NucorNUE

10-Q · 12 aug 2026 · for the period to 4 jul 2026

accession 0001193125-26-345891

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01Nucor's vertically integrated scrap-to-steel model—owning North America's largest scrap brokerage (DJJ) that primarily feeds its own mills, plus captive DRI production—creates a structural cost buffer that integrated blast-furnace peers relying on iron ore cannot replicate and that pure mini-mills without internal scrap supply lack.

cost advantagemakes it for less than anyone else can

holdsread 8 sep 2026

02Federal trade policies, including anti-dumping and countervailing duty laws in combination with Section 232 national security tariffs, are continuing to reduce the volume of unfairly traded imports into the United StatesAverage sales price per ton increased 10% from $1,240 in Q2 2025 to $1,367 in Q2 2026Despite the increase in average scrap and scrap substitute cost per gross ton used, metal margins increased in the second quarter of 2026 as compared to the second quarter of 2025 due to the previously mentioned increases in average selling prices

regulatory positionowns a thing that cannot be built or permitted twice

holdsread 8 sep 2026

03Nucor is building through the cycle with named capacity additions (West Virginia sheet mill, NTS expansion, South Carolina galvanizing) while start-up costs are declining; as these facilities ramp to target utilization, incremental volume should convert to earnings without proportionate new drag.

scale advantagemakes it for less than anyone else can

holdsread 8 sep 2026

04On March 11, 2025, Nucor amended and restated its revolving credit facility to increase the borrowing capacity from $1.75 billion to $2.25 billion and to extend its maturity date to March 11, 2030Cash provided by operating activities was $2.29 billion in the first six months of 2026 as compared to $1.10 billion in the first six months of 2025This dividend is Nucor's 213th consecutive quarterly cash dividend

capital disciplinea reason to hold, not a barrier

holdsread 8 sep 2026

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