Nucor Corporation is a leading manufacturer of steel and steel products, primarily operating in North America. The company is organized into three main segments: steel mills, steel products, and raw materials, with the steel mills segment being the largest contributor to sales **[0000950170-24-021195_nue-20231231.htm:2]** **[0000950170-24-055144_nue-20240330.htm:18]**. Nucor is recognized as North America's largest recycler, utilizing scrap steel as the primary raw material for its steel production **[0000950170-24-021195_nue-20231231.htm:2]** **[0000950170-24-055144_nue-20240330.htm:18]**. The company has developed specialized product lines such as AEOSTM high-strength steel beams, ECONIQTM net zero carbon steel, and ElcyonTM sustainable heavy gauge steel plate, catering to markets like construction, automotive, and wind energy **[0000950170-24-021195_nue-20231231.htm:11]**.

1. **Steel Mills** - Produces carbon and alloy steel in various forms such as sheet, bars, structural, and plate, and involves steel trading and rebar distribution businesses.
2. **Steel Products** - Offers a wide range of products including steel joists and girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, metal building systems, insulated metal panels, and utility structures.
3. **Raw Materials** - Involves the processing and brokerage of ferrous and nonferrous metals, as well as the production of direct reduced iron (DRI) used in steel mills.

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Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

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| Metric (Unit: USD per Gross Ton) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Average Scrap and Scrap Substitute Cost | **$427**  **[0001193125-24-240514_d889437dex991.htm:1]**  | **$414**  **[0001193125-23-107856_d487596dex991.htm:1]**  | **$455**  **[0001193125-23-192367_d520760dex991.htm:1]**  | **$415**  **[0000950170-23-060729_nue-20230930.htm:25]** **[0001193125-23-260894_d454674dex991.htm:1]**  | **$397**  **[0001193125-24-018332_d756569dex991.htm:1]** **[0001193125-24-018332_d756569dex991.htm:1]**  | **$421**  **[0000950170-24-055144_nue-20240330.htm:21]** **[0001193125-24-105065_d817744dex991.htm:1]**  | **$396**  **[0001193125-24-182285_d860082dex991.htm:1]** **[0001193125-24-182285_d860082dex991.htm:1]**  | **$378**  **[0000950170-24-121863_nue-20240928.htm:27]** **[0000950170-24-121863_nue-20240928.htm:27]**  |

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81820d36a0779755858871a92414db177cfb1074cb38f4e8c44ded62e48629df

1. Given your planned capital expenditures of around $3 billion annually over the next few years, how confident are you that these heavy investments will generate the expected returns, especially considering potential market softness and uncertainties in demand across your key segments?
2. With additional capacities coming online from projects like West Virginia, Lexington, and Kingman, how do you plan to prevent potential oversupply in the market, and are you considering optimizing your existing footprint or idling older capacity if demand doesn't materialize as expected?
3. You've indicated that the impact of government initiatives like the IIJA and IRA on your order books has been less than anticipated so far; how does this affect your strategic planning, especially with potential policy changes after the upcoming election, and what measures are you taking to adjust to these uncertainties?
4. Given the surge in imported high-emissions steel and the intense competition in coated products, particularly in lighter gauge markets, how confident are you in the success of your trade cases, and what is your strategy to enhance competitiveness in these segments if trade relief is delayed or insufficient?
5. Regarding your investments in decarbonization efforts, nuclear energy with NuScale and Helion, and carbon capture projects, can you provide specific timelines and expected financial outcomes for these initiatives, and how do you address shareholder concerns about the uncertain returns and long-term payback periods associated with these emerging technologies?

6e664bf88309e1848b345afbcd804f2407c000c7f383cd6bd5df041568d215e4

d7970412d7bdda5ae95dcba88a7f839ba4db79cf1e7043615cee1221a6da0612

Average Scrap and Scrap Substitute Cost

6191c5b6cdfa547e3aee6a38edb231d93405a7f3f43560dc3f1840f582a7ea44

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024
- **Guidance**:
  1. **Fourth Quarter Earnings**: Expected to be lower than Q3 2024, primarily due to lower realized pricing and seasonally lower volumes in the Steel Mill segment. Steel Products segment earnings are also expected to decrease, while Raw Materials segment earnings are expected to be moderately higher  **[NUE_3403245_4]** .
  2. **Fourth Quarter EBITDA**: Anticipated to be meaningfully lower than Q3 2024  **[NUE_3403245_4]** .
  3. **Capital Expenditures for 2024**: Approximately **$3.2 billion**, slightly lower than the initial estimate of **$3.5 billion**  **[NUE_3403245_4]** .
  4. **Capital Expenditures for 2025**: Expected to remain above historic norms due to ongoing growth-oriented expansions  **[NUE_3403245_4]** .
  5. **Steel Products Segment**: Long-term target of a **15% EBITDA margin**  **[NUE_3403245_12]** .
  6. **Capital Expenditures for 2025 and Beyond**: Expected to be around **$3 billion** or slightly above for the next year or two  **[NUE_3403245_20]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024
- **Guidance**:
  1. **Consolidated Earnings**: Expected to be lower than Q2 2024, primarily due to lower anticipated earnings from the steel mills segment  **[NUE_3394011_6]** .
  2. **Steel Mills Segment**: Earnings expected to decline meaningfully due to lower realized pricing, especially among sheet mills  **[NUE_3394011_6]** **[NUE_3394011_5]** .
  3. **Steel Products and Raw Materials Segments**: Sequential earnings expected to decline  **[NUE_3394011_6]** .
  4. **Capital Expenditures (CapEx)**: Approximately **$3.5 billion** for the year, with elevated levels over the next couple of years  **[NUE_3394011_16]** .
  5. **Conversion Costs**: Expected to be flat quarter-on-quarter in Q3 2024  **[NUE_3394011_16]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024
- **Guidance**:
  1. **Consolidated Earnings**: Expected to be lower than Q1 2024, with reduced earnings from the steel mill and steel products segments, partly offset by improvements in the raw materials segment  **[NUE_3380314_4]** .
  2. **Steel Mills Segment**: Slightly higher volumes expected, offset by lower realized prices  **[NUE_3380314_4]** .
  3. **Steel Products Segment**: Higher volumes and lower realized pricing expected, resulting in slightly lower earnings  **[NUE_3380314_4]** .
  4. **Raw Materials Segment**: Stable volumes and improved margins expected  **[NUE_3380314_4]** .
  5. **Corporate Eliminations**: Impact expected to differ from Q1 2024 due to volume pickups  **[NUE_3380314_16]** .
  6. **Pricing Pressure**: Expected on both mills and products  **[NUE_3380314_16]** .
  7. **Macro Level**: U.S. economy expected to show resilience, with stable near-term demand  **[NUE_3380314_4]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Q1 2024
- **Guidance**:
  1. **Capital Expenditures for 2024**: Approximately **$3.5 billion**, with major growth projects representing two-thirds of this total  **[NUE_3371283_5]** .
  2. **Earnings Outlook for Q1 2024**: Expected to be higher than Q4 2023, due to improved performance from steel mills and raw materials segments  **[NUE_3371283_5]** .
  3. **Brandenburg Plate Mill Production**: Expected to produce about **500,000 tons** in 2024  **[NUE_3371283_10]** .
  4. **Brandenburg Profitability**: Expected to reach breakeven run rate mid-year  **[NUE_3371283_13]** .
  5. **Cash Balance**: Expected to end 2024 with a lower cash balance due to growth plans  **[NUE_3371283_4]** .

f5f882b9418248ec7e9b23bce182f8e1273e8e2dfcf2591aaacec79b1119cee2

| Name               | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Leon J. Topalian   | Chair, President, and Chief Executive Officer                            | January 2020     | Leon J. Topalian has served as Chair of the Board of Directors since September 2022 and as President and CEO since January 2020. He joined Nucor in 1996 as a project engineer and has held various leadership positions, including President and COO from September 2019 to December 2019  **[0001193125-24-074670_d563355ddef14a.htm:14]** **[0000950170-24-021195_nue-20231231.htm:47]** .                                      |
| Stephen D. Laxton  | Chief Financial Officer, Treasurer, and Executive Vice President         | March 2022       | Stephen D. Laxton serves as CFO, Treasurer, and EVP at Nucor. He began his career at Nucor in 2003 as General Manager of Business Development and was promoted to Vice President in 2014. Before joining Nucor, he worked for Cinergy Corp. and held financial roles with Ashland, Inc., North American Stainless, and National City Bank  **[0000950170-24-021195_nue-20231231.htm:47]** **[0001564590-23-002793_nue-10k_20221231.htm:43]** . |
| David A. Sumoski   | Chief Operating Officer                                                  | January 2021     | David A. Sumoski was appointed COO in January 2021. He began his career with Nucor in 1995 as an electrical supervisor and later served as Maintenance Manager. He was named Vice President in 2010 and has held various leadership roles, including Executive Vice President from 2014 to 2020  **[0001564590-23-002793_nue-10k_20221231.htm:44]** **[0000950170-24-021195_nue-20231231.htm:47]** .                                    |
| Allen C. Behr      | Executive Vice President of Plate and Structural Products                | May 2020         | Allen C. Behr began his career with Nucor in 1996 as a Design Engineer. He has held various positions, including Engineering Manager, General Manager, and President of the Vulcraft/Verco group. He was named Executive Vice President in May 2020  **[0000950170-24-021195_nue-20231231.htm:46]** **[0001564590-23-002793_nue-10k_20221231.htm:43]** .                                                                                 |
| Brad Ford          | Executive Vice President of Fabricated Construction Products             | May 2023         | Brad Ford serves as EVP of Fabricated Construction Products. He began his career at The David J. Joseph Company in 2001 and held various roles before joining Nucor as General Manager in 2020. He was promoted to Vice President in 2022 and most recently served as Vice President and General Manager of Nucor Steel Decatur, LLC  **[0000950170-24-021195_nue-20231231.htm:46]** .       |
| Noah Hanners       | Executive Vice President of Raw Materials                                | January 2023     | Noah Hanners serves as EVP of Raw Materials. He began his career with Nucor in 2011 as a Melt Shop Engineer and held roles as Shift Supervisor and Melt Shop Manager. He was promoted to Vice President in 2019 and served as Vice President and General Manager of The David J. Joseph Company from 2019 to 2022  **[0000950170-24-021195_nue-20231231.htm:46]** **[0001564590-23-002793_nue-10k_20221231.htm:43]** .                     |
| John Hollatz       | Executive Vice President of Bar, Engineered Bar, and Rebar Fabrication   | May 2022         | John Hollatz serves as EVP of Bar, Engineered Bar, and Rebar Fabrication Products. He began his career at Nucor in 1999 as a Design Engineer and has held various positions, including General Manager and President of the Vulcraft/Verco group. He was promoted to Vice President and General Manager in 2016  **[0000950170-24-021195_nue-20231231.htm:46]** **[0001564590-23-002793_nue-10k_20221231.htm:43]** .                         |
| Douglas J. Jellison| Executive Vice President of Strategy                                     | January 2021     | Douglas J. Jellison serves as EVP of Strategy. He began his career at Nucor in 1990 as a Materials Manager and has held various positions, including controller and business development roles. He was promoted to Vice President in 2004 and has served as General Manager and President of several Nucor subsidiaries  **[0000950170-24-021195_nue-20231231.htm:46]** **[0001564590-23-002793_nue-10k_20221231.htm:43]** .                  |
| Gregory J. Murphy  | Executive Vice President of Business Services and General Counsel        | January 2021     | Gregory J. Murphy serves as EVP of Business Services and General Counsel. He began his career at Nucor in 2015 as Vice President and General Counsel. In 2020, he assumed additional responsibilities and was named General Counsel and Vice President of Legal, Environmental, and Public Affairs  **[0000950170-24-021195_nue-20231231.htm:47]** **[0001564590-23-002793_nue-10k_20221231.htm:43]** .                                    |
| Daniel R. Needham  | Executive Vice President of Commercial                                   | May 2022         | Daniel R. Needham serves as EVP of Commercial. He began his career with Nucor in 2000 as Controller and has held various roles, including General Manager and Vice President. He was promoted to Vice President and General Manager in 2019 and served as EVP of Bar, Engineered Bar, and Rebar Fabrication Products from 2021 to 2022  **[0000950170-24-021195_nue-20231231.htm:47]** **[0001564590-23-002793_nue-10k_20221231.htm:44]** .  |
| K. Rex Query       | Executive Vice President of Sheet Products and Talent Resources          | January 2021     | K. Rex Query serves as EVP of Sheet Products and Talent Resources. He began his career at Nucor in 1990 as a financial analyst and has held various roles, including Controller and General Manager. He was elected Vice President in 2002 and served as President of Nucor's Vulcraft/Verco group before his current role  **[0000950170-24-021195_nue-20231231.htm:47]** **[0001564590-23-002793_nue-10k_20221231.htm:44]** .             |

809ea0134fdb9cbb27083f87077bf0d535d60d0887f6574550aa99476e360239

| Program Details           | Program 1       |
|---------------------------|-----------------|
| Approval Date             | **May 11, 2023**  **[0000950170-24-121863_nue-20240928.htm:39]** **[0000950170-24-121863_nue-20240928.htm:14]**  |
| End Date/Duration         | **No expiration date**  **[0000950170-24-121863_nue-20240928.htm:39]** **[0000950170-24-121863_nue-20240928.htm:14]**  |
| Total additional amount   | **$4.00 billion**  **[0000950170-24-121863_nue-20240928.htm:39]** **[0000950170-24-121863_nue-20240928.htm:14]**  |
| Remaining authorization amount | **$1.42 billion**  **[0000950170-24-121863_nue-20240928.htm:14]**  |
| Details                   | Discretionary program to return capital to shareholders and manage capital structure  **[0000950170-23-060729_nue-20230930.htm:37]** **[0000950170-23-040234_nue-20230701.htm:13]** **[0000950170-23-060729_nue-20230930.htm:13]**  |

35cb9956d7090170bbe31c40138ebca0e9b5e2453d8a85ee0c739cc36624545d

**Quarterly guidance for Q4 2024:**
- **Earnings**: expected to be lower than Q3 2024  **[NUE_3403245_4]**  (no prior guidance)
- **EBITDA**: meaningfully lower than Q3 2024  **[NUE_3403245_4]**  (no prior guidance)
- **Steel Mill segment earnings**: expected to be lower  **[NUE_3403245_4]**  (no prior guidance)
- **Steel Products segment earnings**: expected to decrease  **[NUE_3403245_4]**  (no prior guidance)
- **Raw Materials segment earnings**: expected to be moderately higher  **[NUE_3403245_4]**  (no prior guidance)

**Annual guidance for 2024:**
- **Capital Expenditures**: $3.2B  **[NUE_3403245_4]**  (lowered from $3.5B  **[NUE_3394011_16]** )

**Annual guidance for 2025:**
- **Capital Expenditures**: remain above historic norms  **[NUE_3403245_4]**  (no prior guidance)
- **Capital Expenditures (2025 and beyond)**: around $3B or slightly above for the next year or two  **[NUE_3403245_20]**  (no prior guidance)
- **Steel Products Segment (long-term target)**: 15% EBITDA margin  **[NUE_3403245_12]**  (no prior guidance)

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- **Margins in Nucor's downstream products, particularly joist and deck, have moderated from record highs**, with the warehouse market expected to be **flat over the course of the rest of the year**, heavily impacted by **interest rates**.  **[NUE_3413378_11]**
- Management indicates that **shareholder returns through dividends and share repurchases may decrease in 2025**, as they plan to balance capital needs with liquidity, and the exceptional return of **135% of net income in 2024** may not be repeated.  **[NUE_3413378_7]**
- **Rising raw material costs**, such as **scrap prices potentially increasing in Q1 2025**, may **pressure margins** in the steel mills segment, as demand growth drives up input costs.  **[NUE_3413378_20]**

9ad9289f61d631432d83c61dc1a823eba683b7dd37ec54356ad6a9acd0766efb

Margins for NUE’s downstream products are moderating from record highs, with a flat warehouse market ahead. Management warns 2025 dividends/repurchases may decline after returning 135% of net income in 2024, while rising scrap costs pressure steel mill margins.

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**Quarterly guidance for Q1 2025:**  
- **Operating results (steel mills & steel products segments)**: Generally in line with prior quarter  **[NUE_3413378_5]**  (no prior guidance)  
- **Realized pricing and margins (steel mills & steel products)**: May not exceed prior quarter results  **[NUE_3413378_5]**  (no prior guidance)  
- **Raw Materials segment**: Higher shipment volumes but lower contribution compared to Q4 2024  **[NUE_3413378_6]**  (no prior guidance)  
- **Net earnings**: Slightly lower than Q4 2024 due to absence of certain benefits  **[NUE_3413378_6]**  (no prior guidance)  
- **Joist and Deck backlogs**: Stable well into Q2 2025; lower realized pricing versus prior period  **[NUE_3413378_4]**  (no prior guidance)  

**Annual guidance for 2025:**  
- **Capital expenditures**: Approximately $3B  **[NUE_3413378_5]**  (no change from “around $3B or slightly above”  **[NUE_3403245_20]** )  
- **Expand Beyond Platforms (EBITDA)**: Over $450M  **[NUE_3413378_4]**  (no prior guidance)  
- **Demand trends**: Modest growth in first half of 2025, picking up further in the second half  **[NUE_3413378_3]**  (no prior guidance)  

a3a622f2c31bee9cbf27549d6da0ffb9f69a75bc93bcc685f8a5f1bab7072628

- **Strong demand and operational improvements at the Brandenburg plate mill**: Nucor is optimistic about plate demand in 2025 due to expected increases in military and infrastructure spending, which will positively impact their plate products, especially with the new capabilities of the Brandenburg mill. In Q4, the Brandenburg team achieved a **production increase of over 100%**, **conversion cost per ton decreased by 30%**, and they **produced nearly 150,000 tons** with **record backlogs**. The company has **great confidence** it will achieve **consistent EBITDA positive results by the middle of 2025**.  **[NUE_3413378_12]**
- **Resilience and strong performance in downstream businesses**: Despite some moderation from record highs, Nucor's downstream businesses, particularly joist and deck, are still performing **well above pre-pandemic levels**. Backlogs are stable and extend well into the second quarter. The company expects to continue creating value for customers, supporting future earnings growth. They saw **improvement quarter-over-quarter** in their rebar fab business and doors business.  **[NUE_3413378_11]**
- **Strategic investments and growth initiatives to drive future earnings**: Nucor is making significant investments in new mills and finishing capabilities, including a new galvanizing line and coating complex at Crawfordsville, a second galvanizing line at their Berkeley County mill, and additional projects in the bar mill group. These investments are expected to come online between 2025 and 2027 and will allow Nucor to better serve infrastructure and construction markets, advancing towards their objective of **doubling through-cycle earnings**.  **[NUE_3413378_2]**

6f99205197a60794a6ae6fe058e6664e0b3f690eb28c71e0d29875c18f7f5a7f

1. **Capital Allocation and Shareholder Returns**  
   **Q:** Can you maintain high shareholder returns amid high CapEx?  
   **A:** Management emphasized their firm commitment to meaningful returns to shareholders, aiming for at least a **40% payout ratio** but often exceeding it when excess liquidity is available \[0\]. In 2024, they returned **135% of net income** to shareholders due to over **$7 billion in cash** on hand \[0\]. They intend to balance capital needs with liquidity, ensuring returns remain strong.

2. **Impact of Tariffs and Trade Policy**  
   **Q:** How might new tariffs affect Nucor's operations?  
   **A:** Nucor anticipates broad, sweeping tariffs that will create a more level playing field for domestic steel producers \[1\]. While they import some slabs and have operations in Mexico, these volumes are minimal relative to their overall mix \[2\]. Management is confident in managing any trade impacts, emphasizing their flexibility in sourcing and low exposure to exports.

3. **M&A and Potential Acquisitions**  
   **Q:** Are you interested in acquiring US Steel assets?  
   **A:** Nucor is open to M&A opportunities that fit culturally and technologically, provided valuations are appropriate \[3\]. They maintain a disciplined capital allocation strategy and will not overpay for assets. Their focus remains on maximizing shareholder value and responsibly growing the company.

4. **Plate Market Outlook and Brandenburg Mill**  
   **Q:** What supports the recent plate price increase and Brandenburg's ramp-up?  
   **A:** Management cites lean inventories, strong bookings, and backlogs as drivers for the **$60 per ton** plate price hike \[5\]. They are optimistic about plate demand in 2025, expecting increased military and infrastructure spending \[5\]. Brandenburg Mill's production increased over **100%**, with conversion costs down **30%** in Q4 \[5\]. They anticipate consistent EBITDA positive results by mid-2025.

5. **Rebar Market and Investment Plans**  
   **Q:** Are you concerned about rebar market oversupply affecting investments?  
   **A:** Nucor is not overly concerned about oversupply in the rebar market \[12\]. They believe sustained demand growth from infrastructure investment, reshoring of manufacturing, and housing needs will absorb new capacity. Their rebar mills are strategically located in large consuming markets, ensuring competitive advantages.

6. **Growth of Towers Business**  
   **Q:** How will recent investments impact towers business EBITDA?  
   **A:** Nucor expects incremental annual EBITDA from the towers business to be at least **$150 million**, tripling earlier projections \[10\]. Recent investments have expanded their national footprint with best-in-class, highly automated plants, leading to significant cost reductions \[10\].

7. **Downstream Business Pricing and Demand**  
   **Q:** Has pricing for joist and deck orders bottomed?  
   **A:** While avoiding predictions on market peaks or troughs, management notes that margins have moderated from record highs but remain well above pre-pandemic levels \[4\]. The warehouse market, crucial for joist and deck products, is expected to stay healthy and flat through the year \[4\]. Strong backlogs are in place, carrying into the second quarter \[4\].

8. **Inventory Levels and Restocking Potential**  
   **Q:** Are inventories right-sized, and is restocking expected?  
   **A:** Nucor observes lean inventories in the supply chain and remains optimistic about demand due to pro-economic policies like deregulation, tax relief, and reshoring \[7\]. They believe these factors will drive demand and support potential restocking throughout the year \[7\].

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| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP   | 1989  **[0000950170-24-021195_nue-20231231.htm:78]**    | Present  | Current auditor   |

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- **Strong automotive sector growth potential**: Nucor currently supplies **1.5 to 1.6 million tons annually** to the automotive sector and expects to **double that volume in the next several years**, with the new **West Virginia sheet mill** being a key focus for this expansion.  **[NUE_3394011_20]**
- **Anticipated demand increase from legislative initiatives**: Nucor expects a significant boost from the **CHIPS Act**, the **Inflation Reduction Act**, and the **Infrastructure Investment and Jobs Act (IIJA)**. Projects funded by these acts are expected to **increase steel demand** in sectors like **onshore wind**, **power transmission**, and **infrastructure**, particularly starting in **late 2024 and early 2025**.  **[NUE_3394011_13]** **[NUE_3394011_17]**
- **Proactive energy strategy securing long-term advantages**: Nucor is being **front-footed** on energy by securing **long-term power agreements**, investing in **nuclear energy** (including **small modular reactors**), and partnering with technology companies to ensure **surety of supply at the right cost**, which positions the company favorably amid potential energy cost increases.  **[NUE_3394011_21]** **[NUE_3394011_23]**

8ce99b87092b931f62d6e148f2f79de53d8bbe21a256b6940dcd89add23682d5

1. **Brandenburg Ramp-Up**  
   **Q:** Update on Brandenburg's production and profitability?  
   **A:** Management reported that the Brandenburg mill achieved EBITDA breakeven run rate in September, with record production and shipping volumes.  **[NUE_3403245_5]** **[NUE_3403245_19]**  They expect to sustain this performance by year-end, focusing on high-margin products like 150-inch wide plate for bridge projects and orders for Elcyon plate used in offshore wind.  **[NUE_3403245_5]** **[NUE_3403245_19]**  Customers are excited about Brandenburg's capabilities, and the mill will continue to ramp up thoughtfully.  **[NUE_3403245_5]** **[NUE_3403245_19]** 

2. **Government Initiatives Impact**  
   **Q:** Status of benefits from IRA, IIJA, and CHIPS Act?  
   **A:** Management noted that meaningful benefits from the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA) have yet to materialize in their order books.  **[NUE_3403245_7]** **[NUE_3403245_8]**  While they've seen progress with the CHIPS Act, including over **$370 billion** committed to semiconductor facilities, the impact from IIJA and IRA is still pending.  **[NUE_3403245_7]** **[NUE_3403245_8]**  They expect these benefits to flow through after the upcoming election, which could influence fiscal policies.  **[NUE_3403245_7]** **[NUE_3403245_8]** 

3. **Import Pressures**  
   **Q:** How are imports affecting pricing and margins?  
   **A:** The company is experiencing pricing pressure due to high levels of imports, particularly rebar imports from Mexico, which are up **1,700%** compared to 2015–2017 averages.  **[NUE_3403245_15]** **[NUE_3403245_16]**  Management applauds recent trade case findings but emphasizes the need for vigilance in trade policies to address unfair import practices.  **[NUE_3403245_11]** **[NUE_3403245_15]** **[NUE_3403245_16]** 

4. **Q4 Earnings Outlook**  
   **Q:** Will margins drop below COVID levels in Q4?  
   **A:** While anticipating a meaningful contraction in Q4 earnings, management does not expect margins to fall below COVID levels.  **[NUE_3403245_12]** **[NUE_3403245_13]**  The outlook reflects continued trends of moderation rather than a severe downturn.  **[NUE_3403245_12]** **[NUE_3403245_13]**  They also highlighted that **$168 million** in start-up costs affected recent results and that markets are not in a "horribly bad spot".  **[NUE_3403245_12]** **[NUE_3403245_18]** 

5. **Capital Expenditure Plans**  
   **Q:** Is CapEx expected to stay above $3 billion in 2025?  
   **A:** Yes, CapEx is projected to remain around **$3 billion** in 2025 due to ongoing large capital projects.  **[NUE_3403245_20]**  Management will provide more precise guidance during the Q4 call but indicated spending will stay at this level for the next year or two.  **[NUE_3403245_20]** 

6. **Decarbonization Efforts**  
   **Q:** Update on decarbonization and carbon tariffs?  
   **A:** Nucor continues to invest in low-carbon initiatives, including small modular nuclear reactors with NuScale and a carbon capture project with ExxonMobil.  **[NUE_3403245_14]** **[NUE_3403245_23]**  Management believes there's potential for carbon-based tariffs in the U.S. by 2025, which could level the playing field against higher-carbon imports.  **[NUE_3403245_14]** **[NUE_3403245_23]** 

7. **Expansion into Coated Products**  
   **Q:** Plans for coating capabilities and lighter gauge markets?  
   **A:** The company is expanding its coated steel capabilities to serve the growing demand for lighter gauge products, aiming to increase coated products to **35–40%** of their sheet business over the next several years.  **[NUE_3403245_11]**  They are excited about recent trade case wins and are aligning new galvanizing lines with customer demands.  **[NUE_3403245_11]** 

8. **Demand Outlook and Seasonality**  
   **Q:** Is the seasonal slowdown expected to be worse in Q4?  
   **A:** Management anticipates a normal seasonal slowdown in Q4, with no worse impact than the previous year.  **[NUE_3403245_22]**  The demand environment is stable, and they expect the first quarter to reflect this stability, supported by consistent order entry rates in certain segments.  **[NUE_3403245_22]** 

9. **Steel Conversion Costs**  
   **Q:** Why are conversion costs expected to decline despite lower volumes?  
   **A:** Conversion costs are expected to decrease slightly in Q4 due to improved utilization rates and decreasing start-up costs as new facilities ramp up.  **[NUE_3403245_10]**  While inflation remains stable, efficiencies from higher production volumes at new mills will help stabilize costs.  **[NUE_3403245_10]** 

10. **Plate Demand in Wind Energy**  
    **Q:** Outlook for plate demand in wind energy projects?  
    **A:** The company is seeing increased quoting and order activity for onshore wind projects.  **[NUE_3403245_19]**  Although the U.S. offshore wind supply chain hasn't materialized yet, they have received interest and first orders from European offshore wind producers for their Elcyon plate.  **[NUE_3403245_19]** 

81d553f9d5a7c290d0c58e708136f27d4138957205b5224787f4fb7305104840

1. **Q2 Earnings Decline**  
   **Q:** Why will earnings decline in Q2 despite seasonal demand?  
   **A:** Management expects a modest earnings decline in Q2 due to pricing pressure on both mills and products, despite volume pickups. Pricing is moderating, particularly in steel mills and downstream products, leading to lower margins.  **[NUE_3380314_16]**  Seasonal demand improvements are insufficient to offset declining prices. They are cautious about calling Q2 the trough but remain optimistic about the year's overall strength.  **[NUE_3380314_16]** 

2. **Share Buyback Cadence**  
   **Q:** How will buyback activity proceed given strong cash?  
   **A:** Nucor returned over **130%** of earnings to shareholders in Q1.  **[NUE_3380314_17]**  While they won't usually hold **$5.5 to $6 billion** in cash, future buybacks will be balanced with M&A opportunities. Management emphasizes disciplined capital allocation, returning capital when they can't find value-creating investments.  **[NUE_3380314_17]** 

3. **Plate Market and Brandenburg Ramp-Up**  
   **Q:** What's the outlook for the plate market with Brandenburg ramping?  
   **A:** The consumptive plate market remains steady, with strengths in power transmission and bridge work.  **[NUE_3380314_18]**  Imports are increasing, pressuring margins. Brandenburg mill is ramping up as planned, expecting about **0.5 million tons** this year, with volumes heavily weighted to the second half.  **[NUE_3380314_18]** 

4. **Downstream Products Margins**  
   **Q:** What's happening with joist and deck margins and volumes?  
   **A:** Downstream products started Q1 slow but expect improved volumes in Q2 and Q3 due to seasonal trends.  **[NUE_3380314_10]**  Margins have moderated from historic highs but remain well above pre-pandemic levels. Backlogs are about **25% above** pre-pandemic levels, and pricing has stabilized over the last two quarters.  **[NUE_3380314_10]** 

5. **Infrastructure Spending Impact**  
   **Q:** How is infrastructure spending affecting bar and plate volumes?  
   **A:** Infrastructure spending is delayed but expected to positively impact demand in coming years. Nucor is well-positioned with new mills in Lexington, NC, and Kingman, AZ.  **[NUE_3380314_11]**  Markets like power transmission and bridge work are strong, but projects from the IIJA are still in early stages.  **[NUE_3380314_11]** 

6. **Data Center Growth**  
   **Q:** How will data center growth impact Nucor's products?  
   **A:** Data center construction is projected to grow **12–14%** annually over the next 4–5 years.  **[NUE_3380314_14]**  Nucor's recent acquisition of Southwest Steel enhances capabilities to supply products like joist and deck to this sector, contributing to downstream growth. The data center market is estimated to be over **$2 billion** and growing.  **[NUE_3380314_14]** 

7. **Econiq Volumes and Premiums**  
   **Q:** What's the outlook for Econiq volumes and premiums?  
   **A:** Nucor is expanding its Econiq net-zero steel products and can supply over **1 million tons**.  **[NUE_3380314_15]**  They are achieving premiums in the U.S. market similar to Europe. Customers like Mercedes-Benz value low carbon emissions, and Nucor can meet varying customer needs with flexible solutions.  **[NUE_3380314_15]** 

8. **Customer Spot Price Index Introduction**  
   **Q:** Why introduce the Customer Spot Index?  
   **A:** Responding to customer requests, Nucor aims to provide consistent, reliable, and relevant pricing, reducing volatility and speculative buying.  **[NUE_3380314_19]**  The index offers real-time pricing updated weekly, helping customers make better value decisions and stabilizing the market.  **[NUE_3380314_19]** 

9. **Raw Materials Earnings Improvement**  
   **Q:** How will raw materials contribute to Q2 earnings?  
   **A:** Nucor expects improved raw materials earnings due to stabilizing scrap prices and higher DRI volumes.  **[NUE_3380314_7]**  Recycling margins should normalize, and increased DRI production reduces reliance on higher-cost pig iron. DRI plants are performing consistently after extended outages.  **[NUE_3380314_7]** 

10. **Advanced Recycling Technology Impact**  
    **Q:** What's the impact of advanced recycling technology?  
    **A:** The new advanced metal recovery plant in Bushnell, Florida, incurred about **$9 million** in start-up costs in Q1.  **[NUE_3380314_8]**  It enhances nonferrous recovery, contributing to normalized margins in recycling. The plant is nearly fully commissioned; similar expansion may be considered, improving recycling operations.  **[NUE_3380314_8]** 

6b4e279aba097150b031cd7913119962d6f74c959b9673263f42cea8a072c336

- **Pricing pressures are expected to lead to lower results in the second quarter**, despite anticipated volume pickups. The CFO stated that, *"pricing pressure on both mills and products are expected to give us a little bit lower results in the second quarter."*  **[NUE_3380314_16]**
- **Downstream product volumes and margins are declining**, with **Q1 starting off slow** due to **extreme weather** and job site delays. The executive mentioned that, *"quarter 1 started out a bit slow for us on the product side, driven mainly by some extreme weather and associated job site delays."*  **[NUE_3380314_10]**  Additionally, **pricing is moderating** in this segment. *"We're seeing pricing moderating."*  **[NUE_3380314_10]**
- **Cost reductions may be limited going forward**, as the company expects costs to have stabilized with minimal further decline. The executive stated, *"I don't think that there's a whole lot more decline. So we think that the cost has stabilized."*  **[NUE_3380314_6]**

5557edd7a87bd6d1946bafb2cd5daa4e90edfe8cfbbdee61c0555321e22d8987

- **Nucor is investing in advanced nuclear technologies (NuScale and Helion) and carbon capture projects with ExxonMobil to further reduce its already best-in-class carbon footprint, positioning itself as a leader in low-carbon steel production**  **[NUE_3403245_23]** .
- **Nucor is expanding its coated steel products capacity, adding 2 million tons of new galvanizing capacity by 2027, to meet evolving customer demand for thinner gauge and higher strength products, aiming to increase coated products to 35%-40% of its portfolio**  **[NUE_3403245_11]** .
- **Nucor anticipates significant earnings growth from its investments in underserved markets, expecting through-cycle EBITDA at or above $6.7 billion with the addition of the West Virginia mill**  **[NUE_3403245_9]** .

35a2f3e22f6339c43ba7b599824130044fdb41d5d22af93798245228f888fcdb

- **Softness in the plate market** due to higher imports gaining market share and cautious purchasing by distribution customers, leading to **pricing pressure and lower margins** in that segment.  **[NUE_3394011_13]**
- **Higher conversion costs** in the steel mills segment due to lower utilization rates and timing differences, potentially impacting profitability.  **[NUE_3394011_10]**
- **Concerns about higher electricity rates and energy supply** potentially impacting Nucor's operations and U.S. manufacturing competitiveness, leading to **higher costs**.  **[NUE_3394011_21]**

3d3d6866388de21b1327efaace7b9329776d83c878e05f82d7dbc97fd5e3d68c

- **Upcoming capacity additions in 2025 and beyond could lead to oversupply**, as Nucor is adding new mills in Lexington, North Carolina, and Kingman, Arizona, which will introduce additional volumes to the market.  **[NUE_3403245_9]**
- **High import levels are negatively impacting domestic steel pricing and mill utilization rates**. For example, **rebar imports from Mexico are up 1,700% compared to 2015-2017 averages**, exerting downward pressure on prices.  **[NUE_3403245_15]**
- **Uncertainty in key markets like offshore wind** may affect demand projections, as the **offshore wind supply chain in the U.S. hasn't materialized yet**, and Nucor is only beginning to receive initial orders from European projects.  **[NUE_3403245_19]**

7c1849865c0ffe73a230b777d31847a78bae4afa2de315339e473385c0e45801

1. **Capital Allocation and M&A Strategy**  
   **Q:** What's your capital allocation strategy, including M&A plans and cash balance?  
   **A:** Nucor remains disciplined in growth strategies and will not overpay for assets, even having considered select U.S. Steel assets.  **[NUE_3371283_11]**  The company feels undervalued at **7.5x EBITDA** and views its stock as a good buy, planning a higher pace of share buybacks in Q1 than last year.  **[NUE_3371283_11]**  CapEx spending is expected to be around **$3.5 billion** this year, higher than historical averages.  **[NUE_3371283_11]** 

2. **Progress Toward EBITDA Targets**  
   **Q:** How are you progressing toward your $6.7 billion normalized EBITDA goal?  
   **A:** Nucor is doing well, with the third-best year at **$7.4 billion EBITDA**.  **[NUE_3371283_9]**  Not all projects have come to fruition yet, including major ones like West Virginia. 'Expand Beyond' investments are reaffirmed to contribute **$700 million EBITDA**, with more to come.  **[NUE_3371283_9]** 

3. **Margins and EBITDA in Steel Products**  
   **Q:** How do you see margins trending in Steel Products, and can you reach the $700 million EBITDA target organically?  
   **A:** We see margins improving and order entry rates are strong as we move into Q1.  **[NUE_3371283_8]**  The downstream products had strong performance, with many divisions having record years.  **[NUE_3371283_8]**  Pricing has stabilized at levels far higher than historical averages, and we're optimistic about 2024.  **[NUE_3371283_8]**  We feel confident we'll hit the **$700 million EBITDA** run rate organically.  **[NUE_3371283_9]** 

4. **Brandenburg Plate Mill Ramp-Up**  
   **Q:** How much will the Brandenburg mill produce in 2024, and when will it reach profitability?  
   **A:** We expect the Brandenburg mill to produce **500,000 tons or more** in 2024 and are confident in that number.  **[NUE_3371283_10]**  We anticipate reaching a breakeven run rate sometime in the middle of the year.  **[NUE_3371283_13]** 

5. **Gallatin Expansion Status**  
   **Q:** Is there more room for Gallatin to ramp up production?  
   **A:** The Gallatin mill has realized its full run-rate potential and is operating at an extremely high level, setting production records.  **[NUE_3371283_12]**  We'll continue to add as we move into 2024.  **[NUE_3371283_12]** 

6. **Market Outlook for Structural and Long Products**  
   **Q:** What gives you confidence in the structural and long products market?  
   **A:** Our long products divisions are generating incredible returns.  **[NUE_3371283_7]**  Utilization rates at Nucor-Yamato shifted from upper 60s-low 70s pre-pandemic to mid-upper 70s, low 80s now.  **[NUE_3371283_7]**  We remain optimistic about demand continuing into 2024.  **[NUE_3371283_7]** 

7. **Capital Spending Outlook**  
   **Q:** How will growth capital carry over into next year, and what's the timeline for Steel West Virginia?  
   **A:** Our **$3.5 billion** CapEx projection is for 2024. Projects like West Virginia will push capital spending into 2025 higher than historic averages but likely below $3.5 billion, north of $3 billion.  **[NUE_3371283_21]**  West Virginia is expected to be completed in **2026**.  **[NUE_3371283_21]** 

8. **M&A Pipeline Geography**  
   **Q:** Are M&A opportunities inside the U.S., and where are greenfield projects in your priority list?  
   **A:** We expect to stay in **North America**, focusing on sectors we know best.  **[NUE_3371283_17]**  We plan to generate about **20-25%** of revenues from Expand Beyond businesses in the next 5-6 years, balancing organic and inorganic growth.  **[NUE_3371283_17]** 

9. **Rebar Market Outlook**  
   **Q:** What are the demand trends in the rebar market?  
   **A:** We saw improved margins in rebar in Q4, and rebar remained steady over the year.  **[NUE_3371283_18]**  With infrastructure projects and construction demand growing, we're bullish on the rebar market for the future.  **[NUE_3371283_18]** 

10. **Plate Market Outlook**  
    **Q:** How do you view the plate market given inventory levels and shipment trends?  
    **A:** Shipments increased **11%** year-over-year, partly due to Brandenburg.  **[NUE_3371283_13]**  While there's weakness due to higher interest rates affecting construction, there are bright spots like power transmission and railcar manufacturing.  **[NUE_3371283_13]**  We expect the plate market to remain steady with tailwinds offsetting negatives.  **[NUE_3371283_13]** 

69cab2e120e2073b11074d6573de8b2567171916b9bda7d9d98414d3f0cf704d

- **Strong Performance and Outlook in Steel Products Segment**: Nucor's Steel Products segment continues to deliver robust results across various divisions. Notably, the insulated metal panel group is coming off a **record year**, rebar fabrication had a **record year**, and pre-engineered metal buildings had their **second-best year ever**. The backlog remains very healthy, with pricing stabilized at levels far higher than historical averages. In Q4, industry-wide bookings in joist and deck were the highest in six quarters and **40% higher than Q4 of last year**.  **[NUE_3371283_8]**
- **Significant Capital Investments for Future Growth**: Nucor is investing approximately **$3.5 billion** in capital expenditures in 2024, focusing on growth projects such as the new state-of-the-art sheet mill in West Virginia, expected to be completed in 2026. These investments aim to enhance Nucor's capacity and capabilities, positioning the company for future growth. Additionally, there are plans to potentially expand with a new micro mill bar project in the Pacific Northwest.  **[NUE_3371283_21]**
- **Operational Excellence Leading to Increased Production**: The Gallatin mill expansion has reached its full run-rate potential and is operating at an extremely high level, setting daily, weekly, and monthly production records.  **[NUE_3371283_12]**  The Brandenburg plate mill is expected to produce **500,000 tons** or more in 2024, with expectations to reach a break-even run rate by mid-year.  **[NUE_3371283_10]** **[NUE_3371283_13]**  This reflects Nucor's effective execution of growth projects and operational ramp-up.

f29ef44d58cbd59f66cec44fcc3cb7e86accdb6d1f7ba0b6eb3fb267acee6942

1. **Capital Expenditure and Start-Up Costs**  
   **Q:** What's the update on CapEx and start-up costs?  
   **A:** Nucor expects **$3.5 billion** in CapEx spending this year, with elevated levels in the next couple of years as they undertake projects totaling about **$6.5 billion**.  **[NUE_3394011_17]**  Start-up costs of **$137 million** were primarily related to the Brandenburg and West Virginia projects, with Brandenburg having a slightly bigger impact.  **[NUE_3394011_15]** 

2. **Raw Material Strategy and Electra Investment**  
   **Q:** What's the update on raw material strategy and Electra?  
   **A:** Nucor is increasing its low copper shred capacity to about **2.1 million tons** shortly, aiming to reach **5.5 to 6 million tons** in a couple of years.  **[NUE_3394011_9]**  Including **4 million tons** of DRI, they will control about **10 million tons** of metallics, roughly **two-thirds** of their needs.  **[NUE_3394011_9]**  They remain excited about their investment in Electra, an innovative low-emission iron-making technology, and are considering additional investments.  **[NUE_3394011_9]** 

3. **Plate Demand and Pricing Outlook**  
   **Q:** Has plate pricing hit bottom, and what's the demand outlook?  
   **A:** Despite softness in interest rate-sensitive markets and increased imports affecting pricing, Nucor sees bright spots ahead.  **[NUE_3394011_13]**  They expect lower imports in the second half, strong demand in grids and power transmission, and a pickup in onshore wind late in the second half.  **[NUE_3394011_13]**  Impacts from IIJA funding are expected to increase in late **2024** and early **2025**.  **[NUE_3394011_13]** 

4. **Steel Products Segment Margin Expectations**  
   **Q:** How are margins in the steel products segment expected to evolve?  
   **A:** Nucor anticipates a decline in the third quarter due to working through higher-priced backlog but expects resilience from strong backlogs in Vulcraft, joist, and deck.  **[NUE_3394011_20]**  Potential rate cuts could positively impact the segment in **Q4** and into **Q1**.  **[NUE_3394011_20]** 

5. **Automation Impact on Margins**  
   **Q:** How will automation affect margins and competitiveness?  
   **A:** Nucor is embracing automation and AI to enhance safety, flexibility, and cost efficiencies.  **[NUE_3394011_14]**  Examples include robotic weld cells in the Nucor racking group and AI optimization at their Memphis SBQ mill, reducing man-hours by about **80%**.  **[NUE_3394011_14]**  Automation allows Nucor to navigate demand fluctuations and leverage technology across its large scale for greater gains.  **[NUE_3394011_14]** 

6. **Automotive and Electrical Steels Expansion**  
   **Q:** What are the plans for automotive grades and electrical steels?  
   **A:** Nucor supplies **1.5 to 1.6 million tons** annually to the automotive sector and aims to **double** that volume in the next several years, focusing on higher-value products as West Virginia comes online.  **[NUE_3394011_21]**  They've evaluated electrical steels and find end uses potentially attractive, indicating developments may be forthcoming.  **[NUE_3394011_21]** 

7. **Infrastructure Demand Outlook**  
   **Q:** How much steel demand are you seeing from IIJA?  
   **A:** Nucor is currently seeing the most impact from the CHIPS Act, with steel being processed and put through.  **[NUE_3394011_18]**  The infrastructure bill is still in early stages, with a maturation process that could take **two years** before impacting order books.  **[NUE_3394011_18]** 

8. **Policy Risks from Upcoming Elections**  
   **Q:** What risks do you see from potential policy changes?  
   **A:** While it's hard to predict changes from a new administration, Nucor has succeeded under both Democratic and Republican leadership.  **[NUE_3394011_11]**  Their long-term strategy and diversified product range position them well to navigate any policy shifts.  **[NUE_3394011_11]** 

9. **Brandenburg Mill Ramp-Up**  
   **Q:** Can Brandenburg ramp up to full capacity soon?  
   **A:** Nucor anticipates the Brandenburg mill will achieve full run-rate capabilities in **2024**, with no technical barriers preventing ramp-up.  **[NUE_3394011_19]**  They'll be mindful of market conditions but are confident in their ability to meet capacity when required.  **[NUE_3394011_19]** 

10. **Electricity Rates and Manufacturing Impact**  
    **Q:** Are higher electricity rates a concern for manufacturing?  
    **A:** Yes, higher electricity rates could hinder reshoring and disadvantage U.S. manufacturing.  **[NUE_3394011_23]**  Nucor emphasizes the need for energy independence and supports embracing nuclear energy to meet growing power demands.  **[NUE_3394011_23]** 

023ccadab3b4f6945c2693140ba8e0ff36d34dae04b0effd3e51e4971f6d106e

- **High capital expenditures are expected to continue into 2025**, with **spending projected above historic averages** due to ongoing projects like the West Virginia mill, potentially straining cash flows.  **[NUE_3371283_21]**
- **Limited cost reductions anticipated**, as growth projects have **increased conversion costs**, and any decrease is expected to be minimal: "we can expect the costs to come down a little bit, but not a lot."  **[NUE_3371283_15]**
- **Weakness in key markets such as vertical construction** due to **higher interest rates**, which could negatively impact demand for products like plate steel: "higher interest rates are a compressive force when it comes to vertical construction where plate is used."  **[NUE_3371283_19]**

44036108737166b65eafd2a024b4a5c5b4b27643e59afdfbd91cfc52e711addf

Nucor Corp (NUE)

Financials