Nucor finishes 2025 with 14 percent earnings decline

Charlotte, North Carolina-based Nucor Corp. has announced fourth quarter 2025 earnings that are nearly 32 percent higher compared with one year earlier, although for the full year of 2025 the steel producer garnered net earnings below the level it reached in 2024.

Nucor, which operates recycled-content electric arc furnace (EAF) steel mills and the David J. Joseph (DJJ) network of metal recycling facilities, has reported net earnings attributable to shareholders of $378 million for last year’s fourth quarter, representing a 31.7 percent increase from the $287 million figure in late 2024.

The steelmaker, which also makes numerous downstream steel-containing building products, earned more than $1.74 billion in all of 2025, marking a 14 percent decline from the more than $2 billion it cleared in 2024.

“I want to thank our teammates for their tremendous work throughout 2025—delivering for our customers, advancing key growth projects and making this Nucor's safest year,” says Leon Topalian, the company’s board chair and CEO.

“During the year, we brought several major projects online, including our new rebar micromill in Lexington, North Carolina; the Kingman, Arizona, melt shop; our Alabama Towers and Structures facility; and our coating complex in Crawfordsville, Indiana,” says Topalian.

“As these and other recently completed projects ramp up, they are beginning to deliver meaningful earnings contributions and we believe they will play an important role in strengthening our earnings power over time,” he adds.

Continues the CEO, “Looking ahead to 2026, we are encouraged by robust demand in several key end markets, historically strong backlogs and federal policies that support a vibrant domestic steel industry. Our focus remains on execution and generating strong, through‑cycle returns for our shareholders.”

Nucor says earnings in its EAF steel mills segment decreased in the fourth quarter of 2025 because of lower volumes and margin compression, primarily at sheet steel mills.

The firm says earnings in its raw materials segment, which includes the DJJ recycling operations, decreased in the final quarter of 2025 “mainly as a result of two scheduled outages at our direct reduced iron (DRI) facilities that were partially offset by insurance recoveries.”

Regarding the quarter now underway, Nucor predicts its raw materials segment will enjoy increased earnings compared with the quarter just completed.

Overall, says the firm, “We expect earnings to increase in the first quarter of 2026, [with] the largest increase in the steel mills segment.”

Nucor says it anticipates “higher volumes and higher realized prices across all major product categories” in its steel mill sector in early 2026.