Fitch Ratings - New York - 28 Feb 2025: Fitch Ratings has affirmed Nucor Corporation's Long-Term Issuer Default Rating (IDR) at 'A-'. The Rating Outlook is Stable. Fitch has also affirmed Nucor's senior unsecured credit facility, senior unsecured notes and industrial revenue bonds at 'A-'. Fitch has additionally affirmed Nucor's Short-Term IDR at 'F1'.

Nucor's ratings and Outlook reflect its significant size as the largest and most diversified steel manufacturer in North America. The ratings also reflect the company's highly variable low-cost structure, which results in EBITDA margins among the industry's highest, as well consistently positive and significant FCF through the cycle. The company's long history of conservative leverage through various cycles and Fitch Ratings' expectation that EBITDA leverage will remain below 1.5x also support the ratings.