18.

SEGMENTS: Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel 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 direct reduced iron used by the steel mills; our natural gas working interests; and Nucor’s equity method investment in Hunter Ridge. The steel mills, steel products and raw materials segments are consistent with the way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each segment.

Net interest expense, other income, profit sharing expense, stock-based compensation and changes in the LIFO reserve are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, 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 were as follows (in thousands):

Three Months (13 Weeks) Ended

Nine Months (39 Weeks) Ended

Oct. 4, 2014

Sept. 28, 2013

Oct. 4, 2014

Sept. 28, 2013

Net sales to external customers:

Steel mills

3,898,031

3,435,884

11,179,935

9,901,471

Steel products

1,142,043

964,153

3,052,135

2,690,604

Raw materials

661,795

540,899

1,869,318

1,565,221

5,701,869

4,940,936

16,101,388

14,157,296

Intercompany sales:

Steel mills

797,396

652,077

2,248,462

1,924,222

Steel products

34,215

24,909

82,257

75,036

Raw materials

2,492,453

2,391,502

7,463,951

6,738,485

Corporate/eliminations

(3,324,064

)

(3,068,488

)

(9,794,670

)

(8,737,743

)

—

Earnings (loss) before income taxes and noncontrolling interests:

Steel mills

502,703

310,591

1,188,638

819,951

Steel products

63,890

31,018

108,222

51,167

Raw materials

(19,321

)

(493

)

(20,597

)

13,261

Corporate/eliminations

(143,287

)

(92,914

)

(422,912

)

(330,517

)

403,985

248,202

853,351

553,862

Oct. 4, 2014

Dec. 31, 2013

Segment assets:

Steel mills

8,489,079

8,365,023

Steel products

3,028,321

2,861,403

Raw materials

4,026,534

3,956,913

Corporate/eliminations

(50,340

)

19,944

15,493,594

15,203,283