Here are 1-2 brief analogies for Nucor:

• Alcoa, but for steel. (Both are major North American producers of fundamental industrial metals, with significant recycling operations.)
• The 'Tesla' of steel, focusing on electric arc furnaces and recycled materials. (Highlights Nucor's modern, often more sustainable, and efficient production method compared to traditional blast furnace steelmaking.)

• Sheet Steel: Hot-rolled, cold-rolled, and galvanized steel sheets for applications in automotive, construction, and appliances.
• Bar Steel: Includes rebar, merchant bar, and special bar quality steel for construction, manufacturing, and infrastructure.
• Structural Steel: Beams, columns, and other shapes primarily used in non-residential construction and infrastructure projects.
• Plate Steel: Heavy steel plates used in demanding applications such as construction, energy, defense, and heavy equipment manufacturing.
• Steel Joists and Deck: Engineered steel components forming the structural framework for floors and roofs in commercial and industrial buildings.
• Tube Products: Hollow structural sections (HSS) and other steel tubing for construction, mechanical, and automotive industries.

Nucor Corporation (NUE)

• Steel Service Centers: These companies act as intermediaries, purchasing various steel products from Nucor (and other mills), processing them further (e.g., cutting, slitting), and then distributing them to a diverse range of smaller manufacturers and end-users.
• Fabricators: Companies that take steel products from Nucor and transform them into finished or semi-finished components and structures. This is particularly prevalent in the nonresidential construction sector for applications such as structural steel, rebar, and metal buildings.
• Manufacturers: Original Equipment Manufacturers (OEMs) across numerous industries that use Nucor's steel as a primary raw material for their products. This includes companies in sectors such as:
  • Automotive (e.g., car and truck manufacturers)
  • Heavy Equipment (e.g., construction machinery, agricultural equipment)
  • Energy (e.g., components for oil and gas infrastructure, renewable energy projects)
  • Appliances and other consumer durables

• GrafTech International Ltd. (EAF)
• Linde plc (LIN)

Leon J. Topalian, Chair, President and Chief Executive Officer

Mr. Topalian began his career with Nucor in 1996 as a Project Engineer at Nucor Steel Berkeley. He has held various leadership positions across Nucor's operations, including in Australia, Nucor Steel South Carolina, Nucor Steel Kankakee, and Nucor-Yamato Steel Company. He served as Executive Vice President of Beam and Plate Products from 2017 to 2019, President and Chief Operating Officer in 2019, and became President and Chief Executive Officer in 2020. He was named Chair, President and Chief Executive Officer in 2022.

Stephen D. Laxton, Chief Financial Officer and Executive Vice President

Mr. Laxton started his career at Nucor in 2003 as General Manager of Business Development. He advanced to Vice President of Business Development and Strategic Planning, a role he held from 2014 to 2022. In 2022, he was named Chief Financial Officer, Treasurer, and Executive Vice President, assuming his current role in 2025. Before joining Nucor, Mr. Laxton held various positions at Cinergy Corp., including Director of Asset Management and Manager of Corporate Development. He also had financial roles with Ashland, Inc., North American Stainless, and National City Bank.

David A. Sumoski, Chief Operating Officer

Mr. Sumoski joined Nucor in 1995 as an Electrical Supervisor at Nucor Steel Berkeley. His career at Nucor includes roles such as Maintenance Manager, General Manager of Nucor Steel Marion, and Vice President of Nucor in 2010. He further served as Vice President and General Manager of Nucor Steel Memphis, and as an Executive Vice President from 2014 through 2020. He was named Chief Operating Officer in 2021.

Allen C. Behr, Executive Vice President, Raw Materials

Mr. Behr began his Nucor career in 1996 as a Design Engineer at Nucor Building Systems Indiana. He held numerous positions at Nucor Building Systems locations in Indiana, Texas, and South Carolina before becoming General Manager at Nucor Building Systems South Carolina in 2008. He was elected a Vice President of Nucor in 2012, served as President of the Vulcraft/Verco Group, and later as General Manager for Nucor Steel Texas from 2017 through 2020. He was named Executive Vice President in 2020.

Randy J. Spicer, Executive Vice President

Mr. Spicer joined Nucor in 2004 as the Accounting Supervisor at Nucor Steel Indiana. In 2006, he became part of the start-up team at Nucor Steel Memphis, Inc. as Controller, and subsequently served as Controller and Hot Mill Manager at Nucor Steel Gallatin LLC. He was promoted to General Manager of Nucor Tubular Products North in 2020 and President of Nucor Tubular Products in 2022. Mr. Spicer was named Executive Vice President in 2024.

Key Risks to Nucor (NUE)

1. Market Cyclicality and Global Competition/Oversupply: The steel industry is inherently cyclical, meaning Nucor's performance is closely tied to overall macroeconomic health. Furthermore, global overcapacity in steel production, particularly from foreign imports, can lead to increased competition and downward pressure on steel prices, negatively impacting Nucor's business, financial condition, and cash flows.
2. Volatility in Raw Material and Energy Costs: Nucor relies heavily on electric arc furnaces (EAFs) for its steel production, making it significantly exposed to the fluctuating costs of raw materials, particularly scrap steel. Additionally, efforts toward decarbonizing electricity generation could lead to higher power costs, further affecting Nucor's operational expenses.
3. Legal and Regulatory Risks, including Environmental Compliance: Nucor is subject to various legal proceedings and compliance risks. Significant changes in laws or government regulations, especially those related to environmental compliance and greenhouse gas emissions, could result in increased energy costs, capital expenditures, and operating costs.

Nucor Corporation (NYSE: NUE) operates primarily through three segments: Steel Mills, Steel Products, and Raw Materials. The addressable markets for their main products and services are as follows:

Steel Mills Segment

This segment encompasses a wide range of steel products, including sheet steel, plate steel, bar steel, and structural steel, which includes rebar.

• Overall Steel Market (United States): The U.S. steel market was valued at USD 139.6 billion in 2024 and is projected to reach USD 164.0 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 1.7% from 2025 to 2033. Another estimate places the U.S. iron and steel manufacturing market size at USD 104.6 billion in 2024, growing to USD 108.4 billion in 2025.
• Overall Steel Market (Global): The global steel market size was valued at USD 974.4 billion in 2024 and is forecast to reach USD 1.28 trillion by 2033, growing at a CAGR of 3.14% during 2025-2033. Other sources indicate the global steel market size was estimated at USD 1.47 trillion in 2024 and is projected to reach USD 1.92 trillion by 2030, with a CAGR of 4.6% from 2025 to 2030, or USD 1.82 trillion in 2024, projected to reach USD 2.65 trillion by 2035, growing at a CAGR of 3.47% from 2025 to 2035.
• North America Steel Products Market: The North America Steel Products Market is expected to be valued at USD 143.67 billion in 2024 and is projected to reach USD 267.13 billion by 2035, with a CAGR of 5.8% from 2025 to 2035.
• U.S. Steel Rebar Market: The U.S. steel rebar market size is estimated to reach US$8.2 billion by 2031, growing at a CAGR of 4.3% during the forecast period 2025-2031. Another valuation for the U.S. steel merchant and rebar market was USD 9.85 billion in 2023, projected to grow to USD 15.52 billion by 2032, exhibiting a CAGR of 5.2%.
• Global Steel Rebar Market: The global steel rebar market size was valued at USD 292.65 billion in 2024 and is projected to reach approximately USD 473.53 billion by 2034, growing at a CAGR of 4.93% over the forecast period 2025 to 2034.
• North America Structural Steel Market: The structural steel market in North America commanded a 64.9% share in 2023, equating to approximately USD 74.3 billion. The U.S. is the central growth engine within North America for this market.
• USA Flat Steel Market: The USA Flat Steel Market was valued at USD 70.3 billion.
• U.S. Hot Rolled Coil (HRC) Steel Market: The U.S. HRC steel market was valued at USD 27.68 billion in 2024 and is expected to grow at a CAGR of 5.2% from 2025 to 2030.

Steel Products Segment

This segment includes value-added products such as steel joists, steel decks, fabricated concrete reinforcing steel, cold finished steel, metal building systems, steel fasteners, grating, wire, and wire mesh.

• The market sizes for these individual value-added products are generally part of the broader North American and U.S. steel products and construction markets mentioned above. No distinct market sizes for each specific product (e.g., "steel joists market size") were identified.

Raw Materials Segment

This segment involves the sale of ferrous and nonferrous metals, direct reduced iron (DRI), pig iron, and scrap metal recycling. Nucor is North America's largest recycler of scrap metal.

• While specific monetary market sizes for "scrap metal recycling" as a standalone addressable market for Nucor's raw materials segment were not explicitly found, it's important to note that two-thirds of the iron and steel produced in the U.S. is made from recycled scrap. The demand for these raw materials directly feeds into the overall steel manufacturing market.

Here are 3-5 expected drivers of Nucor's (NUE) future revenue growth over the next 2-3 years:

1. Strategic Capital Projects and Capacity Expansions: Nucor is actively investing in significant capital projects to enhance its production capabilities and expand into new product areas. These include a new melt shop at Kingman, Arizona, a new rebar micro mill in Lexington, North Carolina, and the completion of a new state-of-the-art mill in West Virginia by the end of 2026. The company also plans to commission an automotive galvanizing line in Berkeley County in 2026. These expansions are aimed at supporting long-term earnings growth.
2. Growth in High-Margin, Less Cyclical Businesses and Product Diversification: Nucor is focusing on investments in high-margin, less cyclical businesses and expanding its steel product capabilities. This includes venturing into new areas related to steel, such as custom-engineered building products and automated utility tower manufacturing. The company's strategic growth aligns with secular trends and positions it to cater to specific customer needs and enter new markets.
3. Leveraging Secular Growth Trends (Data Centers, Power Grid, Reindustrialization): Nucor is poised to benefit from several significant secular growth trends. This includes the robust expansion of data center construction, the ongoing expansion of power transmission and distribution infrastructure, and the reindustrialization of the U.S. economy. Nucor has strategically positioned itself by repurposing existing steel products facilities for its Nucor Data Systems businesses (including manufacturing server cabinets and racks) and supporting infrastructure projects.
4. Integration of Acquisitions: Nucor continues to integrate recently acquired businesses, such as Rytec and Southwest Data Products. These acquisitions are aligned with strategic growth in overhead door and racking platforms, offering opportunities for diversified revenue streams and market expansion.
5. Support from Steel Import Tariffs and Market Positioning: Ongoing steel import tariffs are expected to support domestic demand and may provide price stability and stronger volumes for Nucor. The company's strong financial position and strategic initiatives are seen as positioning it as a formidable competitor in the North American steel market.

Share Repurchases

• Nucor's Board of Directors approved a new share repurchase program of up to $4.00 billion in May 2023, replacing a previous $4.00 billion authorization under which approximately $3.79 billion of common stock had been repurchased since December 2021.
• In the first half of 2024, Nucor returned more than $1.7 billion to shareholders through dividends and share repurchases, with approximately $11.4 billion returned since 2020.
• In Q3 2025, Nucor returned approximately $230 million to shareholders through dividends and share buybacks, bringing year-to-date returns to nearly $1 billion, or 72% of net earnings.

Outbound Investments

• Nucor has spent $5.8 billion on acquisitions since 2020, focusing on expanding its production capabilities and growing its business.
• Recent acquisitions include Southwest Data Products (now Nucor Data Systems) to expand offerings for data center customers and Rytec Corporation, a manufacturer of high-speed commercial doors, to grow beyond core steelmaking into related downstream businesses.
• Nucor has also made strategic investments in Helion (fusion reactions) and NuScale (SMR technology), which may benefit the company in the long term, particularly with data center baseload capacity.

Capital Expenditures

• Nucor expects capital expenditures to be approximately $3 billion in 2025, roughly flat compared to 2024's amount, with about two-thirds attributed to growth projects. Full-year CapEx for 2025 is now expected to be $3.3 billion due to some project spending being pulled forward from 2026.
• Expected 2024 capital expenditures were $3.2 billion, a 45% increase from $2.2 billion in 2023.
• A significant portion of capital expenditures is directed towards major growth projects, including the ongoing construction of a $3.1 billion sheet mill in Apple Grove, West Virginia (expected to be commissioned by the end of 2026), a rebar micro mill in Lexington, North Carolina, and a new melt shop at the Kingman, Arizona steel mill. These investments also include expanding capabilities for the rapidly growing data center construction market.