Nucor (NYSE:NUE) executives highlighted improving safety results, a pipeline of major growth projects moving from construction to ramp-up, and expectations for stronger earnings early in 2026 during the company’s fourth-quarter 2025 earnings call.
Fourth-quarter and full-year results
Nucor reported adjusted earnings of $1.73 per share for the fourth quarter and $7.71 per share for full-year 2025, with EBITDA of $918 million in the quarter and approximately $4.2 billion for the year.
Segment trends: pricing and volumes weighed on Q4
On a segment basis, Nucor’s steel mill segment generated $516 million of pretax earnings, down roughly 35% from the prior quarter. Laxton attributed the decline to an 8% drop in shipment volumes due to seasonal effects, fewer shipping days in the fiscal fourth quarter, and planned and unplanned outages. Pricing was mixed: average realized pricing improved in bar and structural products, but those gains were more than offset by lower sheet and plate pricing, which management said reflected lagging sheet prices from the fall. Laxton added that sheet prices began rising in November and December, with most of that improvement expected to be realized in the first quarter.
The steel products segment posted $230 million of pretax earnings, down from $319 million in the third quarter, as volumes declined sequentially across the portfolio. Laxton noted rebar fabrication represented about half of the quarter-over-quarter volume decline, consistent with typical seasonality.
The raw materials segment delivered approximately $24 million of pretax earnings, down from $43 million in the prior quarter, primarily due to two scheduled outages at Nucor’s DRI facilities.
Capital allocation, CapEx outlook, and cash flow
CEO Leon Topalian said the company reinvested $3.4 billion into the business during 2025 and returned $1.2 billion to shareholders through dividends and share repurchases, representing approximately 70% of net earnings. Nucor ended the year with $2.7 billion in cash, which management described as ample liquidity to support operations and growth objectives while maintaining what Topalian called the strongest credit profile in the industry.
Laxton guided to a step down in spending in 2026, estimating 2026 CapEx of approximately $2.5 billion, with about two-thirds allocated to growth-oriented investments. The West Virginia sheet mill remains the largest single use of capital in 2026. In response to questions on longer-term spending, Laxton said Nucor’s view of ongoing maintenance-related capital (including safety, environmental compliance, and smaller efficiency projects) is now closer to $800 million per year, reflecting inflation and the company’s larger scale.
Laxton also addressed cash flow, noting that Nucor generated negative free cash flow in 2025—something he described as rare for the company—but said it was an intentional result tied to aggressive growth initiatives. With lower capital spending, incremental EBITDA from completed projects, and improved market conditions, management said it expects meaningfully higher free cash flow in 2026.
Nucor also increased its quarterly dividend in December to $0.56 per share, extending its record of paying and increasing the regular quarterly dividend for 53 consecutive years, according to Laxton.
Projects ramping up and 2026 demand outlook
Topalian said 2025 marked an “inflection point” as several projects transitioned from construction to ramp-up. Major projects completed in 2025 included:
- a new rebar micromill in Lexington, North Carolina;
- a new melt shop at the bar mill in Kingman, Arizona;
- a new Nucor Towers and Structures facility in Alabama; and
- new galvanizing and pre-paint lines at the Crawfordsville sheet mill in Indiana.
Management said those projects are on track to be fully ramped up and operating at positive EBITDA run rates within the year.
Looking to 2026, Topalian said Nucor expects continued strength across several end markets, including infrastructure, data centers, energy, and energy infrastructure, and also cited healthy demand tied to advanced manufacturing and the border fence. He said the company has not yet seen much improvement in interest-rate-sensitive areas such as automotive and residential construction. Overall, Nucor expects domestic steel demand to be slightly higher than in 2025.
Topalian also pointed to what he called historically strong backlogs entering 2026: up nearly 40% year-over-year in the steel mill segment and 15% in steel products. He highlighted the structural products backlog as particularly strong, saying it set a record in the first quarter of 2025 and the backlog carried into 2026 is more than 15% above that level. For the full year, Nucor expects steel mill shipments to increase by about 5% compared with 2025.
For the first quarter of 2026, Laxton guided to higher consolidated earnings with improved results across all three segments, citing higher shipment volumes, positive seasonal trends, and fewer outages. He said the steel mill segment should drive the largest sequential earnings improvement due to higher volumes and higher realized pricing, with sheet contributing most to the increase.
Trade policy and import levels
Topalian said enforcement actions and the reinstatement of Section 232 tariffs without exemptions have contributed to lower imports. He cited foreign import share of the U.S. finished steel market declining from about 25% a year ago to 16% in October and an estimated 14% in November. Management expects imports to trend at or below those levels in 2026 as the market absorbs the impact of Section 232 and recent trade case determinations, including rulings involving corrosion-resistant steel and rebar.
Topalian added that the formal USMCA review beginning in July could address transshipment through Mexico and Canada and steel subsidies provided by the Canadian government, while also advocating for policies such as Buy America. In response to analyst questions, he said Nucor’s priority is preventing illegally dumped and subsidized steel from entering the U.S. market, and he described the current environment from Commerce and USTR as supportive of U.S. manufacturing.
Topalian closed the call by thanking employees for safety, operational, and financial performance in 2025, and said management feels good about the company’s positioning heading into 2026.
About Nucor (NYSE:NUE)
Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.
Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.
