Nucor
34 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Sheet steel contract customers
earns from · approximately 85% of our sheet steel salesWe estimate that approximately 85% of our sheet steel sales in 2025 were to contract customers.Business (Item 1)
Largest single customer
earns from · approximately 5% of salesOur largest single customer in 2025 represented approximately 5% of sales and consistently pays within terms.Business (Item 1)
Nonresidential construction
earns fromnamed as a riskFuture economic downturns, prolonged slow growth or stagnation in the economy, a sector-specific slowdown in one of our key end-use markets, such as nonresidential construction, or changes in inflation could materially adversely affect our business, results of operations, financial condition and cash flows, especially in light of the capital-intensive nature of our business.Risk factors (Item 1A)
Partners and platforms
West Virginia
$350 millionThe State of West Virginia has committed $350 million for the project.Business (Item 1)
ExxonMobil Corporation
between 600,000 and 800,000 metric tons per year of CO2ExxonMobil will capture between 600,000 and 800,000 metric tons per year of CO2 from our DRI plant.Business (Item 1)
JFE Steel Corporation
51%NJSM is a joint venture with JFE Steel Corporation of Japan that operates a galvanized sheet steel plant in central Mexico with an annual capacity of approximately 400,000 tons, that is expected to supply the country’s automotive market.Business (Item 1)
Nucor-Yamato Steel Company
51% interestNucor owns a 51% interest in Nucor-Yamato Steel Company (Limited Partnership) (“Nucor-Yamato”) located in Blytheville, Arkansas.Business (Item 1)
NuMit LLC (Steel Technologies)
50% economic and voting interestNucor owns a 50% economic and voting interest in NuMit, a company that owns 100% of the equity interest in Steel Technologies LLC (“Steel Technologies”), an operator of 30 strategically located sheet processing facilities in the United States, Canada and Mexico.Business (Item 1)
Tata Steel
We have entered into a partnership with Tata Steel to explore the possibility of scaling and commercializing HIsarna, a technology that enables the production of high-purity iron from low grade iron ore fines without using coke ovens.Business (Item 1)
Other companies
California Steel Industries, Inc.
51% controlling ownership positionIncluded in our six sheet mills is California Steel Industries, Inc. ("CSI"), in which Nucor has a 51% controlling ownership position.Business (Item 1)
Competitors
Steel imports
competes with · approximately 18% of U.S. demand in 2025named as a riskImports of finished carbon and alloy steel products decreased 17.4% from 2024, supplying approximately 18% of U.S. demand in 2025.Business (Item 1)
Places
China
competes with · 131 million net tonsnamed as a riskTo offset weak domestic consumption, China exported a record 131 million net tons in 2025, dampening steel prices in markets around the world.Business (Item 1)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Mason County, West Virginia sheet mill
operates in · approximately $4 billionIn February 2025, Nucor’s Board of Directors approved the allocation of additional capital to the project as the estimate of total construction costs increased to approximately $4 billion.Business (Item 1)
Kingman, Arizona
operates in · 50 MWIn 2025, we contracted with a third party to install and operate a 50 MW onsite battery energy storage system which became operational in the fourth quarter of 2025.Business (Item 1)
Russia
depends onnamed as a riskAdditionally, having a significant portion of our raw materials supply under our control minimizes risk associated with the global sourcing of raw materials, particularly since a good deal of scrap substitutes comes from regions of the world that have historically experienced greater political turmoil, such as Ukraine, Russia and Brazil.Business (Item 1)
Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more
Brazil
depends onnamed as a riskAdditionally, having a significant portion of our raw materials supply under our control minimizes risk associated with the global sourcing of raw materials, particularly since a good deal of scrap substitutes comes from regions of the world that have historically experienced greater political turmoil, such as Ukraine, Russia and Brazil.Business (Item 1)
Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more
Ukraine
depends onnamed as a riskAdditionally, having a significant portion of our raw materials supply under our control minimizes risk associated with the global sourcing of raw materials, particularly since a good deal of scrap substitutes comes from regions of the world that have historically experienced greater political turmoil, such as Ukraine, Russia and Brazil.Business (Item 1)
Also named by C, CL, DKNG, JLL, LKQ, LSTR, MDLZ, MSFT and 4 more
Trinidad
operates inNucor’s wholly owned subsidiary, Nu-Iron Unlimited, is located in Trinidad and benefits from a low-cost supply of natural gas and favorable logistics for inbound iron ore and shipment of DRI to the United States.Business (Item 1)
South Piceance Basin, Colorado
operates inNucor owns operating wells and leasehold interests in natural gas properties in the South Piceance Basin in the Western Slope of Colorado.Business (Item 1)
Commodities and inputs
Natural gas
exposed to its price · $7 / $17 for 10% / 25% changenamed as a riskChanges in the availability and cost of electricity and natural gas are subject to volatile market conditions which may negatively affect our business, results of operations, financial condition and cash flows.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Ferrous scrap steel
exposed to its price · $392 per gross ton used in 2025named as a riskScrap and scrap substitutes are the most significant element in the total cost of steel production.Business (Item 1)
Pig iron
depends on · over 2,000,000 gross tonsWe purchase pig iron as needed primarily from overseas sources.Business (Item 1)
Electricity
exposed to its pricenamed as a riskFurthermore, Nucor steel mills use significant amounts of electricity as 100% of our mills utilize EAF technology for our steel melting operations and the decarbonization of electricity generation may lead to high power costs and uncertainty in reliability.Risk factors (Item 1A)
Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more
Graphite electrodes
depends onnamed as a riskWe rely to an extent on outside vendors to supply us with key consumables such as graphite electrodes, alloys and other raw materials, including both scrap and scrap substitutes (e.g., prime scrap, pig iron and DRI) that are critical to the manufacture of our steel products.Risk factors (Item 1A)
Also named by ATI
Iron ore pellets
depends onnamed as a riskThe primary raw material for our DRI facilities is pelletized iron ore, which we purchase from various international suppliers.Business (Item 1)
Regulators
U.S. Environmental Protection Agency (EPA)
subject to · approximately $250 million in 2026We expect that capital expenditures we will direct toward our efforts in these areas will total approximately $250 million in 2026.Business (Item 1)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
U.S. International Trade Commission (USITC)
subject toTrade remedies implemented by the U.S. International Trade Commission, (the "USITC”) such as antidumping duties ("AD") and countervailing duties ("CVD") and similar measures play a key role in allowing the American steel industry to compete on a level playing field against unfairly traded imports.Business (Item 1)
Laws and programs
U.S. Section 232 steel tariffs
subject to · approximately 600 fabricated steel productsnamed as a riskIf the Section 232 or other import tariffs, quotas or duties expire or if others are further relaxed or repealed, or if relatively higher U.S. steel prices or a stronger U.S. dollar make it attractive for foreign steelmakers to export their steel products to the United States, despite the presence of import tariffs, quotas or duties, the resurgence of substantial imports of foreign steel could create downward pressure on U.S. steel prices.Risk factors (Item 1A)
Also named by AESI, ARLP, CLF, ET, JBI, RBC, SUN, SUNC and 2 more
U.S. antidumping and countervailing duty orders
subject to · 142 AD/CVD ordersThere are currently 142 AD/CVD orders in place on core steel product lines made by Nucor, and sunset reviews are typically held with respect to specific exporters and products every five years.Business (Item 1)
Resource Conservation and Recovery Act (RCRA)
subject tonamed as a riskInitially, the particulate matter captured and collected is classified as hazardous waste under the RCRA.Business (Item 1)
Also named by AN, CDE, CLH, CTAS, ESI, HL, LB, MLM and 7 more
Clean Air Act
subject tonamed as a riskThe principal federal environmental laws include the CAA, which regulates air emissions; the CWA which regulates water withdrawals and discharges; the RCRA, which addresses solid and hazardous waste treatment, storage and disposal; and the CERCLA, which governs releases of hazardous substances, and remediation of contaminated sites.Risk factors (Item 1A)
Also named by AEE, CTAS, CWST, EMN, FIX, HESM, KGS, NOC and 6 more
National Ambient Air Quality Standards (NAAQS)
subject tonamed as a riskIn addition to the above-mentioned statutes, revisions to National Ambient Air Quality Standards ("NAAQS"), including the implementation actions/decisions of environmental agencies, could make it significantly more difficult to obtain construction permits and permits to expand existing operations.Risk factors (Item 1A)
Buy Clean California Act
subject tonamed as a riskCalifornia has enacted the “Buy Clean California Act” and California has also established Global Warming Potential benchmarks through EPDs for certain materials, including certain steel products.Risk factors (Item 1A)