Nucor Corp (NUE) 2024 Q3 法說會逐字稿

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Good morning and welcome to Nucor's third-quarter 2024 earnings call. (Operator Instructions) Today's call is being recorded. After the speakers' prepared remarks, I will provide instructions for callers wishing to ask questions. I would now like to introduce Jack Sullivan, General Manager of Nucor Investor Relations. You may begin your call.

早安，歡迎參加紐柯 2024 年第三季財報電話會議。（操作員說明）今天的通話正在錄音。在發言者準備好發言後，我將為希望提問的來電者提供說明。現在我想介紹一下紐柯鋼鐵公司投資者關係部總經理傑克·沙利文。您可以開始通話了。

Thank you and good morning, everyone. Welcome to Nucor's third-quarter 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. Other members of Nucor's executive team are also here with us today and may participate during the Q&A portion of the call.

謝謝大家，早安。歡迎閱讀紐柯第三季獲利回顧和業務更新。今天主持我們電話會議的是主席、總裁兼執行長 Leon Topalian；以及執行副總裁兼財務長 Steve Laxton。紐柯高階主管團隊的其他成員今天也與我們在一起，並可能參加電話會議的問答部分。

Yesterday, we posted our third-quarter earnings release and investor presentation to the Nucor Investor Relations website. We encourage you to access these materials as 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.

昨天，我們在紐柯投資者關係網站上發布了第三季財報和投資人介紹。我們鼓勵您存取這些資料，因為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公認會計準則財務指標和證券法含義內的前瞻性資訊。

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

實際結果可能與前瞻性聲明不同，並涉及我們的安全港聲明中概述和紐柯向 SEC 文件中披露的風險。今天簡報的附錄包括補充資訊和揭露訊息，以及非公認會計準則財務指標的調節表。那麼，讓我們把電話轉給 Leon。

Thanks, Jack, and welcome, everyone. Before we begin, I'd like to take a moment to say that our hearts go out to our neighbors in Western North Carolina, Florida, and across the Southeast in the wake of Hurricanes Helene and Milton. While Nucor operations were not adversely impacted by the storms, we do have many friends and team members in these areas who were and now face the difficult task of putting their lives back together. Nucor will continue to support the relief effort and the monumental task of rebuilding.

謝謝，傑克，歡迎大家。在我們開始之前，我想花一點時間說，在颶風海倫和米爾頓之後，我們的心與北卡羅來納州西部、佛羅裡達州以及東南部的鄰居同在。雖然紐柯公司的營運沒有受到風暴的不利影響，但我們在這些地區確實有許多朋友和團隊成員，他們過去和現在都面臨著恢復生活的艱鉅任務。紐柯公司將繼續支援救災工作和艱鉅的重建任務。

Turning to Nucor's third-quarter performance. Our 32,000 team members continue to raise the bar on safety performance and Nucor remains on track for the safest year in the company's history. Building on the progress we have been making for the last six years, our injury and illness rates continue to trend lower with 35 over 109 divisions injury-free through September.

轉向紐柯第三季的業績。我們的 32,000 名團隊成員繼續提高安全績效標準，紐柯公司預計將迎來公司歷史上最安全的一年。基於我們過去六年取得的進步，我們的傷病率持續呈下降趨勢，截至 9 月份，109 個部門中有 35 個部門沒有受傷。

This is an amazing accomplishment, especially since it has occurred through all phases of the economic cycle and during a period of rapid expansion for the company. Through it all, Nucor team members have remained steadfast in their commitment to becoming the world's safest steel company. Congratulations to the entire Nucor team and let's continue to stay focused as we close out the year.

這是一項了不起的成就，特別是因為它是在經濟週期的所有階段以及公司快速擴張時期取得的。自始至終，紐柯團隊成員始終堅定致力於成為世界上最安全的鋼鐵公司。恭喜整個紐柯團隊，讓我們在今年結束時繼續保持專注。

In the third quarter, Nucor generated EBITDA of $869 million and adjusted earnings of $1.49 per share. These figures exclude the impact of non-cash pre-tax charges totaling $123 million or $0.44 per share, which Steve will provide more color on shortly. Nucor is committed to returning cash to shareholders and making prudent investments that create long-term shareholder value.

第三季度，紐柯公司產生 EBITDA 8.69 億美元，調整後每股收益 1.49 美元。這些數字不包括總計 1.23 億美元或每股 0.44 美元的非現金稅前費用的影響，史蒂夫很快就會提供更多資訊。紐柯致力於向股東返還現金，並進行審慎投資，創造長期股東價值。

And so far this year, we've made significant headway on both objectives. Through September, Nucor has returned $2.3 billion to shareholders through our share repurchases and dividends, and we've completed $2.3 billion of capital expenditures. All of this has been funded with operating cash flow and cash on hand, which ended the quarter at approximately $4.9 billion. Let me take a moment to provide a brief update on where things stand for some of our largest capital projects.

今年到目前為止，我們在這兩個目標上都取得了重大進展。截至 9 月份，紐柯公司已透過股票回購和股利向股東返還 23 億美元，並完成了 23 億美元的資本支出。所有這些都是由營運現金流和手頭現金提供資金，該季度末的現金約為 49 億美元。讓我花點時間簡要介紹一下我們一些最大的資本項目的最新情況。

In the first half of '25, we will commence operations of the new melt shop at our existing bar mill in Kingman, Arizona, and we will commission our new rebar micro mill located within the Lexington, North Carolina. Also in 2025, we plan to complete construction of two highly automated utility tower manufacturing facilities and a new galv line and coating complex at Nucor Steel Indiana.

25 年上半年，我們將在亞利桑那州金曼現有的棒材軋機上開始運作新的熔煉車間，並將調試位於北卡羅來納州列剋星敦的新螺紋鋼微型軋機。同樣在 2025 年，我們計劃在印第安納州紐柯鋼鐵公司完成兩座高度自動化的公用塔製造設施以及一座新的鍍鋅生產線和塗層綜合設施的建設。

Turning to 2026, we expect to commission our automotive grade galv line at our Berkeley County sheet mill in South Carolina by the middle of the year. And by the end of 2026, we expect to complete construction of our new state-of-the-art sheet mill in West Virginia. Each of these projects is designed to address specific customer needs and will serve as catalysts for long-term earnings growth.

展望 2026 年，我們預計在年中之前將在南卡羅來納州伯克利縣板材廠調試汽車級鍍鋅生產線。到 2026 年底，我們預計將在西維吉尼亞州完成新建的最先進的板材廠的建設。每個專案都是為了滿足特定的客戶需求而設計的，並將成為長期獲利成長的催化劑。

And while we can take time for large projects like these to reach their full earnings potential, our team has a strong track record of safely doing whatever it takes to get there. We're also making progress integrating the teams and operations from recent acquisitions, including Rytec and Southwest Data products. These businesses present compelling growth opportunities for overhead door and racking platforms, and we are pleased with the early progress we're already starting to recognize.

雖然我們需要時間讓這類大型專案充分發揮獲利潛力，但我們的團隊在安全地不惜一切代價實現這一目標方面有著良好的記錄。我們也在整合最近收購的團隊和營運方面取得進展，包括 Rytec 和 Southwest Data 產品。這些業務為高架門和貨架平台提供了引人注目的成長機會，我們對我們已經開始認識到的早期進展感到高興。

While the broader US economy continues to be resilient, decreased steel demand from several of our end-use markets, along with higher import volumes, has put pressure on our margins throughout the year. The Federal Reserve's recent actions are a good start, but it will likely take more time, more rate relief, and looser lending conditions before we start to see the flow through effect in the construction, industrial, and consumer durables market that are so impactful to steel demand.

儘管美國整體經濟繼續保持彈性，但我們的幾個最終用途市場的鋼鐵需求下降以及進口量的增加給我們全年的利潤率帶來了壓力。聯準會最近的行動是一個良好的開端，但我們可能需要更多的時間、更多的利率減免和更寬鬆的貸款條件，才能開始看到建築、工業和耐用消費品市場的流動效應，這些市場對經濟的影響如此之大。

That said, several markets do remain quite healthy. For example, construction related to semiconductor factories, advanced manufacturing facilities, data centers, and institutional buildings are still very strong. There are several near-term catalysts with the potential to improve underlying steel fundamentals for 2025. A few leading indicators we monitor has started to trend higher and further easing of monetary policy could spur increased construction activity as we get into next year.

儘管如此，有些市場確實仍然相當健康。例如，與半導體工廠、先進製造設施、資料中心和機構建築相關的建設仍然非常強勁。有幾種近期催化劑有可能改善 2025 年鋼鐵基本面。我們監測的一些領先指標已開始走高，隨著明年的到來，進一步寬鬆的貨幣政策可能會刺激建築活動的增加。

And while we recognize that new infrastructure spending has been less steel-intensive than originally expected, we do still expect to generate incremental demand in the years ahead. As we look to the future, Nucor is well positioned given our diverse set of capabilities. And moving forward, we'll continue to seek ways to further diversify by investing in higher-margin businesses that are less cyclical and more aligned with secular growth trends.

儘管我們認識到新的基礎設施支出的鋼鐵密集程度低於最初的預期，但我們仍然預計未來幾年會產生增量需求。展望未來，鑑於我們多樣化的能力，紐柯公司處於有利位置。展望未來，我們將繼續尋求進一步多元化的方法，投資於週期性較低且更符合長期成長趨勢的高利潤業務。

We have seen these play out in 2024 as returns from our steel products segment has shown more resilience than our steel mills. Steel products bookings and volumes may have fallen from their peaks, but current EBITDA margins remain well above historic averages. During the 12-month period ending in September, our steel products segment contributed 42% of Nucor's pre-tax earnings, which is nearly 3 times that of historical averages.

我們已經看到這些在 2024 年發揮作用，因為我們的鋼鐵產品部門的回報比我們的鋼廠表現出更強的彈性。鋼鐵產品的預訂量和銷售量可能已從高峰下降，但目前的 EBITDA 利潤率仍遠高於歷史平均值。截至9月份的12個月期間，我們的鋼鐵產品部門貢獻了紐柯公司稅前獲利的42%，幾乎是歷史平均的3倍。

There's been a lot of attention on trade recently, so let me touch on that topic now. Nucor, along with other domestic steel producers, continues to advocate for the vigorous enforcement of trade laws. The recent surge in high emissions imported steel continues to negatively affect both the domestic steel prices and mill utilization rates. As a result, Nucor recently joined several other steel producers in filing cases against imports of corrosion-resistant flat-rolled steel from 10 nations.

最近貿易引起了很多關注，所以現在讓我談談這個話題。紐柯與其他國內鋼鐵生產商一起，繼續倡導大力執行貿易法。近期高排放進口鋼材的激增持續對國內鋼材價格和鋼廠利用率產生負面影響。因此，紐柯最近與其他幾家鋼鐵生產商一起對來自 10 個國家的耐腐蝕扁鋼進口提起訴訟。

As we have done for decades, we will continue to closely monitor imports and bring cases when products are (inaudible) treated in our market. We applied the International Trade Commission's preliminary determination that there is reasonable indication that the domestic corrosion resistant steel industry has been materially injured as a result of illegally dumped and subsidized imports.

正如我們幾十年來所做的那樣，我們將繼續密切監控進口，並在產品（聽不清楚）在我們的市場上受到處理時提起訴訟。我們應用了國際貿易委員會的初步裁定，即有合理跡象表明國內耐腐蝕鋼產業因非法傾銷和補貼進口而受到重大損害。

We also applaud the Department of Commerce's decision in August to continue classifying Vietnam as a non-market economy. State-owned enterprises continue to play a major role in Vietnam's economy and China continues to circumvent trade duties by relocating production and shipping products through Vietnam. Any change to Vietnam's market status would have significantly impacted the calculation of US anti-dumping duties.

我們也對商務部8月決定繼續將越南列為非市場經濟國家表示讚賞。國有企業繼續在越南經濟中發揮重要作用，中國繼續透過轉移生產和透過越南運輸產品來規避貿易關稅。越南市場地位的任何變化都會對美國反傾銷稅的計算產生重大影響。

With the 2024 presidential election just two weeks away, we believe the American steel industry is well positioned regardless of the outcome. We have made it a priority to work with elected officials from both parties in Congress and with both Republican and Democratic administrations, and both have a strong [grasp] of our trade issues. After years of work by our industry, there is now bipartisan consensus that strong trade enforcement is a priority and that we need to fix our trading relationship with China.

距離 2024 年總統大選僅兩週，我們相信無論結果如何，美國鋼鐵業都處於有利地位。我們優先考慮與國會兩黨以及共和黨和民主黨政府的民選官員合作，他們都對我們的貿易問題有深入的了解。經過我們行業多年的努力，現在兩黨達成共識，強而有力的貿易執法是當務之急，我們需要修復與中國的貿易關係。

There's also been strong bipartisan support for infrastructure spending. We look forward to working with whichever administration is in office just as we have done for decades. With that, I'll turn it over to Steve, who will share additional details on our third-quarter financial results. Steve?

兩黨也對基礎建設支出給予了強而有力的支持。我們期待與任何一位現任政府合作，就像我們幾十年來所做的那樣。接下來，我將把它交給史蒂夫，他將分享我們第三季財務表現的更多細節。史蒂夫？

Thank you, Leon. And thank you for joining us on the call this morning. During the third quarter, Nucor generated net earnings of $250 million, or $1.5 per share on a GAAP basis. As Leon mentioned earlier, we booked one-time non-cash charges totaling $123 million or $0.44 per share during the quarter. These pre-tax charges included an $83 million impairment of certain non-current assets in our raw materials segment and a $40 million impairment of certain non-current assets in our steel products segment.

謝謝你，萊昂。感謝您今天早上參加我們的電話會議。第三季度，紐柯公司淨利為 2.5 億美元，以 GAAP 計算每股收益 1.5 美元。正如 Leon 之前提到的，我們在本季度預訂了總計 1.23 億美元的一次性非現金費用，即每股 0.44 美元。這些稅前費用包括原物料部門某些非流動資產的 8,300 萬美元減損和鋼鐵產品部門某些非流動資產的 4,000 萬美元減損。

Excluding these charges, our adjusted earnings were approximately $373 million or $1.49 per share. Through September, Nucor's year-to-date adjusted earnings were approximately $1.8 billion or $7.66 a share. Turning to segment level results. The steel mills segment generated pre-tax earnings of $309 million, a decrease of roughly 50% from the prior quarter. Lower realized pricing, especially among our sheet mills, was the largest driver of reduced profitability.

排除這些費用，我們的調整後收益約為 3.73 億美元，即每股 1.49 美元。截至 9 月份，紐柯鋼鐵公司年初至今的調整後收益約為 18 億美元，即每股 7.66 美元。轉向細分層面的結果。鋼廠業務稅前利潤為 3.09 億美元，較上一季下降約 50%。較低的實現價格，尤其是我們的板材廠，是獲利能力下降的最大驅動因素。

The steel products segment delivered adjusted pre-tax earnings of $354 million for the third quarter, a decline of approximately 20% compared to the second quarter. Volumes for the segment were 6% lower than prior quarter. The quarter saw lower realized pricing for joist, deck, and tubular products, while pricing for most other products in this segment remained relatively stable.

鋼鐵產品部門第三季調整後稅前收益為3.54億美元，較第二季下降約20%。該部門的銷量比上一季下降了 6%。本季托樑、甲板和管材產品的實現定價較低，而該領域大多數其他產品的定價保持相對穩定。

Nucor operates the most diverse and comprehensive range of market solutions in our industry. In our steel products segment, our joist and deck and tubular products business typically account for about 40% of segment shipments. So let me provide a little more color on these two businesses. Average realized joist and deck pricing during the past quarter was down about 7% from the prior quarter, while joist and deck pricing has continued to moderate from the peak levels of recent years.

紐柯經營著我們行業中最多樣化、最全面的市場解決方案。在我們的鋼鐵產品領域，我們的托樑、甲板和管材產品業務通常佔該領域出貨量的 40% 左右。因此，讓我對這兩項業務進行更多介紹。上一季托樑和甲板的平均實現價格比上一季下降了約 7%，而托樑和甲板的價格較近年來的峰值水平繼續放緩。

Backlogs remain strong for the first quarter of 2025, and we continue to earn attractive margins in this business well above historic averages. For our tubular products, declining cheap prices have meant lower substrate cost, but this benefit has been offset by weaker tube pricing. Softer demand, additional new domestic supply, and increased imports have combined to weigh on pricing and margins for tubular products.

2025 年第一季的積壓訂單依然強勁，我們在該業務中繼續獲得遠高於歷史平均水平的誘人利潤。對我們的管材產品來說，廉價價格的下降意味著基材成本的降低，但這項好處已被管材定價疲軟所抵消。需求疲軟、國內新增供應增加以及進口增加共同影響了管材產品的定價和利潤率。

An important part of Nucor's strategy is continued value creation and accelerated growth in what we call expand beyond. Over the past few years, Nucor has made meaningful strides to increase our range of solutions and leverage our exposure to key macro trends in markets, including adding several entirely new businesses into the Nucor portfolio. Three of these businesses, insulated metal panels, racking, and overhead doors generated EBITDA of approximately $380 million over the past 12 months.

紐柯策略的一個重要組成部分是持續創造價值和加速成長，即我們所謂的「超越」。在過去的幾年裡，紐柯公司在增加我們的解決方案範圍並利用我們對市場關鍵宏觀趨勢的了解方面取得了有意義的進展，包括在紐柯公司的投資組合中添加了幾項全新的業務。其中三項業務（絕緣金屬板、貨架和高架門）在過去 12 個月中產生了約 3.8 億美元的 EBITDA。

While they're not immune to the impacts of the changes in the construction markets, their relative stable earnings power is a testament to their resilience. Looking ahead, we remain optimistic in the growth prospects for these businesses and expect them to serve as meaningful catalysts in Nucor's cash flow growth in years to come.

雖然它們不能免受建築市場變化的影響，但其相對穩定的盈利能力證明了它們的韌性。展望未來，我們對這些業務的成長前景保持樂觀，並預計它們將成為紐柯未來幾年現金流成長的有意義的催化劑。

Our raw materials segment realized adjusted pre-tax earnings of approximately $17 million for the quarter, down approximately $22 million from the second quarter. Lower volumes and margins in our recycling operations were the primary drivers for the change in quarter-over-quarter performance.

我們的原物料部門本季實現調整後稅前收益約 1,700 萬美元，比第二季減少約 2,200 萬美元。我們的回收業務的產量和利潤率下降是季度業績變化的主要驅動因素。

Turning to our fourth-quarter outlook, we expect Nucor's consolidated net earnings to be lower than that of the third quarter. The majority of this anticipated variance is attributable to the steel mills segment where earnings are expected to decline in a lower realized pricing and seasonally lower volumes.

談到我們第四季的展望，我們預期紐柯公司的合併淨利將低於第三季。這一預期差異的大部分歸因於鋼廠部門，該部門的利潤預計將因實現定價較低和季節性銷售下降而下降。

We also expect sequentially lower earnings in our steel products segment, also due to lower realized pricing and volumes. Earnings in the raw materials segment are expected to be moderately higher. Taken together, consolidated EBITDA for the fourth quarter could be meaningfully lower than the third quarter.

我們也預計，由於實現價格和銷售下降，我們的鋼鐵產品部門的收益將環比下降。原材料板塊的利潤預計將適度增長。總而言之，第四季的綜合 EBITDA 可能明顯低於第三季。

Turning to 2024 capital expenditures, we now expect CapEx for the full year to be approximately $3.2 billion, slightly lower than $3.5 billion estimate provided at the start of the year. With approximately two-thirds of Nucor's capital spending going into growth-oriented expansions, many of these projects are multiyear in nature. Consequently, as we look towards 2025, we expect Nucor to continue to have capital expenditures above its historic norms.

談到 2024 年資本支出，我們現在預計全年資本支出約為 32 億美元，略低於年初提供的 35 億美元估計值。紐柯公司大約三分之二的資本支出用於成長型擴張，其中許多項目都是多年期的。因此，展望 2025 年，我們預期紐柯鋼鐵的資本支出將持續高於歷史水準。

During the third quarter, the power of Nucor's business model allowed us to generate $1.3 billion in cash from operations. This strong cash generation is a key factor, enabling Nucor to continue its balanced, consistent, and long-term approach to allocating capital and creating value. During the quarter, Nucor provided meaningful direct returns to shareholders of $530 million by way of buybacks and dividends.

第三季度，紐柯公司業務模式的力量使我們能夠從營運中產生 13 億美元的現金。強勁的現金產生能力是一個關鍵因素，使紐柯能夠繼續採用平衡、一致和長期的方法來配置資本和創造價值。本季度，紐柯透過回購和股息的方式為股東提供了 5.3 億美元的有意義的直接回報。

We also continue to invest for long-term growth, deploying approximately $820 million in growth CapEx and grew our expanding capabilities closing on the acquisition of Rytec for $565 million. Nucor has executed on these endeavors, all while maintaining a strong balance sheet. At the end of the third quarter, our total leverage stood at roughly 1.4 times trailing 12-month EBITDA and our cash on hand was a healthy $4.9 billion. This position of strength is the foundational source of advantage and an enabler of continued future growth, value creation, and shareholder returns.

我們也繼續投資於長期成長，部署了約 8.2 億美元的成長資本支出，並增強了我們的擴展能力，最終以 5.65 億美元收購了 Rytec。紐柯公司在執行這些努力的同時，保持了強勁的資產負債表。截至第三季末，我們的總槓桿率約為過去 12 個月 EBITDA 的 1.4 倍，我們手頭上的現金為 49 億美元。這種優勢地位是優勢的根本來源，也是未來持續成長、價值創造和股東回報的推動者。

And with that, we'd like to hear from you and answer any questions you may have. Operator, please open the line for questions.

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，請開通提問線。

Thank you. (Operator Instructions) Lawson Winder, Bank of America Securities.

謝謝。（操作員指示）Lawson Winder，美國銀行證券公司。

Thank you, operator, and good morning, Leon and team. Thank you for the update. I wanted to ask about Brandenburg, if I should. Could you just comment on the ramp-up there, the outlook for continued growth in production? And any comments on the plate pricing outlook would be really helpful.

謝謝您，接線員，早安，萊昂和團隊。感謝您的更新。如果我應該的話，我想問一下勃蘭登堡的情況。您能否評論一下那裡的成長以及產量持續成長的前景？任何有關板材定價前景的評論都會非常有幫助。

Absolutely, Lawson. Appreciate the question, and I'll kick it off and turn it over to Brad Ford and ask him to comment, assume specifics. But I would tell you, in general, we're incredibly optimistic about our plate market, our plate group, the things that are going on against the backdrop of the plate market and in particular, Brandenburg. And it's continuing to ramp up.

絕對是，勞森。感謝這個問題，我將把它交給布拉德福特並請他發表評論，假設具體細節。但我想告訴你，總的來說，我們對我們的中厚板市場、我們的中厚板集團、中厚板市場（特別是勃蘭登堡）背景下發生的事情非常樂觀。而且它還在繼續增加。

The team there continues to operate incredibly well. And again, we're proud of that success, we're proud of how they've done an incredibly safely and positioned Nucor with the widest and most diverse set of plate offerings in North America. But Brad, maybe you want to touch on the exact ramp-up, what we've done to date, and then the outlook? Not so much in pricing, but how we continue to build out our current portfolio as we move forward?

那裡的團隊繼續運作得非常好。再次，我們為這一成功感到自豪，我們為他們如何安全地完成任務並為紐柯公司提供北美最廣泛、最多樣化的鋼板產品而感到自豪。但是布拉德，也許您想談談具體的提升、我們迄今為止所做的事情，以及前景？與其說是定價，不如說我們如何在前進的過程中繼續建立當前的投資組合？

Thanks, Leon, and thanks for the question.

謝謝萊昂，也謝謝你的提問。

And I'll echo what Leon said and thank our team for their accomplishments during the quarter. Most notably in September, when the team broke records across the Board in terms of performance, production records, melt cash records, rolling record, shipping record, our lowest conversion cost of the year, and a bookings record. So truly a step change in the performance out of Brandenburg.

我會回應萊昂所說的話，並感謝我們的團隊在本季的成就。最引人注目的是九月份，當時團隊在績效、生產記錄、熔化現金記錄、滾動記錄、運輸記錄、年度最低轉換成本和預訂記錄方面全面打破了記錄。勃蘭登堡的表現確實發生了巨大變化。

And we continue to see improvements in utilization and product development and quality and see better results each quarter. And this is a reminder, Brandenburg was built to expand the capabilities of the plate group portfolio and their grades and sizes that would only be able to make it Brandenburg -- so as we think about ramping up, we're really targeting those volumes of applications and those customers specifically.

我們繼續看到利用率、產品開發和品質的改善，並且每個季度都看到更好的結果。這是一個提醒，勃蘭登堡的建立是為了擴展鋼板組產品組合的能力及其等級和尺寸，而這些只能使其成為勃蘭登堡- 因此，當我們考慮擴大規模時，我們真正的目標是這些數量應用程式和那些具體的客戶。

Things like the 150-inch-wide plate that we shipped on our proprietary [tilt cars] for our bridge project during the quarter, or the order that we received for Elcyon, our branded S355 monopile plate for offshore wind. And our customers are excited about the capability that Brandenburg -- as we meet with them -- and they get a chance to visit and spend time with our team.

例如，我們在本季度為橋樑專案使用專有的[傾斜車]運輸的 150 英吋寬板材，或我們收到的 Elcyon 訂單，我們用於離岸風電的品牌 S355 單樁板。當我們與我們會面時，我們的客戶對勃蘭登堡的能力感到興奮，他們有機會參觀並與我們的團隊共度時光。

They get even more excited about sourcing a domestic sustainable product out of Brandenburg to meet their gains and we'll continue to ramp up Brandenburg thoughtfully and methodically. The tonnage will come as evidenced by the increased shipments each quarter this year. But we're really focused on the right tonnage. The right mix of products that maximize profitability, not just at Brandenburg, but across our plate group.

他們對從勃蘭登堡採購國內可持續產品來滿足他們的收益感到更加興奮，我們將繼續深思熟慮、有條不紊地提升勃蘭登堡的水平。今年每季出貨量的增加就證明了噸位的增加。但我們真正關注的是正確的噸位。正確的產品組合可以最大限度地提高利潤，不僅在勃蘭登堡，而且在我們的板材集團中也是如此。

Okay. That's very helpful color. If I could ask a follow-up. You commented in your release that lower interest rates will take some time to flow through, and that's been a consistent discussion that we've been having in terms of a catalyst for steel pricing and for steel demand in general. Do you have any thoughts on when [comp] benefit might start to flow through?

好的。這是非常有用的顏色。如果我可以問後續情況。您在新聞稿中評論說，較低的利率需要一段時間才能實現，這是我們在鋼鐵定價和整體鋼鐵需求催化劑方面一直在進行的一致討論。您對 [comp] 收益何時開始體現有什麼想法嗎？

Yes. I would tell you. I think, Lawson, as we see that, I think it's compounded with the current election. And quite frankly, I think as we see some clarity in hopefully 2.5 weeks, we, not just as an industry and a steel industry, but as a nation begin to -- okay, now we can take out any ambiguity and the uncertainty of trade policy, whether that's taxes, imports, tariffs and the like. You'd know how to position ourselves and our customers to position themselves.

是的。我會告訴你。勞森，我認為，正如我們所看到的，我認為這與目前的選舉更加複雜。坦白說，我認為，當我們希望在2.5 週內看到一些清晰的情況時，我們不僅作為一個行業和鋼鐵行業，而且作為一個國家開始——好吧，現在我們可以消除貿易中的任何模糊性和不確定性政策，無論是稅金、進口、關稅等等。您將知道如何定位我們自己以及我們的客戶如何定位自己。

So we have a more surety of the lending environment and the fiscal environment in which they continue to release those projects. So I think both the interest rate flow through and again, the initial drop of 500 basis points as well, which was forecasted for the end of the year and into '25.

因此，我們對他們繼續推出這些項目的貸款環境和財政環境更有把握。因此，我認為利率會再次下降，最初預計會下降 500 個基點，預計在今年年底和 25 年內下降。

Again, I don't think that's measured into the back half of '25. I think that'll flow through much faster. But again, against the backdrop of the current election, I think we're going to get through that and then you'll start to see some movement in releasing of current jobs. And those that are kind of been waiting just to say, right, what's the corporate tax rate going to end up at? What are we going to do with trade? What's the environmental or regulation environment going to look like in the United States post (inaudible) weeks from now?

再說一次，我認為這不是在 25 年後半段進行的。我認為這會流通得更快。但同樣，在當前選舉的背景下，我認為我們將度過這一難關，然後你將開始看到一些釋放當前工作崗位的行動。那些一直在等待的人只是想問，公司稅率最終會是多少？我們要如何處理貿易？幾週後（聽不清楚）美國的環境或監管環境會是什麼樣子？

Stay tuned, but I do think it that movement should begin to release post November.

請繼續關注，但我確實認為該運動應該在 11 月後開始發布。

Lawson, if I could just add a comment about what Leon said. The backdrop of the macro economic conditions that were in are actually very encouraging, if you think about it. [What's] unemployment being where it is in our consumer-driven economy. And we've seen the CTI and (inaudible) the PC, come down quite a bit over the last two years.

勞森，我能否對萊昂所說的內容添加評論。如果你仔細想想的話，當時的宏觀經濟狀況的背景其實是非常令人鼓舞的。在我們的消費驅動型經濟中，失業是什麼？我們已經看到 CTI 和（聽不清楚）PC 在過去兩年中大幅下降。

And if you think back to where the economists were projecting, maybe 18 to 24 months ago, that we would be in a recession or actually in a fairly stable and good place to [those point of Leon] was highlighting, have even more potential catalyst and impact given the relative stability in the overall macro economy.

如果你回想一下經濟學家在 18 到 24 個月前的預測，我們將陷入衰退，或者實際上處於相當穩定和良好的狀態，正如萊昂所強調的那樣，有更多潛在的催化劑考慮到整體宏觀經濟的相對穩定性，以及影響。

Okay. That's very helpful. Thank you all for that and best of luck.

好的。這非常有幫助。謝謝大家，祝你好運。

Timna Tanners, Wolfe Research.

蒂姆納坦納斯，沃爾夫研究。

Hey, good morning, everyone. Hope you're doing well. I wanted to ask Brad two things. One is, when you talked on the Investor Day a couple of years ago, there is going to be quite a bit of contribution from a number of government initiatives. I think we're well underway with those spending patterns with the IRA and the CHIPS Act than IIJA.

嘿，大家早安。希望你一切都好。我想問布拉德兩件事。一是，當您幾年前在投資者日發表演說時，許多政府舉措將做出相當大的貢獻。我認為我們在 IRA 和 CHIPS 法案中的支出模式比 IIJA 進展順利。

What do you think you've seen and what do you think is yet to materialize of those numbers you disclosed in the past?

對於您過去揭露的這些數字，您認為您已經看到了什麼以及您認為哪些尚未實現？

Yeah, Timna. Look, I think it's a fair question like you -- we continue to wait to see on some of those IIJA and IRA being the two -- and probably in the still in the early stages of that. The good thing is as we know, it's passed legislation. It's not maybe -- it might be (inaudible). Okay. At what point does that flow into our sector? But we have seen meaningful moves, particularly in CHIPS, right? With over $370 billion of committed projects.

是的，提姆納。聽著，我認為像你一樣這是一個公平的問題 - 我們繼續等待看到 IIJA 和 IRA 中的一些是這兩個 - 並且可能仍處於早期階段。好消息是，據我們所知，它已經通過了立法。這不是也許——它可能是（聽不清楚）。好的。它什麼時候流入我們的產業？但我們已經看到了有意義的舉措，特別是在晶片領域，對吧？已承諾項目超過 3700 億美元。

I think that comes out to something in the range of about 60 semiconductor facilities that are planned to be built in the United States with over 20 of those now currently under construction. So those are massive, major complexes facilities, they're large-scale. Not only steel-intensive in [billing] them, but also supplying our end-use customers to move through. So that's moving -- again, we've seen some support in the IRA in terms of solar and torque tubes that we're supplying.

我認為，美國計劃建造約 60 個半導體設施，其中 20 多個目前正在建設中。所以這些都是巨大的、大型的綜合設施，它們的規模很大。不僅在[計費]中需要大量鋼材，而且還為我們的最終用戶提供運輸服務。所以這正在發生——我們再次看到愛爾蘭共和軍在我們提供的太陽能和扭矩管方面提供了一些支持。

But again, I would tell you on both infrastructure and IRA, we've yet to see the meaningful flow through in both of those pieces of legislation into the order books. (multiple speakers) --

但我想再次告訴您，關於基礎設施和 IRA，我們還沒有看到這兩項立法在訂單簿中產生有意義的影響。（多位發言者）——

Yeah, sorry?

是啊，對不起？

Well, I was just going to say. What Steve and I just commented to the macroeconomic trends. Well, the election is going to have a big part of that, right? And again, I don't want to speculate on what President Trump's 2.0 or Kamala Harris' 1.0 would look like. But obviously, some of that could be changed, right? There's obviously discussions of carving out pieces -- the IRA. So I think in both of those, we are going to need to see the surety of okay, who's in office? And what are those fiscal policies and monetary policy is going to drive through in the manufacturing sector?

嗯，我只是想說。史蒂夫和我剛才對宏觀經濟趨勢的評論。嗯，選舉將佔很大一部分，對吧？再說一遍，我不想猜測川普總統的 2.0 或卡馬拉哈里斯的 1.0 會是什麼樣子。但顯然，其中一些可以改變，對嗎？顯然，人們正在討論如何劃分愛爾蘭共和軍（IRA）。所以我認為在這兩方面，我們都需要確定誰在任？這些財政政策和貨幣政策將在製造業中扮演哪些角色？

So the 5 million to 7 million targeted additional tons per year that you talked about, would you say were on that low end or below that? So far, is that what you're talking about?

那麼，您所說的每年增加 500 萬至 700 萬噸的目標，您認為是在這個低端還是低於這個值？到目前為止，這就是你所說的嗎？

Yeah. I mean, look, I think we estimated somewhere between 3 million and 5 million tons of supply for a 10-year period of time. And so yes, I'd say we're under that for sure. I don't have a number sitting in front of me, but no, I would think that categorization is safe, that we're under that scale.

是的。我的意思是，我們估計 10 年期間的供應量在 300 萬噸到 500 萬噸之間。所以，是的，我想說我們肯定處於這種情況之下。我面前沒有一個數字，但不，我認為分類是安全的，我們處於這個規模之下。

Timna, I'm just going to add as well. Some of the spending we've seen to date has been more shovel-ready, less steel-intensive. We're starting to see some of the bridge projects come forward. And one of the things that is apparent with those is just the delay of the timing of those.

Timna，我也想補充一下。到目前為止，我們看到的一些支出更多的是準備就緒，而不是鋼鐵密集。我們開始看到一些橋樑工程的進展。其中顯而易見的事情之一就是這些時間的延遲。

Sometimes it could take four years or more before once those are announced, before we're starting to see the steel arrive on those sites.

有時，一旦這些宣布，我們可能需要四年或更長時間才能開始看到鋼材到達這些地點。

Okay, super helpful. And then I'll just ask one more then, if I could. I know Lawson asked about Brandenburg, but just thinking broadly into 2025 high level, you have a number of other projects that would be additional capacity, I believe, correct me if they're a replacement. But I think Lexington and Kingman are additional volumes.

好的，超級有幫助。如果可以的話，我會再問一個。我知道勞森詢問了勃蘭登堡，但只要廣泛思考 2025 年的高水平，您還有許多其他項目將增加產能，我相信，如果它們是替代品，請糾正我。但我認為《列剋星敦》和《金曼》是附加卷。

So how do we think about the timeframe for seeing those additional volumes hit the market? Our market conditions [are] sufficient to be able to see incremental supply from those in the mills, you think? Thank you.

那麼，我們如何考慮看到這些額外數量進入市場的時間範圍呢？您認為我們的市場條件足以讓工廠增加供應？謝謝。

Yes. Timna, you followed us a long time. Nucor's investment strategy and our capital allocation strategy is obviously for the long term. It's not reflective on the [patient valleys] of current market conditions and again, I'll put the one caveat there that we're also keenly aware of what the end markets are doing and take the relevant required actions when necessary.

是的。提姆納，你跟隨我們很久了。紐柯的投資策略和我們的資本配置策略顯然是長期的。這並沒有反映當前市場狀況的[耐心低谷]，我再次強調一點，我們也敏銳地意識到終端市場正在做什麼，並在必要時採取相關的必要行動。

So if we go back to 2020 with the black swan event like the global pandemic, man, we paused. We stopped Brandenburg and our project in Gallatin at the time just to really analyze how deep was this, how long would it stay with us. But as we look today at those projects you named, they are just for capacity, but we're in a commodity-driven business. Supply and demand is always going to dictate.

因此，如果我們回到 2020 年，發生像全球大流行這樣的黑天鵝事件，我們就停下來了。我們當時停止了勃蘭登堡和加勒廷的項目，只是為了真正分析這個問題有多深，它會在我們身邊停留多久。但當我們今天看看您提到的那些項目時，它們只是為了容量，但我們處於商品驅動的業務中。供給和需求總是起主導作用。

So if we have the best quality, lowest price offer, a differentiated capability set, we're going to win. And so, I love where Nucor sits. I love our growth strategy and the markets that we're going to spur because they are underserved. If you take West Virginia, for example, in the Northeast, that has the lowest market share that we have in the entire US and we're underrepresented in that region.

因此，如果我們擁有最好的品質、最低的價格和差異化的能力，我們就會獲勝。因此，我喜歡紐柯公司所處的位置。我喜歡我們的成長策略和我們將要刺激的市場，因為它們服務不足。以東北部的西維吉尼亞州為例，我們在整個美國的市佔率是最低的，而且我們在該地區的代表性不足。

And again, we can bring a very different incentive products to that market. Then again, we know what our customers are asking for it and demanding. So as that comes on line and again, obviously in [sheet], you're keenly aware, we're talking start-up by the end of '26, but really meaningful volumes into '27.

再說一遍，我們可以為該市場帶來非常不同的激勵產品。話又說回來，我們知道客戶的要求和要求。因此，當它一次又一次上線時，顯然在[表]中，您敏銳地意識到，我們正在談論到 26 年底啟動，但真正有意義的捲到 27 年。

So you're still a couple of years away before that happens. And again, what does the economy look like then?

所以距離這一切發生還需要幾年的時間。再說一遍，那時的經濟是什麼樣的？

Well, I can't predict. What I can predict is when you reference our Investor Day in November 2022, we are confident that our through-cycle earnings power with the combination of West Virginia will be at or above $6.7 billion of through-cycle EBITDA. So we love our investment portfolio, where we're going to expand beyond piece. That's very complementary. And again, we feel confident in the additions we are making in the backdrop of our end-use demand.

嗯，我無法預測。我可以預測的是，當您提到 2022 年 11 月的投資者日時，我們有信心與西弗吉尼亞州合併後的整個週期盈利能力將達到或超過 67 億美元的整個週期 EBITDA。因此，我們喜歡我們的投資組合，我們將擴大投資組合的範圍。這是非常互補的。再次，我們對我們在最終用途需求的背景下所做的補充充滿信心。

Thank you, all.

謝謝大家。

Martin Englert, Seaport Research.

馬丁恩格勒特，海港研究中心。

Hello. Good morning, everyone. Wanted to briefly touch on the steel conversion costs, unit costs. In your guidance and slide deck, you expect some slight decrease quarter on quarter on 4Q. I'm curious why a decline? Given that you're also expecting lower volumes? Does this have to do with substrate cost or some other costs? And then along those same lines there, longer term, maybe if you could speak to where you expect through-cycle conversion costs after you've kind of exited ramp-up costs with greenfield facilities?

你好。大家早安。想簡單談談鋼鐵轉換成本、單位成本。在您的指導和幻燈片中，您預計第四季度季度將比去年季略有下降。我很好奇為什麼會下降？鑑於您還預期銷量會下降？這與基材成本或其他一些成本有關嗎？然後沿著同樣的思路，從長遠來看，也許您可以談談在您退出綠地設施的提升成本後，您預計整個週期的轉換成本是多少？

Thanks for the question, Martin. This is David Sumoski. When you look at costs and I'm sure you've looked at costs pre-COVID versus today. They've gone up quite a bit. Inflation, [utilization] has been a big part of that. CSI, the addition of CSI into our consolidated reporting comes up on our operational cost based on our accounting.

謝謝你的提問，馬丁。這是大衛·蘇莫斯基。當您查看成本時，我確信您已經查看了新冠疫情之前的成本與現在的成本。他們已經上漲不少了。通貨膨脹，[利用]是其中一個重要的組成部分。CSI，將 CSI 加入我們的合併報告中是根據我們的會計計算得出的營運成本。

Then the start-up costs, as you've mentioned. Outside resources, critical are start-ups and [stress them], and that's really affected a lot of our start-ups. So that has certainly increased our costs. So as we move forward, we don't really see inflation, although it's stabilized. It's not rationing back. Plus, our utilizations will go up as our start-ups increase as an effect of this.

然後是啟動成本，正如你所提到的。外部資源，關鍵是新創公司並[給他們壓力]，這確實影響了我們的許多新創公司。所以這肯定增加了我們的成本。因此，隨著我們前進，我們並沒有真正看到通貨膨脹，儘管它已經穩定下來。這不是配給回來。此外，隨著我們的新創企業的增加，我們的利用率也會上升。

And we made several very good improvements, and we feel good about the fourth quarter. You see a big impact to interest in the fourth quarter, we're probably not going to see that, but we're going to see an impact based on the utilization rates coming up and our start-up costs going down.

我們做出了一些非常好的改進，我們對第四季的感覺很好。你會看到第四季度的利息受到很大影響，我們可能不會看到這種影響，但我們會看到基於利用率的上升和啟動成本的下降而產生的影響。

And we have a tremendous amount of projects still going on. Some of them coming on and going off from start-up mode. Still, we'll still continue to affect our costs in the future. But as all those startups roll off, our costs will stabilize and get backed out to -- maybe that pre-pandemic levels based on inflation, but considerably better.

我們還有大量項目仍在進行中。其中一些在啟動模式下開啟和關閉。儘管如此，我們未來仍將繼續影響我們的成本。但隨著所有這些新創公司的發展，我們的成本將穩定並回落到——也許是基於通貨膨脹的大流行前水平，但要好得多。

Thanks. I appreciate the detail there. Just a follow-up question on the CORE trade case. Maybe if you could just remind us of Nucor's coating capabilities to your interest and serving more of the lighter gauge markets, whereas historically maybe some producers shied away from this due to less favorable fixed cost leverage?

謝謝。我很欣賞那裡的細節。只是關於核心貿易案例的後續問題。也許您能提醒我們紐柯公司的塗層能力符合您的興趣並服務於更多較輕的規格市場，而歷史上一些生產商可能由於不太有利的固定成本槓桿而迴避這一點？

Yeah, Martin. I'll kick it off and -- Steve, if you have any additional comments. But we continue to look for again the differentiated capability set. It's not about volume, it's not about capacity. And so, moving up the value chain into coated products, first, I would tell you we applaud the ITC and the administration's initial finding that there's material injury to the steel industry.

是的，馬丁。我將開始——史蒂夫，如果您有任何其他意見。但我們繼續再次尋找差異化的能力集合。這與數量無關，與容量無關。因此，向價值鏈上游邁進塗層產品，首先，我想告訴大家，我們對 ITC 和政府初步發現鋼鐵業受到重大損害表示讚賞。

We think that's long overdue. We've looked at some of the spikes that we've seen like out of Mexico, for example, of 180% in the [court] cases. So again, in the backdrop of a global oversupply situation, particularly coming out of China, with roughly 100 million metric tons of steel looking to find a home. Well, the greatest showman in the world is the United States. It's the greatest and strongest economy.

我們認為這早就該發生了。我們研究了一些在墨西哥看到的峰值，例如，[法庭]案件中出現 180% 的峰值。同樣，在全球供應過剩的背景下，尤其是來自中國的鋼鐵，約有 1 億噸鋼鐵正在尋找歸宿。嗯，世界上最偉大的表演家是美國。它是最偉大、最強大的經濟體。

So how it has to get there in the circuit mentioned? What I would tell you is Nucor, in the industry, to continue to be a tireless advocates in Washington. Again, I'm proud of the work that's been done, I'm proud of the ITC finding, but that vigilance can never end.

那麼它如何到達提到的電路呢？我要告訴你的是，紐柯公司在這個行業中將繼續成為華盛頓孜孜不倦的倡導者。再次，我為已經完成的工作感到自豪，為 ITC 的調查結果感到自豪，但這種警惕永遠不會結束。

Back to your exact question. As we look to expand our coating capabilities with our galv lines at Nucor Berkeley to -- and West Virginia, Crawfordsville, Indiana, with the galvanizing and [pre] paint. It's to move us to somewhere between 35% and 40% over the next several years. And again, better reflect that growing end market, which is growing.

回到你的確切問題。我們希望透過紐柯伯克利的鍍鋅線以及西維吉尼亞州、印第安納州克勞福茲維爾的鍍鋅線和[預]漆來擴大我們的塗層能力。未來幾年我們的目標將達到 35% 到 40% 之間。再次，更好地反映不斷增長的終端市場。

And again, position us a little bit better in terms of the value-added products and getting a little less dependent on the HRC.

再次，讓我們在增值產品方面處於更好的位置，並減少對 HRC 的依賴。

This is Noah, maybe I'll just add a little bit more color on top of Leon's comments. First of all, we're really excited about the (inaudible). It is big for us, about 20% of that core steel market, if you look back to '21 through '23, it's been served by import.

這是諾亞，也許我會在萊昂的評論上添加一點色彩。首先，我們真的很興奮（聽不清楚）。這對我們來說很大，約佔核心鋼鐵市場的 20%，如果你回顧 21 年到 23 年，你會發現它一直是進口的。

But also last year, we've seen an additional 1 million tons come to the market. So we've already seen an immediate impact with galv orders, especially on the West Coast, improving in a flat week, couple of days. We still do need to see sustainability, and that requires positive final determination from the Department of Commerce. So we're watching, but we're excited about potential for the findings there.

但去年，我們又看到另外 100 萬噸進入市場。因此，我們已經看到鍍鋅訂單產生了直接影響，特別是在西海岸，在平穩的一周、幾天內有所改善。我們仍然需要看到永續性，這需要商務部做出積極的最終決定。所以我們正在觀察，但我們對那裡的發現潛力感到興奮。

We have not commented on our galv strategy. I'll tell you, it's really founded on two things. One, is better matching, evolving customer demand, and part of that's regional. The other side of this is improving capabilities and bringing new capabilities to better serve our customers and that is on your question about the thinner gauge, also higher strength for us.

我們尚未對我們的 galv 策略發表評論。我告訴你，它實際上是基於兩件事。一是更好地匹配不斷變化的客戶需求，其中一部分是區域性的。另一方面是提高能力並帶來新的能力，以更好地服務我們的客戶，這就是您關於更薄規格的問題，以及對我們來說更高的強度。

Our galv line at Berkeley is also an example of this. The 300 -- the new auto galv line. But it's really set up to better serve the evolution of more auto production in the Southeast with capabilities that our customers are asking us to bring to the market. And we have 2 million tons of new galv capacity. We're going to bring it to the market through '27, and it all falls into that category of better aligning with our customers' regional demands and demand for more capabilities. We're extremely excited about that.

我們伯克利的鍍鋅生產線也是一個例子。300——新的汽車鍍鋅線。但它的真正目的是為了更好地服務東南部更多汽車生產的發展，並提供客戶要求我們將其推向市場的功能。我們新增鍍鋅產能200萬噸。我們將在 27 年之前將其推向市場，這一切都屬於更好地滿足客戶的區域需求和對更多功能的需求的類別。我們對此感到非常興奮。

I appreciate all the granular detail. Thank you for your time.

我欣賞所有的細節。謝謝您的寶貴時間。

Tristan Gresser, BNP Paribas.

特里斯坦·格雷瑟，法國巴黎銀行。

Yes, hi, good morning and thank you for taking my questions. The first one is on the guidance. When you say you expect a meaningful contraction of earnings into Q4, when I look at the steel business, does that mean that the margins on the EBITDA per ton basis could fall below COVID levels? Is the market that bad?

是的，嗨，早上好，感謝您回答我的問題。第一個是關於指導。當您說預計第四季度獲利將大幅收縮時，當我審視鋼鐵業務時，這是否意味著每噸 EBITDA 的利潤率可能會低於新冠疫情水平？市場有這麼差嗎？

And also on steel products, you reiterated the long-term 15% EBITDA target. Is it possible you could fall short of that target in coming quarters? And is the 15% actually achievable for next year?

在鋼鐵產品方面，您重申了 15% EBITDA 的長期目標。您是否有可能在未來幾季達不到該目標？明年的 15% 真的可以實現嗎？

Tristan, this is Steve. Let me make sure I understand the last part of your question. What was the 15% a reference to?

特里斯坦，這是史蒂夫。讓我確保我理解你問題的最後部分。15%指的是什麼？

The 15% EBITDA margin target for the steel products business. So the question is twofold. First, on the steel mills and then on the steel products. On steel mills, I was more interested on the potential to break ROCE versus COVID on the margin side and for the steel products more on the margin. Could you also fall below that level near term?

鋼鐵產品業務 15% 的 EBITDA 利潤率目標。所以問題是雙重的。首先是鋼廠，然後是鋼鐵產品。在鋼鐵廠方面，我更感興趣的是在利潤方面打破 ROCE 與 COVID 的潛力，以及在利潤方面更多的鋼鐵產品。短期內你是否也會跌破該水準？

Yeah. Thanks for the question and allowing us to kind of dig into this a little bit more. But the outlook for the fourth quarter at a consolidated level, is really a continuation of trends that you're seeing. And we're not going to give you quantitative guidance here today. We'll see that, of course, later in the quarter as we always do.

是的。感謝您提出問題，並讓我們更深入地探討這一點。但綜合來看，第四季度的前景實際上是您所看到的趨勢的延續。今天我們不會在這裡為您提供定量指導。當然，我們會像往常一樣在本季晚些時候看到這一點。

But if you look at the sequential quarter-over-quarter changes that we've been realizing nearly for the last year or call it 18 months, you're really continuing that level of moderation. And so, Leon unpacked earlier that the markets actually are not in a horribly bad spot. And we continue to kind of reaffirm that while we work through various things.

但如果你看看我們去年或稱其為 18 個月以來所實現的連續季度環比變化，你會發現你確實在繼續這種適度水平。因此，萊昂早些時候表示，市場實際上並沒有處於非常糟糕的境地。在我們處理各種事情的同時，我們繼續重申這一點。

One thing to keep in mind is that our steel segment, Tristan, is you had $168 million of pre-operating start-up costs. There are some companies that add that back into adjusted earnings. We do not. Those are cash charges, we always sort of play it where it lies on that basis. But if you look at the impact of those costs, those for start-up costs that relate to the very large levels of capital spending we've had and continue to have.

需要記住的一件事是，我們的鋼鐵部門 Tristan 的營運前啟動成本為 1.68 億美元。有些公司將其重新計入調整後的收益中。我們沒有。這些都是現金費用，我們總是以此為基礎進行操作。但如果你看看這些成本的影響，那些與我們已經並將繼續擁有的巨額資本支出相關的啟動成本。

So if you're trying to normalize, you referenced pre-COVID questions there. If you're trying to normalize some of that, you kind of need to take that factor to play.

因此，如果你想恢復正常，你可以參考新冠疫情之前的問題。如果你想使其中的一些正常化，你需要考慮這個因素。

That's helpful. And the second question, a bit more bigger picture. You mentioned the higher carbon intensity of imports. I believe there is an investigation for the US ITC on carbon intensity ongoing and the report should be delivered in the coming months. My question is simple. Do you believe there is room to see carbon-based tariffs in the US in 2025?

這很有幫助。第二個問題，更宏觀一些。您提到進口產品的碳強度較高。我相信美國國際貿易委員會正在對碳強度進行調查，報告應在未來幾個月內提交。我的問題很簡單。您認為2025年美國有徵收碳基關稅的空間嗎？

Yes, Tristan, look, at a macro -- and the answer is yes, I do. I think you want to level the playing field and looking at what steels are making on the shores United States, absolutely. But the devil's in the details. How does the carbon border adjustment mechanism work? How does that get applied? What gets included or excluded? And again, what I would tell you is the United States is the cleanest steel industry anywhere in the world.

是的，特里斯坦，看看宏觀——答案是肯定的，我願意。我認為你絕對想創造公平的競爭環境並了解美國海岸的鋼鐵生產。但問題在於細節。碳邊界調整機制如何運作？如何應用它？什麼被包含或排除？再說一次，我要告訴你的是，美國是世界上最乾淨的鋼鐵工業。

And if you're building future green technologies like wind and solar and advancing the digital economy with the dirtiest steels in the world, there's something fundamentally wrong with that. And so again, I love new [core shifts] in relation to that. I love our ability to offer a truly sustainable product to our end-use customers that demand that.

如果你正在開發風能和太陽能等未來綠色技術，並用世界上最髒的鋼材推動數位經濟，那麼這就存在根本性的錯誤。再說一次，我喜歡與此相關的新的[核心轉變]。我喜歡我們為有需求的最終用戶提供真正永續產品的能力。

But I do think it is time to rationalize and recognize that many of these deals that are finding its way into the United States are not anywhere close to the levels of carbon intensity that we can currently make and that we're going to continue to trade and develop as we move forward.

但我確實認為現在是時候合理化並認識到許多正在進入美國的交易遠未達到我們目前可以達成的碳強度水平，並且我們將繼續進行交易並隨著我們的前進而發展。

And this is Greg Murphy, if I may add one thing. We applaud the efforts of the ITC to try to gather meaningful data. What we really need is we need complete and total transparency if we're going to establish policy based on our quarter adjustment mechanism. And so Nucor is, of course, actively participating in that process.

如果我可以補充一件事的話，這是格雷格·墨菲。我們對 ITC 為收集有意義的數據所做的努力表示讚賞。如果我們要根據季度調整機制制定政策，我們真正需要的是完全和完全的透明度。因此，紐柯公司當然會積極參與這個過程。

All right. Perfect. Thank you very much.

好的。完美的。非常感謝。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Yeah. Thank you very much and good morning, everyone. So first question is, if you can offer a little bit more details on the steel mills guidance for the fourth quarter? Not numerically, but just -- can you comment as -- do you see more softness in the long steel products than in the flat steel products? Any color would be helpful.

是的。非常感謝大家，早安。第一個問題是，您能否提供更多有關鋼廠第四季指引的細節？不是數字，而是——您能評論一下嗎——您認為長材產品比扁材產品更柔軟嗎？任何顏色都會有幫助。

Okay, Carlos. Yeah, I'll kick it off. This is Leon. And I'll maybe ask Randy or Brad to comment on the [walls]. But as we look at the backdrop of where our import levels were, over the last year, it's just too high, again, we applaud the [CORE] case, but there's others that need to continue to refine. As we look at (inaudible) trading policies. We look at USMCA with Mexico. Rebar imports out of Mexico were up [1,700%] more than the averages of 2015 to '17.

好的，卡洛斯。是的，我會踢掉它。這是萊昂。我可能會請蘭迪或布拉德評論[牆壁]。但當我們審視去年的進口水準的背景時，我們再次對[核心]案例表示讚賞，但還有其他案例需要繼續完善。當我們研究（聽不清楚）交易政策。我們與墨西哥一起探討《美墨加協定》。從墨西哥進口的螺紋鋼比 2015 年至 17 年的平均值高出 [1,700%]。

So again, those are meaningful additions to the overall marketplace. And again, you saw that reflected in our bar group pricing announcement to provide some transparency and relativity to the market. However, as I say all that, man, the fundamentals and the demand picture are bad. They're really not -- we're seeing some of our backlogs improve slightly.

再說一次，這些都是對整個市場有意義的補充。再次，您看到我們的酒吧集團定價公告中反映了這一點，為市場提供了一定的透明度和相關性。然而，正如我所說的那樣，基本面和需求情況都很糟糕。事實上並非如此——我們看到一些積壓的訂單略有改善。

But historically, and we've shared this many times on this call, our longest products are the most consistent and reliable earning money -- generating businesses that we have. That continues to be the case, but they're not immune from some of the downward pressure. However, again, those prices are still compared to pre-pandemic levels much, much, much healthier than they were -- what we saw four, five, six years ago.

但從歷史上看，我們在這次電話會議上曾多次分享這一點，我們最長的產品是最穩定、最可靠的賺錢方式——創造我們擁有的業務。情況仍然如此，但它們也無法免受一些下行壓力的影響。然而，與大流行前的水平相比，這些價格仍然比我們四、五、六年前看到的要健康得多。

So the outlook -- again, demand picture-wise, it isn't too far off, maybe 1% or 2% depending on specifics, but the flow through of those pricing as we move from the bottom into a more sustainable market into the end of the year into 2025. Yeah, again, what Steve shared earlier, you can expect that those steel mills segment earnings are going to be all from Q3. But Randy or Brad, any comments you'd like to make on the loans?

因此，從需求角度來看，前景並不算太遠，可能是 1% 或 2%，具體取決於具體情況，但隨著我們從底部進入更永續的市場，這些定價的流動到2025年年底。是的，再次強調，史蒂夫之前分享的內容，您可以預期這些鋼廠部門的收益將全部來自第三季。但是蘭迪或布拉德，您想對貸款發表什麼評論嗎？

Yes, thanks. Thanks, Leon, and thank you for the question. Leon covered it well. Obviously, what I would add to that, certainly from a rebar standpoint, we anticipate sustained growth in that business propelled by the continued investment in our infrastructure, the reshoring, of manufacturing. And definitely, we continue to see the energy transition and the transmission buildout.

是的，謝謝。謝謝萊昂，也謝謝你的提問。萊昂很好地掩蓋了這一點。顯然，我要補充的是，當然從螺紋鋼的角度來看，我們預計，在對基礎設施、製造業回流的持續投資的推動下，該業務將持續成長。當然，我們將繼續看到能源轉型和輸電建設。

Keep in mind that again, our own product, the most immersed (inaudible) products portfolio of any steel company. There's markets today from an MBQ standpoint that continue to be strong, whether that's a racking manufacturer, metal buildings, trailer manufacturing, all giving us orders and signs that demand remains strong in advanced manufacturing.

再次記住，我們自己的產品是所有鋼鐵公司中最沉浸（聽不見）的產品組合。從 MBQ 的角度來看，今天的市場繼續強勁，無論是貨架製造商、金屬建築、拖車製造，都為我們帶來了訂單和跡象，表明先進製造業的需求仍然強勁。

So we remain very excited about the potential as we move into 2025 as we continue to see the interest rate cuts and the continued pace in that space that we are positioned well to take the advantage of those opportunities.

因此，進入 2025 年，我們仍然對這一潛力感到非常興奮，因為我們繼續看到降息以及該領域的持續步伐，我們處於有利地位，可以充分利用這些機會。

Yeah, if I can chime in on the structural side. Demand in structural has been pretty resilient year over year, pretty flat. Obviously, slightly weaker in vertical construction and warehousing, but we're seeing a lot of strength in government, work, schools, stadiums, data centers, advanced manufacturing hospitals.

是的，如果我能在結構方面插話的話。結構性需求較去年同期相當有彈性，相當穩定。顯然，垂直建設和倉儲方面稍弱，但我們看到政府、工作、學校、體育場、資料中心、先進製造醫院方面有很大的實力。

So overall, ADC is pretty flat. Store is really importantly untouched on -- in the wide flange imports were up 23% year over year. Fabricated structural imports has more than doubled since 2020, and that's really where we're seeing pressure on the pricing.

整體來說ADC的表現還是比較平淡的。重要的是，商店並未受到影響——寬法蘭進口量年增 23%。自 2020 年以來，裝配式結構進口量增加了一倍多，這確實是我們看到定價壓力的地方。

Yes, Carlos, this is Steve. one thing I'd just add to what the group has already said here. And we mentioned this in our opening remarks, there's a certain amount of seasonality that affects [longs and flats] and your question is about -- these are longs and flats, but another thing to remember is that most of our sheet steel sales are on contract basis.

是的，卡洛斯，這是史蒂夫。我想在該小組已經說過的內容中添加一件事。我們在開場白中提到了這一點，有一定程度的季節性影響[長材和扁材]，你的問題是——這些是長材和扁材，但另一件事要記住的是，我們的大部分鋼板銷售都是在合約基礎。

So there is a certain lag effect to when you see us have realized prices in our financial [outlook] results versus changes that you might see in the marketplace.

因此，當您看到我們在財務[前景]結果中實現的價格與您可能在市場上看到的變化相比，存在一定的滯後效應。

Right, great. Thank you very much. You mentioned the order book for this -- new products extends to the first quarter of next year. Any high-level qualitative comments on the level of volumes, pricing, or margin that you're seeing in that backlog?

對了，太好了。非常感謝。您提到了新產品的訂單延續到明年第一季。您在積壓訂單中看到的關於數量、定價或利潤水平的任何高級定性評論？

Yeah, Carlos, I'll ask John Hollatz to comment. And obviously, we're not going to touch on pricing, but we can give you a good picture into what we see end of the year and how [Q1] is shaping up our products.

是的，卡洛斯，我會請約翰‧霍拉茨發表評論。顯然，我們不會涉及定價，但我們可以向您展示我們在年底看到的情況以及[第一季]如何塑造我們的產品。

Yeah, Carlos, this is John. Thanks again for the question. Our downstream backlogs are nearly even with what they were in the third quarter. So we do expect that will carry us into the fourth quarter -- I'm sorry, end of the first quarter of 2025. We do expect we'll see a reduction in shipments as we move through the fourth quarter -- just due to the seasonality and keep in mind that geographically, we have coverage all across North America. So as the weather changes, we feel the impact of that.

是的，卡洛斯，這是約翰。再次感謝您的提問。我們的下游積壓訂單幾乎與第三季持平。因此，我們確實預計這將把我們帶入第四季度——抱歉，是 2025 年第一季末。我們確實預計，隨著第四季度的到來，我們的出貨量將會減少——這只是由於季節性因素，並且請記住，從地理位置上來說，我們的業務覆蓋整個北美地區。因此，隨著天氣變化，我們會感受到其影響。

And there'll be some margin compression just due to moderation in some of our market segments as we mentioned at our opening comments. And one thing, I think it's important to emphasize is that Nucor remains uniquely positioned as our downstream businesses pull through more than 20% of our overall steelmaking output, creates a base load of demand for our own mills in addition to the earnings generated by our downstream business. Our other competitors don't have that available to them.

正如我們在開場評論中提到的，由於我們某些細分市場的放緩，利潤率將會受到一些壓縮。我認為需要強調的一件事是，紐柯公司仍然保持著獨特的地位，因為我們的下游業務占我們煉鋼總產量的20% 以上，除了我們自己的鋼廠產生的收益之外，還為我們自己的鋼廠創造了基本需求負荷。我們的其他競爭對手沒有這樣的能力。

Thank you very much.

非常感謝。

Alex Hacking, Citi.

亞歷克斯哈金，花旗銀行。

Thanks for the call. I guess first question, the $168 million of start-up costs in the quarter, is that exclusively in the mill segment? And can you give us a sense of how much of that relates to Brandenburg? Thanks.

感謝您的來電。我想第一個問題是，本季 1.68 億美元的啟動成本是否全部來自工廠部門？您能否讓我們了解其中與勃蘭登堡有多少關係？謝謝。

Yeah. Hey, Alex, thanks for the question. This is Steve. The overwhelming preponderance of [cost related to steelmaking]. And I won't give you a specific number for Brandenburg, but that correlates to the capital spending, no surprises to do there. And having just completed Brandenburg, it may now surprise you to know that that's the largest single driver in the number in the quarter. Between West Virginia and Brandenburg, those two divisions account for the vast majority, over 3/4 of the $168 million.

是的。嘿，亞歷克斯，謝謝你的提問。這是史蒂夫。壓倒性的優勢[與煉鋼相關的成本]。我不會給你勃蘭登堡的具體數字，但這與資本支出有關，這並不奇怪。剛完成勃蘭登堡之後，您現在可能會驚訝地發現這是本季數字中最大的單一驅動程式。在西維吉尼亞州和勃蘭登堡州之間，這兩個部門佔了絕大多數，佔 1.68 億美元的 3/4 以上。

Okay, thanks. And I apologize if I missed this earlier, but do you have any target for when Brandenburg is going to breakeven? And then just kind of a follow-up on that. On plate demand. What are you seeing on the wind [farm] side as we head into 2024? I know we're seeing a lot of cancellations on offshore, but onshore appears to be stronger. Thanks.

好的，謝謝。如果我之前錯過了這一點，我深表歉意，但是您對勃蘭登堡何時實現盈虧平衡有任何目標嗎？然後就是對此的後續行動。按板材需求。進入 2024 年，您對風[農場]方面有何看法？我知道我們在離岸航班上看到了很多航班取消，但在岸航班似乎更強勁。謝謝。

Yeah, we absolutely have targets, none of which we've shared publicly. But yeah, we absolutely have targets. What I would tell you, and Brad can add some more. And I don't think he mentioned this earlier, Alex. Brandenburg has achieved EBITDA positive. So we are looking, and we'll continue to look for that as the volumes increase and again, the capability of that mill can provide some incredible backdrop of additions to our Hartford County and Tuscaloosa plate mills and again, provides a really strong pullthrough on both the smaller sections in terms of thickness as well as the broader.

是的，我們絕對有目標，但我們沒有公開分享這些目標。但是，是的，我們絕對有目標。我想告訴你的是，布拉德可以補充一些。我認為他之前沒有提到過這一點，亞歷克斯。勃蘭登堡已實現 EBITDA 正值。因此，我們正在尋找，隨著產量的增加，我們將繼續尋找這一點，該工廠的能力可以為我們的哈特福德縣和塔斯卡盧薩板材工廠提供一些令人難以置信的補充背景，並再次為我們提供真正強大的拉動厚度較小的部分和較寬的部分。

But Brad, anything you'd add?

但是布萊德，你還有什麼要補充的嗎？

Yeah, just for clarity, we've said in the last call, we would achieve EBITDA breakeven run rate by the end of the year. From a melting cash perspective, from a rolling perspective, we actually achieved that in September. So we still are confident in achieving that more sustainably by year end. I think the other part of your question was on wind.

是的，為了清楚起見，我們在上次電話會議中說過，我們將在年底前實現 EBITDA 損益平衡運作率。從現金融化的角度來看，從滾動的角度來看，我們實際上在 9 月就實現了這一目標。因此，我們仍然有信心在年底前以更永續的方式實現這一目標。我認為你問題的另一部分是關於風的。

We are seeing pretty decent step-up in coating activity and order activity for onshore wind. Offshore wind, as you know, supply chain in the US hasn't materialized yet.

我們看到陸域風電的塗層活動和訂單活動有了相當大的成長。離岸風電，如你所知，美國的供應鏈尚未實現。

That said, we are seeing interest from European offshore wind and monopile producers for Elcyon played out of Brandenburg. In fact, we received our first order for that in Q3. So we're excited about the opportunity to supply the European producers until that supply chain gets built out the US.

也就是說，我們看到歐洲離岸風電和單樁生產商對勃蘭登堡的 Elcyon 產生了興趣。事實上，我們在第三季收到了第一筆訂單。因此，我們很高興有機會向歐洲生產商供貨，直到供應鏈在美國建立起來。

Thank you.

謝謝。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO 資本市場。

Hi, thank you for taking my questions. Starting on the CapEx, I think a few quarters ago, you mentioned that in '25, your CapEx spending will stay above $3 billion. Does that still hold? Or how should we think about CapEx next year?

你好，謝謝你回答我的問題。從資本支出開始，我想幾個季度前，您提到在 25 年，您的資本支出將保持在 30 億美元以上。這仍然成立嗎？或者我們應該如何考慮明年的資本支出？

Hey, Katja, this is Steve. Thanks for the question. We'll do what we always do, which is give more precise quantitative guidance at the Q4 call. We do that every year because of the annual budget process that we have, which were in right now.

嘿，卡佳，這是史蒂夫。謝謝你的提問。我們將一如既往地做，即在第四季度電話會議上提供更精確的定量指導。我們每年都會這樣做，因為我們現在有年度預算流程。

But I think that if you look at the large capital projects that have been publicly announced that we talked very openly about, you can [pencil in] that we're going to remain at somewhere around that $3 billion level, maybe a little bit above it or around that for the next year or two. And that's just a function of those larger projects. We'll give you certainly more detailed color on that in our next call.

但我認為，如果你看看我們公開談論過的已公開宣布的大型資本項目，你可以[記下]我們將保持在 30 億美元左右的水平，也許略高於或在未來一兩年左右。這只是那些較大項目的功能。我們將在下次電話會議中為您提供更詳細的資訊。

[That's there]. And then, given that you have a couple of growth projects, within your portfolio, are there any opportunities to maybe optimize the footprint? Maybe reduce some of the older capacity?

[就在那裡]。然後，考慮到您的投資組合中有幾個成長項目，是否有機會優化足跡？也許減少一些舊容量？

Okay, Katja. It's Leon. What I would tell you is we're always doing that. We have an incredible breadth of capability sets that provide the market what it needs, when it needs it. And so, we're monitoring those trends and watching where it is best to produce certain products. But we're not adding West Virginia because we're thinking in the years to come, we don't have for -- one of the sheet mills will get idle.

好的，卡佳。是萊昂。我要告訴你的是我們一直在做這件事。我們擁有令人難以置信的廣泛能力，可以在市場需要時為市場提供所需的東西。因此，我們正在監控這些趨勢，並觀察哪裡最適合生產某些產品。但我們不會增加西維吉尼亞州，因為我們認為在未來的幾年裡，我們不會——其中一家板材廠會閒置。

That's never how we think about growth. It's what is the capability differentiator that we can supply into the markets. But in smaller moves, we're always internally rationalizing where's the best footprint to produce a product. where is the customer located? Do we save on freight? How do we best execute on the long-term value-added strategy that we have?

我們從來都不是這樣看待成長的。這就是我們可以向市場提供的能力差異化因素。但在較小的舉措中，我們總是在內部合理化生產產品的最佳佔地面積。客戶在哪裡？我們節省運費嗎？我們如何最好地執行我們擁有的長期增值策略？

So that is something that we always do, but it's not in the frame of we're going to build to explain it to close -- [why plant]? That's never our mindset.

所以這是我們經常做的事情，但它不在我們要建造的框架中來解釋它以結束--【為什麼種植】？這從來不是我們的心態。

Okay. thank you.

好的。謝謝。

Bill Peterson, J.P. Morgan.

比爾彼得森，摩根大通。

Yeah, hi, good morning and thanks for all the color and transparency and the opportunity, as well as near-term challenges. Want to come back to fourth-quarter seasonality for both mills and products, considering some of the positive outlined before. I think in the last 10 years, maybe ex-COVID, your seasonality would be like down 6% for mills, maybe down 10% for products. Given these pauses, should we assume that the magnitude could be larger than that?

是的，嗨，早安，感謝所有的色彩、透明度和機會，以及近期的挑戰。考慮到先前概述的一些積極因素，希望回到第四季度工廠和產品的季節性。我認為在過去 10 年裡，也許在新冠疫情爆發之前，工廠的季節性可能會下降 6%，產品的季節性可能會下降 10%。考慮到這些停頓，我們是否應該假設幅度可能比這更大？

And then if so, given the sort of holding pattern we're in and looking at your order entry, can we think about maybe better than seasonal first quarter given the comments that you had? The demand environment really isn't that bad fundamentally?

然後，如果是這樣，考慮到我們所處的持有模式並查看您的訂單輸入，考慮到您的評論，我們是否可以考慮比第一季的季節性更好？需求環境從根本上來說真的沒有那麼糟嗎？

Bill, I'll touch on it. But certainly, John, Randy, or Brad, if there's some commentary you'd like to share. To answer your question, I can't speculate it and I don't want to speculate. I don't want to begin predicting so-and-so gets an office and we see this tax relief for that trade policy. What I would tell you is no, we're not predicting seasonality to be any more severe than we did a year ago.

比爾，我會談談它。當然，約翰、蘭迪或布拉德，如果您想分享一些評論的話。回答你的問題，我無法推測，也不想推測。我不想開始預測某某會得到一個辦公室，我們會看到該貿易政策的稅收減免。我要告訴你的是，不，我們預計季節性不會比一年前更嚴重。

I think you would see a normalized seasonal response for Q4, late part of the year into 2025. And then again, there are some tailwinds that we know are going to come through timing of that, and I [don't have] to speculate. When do we see more me meaningful infrastructure spending? When do we see more meaningful IRA spending flowing through the order books? And again, I don't want to speculate. I would just tell you that that is yet to come and again, those packages are not insignificant.

我認為您會看到第四季度（即 2025 年下半年）的標準化季節性反應。話又說回來，我們知道在這個時間點將會出現一些順風，我[不必]推測。我們什麼時候才能看到更多有意義的基礎建設支出？我們什麼時候會看到更有意義的 IRA 支出流經訂單簿？再說一遍，我不想猜測。我只想告訴你，那還沒到來，而且這些包裹並不是微不足道的。

And what does the Fed do with rates? And do we see that continue easing to illicit more spending in the back half of the year and into early Q1? Again, I think that's likely, but I don't want to speculate on percentages or volumes that we anticipate. Guys, anything you'd add to that?

聯準會如何處理利率？我們是否會看到在今年下半年和第一季初繼續放鬆非法支出？同樣，我認為這是有可能的，但我不想推測我們預期的百分比或數量。夥伴們，你還有什麼要補充的嗎？

Yeah, Bill, this is John Hollatz. Maybe one indicator of market stability that's specific to our joist and deck businesses. For the last four quarters in a row, order entry rates across the industry have been very consistent, which we feel like that market's in a stable spot, which should give some indicators that as we continue to see fault levels remain consistent as well, that gives us some confidence moving forward.

是的，比爾，這是約翰·霍拉茨。也許這是我們托樑和甲板業務特有的市場穩定性指標之一。在過去的連續四個季度中，整個行業的訂單輸入率一直非常穩定，我們認為該市場處於穩定狀態，這應該會提供一些指標，表明我們繼續看到故障水平也保持一致，給了我們前進的信心。

But again, to Leon's comments, you don't want to get into speculation of things that are that far out right now.

但同樣，對於萊昂的評論，你不想對現在還遙遠的事情進行猜測。

Yeah, thanks for that. Maybe kind of your earlier question on carbon intensity, especially in the context of imports. But I guess it's been a while since we've had an update from you on your own sort of decarbonization efforts. We've seen a push from nuclear energy, especially from data center operators. What's the status of your investments in nuclear with new scale and maybe other forms of local carbon energy? Your CCS program for the DRI plant? Just things of that nature, if you could provide an update on these longer-dated projects?

是的，謝謝你。也許是您之前關於碳強度的問題，特別是在進口方面。但我想我們已經有一段時間沒有收到您關於您自己的脫碳努力的最新消息了。我們看到了核能的推動，尤其是資料中心營運商的推動。您對新規模的核能以及其他形式的當地碳能源的投資狀況如何？您的 DRI 工廠的 CCS 計畫？就是這種性質的事情，您能否提供這些長期項目的最新情況？

Yes, Bill, thanks for that. And again, I'll kick it off and maybe ask Greg to talk to some specifics. But look, the advantage of our new [CORE] is it's several-fold, not the least of which -- having a carbon footprint today that is certainly best-in-class against the world backdrop from that standpoint.

是的，比爾，謝謝你。再說一遍，我會開始討論，也許會請格雷格談談一些細節。但看，我們新的 [CORE] 的優勢在於它是多倍的，尤其是——從這個角度來看，今天的碳足跡在世界背景下無疑是一流的。

But again, as a leader, we also recognize we've got a lead from the front. We've got to lead with transparency. We've got to do that in a way that shows our Scope 1, 2, and 3 emissions, that we are transparent with that. Greg referenced it earlier in terms of the [CBM] and working with the administration. You want to level the playing field, you want to play a meaningful border adjustment, you've got to do it with knowledge and it can't be that somehow we look at the processes of integrated steelmaking to EAS.

但同樣，作為領導者，我們也認識到我們已經從前線取得了領先。我們必須以透明度為主導。我們必須以一種顯示我們的範圍 1、範圍 2 和範圍 3 排放的方式來做到這一點，並且我們對此保持透明。格雷格早些時候在 [CBM] 和與政府合作方面引用了它。你想要公平的競爭環境，你想要進行有意義的邊界調整，你必須用知識來做到這一點，而且我們不能以某種方式看待將煉鋼與EAS整合的過程。

There is no comparison. We have such a market advantage in terms of our carbon footprint that again, many of our end-use customers want, desire, and will continue. But the other piece of that, as we look to the future and flip through into small investments in NuScale and Helion is the backdrop of energy. Energy is going to be required to rebuild this nation; to green this economy, to digitalize the economy.

沒有可比性。我們在碳足跡方面擁有這樣的市場優勢，我們的許多最終用戶再次希望、渴望並將繼續這樣做。但當我們展望未來並轉向 NuScale 和 Helion 的小額投資時，另一部分是能源背景。重建這個國家將需要能源；綠色經濟，數位化經濟。

The demand, if you think about the data center pullthrough, it's absolutely breathtaking. And so, we've got to do more than just wind and solar and don't get me wrong. We need wind and solar to be successful. We just need new fuel or along with that. And so, our investment in NuScale is the backing of the small modular reactor technology, advanced nuclear technologies of tomorrow, that again, are already commercialized in other parts of the world that need to be commercialized here in the United States.

如果考慮到資料中心的拉動，這種需求絕對是驚人的。因此，我們要做的不只是風能和太陽能，別誤會我的意思。我們需要風能和太陽能才能成功。我們只需要新的燃料或與之一起的燃料。因此，我們對 NuScale 的投資是對小型模組化反應器技術、未來先進核子技術的支持，這些技術已經在世界其他地區商業化，需要在美國商業化。

Again from [Fusion] over watching with Healion, couldn't be more excited about them and what they're doing with their technology. And again, how quickly they think they can bring that. All that to say is well, part of those investments enable us to build behind the meter stations within our Nucor plants. So again, while we don't want to make the electrons (inaudible), we're going to be moving the opportunity to consume those.

再次從 [Fusion] 觀看 Healion，並對他們以及他們使用技術所做的事情感到非常興奮。再說一次，他們認為自己能多快實現這一點。總而言之，這些投資的一部分使我們能夠在紐柯工廠內建造儀表站。再說一遍，雖然我們不想製造電子（聽不見），但我們將轉移消耗電子的機會。

And then export, the energy we're not using back to the grid, creates a really enviable position for Nucor. So again, we're going to stay very close to that. We're going to watch how that continues to develop. But it's the reason why you're seeing things like Constellation and Microsoft announcing they're going to restart Three Mile Island. That demand in the energy future is going to be insatiable.

然後將我們沒有使用的能源輸出回電網，為紐柯公司創造了一個真正令人羨慕的地位。再說一遍，我們將非常接近這一點。我們將觀察這種情況如何繼續發展。但這就是為什麼你會看到星座和微軟等公司宣布他們將重新啟動三哩島。未來能源的需求將是無法滿足的。

And so, I think you're going to see a lot more of those investments in the future. But Greg, you want to touch on some of these specific (inaudible)?

因此，我認為未來您會看到更多此類投資。但是格雷格，你想談談其中一些具體的問題（聽不清楚）？

No, I think that covers it really well in terms of our strategy. Nucor's approach has always been very much a multifaceted approach. We start with the greenhouse gas intensity in all three scopes. It's about a third of the global average front and again, steelmaking.

不，我認為這很好地涵蓋了我們的策略。紐柯公司的方法一直是多方面的。我們從所有三個範圍的溫室氣體強度開始。這大約是全球平均的三分之一，同樣是煉鋼。

So there are real opportunities for us to [lie in] our raw materials strategies and then also in our energy strategies. Our projects with the NuScale and with Helion are certainly advancing. But some of the announcements recently by hyperscalers to invest in other small modular reactor technologies is also exciting because a lot -- what we really need as a nation is we need to advance that technology in whatever form it takes.

因此，我們的原材料策略和能源戰略都有真正的機會。我們的 NuScale 和 Helion 專案無疑正在取得進展。但超大規模企業最近宣布投資其他小型模組化反應器技術也令人興奮，因為作為一個國家，我們真正需要的是我們需要以任何形式來推進技術。

The other thing is, I think large-scale nuclear power definitely needs to be a part our energy future. And so, the efforts to bring back on line curtail nuclear power plants that are performing functionally well. And then the ability to sort of take the lessons learned from other large-scale nuclear reactor power plants and then begin to build them out at scale and develop a very reliable supply chain. All those things are really going to be important.

另一件事是，我認為大規模核電肯定需要成為我們能源未來的一部分。因此，恢復運作的努力限制了運作良好的核電廠。然後能夠吸取其他大型核反應器發電廠的經驗教訓，然後開始大規模建造它們並開發非常可靠的供應鏈。所有這些事情都非常重要。

And the last thing I would mention because you asked about it was our carbon capture project with ExxonMobil. We're still moving forward with that full steam ahead. We're excited to actually get to the point where we are injecting CO2 from our DRI facility, our direct reduced iron facility in Louisiana.

我要提到的最後一件事是因為你問了我們與埃克森美孚的碳捕獲計畫。我們仍在全速前進。我們很高興能夠真正從 DRI 設施（路易斯安那州的直接還原鐵設施）注入二氧化碳。

And when we do that, then we'll already take a very low embodied carbon high-quality metallic and we'll reach the point where we have some of the lowest carbon raw materials available anywhere in the world today.

當我們這樣做時，我們已經採用了一種非常低的隱含碳高品質金屬，並且我們將達到當今世界上任何地方都可以使用的一些碳含量最低的原材料的地步。

If I could add just one more comment on that. You asked about where we're moving with batteries, you wanted an update. We have a lot of buyers and we just -- not at this point, we can talk about those. So we are certainly pushing forward and the turnover began to green the grid.

如果我可以再補充一點評論的話。您詢問我們將如何使用電池，您想要更新。我們有很多買家，但現在我們可以談論這些。所以我們一定會向前推進，營業額開始走向綠色電網。

Thanks, everyone, for the comments.

謝謝大家的評論。

Thank you. And that is all the time we have for questions. I would like to turn it back to Leon Topalian, our CEO, for closing remarks.

謝謝。這就是我們提問的全部時間。我想請我們的執行長 Leon Topalian 發表結束語。

Well, thank you so much for all the questions generated in the last hour. I want to leave you with this: Nucor continues to be a strong, resilient, growth-focused company filled for the long run. We maintain an incredibly strong balance sheet, which allows us to proceed for the long duration projects through every phase of the cycle.

嗯，非常感謝您在過去一小時內提出的所有問題。我想留給大家的是：紐柯公司仍然是一家強大、有彈性、注重成長的公司，致力於長期發展。我們保持著極其強勁的資產負債表，這使我們能夠在週期的每個階段進行長期專案。

And we're not operating with blinders off, we keep our fingers on the pulse on this dynamic industry and make necessary changes in response to changing circumstances, especially when it comes to our prudent capital allocation.

我們不會盲目地經營，我們會密切關注這個充滿活力的行業的脈搏，並根據不斷變化的情況做出必要的改變，特別是在我們審慎的資本配置方面。

And we'd build Nucor into the largest and most diversified steel producer in North America, and as well, we'll continue to keep us out front for decades to come. In closing, I wanted to our new [14] customers and shareholders for the trust you placed in us. And thanks for taking the time to join us this morning. Look forward to connecting again soon.

我們將把紐柯公司打造成北美最大、最多元化的鋼鐵生產商，我們將在未來幾十年繼續保持領先地位。最後，我感謝我們的新 [14] 客戶和股東對我們的信任。感謝您今天早上抽出時間加入我們。期待很快再次連線。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。