Nucor has invested approximately $11.84 billion over the last three years to expand product offerings, improve cost structure, and enhance operational flexibility. Key projects include the modernization and expansion of the Gallatin flat-rolled sheet mill and the construction of a new state-of-the-art plate mill in Brandenburg, Kentucky.

Nucor acquired Southwest Data Products, Inc. (SWDP) for $115 million to expand capabilities in airflow containment structures for data centers. They also acquired Rytec Corporation for $565 million to enhance their overhead door platform.

The estimated total construction costs for the new state-of-the-art sheet mill in Mason County, West Virginia increased to approximately $4 billion. Factors contributing to the increased cost estimate include higher labor, material and equipment costs.

Operating rates at Nucor's steel mills decreased slightly to 76% for the full year 2024, compared to 78% for the full year 2023. This indicates a slight softening in steel market demand.

Nucor continues to focus on expanding value-added product offerings and implementing cost-reduction strategies to mitigate the impact of volatile raw material prices and competitive pressures. They are also attempting to mitigate the scrap price risk by managing scrap inventory levels at the steel mills to match the anticipated demand over the next several weeks.

Nucor achieved an annual Injury/Illness Rate of 0.77 in 2024, marking the safest year in the Company's history. This demonstrates a commitment to safety and a focus on creating an inclusive workplace.

The OECD estimates global steel production overcapacity could grow to 710 million tons in 2025. This overcapacity, particularly from non-market economies, can lead to increased imports and downward pressure on U.S. steel prices.

President Trump issued an executive order reimposing Section 232 25% tariffs on steel imports from all sources, ending country and product exemptions. This order is scheduled to go into effect on March 12, 2025, creating uncertainty regarding future trade conditions.

Nucor's business and results of operations may be negatively affected by volatility in steel prices and the cost and availability of raw materials, particularly scrap steel.

Nucor faces ongoing competition from other steel producers and imports that compete with our products on price, quality and service. The markets for our products are highly competitive and a number of firms, domestic and foreign, participate in the steel, steel products and raw materials markets.

Finished steel imports supplied approximately 23% of U.S. demand in 2024, an increase of 3.7% from 2023. Increases in the volume of steel and fabricated steel products tend to occur during periods of relatively stronger U.S. economic conditions, or a stronger U.S. dollar, resulting in U.S. domestic pricing that is attractive to our foreign competitors.

Trade remedies implemented by the U.S. International Trade Commission, such as antidumping duties and countervailing duties play a key role in allowing the American steel industry to compete on a level playing field against unfairly traded imports.

Steel manufacturing is an energy-intensive, trade exposed industry. As a result, we continuously strive to make our operations in all three of our business segments more energy efficient.

Nucor employs variable steel pricing mechanisms so that we are better able to maintain operating margins and meet our customer commitments as scrap and scrap substitute costs fluctuate.

The average utilization rates of all operating facilities in the steel mills, steel products and raw materials segments in 2024 were approximately 76%, 58% and 73% of production capacity, respectively.

Nucor has invested in Electra, a company that is working to develop and scale a process to produce carbon-free iron that can be used to make steel. Electra's technology relies on intermittent, clean energy to refine low-grade iron ores through electrochemical and hydrometallurgical processes.

Nucor has entered into a partnership with Tata Steel to explore the possibility of scaling and commercializing Hisarna, a technology that enables the production of high-purity iron from low grade iron ore fines without using coke ovens.

Nucor has developed branded product lines to leverage this, and other advantages conferred by our specialized capabilities, including AEOS™, ECONIQ™, and Elcyon™.

Capital deployment is expected to decrease in 2025 with planned capital expenditures of approximately $3.0 billion, continued evaluation of acquisitions, and share repurchases expected to moderate.

Nucor intends to return at least 40% of our net income to stockholders over time via a combination of both cash dividends and share repurchases.

Nucor returned approximately $2.7 billion in capital to its stockholders in the form of base dividends and share repurchases in 2024.

In November 2023, Nucor announced net-zero, science-based greenhouse gas (GHG) targets for 2050 and established a new interim emissions reduction target for 2030.

We plan to achieve our goals by increasing the use of clean electricity, deploying carbon capture and sequestration where practical and developing near zero GHG ironmaking technologies, as well as through the development and deployment of technologies enabling us to reduce our consumption of injection and charge carbon and natural gas.

Nucor operates a robust and sustainable environmental program that incorporates the concept of each individual teammate, as well as management, being responsible for environmental performance.

Legislation passed by Congress is providing more than $1.5 trillion to rebuild traditional infrastructure, build-out clean energy infrastructure and re-shore semiconductor chip manufacturing back to the United States.

Strong Buy America requirements in the IIJA and the Inflation Reduction Act will promote domestically produced steel being used to rebuild U.S. infrastructure and build-out new clean energy infrastructure.

However, additional capacity continues to come online and China's steel production, the largest steel producing country, is still near record levels. In 2024, China's steel production was more than 1 billion tons for the fifth consecutive year.