Nucor reported Q1 2025 revenue of $7.83 billion with a gross profit of $605 million and EBITDA of $696 million, translating to an EBITDA margin of roughly 8.99% and a net income of $156 million (GAAP) or $0.67 per share. On an adjusted basis, earnings per share were $0.77 excluding $29 million pre-tax charges primarily associated with the closure/repurposing of facilities and the ceasing of wire rod production. Management underscored that the quarter reflects a heavy investment cadence aimed at transformative growth, with nearly $860 million reinvested and roughly $430 million returned to shareholders. The company also pre-funded approximately $1 billion of debt maturities via senior notes at a ~4.88% coupon. Backlog across steel mills and downstream steel products rose more than 30% QoQ and about 25% YoY, supporting a constructive view on 2025 activity, despite near-term headwinds from start-up costs and ongoing capex. Management guidance indicates a meaningful step-up in earnings in Q2 2025 and a continued favorable multi-quarter trajectory aided by ongoing expansions (Brandenburg plate mill, Lexington micro mill, Kingman melt shop, Crawfordsville galvanizing/pre-paint line, Berkeley galvanizing line) and additional sheet mill upgrades. The Tariff/Trade policy landscape—especially Section 232 tariffs and corrosion-resistant steel remedies—remains a key factor shaping demand and pricing dynamics for Nucor and the U.S. steel sector. The balance sheet remains robust, with a strong liquidity position and investment-grade ratings, albeit with elevated net debt reflecting recent financing activity and ongoing capital deployment for growth.