Cash used for capital expenditures was $670.3 million in Q1 2024, an increase of $138.6 million from the prior year period. Capital expenditures primarily related to the plate mill in Kentucky, the sheet mill expansion in Indiana, and the sheet mill under construction in West Virginia. Capital expenditures for 2024 are estimated to be approximately $3.5 billion.

Nucor expects earnings in Q2 2024 to decrease compared to Q1 2024. The largest driver is the expected decrease in earnings of the steel mills segment, primarily due to lower average selling prices, partially offset by modestly increased volumes.

Stock repurchases totaled $1.00 billion in Q1 2024, an increase of $575.5 million compared to $425.8 million in Q1 2023. The Company had approximately $2.32 billion available for share repurchases under the program authorized by the Company's Board of Directors.

The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments were approximately 82%, 59% and 77%, respectively, in Q1 2024, compared with approximately 79%, 65% and 75%, respectively, in Q1 2023.

Marketing, administrative and other expenses decreased by $46.9 million in Q1 2024 as compared to Q1 2023. The decrease was due to the Company's decreased earnings in Q1 2024.

The Chief Executive Officer and the Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of the evaluation date.

There have been no material changes in Nucor's risk factors from those included in 'Item 1A. Risk Factors' in Nucor's Annual Report on Form 10-K for the year ended December 31, 2023.

Nucor is exposed to market risk for price fluctuations of raw materials and energy, principally scrap steel, other ferrous and nonferrous metals, alloys and natural gas. The company attempts to negotiate the best prices for raw material and energy requirements and to obtain prices for steel products that match market price movements in response to supply and demand.

Nucor is exposed to foreign currency risk primarily through its operations in Canada, Europe and Mexico. We periodically use derivative contracts to mitigate the risk of currency fluctuations.

Net sales for the steel products segment decreased 23% in the first quarter of 2024 compared to the first quarter of 2023, due to a 15% decrease in shipping volumes and a 9% decrease in the average sales price per ton.

Net sales for the steel mills segment increased 4% in the first quarter of 2024 from the first quarter of 2023, due primarily to a 7% increase in the average sales price per ton.

Nucor is North America's largest recycler, using scrap steel as the primary raw material in producing steel and steel products.

The average scrap and scrap substitute cost per gross ton used in the first quarter of 2024 was $421, a 2% increase compared to $414 in the first quarter of 2023.

Pre-operating and start-up costs of new facilities were approximately $125 million in the first quarter of 2024 and approximately $82 million in the first quarter of 2023.

Gross margins in the raw materials segment decreased in the first quarter of 2024 as compared to the first quarter of 2023, primarily due to decreased profitability in our scrap processing and DRI operations.

The 10-Q filing does not provide specific details on innovation or technology initiatives.

Capital expenditures for 2024 are estimated to be approximately $3.5 billion as compared to $2.2 billion in 2023. The projects that we anticipate will have the largest capital expenditures in 2024 are the sheet mill expansion in Indiana, the sheet mill under construction in West Virginia, the rebar micro mill under construction in North Carolina and the construction of two manufacturing locations to expand Nucor Towers & Structures.

The primary uses of cash were stock repurchases of $1.00 billion in the first quarter of 2024 as compared to $425.8 million in the first quarter of 2023.

Nucor's Board of Directors declared a quarterly cash dividend on Nucor's common stock of $0.54 per share payable on May 10, 2024 to stockholders of record on March 28, 2024. This dividend is Nucor's 204th consecutive quarterly cash dividend.

The 10-Q filing does not provide specific details on ESG initiatives.

The sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel.

U.S. and foreign trade policies affecting steel imports or exports.

Significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications.