NUENucor

Materials · Steel · NYSE

Nucor Corporation, a Delaware corporation incorporated in 1958, and its affiliates (“Nucor,” the “Company,” “we,” “us” or “our”) manufacture steel and steel products. 10-K, Item 1

Headquarters: Charlotte, NC
CEO: Leon J. Topalian
Next results: around Jan 25, 2027

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10-K 0001193125-26-071575 (2026-02-25) vs 10-K 0000950170-25-028427 (2025-02-27)

Section	Compared text	Words now	Changed
Risk Factors	Item 1A	3,491	11.4%
MD&A	Item 7	7,755	22.9%
Legal Proceedings	Item 3	243	3.6%
Accounting Policies	Item 8, Note 2 – Summary of Significant Accounting Policies	1,414	12.0%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: ~~cut words struck through~~, new words highlighted and underlined.

Risk Factors 145 words changed in this paragraph; it is 55% similar to last year's version.

~~In 2018, a 25% tariff or quota limits were~~ After recent years of weakened effectiveness due to country exemptions and product exclusions, steel tariffs first imposed ~~under the first Trump Administration~~ in 2018 under Section 232 of the Trade Expansion Act ~~on all imported~~ were fully reinstated in 2025 without exceptions or exclusions, and were broadened to cover approximately 600 fabricated steel ~~products for an indefinite period~~ products. These comprehensive tariffs have been more effective in combating circumvention behaviors and keeping unfairly traded imports out of ~~time. However, over time~~ the U.S. market. There can be no assurance as to when or if the Section 232 ~~measures were weakened through country exemptions, quota arrangements and individual product exclusions. As a result,~~ or other import tariffs, quotas or other duties may be enacted, enforced, extended, modified or terminated in the ~~Section 232 program’s coverage narrowed significantly since its initial implementation, with duties eventually applicable to less than 20% of total import volumes.~~ future. If the Section 232 or other import tariffs, quotas or duties expire or if others are further relaxed or repealed, or if relatively higher U.S. steel prices or a stronger U.S. dollar make it attractive for foreign steelmakers to export their steel products to the United States, despite the presence of import tariffs, quotas or duties, the resurgence of substantial imports of foreign steel could create downward pressure on U.S. steel prices.

Source: Item 1A, 10-K 0001193125-26-071575 vs Item 1A, 10-K 0000950170-25-028427

MD&A 141 words changed in this paragraph; it is 54% similar to last year's version.

When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. Significant assumptions used to determine the fair value of each reporting unit as part of our annual testing (and any required interim testing) include: (i) expected cash flow for the five-year period following the testing date (including market share, sales volumes and prices, raw materials and other costs to produce and estimated capital needs); (ii) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; (iii) a discount rate based on management’s best estimate of the after-tax weighted-average cost of capital; and (iv) a probability-weighted scenario approach by which varying cash flows are assigned to certain scenarios based on the likelihood of occurrence. Management considers historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of its reporting units are estimated. Those estimates and judgments may or may not ultimately prove appropriate.

Source: Item 7, 10-K 0001193125-26-071575 vs Item 7, 10-K 0000950170-25-028427

Accounting Policies 71 words changed in this paragraph; it is 66% similar to last year's version.

In November 2024, new accounting guidance was issued that requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. The new accounting guidance also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The new accounting guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this new accounting guidance can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001193125-26-071575 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000950170-25-028427

Legal Proceedings 16 words changed in this paragraph; it is 88% similar to last year's version.

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.~~ EPA. A combined settlement is currently being negotiated with the ~~United States~~ U.S. Department of Justice, ~~United States Environmental Protection Agency~~ the EPA and the Louisiana Department of Environmental Quality. We do not believe that any aggregate settlement for these allegations will be material to Nucor.

Source: Item 3, 10-K 0001193125-26-071575 vs Item 3, 10-K 0000950170-25-028427

Every change, by type

Sentences and paragraphs of NUE's Risk Factors and MD&A, 10-K 2026-02-25 against 10-K 2025-02-27. Each links to the text at sec.gov.

All 83 Added 10 Removed 11 Reworded 61 Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word list

adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors

If our suppliers increase the prices of our critical raw materials, we may not have alternative sources of supply. In addition, to the extent that we have quoted prices to our customers and accepted customer