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, primarily 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, 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, 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,

2014

2013

2012

Net sales to external customers:

Steel mills

14,723,642

13,311,948

13,781,797

Steel products

4,032,385

3,607,333

3,738,381

Raw materials

2,349,114

2,132,765

1,909,095

21,105,141

19,052,046

19,429,273

Intercompany sales:

Steel mills

2,904,317

2,563,554

2,609,411

Steel products

105,383

97,090

71,277

Raw materials

9,618,145

9,116,860

9,514,163

Corporate/eliminations

(12,627,845

)

(11,777,504

)

(12,194,851

)

—

Depreciation expense:

Steel mills

366,568

332,258

366,182

Steel products

42,777

42,737

47,948

Raw materials

235,443

154,065

112,939

Corporate

7,212

6,792

6,941

652,000

535,852

534,010

Amortization expense:

Steel mills

15,269

13,911

8,750

Steel products

27,644

31,082

35,152

Raw materials

29,510

29,363

29,109

72,423

74,356

73,011

Earnings (loss) before income taxes and noncontrolling interests:

Steel mills

1,594,352

1,156,715

1,162,270

Steel products

166,323

82,129

(17,140

)

Raw materials

(29,053

)

13,686

55,264

Corporate/eliminations

(527,045

)

(461,407

)

(347,454

)

1,204,577

791,123

852,940

Segment assets:

Steel mills

9,097,576

8,365,023

7,894,974

Steel products

2,885,209

2,861,403

2,935,146

Raw materials

3,927,159

3,956,913

3,400,690

Corporate/eliminations

(294,017

)

19,944

(78,751

)

15,615,927

15,203,283

14,152,059

Capital expenditures:

Steel mills

343,767

589,621

369,463

Steel products

27,262

22,472

31,698

Raw materials

197,252

610,745

604,312

Corporate

586

7,580

13,861

568,867

1,230,418

1,019,334

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

Year Ended December 31,

2014

2013

2012

Net sales to external customers:

Sheet

5,988,303

5,219,464

5,540,868

Bar

4,051,171

3,730,328

3,999,911

Structural

2,617,196

2,558,538

2,301,778

Plate

2,066,972

1,803,618

1,939,240

Steel products

4,032,385

3,607,333

3,738,381

Raw materials

2,349,114

2,132,765

1,909,095

21,105,141

19,052,046

19,429,273