Nucor Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Nucor Corp. filed its 2023 10-K, detailing financial performance and operational scope in steel manufacturing.</b>

AI Summary

NUCOR CORP (NUE) filed a Annual Report (10-K) with the SEC on February 27, 2024. Nucor Corp. filed its 2023 Form 10-K on February 27, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's operations in steel production, including blast furnaces and rolling mills. Key financial statement items referenced include Property, Plant, and Equipment, Net; Accrued Liabilities, Current; and Long-Term Debt and Capital Lease Obligations. The report details various financial instruments and fair value measurements as of December 31, 2023. Previous company names include Nuclear Corp of America Inc. and Aztec Mechanical Contractors Inc.

Why It Matters

For investors and stakeholders tracking NUCOR CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Nucor's financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed financial disclosures, including debt, assets, and liabilities, offer insights into Nucor's risk profile and its ability to manage financial obligations within the steel industry.

Risk Assessment

Risk Level: medium — NUCOR CORP shows moderate risk based on this filing. The company operates in the cyclical steel industry, which is subject to fluctuations in demand, pricing, and raw material costs, as indicated by the broad range of financial instruments and operational segments mentioned.

Analyst Insight

Investors should review Nucor's detailed financial statements and risk factors in the 10-K to understand the company's performance and outlook in the volatile steel market.

Key Numbers

• 20231231 — Fiscal Year End (Period of Report)
• 20240227 — Filing Date (Date Filed)
• 3312 — Standard Industrial Classification (Steel Works, Blast Furnaces Rolling Mills (Coke Ovens))
• 124 — Public Document Count (Total documents in filing)

Key Players & Entities

• NUCOR CORP (company) — Filer name
• 0000073309 (company) — Central Index Key
• DE (company) — State of Incorporation
• 1915 REXFORD RD (company) — Business Address Street 1
• CHARLOTTE (company) — Business Address City
• NC (company) — Business Address State
• 28211 (company) — Business Address ZIP
• NUCLEAR CORP OF AMERICA INC (company) — Former Company Name

FAQ

Risk Factors

• Market Conditions [high — market]: The company's financial performance is significantly influenced by the cyclical nature of the steel industry, including fluctuations in demand, pricing, and raw material costs.
• Operational Risks [medium — operational]: Risks related to the operation of steel manufacturing facilities, including potential disruptions, safety incidents, and environmental compliance.
• Financial Risks [medium — financial]: Exposure to interest rate fluctuations, credit risks, and the management of debt obligations.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC

Key Financial Figures

• $0.40 — ch registered Common Stock, par value $0.40 per share NUE New York Stock Exchan
• $860 million — ed that the Board of Directors approved $860 million to construct a rebar micro mill in the

Filing Documents

• nue-20231231.htm (10-K) — 4269KB
• nue-ex10_v.htm (EX-10.(V)) — 13KB
• nue-ex21.htm (EX-21) — 45KB
• nue-ex23.htm (EX-23) — 2KB
• nue-ex31.htm (EX-31) — 11KB
• nue-ex31_i.htm (EX-31.(I)) — 11KB
• nue-ex32.htm (EX-32) — 7KB
• nue-ex32_i.htm (EX-32.(I)) — 6KB
• nue-ex97.htm (EX-97) — 34KB
• img154782509_0.jpg (GRAPHIC) — 60KB
• 0000950170-24-021195.txt (&nbsp;) — 19063KB
• nue-20231231.xsd (EX-101.SCH) — 2026KB
• nue-20231231_htm.xml (XML) — 4474KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 Information About Our Executive Officers 29 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 90 Item 9A.

Controls and Procedures

Controls and Procedures 90 Item 9B. Other Information 90 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III Item 10. Directors, Executive Officers and Corporate Governance 91 Item 11.

Executive Compensation

Executive Compensation 91 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91 Item 13. Certain Relationships and Related Transactions, and Director Independence 91 Item 14. Principal Accountant Fees and Services 91 PART IV Item 15. Exhibits and Financial Statement Schedules 92 Item 16. Form 10-K Summary 96

SIGNATURES

SIGNATURES 97 i PART I

B usiness

Item 1. B usiness. Overview Nucor Corporation, a Delaware corporation incorporated in 1958, and its affiliates ("Nucor," the "Company," "we," "us" or "our") manufacture steel and steel products. The Company also produces and procures ferrous and non-ferrous materials primarily for use in its steel manufacturing business. Most of the Company's operating facilities and customers are located in North America. The Company's operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America's largest recycler, using scrap steel as the primary raw material in producing steel and steel products. In 2023, we recycled approximately 18.4 million gross tons of scrap steel. Segments, Principal Products Produced, and Markets and Marketing Nucor reports its results in three segments: steel mills, steel products and raw materials. The steel mills segment is Nucor's largest segment, representing 58% of the Company's sales to external customers in the year ended December 31, 2023. We market products from the steel mills and steel products segments mainly through in-house sales forces. We also utilize our internal distribution and trading companies to market our products abroad. The markets for these products are largely tied to end-use markets such as nonresidential construction, durable goods and capital spending that are affected by changes in general economic conditions. We are a leading domestic provider for most of the products we supply, and, in many cases (e.g., structural steel, merchant bar steel, steel joist and deck, pre-engineered metal buildings, steel piling, cold finish bar steel, steel electrical conduit pipe and insulated metal panels), we are the leading supplier. In recent years we have embarked on a strategy to advance Nucor's capabilities and further its value creation, as summarized in our Mission Statement: Grow the Core, Expand Beyond and Live O