[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Q1 2025 financial statements show net income declined to **$217.2 million**, with total assets at **$15.9 billion** and liabilities at **$7.1 billion** Consolidated Balance Sheets Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $6,216,705 | $5,431,338 | | **Total assets** | $15,930,428 | $14,935,233 | | **Total current liabilities** | $2,266,458 | $2,150,583 | | **Long-term debt** | $3,777,132 | $2,804,017 | | **Total liabilities** | $7,096,534 | $5,989,987 | | **Total equity** | $8,662,682 | $8,774,034 | - Total assets increased by approximately **$1.0 billion** from year-end 2024, primarily due to a **$597 million** increase in cash and equivalents and a **$205 million** increase in net property, plant, and equipment[9](index=9&type=chunk) - Total liabilities increased by approximately **$1.1 billion**, mainly driven by a **$973 million** increase in long-term debt[9](index=9&type=chunk) Consolidated Statements of Income Q1 2025 vs. Q1 2024 Income Statement (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total net sales | $4,369,195 | $4,694,003 | | Gross profit | $486,544 | $980,798 | | Operating income | $275,144 | $750,975 | | Net income attributable to Steel Dynamics, Inc. | $217,151 | $584,041 | | Diluted EPS | $1.44 | $3.67 | - Diluted earnings per share decreased significantly to **$1.44** in Q1 2025 from **$3.67** in Q1 2024, a **61% decline**[10](index=10&type=chunk) - Dividends declared per share increased to **$0.50** in Q1 2025 from **$0.46** in Q1 2024[10](index=10&type=chunk) Consolidated Statements of Cash Flows Q1 2025 vs. Q1 2024 Cash Flows (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $152,603 | $355,217 | | Net cash used in investing activities | ($178,759) | ($292,934) | | Net cash provided by (used in) financing activities | $623,295 | ($423,846) | - Cash from operating activities decreased by **57%** year-over-year, primarily due to lower net income and unfavorable changes in working capital, specifically accounts receivable[13](index=13&type=chunk) - Financing activities provided significant cash inflow due to the issuance of **$1.4 billion** in debt, which was partially offset by **$432.5 million** in debt repayments and **$250.1 million** in treasury stock purchases[13](index=13&type=chunk) Notes to Consolidated Financial Statements - The company operates through four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations; segment reporting was recast in Q4 2024 to move an entity from metals recycling to the new aluminum segment[14](index=14&type=chunk)[43](index=43&type=chunk) - In March 2025, the company issued **$600.0 million** of **5.250%** notes due 2035 and **$400.0 million** of **5.750%** notes due 2055, generating net proceeds of **$972 million** for general corporate purposes[35](index=35&type=chunk) - The company repurchased **$250.1 million** of its common stock in Q1 2025 and declared dividends of **$74.7 million**[39](index=39&type=chunk) [Management's Discussion and Analysis (MD&A)](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **63%** decrease in Q1 2025 operating income primarily to metal spread compression - Consolidated operating income for Q1 2025 was **$275.1 million**, a **63% decrease** from **$751.0 million** in Q1 2024, primarily due to contracted metal spreads in steel and fabrication operations[59](index=59&type=chunk) - The company achieved **record quarterly steel shipments** of **3.5 million tons** in Q1 2025[58](index=58&type=chunk) Segment Operating Results Segment Operating Income (in thousands) | Segment | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Steel Operations | $228,862 | $670,931 | (66)% | | Metals Recycling Operations | $25,710 | $12,752 | 102% | | Steel Fabrication Operations | $116,746 | $178,340 | (35)% | | Aluminum Operations | ($28,735) | ($7,555) | (280)% | - **Steel Operations:** Despite **record shipments** (up **8% YoY**), operating income fell **66%** due to a **17% decrease** in average selling prices, which outpaced the **7% decline** in scrap costs, resulting in a **22% metal spread compression**[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - **Metals Recycling:** Operating income **more than doubled** to **$25.7 million**, driven by expanded ferrous and nonferrous metal spreads and cost control initiatives[71](index=71&type=chunk) - **Steel Fabrication:** Operating income decreased **35%** as a result of a **6% decline** in volume and an **18% contraction** in metal spread; however, the order backlog remains **strong**, extending through **Q4 2025**[77](index=77&type=chunk)[78](index=78&type=chunk) - **Aluminum Operations:** The segment reported a **larger operating loss** due to increasing construction and start-up costs for its new flat rolled mill; commercial shipments are expected to begin in **mid-2025**[80](index=80&type=chunk) Liquidity and Capital Resources Liquidity Position as of March 31, 2025 (in thousands) | Component | Amount | | :--- | :--- | | Cash and equivalents | $1,186,917 | | Short-term and other investments | $262,943 | | Revolver availability | $1,190,678 | | **Total liquidity** | **$2,640,538** | - Total debt increased by **$965.1 million** during the quarter to **$4.2 billion** due to the issuance of new senior unsecured notes in March 2025[88](index=88&type=chunk) - The company invested **$305.5 million** in capital expenditures in Q1 2025, primarily for the aluminum and steel operations segments[92](index=92&type=chunk) - The quarterly cash dividend was increased by **9%** to **$0.50 per share** in Q1 2025[93](index=93&type=chunk) - The company repurchased **$250.1 million** of its common stock in Q1 2025; as of March 31, 2025, **$1.4 billion** remained available under the February 2025 share repurchase program[96](index=96&type=chunk) [Market Risk Disclosures](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risk from raw material and product price fluctuations using competitive pricing and financial hedges - The company is exposed to price fluctuations for raw materials such as metallic scrap, electricity, natural gas, and zinc[99](index=99&type=chunk) - To manage risk, the company enters into forward exchange-traded futures for nonferrous and ferrous metals to protect profit margins on fixed-price contracts[29](index=29&type=chunk)[101](index=101&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were **effective** as of March 31, 2025, with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[102](index=102&type=chunk) - **No material changes** occurred in the company's internal control over financial reporting during the first quarter of 2025[103](index=103&type=chunk) [PART II. Other Information](index=32&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) Routine legal and regulatory matters are ongoing, with no expected material impact on the company's financial condition - The company states that **no ongoing litigation** is expected to have a **material impact** on its financial condition or results[104](index=104&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) **No material changes** to the company's previously disclosed risk factors were reported for the quarter - **No material changes** to risk factors were reported for the quarter[106](index=106&type=chunk) [Issuer Purchases of Equity Securities](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, the company repurchased **$250.1 million** of common stock and authorized a new **$1.5 billion** share repurchase program Q1 2025 Share Repurchases | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 1 - 31 | 634,100 | $122.65 | | Feb 1 - 28 | 433,484 | $132.75 | | Mar 1 - 31 | 907,278 | $126.56 | | **Total** | **1,974,862** | **N/A** | - In February 2025, the board of directors authorized an additional share repurchase program of up to **$1.5 billion**[108](index=108&type=chunk)

Company Overview - Steel Dynamics (STLD) is one of the largest and most efficient steel producers in the United States, utilizing electric arc furnace technology [1] - The company was founded in 1993 and has since grown into a vertically integrated steel producer [1] Industry Insights - The company operates in the steel production industry, which is characterized by its reliance on advanced technologies such as electric arc furnaces [1] - Steel Dynamics has established a strong position in the market, indicating potential for continued growth and efficiency improvements [1]

当地时间5月8日，英国和美国就关税贸易协议条款达成一致。英国政府同意在进口美国食品和农业产品 方面作出让步，以换取美方降低对英国汽车出口的关税。美国方面依旧保留10%的基准关税： 当天晚些时候，英国政府发布官方声明，称英国汽车出口至美国的关税将从27.5%降至10%，钢铁和铝 关税从25%降至零。这一关税优惠将适用于10万辆英国汽车，几乎覆盖去年英国对美出口的全部数量。 双方还就牛肉市场达成新的互惠准入协议，英国农民获得1.3万吨免税配额，同时英国强调对进口食品 标准不会放松。此外，英国将把来自美国、用于啤酒生产的乙醇关税降为零。 美国总统特朗普宣称，将与英国建立铝和钢铁贸易区。 受上述消息提振，周四欧美交易时段盘中，汽车股上涨，美国铝业、美国钢铁上涨： 阿斯顿马丁伦敦股价涨幅扩大至超过10%，领跑欧洲一众汽车制造概念股。通用汽车股价涨幅迅速扩大 至约3%，刷新日高至46.80美元上方。 凯撒铝业涨2.08%，美国铝业涨1.48%，美国钢铁公司涨1.15%，Steel Dynamics与纽柯钢铁涨0.3%，世 纪铝业则跌3.22%，CLF跌16.79%。 央视新闻据悉，谈判仍将继续，涵盖制药业和其他剩余的互惠 ...

点击蓝字，关注我们 周二4月29日，日本股市休市； 周四5月1日，全球多交易所劳动节休市；中国A股进入五一假期。 宏观及政策层面 1.周二，美国2月房价指数、3月JOLTS职位空缺、 4月咨商会消费者信心指数 房价指数 ：2月美国房价指数整体超预期降温，CPI报告也显示美国住房通胀降温。本次美国房价指 数或许继续温和上涨，显示住房通胀上行速度继续减缓。 职位空缺 ：考虑到3月的就业超预期，失业率持稳，本次职位空缺料持稳或超预期反弹。 目前市场预期， 美国一季度实际GDP年化季环比初值为0.2%，较上一季度的2.4%大幅萎缩，为2022 年三季度以来最低纪录 。彭博最新的经济学家月度调查显示，今年前三个季度，美国GDP增长将均 低于1%；上周国际货币基金组织（IMF）下调了今年美国经济预测（从2.7%下调至1.8%），预测美 国今年陷入衰退的概率为40%，去年10月预计为27%。后续美国或因为关税而陷入技术性衰退甚至滞 胀，让美联储更加难办。 4.周三，美联储偏爱的PCE通胀数据，以及美国财政部的季度再融资公告，ADP私营部门就业数据。 市场预计， 3月核心PCE物价指数同比上涨2.6%，这将是自去年6月以来的 ...

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Steel Dynamics (STLD), and emphasizes the importance of validating these recommendations with other indicators like the Zacks Rank. Group 1: Brokerage Recommendations - Steel Dynamics has an average brokerage recommendation (ABR) of 1.54, indicating a consensus between Strong Buy and Buy based on 12 brokerage firms' recommendations [2] - Out of the 12 recommendations, eight are Strong Buy and one is Buy, which accounts for 66.7% and 8.3% of all recommendations respectively [2] - Despite the positive ABR, the article cautions against making investment decisions solely based on this information due to the limited success of brokerage recommendations in predicting stock price increases [5] Group 2: Analyst Bias and Zacks Rank - Analysts from brokerage firms tend to exhibit a strong positive bias in their ratings, often issuing five "Strong Buy" recommendations for every "Strong Sell" [6] - The Zacks Rank, which is based on earnings estimate revisions, is presented as a more reliable indicator of a stock's near-term price performance compared to ABR [8][11] - The Zacks Rank is timely and reflects changes in earnings estimates quickly, unlike the ABR which may not be up-to-date [12] Group 3: Earnings Estimates and Investment Potential - The Zacks Consensus Estimate for Steel Dynamics has increased by 8.1% over the past month to $10.18, indicating growing optimism among analysts regarding the company's earnings prospects [13] - The recent change in the consensus estimate, along with other factors, has resulted in a Zacks Rank 2 (Buy) for Steel Dynamics, suggesting potential for stock price appreciation [14]

Financial Performance - First quarter 2025 net sales were $4.4 billion, with net income of $217 million, or $1.44 per diluted share, compared to $584 million, or $3.67 per diluted share in the prior year[3] - Net sales for the three months ended March 31, 2025, were $4,369,195, a decrease of 6.9% compared to $4,694,003 for the same period in 2024[23] - Gross profit for Q1 2025 was $486,544, down 50.5% from $980,798 in Q1 2024[23] - Operating income decreased to $275,144 in Q1 2025, a decline of 63.5% from $750,975 in Q1 2024[23] - Net income attributable to Steel Dynamics, Inc. was $217,151 for Q1 2025, down 62.9% from $584,041 in Q1 2024[23] - Basic earnings per share attributable to Steel Dynamics, Inc. stockholders decreased to $1.45 in Q1 2025, compared to $3.68 in Q1 2024[23] Operational Highlights - Operating income for steel operations increased to $230 million, a 39% increase from the sequential fourth quarter, driven by record shipments[6] - Record steel shipments reached 3.5 million tons in the first quarter 2025[7] - Adjusted EBITDA for the first quarter 2025 was $448 million, with cash flow from operations of $153 million, despite a $165 million retirement profit-sharing distribution[7] - The average external product selling price for steel operations decreased by $13 sequentially to $998 per ton, while the average ferrous scrap cost increased by $16 to $386 per ton[6] Liquidity and Capital Management - Strong liquidity of $2.6 billion was maintained as of March 31, 2025[11] - Share repurchases totaled $250 million, representing 1.3% of outstanding shares, with a 9% increase in cash dividends for the first quarter 2025[7] - Cash and equivalents increased to $1,186,917 as of March 31, 2025, up from $589,464 at the end of 2024[25] - Total assets rose to $15,930,428 as of March 31, 2025, compared to $14,935,233 at the end of 2024[25] - Total liabilities increased to $7,096,534 as of March 31, 2025, compared to $5,989,987 at the end of 2024[25] - Dividends declared per share increased to $0.50 in Q1 2025, up from $0.46 in Q1 2024[23] Future Outlook - The company expects to realize full run rate earnings potential from new value-added flat rolled steel coating lines in the second half of 2025[13] - The aluminum flat rolled products mill in Columbus, Mississippi successfully cast its first aluminum ingot in January 2025, with commercial shipments expected by mid-2025[14] - The company anticipates solid domestic steel consumption through 2025, supported by increased onshoring and public/private funding for fixed asset investments[12]

SOURCE Steel Dynamics, Inc. FORT WAYNE, Ind., April 23, 2025 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD), one of the largest domestic steel producers and metals recyclers in North America, today announced it intends to release First Quarter 2025 financial results after market close on Tuesday, April 22, 2025. The teleconference is scheduled to begin at 11:00 a.m. Eastern Daylight Time on Wednesday April 23, 2025 and will be hosted by Mark D. Millett, Chairman and Chief Executive Officer, Theresa ...

Steel Dynamics (STLD) came out with quarterly earnings of $1.44 per share, beating the Zacks Consensus Estimate of $1.40 per share. This compares to earnings of $3.67 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 2.86%. A quarter ago, it was expected that this steel producer and metals recycler would post earnings of $1.29 per share when it actually produced earnings of $1.36, delivering a surprise of 5.43%. Steel Dynamics ...

Production Capacity and Operations - Steel Dynamics, Inc. has an estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2024[22]. - The company is nearing completion of a 650,000-metric ton recycled aluminum flat rolled products mill in Columbus, Mississippi, expected to begin shipments in mid-2025[35]. - The product mix from the new aluminum mill is projected to be approximately 45% sustainable beverage packaging, 35% automotive, and 20% common alloy and industrial use[35]. - The company has approximately 9.4 million tons of flat roll steel annual production capacity and an additional 2.0 million tons of flat roll steel processing capacity[67]. - Annual flat roll galvanizing capability is 5.5 million tons and painting capability is 2.0 million tons[67]. - The recycled aluminum flat rolled products mill in Columbus, Mississippi is expected to have an annual production capacity of 650,000 metric tons, with commercial production anticipated by mid-2025[152]. Financial Performance - Total net sales for 2024 were $17,540.39 million, a decrease of 6.68% from $18,795.32 million in 2023[305]. - Gross profit for 2024 was $2,802.59 million, down 30.73% from $4,045.88 million in 2023[305]. - Operating income decreased to $1,943.04 million in 2024, a decline of 38.36% compared to $3,151.18 million in 2023[305]. - Net income attributable to Steel Dynamics, Inc. for 2024 was $1,537.13 million, a decrease of 37.19% from $2,450.88 million in 2023[305]. - Basic earnings per share for 2024 were $9.89, down 32.67% from $14.72 in 2023[305]. - Total current assets decreased to $5,431.34 million in 2024, down 19.97% from $6,787.83 million in 2023[302]. - Total liabilities decreased to $5,989.99 million in 2024, a reduction of 1.29% from $6,068.89 million in 2023[302]. - Retained earnings increased to $14,798.08 million in 2024, up 9.26% from $13,545.59 million in 2023[302]. - Dividends declared per share increased to $1.84 in 2024, compared to $1.70 in 2023[305]. - Total assets slightly increased to $14,935.23 million in 2024 from $14,908.42 million in 2023[302]. - Net income for 2024 was $1,549,956, a decrease of 37.1% compared to $2,467,332 in 2023[311]. - Net cash provided by operating activities decreased to $1,844,503 in 2024 from $3,519,928 in 2023, reflecting a decline of 47.5%[311]. - Total cash and equivalents at the end of 2024 was $595,010, down from $1,406,464 at the end of 2023, representing a decrease of 57.7%[311]. Market and Sales - Over 70% of steel and steel fabrication sales are considered value-added, contributing to higher volume and profitability through varying market environments[28]. - In 2024, the company’s steel-consuming businesses purchased 1.7 million tons of steel from its steel mills, representing 14% of total steel shipments[31]. - Steel operations accounted for 69%, 67%, and 65% of consolidated net sales in 2024, 2023, and 2022 respectively[66]. - Export sales represented 6%, 8%, and 5% of steel segment net sales during 2024, 2023, and 2022 respectively[66]. - Sheet steel operations represented 72% of steel operations net sales in 2024, with 9.5 million tons produced[73]. - The company shipped 7,702,731 tons of sheet steel products from Butler, Columbus, and Sinton in 2024, an increase from 7,459,023 tons in 2023[74]. - Long products shipments totaled 1,625,913 tons in 2024, down from 1,851,349 tons in 2023[82]. - Steel fabrication operations accounted for 10%, 15%, and 19% of consolidated net sales during 2024, 2023, and 2022, respectively[100]. - The company sold 607,000, 663,000, and 856,000 tons of joist and deck products during 2024, 2023, and 2022, respectively[100]. - The company maintains approximately one-third of the total domestic steel joist and deck market for bookings, with approximately 1.7 million tons, 1.8 million tons, and 2.1 million tons during 2024, 2023, and 2022, respectively[102]. Sustainability and Environmental Initiatives - The company’s commitment to sustainability includes using EAF technology, which produces lower-carbon emission quality steel products[36]. - The company’s biocarbon production facility, projected to begin operations in the first half of 2025, aims for a 35% reduction in Scope 1 GHG absolute emissions[38]. - The company is committed to reducing its environmental footprint with specific GHG emission reduction goals for 2025, 2030, and 2050, which may involve additional capital expenditures[136]. - Increased environmental regulations and sustainability considerations may lead to higher operational costs and affect demand for the company's products[136]. - The company is subject to various environmental regulations and may incur significant cleanup costs related to hazardous waste management[145]. Workforce and Safety - Companywide team retention was approximately 79%, with U.S.-based teams retention of 89% in 2024[58]. - The company employs approximately 13,000 full-time team members as of December 31, 2024[54]. - Over 60% of a production team member's total potential compensation is "at risk" based on quality production and cost-effectiveness metrics[27]. - The company is focused on safety as its first core strategic pillar, aiming for zero injuries across operations[56]. - The company has a culture of trust and individual empowerment, fostering decision-making throughout the business[54]. Risks and Challenges - The company is significantly affected by global economic conditions, including potential recessions and slower than anticipated economic growth, which could adversely impact demand for its products[124]. - The steel industry is cyclical, and fluctuations in demand from key sectors such as construction, automotive, and manufacturing can lead to volatility in sales and profitability[130]. - Global steelmaking overcapacity currently exceeds consumption, leading to downward pressure on U.S. steel prices, which may adversely affect the company's financial performance[127]. - The company faces risks related to the creditworthiness of customers and suppliers, which can be exacerbated during periods of high interest rates, potentially leading to reduced sales and increased exposure to uncollectible accounts[126]. - The prices and availability of raw materials, particularly ferrous scrap, are subject to significant market fluctuations, which can constrain operating levels and reduce profit margins[131]. - The company is exposed to risks associated with energy costs and availability, which are subject to volatile market conditions and can disrupt production[135]. - The company may face challenges in passing on increased costs to customers, which could result in production slowdowns or curtailments[133]. - Cybersecurity threats pose risks to the company's sensitive data and operational capabilities, potentially leading to production delays and reputational harm[154]. - The company faces significant competition from other steel and aluminum producers, which may adversely affect its market share and financial condition[151]. - The availability of scrap supply is critical for the metals recycling operations, and any disruptions could negatively impact the company's results of operations[153]. Debt and Financial Management - As of December 31, 2024, total outstanding debt is $3,252,432, with a weighted-average interest rate of 3.6% for fixed-rate debt and 6.4% for variable-rate debt[271]. - The company has received notices from regulatory agencies identifying it as potentially responsible for cleanup costs at various disposal sites[149]. - The company is required to maintain certain financial covenants under its senior unsecured credit facility, which could limit operational flexibility[171]. - Impairment charges may adversely affect the company's results of operations if the fair value of assets falls below their recorded value[173]. - The company is exposed to interest rate changes, which could impact earnings and cash flows[270]. - The company has established effective internal control over financial reporting as of December 31, 2024, according to management's evaluation[280]. - The independent auditor confirmed the effectiveness of the company's internal control over financial reporting as of December 31, 2024[283]. - The consolidated financial statements present fairly the financial position of the company at December 31, 2024, in accordance with U.S. GAAP[292].

Core Viewpoint - Nucor's recent earnings report shows a decline in earnings and revenues year-over-year, but the company has outperformed the S&P 500 in the past month, raising questions about future performance leading up to the next earnings release [1][2]. Financial Performance - Nucor reported earnings of $1.22 per share for Q4 2024, down from $3.16 in the same quarter last year, but exceeded the Zacks Consensus Estimate of 64 cents [2]. - Net sales for Q4 2024 were approximately $7.1 billion, an 8.2% decrease year-over-year, yet surpassed the Zacks Consensus Estimate of around $6.6 billion [2]. - For the full year 2024, Nucor's net earnings were $2.03 billion or $8.46 per share, compared to $4.52 billion or $18 per share in 2023 [6]. Operating Metrics - Total sales tons to outside customers for steel mills in Q4 were 4,580,000 tons, a 4% increase year-over-year, exceeding estimates of 4,202,000 tons [3]. - The overall operating rate for steel mills was 74% in Q4 2024, consistent with Q4 2023 and slightly down from 75% in Q3 2024 [3]. Segment Performance - Earnings from the steel mills unit fell 71% year-over-year due to lower average selling prices and volumes [4]. - The steel products segment saw a 49.8% decline in earnings year-over-year, attributed to lower volumes and average selling prices [4]. - The raw materials segment reported earnings of $57 million, a significant improvement from a loss of $14 million a year ago [4]. Financial Position - At the end of Q4 2024, Nucor had cash and cash equivalents and short-term investments totaling $4.14 billion, with an undrawn $1.75 billion revolving credit facility set to expire in November 2026 [5]. Future Outlook - Nucor anticipates that earnings in the steel mills and steel products segments for Q1 2025 will be comparable to Q4 2024, while earnings in the raw materials segment are expected to decline [7]. - The company expects higher corporate, administrative, and tax impacts in Q1 2025 compared to Q4 2024, which may lead to lower net earnings overall [7]. Industry Comparison - Nucor is part of the Zacks Steel - Producers industry, where Steel Dynamics, a competitor, reported a revenue decline of 8.5% year-over-year in its latest quarter [11]. - Steel Dynamics is expected to post earnings of $1.64 per share for the current quarter, reflecting a 55.3% decrease from the previous year [12].