of December 31, 2013 and December 31, 2012 were $28.2 million and $104.2 million, respectively. These investments consisted of certificates of deposit (CDs) and are classified as available-for-sale. The interest rates on the CDs are fixed at inception and interest income is recorded as earned.

No realized or unrealized gains or losses were incurred in 2013, 2012 or 2011.

The contractual maturities of all of the CDs outstanding at December 31, 2013 are in 2014.

5. ACCOUNTS RECEIVABLE

An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of our customers to make required payments. Accounts receivable are stated net of the allowance for doubtful accounts of $58.3 million at December 31, 2013 ($57.4 million at December 31, 2012 and $54.3 million at December 31, 2011).

6. INVENTORIES

Inventories consist of approximately 40% raw materials and supplies and 60% finished and semi-finished products at December 31, 2013 (37% and 63%, respectively, at December 31, 2012). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined.

If the FIFO method of accounting had been used, inventories would have been $624.7 million higher at December 31, 2013 ($607.2 million higher at December 31, 2012). There was no liquidation of LIFO inventory layers in 2013, 2012 or 2011. Use of the lower of cost or market method reduced inventories by $2.1 million at December 31, 2013 ($3.5 million at December 31, 2012).

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7. PROPERTY, PLANT AND EQUIPMENT

				(in thousands)
December 31,	2013			2012
Land and improvements	$	555,309		$	546,234
Buildings and improvements		941,379			899,944
Machinery and equipment		9,159,151			8,136,206
Proved oil and gas properties		487,033			203,959
Construction in process and equipment deposits		400,373			652,230
		11,543,245			10,438,573
Less accumulated depreciation		(6,626,221	)		(6,155,517	)
	$	4,917,024		$	4,283,056

The estimated useful lives primarily range from 5 to 25 years for land improvements, 4 to 40 years for buildings and improvements and 2 to 15 years for machinery and equipment. The useful life for proved oil and gas properties is based on the unit-of-production method and varies by well.

In the third quarter of 2013, a storage dome collapsed at Nucor Steel Louisiana in St. James Parish. As a result, Nucor recorded a partial write down of assets at the facility, including $21.0 million of property, plant and equipment and $7.0 million of inventory, offset by a $14.0 million insurance receivable that was based on management’s current estimate of probable insurance recoveries. The associated net charge of $14.0 million is included in marketing, administrative and other expenses in the consolidated statement of earnings. Nucor may receive additional insurance proceeds as it continues to investigate the cause or causes of the dome collapse.

Nucor capitalized $10.9 million of interest expense in 2013 ($4.7 million in 2012 and $3.5 million in 2011) related to the borrowing costs associated with various construction projects.

8. RESTRICTED CASH AND INVESTMENTS

There were no restricted cash or investments as of December 31, 2013 ($275.2 million at December 31, 2012). As of December 31, 2012, restricted cash and investments consisted of net proceeds from $600.0 million 30-year variable rate Gulf Opportunity Zone bonds issued in November 2010. The restricted cash and investments were held in a trust account and were used to partially fund the capital costs associated with the construction of Nucor’s direct reduced ironmaking facility in St. James Parish, Louisiana. Funds were disbursed as qualified expenditures for the construction of the facility were made ($275.3 million in 2013 and $311.8 million in 2012). Included in the December 31, 2012 restricted cash and investments balance was $149.8 million of restricted investments. The investments held at December 31, 2012 were in Federal Home Loan Bank (FHLB) obligations, which carried high credit ratings from both Moody’s and Standard & Poor’s. The interest rates on the FHLBs were fixed at inception and interest earned on the investments was subject to the same usage requirements as the bond proceeds. Since the restricted cash, investments and interest on investments must be used for the construction of the facility, the entire balance was classified as a non-current asset.

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9. GOODWILL AND OTHER INTANGIBLE ASSETS

The change in the net carrying amount of goodwill for the years ended December 31, 2013 and 2012 by segment is as follows:

											(in thousands)
	Steel Mills		Steel Products			Raw Materials		All Other			Total
Balance, December 31, 2011	$	268,466	$	790,441		$	682,902	$	88,852		$	1,830,661
Acquisitions and dispositions		138,579		(3,489	)		20,323		—			155,413
Translation		—		18,464			—		—			18,464
Balance, December 31, 2012		407,045		805,416			703,225		88,852			2,004,538
Reclassifications		88,852		—			—		(88,852	)		—
Translation		—		(26,067	)		—		—			(26,067	)
Other		—		(4,863	)		—		—			(4,863	)
Balance, December 31, 2013	$	495,897	$	774,486		$	703,225	$	—		$	1,973,608

The majority of goodwill is not tax deductible.

Previously, Nucor’s steel trading businesses and rebar distribution businesses were reported in the “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 (see Note 1).

Intangible assets with estimated lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following:

							(in thousands)
December 31,	2013				2012
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	1,147,786	$	391,254	$	1,156,979	$	325,819
Trademarks and trade names		151,332		40,397		152,869		32,653
Other		21,869		15,182		28,610		20,746
	$	1,320,987	$	446,833	$	1,338,458	$	379,218

Intangible asset amortization expense was $74.4 million in 2013 ($73.0 million in 2012 and $67.8 million in 2011). Annual amortization expense is estimated to be $70.0 million in 2014; $68.2 million in 2015; $66.5 million in 2016; $64.8 million in 2017; and $61.1 million in 2018.

The Company completed its annual goodwill impairment testing as of the first days of the fourth quarters of 2013, 2012 and 2011 and concluded that as of such dates there was no impairment of goodwill for any of its reporting units. We do not believe there are currently any reporting units at risk of goodwill impairment in the near term. However, assumptions in estimating reporting unit fair values are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the estimated reporting unit fair values and could result in impairment charges in future periods.

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10. EQUITY INVESTMENTS

The carrying value of our equity investments in domestic and foreign companies was $936.0 million at December 31, 2013 ($855.9 million at December 31, 2012) and is recorded in other assets in the consolidated balance sheets.

Duferdofin Nucor Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (Duferdofin Nucor), an Italian steel manufacturer, and accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members.

Nucor’s investment in Duferdofin Nucor at December 31, 2013 was $465.4 million ($454.1 million at December 31, 2012). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $55.4 million at December 31, 2013, resulting in a basis difference of $410.0 million due to the step-up to fair value of certain assets and liabilities attributable to Duferdofin Nucor as well as the identification of goodwill ($332.9 million) and finite-lived intangible assets. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. Amortization expense and other purchase accounting adjustments associated with the fair value step-up were $11.2 million in 2013 ($11.1 million in 2012 and $11.5 million in 2011).

As of December 31, 2013, Nucor had outstanding notes receivable of €35.0 million ($48.2 million) from Duferdofin Nucor (€35.0 million as of December 31, 2012). The notes receivable bear interest at 1.539% and will reset annually on September 30 to the twelve-month Euro Interbank Offered Rate (Euribor) plus 1% per year. The principal amounts are due on January 31, 2016. As of December 31, 2013 and December 31, 2012, the note receivable was classified in other assets.

Nucor has issued a guarantee for its ownership percentage (50%) of Duferdofin Nucor’s borrowings under Facility A of a Structured Trade Finance Facilities Agreement that matures on April 26, 2016. In the second quarter of 2013, Duferdofin Nucor amended the loan agreement, increasing the maximum amount that it can borrow under Facility A to €122.5 million ($168.9 million) as of December 31, 2013. As of December 31, 2013, it had €112.0 million ($154.4 million) outstanding under that facility (€102.0 million, or $134.8 million, at December 31, 2012). If Duferdofin Nucor fails to pay when due any amounts for which it is obligated under Facility A, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantee. Any indebtedness of Duferdofin Nucor to Nucor is effectively subordinated to the indebtedness of Duferdofin Nucor under the Structured Trade Finance Facilities Agreement. Nucor has not recorded any liability associated with the guarantee.

NuMit Nucor has a 50% economic and voting interest in NuMit LLC (NuMit). NuMit owns 100% of the equity interest in Steel Technologies LLC, an operator of 24 sheet processing facilities located throughout the U.S., Canada and Mexico. Nucor accounts for the investment in NuMit (on a one-month lag basis) under the equity method as control and risk of loss are shared equally between NuMit’s members.

Nucor’s investment in NuMit at December 31, 2013 was $318.4 million ($288.4 million as of December 31, 2012). The value of the investment is comprised of the purchase price of approximately $221.3 million plus subsequent additional capital contributions and equity method earnings less distributions since acquisition. Nucor also has recorded a $40.0 million note receivable from Steel Technologies LLC that bears interest at 1.15% and resets quarterly to the three-month London Interbank Offered Rate (LIBOR) plus 90 basis points. The principal amount is due on October 21, 2014. In addition, Nucor has extended a $100.0 million line of credit (of which $17.0 million was outstanding at December 31, 2013) to Steel Technologies LLC. As of December 31, 2013, the amounts outstanding on the line of credit bear interest at 1.37% and mature on April 1, 2014. As of December 31, 2013 and December 31, 2012, the amount outstanding on the line of credit was classified in other current assets in the consolidated balance sheet. The note receivable was classified in other current assets as of December 31, 2013, but it was classified in other assets as of December 31, 2012.

Hunter Ridge In November 2012, Nucor acquired a 50% economic and voting interest in Hunter Ridge. Hunter Ridge provides services for the gathering, separation and compression of energy products including natural gas produced by Nucor’s working interest drilling program. Nucor accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between Hunter Ridge’s members. Nucor’s investment in Hunter Ridge at December 31, 2013 was $134.5 million ($95.4 million at December 31, 2012). The acquisition did not result in a significant amount of goodwill or intangible assets.

All Equity Investments Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in value below their carrying amounts may have occurred. In the second quarter of 2012, Nucor concluded that a triggering event occurred requiring assessment for impairment of its equity investment in Duferdofin Nucor due to the continued declines in the global demand for steel, the escalated economic and political turmoil in Europe and continued operating performance well below budgeted levels through the first half of 2012. Another contributing factor was that Duferdofin Nucor had a recently updated unfavorable forecast of future operating performance. The diminished demand combined with the continued lower than budgeted levels of operating performance

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significantly impacted the financial results of Duferdofin Nucor through the first half of 2012. After completing its assessment, Nucor determined that the carrying amount exceeded its estimated fair value and recorded a $30.0 million impairment charge against the Company’s investment in Duferdofin Nucor. This charge is included in impairment of non-current assets in the consolidated statements of earnings.

Although the operating results of Duferdofin Nucor have improved since 2012 and there have been no significant deteriorations in near-term financial projections or other key assumptions since the last impairment test performed in the fourth quarter of 2012, Nucor concluded that it was appropriate to reassess its equity investment in Duferdofin Nucor for impairment during the fourth quarter of 2013 due to the protracted challenging steel market conditions in Europe. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount by a sufficient amount and that there was no indication of impairment. The assumptions that most significantly affect the fair value determination include projected revenues and the discount rate. It is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in further impairment of our investment in Duferdofin Nucor.

In the third quarter of 2011, the Company concluded that an equity investment in a dust recycling project had been impaired, resulting in an impairment charge of $13.9 million. This charge is included in impairment of non-current assets in the consolidated statements of earnings.

11. CURRENT LIABILITIES

Book overdrafts, included in accounts payable in the consolidated balance sheets, were $81.6 million at December 31, 2013 ($53.8 million at December 31, 2012). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $118.7 million at December 31, 2013 ($117.6 million at December 31, 2012).

12. DEBT AND OTHER FINANCING ARRANGEMENTS

				(in thousands)
December 31,	2013			2012
Industrial revenue bonds:
0.20% to 1.5%, variable, due from 2014 to 2040	$	1,030,200		$	1,030,200
Notes, 5.0%, due 2013		—			250,000
Notes, 5.75%, due 2017		600,000			600,000
Notes, 5.85%, due 2018		500,000			500,000
Notes, 4.125%, due 2022		600,000			600,000
Notes, 4.0%, due 2023		500,000			—
Notes, 6.40%, due 2037		650,000			650,000
Notes, 5.20%, due 2043		500,000			—
		4,380,200			3,630,200
Less current maturities		(3,300	)		(250,000	)
	$	4,376,900		$	3,380,200

Annual aggregate long-term debt maturities are: $3.3 million in 2014; $16.3 million in 2015; none in 2016; $600.0 million in 2017; $500.0 million in 2018; and $3.261 billion thereafter.

In July 2013, Nucor issued $500.0 million of 4.00% notes due in 2023 and $500.0 million of 5.20% notes due in 2043. Net proceeds of the issuances were $991.5 million. Costs of $8.5 million associated with the issuances have been capitalized and will be amortized over the life of the notes.

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During the third quarter of 2013, Nucor amended its $1.50 billion unsecured revolving credit facility. The maturity date was extended from December 2016 to August 2018. Costs of $0.6 million associated with the amendment have been capitalized and are amortized over the life of the extension. The unsecured revolving credit facility provides up to $1.50 billion in revolving loans and allows up to $500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up to the equivalent of $850.0 million of the credit facility is available for foreign currency loans, up to $500.0 million is available for the issuance of letters of credit, and up to $500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in accordance with terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to capital of 60%, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31, 2013, Nucor’s funded debt to total capital ratio was 36%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2013 and 2012.

Harris Steel has credit facilities totaling approximately $33.0 million, with no borrowings outstanding at December 31, 2013. In addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European banking institutions. As of December 31, 2013, Nucor Trading S.A. had outstanding borrowings of $29.2 million ($27.1 million at December 31, 2012) and outstanding guarantees of $0.1 million. In addition, $29.1 million of the amount outstanding at December 31, 2013 ($21.5 million at December 31, 2012) was guaranteed by Nucor. If Nucor Trading S.A. fails to pay when due any amounts for which it is obligated, Nucor could be required to pay such amounts pursuant to and in accordance with the terms of the guarantee.

Letters of credit totaling $31.8 million were outstanding as of December 31, 2013 related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories.

13. CAPITAL STOCK

The par value of Nucor’s common stock is $0.40 per share and there are 800 million shares authorized. In addition, 250,000 shares of preferred stock, par value of $4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed by Nucor’s board of directors. There are no shares of preferred stock issued or outstanding.

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14. DERIVATIVE FINANCIAL INSTRUMENTS

The following tables summarize information regarding Nucor’s derivative instruments:

Fair Value of Derivative Instruments

					(in thousands)
		Fair Value
December 31,	Consolidated Balance Sheet Location	2013			2012
Liability derivatives not designated as hedging instruments:
Commodity contracts	Accrued expenses and other current liabilities		$     (553	)		$     (303	)
Foreign exchange contracts	Accrued expenses and other current liabilities		(2	)		(15	)
Total liability derivatives not designated as hedging instruments			$     (555	)		$     (318	)

The Effect of Derivative Instruments on the Consolidated Statements of  Earnings

Derivatives Designated as Hedging Instruments												(in thousands)
Derivatives in Cash Flow Hedging Relationships	Statement of Earnings Location	Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)								Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)								Amount of Gain or (Loss) Recognized in Earnings on Derivatives (Ineffective Portion)
		2013		2012			2011			2013		2012			2011			2013		2012		2011
Commodity contracts	Cost of products sold	$	—	$	(2,264	)	$	(8,454	)	$	—	$	(42,515	)	$	(37,093	)	$	—	$	500	$	600

Derivatives Not Designated as Hedging Instruments		(in thousands)
Derivatives Not Designated as Hedging Instruments	Statement of Earnings Location	Amount of Gain or (Loss) Recognized in Earnings on Derivatives
		2013		2012		2011
Commodity contracts	Cost of products sold		$4,622		$1,321		$11,757
Foreign exchange contracts	Cost of products sold		112		198		(665	)
Total			$4,734		$1,519		$11,092

During the first quarter of 2012, Nucor settled all of its open natural gas forward purchase contracts that were previously in place. These settlements affected earnings over the periods specified in the original agreements throughout the remainder of 2012.

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15. FAIR VALUE MEASUREMENTS

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that are measured at fair value as of December 31, 2013 and 2012. Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis.

								(in thousands)
			Fair Value Measurements at Reporting Date Using
December 31,	Carrying Amount in Consolidated Balance Sheets		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
2013
Assets:
Cash equivalents		$1,269,465		$1,269,465
Short-term investments		28,191		28,191
Total assets		$1,297,656		$1,297,656		—			—
Liabilities:
Foreign exchange and commodity contracts		$         (555)		—		$       (555	)		—
2012
Assets:
Cash equivalents		$   830,011		$   830,011
Short-term investments		104,167		104,167
Restricted cash and investments		275,163		275,163
Total assets		$1,209,341		$1,209,341		—			—
Liabilities:
Foreign exchange and commodity contracts		$         (318)		—		$       (318	)		—

Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and investments are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates.

The fair value of short-term and long-term debt, including current maturities, was approximately $4.61 billion at December 31, 2013 ($4.24 billion at December 31, 2012). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at December 31, 2013 and 2012, or similar debt with the same maturities, rating and interest rates.

16. CONTINGENCIES

Nucor is subject to environmental laws and regulations established by federal, state and local authorities, and, accordingly, makes provision for the estimated costs of compliance. Of the undiscounted total of $22.9 million of accrued environmental costs at December 31, 2013 ($26.5 million at December 31, 2012), $6.9 million was classified in accrued expenses and other current liabilities ($9.5 million at December 31, 2012) and $16.0 million was classified in deferred credits and other liabilities ($17.0 million at December 31, 2012). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology and changing governmental regulations and legal standards.

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Nucor has been named, along with other major steel producers, as a co-defendant in several related antitrust class-action complaints filed by Standard Iron Works and other steel purchasers in the United States District Court for the Northern District of Illinois. The majority of these complaints were filed in September and October of 2008, with two additional complaints being filed in July and December of 2010. Two of these complaints have been voluntarily dismissed and are no longer pending. The plaintiffs allege that from April 1, 2005 through December 31, 2007, eight steel manufacturers, including Nucor, engaged in anticompetitive activities with respect to the production and sale of steel. The plaintiffs seek monetary and other relief. Although we believe the plaintiffs’ claims are without merit and will vigorously defend against them, we cannot at this time predict the outcome of this litigation or estimate the range of Nucor’s potential exposure.

We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance for certain risks that is subject to certain self-insurance limits.

17. STOCK-BASED COMPENSATION

Stock Options Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted since 2010 are generally exercisable at the end of three years and have a term of 10 years. All stock options granted prior to the beginning of 2010 were fully exercised as of December 31, 2013. New shares are issued upon exercise of stock options.

A summary of activity under Nucor’s stock option plans is as follows:

										(shares in thousands)
Year Ended December 31,	2013				2012					2011
	Shares		Weighted- Average Exercise Price		Shares			Weighted- Average Exercise Price		Shares			Weighted- Average Exercise Price
Number of shares under option:
Outstanding at beginning of year		1,543		$39.03		1,156			$38.26		983			$29.14
Granted		546		$44.51		741			$35.76		560			$42.34
Exercised		—		—		(354	)		$29.67		(387	)		$20.96
Canceled		—		—		—			—		—			—
Outstanding at end of year		2,089		$40.47		1,543			$39.03		1,156			$38.26
Options exercisable at end of year		1,012		$39.75		—			—		354			$29.67

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The shares reserved for future grants as of December 31, 2013, 2012 and 2011 are reflected in the restricted stock units table below. The total intrinsic value of options (the amount by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2012 and 2011 was $4.3 million and $7.6 million, respectively.

The following table summarizes information about stock options outstanding at December 31, 2013:

					(shares in thousands)
	Options Outstanding
Exercise Price	Options                           Outstanding		Options                      Exercisable		Weighted-Average Remaining     Contractual Life
$35.76		741		391		8.4 years
$41.43		242		242		6.4 years
$42.34		560		299		7.4 years
$44.51		546		80		9.4 years
$35.76 – $44.51		2,089		1,012		8.2 years

As of December 31, 2013, the total aggregate intrinsic value of options outstanding and options exercisable was $27.0 million and $13.8 million, respectively.

The grant date fair value of options granted was $15.03 in 2013 ($11.40 in 2012 and $15.37 in 2011). The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions:

	2013		2012		2011
Exercise price		$44.51		$35.76		$42.34
Expected dividend yield		3.30%		4.08%		3.42%
Expected stock price volatility		46.94%		48.99%		49.40%
Risk-free interest rate		1.51%		1.06%		2.39%
Expected life (in years)		6.5		6.5		6.5

Compensation expense for stock options was $8.6 million in 2013 ($9.9 million in 2012 and $9.9 million in 2011). As of December 31, 2013, all expense related to options had been recognized as all options had vested as of December 31, 2013.

Restricted Stock Units Nucor annually grants restricted stock units (RSUs) to key employees, officers and non-employee directors. The RSUs typically vest and are converted to common stock in three equal installments on each of the first three anniversaries of the grant date. A portion of the RSUs awarded to senior officers vest upon the officer’s retirement. Retirement, for purposes of vesting in these units only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to non-employee directors are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the board of directors.

RSUs granted to employees who are eligible for retirement on the date of grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who are not retirement-eligible is recognized on a straight-line basis over the vesting period.

Cash dividend equivalents are paid to participants each quarter. Dividend equivalents paid on units expected to vest are recognized as a reduction in retained earnings.

The fair value of the RSUs is determined based on the closing stock price of Nucor’s common stock on the day before the grant.

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A summary of Nucor’s restricted stock unit activity is as follows:

	(shares in thousands)
Year Ended December 31,	2013					2012					2011
	Shares			Grant Date Fair Value		Shares			Grant Date Fair Value		Shares			Grant Date Fair Value
Restricted stock units:
Unvested at beginning of year		1,106			$40.80		962			$46.09		1,203			$49.96
Granted		789			$44.51		1,101			$35.76		490			$42.34
Vested		(762	)		$42.15		(915	)		$40.36		(713	)		$50.04
Canceled		(11	)		$39.08		(42	)		$39.41		(18	)		$46.06
Unvested at end of year		1,122			$42.51		1,106			$40.80		962			$46.09
Shares reserved for future grants (stock options and RSUs)		10,486					11,839					13,695
Compensation expense for RSUs was $32.6 million in 2013 ($34.2 million in 2012 and $31.6 million in 2011). The total fair value of shares vested during 2013 was $34.1 million ($33.1 million in 2012 and $29.3 million in 2011). As of December 31, 2013, unrecognized compensation expense related to unvested RSUs was $29.4 million, which is expected to be recognized over a weighted-average period of two years. Restricted Stock Awards Nucor’s Senior Officers Long-Term Incentive Plan (the LTIP) and Annual Incentive Plan (the AIP) authorize the award of shares of common stock to officers subject to certain conditions and restrictions. The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an annual incentive award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. A summary of Nucor’s restricted stock activity under the AIP and LTIP is as follows:
	(shares in thousands)
Year Ended December 31,	2013					2012					2011
	Shares			Grant Date Fair Value		Shares			Grant Date Fair Value		Shares			Grant Date Fair Value
Restricted stock awards and units:
Unvested at beginning of year		72			$43.72		94			$42.46		141			$44.62
Granted		122			$47.36		122			$42.20		118			$46.41
Vested		(121	)		$46.32		(144	)		$41.62		(165	)		$47.13
Canceled		—			—		—			—		—			—
Unvested at end of year		73			$45.49		72			$43.72		94			$42.46
Shares reserved for future grants		1,238					1,360					1,482

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Compensation expense for common stock and common stock units awarded under the AIP and LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $6.3 million in 2013 ($6.6 million in 2012 and $7.4 million in 2011). The total fair value of shares vested during 2013 was $5.7 million ($6.0 million in 2012 and $7.3 million in 2011). As of December 31, 2013, unrecognized compensation expense related to unvested restricted stock awards was $0.6 million, which is expected to be recognized over a weighted-average period of 1.7 years.

18. EMPLOYEE BENEFIT PLANS

Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $71.7 million in 2013 ($77.7 million in 2012 and $117.7 million in 2011). The related liability for these benefits is included in salaries, wages and related accruals.

Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other liabilities in the consolidated balance sheets, totaled $9.9 million at December 31, 2013 ($13.5 million at December 31, 2012). The benefit associated with this early retiree medical plan totaled $0.6 million in 2013 (benefit of $1.9 million in 2012 and expense of $3.5 million in 2011). We also recorded a non-cash gain of $29.0 million in cost of products sold in 2011 as a result of a correction of an error in the actuarial calculation for the plan. The error also resulted in a $7.6 million reduction of other comprehensive income. This error did not have a material impact on that period or any previously reported periods.

The discount rate used was 4.6% in 2013 (3.7% in 2012 and 4.5% in 2011). The health care cost increase trend rate used was 6.6% in 2013 (6.6% in 2012 and 6.7% in 2011). The health care cost increase in the trend rate is projected to decline gradually to 4.5% by 2027.

19. INTEREST EXPENSE (INCOME)

The components of net interest expense are as follows:

	(in thousands)
Year Ended December 31,	2013			2012			2011
Interest expense	$	151,986		$	173,503		$	178,812
Interest income		(5,091	)		(11,128	)		(12,718	)
Interest expense, net	$	146,895		$	162,375		$	166,094

Interest paid was $141.2 million in 2013 ($178.0 million in 2012 and $177.6 million in 2011).

20. INCOME TAXES

Components of earnings from continuing operations before income taxes and noncontrolling interests are as follows:

	(in thousands)
Year Ended December 31,	2013		2012			2011
United States	$	755,921	$	854,705		$	1,241,465
Foreign		35,202		(1,765	)		10,347
	$	791,123	$	852,940		$	1,251,812

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The provision for income taxes consists of the following:

	(in thousands)
Year Ended December 31,	2013			2012			2011
Current:
Federal	$	138,343		$	261,552		$	329,076
State		223			20,337			1,685
Foreign		10,464			3,199			2,016
Total current		149,030			285,088			332,777
Deferred:
Federal		36,157			(23,052	)		55,124
State		(39	)		(10,440	)		10,400
Foreign		20,446			8,218			(7,473	)
Total deferred		56,564			(25,274	)		58,051
Total provision for income taxes	$	205,594		$	259,814		$	390,828

A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows:

Year Ended December 31,	2013			2012			2011
Taxes computed at statutory rate		35.00	%		35.00	%		35.00	%
State income taxes, net of federal income tax benefit		0.02			0.75			0.63
Federal research credit		(0.79	)		—			(0.28	)
Domestic manufacturing deduction		(1.74	)		(3.25	)		(2.21	)
Equity in losses of foreign joint ventures		1.36			1.43			0.64
Foreign rate differential		(2.35	)		0.60			(0.92	)
Noncontrolling interests		(4.32	)		(3.64	)		(2.32	)
Out of period correction to deferred taxes		(2.57	)		—			—
Other, net		1.38			(0.43	)		0.68
Provision for income taxes		25.99	%		30.46	%		31.22	%

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The 2013 provision included a $21.3 million out-of-period non-cash gain related to a correction to the deferred tax balances. The out-of-period adjustment did not have a material impact in the current or any previously reported periods.

Deferred tax assets and liabilities resulted from the following:

	(in thousands)
December 31,	2013			2012
Deferred tax assets:
Accrued liabilities and reserves	$	102,933		$	108,287
Allowance for doubtful accounts		19,756			14,212
Inventory		206,826			174,499
Post-retirement benefits		6,268			11,119
Natural gas hedges		—			221
Net operating loss carryforward		12,859			15,033
Tax credit carryforwards		56,185			28,600
Total deferred tax assets		404,827			351,971
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(16,582	)		(17,523	)
Cumulative translation adjustments		(1,403	)		(1,600	)
Commodity hedges		(805	)		—
Intangibles		(210,791	)		(233,413	)
Property, plant and equipment		(610,451	)		(475,176	)
Total deferred tax liabilities		(840,032	)		(727,712	)
Total net deferred tax liabilities	$	(435,205	)	$	(375,741	)

Current deferred tax assets included in other current assets were $255.5 million at December 31, 2013 ($190.4 million at December 31, 2012). Current deferred tax liabilities included in other current liabilities were $14.6 million at December 31, 2013 (none at December 31, 2012). Non-current deferred tax liabilities included in deferred credits and other liabilities were $676.2 million at December 31, 2013 ($566.1 million at December 31, 2012). Nucor paid $64.8 million in net federal, state and foreign income taxes in 2013 ($313.5 million and $322.4 million in 2012 and 2011, respectively).

Cumulative undistributed foreign earnings for which U.S. taxes have not been provided are included in consolidated retained earnings in the amount of $222.4 million at December 31, 2013 ($176.5 million at December 31, 2012). These earnings are considered to be indefinitely reinvested and, accordingly, no provisions for U.S. federal and state income taxes are required. It is not practicable to determine the amount of unrecognized deferred tax liability related to the unremitted earnings.

State net operating loss carryforwards were $824.0 million at December 31, 2013 ($606.4 million at December 31, 2012). If unused, they will expire between 2014 and 2033. Foreign net operating loss carryforwards were $50.5 million at December 31, 2013 ($59.2 million at December 31, 2012). If unused, they will expire between 2027 and 2033.

At December 31, 2013, Nucor had approximately $66.0 million of unrecognized tax benefits, of which $66.3 million would affect Nucor’s effective tax rate, if recognized. At December 31, 2012, Nucor had approximately $80.9 million of unrecognized tax benefits, of which $76.4 million would affect Nucor’s effective tax rate, if recognized.

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A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows:

				(in thousands)
Year Ended December 31,	2013			2012			2011
Balance at beginning of year		$80,862			$80,897			$92,752
Additions based on tax positions related to current year		4,849			9,456			6,733
Reductions based on tax positions related to current year		(55	)		(132	)		(3,160	)
Additions based on tax positions related to prior years		2,307			5,821			937
Reductions based on tax positions related to prior years		(6,248	)		(3,296	)		(2,169	)
Reductions due to settlements with taxing authorities		—			(764	)		(958	)
Reductions due to statute of limitations lapse		(15,740	)		(11,120	)		(13,238	)
Balance at end of year		$65,975			$80,862			$80,897

We estimate that in the next twelve months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $13.7 million, as a result of the expiration of the statute of limitations.

During 2013, Nucor recognized $0.9 million of expense in interest and penalties ($2.1 million of expense in 2012 and $3.6 million of expense in 2011). The interest and penalty expense is included in interest expense in the consolidated statements of earnings. As of December 31, 2013, Nucor had approximately $37.2 million of accrued interest and penalties related to uncertain tax positions ($36.4 million at December 31, 2012).

Nucor has concluded U.S. federal income tax matters for years through 2009. The 2010 to 2013 tax years are open to examination by the Internal Revenue Service. In 2011, the Canada Revenue Agency completed an audit examination for the periods 2006 to 2008 for Harris Steel Group Inc. and subsidiaries with immaterial adjustments to the income tax returns. The tax years 2009 through 2013 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).

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21. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables reflect the changes in accumulated other comprehensive (loss) income by component:

	(in thousands)
	Gains and Losses on Hedging Derivatives		Foreign Currency   Gain (Loss)			Adjustment to Early Retiree Medical Plan			Total
Balance, December 31, 2012		$           —		$  46,181			$  10,580			$     56,761
Other comprehensive   income (loss) before reclassifications		—		(53,619	)		5,938			(47,681	)
Amounts reclassified from accumulated other   comprehensive income (loss) into earnings		—		—			—			—
Net current-period other   comprehensive income (loss)		—		(53,619	)		5,938			(47,681	)
Balance, December 31, 2013		$           —		$   (7,438	)		$  16,518			$      9,080
	(in thousands)
	Gains and Losses on Hedging Derivatives		Foreign Currency   Gain (Loss)			Adjustment to Early Retiree Medical Plan			Total
Balance, December 31, 2011		$(40,250)		$(12,311)			$   14,384			$  (38,177	)
Other comprehensive   income (loss) before reclassifications		—		58,785			(3,804	)		54,981
Amounts reclassified from accumulated other   comprehensive income (loss) into earnings(1)		40,250		—			—			40,250
Net current-period other comprehensive   income (loss)		40,250		58,785			(3,804	)		95,231
Other		—		(293)			—			(293	)
Balance, December 31, 2012		$           —		$ 46,181			$   10,580			$   56,761

(1) Includes $40,250 net-of-tax impact of accumulated other comprehensive income reclassifications into Cost of Products Sold for net losses on commodity contracts. The tax impact of this reclassification was $23,900.

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22. EARNINGS PER SHARE

The computations of basic and diluted net earnings per share are as follows:

	(in thousands, except per share data)
Year Ended December 31,	2013			2012			2011
Basic net earnings per share:
Basic net earnings	$	488,025		$	504,619		$	778,188
Earnings allocated to participating securities		(1,919	)		(1,713	)		(2,653	)
Net earnings available to common stockholders	$	486,106		$	502,906		$	775,535
Average shares outstanding		319,077			318,172			316,997
Basic net earnings per share	$	1.52		$	1.58		$	2.45
Diluted net earnings per share:
Diluted net earnings	$	488,025		$	504,619		$	778,188
Earnings allocated to participating securities		(1,919	)		(1,714	)		(2,654	)
Net earnings available to common stockholders	$	486,106		$	502,905		$	775,534
Diluted average shares outstanding:
Basic shares outstanding		319,077			318,172			316,997
Dilutive effect of stock options and other		189			68			164
		319,266			318,240			317,161
Diluted net earnings per share	$	1.52		$	1.58		$	2.45

The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive:

	(shares in thousands)
Year Ended December 31,	2013		2012		2011
Anti-dilutive stock options:
Weighted average shares		137		801		801
Weighted average exercise price	$	44.51	$	42.07	$	42.07

23. 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 foundation distributors; 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 and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; 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 periods 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. Additionally, the composition of assets by segment at December 31, 2012 and December 31, 2011 was reclassified to conform with the current year presentation. This reclassification between segments did not have any impact on the consolidated asset balances.

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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 and state income taxes receivable, the LIFO reserve and investments in and advances to affiliates.

Nucor’s results by segment are as follows:

							(in thousands)
Year Ended December 31,	2013			2012			2011
Net sales to external customers:
Steel mills	$	13,311,948		$	13,781,797		$	14,463,683
Steel products		3,607,333			3,738,381			3,431,490
Raw materials		2,132,765			1,909,095			2,128,391
	$	19,052,046		$	19,429,273		$	20,023,564
Intercompany sales:
Steel mills	$	2,563,554		$	2,609,411		$	2,430,459
Steel products		97,090			71,277			55,646
Raw materials		9,116,860			9,514,163			10,436,379
Corporate/eliminations		(11,777,504	)		(12,194,851	)		(12,922,484	)
	$	—		$	—		$	—
Depreciation expense:
Steel mills	$	332,258		$	366,182		$	372,040
Steel products		42,737			47,948			53,272
Raw materials		154,065			112,939			92,250
Corporate		6,792			6,941			5,009
	$	535,852		$	534,010		$	522,571
Amortization expense:
Steel mills	$	13,911		$	8,750		$	871
Steel products		31,082			35,152			38,743
Raw materials		29,363			29,109			28,215
Corporate		—			—			—
	$	74,356		$	73,011		$	67,829
Earnings (loss) before income taxes
and noncontrolling interests:
Steel mills	$	1,156,715		$	1,162,270		$	1,813,155
Steel products		82,129			(17,140	)		(60,282	)
Raw materials		13,686			55,264			156,180
Corporate/eliminations		(461,407	)		(347,454	)		(657,241	)
	$	791,123		$	852,940		$	1,251,812
Segment assets:
Steel mills	$	8,365,023		$	7,894,974		$	6,634,268
Steel products		2,861,403			2,935,146			2,972,004
Raw materials		3,956,913			3,400,690			2,946,549
Corporate/eliminations		19,944			(78,751	)		2,017,529
	$	15,203,283		$	14,152,059		$	14,570,350
Capital expenditures:
Steel mills	$	589,621		$	369,463		$	181,193
Steel products		22,472			31,698			20,918
Raw materials		610,745			604,312			245,337
Corporate		7,580			13,861			3,179
	$	1,230,418		$	1,019,334		$	450,627

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Net sales by product were as follows. Further product group breakdown is impracticable.

					(in thousands)
Year Ended December 31,	2013		2012		2011
Net sales to external customers:
Sheet	$	5,219,464	$	5,540,868	$	5,967,756
Bar		3,730,328		3,999,911		4,237,154
Structural		2,558,538		2,301,778		2,049,907
Plate		1,803,618		1,939,240		2,208,866
Steel products		3,607,333		3,738,381		3,431,490
Raw materials		2,132,765		1,909,095		2,128,391
	$	19,052,046	$	19,429,273	$	20,023,564

24. QUARTERLY INFORMATION (UNAUDITED)

	(in thousands, except per share data)
Year Ended December 31,	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2013
Net sales		$4,550,772		$4,665,588		$4,940,936		$4,894,750
Gross margin(1)		303,216		313,125		408,543		385,741
Net earnings(2)		110,728		106,270		178,115		190,416
Net earnings attributable        to Nucor stockholders(2)		84,789		85,145		147,597		170,494
Net earnings per share:
Basic		0.26		0.27		0.46		0.53
Diluted		0.26		0.27		0.46		0.53
2012
Net sales		$5,072,594		$5,104,199		$4,801,206		$4,451,274
Gross margin(3)		380,527		399,930		348,733		384,348
Net earnings(4)		163,412		139,567		129,892		160,255
Net earnings attributable        to Nucor stockholders(4)		145,104		112,299		110,308		136,908
Net earnings per share:
Basic		0.46		0.35		0.35		0.43
Diluted		0.46		0.35		0.35		0.43

(1) Nucor incurred a LIFO charge of $18.0 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $18.0 million in the third quarter and a LIFO charge of $17.4 million in the fourth quarter.

(2) Third quarter results included a net $14.0 million pre-tax charge related to a partial write-down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish. The fourth quarter was impacted by an out-of-period non-cash gain of $21.3 million related to a correction to deferred tax balances.

(3) Nucor incurred a LIFO charge of $14.5 million in the first quarter and recorded LIFO credits of $14.5 million, $84.0 million and $71.9 million in the second, third and fourth quarters, respectively. Inventory-related purchase accounting adjustments, associated with the acquisition of Skyline, of $8.6 million, $28.2 million and $12.0 million were recorded in the second, third and fourth quarters, respectively.

(4) The second quarter includes a pre-tax charge of $30.0 million for impairment of Nucor’s equity investment in Nucor Duferdofin S.r.l. The third quarter includes a pre-tax charge of $17.6 million related to the loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc.

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	CORPORATE AND STOCK DATA

CORPORATE OFFICE

1915 Rexford Road

Charlotte, North Carolina 28211

Phone 704/366-7000

Fax 704/362-4208

STOCK TRANSFERS

DIVIDEND DISBURSING

DIVIDEND REINVESTMENT

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, New York 11219

Phone 877/715-0504

Fax 718/236-2641

ANNUAL MEETING

The annual meeting of stockholders will be held at 10:00 a.m. on Thursday, May 8, 2014, at the Charlotte Marriott SouthPark, 2200 Rexford Road, Charlotte, NC.

STOCK LISTING

Nucor’s common stock is traded on the New York Stock Exchange under the symbol NUE. As of January 31, 2014,
there were approximately 17,000 stockholders of record.

FORM 10-K

A copy of Nucor’s 2013 annual report filed with the Securities and Exchange Commission (SEC) on Form 10-K is available to stockholders upon request.

INTERNET ACCESS

Nucor’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to these reports are available without charge through Nucor’s website, www.nucor.com, as soon as reasonably practicable after Nucor files these reports electronically with or furnishes them to the SEC. Additional information available on our website includes our Corporate Governance Principles, Board of Directors Committee Charters, Standards of Business Conduct and Ethics and Code of Ethics for Senior Financial Professionals as well as various other financial and statistical data.

STOCK PRICE AND DIVIDENDS PAID
	First   Quarter	Second   Quarter	Third   Quarter	Fourth   Quarter
2013
Stock price:
High	$48.60	$47.40	$51.25	$54.73
Low	43.41	41.32	43.11	47.37
Dividends paid	0.3675	0.3675	0.3675	0.3675
2012
Stock price:
High	$45.75	$43.99	$40.97	$44.00
Low	40.08	34.23	36.61	37.70
Dividends paid	0.365	0.365	0.365	0.365
STOCK PERFORMANCE This graphic comparison assumes the investment of $100 in Nucor Corporation common stock, $100 in the S&P 500 Index and $100 in the S&P Steel Group Index, all at year-end 2008. The resulting cumulative total return assumes that cash dividends were reinvested. Nucor common stock comprised 58% of the S&P Steel Group Index at year end 2013 (65% at year-end 2008).

THIS ANNUAL REPORT HAS BEEN PRINTED ON RECYCLED PAPER.

EX-21

Exhibit 21

Nucor Corporation

2013 Form 10-K

Subsidiaries

Subsidiary	State/Jurisdiction of Incorporation
Nucor Steel Auburn, Inc.	Delaware
Nucor Steel Birmingham, Inc.	Delaware
Nucor Steel Decatur, LLC.	Delaware
Nucor Steel Jackson, Inc.	Delaware
Nucor Steel Kankakee, Inc.	Delaware
Nucor Steel Kingman, LLC	Delaware
Nucor Steel Marion, Inc.	Delaware
Nucor Steel Memphis, Inc.	Delaware
Nucor Steel Seattle, Inc.	Delaware
Nucor Steel Tuscaloosa, Inc	Delaware
Nucor Steel Connecticut Inc.	Delaware
Nucor-Yamato Steel Company	Delaware
Nu-Iron Unlimited	Trinidad
Nucor Castrip Arkansas LLC	Delaware
Harris Steel Inc.	Delaware
Harris U.S. Holdings Inc	Delaware
Harris Steel ULC	Canada
Magnatrax Corporation	Delaware
The David J. Joseph Company	Delaware
Ambassador Steel Corporation	Indiana
Nucor Energy Holdings Inc	Delaware
Skyline Steel LLC	Delaware
Nucor Steel Louisiana LLC	Delaware

EX-23

Exhibit 23

Nucor Corporation

2013 Form 10-K

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Numbers 333-108749, 333-108751 and 333-167070) and on Form S-3ASR (Number 333-176786) of Nucor Corporation of our report dated February 28, 2014 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in the Annual Report to Stockholders, which is incorporated in this Annual Report on Form 10-K. We also consent to the incorporation by reference of our report dated February 28, 2014 relating to the financial statement schedule, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 28, 2014

EX-31

Exhibit 31

Nucor Corporation

2013 Form 10-K

NUCOR CORPORATION

Section 302 Certifications

I, John J. Ferriola, certify that:

1. I have reviewed this annual report on Form 10-K of Nucor Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 28, 2014	/s/ John J. Ferriola
	John J. Ferriola
	Chairman, Chief Executive Officer
	and President

EX-31.I

Exhibit 31(i)

Nucor Corporation

2013 Form 10-K

NUCOR CORPORATION

Section 302 Certifications

I, James D. Frias, certify that:

1. I have reviewed this annual report on Form 10-K of Nucor Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 28, 2014	/s/ James D. Frias
	James D. Frias
	Chief Financial Officer, Treasurer
	and Executive Vice President

EX-32

Exhibit 32

Nucor Corporation

2013 Form 10-K

Certification of Principal Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(18 U.S.C. 1350)

In connection with the Annual Report of Nucor Corporation (the “Registrant”), on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “Report”), I, John J. Ferriola, Chairman, Chief Executive Officer and President (principal executive officer) of the Registrant, certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ John J. Ferriola
Name:	John J. Ferriola
Date:	February 28, 2014

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Form 10-K and shall not be considered filed as part of the Form 10-K.

EX-32.I

Exhibit 32(i)

Nucor Corporation

2013 Form 10-K

Certification of Principal Financial Officer

Pursuant to 18 U.S.C. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Annual Report of Nucor Corporation (the “Registrant”), on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “Report”), I, James D. Frias, Chief Financial Officer, Treasurer and Executive Vice President (principal financial officer) of the Registrant, certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ James D. Frias
Name:	James D. Frias
Date:	February 28, 2014

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Form 10-K and shall not be considered filed as part of the Form 10-K.

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Debt and Other Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Debt and Other Financing Arrangements

	(In thousands)
	December 31,
	2013			2012
Industrial revenue bonds:
0.20% to 1.5%, variable, due from 2014 to 2040	$	1,030,200		$	1,030,200
Notes, 5.0%, due 2013		—			250,000
Notes, 5.75%, due 2017		600,000			600,000
Notes, 5.85%, due 2018		500,000			500,000
Notes, 4.125%, due 2022		600,000			600,000
Notes, 4.0%, due 2023		500,000			—
Notes, 6.40%, due 2037		650,000			650,000
Notes, 5.20%, due 2043		500,000			—
		4,380,200			3,630,200
Less current maturities		(3,300	)		(250,000	)
	$	4,376,900		$	3,380,200

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Short-term Investments - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Short-term investments held	$ 28,191,000	$ 104,167,000
Realized or unrealized gains or losses	$ 0	$ 0	$ 0
Contractual maturities year of all outstanding CDs	2014

XML

Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Quarterly Information

	(In thousands, except per share data) Year Ended December 31, 2013
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	4,550,772	$	4,665,588	$	4,940,936	$	4,894,750
Gross margin (1)		303,216		313,125		408,543		385,741
Net earnings (2)		110,728		106,270		178,115		190,416
Net earnings attributable to Nucor stockholders (2)		84,789		85,145		147,597		170,494
Net earnings per share:
Basic		0.26		0.27		0.46		0.53
Diluted		0.26		0.27		0.46		0.53
	(In thousands, except per share data) Year Ended December 31, 2012
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	5,072,594	$	5,104,199	$	4,801,206	$	4,451,274
Gross margin (3)		380,527		399,930		348,733		384,348
Net earnings (4)		163,412		139,567		129,892		160,255
Net earnings attributable to Nucor stockholders (4)		145,104		112,299		110,308		136,908
Net earnings per share:
Basic		0.46		0.35		0.35		0.43
Diluted		0.46		0.35		0.35		0.43

(1) Nucor incurred a LIFO charge of $18.0 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $18.0 million in the third quarter and a LIFO charge of $17.4 million in the fourth quarter.

(2) Third quarter results included a net $14.0 million pre-tax charge related to a partial write down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish. The fourth quarter was impacted by an out-of-period non-cash gain of $21.3 million related to a correction to deferred tax balances.

(3) Nucor incurred a LIFO charge of $14.5 million in the first quarter and recorded LIFO credits of $14.5 million, $84.0 million and $71.9 million in the second, third and fourth quarters, respectively. Inventory related purchase accounting adjustments, associated with the acquisition of Skyline, of $8.6 million, $28.2 million, and $12.0 million were recorded in the second, third and fourth quarters, respectively.

(4) The second quarter includes a pre-tax charge of $30.0 million for impairment of Nucor’s equity investment in Nucor Duferdofin S.r.l. The third quarter includes a pre-tax charge of $17.6 million related to the loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc.

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Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in Earnings on Derivatives	$ 4,734	$ 1,519	$ 11,092
Cost of Products Sold [Member] | Commodity Contracts [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)		(2,264)	(8,454)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)		(42,515)	(37,093)
Amount of Gain or (Loss) Recognized in Earnings on Derivatives (Ineffective Portion)		500	600
Cost of Products Sold [Member] | Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in Earnings on Derivatives	4,622	1,321	11,757
Cost of Products Sold [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Amount of Gain or (Loss) Recognized in Earnings on Derivatives	$ 112	$ 198	$ (665)

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Accounts Receivable - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts Receivables [Line Items]
Allowance for doubtful accounts receivable	$ 58.3	$ 57.4	$ 54.3

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Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit Activity (Detail) (RSU [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of year, Shares	1,106	962	1,203
Granted, Shares	789	1,101	490
Vested, Shares	(762)	(915)	(713)
Canceled, Shares	(11)	(42)	(18)
Unvested at end of year, Shares	1,122	1,106	962
Shares reserved for future grants	10,486	11,839	13,695
Unvested at beginning of year, Grant Date Fair Value	$ 40.80	$ 46.09	$ 49.96
Granted, Grant Date Fair Value	$ 44.51	$ 35.76	$ 42.34
Vested, Grant Date Fair Value	$ 42.15	$ 40.36	$ 50.04
Canceled, Grant Date Fair Value	$ 39.08	$ 39.41	$ 46.06
Unvested at end of year, Grant Date Fair Value	$ 42.51	$ 40.80	$ 46.09

XML

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

Computations of Basic and Diluted Net Earnings Per Share

The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data):

	2013			2012			2011
Basic net earnings per share:
Basic net earnings	$	488,025		$	504,619		$	778,188
Earnings allocated to participating securities		(1,919	)		(1,713	)		(2,653	)
Net earnings available to common stockholders	$	486,106		$	502,906		$	775,535
Average shares outstanding		319,077			318,172			316,997
Basic net earnings per share	$	1.52		$	1.58		$	2.45
Diluted net earnings per share:
Diluted net earnings	$	488,025		$	504,619		$	778,188
Earnings allocated to participating securities		(1,919	)		(1,714	)		(2,654	)
Net earnings available to common stockholders	$	486,106		$	502,905		$	775,534
Diluted average shares outstanding:
Basic shares outstanding		319,077			318,172			316,997
Dilutive effect of stock options and other		189			68			164
		319,266			318,240			317,161
Diluted net earnings per share	$	1.52		$	1.58		$	2.45

Anti-Dilutive Stock Options

The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands):

	2013		2012		2011
Anti-dilutive stock options:
Weighted average shares		137		801		801
Weighted average exercise price	$	44.51	$	42.07	$	42.07

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Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Information (Unaudited)

24. Quarterly Information (Unaudited)

	(In thousands, except per share data) Year Ended December 31, 2013
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	4,550,772	$	4,665,588	$	4,940,936	$	4,894,750
Gross margin (1)		303,216		313,125		408,543		385,741
Net earnings (2)		110,728		106,270		178,115		190,416
Net earnings attributable to Nucor stockholders (2)		84,789		85,145		147,597		170,494
Net earnings per share:
Basic		0.26		0.27		0.46		0.53
Diluted		0.26		0.27		0.46		0.53
	(In thousands, except per share data) Year Ended December 31, 2012
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	5,072,594	$	5,104,199	$	4,801,206	$	4,451,274
Gross margin (3)		380,527		399,930		348,733		384,348
Net earnings (4)		163,412		139,567		129,892		160,255
Net earnings attributable to Nucor stockholders (4)		145,104		112,299		110,308		136,908
Net earnings per share:
Basic		0.46		0.35		0.35		0.43
Diluted		0.46		0.35		0.35		0.43

(1) Nucor incurred a LIFO charge of $18.0 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $18.0 million in the third quarter and a LIFO charge of $17.4 million in the fourth quarter.

(2) Third quarter results included a net $14.0 million pre-tax charge related to a partial write-down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish. The fourth quarter was impacted by an out-of-period non-cash gain of $21.3 million related to a correction to deferred tax balances.

(3) Nucor incurred a LIFO charge of $14.5 million in the first quarter and recorded LIFO credits of $14.5 million, $84.0 million and $71.9 million in the second, third and fourth quarters, respectively. Inventory-related purchase accounting adjustments, associated with the acquisition of Skyline, of $8.6 million, $28.2 million, and $12.0 million were recorded in the second, third and fourth quarters, respectively.

(4) The second quarter includes a pre-tax charge of $30.0 million for impairment of Nucor’s equity investment in Nucor Duferdofin S.r.l. The third quarter includes a pre-tax charge of $17.6 million related to the loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc.

XML

Stock-Based Compensation - Summary of Nucor's Restricted Stock Awards and Units Under AIP and LTIP (Detail) (AIP and LTIP [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
AIP and LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at beginning of year, Shares	72	94	141
Granted, Shares	122	122	118
Vested, Shares	(121)	(144)	(165)
Canceled, Shares
Unvested at end of year, Shares	73	72	94
Shares reserved for future grants	1,238	1,360	1,482
Unvested at beginning of year, Grant Date Fair Value	$ 43.72	$ 42.46	$ 44.62
Granted, Grant Date Fair Value	$ 47.36	$ 42.20	$ 46.41
Vested, Grant Date Fair Value	$ 46.32	$ 41.62	$ 47.13
Canceled, Grant Date Fair Value
Unvested at end of year, Grant Date Fair Value	$ 45.49	$ 43.72	$ 42.46

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Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 Complaints Manufacturers_Distributors	Dec. 31, 2012
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies, gross	$ 22.9	$ 26.5
Accrued environmental loss contingencies, current	6.9	9.5
Accrued environmental loss contingencies, noncurrent	$ 16.0	$ 17.0
Steel manufacturers, number of manufacturers	8
Additional complaints being filed in July and December of 2010	2
Complaints that are dismissed	2

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Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		$ (40,250)
Other comprehensive (loss) income before reclassifications, Gain and Losses on Hedging Derivatives
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gain and Losses on Hedging Derivatives		40,250
Net current-period other comprehensive (loss) income, Gain and Losses on Hedging Derivatives		40,250
Ending Balance			(40,250)
Other
Beginning Balance	46,181	(12,311)
Other comprehensive (loss) income before reclassifications, Foreign Currency Translation	(53,619)	58,785
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Foreign Currency Translation
Net current-period other comprehensive (loss) income, Foreign Currency Translation	(53,619)	58,785
Ending Balance	(7,438)	46,181	(12,311)
Other		(293)
Beginning Balance	10,580	14,384
Other comprehensive (loss) income before reclassifications, Adjustment to Early Retiree Medical Plan	5,938	(3,804)
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan
Net current-period other comprehensive (loss) income, Adjustment to Early Retiree Medical Plan	5,938	(3,804)
Ending Balance	16,518	10,580	14,384
Other
Beginning Balance	56,761	(38,177)
Other comprehensive (loss) income before reclassifications	(47,681)	54,981
Other comprehensive income (loss)	(47,681)	95,231	(10,406)
Ending Balance	9,080	56,761	(38,177)
Other		$ (293)

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Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,543,245	$ 10,438,573
Less accumulated depreciation	(6,626,221)	(6,155,517)
Property, plant and equipment, net, total	4,917,024	4,283,056
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	555,309	546,234
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	941,379	899,944
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,159,151	8,136,206
Proved Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	487,033	203,959
Construction In Process And Equipment Deposits [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 400,373	$ 652,230

XML

Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
$35.76 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 35.76
Options Outstanding	741
Options Exercisable	391
Weighted-Average Remaining Contractual Life	8 years 4 months 24 days
$41.43 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 41.43
Options Outstanding	242
Options Exercisable	242
Weighted-Average Remaining Contractual Life	6 years 4 months 24 days
$42.34 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 42.34
Options Outstanding	560
Options Exercisable	299
Weighted-Average Remaining Contractual Life	7 years 4 months 24 days
$44.51 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 44.51
Options Outstanding	546
Options Exercisable	80
Weighted-Average Remaining Contractual Life	9 years 4 months 24 days
$35.76 - $44.51 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding	2,089
Options Exercisable	1,012
Weighted-Average Remaining Contractual Life	8 years 2 months 12 days
$35.76 - $44.51 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 35.76
$35.76 - $44.51 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 44.51

XML

Income Taxes - Reconciliation of the Federal Statutory Tax Rate to Total Provisions (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation Of Provision Of Income Taxes [Line Items]
Taxes computed at statutory rate	35.00%	35.00%	35.00%
State income taxes, net of federal income tax benefit	0.02%	0.75%	0.63%
Federal research credit	(0.79%)		(0.28%)
Domestic manufacturing deduction	(1.74%)	(3.25%)	(2.21%)
Equity in losses of foreign joint ventures	1.36%	1.43%	0.64%
Foreign rate differential	(2.35%)	0.60%	(0.92%)
Noncontrolling interests	(4.32%)	(3.64%)	(2.32%)
Out of period correction to deferred taxes	(2.57%)
Other, net	1.38%	(0.43%)	0.68%
Provision for income taxes	25.99%	30.46%	31.22%

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Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest Expense [Line Items]
Interest expense	$ 151,986	$ 173,503	$ 178,812
Interest income	(5,091)	(11,128)	(12,718)
Interest expense, net	$ 146,895	$ 162,375	$ 166,094

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Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred Income Tax Assets And Liabilities [Line Items]
Accrued liabilities and reserves	$ 102,933	$ 108,287
Allowance for doubtful accounts	19,756	14,212
Inventory	206,826	174,499
Post-retirement benefits	6,268	11,119
Natural gas hedges		221
Net operating loss carryforward	12,859	15,033
Tax credit carryforwards	56,185	28,600
Total deferred tax assets	404,827	351,971
Holdbacks and amounts not due under contracts	(16,582)	(17,523)
Cumulative translation adjustments	(1,403)	(1,600)
Commodity hedges	(805)
Intangibles	(210,791)	(233,413)
Property, plant and equipment	(610,451)	(475,176)
Total deferred tax liabilities	(840,032)	(727,712)
Total net deferred tax liabilities	$ (435,205)	$ (375,741)

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Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Black Scholes Method Used [Line Items]
Exercise price	$ 44.51	$ 35.76	$ 42.34
Expected dividend yield	3.30%	4.08%	3.42%
Expected stock price volatility	46.94%	48.99%	49.40%
Risk-free interest rate	1.51%	1.06%	2.39%
Expected life (in years)	6 years 6 months	6 years 6 months	6 years 6 months

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Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 1,269,465	$ 830,011
Short-term investments	28,191	104,167
Restricted cash and investments	0	275,163
Total assets	1,297,656	1,209,341
Foreign exchange and commodity contracts	(555)	(318)
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,269,465	830,011
Short-term investments	28,191	104,167
Restricted cash and investments		275,163
Total assets	1,297,656	1,209,341
Foreign exchange and commodity contracts
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents
Short-term investments
Restricted cash and investments
Total assets
Foreign exchange and commodity contracts	(555)	(318)
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents
Short-term investments
Restricted cash and investments
Total assets
Foreign exchange and commodity contracts

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Contingencies

12 Months Ended

Dec. 31, 2013

Contingencies

16. Contingencies

Nucor is subject to environmental laws and regulations established by federal, state and local authorities, and, accordingly, makes provision for the estimated costs of compliance. Of the undiscounted total of $22.9 million of accrued environmental costs at December 31, 2013 ($26.5 million at December 31, 2012), $6.9 million was classified in accrued expenses and other current liabilities ($9.5 million at December 31, 2012) and $16.0 million was classified in deferred credits and other liabilities ($17.0 million at December 31, 2012). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology, and changing governmental regulations and legal standards.

Nucor has been named, along with other major steel producers, as a co-defendant in several related antitrust class-action complaints filed by Standard Iron Works and other steel purchasers in the United States District Court for the Northern District of Illinois. The majority of these complaints were filed in September and October of 2008, with two additional complaints being filed in July and December of 2010. Two of these complaints have been voluntarily dismissed and are no longer pending. The plaintiffs allege that from April 1, 2005 through December 31, 2007, eight steel manufacturers, including Nucor, engaged in anticompetitive activities with respect to the production and sale of steel. The plaintiffs seek monetary and other relief. Although we believe the plaintiffs’ claims are without merit and will vigorously defend against them, we cannot at this time predict the outcome of this litigation or estimate the range of Nucor’s potential exposure.

We are from time to time a party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance for certain risks that is subject to certain self-insurance limits.

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Summary of Significant Accounting Policies - Additional Information (Detail)	Dec. 31, 2013	Dec. 31, 2012
Summary Of Significant Accounting Policies [Line Items]
Percentage of inventories valued using the last-in, first-out (LIFO)	45.00%	45.00%

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Stock Option Plans Activity

A summary of activity under Nucor’s stock option plans is as follows:

	(shares in thousands)
	2013				2012					2011
	Shares		Weighted - Average Exercise Price		Shares			Weighted - Average Exercise Price		Shares			Weighted - Average Exercise Price
Number of shares under option:
Outstanding at beginning of year		1,543	$	39.03		1,156		$	38.26		983		$	29.14
Granted		546	$	44.51		741		$	35.76		560		$	42.34
Exercised		—		—		(354	)	$	29.67		(387	)	$	20.96
Canceled		—		—		—			—		—			—
Outstanding at end of year		2,089	$	40.47		1,543		$	39.03		1,156		$	38.26
Options exercisable at end of year		1,012	$	39.75		—			—		354		$	29.67

Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2013:

					(shares in thousands)
Exercise Price	Options Outstanding		Options Exercisable		Weighted- Average Remaining Contractual Life
$35.76		741		391		8.4 years
$41.43		242		242		6.4 years
$42.34		560		299		7.4 years
$44.51		546		80		9.4 years
$35.76 - $44.51		2,089		1,012		8.2 years

Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions

The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions:

	2013			2012			2011
Exercise price	$	44.51		$	35.76		$	42.34
Expected dividend yield		3.30	%		4.08	%		3.42	%
Expected stock price volatility		46.94	%		48.99	%		49.40	%
Risk-free interest rate		1.51	%		1.06	%		2.39	%
Expected life (in years)		6.5			6.5			6.5

Summary of Nucor's Restricted Stock Unit Activity

The fair value of the RSUs is determined based on the closing stock price of Nucor’s common stock on the day before the grant. A summary of Nucor’s restricted stock unit activity is as follows:

	(shares in thousands)
	2013					2012					2011
	Shares			Grant Date Fair Value		Shares			Grant Date Fair Value		Shares			Grant Date Fair Value
Restricted stock units:
Unvested at beginning of year		1,106		$	40.80		962		$	46.09		1,203		$	49.96
Granted		789		$	44.51		1,101		$	35.76		490		$	42.34
Vested		(762	)	$	42.15		(915	)	$	40.36		(713	)	$	50.04
Canceled		(11	)	$	39.08		(42	)	$	39.41		(18	)	$	46.06
Unvested at end of year		1,122		$	42.51		1,106		$	40.80		962		$	46.09
Shares reserved for future grants (stock options and RSUs)		10,486					11,839					13,695

Summary of Nucor's Restricted Stock Awards and Units Under AIP and LTIP

A summary of Nucor’s restricted stock activity under the AIP and LTIP is as follows:

	(shares in thousands)
	2013					2012					2011
	Shares			Grant Date Fair Value		Shares			Grant Date Fair Value		Shares			Grant Date Fair Value
Restricted stock awards and units:
Unvested at beginning of year		72		$	43.72		94		$	42.46		141		$	44.62
Granted		122		$	47.36		122		$	42.20		118		$	46.41
Vested		(121	)	$	46.32		(144	)	$	41.62		(165	)	$	47.13
Canceled		—			—		—			—		—			—
Unvested at end of year		73		$	45.49		72		$	43.72		94		$	42.46
Shares reserved for future grants		1,238					1,360					1,482

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Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Shares	1,543	1,156	983
Granted, Shares	546	741	560
Exercised, Shares		(354)	(387)
Canceled, Shares
Outstanding at end of year, Shares	2,089	1,543	1,156
Options exercisable at end of year, Shares	1,012		354
Outstanding at beginning of year, Weighted - Average Exercise Price	$ 39.03	$ 38.26	$ 29.14
Granted, Weighted - Average Exercise Price	$ 44.51	$ 35.76	$ 42.34
Exercised, Weighted - Average Exercise Price		$ 29.67	$ 20.96
Canceled, Weighted - Average Exercise Price
Outstanding at end of period, Weighted - Average Exercise Price	$ 40.47	$ 39.03	$ 38.26
Options exercisable at end of year, Weighted - Average Exercise Price	$ 39.75		$ 29.67

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Schedule II - Valuation and Qualifying Accounts (Detail) (LIFO Reserve [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
LIFO Reserve [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of Year	$ 607,240	$ 763,176	$ 620,414
Additions charged to costs and expenses	17,445		142,762
Deductions		(155,936)
Balance at end of year	$ 624,685	$ 607,240	$ 763,176

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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Property, Plant and Equipment

	(In thousands) December 31,
	2013			2012
Land and improvements	$	555,309		$	546,234
Buildings and improvements		941,379			899,944
Machinery and equipment		9,159,151			8,136,206
Proved oil and gas properties		487,033			203,959
Construction in process and equipment deposits		400,373			652,230
		11,543,245			10,438,573
Less accumulated depreciation		(6,626,221	)		(6,155,517	)
	$	4,917,024		$	4,283,056

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Acquisitions and Dispositions - Estimated Fair Values of Assets Acquired and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 20, 2012
Business Acquisition [Line Items]
Accounts receivable	$ 128,004
Inventory	260,473
Other current assets	4,410
Property, plant and equipment	70,100
Goodwill	138,579
Other intangible assets	215,600
Total assets acquired	817,166
Current liabilities	137,654
Deferred credits and other liabilities	4,078
Total liabilities assumed	141,732
Net assets acquired	$ 675,434

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Debt and Other Financing Arrangements - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended			12 Months Ended		12 Months Ended		3 Months Ended	12 Months Ended				12 Months Ended			12 Months Ended
	Jul. 31, 2013	Dec. 31, 2013	Dec. 31, 2013 Revolving Loans for Nucor Subsidiaries [Member]	Dec. 31, 2013 Harris Steel [Member]	Dec. 31, 2013 Nucor Trading S.A. [Member]	Dec. 31, 2012 Nucor Trading S.A. [Member]	Dec. 31, 2013 Revolving Credit Agreement [Member]	Dec. 31, 2012 Revolving Credit Agreement [Member]	Sep. 28, 2013 Revolving Credit Facility [Member]	Dec. 31, 2013 Revolving Credit Facility [Member]	Dec. 31, 2013 Letter of Credit [Member] Nucor Trading S.A. [Member]	Dec. 31, 2013 Letter of Credit [Member] Revolving Credit Agreement [Member]	Dec. 31, 2013 Foreign Currency Loans [Member] Revolving Credit Agreement [Member]	Dec. 31, 2013 Scenario, Previously Reported [Member] Revolving Credit Facility [Member]	Dec. 31, 2013 4.00% Notes Due in 2023 [Member]	Jul. 31, 2013 4.00% Notes Due in 2023 [Member]	Dec. 31, 2013 5.20% Notes Due in 2043 [Member]	Jul. 31, 2013 5.20% Notes Due in 2043 [Member]
Debt Instrument [Line Items]
Annual aggregate long-term debt maturities - 2014		$ 3,300,000
Annual aggregate long-term debt maturities - 2015		16,300,000
Annual aggregate long-term debt maturities - 2016		0
Annual aggregate long-term debt maturities - 2017		600,000,000
Annual aggregate long-term debt maturities - 2018		500,000,000
Annual aggregate long-term debt maturities - thereafter		3,261,000,000
Notes issued																500,000,000		500,000,000
Notes interest rate																4.00%		5.20%
Net proceeds of issuance of notes	991,500,000
Notes issuance cost	8,500,000
Credit facility availability		1,500,000,000	500,000,000	33,000,000			500,000,000		1,500,000,000			500,000,000	850,000,000
Cost in amendment of Revolving Credit Facility									600,000
Notes Maturity Date															2023		2043
Unsecured revolving credit facility, Expiration date										2018-08				2016-12
Ratio on the limit of funded debt to capital on credit facility							60.00%
Ratio funded debt to total capital		36.00%
Credit facilities, amount outstanding				0	29,200,000	27,100,000	0	0			31,800,000
Outstanding guarantees					100,000
Additional line of credit facility guaranteed					$ 29,100,000	$ 21,500,000

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Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	0 Months Ended			12 Months Ended
	Sep. 30, 2013	Oct. 01, 2012	Oct. 03, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Finite And Indefinite Lived Intangible Assets [Line Items]
Intangible asset amortization expense				$ 74.4	$ 73.0	$ 67.8
Future amortization expense, in 2014				70.0
Future amortization expense, in 2015				68.2
Future amortization expense, in 2016				66.5
Future amortization expense, in 2017				64.8
Future amortization expense, in 2018				61.1
Impairment of goodwill
Minimum [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Intangible assets, useful life				5 years
Maximum [Member]
Finite And Indefinite Lived Intangible Assets [Line Items]
Intangible assets, useful life				22 years

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Segments (Tables)

12 Months Ended

Dec. 31, 2013

Segments

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

	Year Ended December 31,
	2013			2012			2011
Net sales to external customers:
Steel mills	$	13,311,948		$	13,781,797		$	14,463,683
Steel products		3,607,333			3,738,381			3,431,490
Raw materials		2,132,765			1,909,095			2,128,391
	$	19,052,046		$	19,429,273		$	20,023,564
Intercompany sales:
Steel mills	$	2,563,554		$	2,609,411		$	2,430,459
Steel products		97,090			71,277			55,646
Raw materials		9,116,860			9,514,163			10,436,379
Corporate/eliminations		(11,777,504	)		(12,194,851	)		(12,922,484	)
	$	—		$	—		$	—
Depreciation expense:
Steel mills	$	332,258		$	366,182		$	372,040
Steel products		42,737			47,948			53,272
Raw materials		154,065			112,939			92,250
Corporate		6,792			6,941			5,009
	$	535,852		$	534,010		$	522,571
Amortization expense:
Steel mills	$	13,911		$	8,750		$	871
Steel products		31,082			35,152			38,743
Raw materials		29,363			29,109			28,215
Corporate		—			—			—
	$	74,356		$	73,011		$	67,829
Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	1,156,715		$	1,162,270		$	1,813,155
Steel products		82,129			(17,140	)		(60,282	)
Raw materials		13,686			55,264			156,180
Corporate/eliminations		(461,407	)		(347,454	)		(657,241	)
	$	791,123		$	852,940		$	1,251,812
Segment assets:
Steel mills	$	8,365,023		$	7,894,974		$	6,634,268
Steel products		2,861,403			2,935,146			2,972,004
Raw materials		3,956,913			3,400,690			2,946,549
Corporate/eliminations		19,944			(78,751	)		2,017,529
	$	15,203,283		$	14,152,059		$	14,570,350
Capital expenditures:
Steel mills	$	589,621		$	369,463		$	181,193
Steel products		22,472			31,698			20,918
Raw materials		610,745			604,312			245,337
Corporate		7,580			13,861			3,179
	$	1,230,418		$	1,019,334		$	450,627

Schedule of Net Sale by Product to External Customers

Net sales by product were as follows (in thousands). Further product group breakdown is impracticable.

	Year Ended December 31,
	2013		2012		2011
Net sales to external customers:
Sheet	$	5,219,464	$	5,540,868	$	5,967,756
Bar		3,730,328		3,999,911		4,237,154
Structural		2,558,538		2,301,778		2,049,907
Plate		1,803,618		1,939,240		2,208,866
Steel products		3,607,333		3,738,381		3,431,490
Raw materials		2,132,765		1,909,095		2,128,391
	$	19,052,046	$	19,429,273	$	20,023,564

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities:
Net earnings	$ 585,529	$ 593,126	$ 860,984
Adjustments:
Depreciation	535,852	534,010	522,571
Amortization	74,356	73,011	67,829
Stock-based compensation	47,450	50,733	49,003
Deferred income taxes	56,564	(25,274)	58,051
Distributions from affiliates	8,708
Equity in (earnings) losses of unconsolidated affiliates	(9,297)	13,323	10,043
Impairment of non-current assets		30,000	13,943
Loss on assets	14,000	17,563
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable	(103,649)	148,113	(274,920)
Inventories	(298,074)	(65,655)	(433,696)
Accounts payable	39,489	(111,496)	62,012
Federal income taxes	77,950	(28,022)	930
Salaries, wages and related accruals	7,155	(60,363)	129,340
Other operating activities	41,916	31,316	(35,037)
Cash provided by operating activities	1,077,949	1,200,385	1,031,053
Investing activities:
Capital expenditures	(1,196,952)	(947,608)	(438,943)
Investment in and advances to affiliates	(85,053)	(180,472)	(95,950)
Repayment of advances to affiliates	54,500	65,446	50,000
Disposition of plant and equipment	34,097	51,063	25,333
Acquisitions (net of cash acquired)		(760,833)	(3,959)
Purchases of investments	(19,349)	(409,403)	(1,494,782)
Proceeds from the sale of investments	92,761	1,667,142	1,285,763
Purchases of restricted investments			(564,994)
Proceeds from the sale of restricted investments	148,725	359,295	47,479
Changes in restricted cash	126,438	(48,625)	530,165
Other investing activities	4,863
Cash used in investing activities	(839,970)	(203,995)	(659,888)
Financing activities:
Net change in short-term debt	(671)	27,945	(11,450)
Repayment of long-term debt	(250,000)	(650,000)
Proceeds from issuance of long-term debt, net of discount	999,100
Bond issuance costs	(7,625)
Issuance of common stock		10,515	8,097
Excess tax benefits from stock-based compensation	2,955	4,700	1,000
Distributions to noncontrolling interests	(76,798)	(74,848)	(61,720)
Cash dividends	(471,028)	(466,361)	(461,518)
Other financing activities	111	1,172	30,569
Cash provided by (used in) financing activities	196,044	(1,146,877)	(495,022)
Effect of exchange rate changes on cash	(3,633)	2,704	(904)
Increase (decrease) in cash and cash equivalents	430,390	(147,783)	(124,761)
Cash and cash equivalents-beginning of year	1,052,862	1,200,645	1,325,406
Cash and cash equivalents-end of year	1,483,252	1,052,862	1,200,645
Non-cash investing activity:
Change in accrued plant and equipment purchases	$ 33,467	$ 71,726	$ 1,559

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Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross Amount	$ 1,320,987	$ 1,338,458
Intangible assets, Accumulated Amortization	446,833	379,218
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross Amount	1,147,786	1,156,979
Intangible assets, Accumulated Amortization	391,254	325,819
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross Amount	151,332	152,869
Intangible assets, Accumulated Amortization	40,397	32,653
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross Amount	21,869	28,610
Intangible assets, Accumulated Amortization	$ 15,182	$ 20,746

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Interest Expense (Income) (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Components of Interest Expense

The components of net interest expense are as follows (in thousands):

	Year Ended December 31,
	2013			2012			2011
Interest expense	$	151,986		$	173,503		$	178,812
Interest income		(5,091	)		(11,128	)		(12,718	)
Interest expense, net	$	146,895		$	162,375		$	166,094

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Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes

20. Income Taxes

Components of earnings from continuing operations before income taxes and noncontrolling interests are as follows (in thousands):

Year Ended December 31,	2013		2012			2011
United States	$	755,921	$	854,705		$	1,241,465
Foreign		35,202		(1,765	)		10,347
	$	791,123	$	852,940		$	1,251,812

The provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2013			2012			2011
Current:
Federal	$	138,343		$	261,552		$	329,076
State		223			20,337			1,685
Foreign		10,464			3,199			2,016
Total current		149,030			285,088			332,777
Deferred:
Federal		36,157			(23,052	)		55,124
State		(39	)		(10,440	)		10,400
Foreign		20,446			8,218			(7,473	)
Total deferred		56,564			(25,274	)		58,051
Total provision for income taxes	$	205,594		$	259,814		$	390,828

A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows:

	Year Ended December 31,
	2013			2012			2011
Taxes computed at statutory rate		35.00	%		35.00	%		35.00	%
State income taxes, net of federal income tax benefit		0.02			0.75			0.63
Federal research credit		(0.79	)		—			(0.28	)
Domestic manufacturing deduction		(1.74	)		(3.25	)		(2.21	)
Equity in losses of foreign joint ventures		1.36			1.43			0.64
Foreign rate differential		(2.35	)		0.60			(0.92	)
Noncontrolling interests		(4.32	)		(3.64	)		(2.32	)
Out of period correction to deferred taxes		(2.57	)		—			—
Other, net		1.38			(0.43	)		0.68
Provision for income taxes		25.99	%		30.46	%		31.22	%

The 2013 provision included a $21.3 million out-of-period non-cash gain related to a correction to the deferred tax balances. The out-of-period adjustment did not have a material impact in the current or any previously reported periods.

Deferred tax assets and liabilities resulted from the following (in thousands):

	December 31,
	2013			2012
Deferred tax assets:
Accrued liabilities and reserves	$	102,933		$	108,287
Allowance for doubtful accounts		19,756			14,212
Inventory		206,826			174,499
Post-retirement benefits		6,268			11,119
Natural gas hedges		—			221
Net operating loss carryforward		12,859			15,033
Tax credit carryforwards		56,185			28,600
Total deferred tax assets		404,827			351,971
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(16,582	)		(17,523	)
Cumulative translation adjustments		(1,403	)		(1,600	)
Commodity hedges		(805	)		—
Intangibles		(210,791	)		(233,413	)
Property, plant and equipment		(610,451	)		(475,176	)
Total deferred tax liabilities		(840,032	)		(727,712	)
Total net deferred tax liabilities	$	(435,205	)	$	(375,741	)

Current deferred tax assets included in other current assets were $255.5 million at December 31, 2013 ($190.4 million at December 31, 2012). Current deferred tax liabilities included in other current liabilities were $14.6 million at December 31, 2013 (none at December 31, 2012). Non-current deferred tax liabilities included in deferred credits and other liabilities were $676.2 million at December 31, 2013 ($566.1 million at December 31, 2012). Nucor paid $64.8 million in net federal, state and foreign income taxes in 2013 ($313.5 million and $322.4 million in 2012 and 2011, respectively).

Cumulative undistributed foreign earnings for which U.S. taxes have not been provided are included in consolidated retained earnings in the amount of $222.4 million at December 31, 2013 ($176.5 million at December 31, 2012). These earnings are considered to be indefinitely reinvested and, accordingly, no provisions for U.S. federal and state income taxes are required. It is not practicable to determine the amount of unrecognized deferred tax liability related to the unremitted earnings.

State net operating loss carryforwards were $824.0 million at December 31, 2013 ($606.4 million at December 31, 2012). If unused, they will expire between 2014 and 2033. Foreign net operating loss carryforwards were $50.5 million at December 31, 2013 ($59.2 million at December 31, 2012). If unused, they will expire between 2027 and 2033.

At December 31, 2013, Nucor had approximately $66.0 million of unrecognized tax benefits, of which $66.3 million would affect Nucor’s effective tax rate, if recognized. At December 31, 2012, Nucor had approximately $80.9 million of unrecognized tax benefits, of which $76.4 million would affect Nucor’s effective tax rate, if recognized.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands):

	December 31,
	2013			2012			2011
Balance at beginning of year	$	80,862		$	80,897		$	92,752
Additions based on tax positions related to current year		4,849			9,456			6,733
Reductions based on tax positions related to current year		(55	)		(132	)		(3,160	)
Additions based on tax positions related to prior years		2,307			5,821			937
Reductions based on tax positions related to prior years		(6,248	)		(3,296	)		(2,169	)
Reductions due to settlements with taxing authorities		—			(764	)		(958	)
Reductions due to statute of limitations lapse		(15,740	)		(11,120	)		(13,238	)
Balance at end of year	$	65,975		$	80,862		$	80,897

We estimate that in the next twelve months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $13.7 million, as a result of the expiration of the statute of limitations.

During 2013, Nucor recognized $0.9 million of expense in interest and penalties ($2.1 million of expense in 2012 and $3.6 million of expense in 2011). The interest and penalty expense is included in interest expense in the consolidated statements of earnings. As of December 31, 2013, Nucor had approximately $37.2 million of accrued interest and penalties related to uncertain tax positions ($36.4 million at December 31, 2012).

Nucor has concluded U.S. federal income tax matters for years through 2009. The 2010 to 2013 tax years are open to examination by the Internal Revenue Service. In 2011, the Canada Revenue Agency completed an audit examination for the periods 2006 to 2008 for Harris Steel Group Inc. and subsidiaries with immaterial adjustments to the income tax returns. The tax years 2009 through 2013 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).

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Interest Expense (Income)

12 Months Ended

Dec. 31, 2013

Interest Expense (Income)

19. Interest Expense (Income)

The components of net interest expense are as follows (in thousands):

	Year Ended December 31,
	2013			2012			2011
Interest expense	$	151,986		$	173,503		$	178,812
Interest income		(5,091	)		(11,128	)		(12,718	)
Interest expense, net	$	146,895		$	162,375		$	166,094

Interest paid was $141.2 million in 2013 ($178.0 million in 2012 and $177.6 million in 2011).

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Inventories - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Components Of Inventory [Line Items]
Raw materials and supplies in inventory, percentage	40.00%	37.00%
Finished and semi-finished products in inventory, percentage	60.00%	63.00%
Increased value of inventory if FIFO method had been used	$ 624.7	$ 607.2
Lower of cost or market adjustments	$ 2.1	$ 3.5

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components of Earnings from Continuing Operations Before Income Taxes and Noncontrolling Interests

Components of earnings from continuing operations before income taxes and noncontrolling interests are as follows (in thousands):

Year Ended December 31,	2013		2012			2011
United States	$	755,921	$	854,705		$	1,241,465
Foreign		35,202		(1,765	)		10,347
	$	791,123	$	852,940		$	1,251,812

Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2013			2012			2011
Current:
Federal	$	138,343		$	261,552		$	329,076
State		223			20,337			1,685
Foreign		10,464			3,199			2,016
Total current		149,030			285,088			332,777
Deferred:
Federal		36,157			(23,052	)		55,124
State		(39	)		(10,440	)		10,400
Foreign		20,446			8,218			(7,473	)
Total deferred		56,564			(25,274	)		58,051
Total provision for income taxes	$	205,594		$	259,814		$	390,828

Reconciliation of the Federal Statutory Tax Rate to Total Provisions

A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows:

	Year Ended December 31,
	2013			2012			2011
Taxes computed at statutory rate		35.00	%		35.00	%		35.00	%
State income taxes, net of federal income tax benefit		0.02			0.75			0.63
Federal research credit		(0.79	)		—			(0.28	)
Domestic manufacturing deduction		(1.74	)		(3.25	)		(2.21	)
Equity in losses of foreign joint ventures		1.36			1.43			0.64
Foreign rate differential		(2.35	)		0.60			(0.92	)
Noncontrolling interests		(4.32	)		(3.64	)		(2.32	)
Out of period correction to deferred taxes		(2.57	)		—			—
Other, net		1.38			(0.43	)		0.68
Provision for income taxes		25.99	%		30.46	%		31.22	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities resulted from the following (in thousands):

	December 31,
	2013			2012
Deferred tax assets:
Accrued liabilities and reserves	$	102,933		$	108,287
Allowance for doubtful accounts		19,756			14,212
Inventory		206,826			174,499
Post-retirement benefits		6,268			11,119
Natural gas hedges		—			221
Net operating loss carryforward		12,859			15,033
Tax credit carryforwards		56,185			28,600
Total deferred tax assets		404,827			351,971
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(16,582	)		(17,523	)
Cumulative translation adjustments		(1,403	)		(1,600	)
Commodity hedges		(805	)		—
Intangibles		(210,791	)		(233,413	)
Property, plant and equipment		(610,451	)		(475,176	)
Total deferred tax liabilities		(840,032	)		(727,712	)
Total net deferred tax liabilities	$	(435,205	)	$	(375,741	)

Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands):

	December 31,
	2013			2012			2011
Balance at beginning of year	$	80,862		$	80,897		$	92,752
Additions based on tax positions related to current year		4,849			9,456			6,733
Reductions based on tax positions related to current year		(55	)		(132	)		(3,160	)
Additions based on tax positions related to prior years		2,307			5,821			937
Reductions based on tax positions related to prior years		(6,248	)		(3,296	)		(2,169	)
Reductions due to settlements with taxing authorities		—			(764	)		(958	)
Reductions due to statute of limitations lapse		(15,740	)		(11,120	)		(13,238	)
Balance at end of year	$	65,975		$	80,862		$	80,897

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2013

Accumulated Other Comprehensive Income (Loss)

21. Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands):

	Year Ended December 31, 2013
	Gains and Losses on Hedging Derivatives			Foreign Currency Gain (Loss)			Adjustment to Early Retiree Medical Plan			Total
Balance, December 31, 2012	$	—		$	46,181		$	10,580		$	56,761
Other comprehensive (loss) income before reclassifications		—			(53,619	)		5,938			(47,681	)
Amounts reclassified from accumulated other comprehensive (loss) income into earnings		—			—			—			—
Net current-period other comprehensive (loss) income		—			(53,619	)		5,938			(47,681	)
Balance, December 31, 2013	$	—		$	(7,438	)	$	16,518		$	9,080
	Year Ended December 31, 2012
	Gains and Losses on Hedging Derivatives			Foreign Currency Gain (Loss)			Adjustment to Early Retiree Medical Plan			Total
Balance, December 31, 2011	$	(40,250	)	$	(12,311	)	$	14,384		$	(38,177	)
Other comprehensive (loss) income before reclassifications		—			58,785			(3,804	)		54,981
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1)		40,250			—			—			40,250
Net current-period other comprehensive (loss) income		40,250			58,785			(3,804	)		95,231
Other		—			(293	)		—			(293	)
Balance, December 31, 2012	$	—		$	46,181		$	10,580		$	56,761

1– Includes $40,250 net-of-tax impact of accumulated other comprehensive income reclassifications into Cost of Products Sold for net losses on commodity contracts. The tax impact of this reclassification was $23,900.

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Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share

22. Earnings Per Share

The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data):

	2013			2012			2011
Basic net earnings per share:
Basic net earnings	$	488,025		$	504,619		$	778,188
Earnings allocated to participating securities		(1,919	)		(1,713	)		(2,653	)
Net earnings available to common stockholders	$	486,106		$	502,906		$	775,535
Average shares outstanding		319,077			318,172			316,997
Basic net earnings per share	$	1.52		$	1.58		$	2.45
Diluted net earnings per share:
Diluted net earnings	$	488,025		$	504,619		$	778,188
Earnings allocated to participating securities		(1,919	)		(1,714	)		(2,654	)
Net earnings available to common stockholders	$	486,106		$	502,905		$	775,534
Diluted average shares outstanding:
Basic shares outstanding		319,077			318,172			316,997
Dilutive effect of stock options and other		189			68			164
		319,266			318,240			317,161
Diluted net earnings per share	$	1.52		$	1.58		$	2.45

The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands):

	2013		2012		2011
Anti-dilutive stock options:
Weighted average shares		137		801		801
Weighted average exercise price	$	44.51	$	42.07	$	42.07

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Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash dividends per share	$ 1.4725	$ 1.4625	$ 1.4525

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Segments

12 Months Ended

Dec. 31, 2013

Segments

23. 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 foundation distributors; 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 and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; 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 periods 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. Additionally, the composition of assets by segment at December 31, 2012 and December 31, 2011 was reclassified to conform with the current year presentation. This reclassification between segments did not have any impact on the consolidated asset balances.

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 and state income taxes receivable, the LIFO reserve and investments in and advances to affiliates.

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

	Year Ended December 31,
	2013			2012			2011
Net sales to external customers:
Steel mills	$	13,311,948		$	13,781,797		$	14,463,683
Steel products		3,607,333			3,738,381			3,431,490
Raw materials		2,132,765			1,909,095			2,128,391
	$	19,052,046		$	19,429,273		$	20,023,564
Intercompany sales:
Steel mills	$	2,563,554		$	2,609,411		$	2,430,459
Steel products		97,090			71,277			55,646
Raw materials		9,116,860			9,514,163			10,436,379
Corporate/eliminations		(11,777,504	)		(12,194,851	)		(12,922,484	)
	$	—		$	—		$	—
Depreciation expense:
Steel mills	$	332,258		$	366,182		$	372,040
Steel products		42,737			47,948			53,272
Raw materials		154,065			112,939			92,250
Corporate		6,792			6,941			5,009
	$	535,852		$	534,010		$	522,571
Amortization expense:
Steel mills	$	13,911		$	8,750		$	871
Steel products		31,082			35,152			38,743
Raw materials		29,363			29,109			28,215
Corporate		—			—			—
	$	74,356		$	73,011		$	67,829
Earnings (loss) before income taxes and noncontrolling interests:
Steel mills	$	1,156,715		$	1,162,270		$	1,813,155
Steel products		82,129			(17,140	)		(60,282	)
Raw materials		13,686			55,264			156,180
Corporate/eliminations		(461,407	)		(347,454	)		(657,241	)
	$	791,123		$	852,940		$	1,251,812
Segment assets:
Steel mills	$	8,365,023		$	7,894,974		$	6,634,268
Steel products		2,861,403			2,935,146			2,972,004
Raw materials		3,956,913			3,400,690			2,946,549
Corporate/eliminations		19,944			(78,751	)		2,017,529
	$	15,203,283		$	14,152,059		$	14,570,350
Capital expenditures:
Steel mills	$	589,621		$	369,463		$	181,193
Steel products		22,472			31,698			20,918
Raw materials		610,745			604,312			245,337
Corporate		7,580			13,861			3,179
	$	1,230,418		$	1,019,334		$	450,627

Net sales by product were as follows (in thousands). Further product group breakdown is impracticable.

	Year Ended December 31,
	2013		2012		2011
Net sales to external customers:
Sheet	$	5,219,464	$	5,540,868	$	5,967,756
Bar		3,730,328		3,999,911		4,237,154
Structural		2,558,538		2,301,778		2,049,907
Plate		1,803,618		1,939,240		2,208,866
Steel products		3,607,333		3,738,381		3,431,490
Raw materials		2,132,765		1,909,095		2,128,391
	$	19,052,046	$	19,429,273	$	20,023,564

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Income Taxes - Components of Earnings from Continuing Operations Before Income Taxes and Noncontrolling Interests (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Line Items]
United States	$ 755,921	$ 854,705	$ 1,241,465
Foreign	35,202	(1,765)	10,347
Earnings before income taxes and noncontrolling interests	$ 791,123	$ 852,940	$ 1,251,812

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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Values of Derivative Instruments

The following tables summarize information regarding Nucor’s derivative instruments:

Fair Value of Derivative Instruments (in thousands)
		Fair Value at December 31,
	Consolidated Balance Sheet Location	2013			2012
Liability derivatives not designated as hedging instruments:
Commodity contracts	Accrued expenses and other current liabilities	$	(553	)	$	(303	)
Foreign exchange contracts	Accrued expenses and other current liabilities		(2	)		(15	)
Total liability derivatives not designated as hedging instruments		$	(555	)	$	(318	)

Designated as Hedging Instrument [Member]

Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings

The Effect of Derivative Instruments on the Consolidated Statements of Earnings

Derivatives Designated as Hedging Instruments (in thousands)

Derivatives in Cash Flow Hedging Relationships	Statement of Earnings Location	Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)								Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)								Amount of Gain or (Loss) Recognized in Earnings on Derivatives (Ineffective Portion)
		2013		2012			2011			2013		2012			2011			2013		2012		2011
Commodity contracts	Cost of products sold	$	—	$	(2,264	)	$	(8,454	)	$	—	$	(42,515	)	$	(37,093	)	$	—	$	500	$	600

Not Designated as Hedging Instrument [Member]

Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings

Derivatives Not Designated as Hedging Instruments (in thousands)
Derivatives Not Designated as Hedging Instruments	Statement of Earnings Location	Amount of Gain or (Loss) Recognized in Earnings on Derivatives
		2013		2012		2011
Commodity contracts	Cost of products sold	$	4,622	$	1,321	$	11,757
Foreign exchange contracts	Cost of products sold		112		198		(665	)
Total		$	4,734	$	1,519	$	11,092

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Acquisitions and Dispositions - Preliminary Purchase Price Allocation to Identifiable Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	0 Months Ended
	Jun. 20, 2012
Business Acquisition [Line Items]
Intangible assets	$ 215,600
Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets	184,500
Weighted - Average Life	17 years
Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets	28,500
Weighted - Average Life	20 years
Other [Member]
Business Acquisition [Line Items]
Intangible assets	$ 2,600
Weighted - Average Life	3 years

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Fair Value Measurements - Additional Information (Detail) (USD $) In Billions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of short-term and long-term debt, including current maturities	$ 4.61	$ 4.24

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents (Note 15)	$ 1,483,252	$ 1,052,862
Short-term investments (Notes 4 and 15)	28,191	104,167
Accounts receivable, net (Note 5)	1,810,987	1,707,317
Inventories, net (Note 6)	2,605,609	2,323,641
Other current assets (Notes 10 and 20)	482,007	473,377
Total current assets	6,410,046	5,661,364
Property, plant and equipment, net (Note 7)	4,917,024	4,283,056
Restricted cash and investments (Notes 8 and 15)	0	275,163
Goodwill (Note 9)	1,973,608	2,004,538
Other intangible assets, net (Note 9)	874,154	959,240
Other assets (Note 10)	1,028,451	968,698
Total assets	15,203,283	14,152,059
Current liabilities:
Short-term debt (Notes 12 and 15)	29,202	29,912
Long-term debt due within one year (Notes 12 and 15)	3,300	250,000
Accounts payable (Note 11)	1,117,078	1,046,713
Salaries, wages and related accruals (Note 18)	282,860	279,898
Accrued expenses and other current liabilities (Notes 11, 14, 16 and 20)	527,776	423,045
Total current liabilities	1,960,216	2,029,568
Long-term debt due after one year (Notes 12 and 15)	4,376,900	3,380,200
Deferred credits and other liabilities (Notes 16, 18 and 20)	955,889	856,917
Total liabilities	7,293,005	6,266,685
Commitments and contingencies (Note 16)
Nucor stockholders' equity (Notes 13 and 17):
Common stock (800,000 shares authorized; 377,525 and 377,013 shares issued, respectively)	151,010	150,805
Additional paid-in capital	1,843,353	1,811,459
Retained earnings	7,140,440	7,124,523
Accumulated other comprehensive income, net of income taxes (Notes 2, 14 and 21)	9,080	56,761
Treasury stock (59,197 and 59,350 shares, respectively)	(1,498,114)	(1,501,977)
Total Nucor stockholders' equity	7,645,769	7,641,571
Noncontrolling interests	264,509	243,803
Total equity	7,910,278	7,885,374
Total liabilities and equity	$ 15,203,283	$ 14,152,059

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2013

Components of Accumulated Other Comprehensive (Loss) Income

The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands):

	Year Ended December 31, 2013
	Gains and Losses on Hedging Derivatives			Foreign Currency Gain (Loss)			Adjustment to Early Retiree Medical Plan			Total
Balance, December 31, 2012	$	—		$	46,181		$	10,580		$	56,761
Other comprehensive (loss) income before reclassifications		—			(53,619	)		5,938			(47,681	)
Amounts reclassified from accumulated other comprehensive (loss) income into earnings		—			—			—			—
Net current-period other comprehensive (loss) income		—			(53,619	)		5,938			(47,681	)
Balance, December 31, 2013	$	—		$	(7,438	)	$	16,518		$	9,080
	Year Ended December 31, 2012
	Gains and Losses on Hedging Derivatives			Foreign Currency Gain (Loss)			Adjustment to Early Retiree Medical Plan			Total
Balance, December 31, 2011	$	(40,250	)	$	(12,311	)	$	14,384		$	(38,177	)
Other comprehensive (loss) income before reclassifications		—			58,785			(3,804	)		54,981
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1)		40,250			—			—			40,250
Net current-period other comprehensive (loss) income		40,250			58,785			(3,804	)		95,231
Other		—			(293	)		—			(293	)
Balance, December 31, 2012	$	—		$	46,181		$	10,580		$	56,761

1– Includes $40,250 net-of-tax impact of accumulated other comprehensive income reclassifications into Cost of Products Sold for net losses on commodity contracts. The tax impact of this reclassification was $23,900.

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Quarterly Information - Schedule of Quarterly Information (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 31, 2012	Sep. 29, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013
Quarterly Financial Information [Line Items]
LIFO charges	$ 17.4	$ (18.0)	$ 0	$ 18.0	$ (71.9)	$ (84.0)	$ (14.5)	$ 14.5
Net pre-tax charge related to partial write down of inventory and fixed asset		14.0
Non-cash gain related to correction of deferred tax balances	21.3								21.3
Purchase Accounting Adjustments					12.0	28.2	8.6
Impairment of equity method investments							30.0
Loss on sale of Assets						$ 17.6

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net unrealized loss on hedging derivatives, tax effect	$ 0	$ (1,100)	$ (4,700)
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, tax effect	0	25,000	21,800
Foreign currency translation gain (loss), tax effect	(600)	0	100
Adjustment to early retiree medical plan, tax effect	$ 2,547	$ (1,528)	$ 952

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Segments - Schedule of Net Sale by Product to External Customers (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 31, 2012	Sep. 29, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Net sales to external customers	$ 4,894,750	$ 4,940,936	$ 4,665,588	$ 4,550,772	$ 4,451,274	$ 4,801,206	$ 5,104,199	$ 5,072,594	$ 19,052,046	$ 19,429,273	$ 20,023,564
Sheet [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									5,219,464	5,540,868	5,967,756
Bar [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									3,730,328	3,999,911	4,237,154
Structural [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									2,558,538	2,301,778	2,049,907
Plate [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									1,803,618	1,939,240	2,208,866
Steel Products [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									3,607,333	3,738,381	3,431,490
Raw Materials [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									$ 2,132,765	$ 1,909,095	$ 2,128,391

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Restricted Cash and Investments - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Nov. 30, 2010 30-Year Variable Rate Gulf Opportunity Zone Bonds [Member]
Restricted Cash and Investments [Line Items]
Debt instrument face amount			$ 600,000,000
Term of variable rate bonds, years			30 years
Qualified expenditure for construction of facility	275,300,000	311,800,000
Restricted Investments		149,800,000
Restricted cash or investment	$ 0	$ 275,163,000

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash equivalents are recorded at cost plus accrued interest, which approximates market, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions.

Short-term Investments

Short-term Investments

Short-term investments are recorded at cost plus accrued interest, which approximates market. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date.

Inventories Valuation

Inventories Valuation

Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 45% of total inventories as of December 31, 2013 (45% as of December 31, 2012). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred.

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting

unit is less than its carrying amount. For certain reporting units it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods.

Finite-lived intangible assets are amortized over their estimated useful lives.

Long-Lived Asset Impairments

Long-Lived Asset Impairments

We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to estimated fair market value.

Equity Method Investments

Equity Method Investments

Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value.

Derivative Financial Instruments

Derivative Financial Instruments

Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions.

Nucor recognizes all material derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported currently in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction.

Revenue Recognition

Revenue Recognition

Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred.

Income Taxes

Income Taxes

Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized.

Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense.

Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings.

Stock-Based Compensation

Stock-Based Compensation

The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience.

Foreign Currency Translation

Foreign Currency Translation

For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In the first quarter of 2013, Nucor adopted new accounting guidance requiring additional disclosures on reclassifications from accumulated other comprehensive income into net income. The new accounting guidance requires entities to report either parenthetically on the face of the financial statements or in the notes to the financial statements these reclassifications for each financial statement line item. Nucor elected to report this information within the notes to the financial statements (see Note 21). This new guidance only impacts disclosures and has no impact on Nucor’s consolidated financial position, results of operations or cash flows.

In the first quarter of 2014, Nucor will adopt new accounting guidance, which requires unrecognized tax benefits to be presented as a decrease in net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The new guidance may affect balance sheet classification of certain unrecognized tax benefits and will have no impact on Nucor’s consolidated results of operations or cash flows.

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Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Long-term Debt	$ 4,380,200	$ 3,630,200
Less current maturities	(3,300)	(250,000)
Long-term Debt due after one year	4,376,900	3,380,200
Notes, 5.0%, due 2013 [Member]
Debt Instrument [Line Items]
Debt instrument face amount		250,000
Notes, 5.75%, due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument face amount	600,000	600,000
Notes, 5.85%, due 2018 [Member]
Debt Instrument [Line Items]
Debt instrument face amount	500,000	500,000
Notes, 4.125%, due 2022 [Member]
Debt Instrument [Line Items]
Debt instrument face amount	600,000	600,000
Notes, 4.0%, due 2023 [Member]
Debt Instrument [Line Items]
Debt instrument face amount	500,000
Notes, 6.40%, due 2037 [Member]
Debt Instrument [Line Items]
Debt instrument face amount	650,000	650,000
Notes, 5.20%, due 2043 [Member]
Debt Instrument [Line Items]
Debt instrument face amount	500,000
Industrial Revenue Bonds [Member] | 0.20% to 1.5%, variable, due from 2014 to 2040 [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 1,030,200	$ 1,030,200

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Capital Stock

12 Months Ended

Dec. 31, 2013

Capital Stock

13. Capital Stock

The par value of Nucor’s common stock is $0.40 per share and there are 800 million shares authorized. In addition, 250,000 shares of preferred stock, par value of $4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed by Nucor’s board of directors. There are no shares of preferred stock issued or outstanding.

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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2013

Estimated Fair Values of Assets Acquired and Liabilities

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Skyline as of the date of acquisition (in thousands):

Accounts receivable	$	128,004
Inventory		260,473
Other current assets		4,410
Property, plant and equipment		70,100
Goodwill		138,579
Other intangible assets		215,600
Total assets acquired		817,166
Current liabilities		137,654
Deferred credits and other liabilities		4,078
Total liabilities assumed		141,732
Net assets acquired	$	675,434

Preliminary Purchase Price Allocation to Identifiable Intangible Assets

The purchase price allocation to the identifiable intangible assets is as follows (in thousands, except years):

As of the date of acquisition			Weighted - Average Life
Customer relationships	$	184,500		17 years
Trademarks and trade names		28,500		20 years
Other		2,600		3 years
	$	215,600

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Fair Value Measurements

12 Months Ended

Dec. 31, 2013

Fair Value Measurements

15. Fair Value Measurements

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that are measured at fair value as of December 31, 2013 and 2012 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis.

				Fair Value Measurements at Reporting Date Using
	Carrying Amount in Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
December 31, 2013
Assets:
Cash equivalents	$	1,269,465		$	1,269,465	$	—		$	—
Short-term investments		28,191			28,191		—			—
Total assets	$	1,297,656		$	1,297,656	$	—		$	—
Liabilities:
Foreign exchange and commodity contracts	$	(555	)	$	—	$	(555	)	$	—
December 31, 2012
Assets:
Cash equivalents	$	830,011		$	830,011	$	—		$	—
Short-term investments		104,167			104,167		—			—
Restricted cash and investments		275,163			275,163		—			—
Total assets	$	1,209,341		$	1,209,341	$	—		$	—
Liabilities:
Foreign exchange and commodity contracts	$	(318	)	$	—	$	(318	)	$	—

Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and investments are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates.

The fair value of short-term and long-term debt, including current maturities, was approximately $4.61 billion at December 31, 2013 ($4.24 billion at December 31, 2012). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at December 31, 2013 and 2012, or similar debt with the same maturities, rating and interest rates.

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Capital Stock - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Capital Stock [Line Items]
The par value of common stock	$ 0.40
Common stock shares authorized	800,000,000	800,000,000
Preferred stock shares authorized	250,000
Preferred stock par value per share	$ 4.00
Preferred stock shares outstanding	0
Preferred stock shares issued	0

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Consolidated Statements of Stockholders' Equity (USD $) In Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock (at cost) [Member]	Total Nucor Stockholders' Equity [Member]	Noncontrolling Interests [Member]
BALANCES, beginning of period at Dec. 31, 2010	$ 7,330,694	$ 150,181	$ 1,711,518	$ 6,795,988	$ (27,776)	$ (1,509,841)	$ 7,120,070	$ 210,624
BALANCES, shares at beginning of period at Dec. 31, 2010		375,451				59,660
Net earnings	860,984			778,188			778,188	82,796
Other comprehensive income	(10,406)				(10,401)		(10,401)	(5)
Stock options exercised	8,097	155	7,942				8,097
Stock options exercised (in shares)	387	387
Stock option expense	9,850		9,850				9,850
Issuance of stock under award plans, net of forfeitures	30,091	160	25,624			4,307	30,091
Issuance of stock under award plans, net of forfeitures, shares		401				(170)
Amortization of unearned compensation	1,600		1,600				1,600
Cash dividends	(462,610)			(462,610)			(462,610)
Distributions to noncontrolling interests	(61,720)							(61,720)
BALANCES, end of period at Dec. 31, 2011	7,706,580	150,496	1,756,534	7,111,566	(38,177)	(1,505,534)	7,474,885	231,695
BALANCES, shares at end of period at Dec. 31, 2011		376,239				59,490
Net earnings	593,126			504,619			504,619	88,507
Other comprehensive income	95,231				95,226		95,226	5
Stock options exercised	10,515	142	10,373				10,515
Stock options exercised (in shares)	354	354
Stock option expense	9,850		9,850				9,850
Issuance of stock under award plans, net of forfeitures	36,119	167	32,395			3,557	36,119
Issuance of stock under award plans, net of forfeitures, shares		420				(140)
Amortization of unearned compensation	800		800				800
Cash dividends	(467,662)			(467,662)			(467,662)
Distributions to noncontrolling interests	(74,848)							(74,848)
Other	(24,337)		1,507	(24,000)	(288)		(22,781)	(1,556)
BALANCES, end of period at Dec. 31, 2012	7,885,374	150,805	1,811,459	7,124,523	56,761	(1,501,977)	7,641,571	243,803
BALANCES, shares at end of period at Dec. 31, 2012		377,013				59,350
Net earnings	585,529			488,025			488,025	97,504
Other comprehensive income	(47,681)				(47,681)		(47,681)
Stock option expense	8,576		8,576				8,576
Issuance of stock under award plans, net of forfeitures	26,565	205	22,497			3,863	26,565
Issuance of stock under award plans, net of forfeitures, shares		512				(153)
Amortization of unearned compensation	821		821				821
Cash dividends	(472,108)			(472,108)			(472,108)
Distributions to noncontrolling interests	(76,798)							(76,798)
BALANCES, end of period at Dec. 31, 2013	$ 7,910,278	$ 151,010	$ 1,843,353	$ 7,140,440	$ 9,080	$ (1,498,114)	$ 7,645,769	$ 264,509
BALANCES, shares at end of period at Dec. 31, 2013		377,525				59,197

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Consolidated Balance Sheets (Parenthetical) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Common stock shares authorized	800,000	800,000
Common stock shares issued	377,525	377,013
Treasury stock	59,197	59,350

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Restricted Cash and Investments

12 Months Ended

Dec. 31, 2013

Restricted Cash and Investments

8. Restricted Cash and Investments

There were no restricted cash or investments as of December 31, 2013 ($275.2 million at December 31, 2012). As of December 31, 2012, restricted cash and investments consisted of net proceeds from $600.0 million 30-year variable rate Gulf Opportunity Zone bonds issued in November 2010. The restricted cash and investments were held in a trust account and were used to partially fund the capital costs associated with the construction of Nucor’s direct reduced ironmaking facility in St. James Parish, Louisiana. Funds were disbursed as qualified expenditures for the construction of the facility were made ($275.3 million in 2013 and $311.8 million in 2012). Included in the December 31, 2012 restricted cash and investments balance was $149.8 million of restricted investments. The investments held at December 31, 2012 were in Federal Home Loan Bank (FHLB) obligations, which carried high credit ratings from both Moody’s and Standard & Poor’s. The interest rates on the FHLBs

were fixed at inception and interest earned on the investments was subject to the same usage requirements as the bond proceeds. Since the restricted cash, investments and interest on investments must be used for the construction of the facility, the entire balance was classified as a non-current asset.

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Segments - Segments (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 31, 2012	Sep. 29, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Net sales to external customers	$ 4,894,750	$ 4,940,936	$ 4,665,588	$ 4,550,772	$ 4,451,274	$ 4,801,206	$ 5,104,199	$ 5,072,594	$ 19,052,046	$ 19,429,273	$ 20,023,564
Intercompany sales
Depreciation expense									535,852	534,010	522,571
Amortization expense									74,356	73,011	67,829
Earnings before income taxes and noncontrolling interests									791,123	852,940	1,251,812
Segment assets	15,203,283				14,152,059				15,203,283	14,152,059	14,570,350
Capital expenditures									1,230,418	1,019,334	450,627
Steel Mills [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									13,311,948	13,781,797	14,463,683
Intercompany sales									2,563,554	2,609,411	2,430,459
Depreciation expense									332,258	366,182	372,040
Amortization expense									13,911	8,750	871
Earnings before income taxes and noncontrolling interests									1,156,715	1,162,270	1,813,155
Segment assets	8,365,023				7,894,974				8,365,023	7,894,974	6,634,268
Capital expenditures									589,621	369,463	181,193
Steel Products [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									3,607,333	3,738,381	3,431,490
Intercompany sales									97,090	71,277	55,646
Depreciation expense									42,737	47,948	53,272
Amortization expense									31,082	35,152	38,743
Earnings before income taxes and noncontrolling interests									82,129	(17,140)	(60,282)
Segment assets	2,861,403				2,935,146				2,861,403	2,935,146	2,972,004
Capital expenditures									22,472	31,698	20,918
Raw Materials [Member]
Segment Reporting Information [Line Items]
Net sales to external customers									2,132,765	1,909,095	2,128,391
Intercompany sales									9,116,860	9,514,163	10,436,379
Depreciation expense									154,065	112,939	92,250
Amortization expense									29,363	29,109	28,215
Earnings before income taxes and noncontrolling interests									13,686	55,264	156,180
Segment assets	3,956,913				3,400,690				3,956,913	3,400,690	2,946,549
Capital expenditures									610,745	604,312	245,337
Corporate/Eliminations [Member]
Segment Reporting Information [Line Items]
Intercompany sales									(11,777,504)	(12,194,851)	(12,922,484)
Depreciation expense									6,792	6,941	5,009
Amortization expense
Earnings before income taxes and noncontrolling interests									(461,407)	(347,454)	(657,241)
Segment assets	19,944				(78,751)				19,944	(78,751)	2,017,529
Capital expenditures									$ 7,580	$ 13,861	$ 3,179

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Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 31, 2012	Sep. 29, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Line Items]
Basic net earnings	$ 170,494	$ 147,597	$ 85,145	$ 84,789	$ 136,908	$ 110,308	$ 112,299	$ 145,104	$ 488,025	$ 504,619	$ 778,188
Earnings allocated to participating securities									(1,919)	(1,713)	(2,653)
Net earnings available to common stockholders									486,106	502,906	775,535
Average shares outstanding									319,077	318,172	316,997
Basic net earnings per share	$ 0.53	$ 0.46	$ 0.27	$ 0.26	$ 0.43	$ 0.35	$ 0.35	$ 0.46	$ 1.52	$ 1.58	$ 2.45
Diluted net earnings	170,494	147,597	85,145	84,789	136,908	110,308	112,299	145,104	488,025	504,619	778,188
Earnings allocated to participating securities									(1,919)	(1,714)	(2,654)
Net earnings available to common stockholders									$ 486,106	$ 502,905	$ 775,534
Basic shares outstanding									319,077	318,172	316,997
Dilutive effect of stock options and other									189	68	164
Diluted average shares outstanding									319,266	318,240	317,161
Diluted net earnings per share	$ 0.53	$ 0.46	$ 0.27	$ 0.26	$ 0.43	$ 0.35	$ 0.35	$ 0.46	$ 1.52	$ 1.58	$ 2.45

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Document and Entity Information (USD $) In Billions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Feb. 21, 2014	Jun. 29, 2013
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Entity Registrant Name	NUCOR CORP
Entity Central Index Key	0000073309
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		318,366,149
Entity Public Float			$ 13.69

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Other Intangible Assets

9. Goodwill and Other Intangible Assets

The change in the net carrying amount of goodwill for the years ended December 31, 2013 and 2012 by segment is as follows (in thousands):

	Steel Mills		Steel Products			Raw Materials		All Other			Total
Balance, December 31, 2011	$	268,466	$	790,441		$	682,902	$	88,852		$	1,830,661
Acquisitions and dispositions		138,579		(3,489	)		20,323		—			155,413
Translation		—		18,464			—		—			18,464
Balance, December 31, 2012		407,045		805,416			703,225		88,852			2,004,538
Reclassifications		88,852		—			—		(88,852	)		—
Translation		—		(26,067	)		—		—			(26,067	)
Other		—		(4,863	)		—		—			(4,863	)
Balance, December 31, 2013	$	495,897	$	774,486		$	703,225	$	—		$	1,973,608

The majority of goodwill is not tax deductible.

Previously, Nucor’s steel trading businesses and rebar distribution businesses were reported in the “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 (see Note 1).

Intangible assets with estimated lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands):

	December 31, 2013				December 31, 2012
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	1,147,786	$	391,254	$	1,156,979	$	325,819
Trademarks and trade names		151,332		40,397		152,869		32,653
Other		21,869		15,182		28,610		20,746
	$	1,320,987	$	446,833	$	1,338,458	$	379,218

Intangible asset amortization expense was $74.4 million in 2013 ($73.0 million in 2012 and $67.8 million in 2011). Annual amortization expense is estimated to be $70.0 million in 2014; $68.2 million in 2015; $66.5 million in 2016; $64.8 million in 2017; and $61.1 million in 2018.

The Company completed its annual goodwill impairment testing as of the first days of the fourth quarters of 2013, 2012 and 2011 and concluded that as of such dates there was no impairment of goodwill for any of its reporting units. We do not believe there are currently any reporting units at risk of goodwill impairment in the near term. However,

assumptions in estimating reporting unit fair values are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the estimated reporting unit fair values and could result in impairment charges in future periods.

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Employee Benefit Plans - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Employee Benefit Plans [Line Items]
Profit Sharing and Retirement Savings Plan, plan expense	$ 71.7	$ 77.7	$ 117.7
Unfunded obligation	9.9	13.5
Benefit (expense) associated with early retiree medical plan	0.6	1.9	(3.5)
Gain related to correction of error in the actuarial calculation			29.0
Reduction of other comprehensive income	$ 7.6
Discount rate used to calculate expenses	4.60%	3.70%	4.50%
Health care cost trend rate	6.60%	6.60%	6.70%
Year that trend rate is projected to reach ultimate rate	2027
December 31, 2027 [Member]
Employee Benefit Plans [Line Items]
Health care cost trend rate	4.50%

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Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from accumulated other comprehensive income into earnings		$ 42,515	$ 37,093
AOCI reclassification impact on tax		23,900
Cost of Products Sold [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from accumulated other comprehensive income into earnings		$ 40,250

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Consolidated Statements of Earnings (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net sales	$ 19,052,046	$ 19,429,273	$ 20,023,564
Costs, expenses and other:
Cost of products sold (Notes 1, 6, 14 and 18)	17,641,421	17,915,735	18,142,144
Marketing, administrative and other expenses (Notes 1, 3 and 7)	481,904	454,900	439,528
Equity in (earnings) losses of unconsolidated affiliates (Note 10)	(9,297)	13,323	10,043
Impairment of non-current assets (Note 10)		30,000	13,943
Interest expense, net (Notes 19 and 20)	146,895	162,375	166,094
Costs, expenses and other, total	18,260,923	18,576,333	18,771,752
Earnings before income taxes and noncontrolling interests	791,123	852,940	1,251,812
Provision for income taxes (Note 20)	205,594	259,814	390,828
Net earnings	585,529	593,126	860,984
Earnings attributable to noncontrolling interests	97,504	88,507	82,796
Net earnings attributable to Nucor stockholders	$ 488,025	$ 504,619	$ 778,188
Net earnings per share (Note 22):
Basic	$ 1.52	$ 1.58	$ 2.45
Diluted	$ 1.52	$ 1.58	$ 2.45

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Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2013

Acquisitions and Dispositions

3. Acquisitions and Dispositions

On June 20, 2012, Nucor completed the acquisition of the entire equity interest in Skyline Steel LLC (Skyline) and its subsidiaries for the cash purchase price of approximately $675.4 million. No cash was received nor was any debt assumed as a result of the acquisition. Skyline’s financial results are included as part of the steel mills segment (see Note 23).

Skyline is a steel foundation manufacturer and distributor serving the U.S., Canada, Mexico and the Caribbean. Skyline’s steel products are used in marine construction, bridge and highway construction, heavy civil construction, storm protection, underground commercial parking and environmental containment projects in the infrastructure and construction industries. Skyline is a significant consumer of H-piling and sheet piling from Nucor-Yamato Steel Company.

We have allocated the purchase price for Skyline to its individual assets acquired and liabilities assumed.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Skyline as of the date of acquisition (in thousands):

Accounts receivable	$	128,004
Inventory		260,473
Other current assets		4,410
Property, plant and equipment		70,100
Goodwill		138,579
Other intangible assets		215,600
Total assets acquired		817,166
Current liabilities		137,654
Deferred credits and other liabilities		4,078
Total liabilities assumed		141,732
Net assets acquired	$	675,434

The purchase price allocation to the identifiable intangible assets is as follows (in thousands, except years):

As of the date of acquisition			Weighted - Average Life
Customer relationships	$	184,500		17 years
Trademarks and trade names		28,500		20 years
Other		2,600		3 years
	$	215,600

The goodwill of $138.6 million is primarily attributed to the synergies expected to arise after the acquisition and has been allocated to the steel mills segment (see Note 9). Approximately $128.2 million of the goodwill recognized is expected to be deductible for tax purposes.

In August 2012, Nucor sold the assets of Nucor Wire Products Pennsylvania, Inc., resulting in a loss of $17.6 million. This charge is included in marketing, administrative and other expenses in the consolidated statement of earnings.

In November 2012, Nucor acquired a 50% economic and voting interest in Hunter Ridge Energy Services LLC (Hunter Ridge). Hunter Ridge provides services for the gathering, separation and compression of energy products, including natural gas produced by Nucor’s working interest drilling program. Nucor accounts for the investment (on a one-month lag basis) under the equity method (see Note 10). As of December 31, 2013, Nucor’s investment in Hunter Ridge was $134.5 million ($95.4 million at December 31, 2012).

Other minor acquisitions, exclusive of purchase price adjustments of acquisitions made in prior years, totaled $85.4 million in 2012 and $4.0 million in 2011 (none in 2013).

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Cash and Cash Equivalents

Cash equivalents are recorded at cost plus accrued interest, which approximates market, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions.

Short-term Investments

Short-term investments are recorded at cost plus accrued interest, which approximates market. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date.

Inventories Valuation

Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 45% of total inventories as of December 31, 2013 (45% as of December 31, 2012). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred.

Goodwill and Other Intangibles

Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting

unit is less than its carrying amount. For certain reporting units it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods.

Finite-lived intangible assets are amortized over their estimated useful lives.

Long-Lived Asset Impairments

We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to estimated fair market value.

Equity Method Investments

Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value.

Derivative Financial Instruments

Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions.

Nucor recognizes all material derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported currently in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction.

Revenue Recognition

Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred.

Income Taxes

Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized.

Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense.

Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings.

Stock-Based Compensation

The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience.

Foreign Currency Translation

For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur.

Recently Adopted Accounting Pronouncements

In the first quarter of 2013, Nucor adopted new accounting guidance requiring additional disclosures on reclassifications from accumulated other comprehensive income into net income. The new accounting guidance requires entities to report either parenthetically on the face of the financial statements or in the notes to the financial statements these reclassifications for each financial statement line item. Nucor elected to report this information within the notes to the financial statements (see Note 21). This new guidance only impacts disclosures and has no impact on Nucor’s consolidated financial position, results of operations or cash flows.

In the first quarter of 2014, Nucor will adopt new accounting guidance, which requires unrecognized tax benefits to be presented as a decrease in net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The new guidance may affect balance sheet classification of certain unrecognized tax benefits and will have no impact on Nucor’s consolidated results of operations or cash flows.

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Derivative Financial Instruments

12 Months Ended

Dec. 31, 2013

Derivative Financial Instruments

14. Derivative Financial Instruments

The following tables summarize information regarding Nucor’s derivative instruments:

Fair Value of Derivative Instruments (in thousands)
		Fair Value at December 31,
	Consolidated Balance Sheet Location	2013			2012
Liability derivatives not designated as hedging instruments:
Commodity contracts	Accrued expenses and other current liabilities	$	(553	)	$	(303	)
Foreign exchange contracts	Accrued expenses and other current liabilities		(2	)		(15	)
Total liability derivatives not designated as hedging instruments		$	(555	)	$	(318	)

The Effect of Derivative Instruments on the Consolidated Statements of Earnings

Derivatives Designated as Hedging Instruments (in thousands)

Derivatives in Cash Flow Hedging Relationships	Statement of Earnings Location	Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)								Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)								Amount of Gain or (Loss) Recognized in Earnings on Derivatives (Ineffective Portion)
		2013		2012			2011			2013		2012			2011			2013		2012		2011
Commodity contracts	Cost of products sold	$	—	$	(2,264	)	$	(8,454	)	$	—	$	(42,515	)	$	(37,093	)	$	—	$	500	$	600

Derivatives Not Designated as Hedging Instruments (in thousands)
Derivatives Not Designated as Hedging Instruments	Statement of Earnings Location	Amount of Gain or (Loss) Recognized in Earnings on Derivatives
		2013		2012		2011
Commodity contracts	Cost of products sold	$	4,622	$	1,321	$	11,757
Foreign exchange contracts	Cost of products sold		112		198		(665	)
Total		$	4,734	$	1,519	$	11,092

During the first quarter of 2012, Nucor settled all of its open natural gas forward purchase contracts that were previously in place. These settlements affected earnings over the periods specified in the original agreements throughout the remainder of 2012.

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Equity Investments

12 Months Ended

Dec. 31, 2013

Equity Investments

10. Equity Investments

The carrying value of our equity investments in domestic and foreign companies was $936.0 million at December 31, 2013 ($855.9 million at December 31, 2012) and is recorded in other assets in the consolidated balance sheets.

DUFERDOFIN NUCOR

Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (Duferdofin Nucor), an Italian steel manufacturer, and accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members.

Nucor’s investment in Duferdofin Nucor at December 31, 2013 was $465.4 million ($454.1 million at December 31, 2012). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $55.4 million at December 31, 2013, resulting in a basis difference of $410.0 million due to the step-up to fair value of certain assets and liabilities attributable to Duferdofin Nucor as well as the identification of goodwill ($332.9 million) and finite-lived intangible assets. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. Amortization expense and other purchase accounting adjustments associated with the fair value step-up were $11.2 million in 2013 ($11.1 million in 2012 and $11.5 million in 2011).

As of December 31, 2013, Nucor had outstanding notes receivable of €35.0 million ($48.2 million) from Duferdofin Nucor (€35.0 million as of December 31, 2012). The notes receivable bear interest at 1.539% and will reset annually on September 30 to the twelve-month Euro Interbank Offered Rate (Euribor) plus 1% per year. The principal amounts are due on January 31, 2016. As of December 31, 2013 and December 31, 2012, the note receivable was classified in other assets.

Nucor has issued a guarantee for its ownership percentage (50%) of Duferdofin Nucor’s borrowings under Facility A of a Structured Trade Finance Facilities Agreement that matures on April 26, 2016. In the second quarter of 2013, Duferdofin Nucor amended the loan agreement, increasing the maximum amount that it can borrow under Facility A to €122.5 million ($168.9 million) as of December 31, 2013. As of December 31, 2013, it had €112.0 million ($154.4 million) outstanding under that facility (€102.0 million, or $134.8 million, at December 31, 2012). If Duferdofin Nucor fails to pay when due any amounts for which it is obligated under Facility A, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantee. Any indebtedness of Duferdofin Nucor to Nucor is effectively subordinated to the indebtedness of Duferdofin Nucor under the Structured Trade Finance Facilities Agreement. Nucor has not recorded any liability associated with the guarantee.

NUMIT

Nucor has a 50% economic and voting interest in NuMit LLC (NuMit). NuMit owns 100% of the equity interest in Steel Technologies LLC, an operator of 24 sheet processing facilities located throughout the U.S., Canada and Mexico. Nucor accounts for the investment in NuMit (on a one-month lag basis) under the equity method as control and risk of loss are shared equally between NuMit’s members.

Nucor’s investment in NuMit at December 31, 2013 was $318.4 million ($288.4 million as of December 31, 2012). The value of the investment is comprised of the purchase price of approximately $221.3 million plus subsequent additional capital contributions and equity method earnings less distributions since acquisition. Nucor also has recorded a $40.0 million note receivable from Steel Technologies LLC that bears interest at 1.15% and resets quarterly to the three-month London Interbank Offered Rate (LIBOR) plus 90 basis points. The principal amount is due on October 21, 2014. In addition, Nucor has extended a $100.0 million line of credit (of which $17.0 million was outstanding at December 31, 2013) to Steel Technologies LLC. As of December 31, 2013, the amounts outstanding on the line of credit bear interest at 1.37% and mature on April 1, 2014. As of December 31, 2013 and December 31, 2012, the amount outstanding on the line of credit was classified in other current assets in the consolidated balance sheet. The note receivable was classified in other current assets as of December 31, 2013, but it was classified in other assets as of December 31, 2012.

HUNTER RIDGE

In November 2012, Nucor acquired a 50% economic and voting interest in Hunter Ridge. Hunter Ridge provides services for the gathering, separation and compression of energy products including natural gas produced by Nucor’s working interest drilling program. Nucor accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between Hunter Ridge’s members. Nucor’s investment in Hunter Ridge at December 31, 2013 was $134.5 million ($95.4 million at December 31, 2012). The acquisition did not result in a significant amount of goodwill or intangible assets.

ALL EQUITY INVESTMENTS

Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in value below their carrying amounts may have occurred. In the second quarter of 2012, Nucor concluded that a triggering event occurred requiring assessment for impairment of its equity investment in Duferdofin Nucor due to the continued declines in the global demand for steel, the escalated economic and political turmoil in Europe and continued operating performance well below budgeted levels through the first half of 2012. Another contributing factor was that Duferdofin Nucor had a recently updated unfavorable forecast of future operating performance. The diminished demand combined with the continued lower than budgeted levels of operating performance significantly impacted the financial results of Duferdofin Nucor through the first half of 2012. After completing its assessment, Nucor determined that the carrying amount exceeded its estimated fair value and recorded a $30.0 million impairment charge against the Company’s investment in Duferdofin Nucor. This charge is included in impairment of non-current assets in the consolidated statements of earnings.

Although the operating results of Duferdofin Nucor have improved since 2012 and there have been no significant deteriorations in near-term financial projections or other key assumptions since the last impairment test performed in the fourth quarter of 2012, Nucor concluded that it was appropriate to reassess its equity investment in Duferdofin Nucor for impairment during the fourth quarter of 2013 due to the protracted challenging steel market conditions in Europe. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount by a sufficient amount and that there was no indication of impairment. The assumptions that most significantly affect the fair value determination include projected revenues and the discount rate. It is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in further impairment of our investment in Duferdofin Nucor.

In the third quarter of 2011, the Company concluded that an equity investment in a dust recycling project had been impaired, resulting in an impairment charge of $13.9 million. This charge is included in impairment of non-current assets in the consolidated statements of earnings.

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Income Taxes - Provision for Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Expense Benefit [Line Items]
Federal, current	$ 138,343	$ 261,552	$ 329,076
State, current	223	20,337	1,685
Foreign, current	10,464	3,199	2,016
Total current	149,030	285,088	332,777
Federal, deferred	36,157	(23,052)	55,124
State, deferred	(39)	(10,440)	10,400
Foreign, deferred	20,446	8,218	(7,473)
Total deferred	56,564	(25,274)	58,051
Total provision for income taxes	$ 205,594	$ 259,814	$ 390,828

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Inventories

12 Months Ended

Dec. 31, 2013

Inventories

6. Inventories

Inventories consist of approximately 40% raw materials and supplies and 60% finished and semi-finished products at December 31, 2013 (37% and 63%, respectively, at December 31, 2012). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined.

If the FIFO method of accounting had been used, inventories would have been $624.7 million higher at December 31, 2013 ($607.2 million higher at December 31, 2012). There was no liquidation of LIFO inventory layers in 2013, 2012 or 2011. Use of the lower of cost or market method reduced inventories by $2.1 million at December 31, 2013 ($3.5 million at December 31, 2012).

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Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Goodwill [Line Items]
Balance, beginning of period	$ 2,004,538	$ 1,830,661
Reclassifications
Acquisitions and dispositions		155,413
Translation	(26,067)	18,464
Other	(4,863)
Balance, end of period	1,973,608	2,004,538
Steel Mills [Member]
Goodwill [Line Items]
Balance, beginning of period	407,045	268,466
Reclassifications	88,852
Acquisitions and dispositions		138,579
Translation
Other
Balance, end of period	495,897	407,045
Steel Products [Member]
Goodwill [Line Items]
Balance, beginning of period	805,416	790,441
Reclassifications
Acquisitions and dispositions		(3,489)
Translation	(26,067)	18,464
Other	(4,863)
Balance, end of period	774,486	805,416
Raw Materials [Member]
Goodwill [Line Items]
Balance, beginning of period	703,225	682,902
Reclassifications
Acquisitions and dispositions		20,323
Translation
Other
Balance, end of period	703,225	703,225
All Other [Member]
Goodwill [Line Items]
Balance, beginning of period	88,852	88,852
Reclassifications	(88,852)
Acquisitions and dispositions
Translation
Other
Balance, end of period		$ 88,852

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Short-term Investments

12 Months Ended

Dec. 31, 2013

Short-term Investments

4. Short-term Investments

Nucor’s short-term investments held as of December 31, 2013 and December 31, 2012 were $28.2 million and $104.2 million, respectively. These investments consisted of certificates of deposit (CDs) and are classified as available-for-sale. The interest rates on the CDs are fixed at inception and interest income is recorded as earned.

No realized or unrealized gains or losses were incurred in 2013, 2012 or 2011.

The contractual maturities of all of the CDs outstanding at December 31, 2013 are in 2014.

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Accounts Receivable

12 Months Ended

Dec. 31, 2013

Accounts Receivable

5. Accounts Receivable

An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of our customers to make required payments. Accounts receivable are stated net of the allowance for doubtful accounts of $58.3 million at December 31, 2013 ($57.4 million at December 31, 2012 and $54.3 million at December 31, 2011).

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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment

7. Property, Plant and Equipment

	(In thousands) December 31,
	2013			2012
Land and improvements	$	555,309		$	546,234
Buildings and improvements		941,379			899,944
Machinery and equipment		9,159,151			8,136,206
Proved oil and gas properties		487,033			203,959
Construction in process and equipment deposits		400,373			652,230
		11,543,245			10,438,573
Less accumulated depreciation		(6,626,221	)		(6,155,517	)
	$	4,917,024		$	4,283,056

The estimated useful lives primarily range from 5 to 25 years for land improvements, 4 to 40 years for buildings and improvements and 2 to 15 years for machinery and equipment. The useful life for proved oil and gas properties is based on the unit-of-production method and varies by well.

In the third quarter of 2013, a storage dome collapsed at Nucor Steel Louisiana in St. James Parish. As a result, Nucor recorded a partial write down of assets at the facility, including $21.0 million of property, plant and equipment and $7.0 million of inventory, offset by a $14.0 million insurance receivable that was based on management’s current estimate of probable insurance recoveries. The associated net charge of $14.0 million is included in marketing, administrative and other expenses in the consolidated statement of earnings. Nucor may receive additional insurance proceeds as it continues to investigate the cause or causes of the dome collapse.

Nucor capitalized $10.9 million of interest expense in 2013 ($4.7 million in 2012 and $3.5 million in 2011) related to the borrowing costs associated with various construction projects.

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Current Liabilities - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Accounts Payable And Accrued Liabilities Current [Line Items]
Book overdrafts	$ 81.6	$ 53.8
Dividends Payable, current	$ 118.7	$ 117.6

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Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
Taxes computed at statutory rate		35.00%	35.00%	35.00%
Non cash gain related to correction of deferred tax balances	$ 21,300,000	$ 21,300,000
Current deferred tax assets	255,500,000	255,500,000	190,400,000
Current deferred tax Liabilities	14,600,000	14,600,000	0
Non-current deferred tax liabilities	676,200,000	676,200,000	566,100,000
Net federal, state and foreign income taxes paid (refund received)		64,800,000	313,500,000	322,400,000
Cumulative undistributed foreign earnings	222,400,000	222,400,000	176,500,000
Unrecognized tax benefits	65,975,000	65,975,000	80,862,000	80,897,000	92,752,000
Amount of unrecognized tax benefits affects effective tax rate	66,300,000	66,300,000	76,400,000
Estimate of possible decrease in gross uncertain tax positions, exclusive of interest, as a result of the expiration of the statute of limitations	13,700,000	13,700,000
Expense (benefit) for interest and penalties		900,000	2,100,000	3,600,000
Accrued interest and penalties related to uncertain tax positions	37,200,000	37,200,000	36,400,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards	824,000,000	824,000,000	606,400,000
Foreign Country [Member]
Operating Loss Carryforwards [Line Items]
Foreign net operating loss carryforwards	$ 50,500,000	$ 50,500,000	$ 59,200,000
Maximum [Member] | State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Unused net operating loss carryforward expiration year		2033
Maximum [Member] | Foreign Country [Member]
Operating Loss Carryforwards [Line Items]
Unused net operating loss carryforward expiration year		2033
Minimum [Member] | State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Unused net operating loss carryforward expiration year		2014
Minimum [Member] | Foreign Country [Member]
Operating Loss Carryforwards [Line Items]
Unused net operating loss carryforward expiration year		2027

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Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2013
Notes, 5.0%, due 2013 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.00%
Debt instrument - maturity date	2013
Notes, 5.75%, due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.75%
Debt instrument - maturity date	2017
Notes, 5.85%, due 2018 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.85%
Debt instrument - maturity date	2018
Notes, 4.125%, due 2022 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.125%
Debt instrument - maturity date	2022
Notes, 4.0%, due 2023 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.00%
Debt instrument - maturity date	2023
Notes, 6.40%, due 2037 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	6.40%
Debt instrument - maturity date	2037
Notes, 5.20%, due 2043 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.20%
Debt instrument - maturity date	2043
Industrial Revenue Bonds [Member] | 0.20% to 1.5%, variable, due from 2014 to 2040 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate - minimum	0.20%
Debt instrument interest rate - maximum	1.50%
Debt instrument - maturity rate - start	2014
Debt instrument - maturity rate - end	2040

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Equity Investments - Additional Information (Detail)	3 Months Ended	12 Months Ended			1 Months Ended			3 Months Ended		12 Months Ended							12 Months Ended		12 Months Ended
	Jun. 30, 2012 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Nov. 30, 2012 Hunter Ridge Energy Services LLC [Member]	Dec. 31, 2013 Hunter Ridge Energy Services LLC [Member] USD ($)	Dec. 31, 2012 Hunter Ridge Energy Services LLC [Member] USD ($)	Oct. 01, 2011 Dust Recycling Project [Member] USD ($)	Jun. 30, 2012 Duferdofin Nucor S.R.L. [Member] USD ($)	Dec. 31, 2013 Duferdofin Nucor S.R.L. [Member] USD ($)	Dec. 31, 2012 Duferdofin Nucor S.R.L. [Member] USD ($)	Dec. 31, 2011 Duferdofin Nucor S.R.L. [Member] USD ($)	Dec. 31, 2013 Duferdofin Nucor S.R.L. [Member] EUR (€)	Dec. 31, 2012 Duferdofin Nucor S.R.L. [Member] EUR (€)	Dec. 31, 2013 Duferdofin Nucor S.R.L. [Member] EURO [Member] EUR (€)	Dec. 31, 2012 Duferdofin Nucor S.R.L. [Member] EURO [Member] EUR (€)	Dec. 31, 2013 NuMit [Member] USD ($) Sheet	Dec. 31, 2012 NuMit [Member] USD ($)	Dec. 31, 2013 Steel Technologies LLC [Member] USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investment		$ 936,000,000	$ 855,900,000			$ 134,500,000	$ 95,400,000			$ 465,400,000	$ 454,100,000						$ 318,400,000	$ 288,400,000
Period used for lag basis, in months					1 month					1 month							1 month
Equity method investment, ownership percentage					50.00%					50.00%							50.00%		100.00%
Equity method investments, share of net assets										55,400,000
Step-up to fair value of certain assets and liabilities										410,000,000
Step-up to fair value of equity method investment, portion related to identification of goodwill										332,900,000
Amortization expense and other purchase accounting adjustments due to fair value step-up		74,356,000	73,011,000	67,829,000						11,200,000	11,100,000	11,500,000
Due from related parties, noncurrent										48,200,000			35,000,000	35,000,000
Notes receivable, related parties, interest rate										1.539%									1.15%
Interest rate per year in excess of Euribor as of date of the notes										1.00%
Equity method investment's credit facilities with parent company, maturity date										Jan. 31, 2016							Oct. 21, 2014
Equity method investment's credit facilities, amount										168,900,000					122,500,000
Total amount outstanding under equity method investment's credit facilities										154,400,000	134,800,000				112,000,000	102,000,000
Line of credit facility, maturity period										Apr. 26, 2016									Apr. 01, 2014
Guarantor obligation percentage of exposure in case of default										50.00%
Number of sheet processing facilities operated by Steel Technologies																	24
Investment in joint venture																	221,300,000
Notes receivable, related parties																			40,000,000
Basis points in excess of LIBOR on note receivable from related party																			0.90%
Line of credit extended to joint venture, amount outstanding																			17,000,000
Line of credit extended to joint venture																			100,000,000
Line of credit facility extended to joint venture, interest rate																			1.37%
Impairment of equity method investments	$ 30,000,000							$ 13,900,000	$ 30,000,000

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Earning Per Share - Anti-Dilutive Stock Options (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Line Items]
Weighted average shares	137	801	801
Weighted average exercise price	$ 44.51	$ 42.07	$ 42.07

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Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2013

Valuation and Qualifying Accounts

NUCOR CORPORATION

Financial Statement Schedule

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands)

Description	Balance at beginning of Year		Additions charged to costs and expenses		Deductions			Balance at end of year
Year ended December 31, 2013
LIFO Reserve	$	607,240	$	17,445	$	—		$	624,685
Year ended December 31, 2012
LIFO Reserve	$	763,176	$	—	$	(155,936	)	$	607,240
Year ended December 31, 2011
LIFO Reserve	$	620,414	$	142,762	$	—		$	763,176

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Acquisitions and Dispositions - Additional Information (Detail) (USD $)	1 Months Ended	12 Months Ended						1 Months Ended			12 Months Ended
	Aug. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jun. 20, 2012	Jun. 20, 2012 Steel Mills [Member]	Jun. 20, 2012 Skyline Steel LLC [Member]	Nov. 30, 2012 Hunter Ridge Energy Services LLC [Member]	Dec. 31, 2013 Hunter Ridge Energy Services LLC [Member]	Dec. 31, 2012 Hunter Ridge Energy Services LLC [Member]	Dec. 31, 2013 Other Minor Acquisitions [Member]	Dec. 31, 2012 Other Minor Acquisitions [Member]	Dec. 31, 2011 Other Minor Acquisitions [Member]
Business Acquisition [Line Items]
Business acquisition purchase price for Skyline LLC							$ 675,400,000
Goodwill attributed to the expected synergies					138,579,000	138,600,000
Goodwill expected to be deductible for tax purposes						128,200,000
Loss on assets	17,600,000	14,000,000	17,563,000
Equity method investment, ownership percentage								50.00%
Equity method investment, carrying amount		936,000,000	855,900,000						134,500,000	95,400,000
Period used for lag basis, in months								1 month
Business acquisition purchase price			$ 760,833,000	$ 3,959,000							$ 0	$ 85,400,000	$ 4,000,000

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Debt and Other Financing Arrangements

12 Months Ended

Dec. 31, 2013

Debt and Other Financing Arrangements

12. Debt and Other Financing Arrangements

	(In thousands)
	December 31,
	2013			2012
Industrial revenue bonds:
0.20% to 1.5%, variable, due from 2014 to 2040	$	1,030,200		$	1,030,200
Notes, 5.0%, due 2013		—			250,000
Notes, 5.75%, due 2017		600,000			600,000
Notes, 5.85%, due 2018		500,000			500,000
Notes, 4.125%, due 2022		600,000			600,000
Notes, 4.0%, due 2023		500,000			—
Notes, 6.40%, due 2037		650,000			650,000
Notes, 5.20%, due 2043		500,000			—
		4,380,200			3,630,200
Less current maturities		(3,300	)		(250,000	)
	$	4,376,900		$	3,380,200

Annual aggregate long-term debt maturities are: $3.3 million in 2014; $16.3 million in 2015; none in 2016; $600.0 million in 2017; $500.0 million in 2018; and $3.261 billion thereafter.

In July 2013, Nucor issued $500.0 million of 4.00% notes due in 2023 and $500.0 million of 5.20% notes due in 2043. Net proceeds of the issuances were $991.5 million. Costs of $8.5 million associated with the issuances have been capitalized and will be amortized over the life of the notes.

During the third quarter of 2013, Nucor amended its $1.50 billion unsecured revolving credit facility. The maturity date was extended from December 2016 to August 2018. Costs of $0.6 million associated with the amendment have been capitalized and are amortized over the life of the extension. The unsecured revolving credit facility provides up to $1.50 billion in revolving loans and allows up to $500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up to the equivalent of $850.0 million of the credit facility is available for foreign currency loans, up to $500.0 million is available for the issuance of letters of credit, and up to $500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in accordance with

terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to capital of 60%, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31, 2013, Nucor’s funded debt to total capital ratio was 36%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2013 and 2012.

Harris Steel has credit facilities totaling approximately $33.0 million, with no borrowings outstanding at December 31, 2013. In addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European banking institutions. As of December 31, 2013, Nucor Trading S.A. had outstanding borrowings of $29.2 million ($27.1 million at December 31, 2012) and outstanding guarantees of $0.1 million. In addition, $29.1 million of the amount outstanding at December 31, 2013 ($21.5 million at December 31, 2012) was guaranteed by Nucor. If Nucor Trading S.A. fails to pay when due any amounts for which it is obligated, Nucor could be required to pay such amounts pursuant to and in accordance with the terms of the guarantee.

Letters of credit totaling $31.8 million were outstanding as of December 31, 2013 related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories.

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Stock-Based Compensation

17. Stock-Based Compensation

Stock Options

Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted since 2010 are generally exercisable at the end of three years and have a term of 10 years. All stock options granted prior to the beginning of 2010 were fully exercised as of December 31, 2013. New shares are issued upon exercise of stock options.

A summary of activity under Nucor’s stock option plans is as follows:

	(shares in thousands)
	2013				2012					2011
	Shares		Weighted - Average Exercise Price		Shares			Weighted - Average Exercise Price		Shares			Weighted - Average Exercise Price
Number of shares under option:
Outstanding at beginning of year		1,543	$	39.03		1,156		$	38.26		983		$	29.14
Granted		546	$	44.51		741		$	35.76		560		$	42.34
Exercised		—		—		(354	)	$	29.67		(387	)	$	20.96
Canceled		—		—		—			—		—			—
Outstanding at end of year		2,089	$	40.47		1,543		$	39.03		1,156		$	38.26
Options exercisable at end of year		1,012	$	39.75		—			—		354		$	29.67

The shares reserved for future grants as of December 31, 2013, 2012, and 2011 are reflected in the restricted stock units table below. The total intrinsic value of options (the amount by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2012 and 2011 was $4.3 million and $7.6 million, respectively.

The following table summarizes information about stock options outstanding at December 31, 2013:

					(shares in thousands)
Exercise Price	Options Outstanding		Options Exercisable		Weighted- Average Remaining Contractual Life
$35.76		741		391		8.4 years
$41.43		242		242		6.4 years
$42.34		560		299		7.4 years
$44.51		546		80		9.4 years
$35.76 - $44.51		2,089		1,012		8.2 years

As of December 31, 2013, the total aggregate intrinsic value of options outstanding and options exercisable was $27.0 million and $13.8 million, respectively.

The grant date fair value of options granted was $15.03 in 2013 ($11.40 in 2012 and $15.37 in 2011). The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions:

	2013			2012			2011
Exercise price	$	44.51		$	35.76		$	42.34
Expected dividend yield		3.30	%		4.08	%		3.42	%
Expected stock price volatility		46.94	%		48.99	%		49.40	%
Risk-free interest rate		1.51	%		1.06	%		2.39	%
Expected life (in years)		6.5			6.5			6.5

Compensation expense for stock options was $8.6 million in 2013 ($9.9 million in 2012 and $9.9 million in 2011). As of December 31, 2013, all expense related to options had been recognized as all options had vested as of December 31, 2013.

Restricted Stock Units

Nucor annually grants restricted stock units (RSUs) to key employees, officers and non-employee directors. The RSUs typically vest and are converted to common stock in three equal installments on each of the first three anniversaries of the grant date. A portion of the RSUs awarded to senior officers vest upon the officer’s retirement. Retirement, for purposes of vesting in these units only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to non-employee directors are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the board of directors.

RSUs granted to employees who are eligible for retirement on the date of grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who are not retirement-eligible is recognized on a straight-line basis over the vesting period.

Cash dividend equivalents are paid to participants each quarter. Dividend equivalents paid on units expected to vest are recognized as a reduction in retained earnings.

The fair value of the RSUs is determined based on the closing stock price of Nucor’s common stock on the day before the grant. A summary of Nucor’s restricted stock unit activity is as follows:

	(shares in thousands)
	2013					2012					2011
	Shares			Grant Date Fair Value		Shares			Grant Date Fair Value		Shares			Grant Date Fair Value
Restricted stock units:
Unvested at beginning of year		1,106		$	40.80		962		$	46.09		1,203		$	49.96
Granted		789		$	44.51		1,101		$	35.76		490		$	42.34
Vested		(762	)	$	42.15		(915	)	$	40.36		(713	)	$	50.04
Canceled		(11	)	$	39.08		(42	)	$	39.41		(18	)	$	46.06
Unvested at end of year		1,122		$	42.51		1,106		$	40.80		962		$	46.09
Shares reserved for future grants (stock options and RSUs)		10,486					11,839					13,695

Compensation expense for RSUs was $32.6 million in 2013 ($34.2 million in 2012 and $31.6 million in 2011). The total fair value of shares vested during 2013 was $34.1 million ($33.1 million in 2012 and $29.3 million in 2011). As of December 31, 2013, unrecognized compensation expense related to unvested RSUs was $29.4 million, which is expected to be recognized over a weighted-average period of two years.

Restricted Stock Awards

Nucor’s Senior Officers Long-Term Incentive Plan (the LTIP) and Annual Incentive Plan (the AIP) authorize the award of shares of common stock to officers subject to certain conditions and restrictions.

The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period.

The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an annual incentive award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor.

A summary of Nucor’s restricted stock activity under the AIP and LTIP is as follows:

	(shares in thousands)
	2013					2012					2011
	Shares			Grant Date Fair Value		Shares			Grant Date Fair Value		Shares			Grant Date Fair Value
Restricted stock awards and units:
Unvested at beginning of year		72		$	43.72		94		$	42.46		141		$	44.62
Granted		122		$	47.36		122		$	42.20		118		$	46.41
Vested		(121	)	$	46.32		(144	)	$	41.62		(165	)	$	47.13
Canceled		—			—		—			—		—			—
Unvested at end of year		73		$	45.49		72		$	43.72		94		$	42.46
Shares reserved for future grants		1,238					1,360					1,482

Compensation expense for common stock and common stock units awarded under the AIP and LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $6.3 million in 2013 ($6.6 million in 2012 and $7.4 million in 2011). The total fair value of shares vested during 2013 was $5.7 million ($6.0 million in 2012 and $7.3 million in 2011). As of December 31, 2013, unrecognized compensation expense related to unvested restricted stock awards was $0.6 million, which is expected to be recognized over a weighted-average period of 1.7 years.

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Quarterly Information - Schedule of Quarterly Information (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Dec. 31, 2012	Sep. 29, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information [Line Items]
Net sales	$ 4,894,750	$ 4,940,936	$ 4,665,588	$ 4,550,772	$ 4,451,274	$ 4,801,206	$ 5,104,199	$ 5,072,594	$ 19,052,046	$ 19,429,273	$ 20,023,564
Gross margin	385,741	408,543	313,125	303,216	384,348	348,733	399,930	380,527
Net earnings	190,416	178,115	106,270	110,728	160,255	129,892	139,567	163,412	585,529	593,126	860,984
Net earnings attributable to Nucor stockholders	$ 170,494	$ 147,597	$ 85,145	$ 84,789	$ 136,908	$ 110,308	$ 112,299	$ 145,104	$ 488,025	$ 504,619	$ 778,188
Basic	$ 0.53	$ 0.46	$ 0.27	$ 0.26	$ 0.43	$ 0.35	$ 0.35	$ 0.46	$ 1.52	$ 1.58	$ 2.45
Diluted	$ 0.53	$ 0.46	$ 0.27	$ 0.26	$ 0.43	$ 0.35	$ 0.35	$ 0.46	$ 1.52	$ 1.58	$ 2.45

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Nature of Operations and Basis of Presentation - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2013 Nucor-Yamato Steel Company [Member]
Summary Of Organization And Operations [Line Items]
Majority ownership percentage		51.00%
Reclassification of marketing, administrative and other expenses to cost of products sold	$ 67.2

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that are measured at fair value as of December 31, 2013 and 2012 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis.

				Fair Value Measurements at Reporting Date Using
	Carrying Amount in Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
December 31, 2013
Assets:
Cash equivalents	$	1,269,465		$	1,269,465	$	—		$	—
Short-term investments		28,191			28,191		—			—
Total assets	$	1,297,656		$	1,297,656	$	—		$	—
Liabilities:
Foreign exchange and commodity contracts	$	(555	)	$	—	$	(555	)	$	—
December 31, 2012
Assets:
Cash equivalents	$	830,011		$	830,011	$	—		$	—
Short-term investments		104,167			104,167		—			—
Restricted cash and investments		275,163			275,163		—			—
Total assets	$	1,209,341		$	1,209,341	$	—		$	—
Liabilities:
Foreign exchange and commodity contracts	$	(318	)	$	—	$	(318	)	$	—

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Condensed Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net earnings	$ 585,529	$ 593,126	$ 860,984
Other comprehensive income (loss):
Net unrealized loss on hedging derivatives, net of income taxes of $0, ($1,100) and ($4,700) for 2013, 2012 and 2011, respectively		(2,264)	(8,454)
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, net of income taxes of $0, $25,000 and $21,800 for 2013, 2012 and 2011, respectively		42,515	37,093
Foreign currency translation gain (loss), net of income taxes of ($600), $0 and $100 for 2013, 2012 and 2011, respectively	(53,619)	58,626	(40,210)
Adjustment to early retiree medical plan, net of income taxes of $2,547, ($1,528) and $952 for 2013, 2012 and 2011, respectively	5,938	(3,646)	1,165
Other comprehensive income (loss)	(47,681)	95,231	(10,406)
Comprehensive income	537,848	688,357	850,578
Comprehensive income attributable to noncontrolling interests	(97,504)	(88,512)	(82,791)
Comprehensive income attributable to Nucor stockholders	$ 440,344	$ 599,845	$ 767,787

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Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Unrecognized Tax Benefits [Line Items]
Balance at beginning of year	$ 80,862	$ 80,897	$ 92,752
Additions based on tax positions related to current year	4,849	9,456	6,733
Reductions based on tax positions related to current year	(55)	(132)	(3,160)
Additions based on tax positions related to prior years	2,307	5,821	937
Reductions based on tax positions related to prior years	(6,248)	(3,296)	(2,169)
Reductions due to settlements with taxing authorities		(764)	(958)
Reductions due to statute of limitations lapse	(15,740)	(11,120)	(13,238)
Balance at end of year	$ 65,975	$ 80,862	$ 80,897

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Nature of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2013

Nature of Operations and Basis of Presentation

1. Nature of Operations and Basis of Presentation

Nature of Operations

Nucor is principally a manufacturer of steel and steel products, as well as a scrap broker and processor, with operating facilities and customers primarily located in North America.

Principles of Consolidation

The consolidated financial statements include Nucor and its controlled subsidiaries, including Nucor-Yamato Steel Company, a limited partnership of which Nucor owns 51%. All significant intercompany transactions are eliminated.

Distributions are made to noncontrolling interest partners in Nucor-Yamato Steel Company in accordance with the limited partnership agreement by mutual agreement of the general partners. At a minimum, sufficient cash is distributed so that each partner may pay their U.S. federal and state income taxes.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Reclassifications

In the first quarter of 2013, we began reporting the results of Nucor’s steel trading businesses and rebar distribution businesses in the steel mills segment. Previously, these businesses were reported in an “All other” category. 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 periods 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 based primarily upon the similarity of the types of products produced and sold by each segment. Additionally, the composition of assets by segment at December 31, 2012 and December 31, 2011 was reclassified to conform with the current presentation. This reclassification between segments did not have any impact on the consolidated asset balances.

In 2012, we began classifying internal fleet and some common carrier costs in cost of products sold in the consolidated statements of earnings. We made this change so that all freight costs will be recorded within the same financial statement line item to allow users of our financial statements to better understand our expense structure. This change resulted in the reclassification of $67.2 million of these costs from marketing, administrative and other expenses to cost of products sold for the year ended December 31, 2011 in order to conform to the 2012 presentation.

Additionally, certain other prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not have an impact on net earnings for the current or any prior periods.

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Property, Plant and Equipment - Additional information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Sep. 28, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Written down value of property, plant & equipment	$ 21.0
Written down value of inventory	7.0
Insurance receivable	14.0
Associated net charges including marketing, administrative and other expenses	14.0
Interest expenses capitalized		$ 10.9	$ 4.7	$ 3.5
Minimum [Member] | Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives range		5 years
Minimum [Member] | Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives range		4 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives range		2 years
Maximum [Member] | Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives range		25 years
Maximum [Member] | Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives range		40 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives range		15 years

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Interest Expense (Income) - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest Expense [Line Items]
Interest paid	$ 141.2	$ 178.0	$ 177.6

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Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Fair Value	$ (555)	$ (318)
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Fair Value	(555)	(318)
Commodity Contracts [Member] | Accrued Expenses and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Fair Value	(553)	(303)
Foreign Exchange Contract [Member] | Accrued Expenses and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Fair Value	$ (2)	$ (15)

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Employee Benefit Plans

12 Months Ended

Dec. 31, 2013

Employee Benefit Plans

18. Employee Benefit Plans

Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $71.7 million in 2013 ($77.7 million in 2012 and $117.7 million in 2011). The related liability for these benefits is included in salaries, wages and related accruals.

Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other liabilities in the consolidated balance sheets, totaled $9.9 million at December 31, 2013 ($13.5 million at December 31, 2012). The benefit associated with this early retiree medical plan totaled $0.6 million in 2013 (benefit of $1.9 million in 2012 and expense of $3.5 million in 2011). We also recorded a non-cash gain of $29.0 million in cost of products sold in 2011 as a result of a correction of an error in the actuarial calculation for the plan. The error also resulted in a $7.6 million reduction of other comprehensive income. This error did not have a material impact on that period or any previously reported periods.

The discount rate used was 4.6% in 2013 (3.7% in 2012 and 4.5% in 2011). The health care cost increase trend rate used was 6.6% in 2013 (6.6% in 2012 and 6.7% in 2011). The health care cost increase in the trend rate is projected to decline gradually to 4.5% by 2027.

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Stock-Based Compensation - Additional Information (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 Anniversaries	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercise prices as percentage of the market value on the date of the grant	100.00%
Total intrinsic value of options exercised		$ 4.3	$ 7.6
Total aggregate intrinsic value of options	27.0
Total aggregate intrinsic value of option exercisable	13.8
Grant date fair value of options granted	$ 15.03	$ 11.40	$ 15.37
Compensation expenses for stock options	8.6	9.9	9.9
Number of anniversaries of grant date upon which restricted stock units vest	3
AIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of annual incentive award payment participant can elect to defer	50.00%
Additional common stock units for election of deferred annual incentive award, percentage	25.00%
LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of restricted stock award vesting on anniversary	0.333
Eligible age of officer for LTIP restricted stock award	55
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Installments in which restricted stock units vest and are converted to common stock	3
Compensation expense	32.6	34.2	31.6
Total fair value of shares, vested	34.1	33.1	29.3
Unrecognized compensation expense related to stock	29.4
Weighted-average recognition period for unrecognized compensation expense related to stock (years)	2 years
AIP and LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	6.3	6.6	7.4
Total fair value of shares, vested	5.7	6.0	7.3
Unrecognized compensation expense related to stock	$ 0.6
Weighted-average recognition period for unrecognized compensation expense related to stock (years)	1 year 8 months 12 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vesting period	3 years
Stock options term, years	10 years

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Change in Net Carrying Amount of Goodwill by Segment

The change in the net carrying amount of goodwill for the years ended December 31, 2013 and 2012 by segment is as follows (in thousands):

	Steel Mills		Steel Products			Raw Materials		All Other			Total
Balance, December 31, 2011	$	268,466	$	790,441		$	682,902	$	88,852		$	1,830,661
Acquisitions and dispositions		138,579		(3,489	)		20,323		—			155,413
Translation		—		18,464			—		—			18,464
Balance, December 31, 2012		407,045		805,416			703,225		88,852			2,004,538
Reclassifications		88,852		—			—		(88,852	)		—
Translation		—		(26,067	)		—		—			(26,067	)
Other		—		(4,863	)		—		—			(4,863	)
Balance, December 31, 2013	$	495,897	$	774,486		$	703,225	$	—		$	1,973,608

Schedule of Intangible Assets

Intangible assets with estimated lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands):

	December 31, 2013				December 31, 2012
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	1,147,786	$	391,254	$	1,156,979	$	325,819
Trademarks and trade names		151,332		40,397		152,869		32,653
Other		21,869		15,182		28,610		20,746
	$	1,320,987	$	446,833	$	1,338,458	$	379,218

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Current Liabilities

12 Months Ended

Dec. 31, 2013

Current Liabilities

11. Current Liabilities

Book overdrafts, included in accounts payable in the consolidated balance sheets, were $81.6 million at December 31, 2013 ($53.8 million at December 31, 2012). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $118.7 million at December 31, 2013 ($117.6 million at December 31, 2012).