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Released October 29, 2025 | SUGAR LAND
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Written by Danny Levin, Deputy Editor for Industrial Info Resources (Sugar Land, Texas)
Summary
The steelmaker is nearing the end of its multi-year capital investment plan but is well-positioned to support the growing U.S. data center buildout by offering 95% of steel products that go into data centers.
According to the company's third-quarter earnings presentation, through September, Nucor has completed about 80% of its $10 billion multi-year investment plan.
The company reported net earnings of $607 million for the third quarter, roughly flat from last quarter but up from $250 million for third-quarter 2024. Net sales of $8.52 billion for the third quarter were up around 14.5% year over year.
During the earnings conference call, Nucor Chief Financial Officer Steve Laxton said third-quarter capital expenditures (capex) totaled $807 million, bringing the year-to-date amount to $2.6 billion. "We now expect full-year capex to be $3.3 billion for 2025 as some project spending was pulled forward from 2026." Last quarter, Nucor projected $3 billion in 2025 capex.
He said the company will provide more details on its 2026 capex budget in the full-year earnings call in January, but "we expect overall expenditures to decline by more than a half a billion dollars compared with 2025."
Also during the call, Chief Executive Officer Leon Topalian discussed Nucor's growth strategy: "It is not about growing our capacity. It's about providing more capabilities for our shareholders, customers and team. The investments we're making now to grow our core steelmaking capabilities and expand into downstream steel-adjacent businesses will better position Nucor to offer comprehensive integrated solutions unmatched by any of our competitors."
The investments include Nucor's $3.1 billion sheet mill in Apple Grove, West Virginia, which Topalian said is 75% complete, with about the same amount of capital spent to date. Most of the remaining 25% worth of capital is attributed to labor. The project remains on track for completion by the end of 2026, with the 3 million-ton-per-year mill supplying customers in the Midwest and Northeast with hot-rolled sheet products. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the project report.
Two other projects set to wrap up by the end of 2026 will provide new coating capability at Nucor's sheet mills in Berkeley County, South Carolina and Crawfordsville, Indiana. Construction of the Indiana site's galvanizing (galv) line and pre-paint line is expected to wrap up by the end of the year. The Berkeley site's galv line will serve automotive customers in the U.S. Southeast. Commissioning and startup at Berkeley are planned for the second half of 2026. Subscribers can read more information on the Indiana and Berkeley projects.
Meanwhile, two new plants in Nucor's Towers and Structures business, which manufactures steel poles and structures for utility infrastructure, will begin production by mid-2026: transmission tower-manufacturing plants in Trinity, Alabama and Crawfordsville, Indiana. Subscribers can read more information on the Alabama and Indiana projects.
By the Numbers
For example, Nucor is the only provider capable of supplying steel for both conventional structures and pre-engineered buildings at scale, he said.
He said the company is expanding its NDS business by implementing domestic production of internal data center components such as server cabinets and increasing capacity for hot aisle [airflow] containment and data center support structures. Other data center products provided by Nucor include structural steel rebar, sprinkler pipe and insulated metal panels and server network racks, among many others.
Topalian added the company has "taken steps to repurpose two existing steel products facilities to support our faster-growing" data center business but did not specify which facilities.
The earnings presentation notes 3,500 tons of steel are required for every 250,000 square feet of data center construction.
Nucor announced its data center division last year, at the same time it announced its acquisition of Southwest Data Products (SWDP), a manufacturer and installer of data center infrastructure.
"SWDP and Nucor Data Systems will provide Nucor's Warehouse Systems businesses with expanded capabilities in airflow containment structures, as well as new product capabilities that include manufacturing cabinets/enclosures and caging for data centers and installation services," the company said in a press release. "SWDP's compatibility with Nucor Warehouse Systems' current manufacturing capabilities will create significant growth opportunities."
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of Nucor's active capital project activity.
Key Takeaways
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Summary
The steelmaker is nearing the end of its multi-year capital investment plan but is well-positioned to support the growing U.S. data center buildout by offering 95% of steel products that go into data centers.
Final Phase of Capital Investment Plan
Although Nucor Corporation (Charlotte, North Carolina) is nearing the end of its $10 billion multi-year capital investment plan, the steelmaker is well-positioned to support the growing U.S. data center buildout by offering 95% of steel products that go into data centers.According to the company's third-quarter earnings presentation, through September, Nucor has completed about 80% of its $10 billion multi-year investment plan.
The company reported net earnings of $607 million for the third quarter, roughly flat from last quarter but up from $250 million for third-quarter 2024. Net sales of $8.52 billion for the third quarter were up around 14.5% year over year.
During the earnings conference call, Nucor Chief Financial Officer Steve Laxton said third-quarter capital expenditures (capex) totaled $807 million, bringing the year-to-date amount to $2.6 billion. "We now expect full-year capex to be $3.3 billion for 2025 as some project spending was pulled forward from 2026." Last quarter, Nucor projected $3 billion in 2025 capex.
He said the company will provide more details on its 2026 capex budget in the full-year earnings call in January, but "we expect overall expenditures to decline by more than a half a billion dollars compared with 2025."
Also during the call, Chief Executive Officer Leon Topalian discussed Nucor's growth strategy: "It is not about growing our capacity. It's about providing more capabilities for our shareholders, customers and team. The investments we're making now to grow our core steelmaking capabilities and expand into downstream steel-adjacent businesses will better position Nucor to offer comprehensive integrated solutions unmatched by any of our competitors."
The investments include Nucor's $3.1 billion sheet mill in Apple Grove, West Virginia, which Topalian said is 75% complete, with about the same amount of capital spent to date. Most of the remaining 25% worth of capital is attributed to labor. The project remains on track for completion by the end of 2026, with the 3 million-ton-per-year mill supplying customers in the Midwest and Northeast with hot-rolled sheet products. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the project report.
Two other projects set to wrap up by the end of 2026 will provide new coating capability at Nucor's sheet mills in Berkeley County, South Carolina and Crawfordsville, Indiana. Construction of the Indiana site's galvanizing (galv) line and pre-paint line is expected to wrap up by the end of the year. The Berkeley site's galv line will serve automotive customers in the U.S. Southeast. Commissioning and startup at Berkeley are planned for the second half of 2026. Subscribers can read more information on the Indiana and Berkeley projects.
Meanwhile, two new plants in Nucor's Towers and Structures business, which manufactures steel poles and structures for utility infrastructure, will begin production by mid-2026: transmission tower-manufacturing plants in Trinity, Alabama and Crawfordsville, Indiana. Subscribers can read more information on the Alabama and Indiana projects.
By the Numbers
- Nucor has completed about 80% of its $10 billion multi-year investment plan
- The company expects 2025 capital expenditures to total $3.3 billion
- $607 million: third-quarter net earnings
- $8.52 billion: net sales
Steel Supplier for U.S. Data Center Construction
While the Towers and Structures business supports energy infrastructure, the company expects its Nucor Data Systems (NDS) business unit will be a major driver for the steelmaker's bottom line moving forward. "With our comprehensive portfolio of products, Nucor is uniquely equipped to partner with leading developers and hyperscalers who increasingly value speed and certainty of execution," Topalian said on the call. "We now supply 95% of all steel products that go into a data center."For example, Nucor is the only provider capable of supplying steel for both conventional structures and pre-engineered buildings at scale, he said.
He said the company is expanding its NDS business by implementing domestic production of internal data center components such as server cabinets and increasing capacity for hot aisle [airflow] containment and data center support structures. Other data center products provided by Nucor include structural steel rebar, sprinkler pipe and insulated metal panels and server network racks, among many others.
Topalian added the company has "taken steps to repurpose two existing steel products facilities to support our faster-growing" data center business but did not specify which facilities.
The earnings presentation notes 3,500 tons of steel are required for every 250,000 square feet of data center construction.
Nucor announced its data center division last year, at the same time it announced its acquisition of Southwest Data Products (SWDP), a manufacturer and installer of data center infrastructure.
"SWDP and Nucor Data Systems will provide Nucor's Warehouse Systems businesses with expanded capabilities in airflow containment structures, as well as new product capabilities that include manufacturing cabinets/enclosures and caging for data centers and installation services," the company said in a press release. "SWDP's compatibility with Nucor Warehouse Systems' current manufacturing capabilities will create significant growth opportunities."
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of Nucor's active capital project activity.
Key Takeaways
- Nucor is nearing the end of its multi-year capital investment plan
- The company offers 95% of all steel products used in data centers
- Future investment will go toward steelmaking capabilities and steel-adjacent businesses
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
