NUCOR CORP, DEF 14A filed on 3/24/2025
Proxy Statement (definitive)
v3.25.1
Cover
12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name NUCOR CORPORATION
Entity Central Index Key 0000073309
v3.25.1
Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance Disclosure
In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive “compensation actually paid” (“CAP”) and certain Company and peer group financial performance measures for the fiscal years listed below. Please refer to our CD&A for a complete description of how executive compensation relates to Company performance and how the Committee makes its decisions.
 
                                     
Value of Initial
Fixed $100
Investment Based
On:
                 
Year
  
Summary
Compensation
Table Total for
PEO
($) (1)
    
Compensation
Actually Paid
to PEO
($) (1) (2) (3)
    
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs
($) (4)
    
Average
Compensation
Actually Paid
to Non-PEO
NEOs
($) (2) (3) (4)
    
Nucor
TSR
($) (5)
    
Peer Group
TSR
($) (5)
    
Net
Income
(in
millions)
($)
    
ROE
 
 (a)
  
(b)
    
(c)
    
(d)
    
(e)
    
(f)
    
(g)
    
(h)
    
(i)
 
 2024      19,024,088        334,785        7,046,119        1,183,362        229        253        2,027        9.8
 2023      22,500,626        40,100,366        7,436,632        12,599,657        337        299        4,525        23.0
 2022      23,073,171        37,341,765        6,499,047        8,430,764        252        216        7,607        46.9
 2021      11,618,019        52,148,691        5,246,942        23,557,361        215        179        6,827        55.0
 2020      11,265,538        12,399,819        7,296,327        5,762,046        98        106        721        6.8
(1)   The principal executive officer, or PEO, for each of the years listed is Leon J. Topalian.
(2)   The dollar amounts shown in these columns reflect CAP computed in accordance with SEC rules. The SEC rules require the use of the fair value of Nucor common stock at points in time and do not reflect that a significant portion of CAP may never be earned or delivered to NEOs due to a number of factors, including the failure of the NEOs to satisfy vesting requirements or a decrease in the fair value of Nucor common stock. The Total Adjustments for Equity Awards are shown in the table below.
 
    
2024
   
2023
   
2022
   
2021
   
2020
 
PEO
 
$
   
$
   
$
   
$
   
$
 
Total Compensation from Summary Compensation Table
  $ 19,024,088     $ 22,500,626     $ 23,073,171     $ 11,618,019     $ 11,265,538  
Adjustments for Equity Awards:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date values in the Summary Compensation Table
    (13,807,054     (13,953,031     (13,632,413     (5,689,943     (5,312,358
Year-end fair value of unvested awards granted in the current year
    8,633,098       20,034,869       18,173,840       12,422,466       6,896,426  
Year-over-year difference of year-end fair values for unvested awards granted in prior years
    (12,189,182     7,651,801       7,527,586       28,207,308       81,777  
Fair values at vest date for awards granted and vested in current year
    443,693       688,608       546,000              
Difference in prior year-end fair values and vest date fair values for awards granted in prior years
    (1,995,672     2,970,935       1,412,224       5,434,578       (690,755
Dividends or dividend equivalents in the current year prior to vesting
    225,814       206,558       241,357       156,263       159,191  
Total Adjustments for Equity Awards
    (18,689,303     17,599,740       14,268,594       40,530,672       1,134,281  
CAP (as calculated)
    334,785       40,100,366       37,341,765       52,148,691       12,399,819  
 
  2025 Proxy Statement 51
 
 
     
2024
    
2023
    
2022
    
2021
    
2020
 
Average Non-PEO NEOs
  
$
    
$
    
$
    
$
    
$
 
Total Compensation from Summary Compensation
Table
     7,046,119        7,436,632        6,499,047        5,246,942        7,296,327  
Adjustments for Equity Awards:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Grant date values in the
Summary
Compensation Table
     (4,313,020      (4,372,935      (3,844,616      (2,431,870      (2,578,948
Year-end fair value of unvested awards granted in the current year
     2,794,844        6,034,842        3,238,139        5,092,457        1,938,739  
Year-over-year difference of year-end fair values for unvested awards granted in prior years
     (4,189,878      2,449,994        430,648        11,458,211        (483,507
Fair values at vest date for awards granted and vested in current year
     107,665        214,417        1,194,601        528,952        658,862  
Difference between prior year-end fair values and vest date fair values for awards granted in prior years
     (391,617      732,283        834,710        3,512,002        (1,239,087
Dividends or dividend equivalents in the current year prior to vesting
     129,249        104,424        78,235        150,667        169,660  
Total Adjustments for Equity Awards
     (5,862,757      5,163,025        1,931,717        18,310,419        (1,534,281
CAP (as calculated)
     1,183,362        12,599,657        8,430,764        23,557,361        5,762,046  
(3)   Equity valuation assumptions for calculating CAP are not materially different from grant date valuation assumptions.
(4)   Information regarding
non-PEO
named executive officers, or NEOs, reflects the average Summary Compensation Table total compensation and average CAP for the following executives by year:
 
2024
  
2023
  
2022
  
2021
  
2020
 Stephen D. Laxton    Stephen D. Laxton    James D. Frias    James D. Frias    James D. Frias
 Allen C. Behr    Daniel R. Needham    Stephen D. Laxton    Douglas J. Jellison    Ladd R. Hall
 Daniel R. Needham    K. Rex Query    Daniel R. Needham    David A. Sumoski    Raymond S. Napolitan, Jr.
 K. Rex Query    David A. Sumoski    K. Rex Query    D. Chad Utermark     David A. Sumoski 
      MaryEmily Slate       D. Chad Utermark
 
  
 
   D. Chad Utermark   
 
  
 
(5)   Total shareholder return (“TSR”) is calculated based on the value of an initial fixed investment of $100 on December 31, 2019, assuming reinvestment of dividends. The peer group TSR represents TSR of the S&P 1500 Steel Index, which is the peer group used by the Company for purposes of Item 201(e) of SEC Regulation
S-K
in the Company’s Annual Report on Form
10-K
for the fiscal year ended December 31, 2024.
       
Company Selected Measure Name ROE        
Named Executive Officers, Footnote
(4)   Information regarding
non-PEO
named executive officers, or NEOs, reflects the average Summary Compensation Table total compensation and average CAP for the following executives by year:
 
2024
  
2023
  
2022
  
2021
  
2020
 Stephen D. Laxton    Stephen D. Laxton    James D. Frias    James D. Frias    James D. Frias
 Allen C. Behr    Daniel R. Needham    Stephen D. Laxton    Douglas J. Jellison    Ladd R. Hall
 Daniel R. Needham    K. Rex Query    Daniel R. Needham    David A. Sumoski    Raymond S. Napolitan, Jr.
 K. Rex Query    David A. Sumoski    K. Rex Query    D. Chad Utermark     David A. Sumoski 
      MaryEmily Slate       D. Chad Utermark
 
  
 
   D. Chad Utermark   
 
  
 
       
Peer Group Issuers, Footnote The peer group TSR represents TSR of the S&P 1500 Steel Index, which is the peer group used by the Company for purposes of Item 201(e) of SEC Regulation
S-K
in the Company’s Annual Report on Form
10-K
for the fiscal year ended December 31, 2024.
       
PEO Total Compensation Amount $ 19,024,088 $ 22,500,626 $ 23,073,171 $ 11,618,019 $ 11,265,538
PEO Actually Paid Compensation Amount $ 334,785 40,100,366 37,341,765 52,148,691 12,399,819
Adjustment To PEO Compensation, Footnote
(2)   The dollar amounts shown in these columns reflect CAP computed in accordance with SEC rules. The SEC rules require the use of the fair value of Nucor common stock at points in time and do not reflect that a significant portion of CAP may never be earned or delivered to NEOs due to a number of factors, including the failure of the NEOs to satisfy vesting requirements or a decrease in the fair value of Nucor common stock. The Total Adjustments for Equity Awards are shown in the table below.
    
2024
   
2023
   
2022
   
2021
   
2020
 
PEO
 
$
   
$
   
$
   
$
   
$
 
Total Compensation from Summary Compensation Table
  $ 19,024,088     $ 22,500,626     $ 23,073,171     $ 11,618,019     $ 11,265,538  
Adjustments for Equity Awards:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date values in the Summary Compensation Table
    (13,807,054     (13,953,031     (13,632,413     (5,689,943     (5,312,358
Year-end fair value of unvested awards granted in the current year
    8,633,098       20,034,869       18,173,840       12,422,466       6,896,426  
Year-over-year difference of year-end fair values for unvested awards granted in prior years
    (12,189,182     7,651,801       7,527,586       28,207,308       81,777  
Fair values at vest date for awards granted and vested in current year
    443,693       688,608       546,000              
Difference in prior year-end fair values and vest date fair values for awards granted in prior years
    (1,995,672     2,970,935       1,412,224       5,434,578       (690,755
Dividends or dividend equivalents in the current year prior to vesting
    225,814       206,558       241,357       156,263       159,191  
Total Adjustments for Equity Awards
    (18,689,303     17,599,740       14,268,594       40,530,672       1,134,281  
CAP (as calculated)
    334,785       40,100,366       37,341,765       52,148,691       12,399,819  
       
Non-PEO NEO Average Total Compensation Amount $ 7,046,119 7,436,632 6,499,047 5,246,942 7,296,327
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,183,362 12,599,657 8,430,764 23,557,361 5,762,046
Adjustment to Non-PEO NEO Compensation Footnote
(2)   The dollar amounts shown in these columns reflect CAP computed in accordance with SEC rules. The SEC rules require the use of the fair value of Nucor common stock at points in time and do not reflect that a significant portion of CAP may never be earned or delivered to NEOs due to a number of factors, including the failure of the NEOs to satisfy vesting requirements or a decrease in the fair value of Nucor common stock. The Total Adjustments for Equity Awards are shown in the table below.
     
2024
    
2023
    
2022
    
2021
    
2020
 
Average Non-PEO NEOs
  
$
    
$
    
$
    
$
    
$
 
Total Compensation from Summary Compensation
Table
     7,046,119        7,436,632        6,499,047        5,246,942        7,296,327  
Adjustments for Equity Awards:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Grant date values in the
Summary
Compensation Table
     (4,313,020      (4,372,935      (3,844,616      (2,431,870      (2,578,948
Year-end fair value of unvested awards granted in the current year
     2,794,844        6,034,842        3,238,139        5,092,457        1,938,739  
Year-over-year difference of year-end fair values for unvested awards granted in prior years
     (4,189,878      2,449,994        430,648        11,458,211        (483,507
Fair values at vest date for awards granted and vested in current year
     107,665        214,417        1,194,601        528,952        658,862  
Difference between prior year-end fair values and vest date fair values for awards granted in prior years
     (391,617      732,283        834,710        3,512,002        (1,239,087
Dividends or dividend equivalents in the current year prior to vesting
     129,249        104,424        78,235        150,667        169,660  
Total Adjustments for Equity Awards
     (5,862,757      5,163,025        1,931,717        18,310,419        (1,534,281
CAP (as calculated)
     1,183,362        12,599,657        8,430,764        23,557,361        5,762,046  
       
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income LOGO        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
In our assessment, the most important financial performance measures used to link CAP to our NEOs in 2024 to our performance were:
 
   
ROE;
 
   
ROAIC; and
 
   
stock price.
       
Total Shareholder Return Amount $ 229 337 252 215 98
Peer Group Total Shareholder Return Amount 253 299 216 179 106
Net Income (Loss) $ 2,027,000,000 $ 4,525,000,000 $ 7,607,000,000 $ 6,827,000,000 $ 721,000,000
Company Selected Measure Amount 0.098 0.23 0.469 0.55 0.068
PEO Name Leon J. Topalian        
Measure:: 1          
Pay vs Performance Disclosure          
Name ROE        
Measure:: 2          
Pay vs Performance Disclosure          
Name ROAIC        
Measure:: 3          
Pay vs Performance Disclosure          
Name stock price        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (18,689,303) $ 17,599,740 $ 14,268,594 $ 40,530,672 $ 1,134,281
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (13,807,054) (13,953,031) (13,632,413) (5,689,943) (5,312,358)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 8,633,098 20,034,869 18,173,840 12,422,466 6,896,426
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (12,189,182) 7,651,801 7,527,586 28,207,308 81,777
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 443,693 688,608 546,000 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,995,672) 2,970,935 1,412,224 5,434,578 (690,755)
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 225,814 206,558 241,357 156,263 159,191
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,862,757) 5,163,025 1,931,717 18,310,419 (1,534,281)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,313,020) (4,372,935) (3,844,616) (2,431,870) (2,578,948)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,794,844 6,034,842 3,238,139 5,092,457 1,938,739
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,189,878) 2,449,994 430,648 11,458,211 (483,507)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 107,665 214,417 1,194,601 528,952 658,862
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (391,617) 732,283 834,710 3,512,002 (1,239,087)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 129,249 $ 104,424 $ 78,235 $ 150,667 $ 169,660
v3.25.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Policies and Practices Related to Stock Option Grants
Nucor’s policies and practices for grants of stock options provide that:
 
   
the effective grant date for stock option grants, including grants to our Executive Officers, is June 1 of each year;
 
   
any newly hired Nucor teammates, including Executive Officers, are not eligible to be granted stock options until the first June 1 following their date of hire; and
 
   
the exercise price of all stock options must be equal to or greater than the market price of Nucor common stock on the date of grant.
The Committee approves stock option grants to Nucor teammates, including our Executive Officers, at the Committee meeting before the annual June 1 grant date. Nucor does not time the release of material nonpublic information to affect the value of our equity-based compensation.
Award Timing Method
Policies and Practices Related to Stock Option Grants
Nucor’s policies and practices for grants of stock options provide that:
 
   
the effective grant date for stock option grants, including grants to our Executive Officers, is June 1 of each year;
 
   
any newly hired Nucor teammates, including Executive Officers, are not eligible to be granted stock options until the first June 1 following their date of hire; and
 
   
the exercise price of all stock options must be equal to or greater than the market price of Nucor common stock on the date of grant.
Award Timing MNPI Considered true
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
Insider Trading Policies and Procedures Not Adopted
No Insider Trading, Hedging, Short Selling or Pledging.
 Nucor’s Trading Policy governs the purchase, sale, and other dispositions of Nucor securities by our directors, officers and employees, and by the Company. We believe this policy is reasonably designed to promote compliance with insider trading laws, rules and regulations and listing standards applicable to the Company. Nucor’s Trading Policy also prohibits any hedging or short selling (profiting if the market price decreases) of Nucor securities by any director, officer or general manager of Nucor or any other employee of the Company whose function and responsibilities provide access to material, non-public information about Nucor. The Trading Policy also prohibits such persons from pledging Nucor securities as collateral in a margin account with a broker-dealer. A copy of the policy is available on our website at www.nucor.com/esg and is filed as Exhibit 19 to our Annual Report on Form 10-K for the year ended December 31, 2024.