Capital expenditures increased by $342 million to $1.81 billion in the first six months of 2025 compared to $1.47 billion in the same period of 2024. These investments are directed towards major projects such as the sheet mill in West Virginia, Nucor Towers & Structures expansion, and a galvanizing line in South Carolina, with estimated 2025 CapEx at $3.00 billion (page 31).

The company continues to incur significant pre-operating and start-up costs, totaling $306 million in the first six months of 2025, for new facilities including a plate mill in Kentucky, a rebar micro mill in North Carolina, and a melt shop addition in Arizona. These investments aim to expand Nucor's manufacturing capabilities and market reach (page 27).

Nucor amended and restated its revolving credit facility in March 2025, increasing the borrowing capacity from $1.75 billion to $2.25 billion and extending its maturity to March 11, 2030. This provides additional liquidity and flexibility to support ongoing strategic initiatives and capital allocation decisions (page 31).

Average utilization rates for operating facilities in the steel mills segment increased to 82% in the first six months of 2025 from 79% in 2024. The steel products segment also saw an increase to 61% from 59% over the same period, indicating improved asset utilization and production efficiency (page 24).

Despite a 3% decrease in average sales price per ton in Q2 2025, Nucor achieved a 5% increase in net sales due to an 8% rise in total tons shipped to external customers. This demonstrates management's ability to drive volume growth and maintain top-line performance amidst pricing pressures (page 25).

The significant 49.1% year-over-year decrease in net earnings for the first six months of 2025 was primarily attributed to weaker first quarter results compared to the strong first quarter of 2024. While Q2 2025 showed sequential improvement, the first-half performance indicates a challenge in maintaining consistent high profitability (page 24).

Management explicitly stated that there have been no material changes in Nucor's risk factors from those included in the Annual Report on Form 10-K for the year ended December 31, 2024 (page 35). This suggests a stable, albeit ongoing, assessment of known risks.

Nucor remains exposed to market risk from price fluctuations in raw materials like scrap steel, other ferrous and nonferrous metals, alloys, and natural gas. A hypothetical 25% change in natural gas prices could impact pre-tax earnings by $21 million, highlighting sensitivity to commodity markets (page 32).

Nucor Steel Louisiana's DRI facility is negotiating a settlement with the EPA regarding alleged Clean Air Act violations from 2022. While management does not expect a material adverse effect, it indicates ongoing regulatory compliance challenges and potential costs (page 35).

Management reported resilient demand in key end markets for both the steel mills and steel products segments at the end of Q2 2025. Backlogs for these two segments also increased compared to the end of Q2 2024, indicating a robust order book and competitive strength (page 24).

Nucor's ownership of DRI facilities (Nu-Iron Unlimited and Nucor Steel Louisiana) provides flexibility in managing raw material requirements and input costs. This vertical integration is a key competitive advantage, particularly when demand for prime scrap increases (page 32).

While the overall average sales price per ton decreased by 3% in Q2 2025, the steel mills segment experienced higher average selling prices, especially at sheet and plate mills. Conversely, the steel products segment faced margin compression due to decreased average selling prices, notably in the joist and deck business (page 24, 25).

The average scrap and scrap substitute cost per gross ton increased by 2% in Q2 2025 to $403 from $396 in Q2 2024. However, for the first six months of 2025, this cost decreased by 3% to $398 from $409 in the same period of 2024, indicating fluctuating but overall managed input costs (page 27).

Conversion costs in the first six months of 2025 increased compared to the first six months of 2024, with the first quarter of 2025 accounting for the majority of this increase. This suggests higher operational expenses relative to output, contributing to the decline in first-half gross margins (page 27).

Pre-operating and start-up costs for new facilities amounted to $306 million in the first six months of 2025, an increase from $262 million in 6M 2024. These costs, which are expensed, impact short-term profitability as new projects like the West Virginia sheet mill move towards full operation (page 27).

Nucor's capital expenditures of $1.81 billion in the first six months of 2025, with an estimated $3.00 billion for the full year, are primarily directed towards new and expanding facilities. These projects, such as the sheet mill in West Virginia and a new galvanizing line, inherently involve the adoption of advanced manufacturing technologies (page 31).

Ongoing pre-operating and start-up costs for projects like the plate mill in Kentucky, rebar micro mill in North Carolina, and melt shop addition in Arizona suggest the deployment of modern steel production technologies. These investments aim to enhance product capabilities and operational efficiency through technological upgrades (page 27).

The company reported 'Other intangible assets, net' of $3,006 million as of July 5, 2025, and 'Trademarks and trade names' with a gross amount of $387 million. The stability of these figures from December 31, 2024, indicates a maintained value in Nucor's intellectual property and brand assets (page 5, 8).

Capital expenditures increased significantly to $1.81 billion in the first six months of 2025, up from $1.47 billion in the same period of 2024. This substantial investment, with a full-year estimate of $3.00 billion, demonstrates a clear priority on expanding production capacity and strategic projects (page 31).

Nucor issued $997 million in new long-term debt (2030 and 2035 Notes) and used the proceeds to redeem all outstanding 2025 Notes. This move effectively refinances debt, extends maturities, and maintains a healthy funded debt to total capital ratio of 24.3% as of July 5, 2025 (page 31).

Share repurchases decreased to $500 million in the first six months of 2025, a significant reduction from $1.50 billion in the first six months of 2024. This moderation suggests a shift in capital allocation, possibly favoring internal growth projects or a more conservative approach given market conditions (page 31).

Nucor Steel Louisiana is currently negotiating a settlement with the EPA regarding alleged Clean Air Act violations from 2022. While the company does not anticipate a material adverse effect, this highlights the continuous need for robust environmental compliance and risk management (page 35).

Nucor's contributions to its Profit Sharing and Retirement Savings Plan, based on company profitability, amounted to $86 million in Q2 2025 and $117 million in the first six months of 2025. This commitment to employee benefits reflects a strong social responsibility aspect of its operations (page 12).

The company's management, including the CEO and CFO, concluded that Nucor's disclosure controls and procedures were effective as of July 5, 2025. This indicates sound internal governance practices for financial reporting and transparency (page 34).

Management reported a 'stable demand environment' and 'resilient demand in key end markets' for its steel mills and steel products segments in Q2 2025. This indicates a generally supportive market backdrop for Nucor's operations, despite some pricing pressures (page 24).

The filing reiterates the cyclical nature of the steel industry, with market demand largely driven by nonresidential construction activity in the United States. This inherent characteristic means Nucor's financial performance remains sensitive to broader economic cycles (page 23).

The recent signing of the 'One Big Beautiful Bill Act' (OBBBA) in July 2025, impacting income tax disclosures, and ongoing IRS and Canada Revenue Agency tax examinations, underscore a dynamic regulatory environment. Nucor has assessed the OBBBA's impact as immaterial, but continuous adaptation is necessary (page 13, 29).