2009 ANNUAL MEETING OF STOCKHOLDERS

(3) market demand for steel products. and although we base these statements on circumstances that we believe to be reasonable when made. is driven by the level of non-residential construction activity in the U. These forward-looking statements reflect the Company’s best judgment based on current information.. (9) the cyclical nature of the domestic steel industry. (5) uncertainties surrounding the global economy.Forward-Looking Statements Certain statements made in this presentation are forward-looking statements that involve risks and uncertainties. and (11) our safety performance. (10) capital investments and their impact on our performance. (8) significant changes in government regulations affecting environmental compliance. (6) fluctuations in currency conversion rates.S. 2 . (2) availability and cost of electricity and natural gas. including the severe economic downturn in construction markets and excess world capacity for steel production. (4) competitive pressure on sales and pricing. which. including pressure from imports and substitute materials. the forward-looking statements are not guarantees of future performance. (7) U. including scrap steel. As such. in the case of many of our products.S. The following discussion should be read in conjunction with the audited consolidated financial statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Nucor’s Annual Report on Form 10-K for the year ended December 31. and actual results may vary materially from the results and expectations discussed herein. 2008. but are not limited to: (1) the sensitivity of the results of our operations to volatility in steel prices and the changes in the supply and cost of raw materials. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include. there can be no assurance that future events will not affect the accuracy of such forward-looking information. and foreign trade policy affecting steel imports or exports.

800 1.LONG-TERM PROFITABLE GROWTH Net Income 2000-2008 (millions of dollars) 2.600 1.000 1.200 1.000 800 600 400 200 0 2000 3 2001 2002 2003 2004 2005 2006 2007 2008 .400 1.

2% 26.8% 21.5% 33.6% Gerdau Ameristeel 4 Commercial Metals U. Steel Steel Dynamics NUCOR .1% 32.S.Nucor’s Industry Leading Profitability 2004-2008 Return On Equity (average annual ROE %) 35 30 25 20 15 10 5 0 32.

9% 60 51.Nucor’s Industry Leading Profitability – With Industry Lowest Leverage 2008 Yearend Debt-To-Capital Ratios 61.1% 50 40 30 20 10 0 44.S.0% 28.3% Steel Dynamics Gerdau Ameristeel Commercial Metals U. Steel NUCOR 5 .7% 39.

2009 Top Stories The BusinessWeek 50: The Best Performers From 3D software designer Autodesk to steelmaker Nucor. our annual list of top performers shows innovation remains the engine of success 6 .The Business Week 50: The Best Performers April 6.

Steel Mills Capacity Utilization 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 7 .AISI Weekly U.S.

S. RECESSIONS Job Losses In U.JOB LOSSES IN U. Recessions 8000 Job Losses From Peak Month (in thousands) 6000 4000 2000 0 1 -2000 -4000 -6000 -8000 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 Months After Peak Job Month Current Recession 2001 Recession 1990 Recession 1981 Recession 1974 Recession 8 .S.

Have decided to consume the high cost raw materials as rapidly as production rates will allow. 9 .8 million tons declined 53% from Q12008 steel shipments.Nucor Q1-2009 Results • Reported Q1-2009 net loss of $190 million – versus yearago record first quarter net income of $410 million • Steel shipments of 2. and consumption of high cost iron units. Q2-2009 loss expected to be greater than Q1-2009 loss. lower pricing. Steel mill capacity utilization rate of 45% – less than half of last year’s utilization rate of 92% • Results also carried significant burden from consuming higher cost pig iron and scrap purchased prior to Q4-2008 collapse in iron units pricing • Q2-2009 results will also be negatively impacted by low operating rates.

Nucor’s History: Using DOWNTURNS As Opportunities To GROW STRONGER • Nucor’s Financial Strength • Nucor’s Cost Structure • Nucor’s Product Diversification • Nucor’s Highly Flexible Production Capabilities • Nucor’s People – THE RIGHT PEOPLE 10 .

Weighted average coupon rate on our fixed-rate debt = 5.1 billion and = 28% of total capital. Cash & short-term investments of $1.9 billion at close of Q1-2009 • Conservative Financial Practices: Financial reporting in plain language & easy to understand format • Simple Capital Structure – and no off-balance sheet financing arrangements • No Pension Liability • Highest North American Metals / Mining Credit Ratings. No borrowings under $1. • Superior Financial Flexibility – flexibility not limited by restrictive debt covenants 11 . Next debt maturity not until 2012 (after retiring $5 million industrial revenue bond in August 2009).7%.Financial Strength • Strong Balance Sheet: Debt of $3.2 billion of our debt matures in 2017 & beyond. $2.3 billion unsecured credit facility.

600 1.U.400 1.200 1.000 Basis Point Spread 800 600 400 200 0 Jan-08 Feb-08 Mar-08 ARCELORMITTAL NUCOR CORP Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 AK STEEL HOLDING CORP STEEL DYNAMICS INC COMMERCIAL METALS UNITED STATES STEEL CORP GERDAU AMERISTEEL CORP 12 .S. Steel Companies – Credit Default Spreads 1.

Chicago AMM #1 Busheling .13 1000 100 200 300 400 500 600 700 800 900 N 0 Variable Cost Structure AMM Shredded .Chicago ov -0 7 D ec -0 7 Ja n08 Fe b08 M ar -0 8 A pr -0 8 M ay -0 8 Ju n08 Ju l-0 8 A ug -0 8 Se p08 O ct -0 8 N ov -0 8 D ec -0 8 Ja n09 Fe b09 M ar -0 9 A pr -0 9 .

14% Raw M aterials .21% Structural .11% Plate .10% Downstream Products .14% PRODUCT DIVERSIFICATION REDUCES EARNINGS VOLATILITY!!! 14 .30% Bars .Diversified Product Mix 2008 Sales Tons Nucor is North America’s Most Diversified Steel Producer Sheet .

Nucor’s Highly Flexible Production Highly flexible production process utilizing electric arc furnaces and highly productive labor allow Nucor to almost instantaneously adjust output to match market demand 15 .

Our People – Our Biggest Competitive Advantage 16 .

600 1.200 1.000 1.000 800 600 400 200 0 2000 17 2001 2002 2003 2004 2005 2006 2007 2008 .800 1.400 1.LONG-TERM PROFITABLE GROWTH Net Income 2000-2008 (millions of dollars) 2.

200 1.600 1.800 1.LONG-TERM PROFITABLE GROWTH Net Income 1966-2008 (millions of dollars) 2.400 1.000 1.000 800 600 400 200 0 18 19 66 19 68 19 70 19 72 19 74 19 76 19 78 19 80 19 82 19 84 19 86 19 88 19 90 19 92 19 94 19 96 19 98 20 00 20 02 20 04 20 06 20 08 .

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