Nucor Corp (NUE) 2015 Q2 法說會逐字稿

Good day, everyone, and welcome to the Nucor Corporation's second-quarter of 2015 earnings call. As a reminder, today's call is being recorded.

大家好，歡迎參加紐柯公司 2015 年第二季財報電話會議。提醒一下，今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

Certain statements made during this conference call will be forward-looking statements that involve risks and uncertainties. The words we expect, believe, anticipate, and variations of such words and similar expressions are intended to identify those forward-looking statements which are based on Management's current expectations and information that is currently available. Although Nucor believes they are based on reasonable assumptions, there can be no assurance future events will not affect their accuracy.

本次電話會議期間所做的某些陳述將是涉及風險和不確定性的前瞻性陳述。我們期望、相信、預期的詞語以及這些詞語和類似表達的變體旨在識別基於管理層當前預期和當前可用資訊的前瞻性陳述。儘管紐柯公司認為它們是基於合理的假設，但不能保證未來事件不會影響其準確性。

More information about the risks and uncertainties relating to these forward-looking statements may be found in Nucor's latest 10-K and subsequently filed 10-Qs, which are available on the SEC's and Nucor's website. The forward-looking statements made in this conference call speak only as of this date and Nucor does not assume any obligation to update them, either as a result of new information, future events or otherwise. For opening remarks and introductions I'd like to turn the call over to Mr. John Ferriola, Chairman, Chief Executive Officer and President of Nucor Corporation.

有關與這些前瞻性陳述相關的風險和不確定性的更多信息，請參閱紐柯公司最新的 10-K 和隨後提交的 10-Q，這些信息可在 SEC 和紐柯公司的網站上找到。本次電話會議中所做的前瞻性陳述僅代表截至目前的情況，紐柯公司不承擔任何因新資訊、未來事件或其他原因而更新這些陳述的義務。我想請紐柯公司董事長、執行長兼總裁約翰·費裡奧拉 (John Ferriola) 先生致開幕詞和介紹。

Please go ahead, sir.

請繼續，先生。

Good afternoon. Thank you for joining us for our conference call. As always, we appreciate your interest in Nucor. With me for today's call are the other members of Nucor's Senior Management Team -- Chief Financial Officer, Jim Frias; and our other Executive Vice Presidents, Jim Darsey; Ladd Hall; Ray Napolitan; Joe Stratman; Dave Sumoski and Chad Utermark. The entire Executive Team would like to thank you all, all of our team members, on our Harris, Nucor, David J. Joseph, Duferdofin, Newberg Steel Technologies and Skyline's field teams for your excellent work taking care of our customers and implementing our Company strategy for long-term profitable growth.

午安.感謝您參加我們的電話會議。一如既往，我們感謝您對紐柯鋼鐵的興趣。與我一起參加今天電話會議的還有紐柯公司高階管理團隊的其他成員－財務長吉姆‧弗里亞斯 (Jim Frias)；和我們的其他執行副總裁 Jim Darsey；拉德霍爾；雷·納波利坦；喬‧史特拉特曼；戴夫·蘇莫斯基和查德·烏特馬克。整個執行團隊衷心感謝我們所有的團隊成員、Harris、Nucor、David J. Joseph、Duferdofin、Newberg Steel Technologies 和 Skyline 的現場團隊，感謝你們在照顧我們的客戶和實施我們公司方面所做的出色工作長期盈利成長策略。

Without question, the first half of 2015 has been an extremely challenging time for the steel industry. The strategy at Nucor is about growing stronger and building the foundation for higher highs in earnings. Our unrivalled competitive advantages and highly flexible business model allow us to manage our business with a long-term focus on profitable and sustainable growth. Just as important, the financial success of our employees is tightly aligned with that of our shareholders. That is why the more than 23,000 men and women of the Nucor team apply both their high energy level and sense of urgency to achieving our goal from profitable growth.

毫無疑問，2015年上半年對鋼鐵業來說是極具挑戰性的時期。紐柯鋼鐵的策略是發展壯大並為更高的獲利奠定基礎。我們無與倫比的競爭優勢和高度靈活的商業模式使我們能夠長期專注於盈利和可持續增長來管理我們的業務。同樣重要的是，我們員工的財務成功與股東的財務成功緊密相關。這就是為什麼紐柯團隊的 23,000 多名男女員工都充滿活力和緊迫感，以實現我們的獲利成長目標。

We have a lot of exciting progress to share with you today, but first, I will ask our CFO, Jim Frias, to review Nucor's second-quarter performance and financial position. Following Jim's comments, I will update you on the execution of our strategy for long-term profitable growth. Jim?

今天我們有很多令人興奮的進展要與大家分享，但首先，我將請我們的財務長 Jim Frias 回顧紐柯公司第二季的業績和財務狀況。在吉姆的評論之後，我將向您介紹我們長期獲利成長策略執行情況的最新情況。吉姆？

Thanks, John. The second quarter of 2015 earnings of $0.39 per diluted share exceeded our guidance range of $0.20 to $0.25 per diluted share. The second-quarter results included a benefit of approximately $0.03 per diluted share related to state tax credits that largely arose from recently completed capital investment projects. Those state tax credits were not factored into our guidance for the quarter.

謝謝，約翰。2015 年第二季攤薄後每股收益為 0.39 美元，超出了我們每股攤薄後 0.20 至 0.25 美元的指導範圍。第二季業績包括攤薄後每股約 0.03 美元的與州稅收抵免相關的收益，這些收益主要來自最近完成的資本投資項目。這些州稅收抵免並未納入我們本季的指導中。

Overall, the second quarter outperformance resulted from better than expected shipments and margins at our steel mills segment. Effective execution of Nucor's channel-to-market strategy is driving strong relative performance at both our Bar and Beam Mills. Also our sheet and plate businesses are benefiting from recent investments, allowing us to expand our offerings of value-added and higher margin products in more demanding and import resistant applications. Our downstream products segment continues to capitalize on the slow but steady growth in non-residential construction markets. Segment profitability for the first six months of 2015 was more than double the first half of 2014. Backlogs are also higher over year-ago levels for all three of our major fabricated construction products, joist and decking, rebar fabrication and metal buildings. As measured by square footage, we expect US non-residential construction activity in 2015 to increase by approximately 5% to 6% from 2014 levels.

整體而言，第二季的優異表現是由於我們鋼廠部門的出貨量和利潤率優於預期。紐柯公司通路市場策略的有效執行正在推動我們的棒材和型材工廠的相對強勁業績。此外，我們的板材和板材業務也受益於最近的投資，使我們能夠在要求更高和進口抵制的應用中擴大增值和更高利潤的產品範圍。我們的下游產品部門繼續利用非住宅建築市場緩慢但穩定的成長。2015年前六個月的分部獲利能力是2014年上半年的兩倍多。我們所有三種主要組裝式建築產品（托樑和地板、鋼筋製造和金屬建築）的積壓訂單也高於去年同期水準。以平方英尺計算，我們預計 2015 年美國非住宅建築活動將較 2014 年增長約 5% 至 6%。

The second quarter of 2015 performance of our raw materials segment included an operating loss at our new DRI facility in Louisiana of approximately $20 million. That was down from the first quarter operating loss of approximately $44 million. The quarter-over-quarter improvement resulted from the strong output achieved following last quarter's restart of production and a vendor product warranty payment of approximately $10 million. Nucor Steel Louisiana's second-quarter results included a negative impact of consuming higher cost iron ore inventory that was acquired in 2014. As we disclosed in our first-quarter conference call, we expect to finish working through those higher cost raw materials by the close of the third quarter.

2015 年第二季我們原料部門的業績包括位於路易斯安那州的新 DRI 工廠的營運虧損約 2,000 萬美元。這低於第一季約 4,400 萬美元的營運虧損。季度環比的改善得益於上季度恢復生產後實現的強勁產出以及約 1000 萬美元的供應商產品保固付款。路易斯安那州紐柯鋼鐵公司第二季業績包括消耗 2014 年收購的成本較高的鐵礦石庫存的負面影響。正如我們在第一季電話會議中所披露的那樣，我們預計在第三季末之前完成這些成本較高的原材料的工作。

A quick comment about our tax rate, since it can be confusing due to the impact of profits from non-controlling interests. After adjusting up profits belonging to our business partners and the $9.3 million benefit related to state tax credits, the effective tax rate was 36.4% for the second quarter. Nucor continued to generate very robust operating cash flow during the extremely challenging first half of 2015. With our highly variable and low cost structure, we benefit from significant reductions to working capital during downturns. That was the case again in the first half of 2015, with cash provided by operations of approximately $1.2 billion, a dramatic increase from the year-ago first half's operating cash flow of $443 million.

對我們的稅率進行快速評論，因為由於非控股利益的利潤的影響，它可能會令人困惑。在調整了屬於我們業務合作夥伴的利潤以及與州稅收抵免相關的 930 萬美元收益後，第二季的有效稅率為 36.4%。在極具挑戰性的 2015 年上半年，紐柯鋼鐵持續產生非常強勁的營運現金流。憑藉我們高度可變和低成本的結構，我們在經濟低迷時期受益於營運資金的大幅減少。2015年上半年的情況再次如此，營運提供的現金約為12億美元，比去年上半年4.43億美元的營運現金流大幅增加。

Nucor's strong through-the-cycle operating cash flow generation allows us to invest in attractive opportunities during periods of industry distress, when the long term returns are most attractive, and to continue rewarding your shareholders with immediate returns in the form of base dividends that increased for 42 consecutive years. Here are some numbers to help explain how our cash generation is such an important competitive strength, supporting our team's focus on profitable long-term growth. Over the past four quarters Nucor's generated cash from operations totaling $2.1 billion. During that period that cash flow has enabled us to fund the acquisition of Gallatin Steel for about $779 million, paid cash dividends to shareholders of $477 million and invest in capital expenditures of $381 million. Let me repeat that, invest in capital expenditures of $381 million and increase our liquidity.

紐柯公司強大的全週期營運現金流使我們能夠在行業困境期間投資有吸引力的機會，此時長期回報最具吸引力，並繼續以基礎股息的形式回報股東，基礎股息增加了連續42年。以下一些數字可協助解釋為何我們的現金產生如此重要的競爭優勢，支持我們團隊專注於獲利性長期成長。過去四個季度，紐柯公司從營運中產生的現金總額為 21 億美元。在此期間，現金流使我們能夠以約 7.79 億美元的價格收購 Gallatin Steel，向股東支付 4.77 億美元的現金股息，並投資 3.81 億美元的資本支出。讓我再說一遍，投資3.81億美元的資本支出並增加我們的流動性。

In this time of unprecedented industry turmoil, our focus is not on survival but on growing the long-term value of our shareholders' investment. Nucor's financial position remains strong. Our gross debt-to-capital ratio was 36% at the close of the second quarter. Cash and short-term investments totaled $1.7 billion, putting our net debt-to-capital ratio at approximately 26%. Our next significant debt maturity is not until December 2017. Nucor's strong liquidity position also includes our $1.5 billion unsecured revolving credit facility, which remains undrawn. That facility does not mature until August of 2018. Nucor is the only North American steel producer to hold an investment-grade credit rating.

在這個前所未有的產業動盪時期，我們的重點不是生存，而是增加股東投資的長期價值。紐柯公司的財務狀況依然強勁。截至第二季末，我們的總負債與資本比率為 36%。現金和短期投資總計 17 億美元，使我們的淨負債與資本比率約為 26%。我們的下一個重大債務到期要到 2017 年 12 月。紐柯公司強大的流動性狀況還包括我們尚未提取的 15 億美元無擔保循環信貸額度。該設施要到 2018 年 8 月才會成熟。紐柯鋼鐵公司是北美唯一擁有投資等級信用評級的鋼鐵生產商。

The first six months of 2015 capital expenditures totaled $163 million. We estimate the full-year 2015 capital spending will be approximately $450 million. Most of our recent larger-scale organic growth investments have been completed or are nearing completion. Depreciation and amortization for 2015 is expected to total about $700 million. Earnings in the third quarter of 2015 are expected to be improved from second quarter. The steel segment should benefit from beginning the quarter with lower costs inventories. Our steel products segment is expected to benefit from continuing gradual improvement in non-residential construction activity.

2015 年前六個月的資本支出總計 1.63 億美元。我們預計 2015 年全年資本支出約為 4.5 億美元。我們最近的大部分大規模有機成長投資已經完成或即將完成。2015年折舊及攤銷預計總計約7億美元。2015年第三季的獲利預計較第二季有所改善。鋼鐵業應受惠於本季初庫存成本降低。我們的鋼鐵產品部門預計將受益於非住宅建築活動的持續逐步改善。

We are confident Nucor's significant competitive advantages and highly adaptable business model will allow our team to continue to execute our proven strategies for delivering profitable long-term growth and shareholder returns. We do appreciate your interest in our Company. John?

我們相信，紐柯公司顯著的競爭優勢和高度適應性的商業模式將使我們的團隊能夠繼續執行我們行之有效的策略，以實現盈利的長期成長和股東回報。我們非常感謝您對我們公司的興趣。約翰？

Thanks, Jim. Nucor's long-term success has been achieved by focusing on a simple strategy. Nucor capitalizes on its unrivalled position of strength to gain profitable market share in our core businesses of steel and steel products throughout the economic cycle. The anchors to our strategy and its execution are these very powerful competitive strengths of Nucor.

謝謝，吉姆。紐柯公司的長期成功是透過專注於簡單的策略而取得的。紐柯利用其無與倫比的實力地位，在整個經濟週期的鋼鐵和鋼鐵產品核心業務中獲得可獲利的市場份額。我們的策略及其執行的支柱是紐柯公司的這些非常強大的競爭優勢。

Nucor is a low-cost producer of steel and steel products. Importantly, we work to drive continual improvement in our core structure. Nucor's financial strength is unparalleled in the North American steel industry. Nucor generates robust operating cash flow throughout the cyclical ups and downs that are inevitable part of the steel business. Nucor is the market leader in 9 of the 11 largest markets where we compete. Market leadership matters, as we are able to earn higher margins by providing the broadest mix of products and services to our customers.

紐柯鋼鐵公司是一家低成本鋼鐵及鋼鐵產品生產商。重要的是，我們致力於推動核心結構的持續改進。紐柯公司的財務實力在北美鋼鐵業中是無與倫比的。紐柯在鋼鐵業務不可避免的周期性起伏中產生了強勁的經營現金流。在我們參與競爭的 11 個最大市場中，紐柯公司在 9 個市場中都是市場領導者。市場領導地位很重要，因為我們能夠透過向客戶提供最廣泛的產品和服務組合來賺取更高的利潤。

Nucor's channel to the market strategy allows our steel mills to increase their penetration of higher margin and higher value-added products in a global steel market burdened with irrational excess capacity resulting from foreign government subsidies. Nucor's raw material strategies execution has positioned us with greater flexibility to take advantage of the lowest cost feedstock for making steel in a commodity business characterized by high volatility and input costs. The steel industry has seen some very tough times over the past nearly seven years, stretching back to the fall of 2008. While Nucor certainly does not welcome tough times in our business, we do not fear them. In fact, we use them to our advantage to grow strongly.

紐柯的市場通路策略使我們的鋼廠能夠在因外國政府補貼而導致產能非理性過剩的全球鋼鐵市場中提高高利潤和高附加價值產品的滲透率。紐柯的原料策略執行使我們能夠更靈活地利用成本最低的原料在波動性和投入成本高的大宗商品業務中煉鋼。自2008年秋季以來，過去近七年裡，鋼鐵業經歷了一些非常艱難的時期。雖然紐柯公司當然不歡迎我們業務中的困難時期，但我們並不害怕它們。事實上，我們利用它們來實現強勁成長。

I am pleased to report that Nucor's position of strength has improved during this protracted steel industry downturn. Since 2008 Nucor has invested almost $6 billion to expand our portfolios of higher margin products and to improve our relative cost position. Given the growth in our earnings capacity and the strength of the steel market demand in the US, we believe our profitability would challenge and possibly exceed our 2008 record earnings level, were it not for the tsunami of illegally traded imports that are overwhelming the domestic steel industry.

我很高興地報告，在鋼鐵業長期低迷時期，紐柯鋼鐵的實力地位有所提高。自 2008 年以來，紐柯已投資近 60 億美元來擴大我們的高利潤產品組合併改善我們的相對成本地位。鑑於我們盈利能力的增長和美國鋼鐵市場需求的強勁，我們相信，如果不是非法進口貿易海嘯壓倒了國內鋼鐵，我們的盈利能力將挑戰並可能超過我們 2008 年創紀錄的盈利水平。行業。

Nevertheless, the very initial pay off from these investments already can be seen in our current results. Here are some examples. Nucor's market-leading long products businesses achieved year-over-year growth in profitability for both the second quarter and first half of 2015, despite significant marketplace pressures resulting from imports. The keys to this performance from market leadership positions and our vertically integrated channel to the market strategy, our Bar Mills benefited from a strong channels-to-market provided by our downstream businesses. These downstream channels to the market include our market-leading Vulcraft and Verco joist and deck operations, our Harris Steel rebar fabrication business, our market-leading cold finish bar business, our market-leading pre-engineered metal buildings business and a few others.

儘管如此，這些投資的最初回報已經可以從我們目前的表現中看到。這裡有些例子。儘管進口帶來了巨大的市場壓力，紐柯公司市場領先的長材業務在2015年第二季和上半年均實現了獲利年增。這項業績的關鍵在於市場領導地位和我們垂直整合的市場通路策略，我們的棒材工廠受益於我們下游業務提供的強大的市場通路。這些下游市場管道包括我們市場領先的 Vulcraft 和 Verco 托樑和甲板業務、我們的 Harris Steel 鋼筋製造業務、我們市場領先的冷加工鋼筋業務、我們市場領先的預製金屬建築業務等。

Our Nucor-Yamato structural steel mill delivered a particularly strong performance in the second quarter. This performance is evidence of the strong partnerships Nucor-Yamato has built with its fabricated customers. Also, the market-leading teams of Nucor-Yamato and Skyline Steel continue to grow profitable market share for us in the steel pilings market. Nucor-Yamato expects to grow its wider piling section's annual volume to 100,000 tons over the next few years. These products were introduced to the marketplace earlier this year and received their first export order in the second quarter.

我們的紐柯大和結構鋼廠在第二季表現特別強勁。這項業績證明了紐柯大和與其製造客戶建立了牢固的合作關係。此外，市場領先的 Nucor-Yamato 和 Skyline Steel 團隊繼續為我們在鋼樁市場增加可獲利的市場份額。Nucor-Yamato 預計在未來幾年內將其更廣泛的打樁部分的年產量增加到 10 萬噸。這些產品於今年稍早投放市場，並在第二季收到了第一筆出口訂單。

The automotive market continues to be an attractive growth opportunity for Nucor. Our sheet and engineered bar businesses are on track in 2015 to increase their combined automotive volume by more than 20% to approximately 1.4 million tons. And there is more growth ahead, as our goal is to reach an annual shipment rate of 2 million tons to the automotive market within the next two to three years. As always, our focus is on profitable growth in our automotive book of business created by our ability to provide unique value-added products and services.

汽車市場仍然是紐柯公司極具吸引力的成長機會。我們的板材和工程棒材業務預計在 2015 年將其汽車總產量增加 20% 以上，達到約 140 萬噸。未來還有更多的成長，因為我們的目標是在未來兩到三年內達到汽車市場年出貨量 200 萬噸。一如既往，我們的重點是透過我們提供獨特的增值產品和服務的能力而創造的汽車業務利潤增長。

Nucor's recent and significant investments throughout our sheet and engineered bar mill groups are driving our growing market share in these higher margin and more import resistant products. Our Nucor Steel Berkeley sheet mill continued to build momentum in the second quarter with it's very successful roll-out of new wide light products. Berkeley expects to ship 200,000 tons of these new products this year, allowing it to gain market share with a number of important heavy equipment, service center and automotive customers. Completed in 2014, the wide-light modernization capital project has positioned Berkeley with the lightest hot roll gauge capability of any sheet mill in the Southern US market, and with a finished prior product lift of up to 72 inches.

紐柯最近對我們的板材和工程棒材軋機集團進行了重大投資，推動了我們在這些利潤率更高、更耐進口的產品中不斷增長的市場份額。我們的紐柯鋼鐵伯克利薄板廠在第二季度繼續保持勢頭，成功推出了新的寬幅輕型產品。柏克萊預計今年將運送 20 萬噸這些新產品，從而獲得一些重要的重型設備、服務中心和汽車客戶的市場份額。寬光現代化資本項目於 2014 年竣工，使 Berkeley 擁有美國南部市場上所有薄板廠中最輕的熱軋規格能力，並且之前的成品升程高達 72 英寸。

Our raw material strategy is a critical foundation of supporting Nucor's growing participation in the higher value-added and higher margin products. During the second quarter our Louisiana direct reduced iron plant successfully ramped up following its five month shutdown to make major equipment improvements. Louisiana produced approximately 540,000 tons of DRI in the second quarter of 2015 with its usual world-class quality levels. Louisiana has been a challenging start up, as was our plant in Trinidad that started up in 2007. It is worth noting that the challenges in Trinidad was somewhat masked by a dramatically different raw materials pricing environment. Despite recent challenges, our confidence has never been higher regarding the long-term value of Nucor owning DRI production capability. It puts Nucor in an unrivalled position of flexibility in optimizing our iron units cost due to the cycle.

我們的原料策略是支持紐柯持續參與高附加價值和高利潤產品的重要基礎。在第二季度，我們的路易斯安那州直接還原鐵工廠在停工五個月後成功提高了產量，以進行重大設備改進。2015 年第二季度，路易斯安那州生產了約 54 萬噸直接還原鐵 (DRI)，其品質水準始終保持世界一流水準。路易斯安那州的新創是一個充滿挑戰的過程，我們 2007 年在特立尼達的工廠也是如此。值得注意的是，特立尼達面臨的挑戰在某種程度上被截然不同的原料定價環境所掩蓋。儘管最近面臨挑戰，但我們對紐柯擁有直接還原鐵生產能力的長期價值充滿信心。它使紐柯公司在優化循環期間的煉鐵裝置成本方面處於無與倫比的靈活性。

During the second quarter, major progress was achieved in the work done by Nucor and other producers to fight back against the tsunami of illegally traded steel imports coming into the United States. Imports were 32% of all steel sold in this country in the first six months of this year. That is up from a 27% market share for the year-ago period and from slightly above 20% of the market in 2009. I am very pleased to report that we scored two significant victories recently. Congress, on a bipartisan basis, adopted important trade remedy provisions championed by the US steel industry as part of a package of trade Bills. By passing this legislation, Congress has given our industry more effective tools to fight back against unfairly and illegally traded steel imports.

第二季度，紐柯鋼鐵公司和其他生產商在反擊流入美國的非法鋼鐵進口海嘯方面所做的工作取得了重大進展。今年前六個月，進口占全國鋼鐵銷售總量的 32%。這一市佔率高於去年同期的 27%，也高於 2009 年略高於 20% 的市佔率。我很高興地報告，我們最近取得了兩場重大勝利。國會在兩黨的基礎上通過了美國鋼鐵業倡導的重要貿易救濟條款，作為一攬子貿易法案的一部分。透過這項立法，國會為我們的產業提供了更有效的工具來反擊不公平和非法的鋼鐵進口貿易。

These changes were long overdue. The US trade laws have not been updated for over 20 years. The Nucor team applauds Congress and the Administration for taking a much tougher line with countries that break the law and destroy the economic vitality of our country. These new trade laws alone will not address the underlying issue of systemic global steel over-capacity resulting from a trade to sorting practices of some foreign governments. It is time for the world trading community to take firm action to stop these countries from dumping their steel and force them to comply with world trade organization rules.

這些改變早就該發生了。美國貿易法已有20多年沒有更新。紐柯團隊讚揚國會和政府對違法並破壞我國經濟活力的國家採取更強硬的立場。僅靠這些新的貿易法並不能解決一些外國政府的貿易分類做法所導致的全球系統性鋼鐵產能過剩的根本問題。現在是世界貿易界採取堅決行動阻止這些國家傾銷鋼鐵並迫使它們遵守世界貿易組織規則的時候了。

As has always been the case, Nucor will not hesitate to file a trade case if the evidence warrants such actions. During the second quarter we joined five other steel makers in filing a trade case against India, China, Italy, Korea and Taiwan for dumping and providing significant subsidies to producers of corrosion-resistant steel. We are pleased that last week, the US International Trade Commission made a preliminary affirmative determination allowing the case to proceed. Nucor will continue to assess market conditions in other product markets and pursue cases when appropriate. Our fighting against illegally traded steel imports is essential to meeting our responsibility to be an effective steward of our shareholders' valuable capital.

與往常一樣，如果證據支持採取此類行動，紐柯公司將毫不猶豫地提起貿易訴訟。第二季度，我們與其他五家鋼鐵製造商一起對印度、中國、義大利、韓國和台灣提起貿易訴訟，指控其傾銷並向耐腐蝕鋼生產商提供大量補貼。我們很高興地看到，美國國際貿易委員會上週做出了允許案件繼續審理的初步肯定性裁決。紐柯將繼續評估其他產品市場的市場狀況，並在適當的時候提起訴訟。我們打擊非法進口鋼鐵貿易對於履行我們有效管理股東寶貴資本的責任至關重要。

In closing, I am extremely confident that Nucor's best years are still ahead of us. Every time I visit a Nucor facility and spend time with my teammates I am reminded why I have absolute confidence that Nucor's future is extremely bright. It's because of the quality and commitment of the men and women who serve together with me on the Nucor team. They are truly the best. They are truly the right people. They will get the job done.

最後，我非常有信心紐柯公司最好的歲月仍在前方。每次我參觀紐柯工廠並與隊友共度時光時，我都會想起為什麼我對紐柯的未來充滿信心。這是因為與我​​一起在紐柯團隊中工作的男女員工的品質和承諾。他們確實是最好的。他們確實是合適的人選。他們會完成工作。

Thank you for your interest in Nucor. We will now be happy to take your questions.

感謝您對紐柯鋼鐵的興趣。我們現在很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

We'll go first to Luke Folta with Jefferies.

我們首先會和 Jefferies 一起去拜訪盧克福爾塔 (Luke Folta)。

Hi, good afternoon.

嗨，下午好。

Good afternoon.

午安.

First question I had was on non-res. We saw a bit of slowing in terms of -- you saw really nice year-over-year growth in joist, deck and rebar fab the last year in the first quarter. And that seemed to have dropped off quite a bit in 2Q and similar things out of Steel Dynamics' downstream business yesterday with volumes. The commentary still seems pretty positive around non-res. Can you just give us some sense of what's going on in terms of the shipment levels?

我的第一個問題是關於非資源的。去年第一季度，我們看到托樑、甲板和鋼筋工廠的年成長確實不錯。第二季的銷售量似乎大幅下降，昨天 Steel Dynamics 下游業務的銷售也出現了類似情況。關於非資源的評論似乎仍然相當正面。您能否讓我們了解一下出貨水準的情況？

Let me start with the overall market. The pundits are still saying that they expect a 7% to 8% increase in non-res this year over last year. We think that number is a little bit optimistic. We see it closer to be (inaudible) being around 5% to 6% this year in non-residential construction.

讓我從整體市場開始。專家們仍然表示，他們預計今年的非資源成長將比去年成長 7% 至 8%。我們認為這個數字有點樂觀。我們認為今年非住宅建築的比例接近（聽不清楚）約 5% 至 6%。

As far as our balance sheet businesses go, we're seeing some very positive things. Our backlogs are stronger than they've ever been. Frankly the pricing of the products in our backlog are stronger than we've seen in quite some time. So although we see things over the course of the year slowing a little bit more compared to last year, we're still pretty optimistic about non-residential construction and our downstream businesses going into it.

就我們的資產負債表業務而言，我們看到了一些非常積極的事情。我們的積壓訂單比以往任何時候都多。坦白說，我們積壓產品的定價比我們在相當長一段時間內看到的要強。因此，儘管我們看到今年的情況比去年有所放緩，但我們仍然對非住宅建築及其下游業務相當樂觀。

All right. On the trade side, the language that went into the TPA Bill here recently, how big of a deal do you think that is? When you think about the impact for imports, is it fair to say that Nucor probably has more upside than the industry as a whole in terms of if there is a change in the way import protections is -- if the enforcement improves here, do you think that there is more upside just given your Southern presence? I would guess that more of your business enters into the spot market than maybe some of your integrated peers to the North. Any commentary around that would be helpful.

好的。在貿易方面，最近 TPA 法案中的措辭，您認為這有多大？當您考慮對進口的影響時，可以公平地說，就進口保護方式是否發生變化而言，紐柯可能比整個行業有更多的優勢——如果這裡的執法有所改善，您會嗎？您認為南方的存在有更多的好處嗎？我猜你們進入現貨市場的業務可能比北方的一些綜合同行還要多。任何對此的評論都會有所幫助。

Let me respond in general. We think that there's tremendous upside. I won't compare it to any of our competitors, but for us, we are very optimistic about potential upside. We're very positive about the language in the legislation. It clearly gives us much stronger tools to fight back against unfair trade.

讓我籠統地回答一下。我們認為這有巨大的上升空間。我不會將其與我們的任何競爭對手進行比較，但對我們來說，我們對潛在的上升空間非常樂觀。我們對立法中的措詞非常積極。它顯然為我們提供了更強大的工具來反擊不公平貿易。

Just to mention maybe a couple of the things that it does for us. Number one, it changes the definition of injury. It gives the International Trade Commission a much broader list of factors when determining whether an industry has been injured, not just profitability. That's important. It will no longer be necessary for us to suffer severe financial damage before actions can be taken.

只是提一下它為我們做的一些事情。第一，它改變了傷害的定義。它為國際貿易委員會在確定一個行業是否受到損害時提供了更廣泛的因素清單，而不僅僅是盈利能力。這很重要。我們不再需要在採取行動之前遭受嚴重的經濟損失。

Another provision enhances the Commerce Department's discretion in dealing with foreign companies and foreign governments that are uncooperative or are very slow to provide the information they need to make a determination. So although I have to say that this is a very positive first step, there is more work to be done. We believe that this will create a much more balanced and fair marketplace competition here in the United States, but there's still work to be done. So we will continue to work in Washington with our elected officials and continue to press for even stronger trade laws in the future.

另一項規定增強了商務部在與不合作或緩慢提供做出決定所需資訊的外國公司和外國政府打交道時的自由裁量權。因此，儘管我不得不說這是非常積極的第一步，但還有更多工作要做。我們相信，這將在美國創造更平衡和公平的市場競爭，但仍有工作要做。因此，我們將繼續在華盛頓與我們當選的官員合作，並繼續推動未來制定更強有力的貿易法。

If I could ask one more just on the raw material segment outlook. The Louisiana plant seems like it's ramping up very nicely. Heading into 3Q, you're not going to have the Trinidad outage and I would think that the headwind from the high cost raw materials will be lesser quarter on quarter. Just trying to get a sense of why we're still looking for the flat outcome in that business quarter to quarter.

我能否再問一個關於原料產業前景的問題。路易斯安那工廠的發展勢頭似乎非常好。進入第三季度，特立尼達不會停電，我認為高成本原料帶來的阻力將逐季度減少。只是想了解為什麼我們仍然在該業務季度中尋求持平的結果。

Trinidad will do better, as you mentioned, we won't have the shutdown there. In the case of Louisiana, it will probably be towards the end of the third quarter by the time we work through all of the high-priced inventory. And the reason that it might be the same even with the improvement in Trinidad, is that we won't see the same impact as we did with the $10 million payment on a vendor liability.

正如你所提到的，特立尼達會做得更好，我們不會在那裡關閉。就路易斯安那州而言，我們可能會在第三季末處理完所有高價庫存。即使特立尼達島有所改善，情況也可能相同，因為我們不會看到與支付 1000 萬美元的供應商責任所產生的影響相同的影響。

Okay, thank you.

好的謝謝。

We'll go next to Evan Kurtz with Morgan Stanley.

接下來我們將討論摩根士丹利的埃文‧庫爾茨 (Evan Kurtz)。

Hey, good afternoon.

嘿，下午好。

Good afternoon, Evan, how are you?

下午好，埃文，你好嗎？

Doing well, thanks. Just a couple of follow-ups on the trade front. I was just wondering, the rules now change as far as injury definition goes. Does that mean that some of the trade cases that people have been working on for the past year-plus now on hot-rolled, cold-rolled that we haven't really seen yet, do they have to be rewritten to match the new rules? Is that going to cause some sort of a delay?

做得很好，謝謝。只是貿易方面的一些後續行動。我只是想知道，就傷害定義而言，規則現在已經改變了。這是否意味著人們在過去一年裡一直在研究的一些貿易案例，以及現在我們還沒有真正見過的熱軋、冷軋貿易案例，是否必須重寫以符合新規則？這會導致某種延遲嗎？

No, frankly, just the opposite. As we go forward and we press for any potential cases that we might file in the future, what will happen is the new law will apply to them. So it will not cause delays, if anything, just the opposite will happen. Now the countries that we would potentially file against will be required to submit the data faster. They will not have the same list of reasons for not getting the data in in a timely manner.

不，坦白說，恰恰相反。當我們繼續前進並要求我們將來可能提起的任何潛在案件時，將會發生的情況是新法律將適用於他們。所以它不會造成延誤，如果有的話，只會發生相反的情況。現在，我們可能針對的國家將被要求更快地提交資料。他們不會列出相同的未能及時獲取數據的原因。

And as we look at the -- pressing the point of whether there was injury or not, there's a different set of guidelines that will be used. So certainly this will not cause any delay. If anything, we expect it to speed up the process in cases that we have -- will [impress] in the future.

當我們關注是否受傷這一緊迫問題時，將使用一套不同的指導方針。所以這當然不會造成任何延誤。如果說有什麼不同的話，我們希望它能夠在我們現有的情況下加快這一進程——將來會[給人留下深刻的印象]。

Great, thanks. And then from what I understand, there's actually some additional trade protection that we could see coming out of the customs Bill that's in conference right now on the enforcement front. I understand the language is a little bit different on the Senate side versus the House side on enforcement.

萬分感謝。據我了解，實際上我們可以從目前正在執法方面召開的海關法案中看到一些額外的貿易保護。據我所知，參議院和眾議院在執行上的措辭略有不同。

For some of us on the outside who are trying to follow this, maybe you have some insights there that could help us. Is there any particular language that we should be looking at that you really want to see passed in this customs Bill? Or is there any language that makes you a little bit more nervous or cautious? Any color there would be helpful.

對於我們中一些試圖遵循這一點的外部人士來說，也許您有一些見解可以幫助我們。我們是否應該考慮您真正希望在這份海關法案中通過的任何特定措辭？或是有什麼語言讓你更緊張或謹慎嗎？任何顏色都會有幫助。

Let me start by saying that we aren't going to comment on what the outcome will be in (inaudible) intent. We will work hard with our elected officials to get an outcome that's favorable to the industry. Beyond that, I don't want to say too much. It's an ongoing phase. We don't want to say too much about that at this time.

首先我要說的是，我們不會以（聽不清楚）意圖評論結果。我們將與我們當選的官員一起努力工作，以取得有利於該行業的結果。除此之外，我不想說太多。這是一個持續的階段。目前我們不想對此說太多。

Okay fair enough. And then maybe one last question on raw materials as well. Trying to get a sense for modeling Louisiana going forward, as far as the flow-through on the timing for iron ore inventory. I fully understand that you had quite a bit of outages, hiccups getting this project started and that obviously stretched out the amount of iron ore you had on the ground probably considerably.

好吧，很公平。也許還有一個關於原料的問題。試圖了解路易斯安那州未來的建模，就鐵礦石庫存的時間安排而言。我完全理解，你們在啟動這個計畫時遇到了相當多的停電和問題，這顯然大大增加了你們當地的鐵礦石數量。

But once things normalize, how much iron ore inventory would you normally have on the ground? How quickly should we model in price change on iron ore through your earnings?

但一旦情況正常化，您通常會有多少鐵礦石庫存？我們應該多快透過您的收入對鐵礦石價格變化進行建模？

Well remember, as you factor in your AFL, think about the fact that we buy iron ore on a contract basis and then you pay for the previous quarter. There's always a one-quarter delay between what you're seeing going through the furnace and what you've purchased. So always make sure you put that time delay in there as you go forward.

請記住，當您考慮 AFL 時，請考慮這樣一個事實：我們根據合約購買鐵礦石，然後您支付上一季的費用。你看到的經過熔爐的東西和你購買的東西之間總是有四分之一的延遲。因此，請務必確保在前進時將時間延遲放在那裡。

We use about 4 million tons a year. So in terms of keeping the inventory on the ground, we probably have maybe one month.

我們每年使用約 400 萬噸。因此，就保持庫存而言，我們可能還有一個月的時間。

One month.

一個月。

No, no, about 1 million tons we keep on the ground. Probably about 25% of our annual use.

不，不，我們在地面上儲存了大約 100 萬噸。大概占我們每年使用量的 25% 左右。

Great, that's super helpful. Thanks, guys.

太棒了，這非常有幫助。多謝你們。

We'll take our next question from Matt Murphy with UBS.

我們將回答瑞銀集團的馬特墨菲 (Matt Murphy) 提出的下一個問題。

Hi. John, you made a comment your backlogs are stronger than you've seen in some time. Structural rebar and joist in Q2 were all flat to down, so I'm wondering is the backlog stronger now than it was at the end of Q1? And do you think that's a result of underlying demand uplift? Or is it more import easing off? Or is it a combo of the two?

你好。約翰，您曾評論說，您的積壓工作比您一段時間以來所看到的還要多。第二季的結構鋼筋和托樑都持平至下降，所以我想知道現在的積壓是否比第一季末更強？您認為這是潛在需求上升的結果嗎？還是進口更加寬鬆？還是兩者的結合？

Ray, why don't you take that?

雷，你為什麼不接受這個？

Sure, good afternoon. This is Ray Napolitan. I would say our downstream backlogs are up as a combination of several things, but improved underlying demand and overall the slow growth of the non-res market. Plus there were some delayed shipments in the first quarter and first half of the year due to weather. But overall, the team's doing a good job in increasing our backlog levels and it bodes well for the second half of the year for all three of our major downstream products.

當然，下午好。這是雷·納波利坦。我想說，我們的下游積壓訂單增加是多種因素共同作用的結果，但潛在需求有所改善，而且非資源市場整體成長緩慢。此外，由於天氣原因，第一季和上半年的出貨有所延遲。但總的來說，該團隊在增加我們的積壓水平方面做得很好，這預示著我們所有三種主要下游產品今年下半年的前景良好。

Okay, thanks. And then one other question is when you talk about the flexibility DRI offers, and I appreciate it. It probably plays a role with helping the current pricing environment and the scrap market. But presumably the flexibility means you run it hard when scrap prices are high, and you maybe don't focus on it as much when they're low. So I'm just wondering how you're thinking about your raw material strategy as iron ore spirals and maybe we see some more weakness coming in scrap.

好的謝謝。另一個問題是當你談論 DRI 提供的靈活性時，我很欣賞。它可能有助於改善當前的定價環境和廢鋼市場。但大概靈活性意味著當廢鋼價格高時你會努力運行，而當廢鋼價格低時你可能不會那麼關注它。所以我只是想知道隨著鐵礦石的螺旋式上升，您如何考慮您的原料策略，也許我們會看到廢鋼出現更多疲軟。

Well, you're exactly right. It gives us the ability to switch back and forth in which area we want to press, whether it's in scrap or whether it's in DRI, depending upon what the cost of the iron unit is. At the end of the day, an iron unit is an iron unit. What it does is it gives us the flexibility to change and modify our feedstock mix so that we can optimize our mix, based upon current pricing in the different commodities.

嗯，你說得完全正確。它使我們能夠在我們想要壓制的區域來回切換，無論是在廢鋼中還是在 DRI 中，這取決於鐵單元的成本是多少。歸根究底，鐵單位就是鐵單位。它的作用是讓我們能夠靈活地改變和修改我們的原料組合，以便我們可以根據不同商品的當前定價來優化我們的組合。

It gives us a lot of flexibility. We have pig iron out there, Now we have HBI, this gives us DRI. We have scrap that's under our control. So we have a lot of flexibility, but we'll drive the decision on where we are focusing is the price of the iron unit in each one of those areas.

它給了我們很大的靈活性。我們有生鐵，現在我們有 HBI，這給了我們 DRI。我們有可控的廢料。因此，我們有很大的靈活性，但我們將推動決定我們關注的重點是每個區域的鐵單位的價格。

Okay, thanks.

好的謝謝。

We'll take our next question from Timna Tanners with Bank of America Merrill Lynch.

我們將回答美銀美林蒂姆納坦納斯 (Timna Tanners) 提出的下一個問題。

Good afternoon, how are you?

下午好，過得如何？

All right, thanks. So two big areas I wanted to touch on. One is we've heard so much about flat rolled and improvements expected there, but we were surprised the year-over-year declines in bars, structurals, and plate. So just wanted to drill down a little bit more, if you could provide some information on how much of that might be destocking imports or underlying demand?

好的，謝謝。所以我想談兩個大領域。其一，我們已經聽說過很多關於扁鋼和預期改進的消息，但我們對棒材、結構鋼和板材的同比下降感到驚訝。因此，我只是想更深入地了解一下，您能否提供一些信息，說明其中有多少可能會減少進口庫存或潛在需求？

I can tell you that it's -- underlying demand in the United States is very, very strong. That's not the issue. The issue isn't demand, it's on the supply side. And it's the fact that the imports are coming in so heavy.

我可以告訴你，美國的潛在需求非常非常強勁。那不是問題。問題不在於需求，而在於供給。事實上，進口量如此之大。

As I'm sure you know, Timna, they've captured about 32% of the steel market today. And although that we're looking at -- here I'm talking about the whole market there. Although we are looking at demand levels that are going to be just about the same as last year, the import level has gone up from 27% to about 32% to 33%.

Timna，我相信您知道，他們今天已經佔領了大約 32% 的鋼鐵市場。儘管我們正在關注這一點，但我在這裡談論的是那裡的整個市場。儘管我們預計需求水準將與去年基本相同，但進口水準已從 27% 上升至約 32% 至 33%。

So demand is not the issue. Demand is strong, but imports are taking a much bigger bite out of our potential long product business. When I talk about 32% to 33%, that's across all of our products.

所以需求不是問題。需求強勁，但進口正在對我們潛在的長材業務產生更大的影響。當我談到 32% 到 33% 時，這是我們所有產品的情況。

When you look at -- you mentioned beams specifically, so I'll comment on that. Imports are up 33% in beams year over year. That's a huge increase.

當您查看時，您特別提到了梁，所以我將對此發表評論。橫梁進口量較去年同期成長 33%。這是一個巨大的成長。

So the short answer to your question, demand is strong, we see good demand. We believe it will grow moderately throughout the rest of the year. The issue is on the influence and I stress, the issue is actually not the influence. The issue is illegally, unfairly traded imports.

所以對你的問題的簡短回答是，需求強勁，我們看到了良好的需求。我們相信今年剩餘時間它將溫和成長。問題在於影響力，我強調，問題其實不是影響力。問題在於非法、不公平的進口貿易。

Okay, got you. The other question I want to ask is on huge amount of free cash flow in the first half of the year. And I know that Jim stressed the importance of your cash generation as a competitive strength. Not to pick on you, but you did point out that DRI is obviously less attractive in the current commodity environment that none of us forecasted, and I get that.

好的，明白了。我想問的另一個問題是上半年的巨額自由現金流。我知道吉姆強調了現金生成作為競爭優勢的重要性。不是為了挑剔你，但你確實指出，在當前的大宗商品環境中，DRI 顯然沒有我們任何人預測的那麼有吸引力，我明白了。

Can you talk to us a little bit about how you can deploy that capital going forward in ways that we can be confident will grow the business? Do you, in light of the fact that you've already done a lot of investments to grow organically, do you start to steer maybe toward other uses of cash going forward?

您能否與我們談談如何以我們有信心發展業務的方式部署這些資本？鑑於您已經進行了大量投資以實現有機成長，您是否會開始轉向未來現金的其他用途？

I would say that our first goal is always to invest to grow our business. Now we believe that there's still a lot of opportunity to do that. And we would focus on areas that brought value-added higher margin products.

我想說，我們的首要目標始終是投資來發展我們的業務。現在我們相信仍然有很多機會做到這一點。我們將重點放在帶來附加價值較高、利潤率較高的產品的領域。

Investments that we've made similar to what we did at Hertford County with the heat treat and the normalizing line. Investments that we've made in SBQ. Investments that we made at Berkeley with the wide life project. The investments we made with wider piling sections.

我們所做的投資與我們在赫特福德縣的熱處理和正火生產線所做的投資類似。我們對 SBQ 的投資。我們在伯克利透過廣泛的生活項目進行了投資。我們對更寬的打樁段進行了投資。

In all of these cases we're focusing our investments on higher margin products that are also more import resistant. Although we're taking a lot, and feel good about the action that's being taken in Washington to fight off these illegally traded products. The focus that we have is to continue to work to better insulate Nucor from flood of influence. And the way to do that is to focus on those value-added products.

在所有這些情況下，我們將投資重點放在利潤率更高、進口抵抗力更強的產品上。儘管我們採取了許多措施，並對華盛頓為打擊這些非法貿易產品所採取的行動感到滿意。我們的重點是繼續努力，更好地使紐柯公司免受洪水般的影響。而做到這一點的方法就是專注於那些加值產品。

A great example that I can give you, Timna, is all of the work that we're doing on our advanced high-strength steels that go into the automotive market. I mentioned how we have grown in that over the last couple years. There is a product, because of the quality requirements and because of the just-in-time delivery requirements, that's not easily imported. So that's an area of focus for us.

Timna，我可以給您的一個很好的例子就是我們在進入汽車市場的先進高強度鋼方面所做的所有工作。我提到了過去幾年我們在這方面的成長。有一種產品，由於品質要求和準時交貨要求，不容易進口。所以這是我們關注的一個領域。

I'd also like to speak a little bit more about the continued investment in lowering our total cost of productions. You mentioned that I referenced that our DRI production, given the current environment, is not as attractive as we thought it might have been at one point. But I do want to point out that it's still attractive.

我還想多談談為降低總生產成本而進行的持續投資。您提到，我提到，鑑於當前的環境，我們的 DRI 生產並不像我們曾經想像的那麼有吸引力。但我確實想指出它仍然有吸引力。

If you take a look, the issue we're working our way through is a short-term issue, where we have this iron ore that's higher priced. But if you took a look at the cost of -- our conversion costs today and you [applied] the market price for iron units coming out of iron ore today, our all-in costs would be under what we would have to be paying for other forms of low-residual products like pig iron and prime scrap.

如果你看一下，我們正在解決的問題是一個短期問題，我們的鐵礦石價格較高。但是，如果你看一下我們今天的轉換成本，並且你[應用]今天從鐵礦石中提取的鐵單位的市場價格，我們的總成本將低於我們必須支付的成本其他形式的低殘留產品，如生鐵和優質廢鋼。

So it's still a valuable investment. The question is whether it's a good investment or whether it's a great investment. In today's pricing environment it's a good investment. In a pricing environment of iron units where we were a year and a half ago, it would be a great investment. And trust me, given the cyclical nature of our business, it will be a great investment again in the future.

所以它仍然是一項有價值的投資。問題是這是一項好的投資還是一項偉大的投資。在當今的定價環境下，這是一項不錯的投資。在一年半前的鐵礦石定價環境中，這將是一項巨大的投資。相信我，考慮到我們業務的周期性，這將在未來再次成為一項巨大的投資。

So I wanted to be clear about that so that should we move forward with investing further in some form of DRI or blast furnace project, everyone understands that we had a short-term issue, we're dealing with it, it will pass. Long term, we still believe very strongly in this strategy.

所以我想澄清這一點，以便我們進一步投資某種形式的 DRI 或高爐項目，每個人都明白我們遇到了一個短期問題，我們正在處理它，它會過去的。從長遠來看，我們仍然堅信這項策略。

At the end of the day, we look at it this way. The amount of iron ore in the world is virtually unlimited. The amount of scrap in the world is much more limited. We can generate more iron ore by reinvesting in extraction techniques. It's tough to generate more scrap, and we see that when we see the amount of scrap being generated in the United States as declining.

歸根究底，我們是這樣看待它的。世界上鐵礦石的數量幾乎是無限的。世界上的廢品數量就有限得多。我們可以透過對萃取技術的再投資來生產更多的鐵礦石。產生更多廢鋼是很困難的，當我們看到美國產生的廢鋼量正在下降時，我們就看到了這一點。

Okay, the point of my question wasn't to belabor the DRI issue because those are all good points, and I understand that. The point of my question was to try to ask if the use of this cash to protect against imports has been the primary source or use of cash over the last several years, and yet the benefit of those uses has yet to show up. Do you start to think about more direct return to shareholders to deploy that capital in a more direct way?

好吧，我的問題的目的不是要詳細討論 DRI 問題，因為這些都是很好的觀點，我理解這一點。我的問題的重點是試圖詢問使用這些現金來防止進口是否是過去幾年現金的主要來源或用途，但這些用途的好處尚未顯現出來。您是否開始考慮為股東提供更直接的回報，以更直接的方式部署資本？

We always look at all options, and we look at the potential investments that we can make in our business. And if we believe they are good investments to make and how we believe they bring long term earnings to our shareholders, that's the direction we will take. On the other hand, if we don't see them out there, we will consider all other options.

我們始終關注所有選擇，並專注於我們可以在業務中進行的潛在投資。如果我們相信它們是很好的投資，並且我們相信它們能為我們的股東帶來長期收益，那麼這就是我們將採取的方向。另一方面，如果我們看不到它們，我們將考慮所有其他選擇。

Okay great, thank you.

好的，太好了，謝謝。

Thank you.

謝謝。

We'll go next to Michael Gambardella with JPMorgan.

接下來我們將討論摩根大通的麥可甘巴德拉 (Michael Gambardella)。

Yes, good afternoon.

是的，下午好。

Good afternoon.

午安.

How much sheet capability do you have left for the third quarter?

第三季還剩下多少紙張產能？

That might be a different way of asking what's our utilization rate in sheet. Is that where you're going?

這可能是詢問我們的板材利用率是多少的另一種方式。那是你要去的地方嗎？

I just want to say, even beyond your stated capacity, how much more volume could you put out into the marketplace in sheet in the third quarter versus the second?

我只想說，即使超出了您所聲明的產能，您在第三季度向市場投放的板材數量與第二季度相比還能增加多少？

Let's see how I can answer that without getting too specific here. How much more could we put out? Listen, we could certainly put out several more million tons. You're talking about just for the quarter, just for the third quarter?

讓我們看看我如何回答這個問題而不需要太具體。我們還能投入多少？聽著，我們當然可以再生產數百萬噸。您是在談論本季、第三季嗎？

Yes, just in the quarter. Just on a quarterly basis.

是的，就在本季。只是按季度計算。

We could probably improve it about 20%.

我們可能可以將其改進約 20%。

20%. So with your relative cost advantage with scrap where it has come down to, is it just a question of letting the import supplies dry up in the marketplace?

20%。因此，鑑於您在廢品方面的相對成本優勢，這是否只是讓進口供應在市場上枯竭的問題？

Well there's several things. Certainly that would help. There's also the issue of allowing the inventories in our warehouses to continue to come down. It's a function that you look at, at our business and where was our product going and how are those markets performing.

嗯，有幾件事。這當然會有幫助。還有一個問題是如何讓我們倉庫的庫存繼續下降。您可以透過此功能查看我們的業務、我們的產品走向何方以及這些市場的表現如何。

Obviously, we talked about our increased participation in the automotive market and that's a strong market. We talk about non-residential construction and clearly a lot of all of our products, including sheet, will go into non-residential construction, and we see that picking up.

顯然，我們談到了我們對汽車市場的參與度的增加，這是一個強勁的市場。我們談論非住宅建築，顯然我們的許多產品，包括板材，都將進入非住宅建築，我們看到這種情況正在回升。

But on the other hand, we also have a lot of product that goes into oil-related products such as OCTG and that's obviously struggling right now. We don't see that changing for the rest of the year. So we see some of the markets that we sell our sheet products into as continuing to get better, and we see others that will continue to struggle.

但另一方面，我們也有很多產品用於與石油相關的產品，例如 OCTG，但目前顯然正在苦苦掙扎。我們認為今年剩餘時間這種情況不會改變。因此，我們看到我們銷售板材產品的一些市場繼續好轉，而其他市場將繼續陷入困境。

But overall, as we look at the third and fourth quarter, what we could put into them, another 20% to 25%, whether we'll be able to do that will be a function of what happens and how quickly it happens with trade cases or potential trade cases on hot-rolled and on cold-rolled products, how quickly that impacts the imports coming in. That of course will also help drive how quickly the warehouse inventories deplete.

但總的來說，當我們看到第三和第四季時，我們可以投入什麼，另外 20% 到 25%，我們是否能夠做到這一點將取決於貿易中發生的情況以及發生的速度。關於熱軋和冷軋產品的案件或潛在貿易案件，這對進口的影響有多快。當然，這也將有助於提高倉庫庫存消耗的速度。

but at the end of the day, I will say that I believe that we will be making more and more progress against influence. I feel really good about this recent legislation and the impact that's going to have short term and long term in our business. So as I look forward to the rest of the year, what we do have, as a Company, we're heavily weighted on the hot man side. Sometimes that's a real advantage, sometimes it's not. Right now we're in (inaudible) where that's not an advantage, but that will turn around also.

但最終，我會說，我相信我們將在對抗影響力方面取得越來越多的進展。我對最近的這項立法及其對我們業務的短期和長期影響感到非常滿意。因此，當我展望今年剩下的時間時，作為一家公司，我們所擁有的，我們在帥哥方面佔據了很大的比重。有時這是一個真正的優勢，有時卻不是。現在我們處於（聽不清楚）這不是一個優勢，但這種情況也會扭轉。

So I feel good about where we're going. I feel good about the import situation and the impact it will have on the market.

所以我對我們要去的地方感覺很好。我對進口情勢及其對市場的影響感到滿意。

When you think about market share, in the long products part of your business, everyone is subject to the same raw material costs issue, scrap basically in the market. But in the other half of the your business, pretty much in the sheet business, you have a maybe 35% of the market is scrap-based and the other 65% is iron ore-based. And that's where you can get a real advantage in terms of market share pick up.

當您考慮市場份額時，在您業務的長材產品部分，每個人都受到相同的原材料成本問題的影響，廢品基本上都在市場上。但在你的另一半業務中，幾乎是板材業務，你可能有 35% 的市場是基於廢鋼的，另外 65% 是基於鐵礦石的。這就是您在提高市場份額方面可以獲得真正優勢的地方。

How much market share in the sheet business did you pick up in the second quarter? And then can you talk about what you think you can do in the back half of the year?

第二季板材業務的市佔率有多少？然後您能談談您認為下半年可以做什麼嗎？

You mean pick up because of the cost advantages in the DRI?

您的意思是因為 DRI 的成本優勢而選擇？

In the DRI and the scrap business, just scrap prices coming down relative to iron ore in the last several months.

在直接還原鐵和廢鋼業務中，在過去幾個月裡，只有廢鋼價格相對於鐵礦石下降。

Versus integrated, John, I think he's thinking versus integrated.

約翰，我認為他是在思考與整合。

Yes, versus integrated.

是的，與整合相比。

Well I would have to almost answer that on a product-by-product basis. If we were to look at automotive, we think that we will pick up some market share in automotive. In construction, and we feel good about our ability to pick up 2%, 3%, 4% in construction. And as I mentioned earlier in some of our other markets, we think they will continue to struggle.

好吧，我幾乎必須根據產品來回答這個問題。如果我們看看汽車產業，我們認為我們將在汽車產業中獲得一些市場份額。在建築業，我們對建築業成長 2%、3%、4% 的能力感到滿意。正如我之前在我們的一些其他市場提到的，我們認為他們將繼續陷入困境。

Okay, because I think you had about a 12% increase quarter over quarter in your sheet shipments. One of your other -- your primary competitor in terms of mini-mill, Steel Dynamics, had about a 24% increase in sheet shipments quarter over quarter. So clearly both you guys are gaining share in the sheet business versus the integrated and imports right? Just wondering how much more share do you think you can pick up in the back half of the year?

好的，因為我認為你們的板材出貨量較上季成長了 12% 左右。你們的另一個——你們在短流程鋼廠方面的主要競爭對手——Steel Dynamics，板材出貨量環比增長了約 24%。很明顯，與整合和進口業務相比，你們倆都在板材業務中獲得了份額，對嗎？只是想知道您認為下半年還能獲得多少份額？

Can I answer that by saying how much would I like to pick up?

我可以回答這個問題，說我想要拿多少錢嗎？

Sure (laughter).

當然（笑聲）。

I'm just kidding. But listen, we continuously work against all of our competitors, both scrap-based and integrated. I don't want to make any comments in particular against any one of our competitors.

我只是在開玩笑。但聽著，我們不斷地與所有競爭對手合作，無論是基於廢料的還是綜合的。我不想針對我們的任何一位競爭對手發表任何評論。

Okay, thanks a lot, John.

好的，非常感謝，約翰。

Up next we'll go to David Gagliano with BMO Capital Markets.

接下來我們將邀請 BMO 資本市場部的 David Gagliano。

Hi, I wanted to quickly follow up on the DRI mass. I think this is right but I just want to make sure. You mentioned 4 million tons, and we don't know the cost of the iron ore inventory on the ground at this point, but is it reasonable to assume it's about $30 a ton higher than current prices?

大家好，我想快速跟進 DRI 品質。我認為這是正確的，但我只是想確定一下。你提到400萬噸，我們目前不知道當地鐵礦石庫存的成本，但假設它比目前價格每噸高出約30美元是否合理？

The inventory on the ground.

地面庫存。

I'm sorry, say again, I missed the question.

對不起，再說一遍，我錯過了這個問題。

I'm trying to figure out what the average cost of the iron ore inventory that was used in the second quarter, what that is relative to the current iron ore market.

我試圖弄清楚第二季度使用的鐵礦石庫存的平均成本是多少，與當前鐵礦石市場的關係如何。

The difference between the higher cost iron ore and the lower cost inventory, and this is (inaudible) delivered all-in is about $30, $35 a ton.

成本較高的鐵礦石和成本較低的庫存（聽不清楚）全部交付之間的差價約為每噸 30 至 35 美元。

So you were pretty close.

所以你們已經很接近了。

All right, that's what I needed, thank you.

好的，這就是我需要的，謝謝。

We'll now go to Phil Gibbs with KeyBanc Capital Markets.

現在我們請來 KeyBanc Capital Markets 的 Phil Gibbs。

Thanks, good afternoon.

謝謝，下午好。

Good afternoon.

午安.

Got a question, John, on sheet pricing. If we were to assume that sheet prices stayed relatively level with where they are now, just in terms of the spot market, would you expect that your pricing realizations will be improved in the third quarter relative to the second? Or will we need to see more uplift to get that?

約翰，有一個關於紙張定價的問題。如果我們假設板材價格與目前的水平保持相對水平，僅就現貨市場而言，您是否預計第三季的定價實現將比第二季度有所改善？或者我們需要看到更多的提升才能實現這一目標？

Actually, I would say that we see a small amount of improvement.

實際上，我想說我們看到了一些改進。

Okay, I appreciate that. And then the M&A landscape, what opportunities are you seeing there? And do you think that there's going to be more consolidation in the industry in the next six months, 12 months, two years? Is there going to be more consolidation here that we see?

好的，我很欣賞。那麼在併購領域，您看到了哪些機會？您認為未來 6 個月、12 個月、兩年內該產業是否會出現更多整合？我們會看到更多的整合嗎？

We don't comment on any potential merger or acquisition activity that we're involved in. As a general statement, this has been a long tough period for the industry. In the past, based on historical reference points, we see consolidation occur when you've gone through these tough times. So as a general statement it's possible, but I'm not going to make any more comments than that.

我們不對我們參與的任何潛在合併或收購活動發表評論。總的來說，對於該行業來說，這是一段漫長的艱難時期。過去，根據歷史參考點，我們看到當你經歷了這些困難時期時就會發生整合。因此，作為一般性聲明，這是可能的，但我不會做出更多評論。

Okay. And then lastly, you made a comment that Yamato had a pretty strong quarter. Is that a mixed piece or is that a demand element? Anything that you could provide in terms of color there, because I saw your structural pricing was held up relatively well, relative to the first quarter. Thanks.

好的。最後，您評論說大和的季度表現相當強勁。這是一個混合部分還是一個需求元素？您可以在那裡提供顏色方面的任何信息，因為我看到您的結構性定價相對於第一季保持得相對較好。謝謝。

It was a little bit of both, to be honest with you. Demand was up a little bit and also mix came into play. As we mentioned, we have a new filing sections were involved, so mix had something -- certainly had a role to play in it. But demand was up a little bit also.

老實說，兩者都有一點。需求略有上升，混合也開始發揮作用。正如我們所提到的，我們涉及到一個新的歸檔部分，所以混合有一些東西——當然可以在其中發揮作用。但需求也有所上升。

Thanks, John.

謝謝，約翰。

Thank you.

謝謝。

We'll now take our question from Brian Yu with Citi.

現在我們將回答花旗銀行的 Brian Yu 的問題。

Thanks and good afternoon.

謝謝，下午好。

Good afternoon, Brian.

下午好，布萊恩。

Hey, John. I've got an outlook and then a (inaudible) question for you on scrap. Scrap pricing in the US, it seems like they've come back down to where they were back in February. When that happened back then, we saw a lot of volume dry up.

嘿，約翰。我有一個展望，然後有一個（聽不清楚）問題想問你。美國廢鋼價格似乎已回落至二月的水平。當時發生這種情況時，我們看到大量成交量枯竭。

The question is, is there some theoretical or numerical floor to where scrap could go given collection and costs associated with irrigating it? And then two, how are you guys thinking about the scrap markets in the third quarter? I think at one of your competitors said -- look, we think it's going to go down lower. But you guys are pretty big in it too, just want to get your views there too.

問題是，考慮到廢料的收集和灌溉成本，廢料的去向是否存在某種理論或數位底線？第二個問題，你們如何看待第三季的廢鋼市場？我想你們的一位競爭對手說過──看，我們認為價格會更低。但你們也很熱心，只是想表達你們的觀點。

I'll start with that one. I think that we're bearish on scrap prices going forward. We think that into the third quarter, we say sideways with some downward pressure. So it will either be down a little bit or sideways, but we think probably down a little bit going into the third quarter.

我將從那個開始。我認為我們看跌未來的廢鋼價格。我們認為進入第三季度，我們會說橫盤整理，有一定的下行壓力。因此，它要么會小幅下降，要么橫向盤整，但我們認為進入第三季可能會小幅下降。

In terms of your first question, I don't think there's a numerical floor as such. But certainly as pricing goes down, again depending upon the time of the year also. If it was winter and pricing is going down a little harder to go out in the field and start tearing apart that old tractor and scrapping it. But in the summertime, nice weather, pricing goes down a little bit. We don't see any major impact on the flows in our yards and we don't expect to see it going forward.

關於你的第一個問題，我認為不存在數字下限。但當然，隨著價格的下降，這也取決於一年中的時間。如果是冬天，價格下降得更厲害，那麼就可以到田裡去，開始拆掉那台舊拖拉機並報廢。但到了夏季，天氣好，價格會稍微下降。我們認為不會對我們院子裡的流量產生任何重大影響，我們預計這種情況不會繼續下去。

Okay. And then second one, back to the trade (inaudible), I know the industry has to work with the tools and avenues available. I've heard others describe it as trying to heard cats when you're trying to deal with imports coming in. Say, you lock out coated products from China and other countries? Is there a way to prevent that Chinese products from finding a home elsewhere in the world, depressing those local markets? And then we end up getting imports here from another country?

好的。第二個，回到業界（聽不清楚），我知道該行業必須使用可用的工具和途徑。我聽其他人將其描述為當你試圖處理進口貨物時試圖聽到貓的聲音。比如說，你們將來自中國和其他國家的塗層產品拒之門外？有沒有辦法阻止中國產品銷往世界其他地方，進而抑制當地市場？然後我們最終從另一個國家進口？

Well there certainly is a way and it's actually happening today. And that is, other countries react much quicker to the flood of imports than we do. And they apply the appropriate tariffs and duties in a much quicker manner.

當然有一種方法，而今天它確實發生了。也就是說，其他國家對大量進口的反應比我們快得多。他們以更快的方式徵收適當的關稅和關稅。

So it's not a case of whether or not there's going to be product substitution going on and where does it end up going. They have learned the lesson of what's been going on and they reacted quicker.

因此，這並不是產品替代是否會發生以及最終會走向何方的問題。他們已經從所發生的事情中吸取了教訓，並且反應更快。

The recent legislation is going to give us not quite the same speed, but it is going to improve our ability to deal with that issue by dealing more quickly with each product as it comes up. Ultimately, there are mechanisms in the law, that if we find this to be a problem that spreads across all products in any one particular country or across a group of countries, we might be able to take the action.

最近的立法將為我們帶來不完全相同的速度，但它將透過更快地處理出現的每種產品來提高我們處理該問題的能力。最終，法律中有一些機制，如果我們發現這是一個蔓延到任何特定國家或一組國家的所有產品的問題，我們也許能夠採取行動。

It's much harder to pursue that type of action, but we have been successful with it in the past. I'm sure you're familiar with it, we refer to it as the 201. Should the problem become so obvious that countries are employing the concept of product substitution or country substitution, we would not hesitate to go down that path again in the future.

採取這種行動要困難得多，但我們過去在這方面取得了成功。我相信您對它很熟悉，我們稱之為 201。如果問題變得如此明顯，以至於各國正在採用產品替代或國家替代的概念，我們將來會毫不猶豫地再次走這條路。

Okay, thank you.

好的謝謝。

Certainly it's a challenging situation, the imports. And one that we recognize as probably the largest challenge our industry faces. But again, I'm going to stress I feel good about the action -- I mentioned this a couple calls ago -- but I felt better about what was happening in Washington than I've had in the past 20 years of my steel career. And I feel even better today than I did two calls ago.

當然，對於進口來說，這是一個充滿挑戰的局面。我們認為這可能是我們這個行業面臨的最大挑戰。但我要再次強調，我對這次行動感覺很好——我在幾個電話前提到過這一點——但我對華盛頓發生的事情感覺比我過去 20 年鋼鐵職業生涯中的感覺更好。我今天感覺比兩次之前的感覺還要好。

We'll now take our next question from Andrew Lane with Morningstar.

現在我們將接受晨星公司安德魯·萊恩提出的下一個問題。

Hi, good afternoon. I wanted to ask, on a cash basis how close are you to reaching the breakeven point at the Louisiana DRI facility? And do you expect that facility to be even cash positive possibly at some point later this year? Even though pig iron prices continued their steady decline over the second quarter.

嗨，下午好。我想問一下，以現金計算，路易斯安那州 DRI 工廠距離達到損益兩平點還有多遠？您是否預計該設施甚至可能在今年稍後的某個時候實現現金正值？儘管生鐵價格在第二季繼續穩定下跌。

We believe if the iron ore situation were passed right now based on the volumes they are running at the end of the quarter, that they would have been cash breakeven then. So clearly, by the end of this year they will be cash breakeven and cash positive.

我們相信，如果根據季度末的產量，鐵礦石的情況現在已經過去，那麼屆時他們將實現現金收支平衡。很明顯，到今年年底，他們將實現現金收支平衡和現金正值。

Okay, great, I appreciate that. And then along the same lines, in addition to the benefits of putting that high-cost iron ore inventory behind you, how much could the unit cost at that DRI facility improve if you ticked its utilization slightly higher? Or are you comfortable with the current utilization rate, which I'm guessing is somewhere just above about 85% or so?

好的，太好了，我很感激。同樣，除了擺脫高成本鐵礦石庫存的好處之外，如果您稍微提高利用率，該直接還原鐵工廠的單位成本可以提高多少？或者您對目前的利用率感到滿意嗎？我猜目前的利用率略高於 85% 左右？

Yes, well, we believe that we can get the utilization rate up another 5%, maybe 7% or 8%, and certainly that's going to have an impact on our costs. But there's also other areas that we believe we can include to improve our overall cost structure. One is yield, obviously, and we're focused on that. We have just installed and started up a briquetter, which will take some of the waste product from the path and turn it into briquettes that we can feed back into the furnace. We believe that will have a significant impact on the yields going forward.

是的，我們相信我們可以將利用率再提高 5%，也許 7% 或 8%，這肯定會對我們的成本產生影響。但我們相信還可以納入其他領域來改善我們的整體成本結構。顯然，其中之一是產量，我們關注這一點。我們剛剛安裝並啟動了一台煤球機，它將從路徑中取出一些廢品，並將其轉化為煤球，我們可以將其送回熔爐中。我們相信這將對未來的收益率產生重大影響。

So in addition to getting the utilization up, we're confident that we can continue to work down our conversion costs by improving operations. That's something Nucor has always been very good at, and I'm sure that our team there will be able to accomplish the same results in that facility.

因此，除了提高利用率之外，我們有信心可以透過改善營運來繼續降低轉換成本。這是紐柯公司一直非常擅長的事情，我相信我們的團隊能夠在工廠中取得同樣的成果。

Great. And just to be clear, what is the current utilization rate at the facility right now at the end of the quarter?

偉大的。需要明確的是，截至本季末該設施的使用率是多少？

It's about 90%, 91%, something like that.

大約是 90%、91% 之類的。

Okay, fantastic. I appreciate the color, thank you.

好吧，太棒了。我很欣賞這個顏色，謝謝。

We'll now take Scott Nicholls with Bishop Rosen & Company.

現在，我們將邀請 Scott Nicholls 與羅森主教公司 (Bishop Rosen & Company) 合作。

Good afternoon, gentlemen. I've got a two-part question. First part is Sachs of Chicago have a consensus earnings estimate for the year 2016 at about $2.95 a share. Could you comment on that?

下午好，先生們。我有一個由兩個部分組成的問題。第一部分是芝加哥薩克斯銀行 (Sachs of Chicago) 對 2016 年獲利的一致預期為每股 2.95 美元。你能否對此發表評論？

This is Jim Frias. We're in a very cyclical business and making predictions about 2016 is very challenging. So our comment would be that's within the range of possibilities, but we'll have to wait and see.

這是吉姆·弗里亞斯。我們所處的產業週期性很強，對 2016 年做出預測非常具有挑戰性。因此，我們的評論是，這在可能性範圍內，但我們必須拭目以待。

Okay, thank you very much.

好的，非常感謝。

You're welcome.

不客氣。

We'll now go to Matthew Korn with Barclays.

現在我們將與巴克萊銀行聯繫馬修·科恩。

Good afternoon, everyone. Thanks for taking my questions.

大家下午好。感謝您回答我的問題。

Good afternoon.

午安.

Thanks, John. Following up on the trade case questions, in your press release you noted that even you don't think the trade cases right now are enough to fight off the pressures of global over-capacity. Is it really mill closures, do you think, in the end that that's what it's going to take to lift the outlook for all the mills over the cycle?

謝謝，約翰。針對貿易案例問題，您在新聞稿中指出，即使您認為目前的貿易案例也不足以應對全球產能過剩的壓力。您認為，這真的是工廠關閉嗎？這最終會提升整個週期中所有工廠的前景嗎？

Do you see any tangible signs where this over-capacity is begin to be addressed? Do you think some of this over-capacity is actually here in the US? And then last, do you think that this new cascade of global protectionists measures here, the EU, Mexico, India, do you think that's going to really prompt the kind of capacity review in places like China that seem to be needed? Thanks.

您是否看到任何明顯跡象表明產能過剩問題已開始解決？您認為部分產能過剩其實是在美國嗎？最後，您認為歐盟、墨西哥、印度等一系列新的全球保護主義措施是否會真正促使中國等地進行似乎需要的能力審查？謝謝。

I might be the eternal optimist, but I do believe that in China they're beginning to understand that too much of a good thing is not such a good thing. I believe that they are starting to see that they do have too much capacity. We're hearing a little bit about some potential capacity cutbacks there. It's being driven by economics. It's also being driven by environmental concerns that are very real. So long-term, I do think that you're going to see some capacity reduction in China.

我可能是永遠的樂觀主義者，但我確實相信在中國，他們開始明白，好事太多並不是好事。我相信他們開始意識到他們的能力確實太多了。我們聽說有一些潛在的產能削減。這是由經濟驅動的。這也是由非常現實的環境問題所推動的。從長遠來看，我確實認為中國的產能將會減少。

Here in the States, it's impossible for me to say what's going to happen in the way of closures going forward. But in a world where there's over-capacity sooner or later there will be those players who cannot survive, and that will happen.

在美國，我不可能說出未來關閉的情況會發生什麼事。但在一個產能過剩的世界裡，遲早會有一些玩家無法生存，這種情況將會發生。

The key here is to remember that Nucor has always been a low-cost producer of steel and steel products. And that's where we are really -- that's where we shine. So at the end of the day, if there's potential closures here in the United States or somewhere else around the world, this much I can assure you, one of the names of the places closing will not be Nucor. We will be in business.

這裡的關鍵是要記住，紐柯公司一直是一家低成本的鋼鐵和鋼鐵產品生產商。這就是我們真正的所在——那就是我們的閃光點。因此，歸根結底，如果美國或世界其他地方有可能關閉，我可以向您保證，關閉的地方之一不會是紐柯。我們將開展業務。

So it's hard for me to comment on who will close or how much will close. But I can assure you is this, and our teammates I can assure this, we won't be one of the ones that will be closing.

因此，我很難評論誰將關閉或關閉多少。但我可以向你們保證，我可以向我們的隊友保證，我們不會成為即將關閉的公司之一。

I appreciate the comments.

我很欣賞這些評論。

That concludes our question-and-answer session for today. At this time, Mr. Ferriola, I'd like to turn the conference back to you for any additional or closing remarks.

我們今天的問答環節到此結束。費裡奧拉先生，現在我想請您發表補充或結束語。

Thank you. Let me conclude by saying, as I always do, thank you to your shareholders. We appreciate your confidence and your support. Thank you to our customers. We really appreciate your business.

謝謝。最後，我要像往常一樣對你們的股東表示感謝。我們感謝您的信任與支持。感謝我們的客戶。我們非常感謝您的惠顧。

Now I want to say thank you to my Nucor teammates for creating value for our customers, generating attractive returns for our shareholders and building a sustainable future for all of us. And as always most importantly, thank you all for doing it safely. Thanks for your interest in Nucor. Have a great day.

現在，我想對我的紐柯團隊成員表示感謝，感謝你們為我們的客戶創造了價值，為我們的股東創造了誘人的回報，並為我們所有人建立了可持續的未來。一如既往，最重要的是，感謝大家安全完成這一切。感謝您對紐柯鋼鐵的興趣。祝你有美好的一天。

This does conclude today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。