1. MARCH 2014

2. NORTH AMERICA’S MOST DIVERSIFIED STEEL & STEEL PRODUCTS COMPANY
NUCOR TODAY
NORTH AMERICA’S MOST DIVERSIFIED
STEEL & STEEL PRODUCTS COMPANY

3. STEEL MILL
PRODUCTION CAPACITY
ANNUAL TONS
4/1/2017 2:59 AM

4. STEEL MILL SHIPMENTS
(millions of tons)
20.65

5. STEEL PRODUCTS
PRODUCTION CAPACITY
ANNUAL TONS
4/1/2017 2:59 AM

6. STEEL PRODUCTS SALES TONS 2003-2013
(millions of tons)
2.62

7. RAW MATERIALS (IRON UNITS) PRODUCTION CAPACITY
ANNUAL TONS
4/1/2017 2:59 AM
Direct Reduced Iron (DRI)
4.5 Million
Ferrous Scrap Processing
5.2 Million

8. NUCOR’S GROWTH DRIVEN BY
OUR POSITION OF STRENGTH

9. COMPETITIVE ADVANTAGES
Financial Strength
Low / Variable Cost Structure
Flexible Capacity
Product Diversification
Market Leadership
Nucor’s People and Our Culture

10. FINANCIAL STRENGTH
Strong cash flow generation through the cycle
Only North American steel producer with extremely important competitive advantage of investment grade credit rating
Conservative Financial Practices
No Material Legacy Liabilities

11. Cyclical Trough To Cyclical Trough
Financial Strength Cash From Operations (millions of dollars)
Cyclical Trough To Cyclical Trough
More than 2X
Average ’09-’13
$1.1 Billion
Average ’01-’03
$495 million

12. LOW COST STRUCTURE = INDUSTRY LEADING RETURNS

13. NUCOR’S ROIC PERFORMANCE
AVG = 15.5%
UP-CYCLE
“GREAT RECESSION”

14. MARKET RESPONSIVENESS!!!
FLEXIBLE CAPACITY
Electric arc furnaces
High productivity
No lay-off practice
BEST-IN-CLASS
MARKET RESPONSIVENESS!!!

15. DIVERSIFIED PRODUCT MIX

16. Commercial Metals Company
NUCOR = MOST DIVERSIFIED STEEL AND STEEL PRODUCTS PRODUCER IN NORTH AMERICA
Highway Products
Building Systems
Joist & Decking
Fasteners
Grating
Wire Products
Rebar Fabrication
Cold Finished Bar
Plate
Sheet
Structural/Piling
SBQ
Bar
NUCOR
Arcelor Mittal
Steel Dynamics
Gerdau
Commercial Metals Company
Republic
Timken
US Steel
Severstal
Thyssen Krupp

17. MARKET LEADERSHIP BY SIZE IN NORTH AMERICA
Structural Steel
Bar Steel
Rebar Steel
Cold Finished Bar Steel
Steel Joist
Steel Deck
Rebar Fabrication, Distribution, & Placement
Steel Piling Distribution
Metal Buildings #1
North American
Market Leader #3
North American Market Leader #2
North American Market Leader
Plate Steel
Sheet Steel

18. NUCOR’S PEOPLE – OUR BIGGEST COMPETITIVE ADVANTAGE

19. NUCOR’S CULTURE
Commitment to Employees
SAFETY Is Our First Priority
Teamwork
Pay For Performance
Continual Improvement
Decentralized Structure = Nucor Employees Are Empowered To Take Care Of Our Customers

20. GREAT CHALLENGES PRESENT GREAT OPPORTUNITIES TO THE
4/1/2017 2:59 AM
GREAT CHALLENGES PRESENT
GREAT OPPORTUNITIES TO THE
RIGHT PEOPLE – THE NUCOR TEAM 20

21. GROWING EARNINGS POWER:
MULTI-PRONGED GROWTH STRATEGY

22. NUCOR’S FOCUS: PROFITABLE GROWTH!!!
NUCOR’S 5 PRONGED GROWTH STRATEGY
Nucor’s Position of
STRENGTH
OPTIMIZE EXISTING OPERATIONS
RAW MATERIALS STRATEGY
GREENFIELD GROWTH (technology & market niches)
INTERNATIONAL GROWTH via joint ventures
STRATEGIC ACQUISITIONS

23. CAPITAL INVESTED

24. 2008-2013 CAPITAL INVESTED ($ MILLIONS)
STEEL MILLS
BARS
MEMPHIS SBQ MILL ( )
$350
DARLINGTON ROD MILL ( )
$99
CONNECTICUT REHEAT FURNACE ( )
$23
NEBRASKA SBQ ROLLING MILL UPGRADE ( )
$16
AMOUNTS NOT NECESSARILY PROJECT TOTALS – ONLY INCLUDES $s INVESTED OVER PERIOD

25. 2008-2013 CAPITAL INVESTED ($ MILLIONS)
STEEL MILLS
BEAMS & PILING
SKYLINE ACQUISITION (2012)
$675
NUCOR-YAMATO SHEET PILING PRODUCT RANGE EXPANSION ( )
$92
AMOUNTS NOT NECESSARILY PROJECT TOTALS – ONLY INCLUDES $s INVESTED OVER PERIOD

26. 2008-2013 CAPITAL INVESTED ($ MILLIONS)
STEEL MILLS
PLATE
HERTFORD COUNTY HEAT TREAT FACILITY ( )
$70
HERTFORD COUNTY NORMALIZING LINE ( )
$38
HERTFORD COUNTY DRI HANDLING ( )
$21
HERTFORD COUNTY VACUUM TANK DEGASSER ( )
$17
TUSCALOOSA 2nd LMF ( )
$12
AMOUNTS NOT NECESSARILY PROJECT TOTALS – ONLY INCLUDES $s INVESTED OVER PERIOD

27. 2008-2013 CAPITAL INVESTED ($ MILLIONS)
STEEL MILLS
SHEET
NUMIT SHEET STEEL PROCESSING J.V. ACQ. (2010)
$221
DECATUR GALVANIZING FACILITY ( )
$126
BERKELEY COUNTY WIDE-LIGHT ( )
$86
HICKMAN VACUUM TANK DEGASSER ( )
$33
CRAWFORDSVILLE DRI HANDLING ( )
$22
BERKELEY COUNTY DRI HANDLING ( )
$18
AMOUNTS NOT NECESSARILY PROJECT TOTALS – ONLY INCLUDES $s INVESTED OVER PERIOD

28. 2008-2013 CAPITAL INVESTED ($ MILLIONS)
STEEL MILLS
INTERNATIONAL
DUFERDOFIN J.V. IN ITALY (BEAMS & BARS) (2008)
$671

29. 2008-2013 CAPITAL INVESTED ($ MILLIONS)
DOWNSTREAM PRODUCTS
HARRIS STEEL REBAR FABRICATION BOLT-ON ACQUISITIONS ( )
$211

30. 2008-2013 CAPITAL INVESTED ($ MILLIONS)
RAW MATERIALS & ENERGY
DAVID J. JOSEPH ACQUISITION (2008)
$1,440
LOUISIANA DRI FACILITY ( )
$739
NATURAL GAS DRILLING & MIDSTREAM ASSETS ( )
$616
DAVID J. JOSEPH BOLT-ON ACQUISITIONS ( )
$300
TRINIDAD DRI FACILITY EXPANSION (2011)
$15
AMOUNTS NOT NECESSARILY PROJECT TOTALS – ONLY INCLUDES $s INVESTED OVER PERIOD

31. RAW MATERIALS STRATEGY
DRI Plant - Louisiana
Game changer for Nucor’s cost of high quality iron units required to produce higher value-added sheet, SBQ, & plate
Production of DRI began on December 24, 2013
Output quality matching the best-in-class levels routinely achieved at our DRI plant in Trinidad.
Together with Trinidad plant, Nucor has total annual DRI capacity of 4.5 million metric tons.
Natural Gas Working Interest Investment
Long-term & low cost supply of energy source required to produce DRI
Provides hedge against any future increases in natural gas prices – critical risk factor in DRI production
Approximately 20 year supply of natural gas to cover usage of 2 DRI plants + current steel mill consumption
Cost structure of drilled wells such that they delivered modest positive return in 2013’s low natural gas pricing environment
DRI = Direct Reduced Iron

32. DRI VERSUS PIG IRON COST COMPARISON (using estimated long-term prices)
$/ton
Blast Furnace
DRI
Iron Ore (62% FE, FOB Brazil)
Pellet Premium
Iron Premium (BF = 65% Fe & DRI = 68% Fe) X $2.20
Freight
Iron Ore Consumption (BF = 1.6 ton & DRI = 1.5 ton)
$125
$40 $7
$25
$315
$13
$15
$290
Cash Conversion Costs
BF Reductant (100% coke)
DRI Reductant (11 $4)
$70
$107
$35
$44
Iron Unit Cost
BF with sinter plant cost savings
BF Cost Savings By Substituting 40% of coke usage with PCI & natural gas
BF Higher “Value-In-Use” Benefit
“Adjusted” BF Iron Unit Cost
$492
$30
$11
$436
$369
Coke cost assumes 0.5 ton of coke using 1.5 tons of metallurgical coal costing $125/ton

33. NUCOR’S FOCUS =
GENERATE ATTRACTIVE RETURNS

34. BUILDING EARNINGS POWER FOR THE NEXT CYCLICAL PEAK & BEYOND (Millions of dollars)
2008 RECORD EPS
$5.98
HIGHER HIGHS = 2008 NET INCOME OF $1.831 BILLION WAS SIX TIMES GREATER THAN 2000 NET INCOME OF $311 MILLION
HIGHER LOWS = NET INCOME TOTALING $619 MILLION WAS 80% GREATER THAN NET INCOME TOTALING $338 MILLION
Our focus remains on achieving “HIGHER HIGHS” through the cycle – setting a new earnings record at the next cyclical peak. We have made significant investments in recent years that our shareholders have not yet been “paid for” due to where we have been in the economic/steel cycle – those returns are ahead of us in the next cyclical upturn!!!

35. CASH DIVIDENDS PAID 2004 – 2013 Base & Supplemental Dividends (dollars per share)
41 CONSECUTIVE YEARS OF INCREASED CASH DIVIDENDS
UP-CYCLE
Approx. $5/share in total supplemental dividends from 2005 to 2008
“GREAT RECESSION”