Nucor Corp (NUE) 2015 Q3 法說會逐字稿

Good day everyone and welcome to the Nucor Corporation third 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 年第三季財報電話會議。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 will be forward-looking statements involving risks and uncertainties. The words [may], 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 assurances that future events will not affect their accuracy. More information about the risks and uncertainties related to these forward-looking statements may be found at 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 can speak only as of this date and Nucor does not assume any obligations to update them, either as a result of new information, future events, or otherwise.

本次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。「[可能]」、「期望」、「相信」、「預期」等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，但不能保證未來的事件不會影響它們的準確性。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。本次會議中所做的前瞻性陳述僅適用於當前情況，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。

For opening remarks and introductions, I would like to turn the call over to Mr. John Ferriola, Chairman, Chief Executive Officer, and President of Nucor Corporation. Please go ahead, sir.

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。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.

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)；以及我們的其他執行副總裁 Jim Darsey、Ladd Hall、Ray Napolitan、Joe Stratman、Dave Sumoski 和 Chad Utermark。

The entire executive management team would like to thank everyone on our Nucor Harris deal, David J. Joseph, Duferdofin, NuMit Steel Technologies, and Skyline Steel teams for your excellent work taking care of our customers and implementing our Company's strategy for long-term profitable growth. Your hard work in these challenging market conditions is paying off.

整個執行管理團隊要感謝我們紐柯哈里斯交易中的每個人、David J. Joseph、Duferdofin、NuMit Steel Technologies 和Skyline Steel 團隊，感謝你們在照顧我們的客戶和實施我們公司的長期盈利戰略方面所做出色的工作生長。您在充滿挑戰的市場條件下的辛勤工作正在得到回報。

First, I will ask our CFO, Jim Frias, to review Nucor's third-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?

首先，我將請我們的財務長 Jim Frias 回顧紐柯第三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.

謝謝，約翰。

Third quarter of 2015 earnings of $0.71 per diluted share exceeded our guidance range of $0.45 to $0.50 per diluted share. Third-quarter results included a LIFO credit that was approximately $0.11 per diluted share larger than anticipated in our guidance for the quarter, and a $0.03 per diluted share non-cash gain related to a correction of deferred tax balances. Excluding LIFO and the tax-related gain, the third quarter outperformance resulted from better-than-expected results for the month of September at our steel mills and downstream products segments.

2015 年第三季攤薄後每股收益為 0.71 美元，超出了我們每股攤薄後 0.45 至 0.50 美元的指導範圍。第三季業績包括每股攤薄後每股0.11 美元的後進先出抵免額，高於我們本季指引中的預期，以及與遞延稅項餘額修正相關的每股攤薄股0.03 美元的非現金收益。排除後進先出法和與稅收相關的收益，第三季的優異表現是由於我們的鋼廠和下游產品部門 9 月的業績好於預期。

We are benefiting from the expected execution of Nucor's channel-to-market strategy and our ongoing investments to expand our offerings of value-added products. We are successfully expanding into these higher-margins offerings using more demanding and import-resistant applications, while at the same time maintaining our position as the low-cost producer across our product portfolio.

我們受益於紐柯公司通路市場策略的預期執行以及我們為擴大增值產品供應而進行的持續投資。我們正在利用要求更高且抗進口的應用成功擴展到這些利潤率更高的產品，同時在我們的產品組合中保持作為低成本生產商的地位。

The third quarter of 2015 performance of our raw materials segment included an operating loss at our new DRI facility in Louisiana of approximately $28 million, which included a $7.7 million net charge related to the writeoff of the two remaining storage domes at the facility. That compared with the second quarter operating loss of about $20 million, which included the benefit of a vendor product warranty payment of approximately $10 million. As expected, Nucor Steel Louisiana has now consumed the remaining higher cost iron ore inventory acquired in 2014. In addition to continuing to produce DRI at world-class quality levels, our Louisiana team has realized significant improvements in yields, facility uptime, and conversion costs. Nucor's DRI production capability in Louisiana and Trinidad puts our Company in an unrivaled position of flexibility and optimizing our raw material costs through the cycle.

2015 年第三季我們原料部門的業績包括路易斯安那州新 DRI 設施的營運虧損約 2,800 萬美元，其中包括與該設施剩餘兩個儲存穹頂沖銷相關的 770 萬美元淨費用。相比之下，第二季營運虧損約為 2,000 萬美元，其中包括約 1,000 萬美元的供應商產品保固付款。正如預期的那樣，路易斯安那州紐柯鋼鐵公司現已消耗掉 2014 年收購的剩餘成本較高的鐵礦石庫存。除了繼續生產世界一流品質水準的 DRI 之外，我們的路易斯安那團隊還實現了產量、設施正常運作時間和轉換成本的顯著提高。紐柯公司在路易斯安那州和特立尼達島的 DRI 生產能力使我們公司處於無與倫比的靈活性地位，並在整個週期中優化我們的原材料成本。

A quick comment our tax rate to adjust for the impact of profits from non-controlling interests. Excluding profits belonging to our business partners and the $10.2 million non-cash gain for correction of deferred tax balances, the effective tax rate was approximately 29% for the third quarter. Nucor will continue to generate very robust operating cash flow in extremely challenging steel market conditions. With a highly variable and low cost structure, we benefit from significant reductions in working capital during downturns. That was the case again in the first nine months of 2015, with cash provided by operations of approximately $1.8 billion, a dramatic increase from the year-ago period's operating cash flow of $926 million.

快速評論我們的稅率，以根據非控制權益利潤的影響進行調整。不包括屬於我們業務合作夥伴的利潤以及用於修正遞延稅項餘額的 1,020 萬美元非現金收益，第三季的有效稅率約為 29%。在極具挑戰性的鋼鐵市場條件下，紐柯將繼續產生非常強勁的營運現金流。憑藉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 年前 9 個月的情況再次如此，營運提供的現金約為 18 億美元，比去年同期 9.26 億美元的營運現金流大幅增加。

Nucor's financial position remains strong. Our gross debt-to-capital ratio was 36% at the close of the third quarter. Cash and short-term investments totaled approximately $2 billion, which compares with total debt outstanding of $4.4 billion. 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. The facility does not mature until August of 2018. Nucor is the only North American steel producer to hold an investment-grade credit rating.

紐柯公司的財務狀況依然強勁。截至第三季末，我們的總負債與資本比率為 36%。現金和短期投資總額約 20 億美元，而未償債務總額為 44 億美元。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。

Capital expense just totaled $269 million for the first nine months of 2015. We estimate full-year 2015 capital spending will be approximately $400 million. Most of our recent larger-scale organic investments have been completed or are nearing completion. Depreciation and amortization for 2015 is expected to total about $700 million.

2015 年前 9 個月的資本支出總額僅 2.69 億美元。我們預計 2015 年全年資本支出約為 4 億美元。我們最近的大部分大規模有機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。

In September, Nucor's Board of Directors authorized the repurchase of up to $900 million of our Company's common stock. This replaced a repurchase program that had been in place since 2007. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements, and other factors. The Nucor team places the highest priority on making sound capital allocation decisions that continue our long-term history of being effective stewards of our shareholder's investment.

九月份，紐柯公司董事會授權回購公司價值高達 9 億美元的普通股。這取代了自 2007 年以來實施的回購計畫。回購的時間和金額將取決於市場狀況、股價、適用的法律要求和其他因素。紐柯團隊將做出合理的資本配置決策視為重中之重，以延續我們有效管理股東投資的長期歷史。

Earnings in the fourth quarter of 2015 are expected to decrease compared to the third quarter of 2015, due to continued deterioration in global steel markets. A slowing economy in China is causing further global overcapacity and resulting in significant levels of imports into the domestic market. The performance of our downstream products segment is expected to decrease due to typical fourth-quarter seasonality. We expect slightly lower performance in the raw materials segment due to lower scrap and metallic commodity prices. We are encouraged by the ongoing gradual improvement in nonresidential construction markets and the strength in the automotive market. We are confident that 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.

由於全球鋼鐵市場持續惡化，預計 2015 年第四季獲利將較 2015 年第三季下降。中國經濟放緩導致全球產能進一步過剩，並導致國內市場大量進口。由於第四季典型的季節性因素，我們下游產品部門的業績預計將下降。由於廢鋼和金屬商品價格下降，我們預計原材料領域的業績將略有下降。非住宅建築市場的持續逐步改善和汽車市場的強勁令我們感到鼓舞。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。

We do appreciate your interest in our Company. John?

我們非常感謝您對我們公司的興趣。約翰？

Thanks, Jim.

謝謝，吉姆。

Typical words used to describe current steel market conditions range from bleak to dismal. However, those words in no way describe the attitude and outlook of the Nucor team. Even better, those words also do not describe the performance of any of my teammates in the third quarter's extremely challenging environment. At Nucor, we remain optimistic, determined, and focused. Nucor's long-term success has always been driven by our team's unrelenting focus on a simple strategy. Nucor capitalizes on its unrivaled position of strength to gain profitable market share in our core businesses of steel and steel products. In short, we work on what's under our control.

用於描述當前鋼鐵市場狀況的典型詞彙包括慘淡和慘淡。然而，這些話並不能描述紐柯團隊的態度和前景。更好的是，這些話也沒有描述我的任何隊友在第三節極具挑戰性的環境中的表現。在紐柯，我們保持樂觀、堅定和專注。紐柯公司的長期成功始終得益於我們團隊對簡單策略的不懈關注。紐柯利用其無與倫比的實力地位，在我們的鋼鐵和鋼鐵產品核心業務中獲得可獲利的市場份額。簡而言之，我們致力於我們控制範圍內的事情。

Anchoring the strategy and its execution is Nucor's business model. Its strength and adaptability is highlighted by a number of powerful building blocks. They include our culture, our robust balance sheet and cash flow generation, our low and highly variable cost structure, our flexibility and reliable production capabilities, our product diversity, and our leadership positions that we hold in many of the markets we serve. Put together, these competitive strengths provide Nucor with a powerful platform for delivering value to our customers. Challenging market conditions, as we face currently, only serve to increase the opportunities to add value and grow our long-term relationships with our customers.

紐柯的商業模式是該策略及其執行的基礎。許多強大的建造模組凸顯了它的強度和適應性。它們包括我們的文化、我們穩健的資產負債表和現金流生成、我們的低且高度可變的成本結構、我們的靈活性和可靠的生產能力、我們的產品多樣性以及我們在我們服務的許多市場中所佔據的領導地位。總而言之，這些競爭優勢為紐柯公司提供了一個強大的平台，為我們的客戶提供價值。我們目前面臨的充滿挑戰的市場條件只會增加增加價值和發展我們與客戶的長期關係的機會。

What we call Nucor's five drivers to profitable growth highlight where we are focusing our energies to build long-term earnings power and provide our shareholders with attractive returns on their valuable capital. They are, one: enhance our position as a low-cost producer. Two: achieve the market leadership position in every product line in our portfolio. Three: move up the value chain by expanding our capabilities to produce higher-quality, more import-resistant products. Four: expand our downstream channels to market to increase our steel mills' base volume load, especially in weak markets. And, five: achieve commercial excellence to complement our traditional operational strength.

我們所說的紐柯公司獲利成長的五個驅動因素突顯，我們正在集中精力建立長期獲利能力，並為股東的寶貴資本提供有吸引力的回報。它們是，一：增強我們作為低成本生產商的地位。第二：在我們的產品組合中的每個產品線中取得市場領導地位。三：透過擴大生產能力來提升價值鏈，生產更高品質、更耐進口的產品。四：拓展下游市場渠道，增加鋼廠的基本負荷，特別是在市場疲軟的情況下。五：實現商業卓越，以補足我們的傳統營運實力。

Our third quarter performance provides strong evidence that our strategy of investing through the downturn is already paying off. Rather than being stuck in a defensive mode fighting to survive, the Nucor team is on the offensive and growing stronger. The examples are numerous. Let me review a few of them for you.

我們第三季的業績有力地證明了我們在經濟低迷時期的投資策略已經取得了回報。紐柯公司並沒有陷入為生存而戰的防守模式，而是主動進攻並變得越來越強大。這樣的例子很多。讓我為您回顧其中的一些。

Through the first nine months of 2015, our rebar and merchant bar mills delivered year-over-year earnings improvement despite the challenges of high imports and less than robust capacity utilization rates. The keys to their success are clear. They have built market leadership positions. Equally important, they have established strong channels to market through Nucor's downstream joist, decking, rebar fabrication, cold finish bar, and fastener businesses. By providing our steel mills the opportunity to earn a base level of iron, our downstream vertical integration into value-added steel products significantly enhances the through-the-cycle profitability and flexibility of Nucor's core steel-making business.

2015 年前 9 個月，儘管面臨高進口量和產能利用率不高的挑戰，我們的螺紋鋼和商用棒鋼廠的盈利仍實現了同比增長。他們成功的關鍵是顯而易見的。他們已經建立了市場領導地位。同樣重要的是，他們透過紐柯的下游托樑、蓋板、鋼筋製造、冷加工鋼筋和緊固件業務建立了強大的市場管道。透過為我們的鋼廠提供獲得基本鐵水平的機會，我們對增值鋼鐵產品的下游垂直整合顯著提高了紐柯核心煉鋼業務的整個週期盈利能力和靈活性。

Additionally, the downstream businesses are attractive profit generators for Nucor as well. All three major fabricating construction products -- joist and decking, fabricated rebar, and metal buildings -- achieved very strong profit growth year over year in the third quarter and the first nine months of 2015. I'm pleased to report that our Vulcraft Verco joist and decking group had a single-month profitability record in September. More importantly, Vulcraft Verco Group and our metal buildings group achieved record performance for the third quarter of 2015.

此外，下游業務對紐柯來說也是有吸引力的利潤來源。所有三大裝配式建築產品——托樑和蓋板、裝配式鋼筋和金屬建築——在第三季和 2015 年前 9 個月均實現了非常強勁的利潤同比增長。我很高興地報告，我們的 Vulcraft Verco 托樑和地板組在 9 月創下了單月獲利記錄。更重要的是，Vulcraft Verco 集團和我們的金屬建築集團在 2015 年第三季取得了創紀錄的業績。

The improved results of our fabricated construction products group is particularly impressive when you consider the state of the overall construction market. Forecasted US nonresidential construction activity for 2015, as measured by square footage, represents only about 60% of 2007's peak activity level, so there's plenty of room for additional growth. I would like to congratulate and thank our teammates for their hard work reducing costs and providing world-class quality products and services to our customers.

當您考慮到整個建築市場的狀況時，我們的組裝式建築產品集團的改進成果尤其令人印象深刻。預計 2015 年美國非住宅建築活動（以平方英尺計算）僅佔 2007 年活動高峰水準的 60% 左右，因此還有很大的額外成長空間。我要祝賀並感謝我們的團隊成員為降低成本並為客戶提供世界一流品質的產品和服務所做的辛勤工作。

Our [B] mills also delivered attractive year-to-date earnings growth while facing high import levels and low mill capacity utilization. Nucor's structural steel group success is driven by a potent combination of its market leadership position, strong channels to market throughout our independent wide planned beam fabricator partners, our Skyline Steel piling distribution business, and new product introductions that continue to move us up the value chain. After completing last year's $115 million sheet piling product expansion project, our Nucor-Yamato mill is now enjoying strong marketplace success with its new, wider piling sections. These value-added products are lighter and stronger, covering more area at a lower installed cost. Our Nucor-Yamato team is aggressively going after this market, which currently is largely supplied by imports. Our goal over the next several years is to grow our wider piling section's annual volume to 100,000 tons with these value-added tons generating above-average profitability.

我們的 [B] 工廠今年迄今也實現了頗具吸引力的盈利增長，同時面臨著高進口水平和低工廠產能利用率。紐柯鋼結構集團的成功得益於其市場領導地位、我們獨立的寬計劃梁製造商合作夥伴的強大市場管道、我們的Skyline 鋼樁分銷業務以及不斷推動我們向價值鏈上游提升的新產品推出的有力組合。 。在完成去年價值 1.15 億美元的板樁產品擴建項目後，我們的 Nucor-Yamato 工廠現在憑藉其新的、更寬的打樁部分在市場上取得了巨大的成功。這些加值產品更輕、更強，以更低的安裝成本覆蓋更大的面積。我們的紐柯-大和團隊正在積極開拓這個市場，目前該市場主要由進口供應。我們未來幾年的目標是將更廣泛的打樁部門的年產量增加到 100,000 噸，這些增值噸將產生高於平均水平的獲利能力。

Last month, Nucor-Yamato announced another project to expand its value-added offerings. A $75 million quench and self-tempering process will be installed with commissioning expected during the second half of 2016. This will give Nucor-Yamato the capability to produce A913 structural sections with a high-strength, low-alloy-grade chemistry that provides excellent weldability while achieving good toughness, even at low temperatures. Common applications include gravity columns for high-rise buildings, long-span trusses for stadiums and convention centers, and for all projects where seismic design is a critical factor.

上個月，紐柯大和公司宣布了另一個擴大其加值產品的項目。耗資 7,500 萬美元的淬火和自回火製程將安裝完畢，預計將於 2016 年下半年進行調試。這將使紐柯大和公司能夠生產具有高強度、低合金級化學成分的 A913 結構型材，即使在低溫下也能提供出色的可焊性，同時實現良好的韌性。常見應用包括高層建築的重力柱、體育場和會議中心的大跨度桁架，以及抗震設計為關鍵因素的所有項目。

These A913 beams allow the use of lighter foot weights, which reduces the weight and cost for the builder. That makes steel even more competitive versus concrete and wood. The low alloy grade chemistry also enhances our position as a low-cost producer of beams. As the sole North American supplier of high-strength, low-alloy beams, Nucor-Yamato will further enhance its market leadership position in wide flange beams.

這些 A913 橫樑允許使用更輕的腳重，從而減輕了建築商的重量和成本。這使得鋼材相對於混凝土和木材更具競爭力。低合金級化學成分也增強了我們作為低成本梁生產商的地位。作為北美唯一的高強度、低合金梁供應商，紐柯大和將進一步鞏固其在寬翼緣樑的市場領導地位。

Nucor's focus on our drivers to profitable growth and resulting strategic investments are paying big dividends in our other businesses. This is particularly evident in the markets that are under the greatest pressure from the flood of imports and other challenges. Our Berkeley County, South Carolina, sheet mill achieved very solid third-quarter and year-to-date profitability in what can only be described as horrific flat world market conditions. The Berkeley team is capitalizing on its investments in vacuum degassing, combined with upgrades last year to its [caster] and hot mill. The mill's performance is being driven by its very diverse product mix, technical capabilities, and commitment to commercial excellence. As we have discussed on previous calls, Berkeley now has the lightest hot roll gauge capability of any sheet mill in the southern US market and with a finished steel capability of up to 74 inches. New products from the wide light modernization are allowing us to gain new business in a range of end-use markets, including metal building, rail cars, water heaters, automotive, heavy equipment, and water transmission pipe.

紐柯公司對獲利成長驅動力的關注以及由此產生的策略投資正在為我們的其他業務帶來巨大紅利。這在因大量進口和其他挑戰而面臨最大壓力的市場中尤其明顯。我們南卡羅來納州伯克利縣的板材廠在第三季和年初至今實現了非常穩固的獲利能力，而世界市場狀況只能被描述為可怕的平坦。柏克萊團隊正在利用其在真空脫氣方面的投資，以及去年對其[連鑄機]和熱軋機的升級。該工廠的業績是由其多樣化的產品組合、技術能力和對商業卓越的承諾所推動的。正如我們在之前的電話會議中討論的那樣，伯克利現在擁有美國南部市場上所有薄板廠中最輕的熱軋規格能力，並且成品鋼的能力可達 74 英寸。來自廣泛輕型現代化的新產品使我們能夠在一系列最終用途市場中獲得新業務，包括金屬建築、軌道車、熱水器、汽車、重型設備和輸水管。

Despite severe pressure from imports and demand weakness in several key end-use markets, Nucor's engineered bar mills remain profitable. We are moving aggressively to utilize our recently expanded range of production and inspection capabilities to grow profitable market share in the SPQ and wire rod markets. Our Memphis mill was recently awarded automotive crankshaft business and is a direct result of its quality inspection investments made since 2012. This week, Memphis announced another improvement, a very cost-effective acquisition of a continuous quench and temper lime with a separate annealing furnace capable of processing bar products from 2.5 inches to 11 inches in diameter. The addition of heat-treating capabilities will enable Memphis to grow in a number of markets including energy, heavy equipment, service centers, and automotive.

儘管面臨來自進口的巨大壓力以及幾個主要最終用途市場的需求疲軟，紐柯的工程棒材軋機仍保持盈利。我們正在積極利用最近擴大的生產和檢驗能力範圍來擴大 SPQ 和線材市場的獲利市場份額。我們的孟菲斯工廠最近獲得了汽車曲軸業務，這是自 2012 年以來進行品質檢測投資的直接結果。本週，孟菲斯宣布了另一項改進，以極具成本效益的方式採購了連續淬火和回火石灰，並配有獨立的退火爐，能夠加工直徑從 2.5 英寸到 11 英寸的棒材產品。熱處理能力的增加將使孟菲斯能夠在能源、重型設備、服務中心和汽車等多個市場中成長。

The automotive market continues to be an attractive growth opportunity for Nucor. Nucor's shipping rate into the automotive market increased by 20% in 2015 versus 2014, to a 1.4 million tons per year rate. Particularly encouraging is the volume of business that Nucor is being awarded on future automotive platforms. The automotive companies are more and more appreciating the value of Nucor's reliability, sustainability, and our financial strength. Our portfolio of light weighting, advanced high-strength steels is also attracting a lot of interest. We remain optimistic about reaching our 2 million tons annual goal in the next few years.

汽車市場仍然是紐柯公司極具吸引力的成長機會。紐柯公司 2015 年進入汽車市場的出貨量比 2014 年成長了 20%，達到每年 140 萬噸。尤其令人鼓舞的是紐柯在未來汽車平台上獲得的業務量。汽車公司越來越重視紐柯公司的可靠性、永續性和財務實力的價值。我們的輕質先進高強度鋼材產品組合也吸引了許多人的興趣。我們對未來幾年實現 200 萬噸年度目標保持樂觀。

Finally, our Darlington, South Carolina, facilities wire rod rolling mill continues to grow Nucor's market share in the wire rod market. Year to date, rod shipments through the first nine months are up 11% compared to 2014. Darlington's wire rod growth is also allowing us to more efficiently utilize capacity at our other bar mills producing merchant bar and rebar products.

最後，我們位於南卡羅來納州達靈頓的線材軋機繼續擴大紐柯公司在線材市場的市場份額。今年迄今為止，前 9 個月的棒材出貨量比 2014 年增加了 11%。達靈頓線材的成長也使我們能夠更有效地利用生產商用棒材和螺紋鋼產品的其他棒材廠的產能。

Since I've mentioned several times the challenging market conditions faced by all of our businesses, I will share my thoughts on what is by far the biggest factor driving the weakness. Illegally traded imports continue to have a significant impact on the US steel industry. The underlying issue is global steelmaking overcapacity resulting from the trade-distorting practices of some governments. Steel imports into the US market remain at historically high levels. The import levels are depressing the capacity utilization rates of the US steel producers, and continue to account for one-third of the US market.

由於我多次提到我們所有業務面臨的充滿挑戰的市場條件，我將分享我對迄今為止導致疲軟的最大因素的看法。非法進口貿易持續對美國鋼鐵業產生重大影響。根本問題是一些政府扭曲貿易的做法導致全球鋼鐵產能過剩。美國市場的鋼材進口量仍維持在歷史高點。進口水準壓低了美國鋼鐵生產商的產能利用率，但仍佔美國市場的三分之一。

In the first eight months of this year, China's global steel exports served 27% to 72 million tons. They are on track to exceed 100 million tons, which is greater than the total US steel production last year. Steel products in China are flooding into markets around the world, creating a domino effect as countries look for markets for their steel products. The massive increase in China's steel exports are provoking a wave of trade actions across the globe, including Europe, South Africa, Mexico, and India, as steel producers fight against illegally subsidized steel imports being dumped into their markets. As these nations continue to successfully protect their markets from illegally traded and subsidized Chinese steel products, more of those products are being dumped into our market.

今年前8個月，中國鋼材出口量達7,200萬噸，佔全球鋼材出口量的27%。它們預計將超過 1 億噸，這比去年美國的鋼鐵總產量還要多。中國的鋼鐵產品正大量湧入世界各地的市場，在各國為其鋼鐵產品尋找市場的過程中產生了骨牌效應。中國鋼鐵出口的大幅成長正在全球引發一波貿易行動，其中包括歐洲、南非、墨西哥和印度，鋼鐵生產商正在打擊非法補貼的進口鋼鐵傾銷到其市場。隨著這些國家繼續成功地保護其市場免受非法貿易和補貼的中國鋼鐵產品的影響，越來越多的此類產品被傾銷到我們的市場。

Recent decisions in several trade cases have been positive for the US industry. The International Trade Commission has made preliminary determinations of injury in the cold-rolled, hot-rolled, and corrosion-resistant sheet steel trade cases, allowing the investigation in all three cases to proceed. Nucor will continue to assess market conditions in other product areas and aggressively pursue cases when appropriate. Our fight against illegally traded steel imports is essential to meeting our responsibility to be an effective steward of our shareholder's valuable capital.

最近幾個貿易案件的判決對美國工業界來說是正面的。國際貿易委員會已對冷軋、熱軋和耐腐蝕鋼板貿易案件作出損害初步裁定，允許對所有三起案件進行調查。紐柯將繼續評估其他產品領域的市場狀況，並在適當的時候積極追蹤案件。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。

These are challenging times. For a company such as Nucor, one that is in a unique position of strength, these are also times for opportunistic action and that is exactly what I see throughout Nucor: the right people focusing their unrivaled energy level and sense of urgency to achieving our goal of profitable growth. I have never been more confident that Nucor's best years are still ahead of us.

這是一個充滿挑戰的時代。對於像紐柯這樣處於獨特優勢地位的公司來說，這也是機會主義行動的時期，這正是我在紐柯公司看到的：合適的人集中他們無與倫比的精力和緊迫感來實現我們的目標的獲利成長。我從未如此自信地相信，紐柯公司最好的歲月仍在前方。

Thank you for your interest in Nucor. We would now be happy to answer 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）

Evan Kurtz with Morgan Stanley.

摩根士丹利的埃文庫爾茨。

Congratulations on a strong quarter. I think you beat my number on pricing alone. Actually, the volume number is a little bit weak. It led me to believe that perhaps you are taking a pretty disciplined approach about which steel you actually want to sell into the market at this point and perhaps you may be walking away from some lower value sales that are head to head with imports. So I wanted to confirm that and get a sense about how you think about selling into a weak market like this and what that's doing to your mix and how does that play into how you see operating rates in the fourth quarter?

恭喜季度表現強勁。我認為僅在定價方面你就擊敗了我的數字。事實上，音量數字有點弱。這讓我相信，也許您正在對此時實際想要向市場銷售哪些鋼材採取相當嚴格的方法，也許您可能會放棄一些與進口直接競爭的低價值銷售。因此，我想確認這一點，並了解您如何看待在這樣的疲軟市場中進行銷售，這對您的組合有何影響，以及這對您對第四季度營運率的看法有何影響？

Let me start by saying that you hit the nail on the head with your analysis. We mentioned during my earlier comments that a key part of our strategic plan is to continue to grow market share in the higher quality, higher margin, more profitable products and that's exactly what we have been doing. So, yes, that has some impact on our total output.

首先我要說的是，您的分析一針見血。我們在先前的評論中提到，我們策略計畫的關鍵部分是繼續擴大更高品質、更高利潤、更有利可圖的產品的市場份額，而這正是我們一直在做的事情。所以，是的，這對我們的總產量有一些影響。

The higher quality products, although they are more profitable, do tend to run slower on our mills, so that has some impact upon the amount of tons that we ship. But you are spot on. We are looking hard at those products that we believe bring higher margins, higher profits to our Company and also more import resistant. Given the over capacity in the world today, we believe that's an important element of our long-term strategy.

更高品質的產品雖然利潤更高，但在我們工廠的運行速度往往較慢，因此這對我們發貨的噸數產生了一些影響。但你說得對。我們正在努力尋找那些我們認為可以為我們公司帶來更高利潤、更高利潤並且更耐進口的產品。鑑於當今世界產能過剩，我們相信這是我們長期策略的重要組成部分。

Great.

偉大的。

Maybe just a question on trade. I've heard a couple conflicting views on how the process works and I just wanted to try to clarify this. Obviously over the past couple of months in particular, we've really seen Seaborne steel prices just absolutely get crushed and clearly that data would be good to have in these trade cases as far as proving dumping. Is there an opportunity for the mills to go back and add some of this data before the final rulings come out at some point next year?

也許只是一個關於貿易的問題。我聽到了一些關於該流程如何運作的相互矛盾的觀點，我只是想嘗試澄清這一點。顯然，特別是在過去的幾個月裡，我們確實看到海運鋼鐵價格絕對被壓垮，顯然，在這些貿易案件中，如果有數據證明傾銷，那就太好了。在明年某個時候最終裁決公佈之前，鋼廠是否有機會回去添加一些數據？

There absolutely is. In fact in some cases, as is the case with the rebar, we were not at all happy with the determination on the tariff that was applied to the product surging into our country from Turkey, and we are considering strongly going back and appealing that decision. Obviously we will use the pricing data that you just mentioned as a strong component in that appeal. Yes, we can use that information that's out there today and we will use it effectively.

絕對有。事實上，在某些情況下，就像螺紋鋼的情況一樣，我們對從土耳其湧入我國的產品所適用的關稅決定並不滿意，我們正在考慮強烈反悔並對這一決定提出上訴。顯然，我們將使用您剛才提到的定價數據作為該吸引力的重要組成部分。是的，我們可以使用現有的信息，並且我們將有效地使用它。

I would just add to that, that we spoke a little bit in the past about the recently passed legislation that strengthens the trade remedies that are available to us, frankly, giving us more effective tools for fighting against this illegally traded products and we're really pleased with the way that came out. We're very appreciative to the administration and to Congress for making that happen, and those new regulations, those new guidelines will be applied to the trade cases that are in effect -- going into effect now.

我想補充一點，我們過去談過最近通過的立法，該立法加強了我們可以利用的貿易補救措施，坦率地說，為我們提供了更有效的工具來打擊這種非法貿易產品，我們正在對結果非常滿意。我們非常感謝政府和國會實現這一目標，這些新法規、新指導方針將適用於正在生效的貿易案件——現在就生效。

The corrosion resistant, the hot rolled, and the cold rolled will all be impacted by the new trade remedies that are currently in effect. And as a result, we're optimistic as to the outcome of this. We think we have very strong cases and we expect to have very positive results.

耐腐蝕、熱軋和冷軋都將受到目前生效的新貿易救濟措施的影響。因此，我們對此結果持樂觀態度。我們認為我們有非常有力的案例，我們預計會取得非常積極的結果。

Great. Just to clarify that just one more time. Sorry if I'm being a little bit dense here. The data that's coming out to date, would you have to wait to appeal if you wanted to include that? So after the trade case is finalized or can you actually get that in maybe between the preliminary and the final ruling little bit sooner?

偉大的。只是為了再澄清一次。抱歉，如果我在這裡說得有點密集。就目前公佈的數據而言，如果您想將其納入其中，是否需要等待上訴？那麼，在交易案件最終確定之後，或者您實際上可以在初步裁決和最終裁決之間更快地獲得這一點嗎？

Let me be clear. I might have confused the issue for a minute. Speaking in the case of rebar where there was a determination. We will be able to the pricing data as we go back into the appeal. In the cases of cold rolled and hot rolled and corrosion resistance, we will be able to use that pricing data in these current cases. We will not have to wait for a determination and then use it in the field. It can be entered into the case as we press it forward.

讓我說清楚。我可能把這個問題搞糊塗了一分鐘。就螺紋鋼而言，我們有決心。當我們重新上訴時，我們將能夠獲得定價數據。在冷軋、熱軋和耐腐蝕的情況下，我們將能夠在目前的情況下使用該定價資料。我們不必等待確定然後在現場使用它。當我們推動它前進時，它可以被輸入到案例中。

Very clear. Thank you very much.

非常清楚。非常感謝。

Okay.

好的。

Matt Murphy with UBS.

瑞銀集團的馬特墨菲。

Maybe just a followup on the mix question there. So, in particular, I noticed cold finished was fairly low relative to where you've been at in Q3 in past years and same with plate. Just wondering if you can share any color on that? Is that specifically choosing not to impede on price or is there demand weakness?

也許只是混合問題的後續。因此，我特別注意到冷成品相對於過去幾年第三季的水平相當低，板材也是如此。只是想知道你是否可以分享任何顏色？這是刻意選擇不影響價格還是需求疲軟？

In those two instances you just gave, it's more of a case of the demand is frankly still pretty good relative to last year. Our demand across all of our products is about consistent, maybe down 2% of 3%. The issue probably on plate is the massive amount of illegally traded, unfairly traded products coming in from many countries, particularly Russia is one that I mention in particular. So, it's an issue of excessive supply as a result of imports. There is a little bit of a demand decrease when you look at agriculture and in construction using heavy plate. So, there's a little bit of a demand impact, but the real issue on plate, without a doubt, is the supply and the oversupply as a result of the imports.

在您剛才給出的這兩個例子中，坦白說，相對於去年，需求仍然相當不錯。我們對所有產品的需求基本上一致，可能下降了 2% 或 3%。問題可能是來自許多國家的大量非法貿易、不公平貿易產品，特別是我特別提到的俄羅斯。因此，這是一個進口導致供應過剩的問題。當您觀察使用厚板的農業和建築業時，需求會略有下降。因此，需求受到了一點影響，但毫無疑問，板材的真正問題是供應和進口導致的供應過剩。

Thanks. And then just a followup on structural pricing. That was another area I noticed had come down a bit faster in Q3. How are you seeing structural pricing going forward? Is it sliding or do you think you can keep it stable?

謝謝。然後是結構性定價的後續行動。這是我注意到第三季下降得更快的另一個領域。您如何看待未來的結構性定價？它是滑動的還是你認為你可以保持它穩定？

We think structural pricing going forward will be fairly stable.

我們認為未來的結構性定價將相當穩定。

That's easy. Okay. Thanks.

這很容易。好的。謝謝。

Matthew Korn with Barclays.

巴克萊銀行的馬修·科恩。

Are there any customers, any buyers for whom you received orders for maybe the first time in awhile who are shifting away from imported steel in anticipation of the effect of trade cases? On the flip side, are there any buyers that have told you right now we're good, inventories are okay. I'm seeing this gap down in scrap prices and I just need to see where we're going to shake out coming into the new year?

您是否有任何客戶或買家在一段時間內第一次收到訂單，他們因預期貿易案件的影響而不再購買進口鋼材？另一方面，是否有任何買家告訴您現在我們很好，庫存還可以。我看到廢鋼價格的差距正在下降，我只需要看看進入新的一年我們將在哪裡擺脫困境？

You've asked two questions and the answer to both of them frankly is yes. We are seeing customers coming back to us who are recognizing that right now their inventories are a little bit bloated, so we don't see them pouring in right now with new orders, but we are hearing from them that because of the trade cases and frankly because our pricing has become much more competitive relative to imported pricing, that they have not placed the orders for imports to the same level that they have in the past.

你問了兩個問題，坦白說，兩個問題的答案都是肯定的。我們看到客戶回到我們身邊，他們認識到目前他們的庫存有點臃腫，所以我們現在沒有看到他們帶著新訂單湧入，但我們從他們那裡聽到，由於貿易案件和坦率地說，因為我們的定價相對於進口定價更具競爭力，所以他們的進口訂單沒有達到過去的水準。

As you know, when you are talking about import orders there's about a two to three month, maybe four month, sometimes depending on the product, delay or lag time between when the order was placed and when the product arrives. So, many of our service center customers in particular are recognizing that the orders that they placed two, three, four months ago now do not look nearly as attractive and unfortunately they are on the water, they are on the way and they can't be canceled.

如您所知，當您談論進口訂單時，大約需要兩到三個月，甚至四個月，有時取決於產品，下訂單和產品到達之間的延遲或滯後時間。因此，我們的許多服務中心客戶尤其認識到，他們兩、三個、四個月前下的訂單現在看起來不再那麼有吸引力，不幸的是，他們已經在水上了，正在路上，但他們不能被取消。

So, we're going to see this issue of heavy inventories continue for a little bit of time. Ultimately, we do believe that because we are more competitive today and because they're seeing some other issues with lead times from the imported products, we'll be able to regain that business. We see our customers coming back to us from the imports.

因此，我們將看到庫存大量問題將持續一段時間。最終，我們確實相信，因為我們今天更具競爭力，並且因為他們看到進口產品的交貨時間存在一些其他問題，所以我們將能夠重新獲得該業務。我們看到我們的客戶從進口回到我們身邊。

The other comment that I'll make just in general, you asked about other customers coming back to us. We're also seeing many new customers approaching us because they see Nucor as a company with a very strong financial position and sustainable. They know we are going to be here for the long term, and there some other companies that might be a little bit more challenged, particularly if this challenging time continues for another quarter or two. So, the answer to your question is yes and the answer to your question is yes.

我一般性地發表的另一條評論是，您詢問了其他客戶回到我們這裡的情況。我們也看到許多新客戶正在接近我們，因為他們認為紐柯是一家財務狀況非常強勁且可持續發展的公司。他們知道我們將長期存在，而其他一些公司可能會面臨更大的挑戰，特別是如果這種充滿挑戰的時期再持續一兩個季度的話。所以，你的問題的答案是肯定的，你的問題的答案是肯定的。

Thanks, very helpful. Let me follow up with that really quickly. Look, the details, the organic product to the capacity development that you are doing it, that's great. How are you thinking about use of available capital in terms of M&A? Is there any sense of, look, we are and strong financial shape, especially relative to the group. We're expecting the bottom to come in sooner than later. Let's get active, let's find other assets, let's tuck in some our downstream facilities. Where is your thinking there?

謝謝，非常有幫助。讓我快速跟進一下。看，細節，有機產品到你正在做的能力開發，這很棒。您如何考慮在併購方面使用可用資本？是否有任何感覺，看，我們的財務狀況強勁，尤其是相對於集團而言。我們預計底部遲早會到來。讓我們積極行動，尋找其他資產，並加入一些下游設施。你的想法在哪裡？

Well, I'm going to answer that more in a general sense and talk about how we view what we're doing with our cash. We have been a strong cash generator. This is not a very good year in terms of cash generation from operations. And certainly acquisitions would be one thing that we will look at. But in a more general sense, when I think about the deployment of our cash going forward, our first priority will always be aggressive growth, profitable growth in our Company and that can be done in several ways.

好吧，我將從一般意義上回答這個問題，並討論我們如何看待我們用現金所做的事情。我們一直是強大的現金產生者。就營運現金流而言，今年並不是一個很好的一年。當然，收購也是我們會考慮的一件事。但從更一般的意義上來說，當我考慮未來的現金部署時，我們的首要任務始終是公司的積極成長和獲利成長，這可以透過多種方式實現。

Organic growth has been, for us, one of the ways that we get the largest returns for the investments that we've made. You've heard us list today and in the past conference calls numerous projects in which we are growing our Company profitably through organic investments in our existing operations.

對我們來說，有機成長是我們獲得最大投資回​​報的方式之一。您已經聽到我們在今天和過去的電話會議中列出了許多項目，在這些項目中，我們透過對現有業務的有機投資來實現公司的獲利成長。

Frankly, acquisitions is another way that we are deploying our cash to accomplish profitable growth. Skyline would be an example of that, fairly recent. More recent than that would be our Gallatin acquisition. So, yes, we are looking at that. It's a way to not only grow our volumes, but to grow our customer base and grow the breadth of our products, and that is something that's very important as we look at potential targets out there.

坦白說，收購是我們部署現金以實現獲利成長的另一種方式。《天際線》就是一個最近出現的例子。比這更近期的是我們對 Gallatin 的收購。所以，是的，我們正在考慮這一點。這不僅可以增加我們的銷量，還可以擴大我們的客戶群並擴大我們產品的廣度，這在我們尋找潛在目標時非常重要。

I will take this opportunity to just remind you of one other way that we can grow our Company through investments. We've got a pretty good track record of growing through greenfield expansion, and I know that there's a lot of over capacity, and everybody is lifting their eyebrows and rolling their eyes when I say that. But we are constantly looking for unique market opportunities or product niches in which we can grow through greenfield expansion.

我想藉此機會提醒您我們可以透過投資來發展公司的另一種方式。我們在透過綠地擴張實現成長方面有著良好的記錄，我知道產能過剩的情況很多，當我這麼說時，每個人都揚起眉毛翻白眼。但我們一直在尋找獨特的市場機會或產品利基市場，以便我們可以透過綠地擴張來實現成長。

Excellent. Thanks for the time and good luck for the next quarter.

出色的。感謝您抽出時間，祝下個季度好運。

Timna Tanners with BofA Merrill Lynch.

蒂姆納·坦納斯 (Timna Tanners) 與美銀美林 (BofA Merrill Lynch) 合作。

I also wanted to follow up if I could on the cash level, because it is the highest that you've had since 2009 and that was maybe hunkering down. I want to know, is that preparing for restocking? Does the message about your reauthorized buyback program send a signal? I know there's a lot of uses of cash. This is a pretty big cash hoard even for you, so I just wonder if you could provide any priorities about how you are thinking about using them if you could?

如果可以的話，我還想跟進現金水平，因為這是自 2009 年以來的最高水平，而且可能會有所下降。我想知道，這是在準備補貨嗎？關於您重新授權的回購計劃的消息是否發出了信號？我知道現金有很多用途。即使對您來說，這也是一筆相當大的現金儲備，所以我只是想知道您是否可以提供有關如何考慮使用它們的優先事項（如果可以的話）？

I mentioned, the Number One priority is to profitably grow our Company and that will always be our first priority. In terms of building up a large cash reserve or award chest, how are we looking at that? I don't think that we are really looking it as a need to be able to grow our inventories, working capital as the businesses get better. That is not what is driving it. The opportunity for opportunistic buys as we go forward, again as this challenging time extends out there might be opportunities, as we've done in the past, to pick up some very good assets at a very good price.

我提到過，第一要務是實現公司的獲利成長，這永遠是我們的首要任務。在建立大量現金儲備或獎勵金方面，我們如何看待？我不認為我們真的將其視為能夠隨著業務的改善而增加我們的庫存和營運資金的需要。這不是推動它的因素。隨著我們前進，機會主義購買的機會再次出現，隨著這個充滿挑戰的時期的延長，可能會有機會，就像我們過去所做的那樣，以非常好的價格購買一些非常好的資產。

One of our strategies has always been to grow our Company during the downturns when assets are less expensive. So we think that that's going to be happening as we look forward. We think there's going to be more assets available at good prices and we want to make sure that we are prepared to capitalize on those opportunities. So, we have that. That's one of the reasons we are making sure that we preserve our cash.

我們的策略之一始終是在資產價格較低的經濟低迷時期發展我們的公司。所以我們認為，正如我們所期望的那樣，這將會發生。我們認為將會有更多的資產以優惠的價格出售，我們希望確保我們準備好利用這些機會。所以，我們有這個。這就是我們確保保留現金的原因之一。

Now, to your questions about dividends and buyback programs, I will make just a couple of comments. First of all, as you know, we pay a very healthy dividend today and we've proven in the past that when our profit levels are such that we could pay out a supplemental dividend without adversely affecting our ability to aggressively grow and profitably grow our Company, we will do it. Right now, that's not the case.

現在，對於您有關股息和回購計劃的問題，我將僅發表幾點評論。首先，如您所知，我們今天支付了非常健康的股息，並且我們過去已經證明，當我們的利潤水平達到這樣的水平時，我們可以支付補充股息，而不會對我們積極增長和盈利增長的能力產生不利影響。公司，我們會做到的。現在，情況並非如此。

In terms of the buyback, what we did was we asked our Board to authorize a buyback program that was frankly in place, but really just refreshing a program had already been authorized and had been on the books for many years. We did that. We want to be prepared for a situation where there might be limited profitable growth opportunities that do not provide a return -- a large enough return that it would outweigh the repurchasing of our stock.

在回購方面，我們所做的是要求董事會批准一項回購計劃，坦白說，該計劃已經到位，但實際上只是更新了一項已經獲得授權並已記錄多年的計劃。我們做到了。我們希望為這樣一種情況做好準備：獲利成長機會可能有限，但無法提供回報——足夠大的回報，足以超過回購我們的股票。

In other words, when we take a look at the opportunities in front of us, we want to make sure the return that we gained from those acquisitions, those investments, surpass what we would gain for our shareholders by repurchasing the stock. If that's not the case, we want to be ready. If that situation should come up suddenly, we want to be ready. One thing about this industry, Timna, as you know, it changes and when a change occurs, it occurs rapidly, and we made this will just so that we're ready for that eventuality.

換句話說，當我們審視眼前的機會時，我們希望確保我們從這些收購、這些投資中獲得的回報超過我們透過回購股票為股東帶來的回報。如果情況並非如此，我們希望做好準備。如果這種情況突然出現，我們希望做好準備。關於這個行業的一件事，蒂姆納，如你所知，它會發生變化，當變化發生時，它會迅速發生，我們制定這個意願只是為了我們為這種可能性做好準備。

Okay. No doubt there's a lot of assets in mining if you decide to branch out there. Not making a suggestion, just saying.

好的。毫無疑問，如果您決定在那裡拓展業務，採礦業蘊藏大量資產。不是提出建議，只是說說而已。

I'll pick up on that suggestion for a minute, not responding directly, but one of the things you have to remember about our Company, we have a broad portfolio of businesses, such a large portfolio upstream, core businesses are downstream. If you look at our various businesses, we have about 12 businesses that provide an opportunity which we can invest. That's a large number of opportunities. It spans a very broad spectrum of opportunities.

我會花一點時間考慮一下這個建議，不會直接回應，但關於我們公司，你必須記住的一件事是，我們擁有廣泛的業務組合，上游業務如此龐大，核心業務在下游。如果你看看我們的各種業務，我們大約有 12 家業務提供了我們可以投資的機會。這是大量的機會。它涵蓋了非常廣泛的機會。

As I look at the situation, going forward, we can see opportunities both upstream, core business and downstream and we want to ensure that we are ready. We think they're going to becoming available as people struggle to get through this challenging time and we want to be positioned to take advantage of that, to capitalize on that.

在我看來，展望未來，我們可以看到上游、核心業務和下游的機會，我們希望確保我們做好準備。我們認為，當人們努力度過這個充滿挑戰的時期時，它們就會變得可用，我們希望能夠利用這一點，並充分利用這一點。

Okay. I wanted to ask, if I could, my second question would be about the raw materials segment. I cringe to ask this, but I know that you're probably not delighted to reporting losses in this segment, and I know that DRI was looking a lot better-positioned when met coal prices were much higher. What are you thinking about doing to fix that segment, reverse it, or is it just strategic and you are okay with losses there for now?

好的。如果可以的話，我想問第二個問題是關於原料領域的。我不敢問這個問題，但我知道您可能不樂意報告該領域的虧損，而且我知道當冶金煤價格高得多時，DRI 看起來處於更好的地位。您正在考慮採取什麼措施來修復該細分市場，扭轉它，或者這只是戰略性的並且您目前可以接受該領域的損失？

As we said many times, our DRI investment is an investment for the long term and that we recognize and we recognize right from the beginning that there is going to be pricing situations in raw materials in which the DRI investment is going to be a single and at times when it's going to be a home run, and at times when it's going to be a grand slam. The other point that I would make is that we always look at our investments for the long term and when you look at the macro impact reasons for making the investments, the fact that manufacturing is leaving the country and with it, prime scrap.

正如我們多次說過的，我們的 DRI 投資是一項長期投資，我們從一開始就認識到，在原材料的定價情況下，DRI 投資將是單一的、有時會成為全壘打，有時會成為大滿貫。我要說的另一點是，我們總是著眼於長期投資，當你考慮進行投資的宏觀影響原因時，事實上，製造業正在離開這個國家，隨之而來的是主要廢品。

When you look at long-term, we still believe that the availability and the pricing for natural gas will be much more attractive than that for coking coal. When you look at the improvement in the efficiency of automotive blanking, which results in less prime scrap availability, even in periods where the automotive market is very strong, for all of these reasons, as we look long term, we believe that having the ability to produce a low residual scrap substitute product, Nucor is going to be a very good investment.

從長遠來看，我們仍然相信天然氣的供應和定價將比煉焦煤更具吸引力。當你看到汽車下料效率的提高時，即使在汽車市場非常強勁的時期，這也會導致主要廢料的可用性減少，出於所有這些原因，從長遠來看，我們相信有能力為了生產低殘留廢料替代產品，紐柯公司將是一項非常好的投資。

Okay. Thank you.

好的。謝謝。

If I may, since I let you ask a second question, maybe you can let me make a second statement about this response and that's one thing that I don't know that we emphasize enough when we talk about the DRI project and what it does for us, is that it gives us tremendous flexibility in our selection of raw material used for our premises. And by using that flexibility we're able to impact other scrap or other iron unit products and that's been very beneficial to us.

如果可以的話，既然我讓你問第二個問題，也許你可以讓我對此回應做第二次聲明，這是我不知道的一件事，當我們談論DRI 項目及其作用時，我們強調得足夠多對我們來說，它為我們在選擇用於我們場所的原材料方面提供了巨大的靈活性。透過利用這種靈活性，我們能夠影響其他廢鋼或其他鋼鐵產品，這對我們非常有利。

You've seen the impact of that a couple of months ago when we saw such a tremendous drop in scrap, and I would also suggest to you that whenever we put in or take out 4 million tons of a scrap substitute product, it's going to have an impact on other iron unit products. It's just going to have an impact. So, it gives us tremendous flexibility and the ability to better utilize our scrap mix to enhance our low-cost position as a steel supplier.

你已經看到了幾個月前的影響，當時我們看到廢鋼大幅下降，我還向你建議，每當我們投入或取出 400 萬噸廢鋼替代產品時，它就會對其他鐵單位產品產生影響。它只會產生影響。因此，它為我們提供了巨大的靈活性和更好地利用我們的廢鋼組合的能力，以增強我們作為鋼鐵供應商的低成本地位。

Okay. Thanks.

好的。謝謝。

Jorge Baristain with Deutsche Bank.

德意志銀行的豪爾赫·巴里斯坦。

Jorge Baristain with DB, here. I had a question about the bar volumes that we saw decline sequentially, 8% quarter on quarter, even exceeding that of sheet. Could you give some color as to what's happening in bars? Obviously we know that energy has been weak, but are there any other and markets that bars would be going into that would account for that sequential weakness?

豪爾赫·巴里斯坦 (Jorge Baristin) 與 DB，在這裡。我有一個關於金條銷量的問題，我們看到金條銷量較上月下降 8%，甚至超過了板材。能透露一下酒吧裡發生的事情嗎？顯然，我們知道能源一直疲軟，但金條是否會進入其他市場來解釋連續疲軟的原因？

Again, you hit the nail on the head. Certainly energy, which a lot of our special bar quality products go into energy, that's taken a tremendous hit. We mentioned earlier agriculture. That's been way down, and of course we have a lot of product, bar products, lawn products going into agriculture, so that's another area where we've seen a decline in market.

再次，你擊中了要害。當然，能源受到了巨大的打擊，我們許多特殊的棒品質產品都轉化為能源。前面我們提到了農業。這已經大幅下降，當然，我們有很多產品、酒吧產品、草坪產品進入農業，所以這是我們看到市場下降的另一個領域。

Finally, I would say heavy equipment. Heavy equipment market is down. Once again, I'm going to go back to my favorite subject and that's unfairly traded imports because when you look at particularly rebar, there is a tsunami of unfairly traded rebar into this country over the last year is totally unacceptable and it's had a tremendous impact upon our volume and our profitability in that area in our bar products.

最後我要說的是重型裝備。重型設備市場下滑。我要再一次回到我最喜歡的主題，那就是不公平貿易的進口，因為當你特別關注螺紋鋼時，你會發現去年有一股不公平貿易的螺紋鋼海嘯進入這個國家，這是完全不可接受的，它已經造成了巨大的損失。影響我們在該領域的酒吧產品銷售和盈利能力。

Got it. Maybe just following up on Timna's question earlier about your raw materials segment. Could you just give us some color as to the quarter-on-quarter deterioration that we saw? You had pointed to an improvement in DRI, so are we to assume that it's really deterioration in the scrap purchasing there that is bringing down the results, or can you give us just some color as to what's going on there?

知道了。也許只是跟進蒂姆納之前關於你們原材料部門的問題。您能否給我們一些關於我們所看到的季度環比惡化的信息？您指出 DRI 有所改善，那麼我們是否應該假設，確實是那裡的廢鋼採購惡化導致了結果下降，或者您能給我們一些關於那裡發生的情況的信息嗎？

Well, I don't have the exact number in my head for the amount that scrap has gone down over the quarter, but I can tell you that there's been recent movements over the quarter, what would you say, Joe, how much is now scrap pricing?

好吧，我腦子裡沒有這個季度廢品減少量的確切數字，但我可以告訴你，這個季度最近有一些變化，你會說什麼，喬，現在是多少廢品定價？

Scrap pricing over the quarter has dropped about $70.

本季廢鋼價格下降了約 70 美元。

$50 to $70, and when you have that a scrap price drop it certainly has an impact on our scrap operations. So, yes. We've seen improvement in our DRI performance and performance of our DRI plant, but the raw material has suffered as a result of our scrap operations.

50 至 70 美元，當廢鋼價格下降時，肯定會對我們的廢鋼業務產生影響。所以，是的。我們已經看到我們的 DRI 性能和 DRI 工廠的性能有所改善，但原材料因我們的廢料操作而受到影響。

And just to be clear, Jorge, this is Joe Stratman, the recycling -- the scrap processing side of our business is where that would be on the brokerage services side. That metallics pricing really doesn't affect a lot of the margin or profitability in that sector.

需要明確的是，豪爾赫，我是喬·斯特拉特曼，回收業務——我們業務的廢料處理方面就是經紀服務方面。金屬定價實際上並沒有對該行業的利潤或獲利能力產生太大影響。

Got it. Thanks very much.

知道了。非常感謝。

Michael Gambardella with JPMorgan.

摩根大通的麥可甘巴德拉 (Michael Gambardella)。

I wanted to followup on one of your comments earlier on trade in terms of someone was asking about putting recent numbers into the trade case decision. Since the coated anti-dumping, this preliminary decision was pushback from November to, I think, December 21, what is the time period in which they'll be looking at data? From what to what period?

我想跟進您之前關於貿易的評論之一，因為有人詢問如何將最新數據納入貿易案件決策中。自從塗層反傾銷以來，這個初步決定從11月推遲到了，我想，12月21日，他們會在什麼時間段查看數據？從什麼時期到什麼時期？

Well, as a general statement, they're looking at data today. Frankly, it will be mostly into December into the first quarter they'll be doing their analysis. We do expect to have some a ruling on the coated sometime in the first quarter and probably hot rolled and cold rolled would be a little bit later than that, sometime towards the latter part of the first quarter in terms of getting the final determinations. Is that what you're asking?

嗯，作為一般性聲明，他們今天正在查看數據。坦白說，他們將在 12 月第一季進行分析。我們確實預計在第一季的某個時候會對塗層做出一些裁決，熱軋和冷軋可能會比這晚一點，在第一季後期的某個時候才能做出最終決定。這就是你問的嗎？

Well, I thought the preliminary decision on the first case, the coated case was due out on December 21 and I'm just asking, there must be some period of time in which a look at data to decide what decision.

嗯，我認為第一個案例的初步決定，即塗層案例將於 12 月 21 日做出，我只是想問，必須有一段時間來查看數據來決定做出什麼決定。

If your asking is that data being considered now, is that the question? I'm sorry I'm not following.

如果您問的是現在正在考慮的數據，這是問題嗎？抱歉我沒有關注。

Is current data, current market activity right now being considered in the decision?

決策中是否考慮了當前數據、當前市場活動？

Yes. Yes.

是的。是的。

When do they cut off, okay, we are going to stop looking at data for the decision?

他們什麼時候中斷，好吧，我們將停止查看數據來做出決定？

Remember that we get to testify during the final arguments, so to speak, before the determination is made. Clearly, we will bring up pricing today, pricing between now and the time of the hearings and the testimony in the final hearings and all of that will be submitted and be considered.

請記住，我們可以在最終辯論期間作證，可以說是在做出決定之前。顯然，我們今天將提出定價，從現在到聽證會期間的定價以及最終聽證會的證詞，所有這些都將提交並考慮。

But you're still expecting the preliminary coated decisions on the anti-dumping to be out as they are saying right now on December 21, or are you saying you think it's going to be later?

但您仍然預計反傾銷初步決定將在 12 月 21 日公佈，或者您認為會更晚？

For the AD case it's actually December 30 to be specific, and for the countervailing duty case it's extended out to November 2.

具體來說，反傾銷案的截止日期是 12 月 30 日，反補貼稅案的截止日期則延長至 11 月 2 日。

Right. Last question again on trade. Are there any similarities between now and back at the end of 2001 and the Chinese hot roll case where Chinese have basically been locked out of hot rolled since then with a 90% tariff?

正確的。最後一個問題又是關於貿易的。現在和2001年底的中國熱卷案有什麼相似之處嗎？從那時起，中國基本上被排除在熱捲之外，並被徵收90%的關稅？

There are some similarities. Actually, the way that it differs is the amount of hot rolled and all steel products that China is exporting today compared to where it was back then has increased by a magnitude of, I don't know, 10%, 20%, 30%, times rather. It's just unbelievable what they talking about exporting. I think the number year to date coming out of China is somewhere around 72 million tons year to date. It is expected to go up to over 100 million tons this year, bearing in mind that the entire US market is 100 million tons.

有一些相似之處。實際上，不同的是，中國今天出口的熱軋鋼和所有鋼材的數量與當時相比，增加了一個數量級，我不知道，10%、20%、30% ，次。他們談論的出口真是令人難以置信。我認為今年迄今來自中國的產量約為 7,200 萬噸。考慮到整個美國市場為1億噸，預計今年將超過1億噸。

That's a ridiculous amount to be exported out of one country and it's a direct consequence of their building a tremendous amount of over capacity in China. So, yes, there's some similarities in the sense that they are flooding the market today, they flooded the market then, and we will be aggressive in pursuing cases against them today as we were back in 2000.

從一個國家出口這是一個荒謬的數字，這是他們在中國建立大量過剩產能的直接後果。所以，是的，從某種意義上說，它們有一些相似之處，它們今天充斥著市場，它們當時也充斥著市場，我們今天將像 2000 年一樣積極追查針對他們的案件。

Okay. Thanks, John.

好的。謝謝，約翰。

Andrew Lane with MorningStar.

安德魯·萊恩與晨星公司。

First, could you provide some color as to the integration of Nucor Steel Gallatin given it was about a year ago around this date that the acquisition was completed? Has the contribution of Gallatin fallen in line with your expectations? And then also in terms of virgin iron units at Gallatin, are those being supplied via imported material or via DRI produced in-house?

首先，您能否提供一些有關 Nucor Steel Gallatin 整合的信息，因為收購是在大約一年前的這個日期完成的？Gallatin的貢獻是否符合您的預期？然後，就 Gallatin 的原鐵裝置而言，這些裝置是透過進口材料還是透過內部生產的直接還原鐵 (DRI) 供應的？

First of all, I have to say no to the first part of your question. The integration is not going as we expected it to go. Frankly, it's going much, much better. We knew going into the acquisition that we had a lot of similarities in our culture and clearly cultural compatibility is very high on our list of targets that we look to acquire, and all I can say, I hope our teammates at Gallatin are listening, those guys have done a great job coming up to speed.

首先，我必須對你問題的第一部分說不。整合並沒有像我們預期的那樣進行。坦白說，一切進展得好多了。我們知道，在收購過程中，我們的文化有很多相似之處，而且顯然文化相容性在我們希望收購的目標清單中非常重要，我只能說，我希望我們在加勒廷的隊友們能夠傾聽，那些夥計們在加快速度方面做得很好。

They are doing a great job of integrating and assimilating into the Nucor culture. We share a lot of similar cultural traits. In one area, frankly, and I want to thank them for this, in one area they helped us get a whole lot better and that was in the area of safety. Their safety performance before the acquisition was outstanding. Their commitment to working safe is phenomenal and the way they run their safety programs is phenomenal and we've learned quite a bit from them.

他們在融入和融入紐柯文化方面做得非常出色。我們有很多相似的文化特徵。坦白說，在一個領域，我要感謝他們，在一個領域，他們幫助我們取得了很大的進步，那就是安全領域。收購前他們的安全表現非常出色。他們對安全工作的承諾是非凡的，他們執行安全計畫的方式也是非凡的，我們從他們身上學到了很多。

Despite the fact that Gallatin is operating today in an extremely tough market, the energy which is a big product coming out of Gallatin as you know has been really, really challenged, but our teammates are doing what we always do at Nucor and that is finding new ways, new products.

儘管加勒廷如今在一個極其艱難的市場中運營，正如您所知，加勒廷的一款重要產品能源受到了非常非常大的挑戰，但我們的隊友正在做我們在紐柯公司一直做的事情，那就是發現新方式，新產品。

One example would be that they are working hard to qualify for automotive products and we expect them to be successful in that attempt. And all I can say it is without a doubt going much better than we anticipated. And one other comment to your question about where are they getting the raw materials from. Obviously on the scrap side there's a lot of synergies with our BJJ operations right up the road, River Metals, and in scrap substitutes today, they are taking scrap substitutes in. They are working to modify the plant so it can accept DRI out of our Louisiana plant and we expect that to be up and running some time the end of next year, first part of 2017 for DRI.

一個例子是，他們正在努力獲得汽車產品的資格，我們希望他們在這項嘗試中取得成功。我只能說，毫無疑問，這比我們預期的要好得多。對於您關於他們從哪裡獲取原材料的問題，還有另一條評論。顯然，在廢鋼方面，我們與我們的 BJJ 業務、River Metals 有很多協同效應，而在今天的廢鋼替代品方面，他們正在採用廢鋼替代品。他們正在努力改造工廠，以便它可以接受來自我們路易斯安那州工廠的 DRI，我們預計工廠將在明年年底（即 2017 年上半年）啟動並運行 DRI。

Somewhere around 2016, thank you, Mike.

大約 2016 年左右，謝謝你，麥克。

Great. Thanks. The second question. Could you provide an update on where you stand with the high cost iron ore inventory position you have been digesting at the Louisiana DRI facility? And what portion of the $28 million of losses at Nucor Steel Louisiana were driven by that particular factor during the quarter?

偉大的。謝謝。第二個問題。您能否提供您在路易斯安那州 DRI 工廠消化的高成本鐵礦石庫存狀況的最新情況？路易斯安那州紐柯鋼鐵公司本季 2,800 萬美元的虧損中有哪一部分是由該特定因素造成的？

Let me start off by saying that this is the second time to your one question where you've made me smile, question about Gallatin made me smile about how well that's gone, and I'm smiling now because I can tell you we have completely digested the higher cost iron ore. We've worked our way completely through that.

首先我要說的是，這是第二次回答你讓我微笑的問題，關於加勒廷的問題讓我微笑，因為它已經過去了，我現在微笑是因為我可以告訴你我們已經完全解決了.消化了成本較高的鐵礦石。我們已經完全解決了這個問題。

The second part of your question was of the $28 million loss in the quarter. First of all, I would suggest that the number is actually closer to $20 million because of the impact -- Jim, do want to jump in?

你問題的第二部分是關於本季 2800 萬美元的虧損。首先，我建議這個數字實際上接近 2000 萬美元，因為影響——吉姆，你想加入嗎？

Yes, we had some raw material iron ore storage stones that we made a decision we were not going to continue to use and so we had an asset write down for I think just under $8 million. John, I think his question is of the $20 million loss how much is driven by higher cost iron ore and I don't think we have that number at our fingertips.

是的，我們有一些原料鐵礦石儲存石，我們決定不再繼續使用它們，因此我們的資產減記額我認為略低於 800 萬美元。約翰，我認為他的問題是 2000 萬美元的損失中有多少是由鐵礦石成本較高造成的，我認為我們手頭上沒有這個數字。

No, we don't have the number at our fingertips.

不，我們手邊沒有這個號碼。

But they did finish using the iron ore that was on hand. There might be a trace amount left, but not anything notable.

但手頭上的鐵礦石他們確實用完了。可能會留下微量，但沒有任何值得注意的東西。

One of the things -- another reason why I'm smiling, to be honest with you, is that our Louisiana plant was cash positive for the last two months, and that's a significant improvement. Now they will continue to be challenged given the current pricing of raw materials in general.

老實說，我微笑的另一個原因是，我們路易斯安那州的工廠在過去兩個月裡現金為正，這是一個顯著的進步。現在，考慮到當前原材料的整體定價，他們將繼續面臨挑戰。

It's going to be challenging operation for a while. As I said earlier, we don't expect it to be a grand slam in this pricing environment, but long term we have a great deal of confidence that it was a good investment and will pay large dividends over the long run.

在一段時間內，這將是一項具有挑戰性的操作。正如我之前所說，我們並不期望它在當前的定價環境下成為大滿貫，但從長遠來看，我們非常有信心這是一項很好的投資，並且從長遠來看將帶來大量股息。

Much appreciated. Congratulations on a solid quarter.

非常感激。恭喜本季業績穩定。

Thank you.

謝謝。

Phil Gibbs with KeyBanc Capital Markets.

Phil Gibbs 與 KeyBanc 資本市場。

Question on the automotive business, and just want to understand where we are in terms of the absolute tonnage penetration, and maybe if you could give us a break out of products within that number, whether it be cold finish bar, hot band SBQ, cold rolled, a general thought process here and then how you are looking to grow that market going forward?

關於汽車業務的問題，只是想了解我們在絕對噸位滲透方面處於什麼位置，也許您可以給我們提供該數量內的產品突破，無論是冷精加工棒材、熱軋帶材SBQ、冷軋帶材滾動，這裡是一個總體思維過程，然後您希望如何發展該市場？

Good question. It's an area that we are very proud of the way that we've been able to grow that business. When you ask about specific shipment rates, in 2015 we are on track to ship at a rate of about 1.4 million tons a year and that's about a 20% improvement over where we were last year. In terms of the breakdown between sheet and cold finish, today about 85% of our products going into automotive are in sheet products and 15% coming out of some form of SBQ or cold finish. And in terms of where we want to go, the sky's the limit ultimately, but over the next two to three years we are confident that we will be able to grow that business to a rate of about 2 million tons of shipments per year going into automotive.

好問題。在這個領域，我們能夠發展業務，對此我們感到非常自豪。當您詢問具體的出貨量時，我們預計 2015 年的出貨量約為每年 140 萬噸，比去年增加了約 20%。就板材和冷加工之間的細分而言，目前我們進入汽車領域的產品中約 85% 是板材產品，15% 來自某種形式的 SBQ 或冷加工。就我們的發展方向而言，最終沒有任何限制，但在未來兩到三年內，我們有信心將該業務發展到每年約 200 萬噸的出貨量。汽車。

Okay, 2 million is what you said. Okay. I appreciate that.

好吧，就是你說的200萬。好的。我很感激。

Okay, over the next two to three years. Beyond that, we will continue to grow in that market, as we will continue to grow in all high-quality, higher valued and more importantly, system products.

好吧，未來兩三年。除此之外，我們將繼續在該市場成長，因為我們將在所有高品質、更高價值、更重要的是系統產品方面繼續成長。

Okay. And then just in terms of what your feelers are out there on nonresidential construction and what those are telling you, what's the read at this point in time, just noticing the fabrication? I think volumes were down a little bit year on year. Any sense of why that's the case? Just trying to get a better feel for your view of non-res and what your indicators are telling you right now?

好的。然後，就您對非住宅建築的觸角以及那些告訴您的內容而言，此時此刻讀到了什麼，只是注意到了捏造？我認為銷量比去年同期略有下降。知道為什麼會這樣嗎？只是想更了解您對非資源的看法以及您的指標現在告訴您什麼？

I would start off by saying that we do think that the rate of growth in nonresidential construction, as we measure it in square footage, has slowed. At the beginning of the year we were anticipating somewhere about an 8% or 9% growth over the course of the year. Today, we would say that that number is probably closer to 5% or 6%, today. So, we do see the rate of increase, the rate of growth, slowing as the year has progressed.

我首先要說的是，我們確實認為非住宅建築的成長率（以平方英尺衡量）已經放緩。今年年初，我們預計全年成長率約為 8% 或 9%。今天，我們會說這個數字可能接近 5% 或 6%。因此，我們確實看到成長率隨著時間的推移而放緩。

Now, when I look at our Business in particular, Nucor's business and our downstream businesses, which is frankly going to the nonresidential construction, we are feeling pretty good about our backlogs. Our backlog today in all three of our downstream businesses, Vulcraft, Verco Building Systems, and Harris, our backlogs are the strongest they have been, the strongest they have been in a ten-year period, and when you couple that with the profitability that we talked about earlier, we've had a very good quarter for our downstream businesses. Although we've seen the rate of improvement slowing, we still feel pretty good about our downstream businesses and their ability to complete in the construction market.

現在，當我特別關注我們的業務、紐柯的業務和我們的下游業務（坦白說，這些業務涉及非住宅建築）時，我們對積壓訂單感覺非常好。今天，我們所有三家下游業務（Vulcraft、Verco Building Systems 和 Harris）的積壓訂單量是有史以來最強勁的，是十年來最強勁的，當你將其與盈利能力結合起來時，我們之前談到，我們的下游業務季度表現非常好。儘管我們看到改善速度放緩，但我們仍然對下游業務及其在建築市場的完成能力感到非常滿意。

In terms of the shipments, John, was that year-over-year comparison a bit negative because maybe there was some over buying and Q1 and you needed a quarter to level that out? Because your backlog is pretty strong from what you're saying right now?

約翰，就出貨量而言，年比比較是否有點負面，因為第一季可能存在一些過度購買，而您需要一個季度來平衡？因為從你現在所說的來看，你的積壓訂單相當多？

It's hard to take a look at -- that's a business that those products are long-term projects, some of them spanning several years. So as you look at the length of time, it becomes cyclical. The order entry rate becomes cyclical. The shipping rates become cyclical. It's hard to look at any one particular quarter compared to another particular period of time. You've got to really look at the overall order entry rate and the backlogs and that what we use to track how we see the business performing.

很難看到這些產品是長期項目的業務，其中一些項目跨越數年。因此，當你觀察時間的長度時，它就會變得週期性。訂單輸入率變得週期性。運費具有週期性。很難將任何一個特定季度與另一個特定時間段進行比較。您必須真正關注整體訂單輸入率和積壓訂單，以及我們用來追蹤業務績效的方式。

Okay. Then I have one high level political/philosophical question and then I'll jump off. First, your thoughts on a long-term highway bill and if you see any light at the end of the tunnel there. Then, in terms of the TPP, are you concerned if that's -- are you concerned if that measure is passed without any further safeguards like FX manipulation? Thanks.

好的。然後我會提出一個高層次的政治/哲學問題，然後我就會跳下去。首先，您對長期高速公路帳單的想法以及您是否看到隧道盡頭的任何曙光。那麼，就 TPP 而言，您是否擔心該措施是否在沒有任何進一步保障措施（例如外匯操縱）的情況下獲得通過？謝謝。

I'll start with that one, but I would like to address both of them. We are absolutely concerned about TPP passing in its present form. Now, remember, all of us have not yet gotten a chance to take a look at the complete documents. I'm not going to say whether or not we would favor it or we would struggle with it until we have an opportunity to read and study the entire document, which we have not had at this time.

我將從這個開始，但我想談談這兩個問題。我們絕對擔心 TPP 以目前的形式通過。現在，請記住，我們所有人還沒有機會查看完整的文件。我不會說我們是否會贊成它，或者我們是否會與之鬥爭，直到我們有機會閱讀和研究整個文件，而我們目前還沒有機會。

That said, I will say that we are extremely, extremely disappointed that it's not -- that currency manipulation is not more strongly baked into that agreement. At the end of the day, you can have all kinds of trade agreements and if a country manipulates its currency, it's guaranteed to have an unfair trade advantage. And so we have -- what we are insisting on with TPP is that it does as it's promising to do, and that is to provide a more level playing field on which we can compete.

也就是說，我要說的是，我們非常非常失望，因為協議沒有更強烈地納入貨幣操縱行為。歸根究底，你可以簽訂各種貿易協定，如果一個國家操縱其貨幣，它肯定會擁有不公平的貿易優勢。因此，我們對 TPP 的堅持是，它按照承諾去做，那就是提供一個更公平的競爭環境，讓我們可以競爭。

We at Nucor are absolutely convinced that if we were given a level playing field to compete upon we would compete successfully against any company or any country in the world. So, we're taking a hard look at TPP before we come out with a definitive statement, but you are absolutely correct in saying that currency manipulation not being a part of that agreement makes us really struggle about the impact it will have on our Company, the impact it will have in our industry, the impact it will have on manufacturing in the United States, and the impact most importantly that it will have on middle-class Americans working hard to make a living and make a better life for themselves and their family. You've got a little philosophical, so did I, okay?

我們紐柯公司絕對相信，如果給我們一個公平的競爭環境，我們就能成功地與世界上任何公司或任何國家競爭。因此，在發表明確聲明之前，我們正在認真審視 TPP，但您的說法絕對正確，貨幣操縱不屬於該協議的一部分，這讓我們真正擔心它將對我們公司產生的影響，它將對我們的行業產生影響，它將對美國的製造業產生影響，最重要的是它將對努力謀生並為自己創造更好生活的美國中產階級產生影響，他們的家庭。你有一點哲學思想，我也有，好嗎？

Now, to infrastructure. Once again I have to say that I'm disappointed in the administration and frankly in Congress in not taking advantage of what I consider a great opportunity. Right now steel costs are down. What a time to focus on rebuilding our infrastructure. Energy, okay, how important is energy in going forward in the manufacturing world and for our country, frankly? What a great time to be able to rebuild our energy infrastructure, our power grids.

現在，到基礎設施。我必須再次表示，我對政府感到失望，坦白說，對國會感到失望，因為他們沒有利用我認為的絕佳機會。目前鋼鐵成本正在下降。現在正是專注於重建我們的基礎設施的時候。能源，好吧，坦白說，能源對於製造業和我們國家的發展有多重要？現在是能夠重建我們的能源基礎設施、電網的好時機。

Frankly, with the price of oil where it is today and the resulting price of gasoline at the pump, it seems to me like this would be a great time to be able to, and I know this is politically unpopular, but I'm not running for office so I can say it, okay, this would be a great time to put a little bump on the tax rate on gasoline and use that money to rebuild the crumbling infrastructure of this country. What an embarrassment; 30, 40, 50 years ago our country was known for its infrastructure. People came here to study how we build bridges and today you look at it and overall our bridges, our infrastructure as a whole just recently received a D+ and they were bragging on the fact that it wasn't a D, it was a D+.

坦白說，以今天的石油價格以及由此產生的汽油價格，在我看來，這將是一個很好的時機，而且我知道這在政治上不受歡迎，但我不競選公職，所以我可以說，好吧，這將是一個很好的時機，可以稍微提高汽油稅率，並用這筆錢重建這個國家搖搖欲墜的基礎設施。多麼尷尬啊！ 30、40、50 年前，我們國家以其基礎設施而聞名。人們來這裡是為了研究我們如何建造橋樑，今天你看看我們的橋樑，我們的基礎設施作為一個整體最近剛剛獲得了 D+，他們吹噓這不是 D，而是 D+。

We don't need infrastructure -- if we are going to have a manufacturing powerhouse of the 21st century, we need infrastructure that gets an A+ not a D+. This is a great opportunity to rebuild our infrastructure. I'm extremely disappointed that we continue to kick the can down the road on funding with three-month extensions after extension after extension. I believe that there is something like 33 or 34 three-month extensions since 2008. That's an embarrassment. And I really hope that our leaders step up to the plate and do not miss this great opportunity to rebuild the infrastructure in this country.

我們不需要基礎設施——如果我們要擁有 21 世紀的製造強國，我們需要獲得 A+ 而不是 D+ 的基​​礎設施。這是重建我們基礎設施的絕佳機會。我非常失望的是，我們繼續在資金上拖延三個月，一次又一次地延期。我相信自 2008 年以來，大約有 33 或 34 次三個月的延期。這真是一個尷尬。我真心希望我們的領導人能夠行動起來，不要錯過這個重建這個國家基礎設施的絕佳機會。

Thanks, John. Amen.

謝謝，約翰。阿門。

Brian Yu with Citi.

花旗銀行的餘布萊恩 (Brian Yu)。

Piggybacking off Phil's question earlier on the auto side. The growth of 2 million tons, is that related with equipment upgrades and qualifications, or is that more marketing in terms of the Nucor product on the next auto build?

順便提一下菲爾早些時候在汽車方面提出的問題。200萬噸的成長，是與設備升級和資格有關，還是下一個汽車製造商對紐柯產品的更多行銷？

Okay. Well, clearly the way that we have been able to grow our automotive presence has been through investments in our Company. The vacuum tank to gases throughout all of our sheet metals, the Wide Light project at Berkeley, the work that we have done and the advances that we have made, advanced high-strength steels. Those have opened the doors for us in growing our automotive presence. I also have to say that the automotive company is recognizing the long-term sustainability of Nucor and the quality and service that we've been able to provide for them have attracted them and given us the opportunity to grow in those areas.

好的。顯然，我們能夠擴大汽車業務的方式是透過對我們公司的投資。我們所有金屬板材中的真空罐、伯克利的寬光項目、我們所做的工作以及我們所取得的進步，先進的高強度鋼。這些為我們擴大汽車業務打開了大門。我還必須說，汽車公司正在認識到紐柯的長期可持續性，我們能夠為他們提供的品質和服務吸引了他們，並給了我們在這些領域發展的機會。

In terms of your specific question and relative to how we see it growing over the next two years, the answer to that would be a yes. We are basing that upon qualifications that we already have been through and have passed and qualified for applications in future platforms and commitments that have been made to us on future platforms. So, we are confident in our projection of 2 million to 3 million tons.

就你的具體問題以及我們對未來兩年成長的看法而言，答案是肯定的。我們的基礎是我們已經通過並已通過並有資格在未來平台中申請的資格以及在未來平台上向我們做出的承諾。因此，我們對200萬噸至300萬噸的預測充滿信心。

I would also add one more thing on that. As you mention commercial and marketing, we recognize the need to improve our marketing into automotive and to that end we've established a sales office right in Detroit. It's the first time Nucor has had a sales office located in Detroit. We've named a sales manager to oversee automotive specifically, and this is an extremely experienced guy with a lot of years in the service. Again, we're confident that we will be able to commit the -- we will be able to build the commitment that I'm making to you and that our commercial team has made to me that we will get to 2 million tons over the next two to three years.

我還想補充一件事。正如您所提到的商業和行銷，我們認識到需要改進汽車行銷，為此我們在底特律設立了銷售辦事處。這是紐柯鋼鐵首次在底特律設立銷售辦事處。我們任命了一位銷售經理專門負責汽車業務，這是一位經驗豐富的人，擁有多年的服務經驗。再次，我們相信我們將能夠兌現我向你們所做的承諾，以及我們的商業團隊向我所做的承諾，即我們將在未來幾年內達到 200 萬噸。未來兩到三年。

Great. Thanks for the detail. Second one natural gas, I know you have stopped drilling with [Canadair] for a couple of years. Can you give us an update on how you are positioned there with the wells declining? How are you looking at 2016? Any need or desire to hedge out your gas exposure?

偉大的。謝謝你的詳細資料。第二個是天然氣，我知道你們已經停止與[加拿大航空]鑽探幾年了。您能否向我們介紹一下在油井產量下降的情況下您如何定位的最新情況？你如何看待2016年？是否需要或渴望對沖您的天然氣風險？

But now, given the pricing that we're seeing a natural gas and that we expect to continue through 2016, we don't see any significant change in our drilling program. There might be a couple of wells that we might have to drill in order to maintain the leases on the property and we would want to do that. We've got some great property there and we want to maintain the leases on those properties. Frankly, I don't see us changing our drilling program at this time. And in terms of hedging, we feel confident that we see natural gas pricing remaining low for at least next year. So, we're pretty comfortable with our gas position.

但現在，考慮到我們所看到的天然氣定價，並且我們預計該定價將持續到 2016 年，我們的鑽探計劃不會發生任何重大變化。為了維持該房產的租約，我們可能必須鑽幾口井，我們希望這樣做。我們在那裡擁有一些很棒的房產，我們希望維持這些房產的租約。坦白說，我認為我們目前不會改變鑽探計劃。在對沖方面，我們有信心看到天然氣價格至少在明年保持在低點。所以，我們對我們的油位非常滿意。

Is there a meaningful earnings impact from those wells declining versus buying in the spot market?

與現貨市場上的購買相比，這些油井產量下降是否會對獲利產生有意義的影響？

Can you repeat that? I didn't catch the last part of that.

你可以再說一次嗎？我沒聽清楚最後一部分。

With gas at $2.40, $2.50, I'm wondering, how does that compare with your share of the off take from those natural gas wells and as those wells decline and produce less, and you are buying more in the open market, is there a perceivable difference in the cost of the two that is an earnings impact?

天然氣價格為 2.40 美元、2.50 美元，我想知道，與您從這些天然氣井的承購份額相比如何，隨著這些井的產量下降和產量減少，而您在公開市場上購買更多，是否存在兩者成本的可感知差異對獲利有何影響？

The wells are incurring a very small loss right now, but they are actually our cash flow positive. So, it's not meaningful.

這些油井目前的損失很小，但它們實際上為我們帶來了正現金流。所以，沒有意義。

Okay.

好的。

That was Jim Frias. Okay. Is that the end of the questions?

那是吉姆·弗里亞斯。好的。問題就這樣結束了嗎？

Yes. This does conclude today's question-and-answer session. For closing remarks, I'd like to turn the conference back to Mr. John Ferriola for any closing remarks.

是的。今天的問答環節到此結束。對於閉幕詞，我想請約翰費裡奧拉先生發表閉幕詞。

Okay. Let me conclude by saying thank you to our shareholders for your confidence and your support. Thank you to our customers, we truly appreciate your business. We know that without you, there would be no us. And 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 most importantly, thank you all for doing it safely. Thanks for your interest in Nucor. Have a great day.

好的。最後，我要感謝我們的股東的信任與支持。感謝我們的客戶，我們衷心感謝您的業務。我們知道，沒有您，就沒有我們。我想對我的紐柯團隊表示感謝，感謝他們為我們的客戶創造價值，為我們的股東創造有吸引力的回報，並為我們所有人建立可持續的未來。最重要的是，感謝大家安全地完成了這一切。感謝您對紐柯鋼鐵的興趣。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference. We appreciate your participation.

女士們、先生們，今天的會議到此結束。我們感謝您的參與。