What Nucor Corporation told the SEC could break it.

Steel manufacturing is energy-intensive and trade-exposed; Nucor's steelmaking uses electric arc furnaces (EAFs) for 100% of production, making reliable, low-cost domestic energy availability and cost critical to its operations.

“Steel manufacturing is an energy-intensive, trade exposed industry. As a result, we continuously strive to make our operations in all three of our business segments more energy efficient. In addition, we proactively engage with suppliers, regulators and other energy industry participants to ensure the continued domestic availability of reliable, low-cost sources of energy in various forms. Our steelmaking operations utilize EAFs for 100% of their production.”

Nucor benefited in 2025 from full reinstatement of Section 232 steel tariffs (no exemptions, broadened to ~600 fabricated steel products, imports down 17.4%), but tariffs/quotas may be modified or terminated in the future, and import volatility from non-U.S. competitors remains a key swing factor for its markets.

“After recent years of weakened effectiveness due to country exemptions and product exclusions, the Section 232 steel tariffs were fully reinstated in 2025 without exceptions or exclusions, and were broadened to cover approximately 600 fabricated steel products. These comprehensive tariffs have been more effective in combating circumvention behaviors and keeping unfairly traded imports out of the U.S. market. Tariffs and quota arrangements impacting steel and steel products may be enacted, enforced, extended, modified or terminated in the future.”

Nucor's DRI facility in St. James Parish, Louisiana received 2022 EPA Clean Air Act violation allegations; a combined settlement with DOJ, EPA, and Louisiana DEQ is being negotiated, though Nucor does not expect it to be material.

“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 EPA. A combined settlement is currently being negotiated with the U.S. Department of Justice, 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.”