Nucor Corporation shared 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 percent 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 coupled with margin compression. The decrease in the steel products segment’s earnings in the third quarter was due to higher average costs per ton on stable average realized pricing and moderately higher volumes. The raw materials segment had lower earnings in the third quarter of 2025 primarily due to lower realized pricing in our direct reduced iron and scrap processing operations.
Third quarter of 2025 consolidated net earnings attributable to Nucor stockholders was 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 and cash equivalents and short-term investments on hand. The company’s $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030. The company continues to have the strongest credit ratings in the North American steel sector with stable outlooks at Standard & Poor’s, Fitch Ratings and Moody’s, respectively. During September 2025, Moody’s upgraded Nucor’s long-term credit ratings 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 9 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.
Published December 2025