Third Quarter of 2025 Highlights
- Net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share
- Net sales of $8.52 billion
- Net earnings before noncontrolling interests of $683 million; EBITDA of $1.27 billion
Nucor Corporation has announced consolidated net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, for the third quarter of 2025. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, for the second quarter of 2025 and $250 million, or $1.05 per diluted share, for the third quarter of 2024.
“We continue to execute on Nucor’s strategy of growing our core steelmaking capabilities, while expanding into downstream, steel-adjacent businesses,” said Leon Topalian, Nucor’s Chair, President, and Chief Executive Officer. “During the third quarter, we began ramping up production at two recently completed bar mill projects, advanced our sheet steel production and coating projects, and commenced pole production at our Alabama Towers & Structures facility. Throughout a period of capital investment, Nucor continues to have the strongest balance sheet of any major steel producer in North America and has returned nearly $1 billion to shareholders year-to-date, representing more than 70% of net earnings through the third quarter.”
Analysis of Third Quarter of 2025 Results Compared to the Second Quarter of 2025
Earnings in the steel mills segment decreased in the third quarter of 2025, primarily due to slightly lower volumes and margin compression. The decrease in earnings in the steel products segment during the third quarter was due to higher average costs per ton, stable average realized pricing, and moderately higher volumes. The raw materials segment reported lower earnings in the third quarter of 2025, primarily due to lower realized pricing in our direct-reduced iron and scrap processing operations.
The third quarter of 2025 consolidated net earnings attributable to Nucor stockholders were positively impacted by lower profit elimination related to intracompany sales and a decrease in the amount of earnings attributable to noncontrolling interests.
Financial Strength
At the end of the third quarter of 2025, Nucor had $2.75 billion in cash, cash equivalents, and short-term investments on hand. The Company’s $2.25 billion revolving credit facility remains undrawn and is set to expire in March 2030. The Company maintains the strongest credit ratings in the North American steel sector (A-/A-/A3) with stable outlooks from Standard & Poor’s, Fitch Ratings, and Moody’s, respectively. In September 2025, Moody’s upgraded Nucor’s long-term credit rating to A3 from Baa1, with a stable outlook.
Commitment to Returning Capital to Stockholders
During the third quarter of 2025, Nucor repurchased approximately 0.7 million shares of its common stock at an average price of $140.46 per share (approximately 4.8 million shares during the first nine months of 2025 at an average price of $126.26 per share). As of October 4, 2025, Nucor had approximately $506 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.
On September 4, 2025, Nucor’s Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on November 10, 2025, to stockholders of record as of September 30, 2025, and is Nucor’s 210th consecutive quarterly cash dividend.
Fourth Quarter of 2025 Outlook Compared to the Third Quarter of 2025
Nucor expects earnings in the fourth quarter of 2025 to be lower than in the third quarter of 2025. In the steel mills segment, the expected decrease is primarily due to lower overall volumes, as well as lower average selling prices in our sheet mills. In the steel products segment, the expected decrease is mainly due to lower volumes. In the raw materials segment, the expected decrease is due to lower realized pricing, as well as planned outages at our direct-reduced iron facilities.
