Nucor Corp (NUE) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to Nucor's First Quarter Earnings Call. (Operator Instructions) And today's call is being recorded. (Operator Instructions) I would now like to introduce Jack Sullivan, General Manager of Nucor Investor Relations. You may begin your call.

下午好，歡迎來到 Nucor 的第一季度財報電話會議。 （操作員說明）今天的通話正在錄音中。 （操作員說明）我現在想介紹 Nucor 投資者關係部總經理 Jack Sullivan。您可以開始通話了。

Thank you, operator, and good afternoon, everyone. Welcome to Nucor's First Quarter 2023 Earnings Review and Business Update. Leading our call today is Leon Topalian, Chair, President and CEO, along with Steve Laxton, Executive Vice President and CFO. We also have other members of Nucor's executive team with us, including Dave Sumoski, Chief Operating Officer; Al Behr, responsible for Plate and Structural products, Noah Hanners over raw materials, John Hollatz, bar products and fabrication; Doug Jellison, Corporate Strategy; Greg Murphy, Business Services, Sustainability and General Counsel; Dan Needham, Commercial Strategy; Rex Query, Sheet and Tubular Products; and Chad Utermark, New markets and innovation.

謝謝接線員，大家下午好。歡迎閱讀 Nucor 2023 年第一季度收益回顧和業務更新。今天主持我們電話會議的是主席、總裁兼首席執行官 Leon Topalian，以及執行副總裁兼首席財務官 Steve Laxton。我們還有 Nucor 執行團隊的其他成員，包括首席運營官 Dave Sumoski； Al Behr，負責板材和結構產品，Noah Hanners 負責原材料，John Hollatz，棒材產品和製造； Doug Jellison，企業戰略； Greg Murphy，商業服務、可持續發展和總法律顧問； Dan Needham，商業戰略； Rex Query、板材和管材產品；和 Chad Utermark，新市場和創新。

This morning, we posted our earnings release and an updated slide deck to the Nucor Investor Relations website. We encourage you to access these materials, and we will cover portions of them during the call. Today's discussion will include the use of non-GAAP financial measures and forward-looking information within the meaning of securities laws. Actual results may be different than forward-looking statements and involve risks outlined in our safe harbor statement and disclosed in Nucor's SEC filings. The appendix of today's presentation includes supplemental information and disclosures, along with a reconciliation of non-GAAP financial measures.

今天早上，我們在 Nucor 投資者關係網站上發布了我們的收益發布和更新的幻燈片。我們鼓勵您訪問這些材料，我們將在通話期間介紹其中的部分內容。今天的討論將包括使用非 GAAP 財務措施和證券法含義內的前瞻性信息。實際結果可能與前瞻性陳述不同，並涉及我們在安全港聲明中概述並在 Nucor 提交給美國證券交易委員會的文件中披露的風險。今天演示文稿的附錄包括補充信息和披露，以及非 GAAP 財務措施的調節。

So with that, let's turn the call over to Leon.

因此，讓我們把電話轉給萊昂。

Thanks, Jack, and welcome, everyone. I'd like to begin by thanking our 31,000 team members for delivering another strong quarter for our shareholders while continuing to deliver on our most important value, the health, safety and well-being of the entire Nucor family. We're coming off our fourth consecutive year setting new safety records and the team is off to a strong start again in 2023, ahead of last year's record performance through the first quarter.

謝謝，傑克，歡迎大家。首先，我要感謝我們的 31,000 名團隊成員為我們的股東帶來了又一個強勁的季度，同時繼續實現我們最重要的價值，即整個 Nucor 家族的健康、安全和福祉。我們連續第四年創造新的安全記錄，團隊在 2023 年再次開局強勁，超過了去年第一季度的創紀錄表現。

Turning to our financial results in the first quarter. Nucor generated EBITDA of approximately $1.9 billion and net earnings of $1.1 billion or $4.45 per diluted share. This strong performance was due in large part to the ongoing profitability of our steel products segments, along with increased volumes and margins at our steel mills segment compared to Q4. In our Steel Products segment, net earnings were down 10% from Q4 levels, but remained 42% ahead of the prior year quarter and significantly above historical averages. Shipments out of our steel mills rose 18%, taking utilization to approximately 80% during Q1 compared to 70% in the prior quarter. And finally, the performance of our raw materials segment improved in the first quarter due to higher volumes.

談談我們第一季度的財務業績。 Nucor 的 EBITDA 約為 19 億美元，淨收益為 11 億美元或每股攤薄收益 4.45 美元。這種強勁的表現在很大程度上是由於我們的鋼鐵產品部門持續盈利，以及與第四季度相比，我們的鋼廠部門的產量和利潤率有所增加。在我們的鋼鐵產品部門，淨收益比第四季度下降了 10%，但仍比去年同期高出 42%，大大高於歷史平均水平。我們鋼廠的出貨量增長了 18%，使第一季度的利用率達到約 80%，而上一季度為 70%。最後，由於產量增加，第一季度我們原材料部門的業績有所改善。

Nucor has created significant long-term value over many years and cycles by executing on its strategy. And today, we continue to position the company for further value creation. We are advancing several large capital projects to drive continued earnings growth, market share gains and margin expansion in our core steelmaking businesses. In our sheet mill group, Nucor Steel Gallatin continues to ramp up production. We've invested in Gallatin Mill to completely modernize its operations and more than double its capacity, and we're pleased with the progress the team has made to date. During the second quarter, we expect Gallatin will continue ramping up to its full run rate of 2.8 million tons and return to profitability. We remain confident Gallatin will be a strong contributor to Nucor's bottom line in the second half of 2023 and for many years to come.

Nucor 通過執行其戰略，在多年和周期中創造了顯著的長期價值。今天，我們繼續為公司定位以進一步創造價值。我們正在推進幾個大型資本項目，以推動我們核心煉鋼業務的持續盈利增長、市場份額增長和利潤率擴張。在我們的薄板廠組中，Nucor Steel Gallatin 繼續提高產量。我們投資了 Gallatin Mill，以實現其運營的全面現代化，並將其產能提高一倍以上，我們對團隊迄今取得的進展感到滿意。在第二季度，我們預計 Gallatin 將繼續提高至 280 萬噸的滿負荷運轉並恢復盈利。我們仍然相信 Gallatin 將在 2023 年下半年和未來許多年內為 Nucor 的利潤做出強大貢獻。

Shifting to West Virginia. Progress continues with our new sheet mill. The team has received all preconstruction state permits and is awaiting final federal permits, which we anticipate being finalized in the next few months. We expect to complete construction approximately 2 years after the receipt of all permits. And as previously announced, Nucor's Board of Directors approved an updated budget for the West Virginia project which is now estimated at a net cost of $3.1 billion. Once completed, the new mill will have an annual capacity of 3 million tons per year and advanced capabilities that will enhance our ability to provide customers with high quality, low embodied carbon steel products, particularly for the demanding automotive and construction applications.

轉移到西弗吉尼亞州。我們的新薄板廠繼續取得進展。該團隊已收到所有施工前的州許可，正在等待最終的聯邦許可，我們預計將在未來幾個月內完成。我們預計在收到所有許可證後大約 2 年完成施工。正如之前宣布的那樣，Nucor 的董事會批准了西弗吉尼亞項目的最新預算，目前估計淨成本為 31 億美元。一旦建成，新鋼廠的年產能將達到 300 萬噸，其先進的能力將增強我們為客戶提供高質量、低碳鋼產品的能力，特別是對於要求苛刻的汽車和建築應用。

Turning to our plate operations. The team at Nucor Brandenburg has had a productive quarter based on continued commissioning of the mill and beginning shipments to customers. Throughout Q1, the team has made significant headway dialing in the rolling mill and caster as we bring online a mill with the broadest offering of plate products in the Western Hemisphere. Every month, we continue increasing casting rates and the range of production capabilities. Over the balance of 2023, we expect the Brandenburg mill will produce up to 500,000 tons of steel and turn profitable by year's end. This game-changing plate mill gives us a unique capability and will play a pivotal role in building out our nation's infrastructure across multiple growth sectors.

轉向我們的板塊業務。 Nucor Brandenburg 的團隊在工廠的持續調試和開始向客戶發貨的基礎上取得了一個富有成效的季度。在整個第一季度，隨著我們將西半球提供最廣泛板材產品的軋機上線，該團隊在軋機和連鑄機方面取得了重大進展。每個月，我們都會繼續提高鑄造速度和生產能力範圍。在 2023 年餘下的時間裡，我們預計勃蘭登堡鋼廠將生產多達 500,000 噸鋼材，並在年底前扭虧為盈。這家改變遊戲規則的中厚板軋機為我們提供了獨特的能力，並將在建設我們國家跨多個增長領域的基礎設施方面發揮關鍵作用。

Moving to our Expand Beyond strategy. we're pleased with the success of our new platforms, especially the diversification and accelerated growth they bring to Nucor's earnings profile. As we've shared before, we look for efficient manufacturers of steel-related products when evaluating candidates to expand beyond our traditional steelmaking operations. The most attractive opportunities are those where we can create incremental value through operating synergies, supply chain efficiencies and revenue enhancements. We also see companies whose values match Nucors, especially when it comes to taking care of their team.

轉向我們的 Expand Beyond 戰略。我們對新平台的成功感到高興，尤其是它們為 Nucor 的盈利狀況帶來的多元化和加速增長。正如我們之前分享的那樣，我們在評估候選人以超越我們傳統的煉鋼業務時，會尋找高效的鋼鐵相關產品製造商。最具吸引力的機會是那些我們可以通過運營協同效應、供應鏈效率和收入增加創造增量價值的機會。我們還看到價值觀與 Nucors 相匹配的公司，尤其是在照顧團隊方面。

As part of our Expand Beyond strategy, Nucor established 4 new platforms, helping grow the size and diversity of our steel products segment. In the past 3 quarters in which we've owned these platforms they have generated combined EBITDA of roughly $350 million or annualized EBITDA of approximately $465 million. This puts them on track to reach the $700 million through cycle annual EBITDA goal we described at our Investor Day in November.

作為我們 Expand Beyond 戰略的一部分，Nucor 建立了 4 個新平台，幫助擴大我們鋼鐵產品部門的規模和多樣性。在我們擁有這些平台的過去 3 個季度中，它們的 EBITDA 總和約為 3.5 億美元，年化 EBITDA 約為 4.65 億美元。這使他們有望實現我們在 11 月的投資者日上描述的 7 億美元的年度 EBITDA 目標。

In the first quarter, steel products represented approximately 52% of our segment earnings mix. We plan to keep growing the earnings potential of our steel products segment over time through both organic growth and acquisitions. In fact, just last month, we announced the location of our first of 2 new production facilities for Nucor towers and structures, which will help meet the growing demands of our nation's transmission infrastructure.

第一季度，鋼鐵產品約占我們分部收益組合的 52%。我們計劃通過有機增長和收購，隨著時間的推移不斷增加我們鋼鐵產品部門的盈利潛力。事實上，就在上個月，我們宣布了 2 個新的 Nucor 塔和結構生產設施中的第一個的位置，這將有助於滿足我國輸電基礎設施不斷增長的需求。

As we execute our Expand Beyond strategy, we are maintaining a selective and disciplined approach, seeking those that enhance our service offerings for customers and generate superior returns for our investors. Our competitive advantage lies not only in the breadth and quality of the products we produce, but in how we make them as more customers look to reduce emissions across their supply chains, the low embodied carbon in Nucor Steel is a real differentiator for us. Over the past few years, we've developed numerous supplier partnerships with the likes of General Motors and Train. And this week, we're adding to that with a supplier partnership with Johnson Controls.

在執行我們的 Expand Beyond 戰略時，我們將保持一種有選擇性和有紀律的方法，尋求能夠增強我們為客戶提供的服務並為我們的投資者帶來豐厚回報的方法。我們的競爭優勢不僅在於我們生產的產品的廣度和質量，還在於我們如何製造這些產品，因為越來越多的客戶希望減少其供應鏈中的排放，Nucor Steel 的低隱含碳對我們來說是一個真正的差異化因素。在過去的幾年裡，我們與通用汽車和 Train 等公司建立了眾多供應商合作夥伴關係。本週，我們將與 Johnson Controls 建立供應商合作夥伴關係。

Nucor will recycle nearly all of the scrap from Johnson Control facilities and repurpose it as low embodied carbon steel to be sold back to Johnson Controls for future use. This closed loop recycling partnership helps both companies pursue our decarbonization goals. In May, we will publish our updated sustainability report, which speaks to the commitment our teammates have in living our culture and protecting our environment. I encourage you to take the time to review it as it describes what makes Nucor so special, things like our industry-leading safety record and the pride of our teammates have in working for Nucor. How being the largest recycler of any product in the Western Hemisphere allows us to make steel with a fraction of the carbon footprint compared to the global average and the various ways we support and invest in our communities. This is what makes Nucor a world-class manufacturer as recognized by Fortune Magazine, where we were ranked #1 among steel companies for the second consecutive year as one of the world's most admired companies.

Nucor 將回收江森自控工廠的幾乎所有廢料，並將其重新用作低碳鋼，然後賣回江森自控以備將來使用。這種閉環回收合作夥伴關係有助於兩家公司實現我們的脫碳目標。 5 月，我們將發布更新後的可持續發展報告，體現我們的團隊成員在踐行我們的文化和保護環境方面的承諾。我鼓勵您花時間閱讀它，因為它描述了是什麼讓 Nucor 如此特別，例如我們行業領先的安全記錄以及我們的隊友為 Nucor 工作而感到自豪。與全球平均水平相比，作為西半球最大的任何產品回收商，我們如何能夠以一小部分碳足跡生產鋼鐵，以及我們支持和投資社區的各種方式。這就是使 Nucor 成為財富雜誌認可的世界級製造商的原因，我們連續第二年在鋼鐵公司中排名第一，成為世界上最受尊敬的公司之一。

Before turning it over to Steve, let me wrap up by sharing some perspectives on the U.S. economy. Despite the economic uncertainty, we see a constructive long-term outlook for Nucor and the broader U.S. steel industry. And when economic conditions do change, our highly variable cost structure and flexible operating model allows Nucor to toggle our production and efficiently match demand. Nucor has a track record of operating profitably through downturns and emerging from them even stronger. The long-term investments we make in our conservative capital structures are designed to withstand all economic cycles, and this time is no different. But for now, the fundamentals driving nonresidential construction and infrastructure projects appear to be quite healthy.

在將其交給史蒂夫之前，讓我以分享對美國經濟的一些觀點作為總結。儘管經濟存在不確定性，但我們認為 Nucor 和更廣泛的美國鋼鐵行業具有建設性的長期前景。當經濟狀況確實發生變化時，我們高度可變的成本結構和靈活的運營模式使 Nucor 能夠切換我們的生產並有效地滿足需求。 Nucor 擁有在經濟低迷時期實現盈利並從中走強的記錄。我們在保守的資本結構中進行的長期投資旨在抵御所有經濟周期，這次也不例外。但就目前而言，推動非住宅建設和基礎設施項目的基本面似乎相當健康。

Three pieces of legislation, the Infrastructure Investment Act, the Inflation Reduction Act and the CHIPS Act provide a combined $975 billion of funding or tax incentives which will have a multiplier effect on the actual amount of capital deployed. Taken together, we believe that these 3 programs have the potential to generate up to 8 million tons of incremental steel demand per year over the balance of this decade. According to the American Iron and Steel Institute, an estimated 5 million tons of steel is needed for every $100 billion in infrastructure spending.

《基礎設施投資法》、《降低通貨膨脹法》和《CHIPS 法》這三項立法提供了總計 9750 億美元的資金或稅收優惠，這將對實際部署的資本數量產生乘數效應。綜上所述，我們認為這 3 個項目有可能在本十年的剩餘時間裡每年產生高達 800 萬噸的鋼鐵需求增量。據美國鋼鐵協會估計，每 1000 億美元的基礎設施支出需要 500 萬噸鋼材。

On top of that, we expect IRA will drive significant investment in clean energy, adding approximately 2 million to 3 million tons of annual steel demand for wind, solar and transmission projects. There also have been more than 30 announced semiconductor plants or expansions in response to the CHIPS Act. These are massive steel-intensive factories that take billions of dollars and years to build and Nucor's unrivaled domestic production capabilities and low carbon footprint position us favorably to provide this deal for these projects. As I've said in the past, the green and digital economies are being built with steel and the steel that they get built with matters. The future looks bright for Nucor, and we're excited to continue building on our company's long track record of driving profitable growth and delivering outstanding returns to our shareholders.

最重要的是，我們預計 IRA 將推動對清潔能源的重大投資，每年為風能、太陽能和輸電項目增加約 200 萬噸至 300 萬噸的鋼鐵需求。為了響應 CHIPS 法案，還有 30 多家宣布半導體工廠或擴建。這些大型鋼鐵密集型工廠需要數十億美元和數年時間才能建成，而 Nucor 無與倫比的國內生產能力和低碳足跡使我們有能力為這些項目提供這筆交易。正如我過去所說，綠色和數字經濟是用鋼鐵打造的，而鋼鐵又是用物質打造的。 Nucor 的未來看起來一片光明，我們很高興能夠繼續鞏固我們公司在推動盈利增長和為股東提供卓越回報方面的長期記錄。

With that, let me turn it over to Steve Laxton, who will share additional details about our Q1 performance and outlook for Q2. Steve?

有了這個，讓我把它交給史蒂夫拉克斯頓，他將分享有關我們第一季度業績和第二季度展望的更多細節。史蒂夫？

Thank you, Leon. Our net earnings of $4.45 per diluted share for the first quarter is the product of another strong performance by our team. In fact, with total earnings of just over $1.1 billion, our first quarter marks the eighth consecutive quarter where Nucor has exceeded $1 billion in earnings, a measure unattained prior to 2021 despite our long and profitable history as a company. These results highlight the advancement of our strategy and the growing earnings power of Nucor's diversified portfolio and industry-leading capabilities. During the first quarter, steel mill earnings of $838 million represented a 62% increase in the prior quarter, driven predominantly by higher shipments. We also saw efficiency gains from Q1's higher utilization rate, allowing us to achieve lower conversion costs. Improving cost for energy, alloys and consumables were also a factor.

謝謝你，萊昂。我們第一季度攤薄後每股淨收益為 4.45 美元，這是我們團隊又一次強勁表現的結果。事實上，我們第一季度的總收入剛剛超過 11 億美元，這標誌著 Nucor 連續第八個季度收入超過 10 億美元，儘管我們公司擁有悠久的盈利歷史，但在 2021 年之前仍未達到這一指標。這些結果凸顯了我們戰略的進步以及 Nucor 多元化投資組合和行業領先能力不斷增強的盈利能力。第一季度，鋼廠收益為 8.38 億美元，較上一季度增長 62%，這主要是由於出貨量增加所致。我們還看到第一季度更高的利用率提高了效率，使我們能夠實現更低的轉換成本。提高能源、合金和消耗品的成本也是一個因素。

Shifting to our Steel Products segment. We again saw excellent quarterly performance with segment earnings of $971 million. While this is a slight moderation from the prior period, it remains a historically strong result. During the quarter, we realized attractive pricing for margins across many of our product lines. This performance is further evidence of the strong nonresidential construction market commented on by Leon.

轉向我們的鋼鐵產品部門。我們再次看到出色的季度業績，分部收益為 9.71 億美元。雖然這比前一時期略有放緩，但從歷史上看仍然是一個強勁的結果。在本季度，我們實現了許多產品線的有吸引力的利潤定價。這一表現進一步證明了萊昂所評論的強勁的非住宅建築市場。

Our Raw Materials segment produced earnings of $58 million for the quarter. We realized higher pricing in our recycling businesses and shipped higher volumes out of both DJJ scrap operations and our DRI facilities. You may recall DRI volumes in Q4 were lower than normal in large part due to planned maintenance activities. Our Corporate and eliminations expenses increased for the quarter, in line with the outlook we shared during our fourth quarter earnings call in January. As a reminder, this segment includes several key activities including our teammate incentive compensation programs for all segments, interest expenses, selling, general and administrative expenses and the elimination of intercompany profits. Included in this is the elimination of profits or losses on intersegment sales when one segment supplies product to another segment, but the final sale to an external customer has not yet been recognized.

我們的原材料部門在本季度產生了 5800 萬美元的收益。我們在回收業務中實現了更高的定價，並從 DJJ 廢料業務和我們的 DRI 設施中運出更多數量。您可能還記得第四季度的 DRI 數量低於正常水平，這在很大程度上是由於計劃中的維護活動。本季度我們的公司費用和沖銷費用有所增加，這與我們在 1 月份第四季度財報電話會議上分享的展望一致。提醒一下，該部門包括幾項關鍵活動，包括我們所有部門的隊友激勵補償計劃、利息費用、銷售、一般和管理費用以及公司間利潤的抵銷。其中包括當一個分部向另一分部供應產品但尚未確認向外部客戶的最終銷售時，對分部間銷售損益的抵銷。

With roughly 20% of Nucor Steel shipments going to downstream businesses and the vast majority of Nucor's raw material shipments going to our Nucor Steel segment our intercompany eliminations can increase or decrease meaningfully, particularly during periods of rapid price change. In addition to producing strong earnings in the first quarter, Nucor's efficient manufacturing business model was on display again generating cash from operations of $1.2 billion. This allowed the company to continue its long-established and balanced approach toward capital allocation, investing $532 million in CapEx, while maintaining its commitment to making meaningful direct returns to shareholders. During the quarter, we repurchased 2.7 million shares valued at approximately $426 million and made dividend payments of $131 million for a total of $557 million returned directly to shareholders or 49% of our net earnings.

大約 20% 的 Nucor Steel 出貨量流向下游業務，而 Nucor 的絕大部分原材料運往我們的 Nucor Steel 部門，我們的公司間抵銷可能會顯著增加或減少，特別是在價格快速變化期間。除了在第一季度產生強勁收益外，Nucor 高效的製造業務模式再次展示，從運營中產生了 12 億美元的現金。這使公司能夠繼續其長期確立的平衡資本配置方法，在資本支出上投資 5.32 億美元，同時保持其為股東提供有意義的直接回報的承諾。本季度，我們回購了價值約 4.26 億美元的 270 萬股股票，並支付了 1.31 億美元的股息，總計 5.57 億美元直接返還給股東，占我們淨收益的 49%。

Over the last 3 fiscal years, we've returned $7.6 billion to shareholders, representing approximately half of the net earnings for the period. It's worth noting, our dividend payment in Q1 was Nucor's 200th consecutive quarterly dividend, that's a half a century of paying and raising our dividend and a long track record of creating shareholder returns that very few companies in any industry can point to.

在過去的 3 個財政年度中，我們向股東返還了 76 億美元，約佔該期間淨收益的一半。值得注意的是，我們在第一季度支付的股息是 Nucor 連續第 200 個季度派發股息，這是半個世紀以來支付和提高股息以及創造股東回報的長期記錄，這是任何行業中很少有公司可以指出的。

Nucor's balance sheet continues to be a fundamental underpinning for Nucor's capital allocation framework and an enabler of our value-creating strategy. At quarter end, Nucor had more than $4.7 billion in cash and short-term investments. and our $1.75 billion revolving credit facility remains undrawn. Given the potential economic uncertainty, we've been intentional about fostering a resilient and flexible liquidity position. This position of strength gives us confidence we can continue our balanced approach of executing Nucor's growth strategy while also providing meaningful direct returns to shareholders.

Nucor 的資產負債表仍然是 Nucor 資本配置框架的基本支柱，也是我們價值創造戰略的推動者。截至季度末，Nucor 擁有超過 47 億美元的現金和短期投資。我們的 17.5 億美元循環信貸額度仍未動用。鑑於潛在的經濟不確定性，我們一直有意培養有彈性和靈活的流動性頭寸。這種優勢地位使我們有信心繼續執行 Nucor 的增長戰略，同時為股東提供有意義的直接回報。

As we look ahead to the second quarter, we expect earnings from our steel mill segment to increase compared to first quarter results on modestly higher shipments and improved margins with better results from our sheet business being the biggest driver. In our Steel Products segment, we expect performance will moderate slightly from the historically high earnings level of recent quarters as the impact of lower pricing offsets the benefit we expect to see from seasonally higher volumes. Our raw materials segment is expected to continue to improve on higher shipment volumes. Overall, we expect the second quarter consolidated earnings to be higher than the first quarter. And we remain optimistic that 2023 will be another strong year of earnings for Nucor.

展望第二季度，我們預計鋼廠部門的收益將比第一季度有所增長，因為出貨量略有增加，利潤率有所提高，而板材業務的更好業績是最大的推動因素。在我們的鋼鐵產品部門，我們預計業績將從最近幾個季度的歷史高位收益水平略有放緩，因為較低定價的影響抵消了我們預期從季節性增加的銷量中看到的好處。我們的原材料部門預計將繼續提高出貨量。總體而言，我們預計第二季度的綜合收益將高於第一季度。我們仍然樂觀地認為，2023 年將是 Nucor 又一個強勁的盈利年。

As Leon mentioned, federal support for infrastructure projects, clean energy investments and advanced manufacturing facilities, will begin to impact demand in 2023. In addition, nonresidential construction remains elevated and positive trends in both the automotive and energy sector will impact demand. In short, we believe medium and long-term fundamentals of our industry and key demand drivers remain relatively positive. This, coupled with our strategy to grow our core and expand beyond positioning Nucor for strength well into the future.

正如 Leon 所提到的，聯邦政府對基礎設施項目、清潔能源投資和先進製造設施的支持將在 2023 年開始影響需求。此外，非住宅建築仍然處於高位，汽車和能源行業的積極趨勢將影響需求。簡而言之，我們認為我們行業的中長期基本面和主要需求驅動因素仍然相對積極。這一點，再加上我們的戰略，即發展我們的核心業務，並超越 Nucor 的定位，為未來的發展做好準備。

With that, we'd like to hear from you and answer any questions you might have. Operator, please open the line for Q&A.

因此，我們希望收到您的來信並回答您可能提出的任何問題。接線員，請打開Q&A線路。

(Operator Instructions) Today's first question comes from Emily Chieng with Goldman Sachs.

（操作員說明）今天的第一個問題來自高盛的 Emily Chieng。

Leon, Steve and team. My first one is just around the state of the steel market outlooks as you see it. I guess could you help us provide some color around what level of confidence you have? Or what's sort of the extent of your visibility around the outlook for steel demand in this current macro environment? And how that perhaps compares to other economic down cycles that we've seen in the past?

萊昂、史蒂夫和團隊。我的第一個問題就是您所看到的鋼鐵市場前景狀況。我想您能幫我們提供一些關於您的信心水平的顏色嗎？或者您對當前宏觀環境下鋼鐵需求前景的可見度如何？與我們過去看到的其他經濟下行週期相比，這又如何呢？

Yes. Emily, thanks for the question. I'll kick it off. For the last 3 years, we have been focused on executing on our mission, which is to grow the core expand beyond and live our culture ultimately generating higher highs and higher lows and providing the capability set to our customers that provides them a differentiated value proposition. And so while there's an awful lot of talk about looming recessions and headwinds we're facing and whatnot, I just tell you that the objective measures as we look into Q2, we think Q2 is going to be a stronger quarter. If we look at our backlogs, our steel segment backlogs, Emily, have increased 30% from the lows in the fourth quarter of last year. The demand picture as we think about automotive approaching 15 million units in 2023 remains really bright. And then some of the other things that I mentioned in the opening script, like the IRA and CHIPS Act, and the infrastructure bill are already having meaningful impacts in our business segments today.

是的。艾米麗，謝謝你的提問。我會開始的。在過去的 3 年裡，我們一直專注於執行我們的使命，即發展核心業務，擴展業務，踐行我們的文化，最終產生更高的高點和更高的低點，並為我們的客戶提供能夠為他們提供差異化價值主張的能力集.因此，儘管有很多關於迫在眉睫的衰退和我們面臨的逆風等等的討論，但我只是告訴你，在我們研究第二季度的客觀措施中，我們認為第二季度將是一個更強勁的季度。如果我們看一下我們的積壓訂單，我們的鋼鐵部門積壓訂單 Emily 比去年第四季度的低點增加了 30%。我們認為 2023 年汽車銷量接近 1500 萬輛時，需求前景仍然非常光明。然後我在開場白中提到的其他一些事情，比如 IRA 和 CHIPS 法案，以及基礎設施法案已經對我們今天的業務部門產生了有意義的影響。

But if we just take in a practice for a second, the CHIPS Act, the $55 billion Act signed into law, that $55 billion in investment has spurred 34 projects that are on the books today, those 34 projects represent $374 billion of semiconductor factories that are going to be built in the United States. And as our customers continue to shift to higher demands in what they're looking for in lower embodied carbon, it sets up incredibly well for Nucor is the most diversified product offering everywhere to help them build those facilities. Then the full cycle of that is as they build those facilities, they're going to provide the chips to our end use Tier 1 automotive customers, our HVAC customers and our heavy equipment customers that are all waiting for those and we are ready to grow at that demand. So again, we look forward to -- and I think the brightest days for Nucor are still in front of us. And yes, that's really where I would point to. And again, nonrisk construction continues to be incredibly resilient, and we think strong going forward.

但是，如果我們看一下 CHIPS 法案，價值 550 億美元的法案已簽署成為法律，這 550 億美元的投資刺激了今天登記在冊的 34 個項目，這 34 個項目代表了價值 3740 億美元的半導體工廠將在美國建造。隨著我們的客戶繼續轉向更高的需求，他們正在尋找更低的含碳量，這為 Nucor 提供了令人難以置信的良好條件，它是世界各地提供的最多樣化的產品，可以幫助他們建造這些設施。然後整個週期就是他們建造這些設施時，他們將為我們的最終使用一級汽車客戶、我們的 HVAC 客戶和我們的重型設備客戶提供芯片，他們都在等待這些，我們準備好成長在那個需求。因此，我們再次期待 - 我認為紐柯最美好的日子仍在我們面前。是的，這就是我要指出的地方。再一次，無風險建設繼續具有令人難以置信的彈性，我們認為未來會很強勁。

Great. That's really helpful, Leon. And a follow-up, if I may, around non-resi construction demand there. You certainly positioned yourself quite well with the Cargill business, the warehouse racking pace there. But as you think about the mix shift in projects within this segment, where are you seeing or pent-up demand for certain nonresi construction product types? And what are the projects that you're seeing Nucor specifically benefit the most from?

偉大的。這真的很有幫助，萊昂。如果可以的話，還有一個後續行動，圍繞那裡的非 resi 建築需求。您在 Cargill 業務以及那裡的倉庫貨架速度方面肯定給自己定位得很好。但是，當您考慮該細分市場中項目的組合轉變時，您在哪裡看到或被壓抑了對某些非耐久性建築產品類型的需求？您看到 Nucor 特別從中受益最多的項目是什麼？

Look, I appreciate that question. And we are excited. We're incredibly excited about the expand beyond piece of our businesses, the warehouse systems, the racking, the CHI overhead doors and what those teams have been able to already generate in their earnings power, and we're just getting warmed up. I'm going to ask Chad Utermark who's over that product group and as well as the new markets and innovation teams to give you some more flavor, but I would just remind you all that, that's a segment in the construction and nonres, it represents over half of Nucor's overall mix. It's a market we know incredibly well, a customer base that we've had for going on 6 decades now and one that we continue to partner with to provide a differentiated value proposition, our investment strategies or 2/3 of the way through a $14 billion capital campaign that's going to double Nucor's earnings power from pre-pandemic levels. So Chad, why don't you provide Emily just a little more detail on what we're seeing in the nonres sector and some of the optimism we have.

看，我很欣賞這個問題。我們很興奮。我們對業務的擴展、倉庫系統、貨架、CHI 架空門以及這些團隊已經能夠產生的盈利能力感到非常興奮，我們才剛剛開始熱身。我要問 Chad Utermark 誰負責那個產品組以及新市場和創新團隊給你更多的味道，但我只想提醒你，那是建築和非資源中的一個部分，它代表紐柯整體組合的一半以上。這是一個我們非常了解的市場，我們已經擁有 6 年的客戶群，我們將繼續與之合作以提供差異化的價值主張、我們的投資策略或 2/3 的 14 美元十億美元的資本運動將使 Nucor 的盈利能力從大流行前的水平翻一番。那麼查德，你為什麼不向艾米麗提供更多關於我們在非資源部門看到的情況以及我們所擁有的一些樂觀情緒的細節。

Yes. Thank you, Leon. And Emily. Thank you for the question. As Leon stated, we are very excited about the demand picture that we see in nonres. I would categorize it as healthy and resilient as we move into Q2 and Q3. Some data sets I'd like to give you would be when you look at our backlog, our downstream construction product backlogs, they are still at historically strong levels. As an example, two of our largest businesses that serve the nonres business, their combined backlogs are 56% higher than their average during the time period of 2017 and 2019. So you can see the health of these backlogs as we go through the year. We're not seeing a lot of cancellations at this time as well. So we feel strong about our backlog.

是的。謝謝你，萊昂。還有艾米麗。感謝你的提問。正如 Leon 所說，我們對我們在 nonres 中看到的需求情況感到非常興奮。當我們進入第二季度和第三季度時，我會將其歸類為健康且有彈性的。我想給你的一些數據集是當你看我們的積壓訂單時，我們的下游建築產品積壓訂單，它們仍然處於歷史高位。例如，我們最大的兩家服務於非資源業務的企業，在 2017 年和 2019 年期間，他們的總積壓量比平均水平高 56%。所以你可以看到這些積壓量在我們這一年中的健康狀況。我們目前也沒有看到很多取消。所以我們對我們的積壓感到很強烈。

Dodge construction forecast, the recent numbers are positive, both in dollars and square footage when you look at the nonres space. And again, it's obvious that the activity have come off the 2022 peaks, but they really remain above pre-pandemic levels. And one data set I was looking at, the 2023 Dodge projected nonres building starts when you look at square footage is up 15% compared to that 2017, 2019 average which was some good years. So we feel really good about what we're seeing. And then we always base these data sets compared to what we're hearing from our customers. And our customer feedback is still positive in the nonres space.

道奇建築預測，當您查看非資源空間時，最近的數字是積極的，無論是美元還是平方英尺。再一次，很明顯該活動已經脫離 2022 年的峰值，但它們確實仍高於大流行前的水平。我正在查看的一個數據集是，2023 年 Dodge 預計非資源建築開工，當您查看建築面積時，與 2017 年和 2019 年的平均水平相比增加了 15%，這是一些不錯的年份。所以我們對我們所看到的感覺非常好。然後我們總是將這些數據集與我們從客戶那裡聽到的進行比較。我們的客戶反饋在非資源領域仍然是積極的。

Part of your question was about new markets or new channels. And we all know that warehouse, obviously, was extremely strong in '21 and '22, and it has come off those peaks, and it's a level setting and fine recalibrating and finding its place, but I would remind you that even with that level setting, it's still forecasting the warehouse space to exceed the 2018 and 2019 demand levels for warehouses, which was a historic prior to COVID.

您的部分問題是關於新市場或新渠道的。我們都知道倉庫顯然在 21 年和 22 年非常強勁，它已經脫離了那些高峰，這是一個水平設置和精細的重新校準並找到它的位置，但我會提醒你，即使在那個水平在這種情況下，它仍然預測倉庫空間將超過 2018 年和 2019 年的倉庫需求水平，這是 COVID 之前的歷史水平。

So one of those areas that Leon touched on that I want to just mention would be the excitement we have around the onshoring of manufacturing. It's strong, and it keeps pushing forward. projects such as the semiconductor chip plants, data centers, EV facilities, both the assembly facilities as well as the battery plants that are in our backlog, and we're quoting even more of them. Again, I'll say it the manufacturing sector is very strong. And let me share this data set with the construction spending in this segment alone has nearly tripled since 2018 and 2019 levels. We're talking about close to $100 billion of spend projected in this segment alone. So while warehouse has come off its level setting, we're really excited about the manufacturing sector.

因此，我想提一下 Leon 提到的其中一個領域就是我們對製造業回岸的興奮。它很強大，而且一直在向前推進。半導體芯片工廠、數據中心、電動汽車設施、裝配設施以及我們積壓的電池工廠等項目，我們正在引用更多這些項目。再一次，我會說製造業非常強大。讓我分享這個數據集，僅此部分的建築支出自 2018 年和 2019 年以來幾乎增長了兩倍。我們談論的僅是這一領域的預計支出就接近 1000 億美元。因此，雖然倉庫已經脫離其水平設置，但我們對製造業感到非常興奮。

And ladies and gentlemen, our next question comes from Lawson Winder with BoA Securities.

女士們，先生們，我們的下一個問題來自美國銀行證券公司的 Lawson Winder。

Congratulations on a great quarter. I wanted to ask about, again, about the ramp-up of Brandenburg, the cadence you see there in terms of the quarterly ramp.

祝賀一個偉大的季度。我想再次詢問關於勃蘭登堡的增長情況，你在季度增長方面看到的節奏。

Lawson, I'll let Al Behr kind of give you some details and then back on our Brandenburg ramp-up. Al?

Lawson，我會讓 Al Behr 給你一些細節，然後再回到我們勃蘭登堡的升級。艾爾？

Yes, Lawson, thanks for the question. The Brandenburg ramp-up continues to go really well. we shared there in the slide deck a couple of milestones. Again, the strategy has always been about capabilities and not capacity. And so we continue to develop and explore the capabilities of this terrific machine. And we've rolled plate that is over 6 inches thick, which is a new milestone for us. We've rolled finished plate out of ingots, which is a significant milestone. We're producing our own slabs now out of the caster, and this is one of the most capable casters the most capable in the Western Hemisphere. And so the ramp-up is just going the way we'd like to see it. We still feel good about our commitment, about 50 -- excuse me, 500,000 tons by the end of the year. Obviously, that's heavily weighted to the back end of the year because we're focused on capabilities, but we're excited about what this project is going to offer our customers and ready to serve them.

是的，勞森，謝謝你的提問。勃蘭登堡的擴張繼續進行得非常順利。我們在幻燈片中分享了幾個里程碑。同樣，該戰略始終是關於能力而不是容量。因此，我們繼續開發和探索這台出色機器的功能。我們已經軋製了超過 6 英寸厚的板材，這對我們來說是一個新的里程碑。我們已經用鋼錠軋製成品板，這是一個重要的里程碑。我們現在正在用連鑄機生產我們自己的板坯，這是西半球最有能力的連鑄機之一。因此，增長只是按照我們希望看到的方式進行。我們仍然對我們的承諾感到滿意，大約 50 - 對不起，到今年年底是 500,000 噸。顯然，由於我們專注於能力，所以這對今年年底的影響很大，但我們對這個項目將為我們的客戶提供什麼感到興奮，並準備好為他們服務。

Okay. That's fantastic. And then if I could follow up just up on the plate mark -- market and get your views and get an idea for what you're seeing in terms of tightness in the market looking out to Q3 and into the end of the year?

好的。這太妙了。然後，如果我可以跟進板塊標記 - 市場並了解你的觀點並了解你在第三季度和年底的市場緊縮方面所看到的情況？

Yes. Gosh, you start talking end of the year, you're beyond my crystal ball, but I'll share some thoughts of what we see now. And it is a fairly tight market. Demand is pretty good for plate. Our backlogs are up 100% year-over-year, even more than that quarter-over-quarter. So we issued a price increase. We published our prices in plate. As you probably are aware, we published an increase last night of $40 a ton. Inventories are low. There's not a lot of slack in the supply chain. So we see continued strength in the plate market. It remains one of our more resilient markets. And I would highlight within that, things like railcar manufacturing, non-res bridge work as a result of some of the legislative successes that Leon highlighted. So overall, we're pretty positive.

是的。天哪，你開始談論年底，你超出了我的水晶球，但我會分享我們現在看到的一些想法。這是一個相當緊張的市場。板材需求相當不錯。我們的積壓訂單同比增長 100%，甚至比上一季度還要多。所以我們發布了漲價。我們在盤子裡公佈了我們的價格。你可能知道，我們昨晚公佈了每噸 40 美元的漲幅。庫存很低。供應鏈中沒有太多的鬆弛。因此，我們看到中厚板市場持續走強。它仍然是我們更具彈性的市場之一。我會在其中強調，由於 Leon 強調的一些立法成功，鐵路車製造、非 res 橋樑工作等事情。所以總的來說，我們非常積極。

And our next question today comes from Carlos De Alba with Morgan Stanley.

我們今天的下一個問題來自摩根士丹利的 Carlos De Alba。

So question is, given the positive comments that you have on non-resi and all the terms you mentioned, how can we reconcile the year-on-year growth in your bars and structural steel mill shipments, they declined 2% in the bars, as you know, and 16% in structural. So I don't know if you could provide some color to help us understand these numbers? And then maybe a follow-up on this -- on Slide 8 of your presentation, the Dodge construction forecast, it's very clear that infrastructure continues to increase in the coming years. There is a little bit of a plateau or flatness in non-resi and then it increases, but that is in terms of dollars. When there is a line there in that chart that is nonresidential building starts in 1 million of square feet. And that is -- that comes down from 2023 to 2024 and then it increases from 2024 to 2027, but it's only a gradual moderate increase. What drives your shipments? Is it more the dollar amount or the square footage of the projects put in place?

所以問題是，鑑於您對非耐火鋼的積極評價以及您提到的所有條款，我們如何協調您的棒材和結構鋼廠出貨量的同比增長，它們在棒材中下降了 2%，如您所知，結構性佔 16%。所以我不知道你是否可以提供一些顏色來幫助我們理解這些數字？然後也許是對此的後續行動 - 在您演示文稿的幻燈片 8 中，道奇建築預測，很明顯基礎設施在未來幾年將繼續增加。 non-resi 有一點平穩或平坦，然後它會增加，但這是以美元計算的。當圖表中有一條線時，非住宅建築的起始面積為 100 萬平方英尺。那就是——從 2023 年到 2024 年下降，然後從 2024 年到 2027 年增加，但這只是一個逐漸適度的增長。是什麼推動了您的出貨量？是更多的美元金額還是已實施項目的面積？

Carlos, that's a bunch of questions that I'll kick it off and maybe ask John Hollatz or Chad or Steve to jump in. I want to step back, though, to the broader sort of global environment. As you think about rebar and bar advanced and, I want to begin with the humanitarian crisis in Turkey and the travesty that has befallen that nation. Obviously, with 0 imports coming out of Turkey in the last couple of months, they're consuming a lot of that. Our launched product businesses, in general, have provided incredible returns through a very, very long cycle for Nucor that is remaining incredibly robust. And so as we think about, again, Q2 we're positive. We look forward to again, a stronger quarter in the second quarter. As you mentioned, the structural side of things as well, maybe just very quickly touch on what you're seeing in the project of the coming months in the structural side, and Allen, why don't you finish up on the long products?

卡洛斯，這是一大堆問題，我會開始討論，也許請約翰·霍拉茨、查德或史蒂夫插嘴。不過，我想退後一步，回到更廣泛的全球環境。當你想到鋼筋和高級鋼筋時，我想從土耳其的人道主義危機和降臨到那個國家的悲劇開始。顯然，過去幾個月從土耳其進口的產品為 0，他們消耗了很多。總的來說，我們推出的產品業務在一個非常非常長的周期內為 Nucor 提供了令人難以置信的回報，而且它仍然非常強勁。因此，當我們再次考慮第二季度時，我們是積極的。我們再次期待第二季度的強勁表現。正如您所提到的，事情的結構方面也是如此，也許很快就會觸及您在未來幾個月的結構方面項目中看到的內容，艾倫，您為什麼不完成長產品？

Yes, some structural things. I would say the structural market is not as strong as the plate market. it remains resilient, and we see some activities in nonres construction, but it's not as strong as what we're seeing in some other products. But the strength is resurging in these areas of reshoring of manufacturing in the chips plants, those are areas where we're particularly strong, both on the mill side and the downstream product side. So I may have missed your specific question about reconciling shipments. I hope I'm giving you some color that's helpful. But John, anything else on the bar side that you can share?

是的，一些結構性的東西。我會說結構性市場不如板材市場強勁。它仍然具有彈性，我們在非資源建設中看到了一些活動，但它不如我們在其他一些產品中看到的那麼強大。但是，在芯片工廠製造業回流的這些領域，實力正在復蘇，這些領域是我們特別強大的領域，無論是在工廠方面還是在下游產品方面。所以我可能錯過了你關於核對發貨的具體問題。我希望我能給你一些有用的顏色。但是 John，關於酒吧方面，您還有什麼可以分享的嗎？

Yes. I would say I think part of your question, Carlos, is what drives the steel intensity or the overall demand for steel. It's more going to be on square footage than dollars. Obviously, there's some inflationary impact on the dollar side. What we're seeing with these chip facilities as they are very steel intense because of the enormous foundations that go into facilities like this, which gives us a lot of optimism that demand is going to remain strong, not just through 2023, but for the life cycle of this government spending. So we see a lot of resilience in the market moving forward.

是的。卡洛斯，我想說我認為你的問題的一部分是推動鋼鐵強度或鋼鐵整體需求的因素。它更多的是面積而不是美元。顯然，美元方面存在一些通脹影響。我們在這些芯片設施中看到的情況是，它們非常堅固，因為像這樣的設施有巨大的基礎，這讓我們非常樂觀地認為，需求將保持強勁，不僅到 2023 年，而且政府支出的生命週期。因此，我們看到市場在向前發展時具有很大的彈性。

And our next question today comes from Curt Woodworth with Crédit Suisse.

我們今天的下一個問題來自 Curt Woodworth 和 Crédit Suisse。

Leon and Steve. Just want to get your thoughts on the sheet market, right? So if we look at the second half of last year, the economy is still reasonably strong. Nonres was doing well, auto admittedly weaker and the pricing average around $750 a ton more or less, and here we are today, the pricing is $1,200, and arguably, maybe there's a little bit more supply from some of the new EAF mills in the market, the lead times are out, and I'm not sure that the real economy is that much stronger today than it would have been back half of last year. So I'm just curious how -- what would you explain kind of the -- how would you characterize the move in the market this year, if you could kind of parse out some of the key moving pieces? And then the second question just pertains to the steel products division. That business is, I think, is a little bit more complicated for investors to parse out. So could you kind of maybe put a size at the joist and deck business versus your rebar fab business -- and then within the context of IRA, semiconductors, infrastructure, where do you really play in some of those markets? Is some of that more joist and deck specific versus pure rebar fab or other areas, obviously, like towers for energy infrastructure.

萊昂和史蒂夫。只是想了解一下您對床單市場的看法，對嗎？因此，如果我們回顧去年下半年，經濟仍然相當強勁。 Nonres 表現不錯，汽車業確實較弱，平均價格或多或少約為每噸 750 美元，而我們今天的價格是 1,200 美元，可以說，也許美國一些新的 EAF 鋼廠的供應量會多一點市場，交貨期已經結束，我不確定今天的實體經濟是否比去年下半年強勁得多。所以我很好奇 - 如果你能解析出一些關鍵的移動部分，你會如何解釋 - 你將如何描述今年市場的走勢？然後第二個問題只涉及鋼鐵產品部門。我認為，對於投資者來說，這項業務的解析要復雜一些。那麼，您能否將托樑和甲板業務與您的鋼筋工廠業務進行比較——然後在 IRA、半導體、基礎設施的背景下，您在其中一些市場中真正扮演什麼角色？與純鋼筋工廠或其他區域相比，其中一些更具體的托樑和甲板，顯然，例如能源基礎設施的塔樓。

Okay. Curt, I'll kick this off and again a bunch of different questions in there, and we'll try to make sure we cover them all if we don't just ask again. But let me begin with the tail end of your question. As we think about the IRA, the CHIPS Act and infrastructure, in the macro, we see about -- is upwards of about 8 million tons of annualized capacity for the next 10 years. So if you think about 8 million tons, that's roughly 7% of the overall ADC of this country. It is not an inconsequential number. And so well, how does that flow through? And how does that break down in the steel intensity within those 3. Well, number one, it marries up incredibly well to the most diversified steel industry leader in Nucor. It matches up really well with the lowest embodied carbon footprint of any steelmaker in the world that our customers are demanding these days, but it's coming in the form of plate, structural lungs, rebar, sheet, joist and deck fasteners, buildings, warehouse systems, racking, it really is the breadth of our portfolio that is on display today.

好的。 Curt，我會開始這個，然後再問一堆不同的問題，如果我們不再問的話，我們會盡量確保涵蓋所有問題。但是讓我從你問題的結尾開始。當我們考慮 IRA、CHIPS 法案和基礎設施時，在宏觀上，我們看到 - 未來 10 年的年產能超過 800 萬噸。所以如果你考慮 800 萬噸，那大約是這個國家 ADC 總量的 7%。這不是一個無關緊要的數字。好吧，那是如何流過的？以及這 3 個中的鋼鐵強度如何分解。嗯，第一，它與 Nucor 最多元化的鋼鐵行業領導者結合得非常好。它非常符合我們客戶當今要求的世界上任何一家鋼鐵製造商的最低隱含碳足跡，但它以板材、結構肺、鋼筋、板材、托樑和甲板緊固件、建築物、倉庫系統的形式出現，貨架，這確實是我們今天展示的產品組合的廣度。

So it's touching every segment of Nucor's businesses. And again, with what Chad described, and again, we -- we've worked really hard commercially in Dan Needham group with how we provide solutions and looking not to sell products, but how do we provide and partner with a customer to take care of their entire needs of building envelope from the foundation all the way through to completion. As we're shifting a little bit to your question on sheet and I'll ask Rex to touch on this as well. But I would tell you in the macro, no, we do see showing more favorable demand in the back half of 2022. And so their strength there and what, again, ultimately drives that is our customers. It's a supply and demand market. That's why we're seeing pricing go up and stick because the demand is up. The drivers are up. Our sheet business alone Q-over-Q was up about 20%. Backlogs are up about 25% Q-over-Q. So there is real strength there. There's -- and there's some optimism there in how we see that moving forward. So Rex, maybe provide a little bit more of a picture within the sheet group and what you're seeing through the back half of -- or the rest of 2023.

因此它觸及了 Nucor 業務的每個部分。再一次，根據乍得的描述，我們——我們在 Dan Needham 小組中非常努力地開展商業工作，我們如何提供解決方案並尋求不銷售產品，但我們如何提供並與客戶合作以照顧從地基一直到完工，他們對建築圍護結構的全部需求。由於我們稍微轉移到您在工作表上的問題，我也會請 Rex 談談這個問題。但我會在宏觀上告訴你，不，我們確實看到 2022 年下半年顯示出更有利的需求。因此，他們在那裡的實力以及最終推動的是我們的客戶。這是一個供需市場。這就是為什麼我們看到價格上漲並因為需求上升而堅持下去的原因。司機們起來了。單單我們的板材業務就 Q-over-Q 增長了約 20%。積壓訂單增加了約 25% Q-over-Q。所以那裡有真正的力量。有 - 我們對前進的方式有一些樂觀。所以雷克斯，也許可以在工作表組中提供更多圖片，以及您在後半年或 2023 年剩餘時間內看到的情況。

Yes, Curt, thanks for the question. Actually, I'll step back for a moment from a big picture standpoint. Looking at '22, as you recall, with Russia's invasion Ukraine and some uncertainty going on, you have things going on in the marketplace where customers begin -- what say, placing orders in accumulating some inventory due to that uncertainty. So with uncertainty in the pipeline, supply chain, from that standpoint. So you saw the back half of '22 where some of that was being worked through. So we saw some softness occurring as people working through inventory. So then you didn't see the -- I must say, the demand pull-through on the production side, they're working through some inventory. So we saw that softness, but -- and I would say, overall uncertainty from an economy standpoint, but now as we've entered 2023, I would tell you, we see a much more stable market. We see more confidence in the marketplace and underlying demand. And we've seen that on the sheet side. So you've now seen stabilizing and some pricing at a higher level, and we see that demand stabilizing. Our backlogs at this point are on par with where we were in the -- at the end of first quarter in '22. So we see that strength and as we move forward Q2 and even into Q3, we see that continuing and more confidence in the underlying demand. Hopefully, that's helpful.

是的，柯特，謝謝你的提問。實際上，我將從大局的角度退後一步。看看'22，正如你所記得的那樣，隨著俄羅斯入侵烏克蘭和一些不確定性的發生，你在客戶開始的市場上發生了一些事情 - 也就是說，由於這種不確定性而下訂單以積累一些庫存。因此，從這個角度來看，管道、供應鏈存在不確定性。所以你看到了 22 年的後半部分，其中一些正在解決。因此，我們看到人們在處理庫存時出現了一些疲軟。所以你沒有看到——我必須說，生產方面的需求拉動，他們正在處理一些庫存。所以我們看到了這種疲軟，但是——我想說，從經濟的角度來看，總體上存在不確定性，但現在我們已經進入 2023 年，我會告訴你，我們看到了一個更加穩定的市場。我們看到市場和潛在需求更有信心。我們已經在紙張方面看到了這一點。所以你現在已經看到穩定和更高水平的一些定價，我們看到需求穩定。我們此時的積壓與我們在 22 年第一季度末的水平相當。因此，我們看到了這種力量，並且隨著我們向前推進第二季度甚至進入第三季度，我們看到了對潛在需求的持續和更多的信心。希望這會有所幫助。

Thanks Rex, [I think i am enjoy someday.]

謝謝雷克斯，[我想有一天我會很享受。]

Yes. Curt, this is Steve. Just real quickly on your second question there about joist and deck and rebar fab to give you a sense for size, joist and deck is typically about 25% of our product group's volume. It's a little bit higher than that in the first quarter. It's around 27%. And rebar fab is in that same ballpark, usually a little bit under 25% of the volume we do on products. It's in the low 20s right now, but those are typical for those businesses about what they represent for the products group.

是的。柯特，這是史蒂夫。關於托樑和甲板和鋼筋工廠的第二個問題，讓你對尺寸、托樑和甲板的尺寸有一個感覺，這通常是我們產品組數量的 25% 左右。比第一季度略高。大約是 27%。螺紋鋼廠也在同一個範圍內，通常略低於我們產品產量的 25%。它現在處於低 20 年代，但對於這些企業來說，它們代表產品組的東西是典型的。

And our next question today comes from Timna Tanners with Wolfe Research.

我們今天的下一個問題來自 Wolfe Research 的 Timna Tanners。

Wanted to probe a little bit more the Gallatin ramp-up. And I know in the past couple of years, you've talked about pulling back production if market conditions warranted. But there's also been some talk of -- you've got this asset and you want to run it. So I'm just kind of wondering about the cadence of First off, when does it run full out? And then would you expect it to continue to run at a pretty full clip once it started up?

想要更多地探索 Gallatin 的提升。我知道在過去的幾年裡，你曾談到如果市場條件允許的話會縮減生產。但也有一些人在談論——你已經擁有了這個資產並且你想要運行它。所以我只是想知道 First off 的節奏，它什麼時候用完？然後你會期望它在啟動後繼續以相當完整的剪輯運行嗎？

Timna, this is Rex. I appreciate the question. I'll go ahead and just pick that up. First, I'll just comment at Gallatin at this point. We're now over 190 days without a recordable -- that team. And going through this ramp-up process, it's just really been impressive to watch the focus there. And at this point, I would tell you for all intents and purposes, our commissioning is basically complete. We've had the opportunity. I would tell you, we have the luxury as a company, the breadth of capabilities we have in other plants to support, the work that's been done at Gallatin, we utilized that fully in supplying our customers from other plants or substrate into Gallatin where we utilize the pickle galv line, which has continued to run in a tremendous fashion. So we utilized that as a group, and we approached it as a group, so we didn't have to get tons through Gallatin for tons sake. And I think Al mentioned this about Brandenburg on a focus on capabilities. At this point, we've commissioned full capabilities at Gallatin.

Timna，這是雷克斯。我很欣賞這個問題。我會繼續，把它撿起來。首先，我現在只對 Gallatin 發表評論。我們現在已經超過 190 天沒有可記錄的——那個團隊。通過這個升級過程，看到那裡的焦點真的令人印象深刻。在這一點上，我會告訴你所有的意圖和目的，我們的調試已經基本完成。我們有過機會。我會告訴你，作為一家公司，我們擁有奢侈品，我們在其他工廠擁有廣泛的能力來支持，在加拉廷所做的工作，我們充分利用這些來為我們的客戶提供來自其他工廠或基板的加拉廷，我們在那裡使用 pickle galv 生產線，該生產線繼續以驚人的速度運行。所以我們把它作為一個團隊來利用，我們作為一個團隊來處理它，所以我們不必為了大量而通過 Gallatin 獲得大量。我認為 Al 在關注能力方面提到了關於勃蘭登堡的這一點。在這一點上，我們已經在 Gallatin 委託了全部功能。

And so you'll begin to see us now focusing on quality and ramp-up of the tonnage subject to market conditions as we get into second quarter. I would tell you, we expect to be at full run rate capability by the end of second quarter. And then we'll gauge that based on the market. But it's been a great ramp up. We've done it as a team, as a group, excited. The new capabilities thicker slab that we have will be higher quality capabilities, and we'll be able to get into markets that we have not previously been into, and of course, the wider width we have there at Gallatin.

因此，隨著我們進入第二季度，您將開始看到我們現在根據市場條件關注質量和噸位的增加。我會告訴你，我們預計到第二季度末將達到全速運行能力。然後我們將根據市場進行評估。但這是一個很好的提升。我們作為一個團隊，作為一個團隊，興奮地完成了它。我們擁有的新能力更厚的平板將是更高質量的能力，我們將能夠進入我們以前沒有進入過的市場，當然，我們在 Gallatin 擁有更寬的寬度。

Okay. Interesting. My second question is, obviously, you have a huge position with service centers, and they're an important counterparty for you. And our channel checks are suggesting that there is some challenges there, as you can imagine, with higher interest rates and also access to capital in light of banking market conditions. So just wondering if you have any observations about any impact on service center buying habits right now?

好的。有趣的。我的第二個問題是，很明顯，你在服務中心擁有巨大的地位，他們是你的重要交易對手。我們的渠道檢查表明，正如您可以想像的那樣，那裡存在一些挑戰，包括更高的利率以及根據銀行市場狀況獲得資本。所以只是想知道您是否對目前對服務中心購買習慣的影響有任何觀察？

Yes. Look, inventories, Timna, as you know, and you're looking at the MSCI data like we are -- remain pretty flat. And so as you see, particularly in sheet pricing coming through and the stability of that it's a good indicator, noting that we're not pulling orders forward from Q2 early because of those moves. So I would tell you, while they remain pretty flat and low numbers, look, they're going to be cautious as well. Interest rates are having a big effect on them. many of our end market customers as well are watching and evaluating projects and expansions based on what we're going to see from the Fed here next month and throughout the rest of the year. So it is touching obviously, a big swath of our customers and like you, we're watching all of those indicators and trying to analyze how does that shape out? But we've been partners with our major service center customers for a long time. We're taking care of their needs and continue to do so well into the future.

是的。看，庫存，Timna，正如你所知，你正在像我們一樣查看 MSCI 數據——保持相當平穩。因此，正如您所看到的，特別是在板材定價方面，它的穩定性是一個很好的指標，請注意我們並沒有因為這些舉措而提前從第二季度開始訂單。所以我會告訴你，雖然他們仍然非常平穩和低數字，但看，他們也會保持謹慎。利率對他們有很大的影響。我們的許多終端市場客戶也在根據我們下個月和今年餘下時間從美聯儲那裡看到的情況來觀察和評估項目和擴張。所以它顯然很感人，我們的一大批客戶和你一樣，我們正在觀察所有這些指標並試圖分析它是如何形成的？但我們長期以來一直是主要服務中心客戶的合作夥伴。我們正在照顧他們的需求，並在未來繼續這樣做。

And our next question today comes from Tristan Gresser with BNP.

我們今天的下一個問題來自 BNP 的 Tristan Gresser。

The first one, in your comments, you said that you're already seeing an impact on infrastructure manufacturing. I thought it would be more of a team for the next quarter and maybe later in the year. So can you discuss a little bit timing? Have you seen things accelerate a bit? One of your competitors mentioned a very strong month of March on the nonresi side. So yes, just some questions around the timing there and if you're seeing maybe those orders coming in faster than expected?

第一個，在您的評論中，您說您已經看到對基礎設施製造的影響。我認為下個季度甚至今年晚些時候它會更像是一個團隊。那麼你能討論一下時間嗎？你有沒有看到事情加速了一點？您的一位競爭對手提到 3 月份非住宅方面非常強勁。所以是的，只是關於那裡的時間的一些問題，如果你看到這些訂單可能比預期的更快？

Yes. I'm not sure they're faster, Tristan. What I would tell you is it's nice to see them actually materialize. And so through February, March, our plate businesses, our rebar businesses. Again, the long product businesses are seeing the order activities increase, the quoting increase and actual orders and production increase. So that's taking shape as we speak, but we expect that to ramp up in the back half of '23 even further. And again, somewhere in that 5 million to 8 million tons annually of production increase throughout the next 8 to 10 years as we build out all these major projects. So as I missed anything there? Anything you'd add?

是的。我不確定他們是否更快，特里斯坦。我想告訴你的是，很高興看到它們真正實現。因此，在 2 月、3 月，我們的板材業務、螺紋鋼業務。同樣，長材企業看到訂單活動增加，報價增加，實際訂單和產量增加。所以這在我們說話時正在形成，但我們預計它會在 23 年的後半段進一步增加。再一次，隨著我們建設所有這些主要項目，在未來 8 到 10 年內每年增加 500 萬到 800 萬噸的產量。所以我在那裡錯過了什麼？你有什麼要補充的嗎？

And maybe a follow-up on that, and thank you for the presentation. That's really helpful. The 3 poles of demand, you flagged the infrastructure, the clean energy and the manufacturing. Would you be able to break down for each of those 3 poles of demand, the split between, let's say, long, flat and plate? Is that something you could do?

也許還有後續行動，謝謝你的介紹。這真的很有幫助。需求的三極，你標記了基礎設施、清潔能源和製造業。您能否針對這 3 個需求極中的每一個進行分解，比如說，長材、扁平材和板材之間的分裂？那是你能做的事嗎？

Yes, we can do that. I'm not sure we'll do it on the call. But Tristan, it's something we can have our IR team follow up with you and then give you some more details. But again, one of the things to keep in mind as we think about those 3 projects, the breadth of Nucor's capability set positions us incredibly well. It's going to touch every major product group that we have. And we're really excited about the expand beyond capabilities. When you think about the overhead door business in the racking businesses, combined with the Joist and Deck the Building Systems group going to market together as one, we are providing a solution set no one in the industry has today. So we'll give you some more information here Jack can follow up with you in the coming days, but maybe provide a little bit more of that breakdown.

是的，我們可以做到。我不確定我們會在電話會議上這樣做。但是特里斯坦，我們可以讓我們的 IR 團隊跟進您，然後為您提供更多詳細信息。但同樣，當我們考慮這 3 個項目時要記住的一件事是，Nucor 能力集的廣度使我們處於非常有利的位置。它將觸及我們擁有的每個主要產品組。我們對超越能力的擴展感到非常興奮。當您考慮貨架業務中的架空門業務時，結合 Joist 和 Deck the Building Systems 集團將作為一個整體推向市場，我們正在提供當今業內無人能及的解決方案。因此，我們將在此處為您提供更多信息，Jack 可以在未來幾天與您聯繫，但可能會提供更多的細分信息。

And our final question today comes from Alex Hacking with Citi.

我們今天的最後一個問題來自花旗的 Alex Hacking。

I just have a couple of quick follow-ups. Firstly, on Joist and Deck, the weakness there, is that just purely the slowdown we've seen in the warehousing build-out. And then secondly, on sheet, just to clarify there, I think, some of your comments, obviously, your sheet shipments are extremely strong. I think we've seen that across the industry. You mentioned that comparing it to 4Q, 4Q saw a lot of destocking. Is your view that the current level of shipments is reflective of underlying demand? Or is there a restocking element that we use in those shipments?

我只有幾個快速跟進。首先，在 Joist 和 Deck 上，那裡的弱點純粹是我們在倉儲建設中看到的放緩。其次，在紙張上，我想澄清一下，你的一些評論，顯然，你的紙張出貨量非常強勁。我想我們已經在整個行業看到了這一點。你提到與四季度相比，四季度去庫存很多。您是否認為當前的出貨量反映了潛在需求？還是我們在這些貨物中使用了補貨元素？

Yes. I'll maybe kick it off and then Steve or Rex, I would tell you, no, I don't think it's restocking. If you look at the MSCI numbers are hovering around the 2 months on hand, which, again, historically has been low. I don't know and I don't, we don't anticipate these jumping to 3 or 4 anytime soon. I think that's going to be a balanced approach for what Timna asked about interest rates and again availability. So what I would tell you is, yes, you saw a large increase in our sheet group, that is real demand. But does that -- stack in that continue? Well, look, we think second quarter is going to be strong. But as we play out the rest of the year, we'll have to sort of wait and see. But the increase within that -- if you broke out that increase in shipments, some of that is the loss of imports. We've seen the imports drop off significantly Q-over-Q. And some of that is also establishing different partnerships with our commercial teams and how we're going to market. We mentioned in my opening remarks, the relationships and partnerships we have with Train and General Motors and Johnson Controls. And there's another 20 customers like that, that we're partnering with different to provide them something unique and again, a very differentiated value proposition.

是的。我可能會開始，然後史蒂夫或雷克斯，我會告訴你，不，我不認為這是補貨。如果你看一下 MSCI 數據徘徊在手頭的 2 個月左右，這在歷史上也一直很低。我不知道，我也不知道，我們預計這些不會很快躍升至 3 或 4。我認為對於 Timna 詢問的利率和可用性問題，這將是一種平衡的方法。所以我要告訴你的是，是的，你看到我們床單組的大量增加，這是真正的需求。但這會繼續嗎？好吧，看，我們認為第二季度會很強勁。但隨著今年餘下時間的結束，我們將不得不拭目以待。但其中的增加——如果你打破了出貨量的增加，其中一部分是進口損失。我們已經看到進口量環比大幅下降。其中一些還與我們的商業團隊建立了不同的合作夥伴關係，以及我們將如何推向市場。我們在開場白中提到了我們與 Train、通用汽車和江森自控的關係和合作夥伴關係。還有另外 20 個這樣的客戶，我們正在與不同的客戶合作，為他們提供一些獨特的東西，再次，一個非常差異化的價值主張。

Yes. I'll just jump in on the nonres part of your question, Alex. As we mentioned, manufacturing is robust and I would say, get ready infrastructure is going to be coming to support where we're going. But you asked about the drop off. And it really is, I believe, led by warehousing has dropped off significantly from these peaks. I would just remind everyone how high that peak went and where we're at today compared to historical levels is still pretty healthy on the warehousing side. But that -- your question was what drove the drop off, and I would say warehousing was the big market.

是的。亞歷克斯，我只是跳進你問題的非資源部分。正如我們所提到的，製造業是強大的，我會說，準備好基礎設施將支持我們前進的方向。但是你問的是下車。我相信，在倉儲業的帶動下，這些峰值確實已經大幅下降。我只想提醒大家，在倉儲方面，與歷史水平相比，那個峰值有多高以及我們今天所處的位置仍然非常健康。但是，你的問題是什麼導致了下降，我想說倉儲是一個大市場。

Ladies and gentlemen, this concludes the question-and-answer session. I'd like to turn it back over to the management team for any final remarks.

女士們，先生們，問答環節到此結束。我想將其轉回給管理團隊以徵求任何最終意見。

Well, thank you. And in closing, I want to thank our Nucor team for their incredibly strong start to 2023 and your continued focus on our most important value to health, safety and well-being of our team. I want to thank our shareholders for your investment and your trust. We take that stewardship incredibly seriously. We appreciate the opportunity to serve you in our customer base. Thank you all for your interest in Nucor, and have a great day.

嗯，謝謝。最後，我要感謝我們的 Nucor 團隊在 2023 年取得了令人難以置信的強勁開局，並感謝您繼續關注我們對團隊健康、安全和福祉最重要的價值。我要感謝我們的股東的投資和信任。我們非常重視這種管理工作。我們很高興有機會在我們的客戶群中為您服務。感謝大家對 Nucor 的關注，祝您有美好的一天。

Thank you, sir. Ladies and gentlemen, this concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝你，先生。女士們，先生們，今天的電話會議到此結束。感謝大家出席今天的演講。您現在可以斷開線路，度過美好的一天。