Capital expenditures were $859 million in the first quarter of 2025, an increase of $189 million from the prior year period. These expenditures primarily related to the sheet mill under construction in West Virginia and the construction of two manufacturing locations to expand Nucor Towers & Structures.

Nucor issued and sold $500 million aggregate principal amount of its 4.650% Notes due 2030 and $500 million aggregate principal amount of its 5.100% Notes due 2035. The company plans to use the net proceeds to redeem existing notes due in 2025 and for general corporate purposes.

Included in the first quarter net earnings was $29 million of losses and impairments of assets, with $19 million related to the closure or repurposing of certain facilities in the steel products segment and $10 million related to the repurposing of a facility in the steel mills segment.

The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 80%, 55% and 73%, respectively, in the first quarter of 2025, compared to approximately 82%, 59% and 77%, respectively, in the first quarter of 2024.

We expect earnings in the second quarter of 2025 to increase compared to the first quarter of 2025. Earnings in the second quarter of 2025 are expected to increase across all three of our operating segments, with the largest expected increase in the steel mills segment.

A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These costs decreased by $93.0 million in the first quarter of 2025 as compared to the first quarter of 2024. The decrease was due to the Company's decreased earnings in the first quarter of 2025.

There have been no material changes in Nucor's risk factors from those included in 'Item 1A. Risk Factors' in Nucor's Annual Report on Form 10-K for the year ended December 31, 2024.

In the ordinary course of business, Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap steel, other ferrous and nonferrous metals, alloys and natural gas.

During 2022, Nucor Steel Louisiana, our DRI facility located in St. James Parish, Louisiana, received allegations of violations of the Clean Air Act from the United States Environmental Protection Agency. A combined settlement is currently being negotiated.

The primary driver of the decrease in earnings in the first quarter of 2025 as compared to the first quarter of 2024 was the decreased profitability of the steel mills segment. Average selling prices and metal margins decreased across all product groups within the steel mills segment.

Nucor's largest single customer in the first quarter of 2025 represented approximately 5% of sales and has consistently paid within terms, indicating a diversified customer base.

We currently have the highest credit ratings of any steel producer headquartered in North America, with an A- long-term rating from Standard & Poor's, an A- long-term rating from Fitch Ratings and a Baal long-term rating from Moody's.

Also contributing to the decrease in steel mills segment earnings were increased conversion costs in the first quarter of 2025 as compared to the first quarter of 2024, largely driven by increased energy costs.

Pre-operating and start-up costs of new facilities were approximately $170 million in the first quarter of 2025 and approximately $125 million in the first quarter of 2024.

Our DRI facilities in Trinidad and Louisiana provide us with flexibility in managing our raw material requirements and our input costs. DRI is particularly important for operational flexibility when demand for prime scrap increases due to increased domestic steel production.

The 10-Q filing does not contain specific details or metrics related to R&D investments, technological capabilities, or digital transformation efforts.

The primary uses of cash were stock repurchases of $300 million in the first quarter of 2025 as compared to $1.00 billion in the first quarter of 2024, a decrease of $701 million.

Capital expenditures in the first quarter of 2025 primarily related to the sheet mill under construction in West Virginia and the construction of two manufacturing locations to expand Nucor Towers & Structures.

In February 2025, Nucor's Board of Directors declared a quarterly cash dividend on Nucor's common stock of $0.55 per share payable on May 12, 2025 to stockholders of record on March 31, 2025.

The 10-Q filing does not contain specific details or metrics related to environmental commitments, social responsibility initiatives, or governance practices.

The sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials is noted.

U.S. and foreign trade policies affecting steel imports or exports are a factor that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements.

Market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States.