Short answer
Nucor (NUE) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $30.7B (−11.5% year over year) and net income of $2.0B.
- Top risk flagged: IRS audit risk: 2015, 2019, 2020 US federal income tax returns under IRS examination; 2015-2021 Canadian returns examined by Canada Revenue Agency
FY2024 key financial metrics · XBRL
- Revenue
- $30.7B
- −11.5% YoY
- Net income
- $2.0B
- −55.2% YoY
- Gross margin
- 2.0%
- −2.0 pp YoY
- EPS (diluted)
- $8.46
- −53.0% YoY
- ROE
- 10.0%
- −11.6 pp YoY
- Operating cash flow
- $4.0B
- −44.1% YoY
Source: XBRL data from the Nucor (NUE) FY2024 10-K on SEC EDGAR. USD.
Nucor FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: North America’s largest recycler and EAF steel producer supplying diverse steel products chiefly for nonresidential construction and industrial markets
- New investments: $860M approved in 2024 to build a Pacific Northwest rebar micro mill; recent acquisitions include Rytec (high-speed doors) and Southwest Data Products for expanded data center racking
- Strategic shift: Expanded value-added product integration (e.g., insulated metal panels, steel racking, commercial doors) pursuing "Expand Beyond" growth to reduce earnings volatility
- Notable metric: Recycled ~18M tons of scrap steel in 2024; $11.84B invested over last three years, 63% to capital expenditures, enhancing capacity and product mix
- Distinctive fact: Six industrial gas plants operating with eight more in development to internally supply process gases, reducing reliance on external providers
Management Discussion & Analysis
- Operating rates decreased to 76% in 2024 vs 78% in 2023, reflecting softened steel market demand
- Global crude steel production overcapacity expected to rise from 632M net tons in 2024 to 710M in 2025
- China’s steel production remained above 1 billion tons for fifth consecutive year in 2024
- Raw material price volatility (ferrous scrap) poses risk; mitigated by inventory management and investments in DRI and scrap processing
- Infrastructure funding ($1.5T+) delayed impact; federal acts promote domestic steel use, supporting Nucor’s market position
Risk Factors
- IRS audit risk: 2015, 2019, 2020 US federal income tax returns under IRS examination; 2015-2021 Canadian returns examined by Canada Revenue Agency
- US steel market slowdown: 2024 sales down 11%, avg price/ton down 10%, volumes down 2%, lower metal margins constraining profitability
- Startup cost risk: $594 million pre-operating/start-up costs in 2024 vs. $400 million in 2023 from Kentucky, West Virginia, and Arizona mills
- Competitive pressure: intensified pricing pressure in weak market conditions from domestic and global steel imports impacting Nucor’s margins
- Leverage and liquidity risk: funded debt to total capital ratio at 24.5%, revolving credit facility undrawn but maturity Nov 2026, lower cash $4.14B vs $7.13B in 2023
Generated from the filing text; verify against the original. How to read a 10-K
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