Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

~~293,694,534~~261,785,429 shares of the registrant’s common stock were outstanding at July ~~3, 2021.~~2, 2022.

	Three Months (13 Weeks) Ended					Six Months (26 Weeks) Ended					Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 3, 2021			July 4, 2020		July 3, 2021			July 4, 2020		July 2, 2022			July 3, 2021			July 2, 2022			July 3, 2021
Net sales	$	8,789,164		$	4,327,306	$	15,806,304		$	9,951,643	$	11,794,474		$	8,789,164		$	22,287,756		$	15,806,304
Costs, expenses and other:
Cost of products sold		6,315,661			3,949,347		11,710,364			8,944,416		7,690,211			6,315,661			14,725,354			11,710,364
Marketing, administrative and other expenses		387,070			142,017		678,194			295,409		563,211			387,070			1,087,795			678,194
Equity in (earnings) losses of unconsolidated affiliates		(19,403	)		14,078		(32,642	)		14,901
Equity in earnings of unconsolidated affiliates												(7,113	)		(19,403	)		(14,808	)		(32,642	)
Losses on assets		44,308			5,000		50,970			292,846		-			44,308			-			50,970
Interest expense, net		35,780			35,807		75,424			76,717		57,763			35,780			100,898			75,424
		6,763,416			4,146,249		12,482,310			9,624,289		8,304,072			6,763,416			15,899,239			12,482,310
Earnings before income taxes and noncontrolling interests		2,025,748			181,057		3,323,994			327,354		3,490,402			2,025,748			6,388,517			3,323,994
Provision for income taxes		454,289			47,904		765,021			139,822		763,165			454,289			1,434,165			765,021
Net earnings		1,571,459			133,153		2,558,973			187,532		2,727,237			1,571,459			4,954,352			2,558,973
Earnings attributable to noncontrolling interests		64,591			24,272		109,673			58,320		166,004			64,591			297,496			109,673
Net earnings attributable to Nucor stockholders	$	1,506,868		$	108,881	$	2,449,300		$	129,212	$	2,561,233		$	1,506,868		$	4,656,856		$	2,449,300
Net earnings per share:
Basic	$	5.05		$	0.36	$	8.14		$	0.42	$	9.69		$	5.05		$	17.34		$	8.14
Diluted	$	5.04		$	0.36	$	8.13		$	0.42	$	9.67		$	5.04		$	17.30		$	8.13
Average shares outstanding:
Basic		296,817			302,921		299,359			302,915		263,221			296,817			267,416			299,359
Diluted		297,529			302,933		299,738			302,932		263,719			297,529			268,066			299,738

Nucor Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months (13 Weeks) Ended				Six Months (26 Weeks) Ended					Three Months (13 Weeks) Ended					Six Months (26 Weeks) Ended
	July 3, 2021		July 4, 2020		July 3, 2021		July 4, 2020			July 2, 2022			July 3, 2021		July 2, 2022			July 3, 2021
Net earnings	$	1,571,459	$	133,153	$	2,558,973	$	187,532		$	2,727,237		$	1,571,459	$	4,954,352		$	2,558,973
Other comprehensive income:
Net unrealized income (loss) on hedging derivatives, net of income taxes of $2,600 and $200 for the second quarter of 2021 and 2020, respectively, and $3,000 and $(600) for the first six months of 2021 and 2020, respectively		8,204		757		9,203		(1,499	)
Reclassification adjustment for settlement of hedging derivatives included in net income, net of income taxes of $0 and $900 for the second quarter of 2021 and 2020, respectively, and $100 and $1,600 for the first six months of 2021 and 2020, respectively		196		2,543		697		4,599
Foreign currency translation gain (loss), net of income taxes of $0 for the second quarter and first six months of 2021 and 2020		21,431		23,491		35,232		(40,970	)
Other comprehensive income (loss):
Net unrealized income on hedging derivatives, net of income taxes of $5,100 and $2,600 for the second quarter of 2022 and 2021, respectively, and $21,900 and $3,000 for the first six months of 2022 and 2021, respectively											16,138			8,204		69,614			9,203
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of ($4,800) and $0 for the second quarter of 2022 and 2021, respectively, and ($6,500) and $100 for the first six months of 2022 and 2021, respectively											(15,136	)		196		(20,526	)		697
Foreign currency translation (loss) gain, net of income taxes of $0 for the second quarter and first six months of 2022 and 2021											(27,308	)		21,431		(4,616	)		35,232
		29,831		26,791		45,132		(37,870	)		(26,306	)		29,831		44,472			45,132
Comprehensive income		1,601,290		159,944		2,604,105		149,662			2,700,931			1,601,290		4,998,824			2,604,105
Comprehensive income attributable to noncontrolling interests		64,591		24,272		109,673		58,320			166,004			64,591		297,496			109,673
Comprehensive income attributable to Nucor stockholders	$	1,536,699	$	135,672	$	2,494,432	$	91,342		$	2,534,927		$	1,536,699	$	4,701,328		$	2,494,432

	July 3, 2021			December 31, 2020			July 2, 2022			Dec 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	2,722,656		$	2,639,671		$	2,002,708		$	2,364,858
Short-term investments		398,409			408,004			363,287			253,005
Accounts receivable, net		3,399,076			2,298,850			4,749,600			3,853,972
Inventories, net		5,240,750			3,569,089			6,579,142			6,011,182
Other current assets		295,048			573,048			339,074			316,540
Total current assets		12,055,939			9,488,662			14,033,811			12,799,557
Property, plant and equipment, net		7,235,536			6,899,110			9,213,600			8,114,818
Restricted cash and cash equivalents		84,350			115,258			88,262			143,800
Goodwill		2,241,558			2,229,672			3,929,503			2,827,344
Other intangible assets, net		627,201			668,021			3,429,149			1,103,759
Other assets		750,998			724,671			974,132			833,794
Total assets	$	22,995,582		$	20,125,394		$	31,668,457		$	25,823,072
LIABILITIES
Current liabilities:
Short-term debt	$	100,686		$	57,906		$	100,509		$	107,723
Current portion of long-term debt and finance lease obligations		12,027			10,885			629,171			615,678
Accounts payable		2,204,137			1,432,159			2,315,796			1,974,041
Salaries, wages and related accruals		850,396			462,727			1,239,617			1,495,166
Accrued expenses and other current liabilities		712,704			664,183			1,074,108			964,805
Total current liabilities		3,879,950			2,627,860			5,359,201			5,157,413
Long-term debt and finance lease obligations due after one year		5,275,496			5,271,789			6,621,685			4,961,410
Deferred credits and other liabilities		1,130,485			993,884			1,834,763			1,100,455
Total liabilities		10,285,931			8,893,533			13,815,649			11,219,278
Commitments and contingencies
EQUITY
Nucor stockholders' equity:
Common stock		152,061			152,061			152,061			152,061
Additional paid-in capital		2,117,155			2,121,288			2,115,178			2,140,608
Retained earnings		13,550,406			11,343,852			22,064,383			17,674,100
Accumulated other comprehensive loss, net of income taxes		(73,729	)		(118,861	)		(70,810	)		(115,282	)
Treasury stock		(3,491,915	)		(2,709,675	)		(7,452,168	)		(5,835,098	)
Total Nucor stockholders' equity		12,253,978			10,788,665			16,808,644			14,016,389
Noncontrolling interests		455,673			443,196			1,044,164			587,405
Total equity		12,709,651			11,231,861			17,852,808			14,603,794
Total liabilities and equity	$	22,995,582		$	20,125,394		$	31,668,457		$	25,823,072

	Six Months (26 Weeks) Ended						Six Months (26 Weeks) Ended
	July 3, 2021			July 4, 2020			July 2, 2022			July 3, 2021
Operating activities:
Net earnings	$	2,558,973		$	187,532		$	4,954,352		$	2,558,973
Adjustments:
Depreciation		362,492			349,691			397,270			362,492
Amortization		41,858			42,165			87,267			41,858
Stock-based compensation		66,729			39,101			74,219			66,729
Deferred income taxes		102,367			90,515			(36,220	)		102,367
Distributions from affiliates		180			2,000			2,287			180
Equity in (earnings) losses of unconsolidated affiliates		(32,642	)		14,901
Equity in earnings of unconsolidated affiliates								(14,808	)		(32,642	)
Losses on assets		50,970			292,846			0			50,970
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable		(1,093,021	)		264,424			(648,569	)		(1,093,021	)
Inventories		(1,673,962	)		464,004			(157,976	)		(1,673,962	)
Accounts payable		726,649			(272,910	)		198,062			726,649
Federal income taxes		290,287			26,145			33,441			290,287
Salaries, wages and related accruals		385,265			(142,388	)		(252,758	)		385,265
Other operating activities		97,041			(8,058	)		97,174			97,041
Cash provided by operating activities		1,883,186			1,349,968			4,733,741			1,883,186
Investing activities:
Capital expenditures		(702,378	)		(777,317	)		(968,795	)		(702,378	)
Investment in and advances to affiliates		(169	)		(9,756	)		(227	)		(169	)
Disposition of plant and equipment		10,665			17,652			15,996			10,665
Acquisitions (net of cash acquired)		300			794			(3,465,866	)		300
Purchase of investments		(357,917	)		(222,500	)
Purchases of investments								(330,278	)		(357,917	)
Proceeds from the sale of investments		367,512			275,067			219,996			367,512
Other investing activities		587			1,132			(7,096	)		587
Cash used in investing activities		(681,400	)		(714,928	)		(4,536,270	)		(681,400	)
Financing activities:
Net change in short-term debt		42,780			2,208			(7,214	)		42,780
Proceeds from long-term debt, net of discount		-			1,074,995
Proceeds from issuance of long-term debt, net of discount								2,091,934			0
Repayment of long-term debt		-			(77,150	)		(506,000	)		0
Bond issuance related costs		-			(6,250	)
Bond issuance costs								(13,138	)		0
Proceeds from exercise of stock options		128,800			-			18,819			128,800
Payment of tax withholdings on certain stock-based compensation		(64,416	)		(17,263	)		(58,218	)		(64,416	)
Distributions to noncontrolling interests		(97,196	)		(62,965	)		(268,535	)		(97,196	)
Cash dividends		(246,539	)		(245,619	)		(272,038	)		(246,539	)
Acquisition of treasury stock		(916,145	)		(39,499	)		(1,707,893	)		(916,145	)
Proceeds from government incentives								125,000			0
Other financing activities		(5,072	)		(4,645	)		(17,059	)		(5,072	)
Cash (used in) provided by financing activities		(1,157,788	)		623,812
Cash used in financing activities								(614,342	)		(1,157,788	)
Effect of exchange rate changes on cash		8,079			(4,268	)		(817	)		8,079
Increase in cash and cash equivalents and restricted cash and cash equivalents		52,077			1,254,584
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents								(417,688	)		52,077
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year		2,754,929			1,534,605			2,508,658			2,754,929
Cash and cash equivalents and restricted cash and cash equivalents - end of six months	$	2,807,006		$	2,789,189		$	2,090,970		$	2,807,006
Non-cash investing activity:
Change in accrued plant and equipment purchases	$	44,754		$	(25,897	)	$	(23,583	)	$	44,754

Nucor Corporation – Notes to Condensed Consolidated Financial Statements (Unaudited)

The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, ~~2020~~2021 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, ~~2020.~~2021.

Inventories consisted of approximately ~~48%~~37% raw materials and supplies and ~~52%~~63% finished and semi-finished products at July ~~3, 2021 (42%~~2, 2022 (43% and ~~58%~~57%, respectively, at December 31, ~~2020)~~2021). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined.

Property, plant and equipment is recorded net of accumulated depreciation of ~~$10.20~~$10.72 billion at July ~~3, 2021~~2, 2022 ($~~9.86~~10.39 billion at December 31, ~~2020)~~2021).

Nucor reviews its natural gas well assets for impairment if and when circumstances indicate that a decline in value below their carrying amounts may have occurred. Nucor last assessed its proved producing natural gas well assets in the fourth quarter of 2020 due to the continued low-price natural gas pricing environment. After completing its assessment, Nucor determined that as of such time there were no impairments of any of its three groups of proved well assets. Changes in the natural gas industry or a prolonged low-price environment beyond what has already been assumed in the assessments could cause management to revise the natural gas and natural gas liquids price assumptions, the estimated reserves or the estimated lease operating costs. ~~Therefore, it is reasonably possible that unfavorable revisions to these assumptions or estimates could result in further impairment of some or all of the groups of proved well assets.~~ ~~The combined carrying value of the three groups of wells was~~ ~~$68.4 million at July 3, 2021 ($71.7 million at December 31, 2020).~~

Nucor owns a 49% leasehold interest in unproved oil and natural gas properties covering approximately 54,000 acres in the South Piceance Basin located in Colorado. Nucor is subject to forfeiture of a portion of its leasehold interest in these properties if we do not drill new wells within various contractually specified time periods. A decision to not develop a portion of these properties within the specified time periods would likely result in a partial asset impairment in the future. Nucor has full discretion on its participation in all future drilling capital investments related to the leasehold interest.

In the second quarter of 2021, Nucor made the decision that it would not develop a portion of its unproved oil and natural gas properties (“Portion A”) within the contractually specified time period related to Portion A. As a result of this decision, the Company will forfeit its leasehold rights for Portion A. The Company recorded a charge of ~~$42.0 million~~ to write off the value of Portion A that is included in losses on assets on the condensed consolidated statements of earnings for the three months and six months ended July 3, 2021. The decision not to develop Portion A was heavily influenced by the approaching deadline to commence development combined with Portion A’s expected near-term profitability not achieving management’s desired returns relative to the cost of development. A significant portion of the Company’s remaining leasehold interest in unproved oil and natural gas properties are already supported by active drilling on the properties or have various contractually specified time periods to drill new wells that expire later than the time period for Portion A. Accordingly, management does not believe the value assigned to those portions needs to be evaluated at this time~~. The carrying value of the remaining portions of unproved oil and natural gas properties was $96.0 million at July 3, 2021.~~

The change in the net carrying amount of goodwill for the six months ended July ~~3, 2021~~2, 2022 by segment was as follows (in thousands):

	Steel Mills		Steel Products			Raw Materials		Total			Steel Mills		Steel Products			Raw Materials			Total
Balance at December 31, 2020	$	612,470	$	887,625		$	729,577	$	2,229,672
Balance at December 31, 2021											$	613,175	$	1,439,874		$	774,295		$	2,827,344
Acquisitions		705		-			-		705			62,011		1,062,176			-			1,124,187
Other		-		(129	)		-		(129	)		-		-			(19,983	)		(19,983	)
Translation		-		11,310			-		11,310			-		(2,045	)		-			(2,045	)
Balance at July 3, 2021	$	613,175	$	898,806		$	729,577	$	2,241,558
Balance at July 2, 2022											$	675,186	$	2,500,005		$	754,312		$	3,929,503

Nucor completed its most recent annual goodwill impairment testing ~~during~~as of the first day of the fourth quarter of ~~2020~~2021 and concluded that as of such ~~time~~date there was 0 impairment of goodwill for any of its reporting units.

The annual assessment performed in ~~2020~~2021 for one of the Company’s reporting units, Rebar Fabrication, used forward-looking projections in future cash flows. The fair value of this reporting unit exceeded its carrying value by approximately ~~99%~~54% in the most recent assessment. ~~The reporting unit was profitable in 2020 and we expect it to be profitable in 2021.~~ If our assessment of the relevant facts and circumstances changes, orincluding if the ~~actual~~expected future performance of this reporting unit ~~falls short of expected results,~~declines from the most recent assessment, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was ~~$374.1~~$361.3 million as of July ~~3, 2021~~2, 2022 ($~~364.3~~363.0 million as of December 31, ~~2020)~~2021). An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit were ~~$55.2~~$40.9 million as of July ~~3, 2021~~2, 2022 ($~~58.8~~45.0 million as of December 31, ~~2020)~~2021). There have been no triggering events requiring an interim assessment for impairment of the Rebar Fabrication reporting unit since the most recent annual goodwill impairment testing date.

Intangible assets with estimated useful lives of five to 2225 years are amortized on a straight-line or accelerated basis and were comprised of the following as of July ~~3, 2021~~2, 2022 and December 31, ~~2020~~2021 (in thousands):

	July 3, 2021				December 31, 2020				July 2, 2022				December 31, 2021
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Customer relationships	$	1,422,758	$	874,016	$	1,421,962	$	838,443	$	4,134,981	$	982,186	$	1,872,348	$	924,506
Trademarks and trade names		162,608		103,933		162,365		100,000		364,355		110,946		217,255		99,906
Other		63,821		44,037		63,822		41,685		108,446		85,501		105,522		66,954
	$	1,649,187	$	1,021,986	$	1,648,149	$	980,128	$	4,607,782	$	1,178,633	$	2,195,125	$	1,091,366

Intangible asset amortization expense in the second quarter of 2022 and 2021 was $45.9 million and ~~2020 was~~ $20.8 million, respectively, and ~~$20.7~~$87.3 million ~~respectively,~~ and $41.9 ~~million and $42.2~~ million in the first six months of 2022 and 2021, ~~and 2020, respectively.~~respectively. Annual amortization expense is estimated to be ~~$82.7 million in 2021; $81.1~~$233.2 million in 2022; ~~$80.4~~$232.7 million in 2023; ~~$79.6~~$232.0 million in 2024; ~~and $78.6~~$231.0 million in ~~2025.~~2025; and $228.0 million in 2026.

Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were ~~$181.1~~$185.6 million at July ~~3, 2021~~2, 2022 ($~~210.5~~143.8 million at December 31, ~~2020)~~2021). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were ~~$120.1~~$132.1 million at July ~~3, 2021~~2, 2022 ($~~123.9~~137.6 million at December 31, ~~2020)~~2021).

The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of July ~~3, 2021~~2, 2022 and December 31, ~~2020~~2021 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis.

				Fair Value Measurements at Reporting Date Using										Fair Value Measurements at Reporting Date Using
Description	Carrying Amount in Condensed Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Carrying Amount in Condensed Consolidated Balance Sheets			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
As of July 3, 2021
As of July 2, 2022
Assets:
Cash equivalents											$	1,230,885		$	1,230,885	$	-		$	-
Short-term investments												363,287			363,287		-			-
Restricted cash and cash equivalents												88,262			88,262		-			-
Derivative contracts												77,860		-			77,860			-
Total assets											$	1,760,294		$	1,682,434	$	77,860		$	-
As of December 31, 2021
Assets:
Cash equivalents	$	2,204,795		$	2,204,795	$	-		$	-	$	1,776,477		$	1,776,477	$	-		$	-
Short-term investments		398,409			398,409		-			-		253,005			253,005		-			-
Restricted cash and cash equivalents		84,350			84,350		-			-		143,800			143,800		-			-
Derivative contracts		6,800			-		6,800			-		6,633			-		6,633			-
Total assets	$	2,694,354		$	2,687,554	$	6,800		$	-	$	2,179,915		$	2,173,282	$	6,633		$	-
Liabilities:
Derivative contracts	$	(4,730	)	$	-	$	(4,730	)	$	-	$	(2,666	)	$	-	$	(2,666	)	$	-
As of December 31, 2020
Assets:
Cash equivalents	$	2,186,820		$	2,186,820	$	-		$	-
Short-term investments		408,004			408,004		-			-
Restricted cash and cash equivalents		115,258			115,258		-			-
Total assets	$	2,710,082		$	2,710,082	$	-		$	-
Liabilities:
Derivative contracts	$	(14,361	)	$	-	$	(14,361	)	$	-

Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Our short-term investments at July ~~3, 2021~~2, 2022 consisted of certificates of deposit, commercial paper and corporate notes. Fair value measurements for Nucor’s derivatives,which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. There were no transfers between the levels in the fair value hierarchy for the periods presented.

The fair value of short-term and long-term debt, including current maturities, was approximately ~~$5.90~~$6.77 billion at July ~~3, 2021 ($6.05~~2, 2022 (approximately $6.06 billion at December 31, ~~2020)~~2021). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at July ~~3, 2021~~2, 2022 and December 31, ~~2020,~~2021, or similar debt with the same maturities, ratings and interest rates.

Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes provisions for the estimated costs of compliance. Of the undiscounted total of $14.2 million of accrued environmental costs at July 3, 2021 ($16.0 million at December 31, 2020), $2.9 million was classified in accrued expenses and other current liabilities ($5.6 million at December 31, 2020) and $11.3 million was classified in deferred credits and other liabilities ($10.4 million at December 31, 2020). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology and changing governmental regulations, legal standards and enforcement priorities.

We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.

The Company maintains the Nucor Corporation 2014 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) under which the Company may award stock-based compensation to key employees, officers and non-employee directors. The Company’s stockholders approved an amendment and restatement of the Omnibus Plan on May 14, 2020. The Omnibus Plan, as amended and restated, permits the award of stock options, restricted stock units, restricted shares and other stock-based awards for up to 19.0 million shares of the Company’s common stock. As of July 3, 2021, 7.0 million shares remained available for award under the Omnibus Plan.

The Company also maintains a number of inactive plans under which stock-based awards remain outstanding but no further awards may be made. As of July 3, 2021, 0.5 million shares were reserved for issuance upon the future settlement of outstanding awards under such inactive plans.

Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted are generally exercisable at the end of three years and have a term of 10 years.

A summary of activity under Nucor’s stock option plans for the first six months of ~~2021~~2022 is as follows (shares and aggregate intrinsic value in thousands):

				Weighted-		Weighted-						Weighted-		Weighted-
				Average		Average	Aggregate					Average		Average	Aggregate
				Exercise		Remaining	Intrinsic					Exercise		Remaining	Intrinsic
	Shares			Price		Contractual Life	Value		Shares			Price		Contractual Life	Value
Number of shares under stock options:
Outstanding at beginning of year		3,916		$	50.03					1,186		$	55.58
Granted		138		$	110.74					98		$	130.71
Exercised		(2,554	)	$	50.43		$	49,707		(359	)	$	52.45		$	24,547
Canceled		-		$	-					-		$	-
Outstanding at July 3, 2021		1,500		$	54.92	6.6 years	$	64,347
Stock options exercisable at July 3, 2021		837		$	53.86	4.8 years	$	35,916
Outstanding at July 2, 2022										925		$	64.77	7.6 years	$	40,947
Stock options exercisable at July 2, 2022										401		$	56.57	6.4 years	$	20,055

For the ~~2021~~2022 stock option grant, the grant date fair value of ~~$32.30~~$45.27 per share was calculated using the Black-Scholes options pricing model with the following assumptions:

Exercise price	$	110.74		$	130.71
Expected dividend yield		1.46	%		1.53	%
Expected stock price volatility		32.86	%		35.77	%
Risk-free interest rate		1.28	%		2.98	%
Expected life (years)		6.5
Expected life (in years)					6.5

Stock options granted to employees who are eligible for retirement on the date of the grant are expensed immediately since these awards vest upon retirement from the Company. Retirement, for purposes of vesting in these stock options, means termination of employment after satisfying age and years of service requirements. Similarly, stock options granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible. Compensation expense for stock options granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. Compensation expense for stock options was ~~$2.6~~$3.9 million and ~~$1.8~~$2.6 million in the second quarter of 2022 and 2021, respectively, and ~~2020, respectively,~~$4.4 million and $2.9 ~~million and $2.1~~ million in the first six months of 2022 and 2021, ~~and 2020, respectively.~~respectively. As of July ~~3, 2021,~~2, 2022, unrecognized compensation expense related to stock options was ~~$4.0~~$3.1 million, which is expected to be recognized over a weighted-average period of ~~2.4~~2.0 years.

Nucor annually grants restricted stock units (“RSUs”) to key employees, officers and non-employee directors. The RSUs granted to key employees and officers vest and are converted to common stock in three equal installments on each of the first three anniversaries of the grant date. Retirement, for purposes of vesting in these RSUs only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after

satisfying age and years of service requirements. RSUs granted to a non-employee director are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the Board of Directors.

RSUs granted to employees who are eligible for retirement on the date of the grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period.

~~Cash dividend equivalents are paid to holders of RSUs each quarter. Dividend equivalents paid on RSUs expected to vest are recognized as a reduction in retained earnings.~~

~~The fair value of an RSU is determined based on the closing price of Nucor’s common stock on the date of the grant.~~Restricted Stock Units

A summary of Nucor’s ~~RSU~~restricted stock unit (“RSU”) activity for the first six months of ~~2021~~2022 is as follows (shares in thousands):

	Shares			Grant Date Fair Value		Shares			Grant Date Fair Value
Restricted stock units:
Unvested at beginning of year		1,830		$	47.33		1,167		$	60.45
Granted		397		$	110.74		774		$	130.71
Vested		(902	)	$	57.40		(849	)	$	75.80
Canceled		(52	)	$	47.62		(6	)	$	60.71
Unvested at July 3, 2021		1,273		$	59.97
Unvested at July 2, 2022							1,086		$	98.55

Compensation expense for RSUs was ~~$22.7~~$41.9 million and ~~$26.8~~$22.7 million in the second quarter of 2022 and 2021, respectively, and ~~2020, respectively,~~$50.9 million and $32.0 ~~million and $36.8~~ million in the first six months of 2022 and 2021, ~~and 2020, respectively.~~respectively. As of July ~~3, 2021,~~2, 2022, unrecognized compensation expense related to unvested RSUs was ~~$63.6~~$93.7 million, which is expected to be recognized over a weighted-average period of 1.5 years.

Prior to their expiration effective December 31, 2017, the Nucor Corporation Senior Officers Long-Term Incentive Plan and the Nucor Corporation Senior Officers Annual Incentive Plan authorized the award of shares of common stock to officers subject to certain conditions and restrictions. Effective January 1, 2018, the Company adopted supplements to the Omnibus Plan with terms that permit the award of shares of common stock to officers subject to the conditions and restrictions described below, which are substantially similar to those of the expired Senior Officers Long-Term Incentive Plan and Senior Officers Annual Incentive Plan. The expired Senior Officers Long-Term Incentive Plan, together with the applicable supplement, is referred to below as the “LTIP,” and the expired Senior Officers Annual Incentive Plan, together with the applicable supplement, is referred to below as the “AIP.”

The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period.

The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an AIP award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor.

A summary of Nucor’s restricted stock activity under the ~~AIP~~Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the ~~LTIP~~Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first six months of ~~2021~~2022 is as follows (shares in thousands):

				Grant Date					Grant Date
	Shares			Fair Value		Shares			Fair Value
Restricted stock units and restricted stock awards:
Unvested at beginning of year		127		$	49.94		107		$	57.17
Granted		262		$	65.61		465		$	128.62
Vested		(240	)	$	63.10		(341	)	$	119.52
Canceled		(9	)	$	48.75		-		$	-
Unvested at July 3, 2021		140		$	56.77
Unvested at July 2, 2022							231		$	109.02

Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was ~~$21.6~~$1.8 million and ~~$2.8~~$21.6 million in the second quarter of 2022 and 2021, respectively, and ~~2020, respectively,~~$18.8 million and $31.8 ~~million and $2.5~~ million in the first six months of 2022 and 2021, ~~and 2020, respectively.~~respectively. As of July ~~3, 2021,~~2, 2022, unrecognized compensation expense related to unvested restricted stock awards was ~~$2.1~~$7.5 million, which is expected to be recognized over a weighted-average period of ~~1.9~~2.2 years.

Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled ~~$192.4~~$333.0 million and ~~$20.4~~$192.4 million in the second quarter of 2022 and 2021, respectively, and ~~2020, respectively,~~$619.9 million and $321.3 ~~million and $32.0~~ million in the first six months of 2022 and 2021, ~~and 2020, respectively.~~respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets.

The components of net interest expense for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 are as follows (in thousands):

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020			July 2, 2022			July 3, 2021			July 2, 2022			July 3, 2021
Interest expense	$	37,661		$	38,849		$	78,631		$	86,445		$	63,514		$	37,661		$	107,590		$	78,631
Interest income		(1,881	)		(3,042	)		(3,207	)		(9,728	)		(5,751	)		(1,881	)		(6,692	)		(3,207	)
Interest expense, net	$	35,780		$	35,807		$	75,424		$	76,717		$	57,763		$	35,780		$	100,898		$	75,424

The effective tax rate for the second quarter of ~~2021~~2022 was ~~22.4%~~21.9% compared to ~~26.5%~~22.4% for the second quarter of ~~2020.~~ 2021.

The ~~effective~~Internal Revenue Service (the “IRS”) is currently examining Nucor’s 2015, 2019 and 2020 federal income tax rate for the second quarter of 2020 was elevated, relative to the second quarter of 2021, primarily due to a $5.3 million unfavorable non-cash, out-of-period adjustment to deferred tax balances. The out-of-period adjustment was not material to any previously reported period.

returns. Nucor has concluded U.S. federal income tax matters for tax years through 2014 and for tax year 2016. The tax years ~~2015~~2017 and ~~2017 through 2019~~2018 remain open to examination by the ~~Internal Revenue Service.~~IRS. The 2015 and 2018 Canadian income tax returns for Harris Steel Group Inc. and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years ~~2014~~2015 through 2020 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).

Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were ~~$701.9 million~~$1.30 billion at July ~~3, 2021~~2, 2022 ($~~596.4~~610.3 million at December 31, ~~2020)~~2021). The increase in non-current deferred tax liabilities in the first six months of 2022 was primarily due to deferred tax liabilities related to the acquisition of C.H.I. Overhead Doors, LLC (“C.H.I.”) on June 24, 2022. See Note 18 for more information regarding the acquisition.

The following tables reflect the changes in stockholders’ equity attributable to ~~both~~ Nucor and the noncontrolling interests of Nucor’s joint ventures, ~~primarily~~ Nucor-Yamato Steel Company (Limited Partnership) (“NYS”) and California Steel Industries, Inc. (“CSI”), in both of which Nucor owns 51%, for the three months and six months ended July ~~3, 2021~~2, 2022 and July ~~4, 2020~~3, 2021 (in thousands):

				Three Months (13 Weeks) Ended July 3, 2021																												Three Months (13 Weeks) Ended July 2, 2022
														Accumulated									Total																			Accumulated									Total
								Additional						Other			Treasury Stock						Nucor													Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling						Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests			Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, April 3, 2021	$	11,861,723			380,154	$	152,061	$	2,160,909		$	12,163,626		$	(103,560	)		80,912		$	(2,925,796	)	$	11,447,240		$	414,483
BALANCES, April 2, 2022																													$	16,143,120			380,154	$	152,061	$	2,163,129		$	19,635,277		$	(44,504	)		114,092		$	(6,701,401	)	$	15,204,562		$	938,558
Net earnings		1,571,459			-		-		-			1,506,868			-			-			-			1,506,868			64,591			2,727,237			-		-		-			2,561,233			-			-			-			2,561,233			166,004
Other comprehensive income (loss)		29,831			-		-		-			-			29,831			-			-			29,831			-			(26,306	)		-		-		-			-			(26,306	)		-			-			(26,306	)		-
Stock options exercised		21,276			-		-		5,337			-			-			(419	)		15,939			21,276			-			2,233			-		-		(802	)		-			-			(49	)		3,035			2,233			-
Stock option expense		2,575			-		-		2,575			-			-			-			-			2,575			-			3,964			-		-		3,964			-			-			-			-			3,964			-
Issuance of stock under award plans, net of forfeitures		(18,338	)		-		-		(50,566	)		-			-			(799	)		32,228			(18,338	)		-			(3,546	)		-		-		(52,313	)		-			-			(775	)		48,767			(3,546	)		-
Amortization of unearned compensation		(1,100	)		-		-		(1,100	)		-			-			-			-			(1,100	)		-			1,200			-		-		1,200			-			-			-			-			1,200			-
Treasury stock acquired		(614,286	)		-		-		-			-			-			6,765			(614,286	)		(614,286	)		-			(802,569	)		-		-		-			-			-			5,100			(802,569	)		(802,569	)		-
Cash dividends declared		(120,088	)		-		-		-			(120,088	)		-			-			-			(120,088	)		-			(132,127	)		-		-		-			(132,127	)		-			-			-			(132,127	)		-
Distributions to noncontrolling interests		(23,401	)		-		-		-			-			-			-			-			-			(23,401	)		(56,977	)		-		-		-			-			-			-			-			-			(56,977	)
BALANCES, July 3, 2021	$	12,709,651			380,154	$	152,061	$	2,117,155		$	13,550,406		$	(73,729	)		86,459		$	(3,491,915	)	$	12,253,978		$	455,673
Acquisition of noncontrolling interest in CSI																														(3,421	)		-		-		-			-			-			-			-			-			(3,421	)
BALANCES, July 2, 2022																													$	17,852,808			380,154	$	152,061	$	2,115,178		$	22,064,383		$	(70,810	)		118,368		$	(7,452,168	)	$	16,808,644		$	1,044,164

				Six Months (26 Weeks) Ended July 3, 2021																												Six Months (26 Weeks) Ended July 2, 2022
														Accumulated									Total																			Accumulated									Total
								Additional						Other			Treasury Stock						Nucor													Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling						Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests			Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, December 31, 2020	$	11,231,861			380,154	$	152,061	$	2,121,288		$	11,343,852		$	(118,861	)		77,909		$	(2,709,675	)	$	10,788,665		$	443,196
BALANCES, December 31, 2021																													$	14,603,794			380,154	$	152,061	$	2,140,608		$	17,674,100		$	(115,282	)		107,742		$	(5,835,098	)	$	14,016,389		$	587,405
Net earnings		2,558,973			-		-		-			2,449,300			-			-			-			2,449,300			109,673			4,954,352			-		-		-			4,656,856			-			-			-			4,656,856			297,496
Other comprehensive income (loss)		45,132			-		-		-			-			45,132			-			-			45,132			-			44,472			-		-		-			-			44,472			-			-			44,472			-
Stock options exercised		128,800			-		-		35,825			-			-			(2,554	)		92,975			128,800			-			18,819			-		-		(1,309	)		-			-			(359	)		20,128			18,819			-
Stock option expense		2,908			-		-		2,908			-			-			-			-			2,908			-			4,422			-		-		4,422			-			-			-			-			4,422			-
Issuance of stock under award plans, net of forfeitures		(2,736	)		-		-		(43,666	)		-			-			(1,041	)		40,930			(2,736	)		-			39,552			-		-		(31,143	)		-			-			(1,163	)		70,695			39,552			-
Amortization of unearned compensation		800			-		-		800			-			-			-			-			800			-			2,600			-		-		2,600			-			-			-			-			2,600			-
Treasury stock acquired		(916,145	)		-		-		-			-			-			12,145			(916,145	)		(916,145	)		-			(1,707,893	)		-		-		-			-			-			12,148			(1,707,893	)		(1,707,893	)		-
Cash dividends declared		(242,746	)		-		-		-			(242,746	)		-			-			-			(242,746	)		-			(266,573	)		-		-		-			(266,573	)		-			-			-			(266,573	)		-
Distributions to noncontrolling interests		(97,196	)		-		-		-			-			-			-			-			-			(97,196	)		(268,535	)		-		-		-			-			-			-			-			-			(268,535	)
BALANCES, July 3, 2021	$	12,709,651			380,154	$	152,061	$	2,117,155		$	13,550,406		$	(73,729	)		86,459		$	(3,491,915	)	$	12,253,978		$	455,673
Acquisition of noncontrolling interest in CSI																														427,798			-		-		-			-			-			-			-			-			427,798
BALANCES, July 2, 2022																													$	17,852,808			380,154	$	152,061	$	2,115,178		$	22,064,383		$	(70,810	)		118,368		$	(7,452,168	)	$	16,808,644		$	1,044,164

				Three Months (13 Weeks) Ended July 4, 2020																												Three Months (13 Weeks) Ended July 3, 2021
														Accumulated									Total																			Accumulated									Total
								Additional						Other			Treasury Stock						Nucor													Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling						Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests			Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, April 4, 2020	$	10,596,069			380,154	$	152,061	$	2,119,370		$	11,012,690		$	(367,627	)		79,019		$	(2,748,290	)	$	10,168,204		$	427,865
BALANCES, April 3, 2021																													$	11,861,723			380,154	$	152,061	$	2,160,909		$	12,163,626		$	(103,560	)		80,912		$	(2,925,796	)	$	11,447,240		$	414,483
Net earnings		133,153			-		-		-			108,881			-			-			-			108,881			24,272			1,571,459			-		-		-			1,506,868			-			-			-			1,506,868			64,591
Other comprehensive income (loss)		26,791			-		-		-			-			26,791			-			-			26,791			-			29,831			-		-		-			-			29,831			-			-			29,831			-
Stock options exercised																														21,276			-		-		5,337			-			-			(419	)		15,939			21,276			-
Stock option expense		1,864			-		-		1,864			-			-			-			-			1,864			-			2,575			-		-		2,575			-			-			-			-			2,575			-
Issuance of stock under award plans, net of forfeitures		11,618			-		-		(14,827	)		-			-			(760	)		26,445			11,618			-			(18,338	)		-		-		(50,566	)		-			-			(799	)		32,228			(18,338	)		-
Amortization of unearned compensation		500			-		-		500			-			-			-			-			500			-			(1,100	)		-		-		(1,100	)		-			-			-			-			(1,100	)		-
Treasury stock acquired																														(614,286	)		-		-		-			-			-			6,765			(614,286	)		(614,286	)		-
Cash dividends declared		(123,038	)		-		-		-			(123,038	)		-			-			-			(123,038	)		-			(120,088	)		-		-		-			(120,088	)		-			-			-			(120,088	)		-
Distributions to noncontrolling interests		(23,472	)		-		-		-			-			-			-			-			-			(23,472	)		(23,401	)		-		-		-			-			-			-			-			-			(23,401	)
BALANCES, July 4, 2020	$	10,623,485			380,154	$	152,061	$	2,106,907		$	10,998,533		$	(340,836	)		78,259		$	(2,721,845	)	$	10,194,820		$	428,665
BALANCES, July 3, 2021																													$	12,709,651			380,154	$	152,061	$	2,117,155		$	13,550,406		$	(73,729	)		86,459		$	(3,491,915	)	$	12,253,978		$	455,673

				Six Months (26 Weeks) Ended July 4, 2020																												Six Months (26 Weeks) Ended July 3, 2021
														Accumulated									Total																			Accumulated									Total
								Additional						Other			Treasury Stock						Nucor													Additional						Other			Treasury Stock						Nucor
				Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling						Common Stock				Paid-in			Retained			Comprehensive			(at cost)						Stockholders'			Noncontrolling
	Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests			Total			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Equity			Interests
BALANCES, December 31, 2019	$	10,791,176			380,154	$	152,061	$	2,107,646		$	11,115,056		$	(302,966	)		78,342		$	(2,713,931	)	$	10,357,866		$	433,310
BALANCES, December 31, 2020																													$	11,231,861			380,154	$	152,061	$	2,121,288		$	11,343,852		$	(118,861	)		77,909		$	(2,709,675	)	$	10,788,665		$	443,196
Net earnings		187,532			-		-		-			129,212			-			-			-			129,212			58,320			2,558,973			-		-		-			2,449,300			-			-			-			2,449,300			109,673
Other comprehensive income (loss)		(37,870	)		-		-		-			-			(37,870	)		-			-			(37,870	)		-			45,132			-		-		-			-			45,132			-			-			45,132			-
Stock options exercised																														128,800			-		-		35,825			-			-			(2,554	)		92,975			128,800			-
Stock option expense		2,139			-		-		2,139			-			-			-			-			2,139			-			2,908			-		-		2,908			-			-			-			-			2,908			-
Issuance of stock under award plans, net of forfeitures		27,807			-		-		(3,778	)		-			-			(908	)		31,585			27,807			-			(2,736	)		-		-		(43,666	)		-			-			(1,041	)		40,930			(2,736	)		-
Amortization of unearned compensation		900			-		-		900			-			-			-			-			900			-			800			-		-		800			-			-			-			-			800			-
Treasury stock acquired		(39,499	)		-		-		-			-			-			825			(39,499	)		(39,499	)		-			(916,145	)		-		-		-			-			-			12,145			(916,145	)		(916,145	)		-
Cash dividends declared		(245,735	)		-		-		-			(245,735	)		-			-			-			(245,735	)		-			(242,746	)		-		-		-			(242,746	)		-			-			-			(242,746	)		-
Distributions to noncontrolling interests		(62,965	)		-		-		-			-			-			-			-			-			(62,965	)		(97,196	)		-		-		-			-			-			-			-			-			(97,196	)
BALANCES, July 4, 2020	$	10,623,485			380,154	$	152,061	$	2,106,907		$	10,998,533		$	(340,836	)		78,259		$	(2,721,845	)	$	10,194,820		$	428,665
BALANCES, July 3, 2021																													$	12,709,651			380,154	$	152,061	$	2,117,155		$	13,550,406		$	(73,729	)		86,459		$	(3,491,915	)	$	12,253,978		$	455,673

Dividends declared per share were ~~$0.405~~$0.50 per share in the second quarter of ~~2021~~2022 ($~~0.4025~~0.405 per share in the second quarter of ~~2020)~~ 2021) and ~~$0.81~~$1.00 per share in the first six months of ~~2021~~2022 ($~~0.805~~0.81 per share in the first six months of ~~2020)~~2021).

On ~~May 13,~~December 2, 2021, the Company announced that the Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to ~~$3.00~~$4.00 billion of the Company’s common stock and terminated ~~any~~all previously authorized share repurchase programs. Share repurchases will be made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. As of July ~~3, 2021,~~2, 2022, the Company had approximately ~~$2.80~~$2.14 billion ~~remaining~~ available for share repurchases under ~~its newly~~the program authorized ~~program.~~by the Company’s Board of Directors.

The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended July ~~3, 2021~~2, 2022 and July ~~4, 2020~~3, 2021 (in thousands):

	Three-Month (13-Week) Period Ended											Three-Month (13-Week) Period Ended
	July 3, 2021											July 2, 2022
	Gains and Losses on			Foreign Currency			Adjustment to Early					Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gain (Loss)			Retiree Medical Plan		Total			Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at April 3, 2021	$	(3,200	)	$	(107,026	)	$	6,666	$	(103,560	)
Accumulated other comprehensive income (loss) at April 2, 2022												$	49,198		$	(102,176	)	$	8,474	$	(44,504	)
Other comprehensive income (loss) before reclassifications		8,204			21,431			-		29,635			16,138			(27,308	)		-		(11,170	)
Amounts reclassified from accumulated other comprehensive income (loss) into earnings ⁽¹⁾		196			-			-		196			(15,136	)		-			-		(15,136	)
Net current-period other comprehensive income (loss)		8,400			21,431			-		29,831			1,002			(27,308	)		-		(26,306	)
Accumulated other comprehensive income (loss) at July 3, 2021	$	5,200		$	(85,595	)	$	6,666	$	(73,729	)
Accumulated other comprehensive income (loss) at July 2, 2022												$	50,200		$	(129,484	)	$	8,474	$	(70,810	)

(2) Includes $196 and $697 net of tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2021, respectively. The tax impact of those reclassifications was $0 and $100 in the second quarter and first six months of 2021, respectively.

(2) Includes $2,543 and $4,599 of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2020, respectively. The tax impact of those reclassifications was $900 and $1,600 in the second quarter and first six months of 2020, respectively.

Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in NuMit LLC (“NuMit”) and Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“Nucor-JFE”). The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, insulated metal panels, overhead doors, steel grating, tubular products, ~~businesses,~~steel racking, piling products, ~~business,~~ and wire and wire mesh. The raw materials segment includes The David J. Joseph Company and its affiliates (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC (“Nucor Steel Louisiana”), two facilities that produce direct reduced iron (“DRI”) used by the steel mills; and our natural gas production operations.

~~Net~~Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based ~~compensation are shown under Corporate/eliminations.~~compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and cash equivalents, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates.

Nucor’s results by segment for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 were as follows (in thousands):

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020			July 2, 2022			July 3, 2021			July 2, 2022			July 3, 2021
Net sales to external customers:
Steel mills	$	5,909,909		$	2,513,961		$	10,518,686		$	6,033,231		$	7,256,067		$	5,909,909		$	13,774,676		$	10,518,686
Steel products		2,241,107			1,523,168			4,051,162			3,250,022			3,842,948			2,241,107			7,166,036			4,051,162
Raw materials		638,148			290,177			1,236,456			668,390			695,459			638,148			1,347,044			1,236,456
	$	8,789,164		$	4,327,306		$	15,806,304		$	9,951,643		$	11,794,474		$	8,789,164		$	22,287,756		$	15,806,304
Intercompany sales:
Steel mills	$	1,496,298		$	663,244		$	2,721,411		$	1,532,336		$	1,763,563		$	1,496,298		$	3,356,821		$	2,721,411
Steel products		80,394			63,205			151,613			146,574			117,289			80,394			251,995			151,613
Raw materials		4,009,808			1,484,982			7,656,003			3,908,787			4,145,690			4,009,808			7,692,209			7,656,003
Corporate/eliminations		(5,586,500	)		(2,211,431	)		(10,529,027	)		(5,587,697	)		(6,026,542	)		(5,586,500	)		(11,301,025	)		(10,529,027	)
	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Earnings (loss) before income taxes and noncontrolling interests:
Earnings before income taxes and noncontrolling interests:
Steel mills	$	2,174,807		$	150,424		$	3,489,781		$	306,930		$	2,815,723		$	2,174,807		$	5,394,577		$	3,489,781
Steel products		259,330			152,874			471,142			315,433			1,129,932			259,330			1,814,799			471,142
Raw materials		120,143			(1,389	)		343,378			(9,300	)		263,598			120,143			359,451			343,378
Corporate/eliminations		(528,532	)		(120,852	)		(980,307	)		(285,709	)		(718,851	)		(528,532	)		(1,180,310	)		(980,307	)
	$	2,025,748		$	181,057		$	3,323,994		$	327,354		$	3,490,402		$	2,025,748		$	6,388,517		$	3,323,994

	July 3, 2021		Dec. 31, 2020		July 2, 2022		Dec. 31, 2021
Segment assets:
Steel mills	$	11,734,231	$	9,708,260	$	15,255,411	$	13,235,463
Steel products		5,342,505		4,461,042		12,464,340		7,845,010
Raw materials		3,876,540		3,324,489		3,678,516		3,870,806
Corporate/eliminations		2,042,306		2,631,603		270,190		871,793
	$	22,995,582	$	20,125,394	$	31,668,457	$	25,823,072

The following tables disaggregate our revenue by major source for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 (in thousands):

	Three Months (13 Weeks) Ended July 3, 2021								Six Months (26 Weeks) Ended July 3, 2021								Three Months (13 Weeks) Ended July 2, 2022								Six Months (26 Weeks) Ended July 2, 2022
	Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total
Sheet	$	3,104,304	$	-	$	-	$	3,104,304	$	5,455,759	$	-	$	-	$	5,455,759	$	3,616,333	$	-	$	-	$	3,616,333	$	6,799,396	$	-	$	-	$	6,799,396
Bar		1,515,115		-		-		1,515,115		2,776,157		-		-		2,776,157		1,992,463		-		-		1,992,463		3,820,194		-		-		3,820,194
Structural		619,541		-		-		619,541		1,096,736		-		-		1,096,736		783,121		-		-		783,121		1,566,392		-		-		1,566,392
Plate		670,949		-		-		670,949		1,190,034		-		-		1,190,034		864,150		-		-		864,150		1,588,694		-		-		1,588,694
Tubular Products		-		512,503		-		512,503		-		887,156		-		887,156		-		613,238		-		613,238		-		1,124,391		-		1,124,391
Rebar Fabrication		-		480,727		-		480,727		-		867,284		-		867,284		-		579,000		-		579,000		-		1,024,232		-		1,024,232
Joist																		-		687,882		-		687,882		-		1,300,117		-		1,300,117
Deck																		-		582,414		-		582,414		-		1,133,323		-		1,133,323
Other Steel Products		-		1,247,877		-		1,247,877		-		2,296,722		-		2,296,722		-		1,380,414		-		1,380,414		-		2,583,973		-		2,583,973
Raw Materials		-		-		638,148		638,148		-		-		1,236,456		1,236,456		-		-		695,459		695,459		-		-		1,347,044		1,347,044
	$	5,909,909	$	2,241,107	$	638,148	$	8,789,164	$	10,518,686	$	4,051,162	$	1,236,456	$	15,806,304	$	7,256,067	$	3,842,948	$	695,459	$	11,794,474	$	13,774,676	$	7,166,036	$	1,347,044	$	22,287,756

	Three Months (13 Weeks) Ended July 4, 2020								Six Months (26 Weeks) Ended July 4, 2020								Three Months (13 Weeks) Ended July 3, 2021								Six Months (26 Weeks) Ended July 3, 2021
	Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total		Steel Mills		Steel Products		Raw Materials		Total
Sheet	$	1,065,004	$	-	$	-	$	1,065,004	$	2,643,433	$	-	$	-	$	2,643,433	$	3,104,304	$	-	$	-	$	3,104,304	$	5,455,759	$	-	$	-	$	5,455,759
Bar		811,054		-		-		811,054		1,873,720		-		-		1,873,720		1,515,115		-		-		1,515,115		2,776,157		-		-		2,776,157
Structural		347,258		-		-		347,258		797,757		-		-		797,757		619,541		-		-		619,541		1,096,736		-		-		1,096,736
Plate		290,645		-		-		290,645		718,321		-		-		718,321		670,949		-		-		670,949		1,190,034		-		-		1,190,034	��
Tubular Products		-		250,311		-		250,311		-		555,368		-		555,368		-		512,503		-		512,503		-		887,156		-		887,156
Rebar Fabrication		-		413,916		-		413,916		-		837,232		-		837,232		-		480,727		-		480,727		-		867,284		-		867,284
Joist																		-		257,202		-		257,202		-		486,331		-		486,331
Deck																		-		227,748		-		227,748		-		421,161		-		421,161
Other Steel Products		-		858,941		-		858,941		-		1,857,422		-		1,857,422		-		762,927		-		762,927		-		1,389,230		-		1,389,230
Raw Materials		-		-		290,177		290,177		-		-		668,390		668,390		-		-		638,148		638,148		-		-		1,236,456		1,236,456
	$	2,513,961	$	1,523,168	$	290,177	$	4,327,306	$	6,033,231	$	3,250,022	$	668,390	$	9,951,643	$	5,909,909	$	2,241,107	$	638,148	$	8,789,164	$	10,518,686	$	4,051,162	$	1,236,456	$	15,806,304

Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled ~~$159.2~~$295.1 million as of July ~~3, 2021~~2, 2022 ($~~120.2~~251.9 million as of December 31, ~~2020),~~2021) and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

The computations of basic and diluted net earnings per share for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 are as follows (in thousands, except per share amounts):

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020			July 2, 2022			July 3, 2021			July 2, 2022			July 3, 2021
Basic net earnings per share:
Basic net earnings	$	1,506,868		$	108,881		$	2,449,300		$	129,212		$	2,561,233		$	1,506,868		$	4,656,856		$	2,449,300
Earnings allocated to participating securities		(6,676	)		(792	)		(12,426	)		(1,423	)		(11,041	)		(6,676	)		(19,380	)		(12,426	)
Net earnings available to common stockholders	$	1,500,192		$	108,089		$	2,436,874		$	127,789		$	2,550,192		$	1,500,192		$	4,637,476		$	2,436,874
Basic average shares outstanding		296,817			302,921			299,359			302,915			263,221			296,817			267,416			299,359
Basic net earnings per share	$	5.05		$	0.36		$	8.14		$	0.42		$	9.69		$	5.05		$	17.34		$	8.14
Diluted net earnings per share:
Diluted net earnings	$	1,506,868		$	108,881		$	2,449,300		$	129,212		$	2,561,233		$	1,506,868		$	4,656,856		$	2,449,300
Earnings allocated to participating securities		(6,649	)		(792	)		(12,385	)		(1,423	)		(10,997	)		(6,649	)		(19,302	)		(12,385	)
Net earnings available to common stockholders	$	1,500,219		$	108,089		$	2,436,915		$	127,789		$	2,550,236		$	1,500,219		$	4,637,554		$	2,436,915
Diluted average shares outstanding:
Basic average shares outstanding		296,817			302,921			299,359			302,915			263,221			296,817			267,416			299,359
Dilutive effect of stock options and other		712			12			379			17			498			712			650			379
		297,529			302,933			299,738			302,932			263,719			297,529			268,066			299,738
Diluted net earnings per share	$	5.04		$	0.36		$	8.13		$	0.42		$	9.67		$	5.04		$	17.30		$	8.13

The following stock options were excluded from the computation of diluted net earnings per share for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 because their effect would have been anti-dilutive (shares in thousands):

	Three Months (13 Weeks) Ended				Six Months (26 Weeks) Ended				Three Months (13 Weeks) Ended				Six Months (26 Weeks) Ended
	July 3, 2021		July 4, 2020		July 3, 2021		July 4, 2020		July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Anti-dilutive stock options:
Weighted-average shares		52		3,749		152		3,724		-		52		-		152
Weighted-average exercise price	$	110.74	$	50.69	$	73.47	$	51.04	$	-	$	110.74	$	-	$	73.47

On March 11, 2022, Nucor completed the issuance and sale of $550.0 million aggregate principal amount of its 3.125% Notes due 2032 (the “2032 Notes”) and $550.0 million aggregate principal amount of its 3.850% Notes due 2052 (the “2052 Notes” and, together with the 2032 Notes, the “March 2022 Notes”). The net proceeds from the issuance and sale of the March 2022 Notes were used, or, as applicable, will be used, along with cash on hand to redeem, all of the outstanding $600.0 million aggregate principal amount of our 4.125% Notes due 2022 (the “2022 Notes”) and $500.0 million aggregate principal amount of our 4.000% Notes due 2023 (the “2023 Notes”) pursuant to the terms of the indenture governing the 2022 Notes and the 2023 Notes. The net proceeds from the issuance and sale of the March 2022 Notes were $1.09 billion, after expenses and the underwriting discount. Costs of $15.3 million associated with the issuance and sale of the March 2022 Notes have been capitalized and will be amortized over the life of the March 2022 Notes.

On April 25, 2022, Nucor redeemed all $500.0 million aggregate principal amount outstanding of the 2023 Notes. The 2023 Notes were redeemed using a portion of the net proceeds from the issuance and sale of the March 2022 Notes. On July 15, 2022, Nucor provided the required 30-day notice of redemption to holders of the 2022 Notes that we intend to redeem the 2022 Notes in-full on August 15, 2022.

On May 23, 2022, Nucor completed the issuance and sale of $500.0 million aggregate principal amount of its 3.950% Notes due 2025 (the “2025 Notes”) and $500.0 million aggregate principal amount of its 4.300% Notes due 2027 (the “2027 Notes” and, together with the 2025 Notes, the “May 2022 Notes”). The net proceeds from the issuance and sale of the May 2022 Notes were used for general corporate purposes and to pay a portion of the purchase price for the acquisition of C.H.I. The net proceeds from the issuance and sale of the May 2022 Notes were $991.9 million, after expenses and the underwriting discount. Costs of $5.9 million associated with the issuance and sale of the May 2022 Notes have been capitalized and will be amortized over the life of the May 2022 Notes.

On ~~August 9, 2021,~~June 24, 2022, Nucor used cash on hand to acquire the assets of C.H.I. for a purchase price, net of cash acquired, ~~Cornerstone Building Brands, Inc.’s~~of approximately $3.00 billion. C.H.I. is a leading manufacturer of overhead doors for residential and commercial markets in the United States and Canada. Commercial overhead doors are used in warehousing and retail, areas that Nucor has focused its attention on recently through other value-added products such as insulated metal panels ~~(“IMP”) business for a cash purchase price of approximately $1 billion, subject to customary adjustments. The Company believes this acquisition is strategically important~~(CENTRIA, Metl-Span and ~~will broaden value-added solutions Nucor is able to provide to targeted end markets as the use of IMP products reduce energy usage~~TrueCore brands) and overall operations-related greenhouse gas emissions. The IMP business Nucor is acquiring has 7 manufacturing facilities located throughout North America. These locations will complement the footprint of Nucor Buildings ~~as well as the Company’s existing IMP business, Truecore.~~

On July 20, 2021, Nucor announced it had entered into an agreement to purchase Hannibal Industries, Inc. for a cash purchase price of approximately $370 million. Hannibal Industries is a leading national provider of steel racking solutions (Hannibal Industries and Elite Storage Solutions). It is expected that the C.H.I. acquisition also will benefit from Nucor’s recent paint line investments at its Hickman, Arkansas and Crawfordsville, Indiana sheet mills. The C.H.I. business financial results are included as part of the steel products segment (see Note 14).

We allocated the purchase price for C.H.I. to ~~warehouses~~its individual assets acquired and ~~serves~~liabilities assumed. While the ~~e-commerce, industrial, food storage~~purchase price allocation is substantially complete, it is still preliminary and ~~retail segments. Hannibal Industries~~subject to change, including for the final working capital settlement.

The following table summarizes the fair values of the assets acquired and liabilities assumed of C.H.I. as of June 24, 2022, the date of acquisition (in thousands):

The following table summarizes the purchase price allocation to the identifiable intangible assets of C.H.I. as of June 24, 2022, the date of acquisition (in thousands, except years):

The goodwill of $1.04 billion is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has ~~manufacturing facilities in Los Angeles~~been allocated to the steel products segment (see Note 4). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $5.6 million, all of which is deductible for tax purposes. Pro-forma results of operations for the Company would not be materially different as a result of the acquisition of C.H.I. and, ~~Houston, as well as 3 distribution centers. The Company believes~~therefore, this ~~acquisition~~information is ~~strategically important as it further deepens our ability to serve warehouse and distribution customers. We expect this transaction to close in August of 2021.~~not presented.

On August 4, 2021, Nucor became an obligor with respect to $197.0 million in 40-year variable-rate Green Bonds to partially fund the capital costs, in particular the expenditures associated with pollution prevention and control (including waste recycling and waste reduction), of the construction of Nucor’s plate mill located in Brandenburg, Kentucky. The net proceeds from the debt issuance are being held in a trust account pending disbursement for the construction of the facility and will be accounted for as restricted cash. Funds will be disbursed from the trust account as qualified expenditures for the construction of the Brandenburg facility are made.

On February 1, 2022, Nucor used cash on hand to acquire a 51% controlling ownership position in CSI by purchasing a 50% equity interest from a subsidiary of Vale S.A. for a cash purchase price of approximately $400.0 million, adjusted for net debt and working capital at closing, as well as a 1% equity interest from JFE Steel Corporation. CSI is a flat-rolled steel converter with the capability to produce more than two million tons of finished steel and steel products annually. The company has five product lines, including hot rolled, pickled and oiled, cold rolled, galvanized and electric resistance welded (“ERW”) pipe. Key end-use markets served by CSI include customers in the construction, service center and energy industries. We believe this acquisition helps give Nucor a strong presence in the Western region of the United States and grows our ability to produce an even wider range of value-added sheet products. The CSI business financial results were included as part of the steel mills segment (see Note 14) beginning on February 1, 2022, the date Nucor acquired its 51% controlling ownership position.

We allocated the purchase price for CSI to its individual assets acquired and liabilities assumed. While the purchase price allocation is substantially complete, it is still preliminary and subject to change.

The following table summarizes the fair values of 100% of the assets and liabilities of CSI, as well as the fair value of the 49% noncontrolling interest not acquired by Nucor, as of February 1, 2022, the date Nucor acquired its 51% controlling ownership position (in thousands):

The determination of the fair value of the noncontrolling interest was calculated using the implied value of 100% of the enterprise value of the business using the purchase price as the purchase price did not include a control premium on a per-share basis and the noncontrolling interest shareholder will participate equally in the economic benefits of CSI after the acquisition.

The goodwill of $62.0 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel mills segment (see Note 4). The goodwill is attributable to the assembled workforce acquired, expanding our Western United States presence and CSI’s value-added product capabilities. None of the goodwill is deductible for tax purposes.

The results of operations for CSI upon the effective date of the acquisition have been included in the accompanying financial statements. Pro-forma results of operations for the Company would not be materially different as a result of the acquisition of CSI and, therefore, this information is not presented.

Other smaller acquisitions in the first six months of 2022, exclusive of purchase price adjustments made and net of cash acquired, totaled approximately $76.2 million. Pro-forma results of operations for the Company would not be materially different if the aggregate acquisitions made during the year were included and, therefore, this information is not presented.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements made in this ~~Quarterly Report on Form 10-Q,~~report, or in other public filings, press releases, or other written or oral communications made by Nucor, which are not historical facts are forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this report. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) 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; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including excess world capacity for steel ~~production;~~production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; (15) the impact of the COVID-19 pandemic and any variants of the virus; and ~~(15)~~ (16) the risks discussed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2020~~2021 and elsewhere in this report.

Caution should be taken not to place undue reliance on the forward-looking statements included in this report. We assume no obligation to update any forward-looking statements except as may be required by law. In evaluating forward-looking statements, these risks and uncertainties should be considered, together with the other risks described from time to time in our reports and other filings with the United States Securities and Exchange Commission.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this report, as well as the audited consolidated financial statements and the notes thereto, “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Nucor’s Annual Report on Form 10-K for the year ended December 31, ~~2020.~~2021.

Nucor and its affiliates manufacture steel and steel products. Nucor also produces DRI for use in its steel mills. Through DJJ, the Company also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI. Most of Nucor’s operating facilities and customers are located in North America. Nucor’s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America’s largest recycler, using scrap steel as the primary raw material in producing steel and steel products.

Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in NuMit and Nucor-JFE. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, insulated metal panels, overhead doors, steel grating, tubular products, ~~businesses,~~steel racking, piling products, ~~business,~~ and wire and wire mesh. The raw materials segment includes DJJ, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; and our natural gas ~~related assets.~~production operations.

On August 9, 2021, Nucor acquired Cornerstone Building Brands, Inc.’s IMP business for a cash purchase price of approximately $1 billion, subject to customary adjustments. The Company believes this acquisition is strategically compelling and will broaden the value-added solutions that Nucor Buildings Group provides to targeted end markets such as warehousing, distribution and data centers. We expect these end-use markets to continue to grow in the coming years

~~and that the use of IMP products within them will also increase. IMPs facilitate cost-effective climate control~~On February 1, 2022, Nucor used cash on hand to acquire a 51% controlling ownership position in the built environment and reduce energy usage and overall operations-related greenhouse gas emissions for owners and lessees. The IMP business Nucor is acquiring is comprised of two industry leading brands, CENTRIA and Metl-Span, and has seven manufacturing facilities located throughout North America, complementing the Company’s existing IMP business, Truecore.

~~In addition, Nucor announced during July 2021 that it had entered into an agreement to purchase Hannibal Industries, Inc.~~CSI for a cash purchase price of approximately ~~$370 million. Hannibal Industries~~$400.0 million, adjusted for net debt and working capital at closing. CSI is a flat-rolled steel converter with the capability to produce more than two million tons of finished steel and steel products annually. The company has five product lines, including hot rolled, pickled and oiled, cold rolled, galvanized and ERW pipe. Key end-use markets served by CSI include customers in the construction, service center and energy industries. This acquisition gives Nucor a strong presence in the Western region of the United States and grows our ability to produce an even wider range of value-added sheet products. The CSI business financial results were included as part of the steel mills segment beginning on February 1, 2022, the date of the acquisition of Nucor’s 51% controlling ownership position.

On June 24, 2022, Nucor used cash on hand to acquire the assets of C.H.I. for a purchase price of approximately $3.00 billion, net of cash acquired. C.H.I. is a leading ~~national provider~~manufacturer of overhead doors for residential and commercial markets in the United States and Canada. Commercial overhead doors are used in warehousing and retail, areas that Nucor has focused its attention recently through other value-added products such as insulated metal panels (CENTRIA, Metl-Span and TrueCore brands) and steel racking solutions ~~to warehouses. We expect~~(Hannibal Industries and Elite Storage Solutions). It is expected that ~~Hannibal Industries’ business, serving customers in~~ the ~~e-commerce, industrial, food storage and retail segments,~~C.H.I. acquisition will also ~~continue to grow in~~benefit from Nucor’s recent paint line investments at its Hickman, Arkansas and Crawfordsville, Indiana sheet mills. The C.H.I. business financial results are included as part of the ~~coming years. Hannibal Industries has manufacturing facilities in Los Angeles and Houston, as well as three distribution centers. We expect this transaction to close in August of 2021.~~

~~Together, the Cornerstone Building Brands and Hannibal Industries acquisitions reflect Nucor’s strategy to target the fastest growing segments of~~ steel ~~intensive construction markets.~~products segment.

The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 81%, 76% and 75%, respectively, in the first six months of 2022 compared with approximately 96%, 76% and 77%, respectively, in the first six months of ~~2021 compared with approximately 79%, 69% and 62%, respectively, in the first six months of 2020.~~2021.

~~For~~Nucor reported record consolidated net earnings of $2.56 billion, or $9.67 per diluted share, for the second quarter of 2022, surpassing the previous record set in ~~a row,~~the fourth quarter of 2021 of $2.25 billion, or $7.97 per diluted share. By comparison, Nucor reported ~~the most profitable quarter~~consolidated net earnings of $2.10 billion, or $7.67 per diluted share, in the ~~Company’s history. The Company reported record~~first quarter of 2022 and consolidated net earnings of $1.51 billion, or $5.04 per diluted share, in the second quarter of 2021. ~~This surpassed~~

Nucor’s consolidated net earnings for the ~~previous quarterly record for~~first six months of 2022 were $4.66 billion, or $17.30 per diluted share, making it the most profitable first six months in the Company’s history. By comparison, Nucor reported consolidated net earnings of ~~$942.4 million,~~$2.45 billion, or ~~$3.10~~$8.13 per diluted share, ~~that was set~~ in the first ~~quarter~~six months of 2021.

~~All three operating segments continued to generate robust profitability~~The significant increase in earnings in the second quarter and first six months of ~~2021. The steel mills segment and~~2022 as compared to the ~~steel products segment set new records for profitability~~respective periods in 2021 was primarily due to significant increases in average selling prices that more than exceeded the ~~second quarter~~impact of ~~2021, surpassing~~decreased shipping volumes during the ~~previous record that was set~~same periods. Average selling prices increased rapidly in the first ~~quarter~~six months of ~~2021. Overall strong~~2021 and continued to increase over the remainder of 2021 as demand was robust across most of the end markets we ~~serve is supporting higher average selling prices.~~serve. In the steel mills segment, prices softened in the ~~greatest improvement~~first six months of 2022 from the fourth quarter of 2021, due primarily to decreased average sheet pricing. However, average selling prices in ~~profitability~~the steel products segment continued to increase in the first six months of 2022.

Comparing the second quarter of ~~2021 as compared~~2022 to the first quarter of ~~2021 came from~~2022, all three operating segments generated higher earnings with the largest increase in our ~~sheet and plate mills. Our~~ steel products ~~segment continues to benefit~~segment. Overall, demand from strong demand in nonresidential construction markets. Backlogs for our steel mills and steel products segments remain strong, which we believe indicates that these strong market conditions will continue into the third quarter of 2021. We expect the Company to set a new record for quarterly earnings in the third quarter of 2021.

Nucor reported consolidated net earnings of $108.9 million, or $0.36 per diluted share, in the second quarter of 2020, which were the lowest quarterly earnings that the Company reported in 2020. The onset of the COVID-19 pandemic late in the first quarter of 2020 had a major negative impact on the markets that we serve in the second quarter of 2020, causing customer production disruptions and generally lower shipment activity. However, nonresidential construction markets ~~remained~~remains strong and demand in our other key end-use markets appears stable and resilient ~~and conditions~~ in ~~the other markets we serve recovered over the remainder~~light of 2020. The strong demand generated by the recovery combined with lean inventory levels across supply chains contributed to the dramatic increase in average selling prices in the second quarter of 2021 as compared to the second quarter of 2020.economic uncertainty.

The following discussion ~~will provide~~provides a greater quantitative and qualitative analysis of Nucor’s performance in the second quarter and first six months of ~~2021~~2022 as compared to the second quarter and first six months of ~~2020.~~2021.

Net sales to external customers by segment for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 were as follows (in thousands):

	Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended			Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended
	July 3, 2021	July 4, 2020	% Change	July 3, 2021	July 4, 2020	% Change	July 2, 2022	July 3, 2021	% Change	July 2, 2022	July 3, 2021	% Change
Steel mills	$5,909,909	$2,513,961	135%	$10,518,686	$6,033,231	74%	$ 7,256,067	$ 5,909,909	23%	$ 13,774,676	$ 10,518,686	31%
Steel products	2,241,107	1,523,168	47%	4,051,162	3,250,022	25%	3,842,948	2,241,107	71%	7,166,036	4,051,162	77%
Raw materials	638,148	290,177	120%	1,236,456	668,390	85%	695,459	638,148	9%	1,347,044	1,236,456	9%
Total net sales	$8,789,164	$4,327,306	103%	$15,806,304	$9,951,643	59%
Total net sales to external customers							$ 11,794,474	$ 8,789,164	34%	$ 22,287,756	$ 15,806,304	41%

Net sales for the second quarter of 2021 increased 103% from the second quarter of 2020. Average sales price per ton increased 49% from $790 in the second quarter of 2020 to $1,175 in the second quarter of 2021. Total tons shipped to outside customers in the second quarter of 2021 were 7,482,000 tons, a 37% increase from the second quarter of 2020.

Net sales for the second quarter of 2022 increased 34% from the second quarter of 2021. Average sales price per ton increased 44% from $1,175 in the second quarter of 2021 to $1,690 in the second quarter of 2022. Total tons shipped to outside customers in the second quarter of 2022 were 6,977,000 tons, a 7% decrease from the second quarter of 2021.

Net sales for the first six months of ~~2021~~2022 increased ~~59%~~41% from the first six months of ~~2020.~~2021. Average sales price per ton increased ~~37%~~55% from ~~$786 in the first six months of 2020 to~~ $1,078 in the first six months of ~~2021.~~2021 to $1,667 in the first six months of 2022. Total tons shipped to outside customers in the first six months of ~~2021~~2022 were ~~14,658,000,~~13,371,000 tons, a ~~16% increase~~9% decrease from the first six months of ~~2020.~~2021.

In the steel mills segment, sales tons for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 were as follows (in thousands):

	Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended			Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended
	July 3, 2021	July 4, 2020	% Change	July 3, 2021	July 4, 2020	% Change	July 2, 2022	July 3, 2021	% Change	July 2, 2022	July 3, 2021	% Change
Outside steel shipments	5,356	3,758	43%	10,546	8,940	18%	5,041	5,356	-6%	9,580	10,546	-9%
Inside steel shipments	1,378	1,011	36%	2,732	2,327	17%	1,407	1,378	2%	2,682	2,732	-2%
Total steel shipments	6,734	4,769	41%	13,278	11,267	18%	6,448	6,734	-4%	12,262	13,278	-8%

Net sales for the steel mills segment increased ~~135%~~23% in the second quarter of ~~2021~~2022 from the second quarter of ~~2020,~~2021, due primarily to a ~~65%~~29% increase in the average sales price per ton, from ~~$672~~$1,107 to ~~$1,107 as well as~~$1,429, partially offset by a ~~43% increase~~6% decrease in tons sold to outside customers. Average selling prices increased across all product groups within the steel mills segment in the second quarter of ~~2021~~2022 as compared to the second quarter of ~~2020.~~2021.

Net sales for the steel mills segment increased ~~74%~~31% in the first six months of ~~2021~~2022 from the first six months of ~~2020,~~2021, due to a ~~48%~~43% increase in the average sales price per ton from ~~$677~~$1,001 to ~~$1,001 and an 18% increase~~$1,432, partially offset by a 9% decrease in tons sold to outside customers.

Outside sales tonnage for the steel products segment for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 was as follows (in thousands):

	Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended			Three Months (13 Weeks) Ended			Six Months (26 Weeks) Ended
	July 3, 2021	July 4, 2020	% Change	July 3, 2021	July 4, 2020	% Change	July 2, 2022	July 3, 2021	% Change	July 2, 2022	July 3, 2021	% Change
Joist sales	167	122	37%	339	253	34%	158	167	-5%	337	339	-1%
Deck sales	130	111	17%	265	236	12%	123	130	-5%	259	265	-2%
Cold finished sales	128	75	71%	260	201	29%	123	128	-4%	256	260	-2%
Rebar fabrication sales	338	309	9%	620	620	-	339	338	-	630	620	2%
Piling products sales	171	156	10%	307	336	-9%	119	171	-30%	230	307	-25%
Tubular products sales	269	249	8%	519	536	-3%	274	269	2%	504	519	-3%
Other steel products sales	109	87	25%	209	186	12%	175	109	61%	330	209	58%
Total steel products sales	1,312	1,109	18%	2,519	2,368	6%	1,311	1,312	-	2,546	2,519	1%

Net sales for the steel products segment increased ~~47%~~71% in the second quarter of ~~2021~~2022 compared to the second quarter of ~~2020,~~2021, due to a ~~24%~~72% increase in the average sales price per ton from ~~$1,372~~$1,708 to ~~$1,708 and an 18% increase in tons sold to outside customers.~~$2,931. Average selling prices increased across all businesses within the steel products segment in the second quarter of ~~2021~~2022 as compared to the second quarter of ~~2020,~~2021, most notably at our ~~tubular products businesses.~~joist, deck and building systems businesses.

Net sales for the steel products segment increased ~~25%~~77% in the first six months of ~~2021~~2022 compared to the first six months of ~~2020,~~2021, due to a ~~17%~~75% increase in the average sales price per ton from ~~$1,372~~$1,608 to ~~$1,608~~$2,814 and a 6%1% increase in tons sold to outside customers. Average selling prices increased across all businesses within the steel products segment in the first six months of ~~2021~~2022 as compared to the first six months of ~~2020,~~2021, most notably at our ~~tubular products~~joist, deck and building systems businesses.

Net sales for the raw materials segment increased ~~120% and 85%~~9% in both the second quarter and first six months of ~~2021, respectively, from~~2022 compared to the same prior year periods. The increases in net sales were due primarily to increased average selling prices ~~and volumes~~ at DJJ’s brokerage ~~and scrap processing operations.~~operations, which were partially offset by a decrease in volumes. In the second quarter of ~~2021,~~2022, approximately ~~90%~~91% of outside sales for the raw materials segment were from the brokerage operations of DJJ, and approximately 7% of outside sales were from the scrap processing operations of DJJ (90% and 9%, respectively, in the second quarter of 2021). In the first six months of 2022, approximately 91% of outside sales for the raw materials segment

were from the brokerage operations of DJJ, and approximately 7% of outside sales were from the scrap processing operations of DJJ (89% and 8%, respectively, in the second quarter of 2020). In the first six months of 2021, approximately 89% of outside sales for the raw materials segment were from the brokerage operations of DJJ, and approximately 9% ~~of outside sales were from the scrap processing operations of DJJ (88% and 8%~~, respectively, in the first six months of ~~2020)~~2021).

Nucor recorded gross margins of $4.10 billion (35%) in the second quarter of 2022, which was a significant increase compared with $2.47 billion (28%) in the second quarter of ~~2021, which was a significant increase compared with $378.0 million (9%) in the second quarter of 2020.~~2021.

Scrap and scrap substitutes are the most significant element in the total cost of steel production. The average scrap and scrap substitute cost per gross ton used in the second quarter of ~~2021~~2022 was ~~$457,~~$534, a ~~61%~~17% increase compared to ~~$284~~$457 in the second quarter of ~~2020.~~2021. The increase in the average scrap and scrap substitute cost per gross ton used was more than offset by the previously mentioned increases in average selling ~~prices and volumes.~~prices.

Scrap prices are driven by the global supply and demand for scrap and other iron-based raw materials used to make steel. Scrap prices ~~have increased dramatically since~~were volatile during the ~~beginning~~first six months of ~~2021~~2022 as the conflict in Ukraine and other factors disrupted global supply chains. As we ~~expect continued strong demand for scrap and volatility in scrap prices as we begin~~enter the third ~~quarter.~~quarter of 2022, scrap pricing has decreased.

Nucor recorded gross margins of $7.56 billion (34%) in the first six months of 2022, which was a significant increase compared with $4.10 billion (26%) in the first six months of ~~2021, which was a significant increase compared with $1.01 billion (10%) in the first six months of 2020.~~2021.

A major component of marketing, administrative and other expenses is profit sharing and other incentive compensation costs. These costs, which are based upon and fluctuate with Nucor’s financial performance, increased by ~~$215.5~~$109.7 million in the second quarter of ~~2021~~2022 as compared to thesecond quarter of ~~2020,~~2021, and increased by ~~$351.5~~$266.8 million in the first six months of ~~2021~~2022 as compared to the first six months of ~~2020.~~2021. These increases were due to Nucor’s increased profitability in the second quarter and first six months of ~~2021~~2022 as compared to the respective prior year periods, which resulted in significantly increased accruals related to profit sharing.

Equity in ~~(earnings) losses~~earnings of unconsolidated affiliates was ~~$(19.4)~~$7.1 million and ~~$14.1~~$19.4 million in the second quarter of ~~2021~~2022 and ~~2020,~~2021, respectively, and ~~$(32.6)~~$14.8 million and ~~$14.9~~$32.6 million in the first six months of ~~2021~~2022 and ~~2020,~~2021, respectively. The ~~increase~~decreases in equity method investment earnings were primarily due to increased ~~earnings at NuMit and decreased~~ losses at Nucor-JFE.

Included in the first six months of 2021 earnings was a non-cash loss on assets of $42.0 million related to our leasehold interest in unproved oil and natural gas properties in the raw materials segment. Also included in the first six months of 2021 earnings were losses on assets of $9.0 million in the steel products segment.

Included in the first six months of 2020 earnings were losses on assets of $292.8 million related to our equity method investment in Duferdofin Nucor S.r.l. (“Duferdofin Nucor”) that we have since exited. Nucor determined that a triggering event occurred in the first quarter of 2020 due to adverse developments in the joint venture’s commercial outlook, which were exacerbated by the COVID‐~~19 pandemic, all of which negatively impacted the joint venture’s strategic direction.~~

Net interest expense for the second quarter and first six months of ~~2021~~2022 and ~~2020~~2021 was as follows (in thousands):

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020			July 2, 2022			July 3, 2021			July 2, 2022			July 3, 2021
Interest expense	$	37,661		$	38,849		$	78,631		$	86,445		$	63,514		$	37,661		$	107,590		$	78,631
Interest income		(1,881	)		(3,042	)		(3,207	)		(9,728	)		(5,751	)		(1,881	)		(6,692	)		(3,207	)
Interest expense, net	$	35,780		$	35,807		$	75,424		$	76,717		$	57,763		$	35,780		$	100,898		$	75,424

Interest expense ~~decreased~~increased in the second quarter and first six months of ~~2021~~2022 compared to the second quarter and first six months of ~~2020~~2021, primarily due ~~primarily~~ to the ~~lower~~following: an increase in average debt outstanding; higher average interest rates on ~~debt and an increase~~debt; a decrease in capitalized ~~interest in~~interest; and approximately $9.3 million related to the ~~first six months~~early redemption of ~~2021.~~

the 2023 Notes. Interest income ~~decreased~~increased in the second quarter and first six months of ~~2021~~2022 compared to the second quarter and first six months of ~~2020~~2021 due to ~~a decrease in~~higher average interest rates on ~~investments.~~investments and an increase in average investment levels.

~~Earnings (loss)~~The table below presents earnings before income taxes and noncontrolling interests by segment for the second quarter and first six months of ~~2021~~2022 and ~~2020 were as follows~~2021 (in thousands). The changes between periods were driven by the quantitative and qualitative factors previously discussed.

	Three Months						Six Months
	(13 Weeks) Ended						(26 Weeks) Ended						Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020			July 2, 2022			July 3, 2021			July 2, 2022			July 3, 2021
Steel mills	$	2,174,807		$	150,424		$	3,489,781		$	306,930		$	2,815,723		$	2,174,807		$	5,394,577		$	3,489,781
Steel products		259,330			152,874			471,142			315,433			1,129,932			259,330			1,814,799			471,142
Raw materials		120,143			(1,389	)		343,378			(9,300	)		263,598			120,143			359,451			343,378
Corporate/eliminations		(528,532	)		(120,852	)		(980,307	)		(285,709	)		(718,851	)		(528,532	)		(1,180,310	)		(980,307	)
	$	2,025,748		$	181,057		$	3,323,994		$	327,354		$	3,490,402		$	2,025,748		$	6,388,517		$	3,323,994

Noncontrolling interests represent the income attributable to the holders of noncontrolling ~~partners of~~interests in Nucor’s joint ventures, ~~primarily~~ NYS and CSI, both of which Nucor owns a 51%. controlling interest. The increase in earnings attributable to noncontrolling interests in the second quarter and first six months of ~~2021~~2022 as compared to the second quarter and first six months of ~~2020~~2021 was ~~primarily~~ due to the increased earnings of NYS, which was a result of the increased metal ~~margins. Under the NYS limited partnership agreement, the minimum amount~~margins, as well as

the earnings ~~attributable to noncontrolling interests based~~of CSI, for which results were consolidated beginning on ~~mutual agreement of~~February 1, 2022, the ~~general partners.~~date Nucor acquired its 51% controlling ownership position.

The effective tax rate for the second quarter of ~~2021~~2022 was ~~22.4%~~21.9% compared to ~~26.5%~~22.4% for the second quarter of 2020. The effective tax rate for the second quarter of 2020 was elevated, relative to the second quarter of 2021, primarily due to a $5.3 million unfavorable non-cash, out-of-period adjustment to deferred tax balances. The out-of-period adjustment was not material to any previously reported period.2021. The expected effective tax rate for the full year of ~~2021~~2022 is approximately ~~23.1%~~22.8%.

We estimate that in the next 12 months our gross unrecognized tax benefits, which totaled ~~$59.5~~$124.0 million at July ~~3, 2021,~~2, 2022, exclusive of interest, could decrease by as much as ~~$5.4~~$10.5 million as a result of the expiration of the statute of limitations and the closures of examinations, substantially all of which would impact the effective tax rate.

The IRS is currently examining Nucor’s 2015, 2019 and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for tax years through 2014 and for tax year 2016. The tax years ~~2015~~2017 and ~~2017 through 2019~~2018 remain open to examination by the ~~Internal Revenue Service.~~IRS. The 2015 and 2018 Canadian income tax returns for Harris Steel Group Inc. and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years ~~2014~~2015 through 2020 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).

Nucor reported consolidated net earnings of $2.56 billion, or $9.67 per diluted share, in the second quarter of 2022 as compared to consolidated net earnings of $1.51 billion, or $5.04 per diluted share, in the second quarter of ~~2021 as compared to consolidated net earnings of $108.9 million, or $0.36 per diluted share, in the second quarter of 2020.~~2021. Net earnings attributable to Nucor stockholders as a percentage of net sales were ~~17.1%~~21.7% and ~~2.5%~~17.1% in the second quarter of ~~2021~~2022 and ~~2020,~~2021, respectively.

Nucor reported consolidated net earnings of $4.66 billion, or $17.30 per diluted share, in the first six months of 2022 as compared to consolidated net earnings of $2.45 billion, or $8.13 per diluted share, in the first six months of ~~2021 as compared to consolidated net earnings of $129.2 million, or $0.42 per diluted share, in the first six months of 2020.~~2021. Net earnings attributable to Nucor stockholders as a percentage of net sales were ~~15.5%~~20.9% and ~~1.3%~~15.5% in the first six months of ~~2021~~2022 and ~~2020,~~2021, respectively. Annualized return on average stockholders’ equity was ~~42.5%~~60.4% and ~~2.5%~~42.5% in the first six months of 2022 and 2021, ~~and 2020,~~ respectively.

WeAs we enter the third quarter, demand remains stable and resilient across the major end-use markets we serve, and customer inventory levels appear right-sized relative to economic conditions. Though we expect ~~earnings~~a decrease from the record-setting second quarter, we anticipate another strong quarter of profitability in the third quarter of ~~2021~~2022. We believe that 2022 will be the most profitable year in Nucor’s history.

We expect the steel mills segment earnings to be ~~the highest quarterly earnings in Nucor history, surpassing the record set in the second quarter of 2021. The primary drivers for the expected increase in earnings~~sequentially lower in the third quarter of ~~2021 are improved pricing~~2022, due to lower expected shipment volumes and ~~margins in the steel mills segment. We expect increased profitability across the steel mills segment, with the largest increase~~average selling prices, particularly at our sheet and plate mills. The steel products segment ~~and the raw materials segment are also~~is expected to have ~~increased earnings~~another very strong quarter in the third quarter of ~~2021 compared to~~2022, with earnings roughly in-line with the second quarter of ~~2021.~~2022. Raw materials segment earnings are expected to improve in the third quarter of 2022 due to higher realized pricing at our DRI facilities.

Nucor’s largest exposure to market risk is ~~via~~in our steel mills and steel products segments. Our largest single customer in the second quarter of ~~2021~~2022 represented approximately 5% of sales and has consistently paid within terms. In the raw materials segment, we are exposed to price fluctuations related to the purchase of scrap and scrap substitutes, pig iron and iron ore. Our exposure to market risk is mitigated by the fact that our steel mills use a significant portion of the products of the raw materials segment.

Nucor operates a capital-intensive business in highly cyclical markets. We therefore attempt to utilize conservative financial practices that maximize our financial strength during economic downturns like the one we experienced as a result of the COVID-19 pandemic. Our liquidity position, consisting of cash and cash equivalents, short-term investments and

~~restricted cash and cash equivalents, remained strong at $3.21 billion as of July 3, 2021. Additionally, Nucor has no significant debt maturities until September 2022.~~

We ~~believe~~ that our conservative financial practices have served us well in the past and are serving us well today. Nucor’s financial strength allows for a consistent, balanced approach to capital allocation throughout the business cycle. Nucor’s highest capital allocation priority is to reinvest in our business to ensure our continued profitable growth over the long term. We have historically done this by investing to optimize our existing operations, initiate greenfield expansions and make acquisitions. Our second priority is to return capital to our stockholders through cash dividends and share repurchases. We intend to return a minimum of 40% of our net earnings to our stockholders, while maintaining a debt-to-capital ratio that supports a strong investment grade credit rating. In May 2021, Nucor’s Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $3.00 billion of its common stock and contemporaneously terminated any previously authorized share repurchase programs. As of July 3, 2021, the Company had approximately $2.80 billion remaining for share repurchases under the new program.

Cash provided by operating activities was $1.88 billion in the first six months of 2021 as compared to $1.35 billion in the prior year period. Net earnings in the first six months of 2021 improved by $2.37 billion over the prior year period. Included in the first six months of 2021 earnings was a non-cash loss on assets of $42.0 million related to our leasehold interest in unproved oil and natural gas properties in the raw materials segment. Included in the first six months of 2020 was a non-cash loss on assets of $292.8 million related to our previously held equity method investment in Duferdofin Nucor. Changes in operating assets and operating liabilities (exclusive of acquisitions) resulted in a cash reduction of $1.27 billion in the first six months of 2021 compared with a cash increase of $331.2 million in the first six months of 2020. The funding of our working capital in the first six months of 2021 increased as compared to the first six months of 2020 mainly due to larger increases in inventories and accounts receivable, partially offset by changes in accounts payables and accruals. Inventories increased almost one million tons, or 15%, at the end of the second quarter of 2021 compared to year-end 2020, and the cost of scrap and scrap substitutes in our inventory increased 48% from year-end 2020. Inventories at the end of the second quarter of 2020 decreased by over one million tons, or 15%, compared to year-end 2019 due to working capital reduction initiatives focused on maintaining inventory levels at our anticipated near-term production requirements in response to the COVID-19 pandemic. Accounts receivable increased in the first six months of 2021 from year-end 2020 due to a 14% increase in tons shipped to outside customers and a 45% increase in composite sales price in the second quarter of 2021 compared to the fourth quarter of 2020. Accounts receivable at the end of the second quarter of 2020 decreased from year-end 2019 due to a 16% decrease in tons shipped to outside customers.

The current ratio was 3.1 at the end of the second quarter of 2021 and 3.6 at year-end 2020. The current ratio decreased due to the following: a 49% decrease in other current assets, most notably, the federal income tax receivable; a 54% increase in accounts payable driven by the previously discussed increased inventory costs; and an 84% increase in salaries, wages and related accruals due to increased profit sharing accruals resulting from the increased earnings of the Company. Partially offsetting these items were a 48% and 47% increase in accounts receivable and inventories, respectively, due to the previously discussed increases in inventory costs and selling prices. In the first six months of both 2021 and 2020, accounts receivable turned approximately every five weeks and inventories turned approximately every 10 weeks.

Cash used in investing activities during the first six months of 2021 of $681.4 million decreased compared to the prior year period of $714.9 million. Cash used for capital expenditures in the first six months of 2021 decreased by 10%, or $74.9 million, from the same period in 2020. The projects that had the largest capital expenditures through the first six months of 2021 were associated with the plate mill under construction in Brandenburg, Kentucky, the sheet mill expansion at Nucor Steel Gallatin, and the hot band galvanizing line at Nucor Steel Arkansas. The reduction in capital spending was partially offset by the net increase in purchases of investments (purchases less sales of investments) in the first six months of 2021 of $43.0 million, as compared to the prior year period.

Cash used in financing activities for the first six months of 2021 was $1.16 billion as compared to cash provided by financing activities of $623.8 million in the prior year period. A significant component of this change was ~~the issuance of $500.0 million of 2.000% Notes due 2025 and $500.0 million of 2.700% Notes due 2030~~ in the first six months of 2020. In addition, there were approximately $916.1 million of stock repurchases in the first six months of 2021 as compared to $39.5 million in the prior year period. Offsetting the increase in cash used for acquisition of stock in the first six months of 2021 was $128.8 million of proceeds from the exercise of stock options.

~~Nucor’s $1.50 billion revolving credit facility is undrawn and was amended and restated in April 2018 to extend the maturity date to April 2023.~~ We believe our financial strength is a key strategic advantage among domestic steel producers, particularly during recessionary business cycles. ~~Nucor continues to have~~We carry the ~~strongest~~highest credit ratings of any steel producer headquartered in North America, with an A- long-term rating ~~in the North American steel sector (Baa1/A-) with stable outlooks at both Moody's and~~from Standard & ~~Poor's.~~Poor’s and a Baa1 long-term rating from Moody’s. Our credit ratings are dependent, however, upon a number of factors, both qualitative and quantitative, and are subject to change at any time. The disclosure

of our credit ratings is made in order to enhance investors’ understanding of our sources of liquidity and the impact of our credit ratings on our cost of funds.

Our liquidity position as of July 2, 2022 remained strong, consisting of total cash and cash equivalents, short-term investments and restricted cash and cash equivalents of $2.45 billion as of such date compared to $2.76 billion as of

December 31, 2021. Of these totals, the amount of restricted cash and cash equivalents was $88.3 million at July 2, 2022and $143.8 million at December 31, 2021. Approximately $664.6 million of the cash and cash equivalents position at July 2, 2022, was held by our majority-owned and controlled subsidiaries, including CSI which was acquired on February 1, 2022, as compared to $540.3 million at December 31, 2021.

Cash provided by operating activities was $4.73 billion in the first six months of 2022 as compared to $1.88 billion in the first six months of 2021. The $2.85 billion increase was primarily driven by net earnings of $4.95 billion for the first six months of 2022, an increase of $2.40 billion over net earnings in the prior year period of $2.56 billion. In addition, changes in operating assets and operating liabilities (exclusive of acquisitions) only used cash of $730.6 million in the first six months of 2022 as compared to $1.27 billion in the first six months of 2021.

The funding of our working capital in the first six months of 2022 decreased by $537.1 million over the first six months of 2021 mainly due to the change in accounts receivable using $444.5 million less cash and the change in inventories using $1.52 billion less cash as compared to the same period in 2021. The change in accounts receivable used cash of $648.6 million in the first six months of 2022 as compared to $1.09 billion in the first six months of 2021. The change in inventories used cash of $158.0 million in the first six months of 2022 as compared to $1.67 billion in the same period of 2021. These were offset by the change in accounts payable, federal income taxes and salaries, wages and related accruals in the first six months of 2022 as compared to the first six months of 2021. The change in accounts payable only provided cash of $198.1 millionin the first six months of 2022 as compared to providing cash of $726.6 million in the first six months of 2021, a decrease of $528.6 million. The change in federal income taxes provided cash of $33.4 millionin the first six months of 2022as compared to providing cash of $290.3 million in the first six months of 2021, a decrease of $256.8 million. The change in salaries, wages and related accruals used cash of $252.8 million in the first six months of 2022 as compared to providing cash of $385.3 million in the first six months of 2021, a decrease of $638.0 million, due primarily to the payout in the first six months of 2022 of the incentive compensation for 2021, which was higher than the incentive compensation for 2020 that was paid out in the first six months of 2021 due to higher earnings in 2021.

The current ratio was 2.6 at the end of the second quarter of 2022,which was in-line with the current ratio of 2.5 at year-end 2021.

Cash used in investing activities during the first six months of 2022 was $4.54 billion as compared to $681.4 million in the prior year period, an increase of $3.85 billion. The primary reason for the change was an increase in cash used for acquisitions (net of cash acquired) of $3.47 billiondue to the acquisitions of CSI on February 1, 2022 and C.H.I. on June 24, 2022. Cash used for capital expenditures of $968.8 million in the first six months of 2022 increased by $266.4 million over the same period of 2021 primarily due to the plate mill under construction in Kentucky, the sheet mill expansion in Kentucky and the sheet mill in West Virginia. Capital expenditures for 2022 are estimated to be around $2.35 billion as compared to $1.62 billion in 2021. The projects that we anticipate will have the largest capital expenditures in 2022 are the plate mill under construction in Brandenburg, Kentucky and the sheet mill in West Virginia.

Cash used in financing activities during the first six months of 2022 was $614.3 millionas compared to $1.16 billion in the first six months of 2021. The primary uses of cash were: (i) stock repurchases of $1.71 billion in the first six months of 2022 as compared to $916.1 million in the first six months of 2021, an increase of $791.7 million; (ii) repayments of long-term debt of $506.0 million in the first six months of 2022 (none in the same period of 2021); and (iii) distributions to noncontrolling interests of $268.5 million in the first six months of 2022 as compared to $97.2 million in the first six months of 2021, an increase of $171.3 million. The primary source of cash offsetting these uses of cash was proceeds from long-term debt, net of discount to the public, of $2.09 billion in the first six months of 2022 (none in the same period of 2021). In the first six months of 2022, Nucor issued $500.0 million aggregate principal amount of its 2025 Notes, $500.0 million aggregate principal amount of its 2027 Notes, $550.0 million aggregate principal amount of the 2032 Notes and $550.0 million aggregate principal amount of the 2052 Notes. On April 25, 2022, we redeemed all $500.0 million aggregate principal amount outstanding of the 2023 Notes. On July 15, 2022, we provided the required 30-day notice of redemption to holders of the 2022 Notes that we intend to redeem the 2022 Notes in-full on August 15, 2022.

Nucor’s $1.75 billion revolving credit facility matures on November 5, 2026. The revolving credit facility includes only one financial covenant, which is a limit of 60% on the ratio of funded debt to total ~~capitalization.~~capital. In addition, the revolving credit facility contains customary non-financial covenants, including a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of July ~~3, 2021, our~~2, 2022, the funded debt to total capital ratio was ~~29.8%~~29.2% and we were in compliance with all non-financial covenants under ~~our~~the revolving credit facility. No borrowings were outstanding under the revolving credit facility as of July ~~3, 2021.~~2, 2022.

Our financial strength allows a number of capital preservation options. Nucor’s robust capital investment and maintenance practices give us the flexibility to reduce spending by prioritizing our capital projects, potentially rescheduling certain projects and selectively allocating capital to investments with the greatest impact on our long-term earnings power. Nucor currently estimates its 2021 capital expenditures to be $1.80 billion. The projects that we anticipate will have the largest capital expenditures in 2021 are the plate mill under construction in Brandenburg, Kentucky, the sheet mill expansion at Nucor Steel Gallatin, and the hot band galvanizing line at Nucor Steel Arkansas.

In June ~~2021,~~2022, Nucor’s Board of Directors declared a quarterly cash dividend on Nucor’s common stock of ~~$0.405~~$0.50 per share payable on August 11, ~~2021,~~ 2022to stockholders of record on June 30, ~~2021.~~2022. This dividend is Nucor’s ~~193rd~~197^th consecutive quarterly cash dividend.

Funds provided from operations, cash and cash equivalents, short-term investments, restricted cash and cash equivalents and new borrowings under our existing credit facilities are expected to be adequate to meet future capital ~~expenditures, acquisitions~~expenditure and working capital requirements for existing operations for at least the next 24 months. We also believe we have adequate access to capital markets for liquidity purposes. In September 2022, $600.0 million aggregate principal amount of the 2022 Notes will mature which we expect to redeem in-full prior to that time using a portion of the net proceeds from the sale of the March 2022 Notes, along with cash on hand, if necessary.

In the ordinary course of business, Nucor is exposed to a variety of market risks. We continually monitor these risks and develop strategies to manage them.

Nucor manages interest rate risk by using a combination of variable-rate and fixed-rate debt. Nucor also occasionally makes use of interest rate swaps to manage net exposure to interest rate changes. Management does not believe that Nucor’s exposure to interest rate risk has significantly changed since December 31, ~~2020.~~2021. There were no interest rate swaps outstanding at July ~~3, 2021.~~2, 2022.

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. We attempt to negotiate the best prices for our raw material and energy requirements and to obtain prices for our steel products that match market price movements in response to supply and demand. In periods of strong or stable demand for our products, we are more likely to be able to effectively reduce the normal time lag in passing through higher raw material costs so that we can maintain our gross margins. When demand for our products is weaker, this becomes more challenging. Our DRI facilities in Trinidad and Louisiana provide us with flexibility in managing our raw materials requirements and our input costs. DRI is particularly important for operational flexibility when demand for prime scrap increases due to increased domestic steel production.

Natural gas produced by Nucor’s drilling operations is being sold to third parties to partially offset our exposure to changes in the price of natural gas consumed by our Louisiana DRI facility and our steel mills in the United States.

Nucor also periodically uses derivative financial instruments to hedge a portion of our exposure to price risk related to natural gas purchases used in the production process and to hedge a portion of our scrap, aluminum and copper purchases and sales. Gains and losses from derivatives designated as hedges are deferred in accumulated other comprehensive loss, net of income taxes on the condensed consolidated balance sheets and recognized in net earnings in the same period as the underlying physical transaction. At July ~~3, 2021,~~2, 2022, accumulated other comprehensive loss, net of income taxes included ~~$5.2~~$50.2 million in unrealized net-of-tax gains for the fair value of these derivative instruments. Changes in the fair values of derivatives not designated as hedges are recognized in net earnings each period.

The following table presents the negative effect on pre-tax earnings of a hypothetical change in the fair value of the derivative instruments outstanding at July ~~3, 2021,~~2, 2022, due to an assumed 10% and 25% change in the market price of each of the indicated commodities (in thousands):

Commodity Derivative	10% Change		25% Change		10% Change		25% Change
Natural gas	$	5,474	$	13,686	$	21,150	$	52,870
Aluminum	$	6,654	$	16,634	$	1,489	$	10,984
Copper	$	4,000	$	9,998	$	923	$	2,293

Any resulting changes in fair value would be recorded as adjustments to accumulated other comprehensive loss, net of income taxes or recognized in net earnings, as appropriate. These hypothetical losses would be partially offset by the benefit of lower prices paid or higher prices received for the physical commodities.

Nucor is exposed to foreign currency risk primarily through its operations in Canada, Europe and Mexico. We periodically use derivative contracts to mitigate the risk of currency fluctuations. Open foreign currency derivative contracts at July ~~3, 2021~~2, 2022 were insignificant.

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the evaluation date.

There were no changes in our internal control over financial reporting during the quarter ended July ~~3, 2021~~2, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Nucor is from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks.

There were no proceedings that were pending or contemplated under federal, state or local environmental laws that the Company reasonably believes may result in monetary sanctions of at least $1.0 million (the threshold chosen by Nucor as permitted by Item 103 of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended, and which Nucor believes is reasonably designed to result in disclosure of any such proceeding that is material to its business or financial condition).

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, ~~2020.~~2021.

Our share repurchase program activity for each of the three months and the quarter ended July ~~3, 2021~~2, 2022 was as follows (in thousands, except share and per share amounts):

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Delaware		13-1860817
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1915 Rexford Road, Charlotte, North Carolina		28211
(Address of principal executive offices)		(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.40 per share		NUE		New York Stock Exchange

			Page
Part I	Financial Information

	Item 1	Financial Statements (Unaudited)

		Condensed Consolidated Statements of Earnings – Three Months (13 Weeks) and Six Months (26 Weeks) Ended July ~~3, 2021~~2, 2022 and July ~~4, 2020~~3, 2021	1

		Condensed Consolidated Statements of Comprehensive Income – Three Months (13 Weeks) and Six Months (26 Weeks) Ended July ~~3, 2021~~2, 2022 and July ~~4, 2020~~3, 2021	2

		Condensed Consolidated Balance Sheets – July ~~3, 2021~~2, 2022 and December 31, ~~2020~~2021	3

		Condensed Consolidated Statements of Cash Flows – Six Months (26 Weeks) Ended July ~~3, 2021~~2, 2022 and July ~~4, 2020~~3, 2021	4

		Notes to Condensed Consolidated Financial Statements	5

	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1819

	Item 3	Quantitative and Qualitative Disclosures About Market Risk	2526

	Item 4	Controls and Procedures	2627

Part II	Other Information

	Item 1	Legal Proceedings	2728

	Item 1A	Risk Factors	2728

	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	2728

	Item 6	Exhibits	2829

Signatures			2930

Cash	$	159,066
Accounts receivable		73,549
Inventory		52,515
Other current assets		19,493
Property, plant and equipment		117,392
Goodwill		1,036,332
Other intangible assets		2,389,180
Other assets		9,559
Total assets acquired		3,857,086
Current liabilities		75,146
Deferred income taxes		579,559
Other liabilities		7,509
Total liabilities assumed		662,214
Net assets acquired	$	3,194,872

			Weighted-
			Average Life
Customer relationships	$	2,242,000	25 years
Trade name		147,000	13 years
	$	2,389,000

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

	Six-Month (26-Week) Period Ended
	July 2, 2022
	Gains and (Losses) on			Foreign Currency			Adjustment to Early
	Hedging Derivatives			Gains (Losses)			Retiree Medical Plan		Total
Accumulated other comprehensive income (loss) at December 31, 2021	$	1,112		$	(124,868	)	$	8,474	$	(115,282	)
Other comprehensive income (loss) before reclassifications		69,614			(4,616	)		-		64,998
Amounts reclassified from accumulated other comprehensive income (loss) into earnings ⁽¹⁾		(20,526	)		-			-		(20,526	)
Net current-period other comprehensive income (loss)		49,088			(4,616	)		-		44,472
Accumulated other comprehensive income (loss) at July 2, 2022	$	50,200		$	(129,484	)	$	8,474	$	(70,810	)

Cash	$	98,537
Accounts receivable		159,257
Inventory		354,614
Other current assets		5,298
Property, plant and equipment		566,714
Goodwill		62,011
Other intangible assets	—
Other assets		7,071
Total assets acquired		1,253,502
Current portion of long-term debt		9,826
Other current liabilities		162,808
Long-term debt due after one year		67,866
Other liabilities		139,947
Total liabilities assumed		380,447
Net assets acquired at 100%		873,055
Less: Fair value of noncontrolling interest		427,797
Net assets acquired at 51%	$	445,258

	Total Number of Shares Purchased		Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
April 4, 2021 - May 1, 2021		2,500	$	81.27		2,500	$	654,332
May 2, 2021 - May 29, 2021		4,265	$	96.39		4,265	$	2,797,768
May 30, 2021 - July 3, 2021		-	$	-		-	$	2,797,768
For the Quarter Ended July 3, 2021		6,765				6,765

Exhibit No.		Description of Exhibit

2*2		~~Securities~~Stock Purchase Agreement, dated as of ~~June 5, 2021,~~May 11, 2022, by and among Nucor ~~Insulated Panel Group Inc., Vulcraft Canada Inc.~~Corporation, Arthur Holdings Corp. and ~~Cornerstone Building Brands, Inc.~~Arthur Holdings L.P. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed May 16, 2022 (File No. 001-04119))

3		Restated Certificate of Incorporation of Nucor Corporation (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed September 14, 2010 (File No. 001-04119))

3.1		Bylaws of Nucor Corporation, as amended and restated February 22, 2021 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed February 24, 2021 (File No. 001-04119))
4		Fifth Supplemental Indenture, dated as of May 23, 2022, between Nucor Corporation and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed May 23, 2022 (File No. 001-04119))
4.1		Form of 3.950% Notes due 2025 (included in Exhibit 4 above) (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed May 23, 2022 (File No. 001-04119))
4.2		Form of 4.300% Notes due 2027 (included in Exhibit 4 above) (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed May 23, 2022 (File No. 001-04119))
10*		~~Retirement, Separation, Waiver and Release~~Executive Employment Agreement ~~dated as~~ of ~~June 8, 2021, by and between Nucor Corporation and Craig Feldman~~John Hollatz (#)

10.1		Retirement, Separation, Waiver and Release Agreement, dated as of ~~June 3, 2021,~~May 24, 2022, by and between Nucor Corporation and ~~Raymond S. Napolitan, Jr.~~James D. Frias (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K/A filed ~~June 3, 2021~~May 25, 2022 (File No. 001-04119)) (#)
10.2*		Retirement, Separation, Waiver and Release Agreement, dated as of May 27, 2022, by and between Nucor Corporation and MaryEmily Slate (#)
31*		Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.1*		Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.1**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101*		Financial Statements (Unaudited) from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended July ~~3, 2021,~~2, 2022, filed August ~~11, 2021,~~10, 2022, formatted in Inline XBRL: (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

104*		Cover Page from the Quarterly Report on Form 10-Q of Nucor Corporation for the quarter ended July ~~3, 2021,~~2, 2022, filed August ~~11, 2021,~~10, 2022, formatted in Inline XBRL (included in Exhibit ~~101)~~101 above).

	NUCOR CORPORATION

	By:		/s/ ~~James~~Stephen D. ~~Frias~~Laxton
			~~James~~Stephen D. ~~Frias~~Laxton
			Chief Financial Officer, Treasurer and ~~Executive~~
			Executive Vice President