Nucor Corp (NUE) 2025 Q1 法說會逐字稿

Good morning, and welcome to Nucor's first quarter 2025 earnings call. (Operator Instructions) And today's call is being recorded.

早安，歡迎參加 Nucor 2025 年第一季財報電話會議。（操作員指示）今天的通話正在錄音。

(Operator Instructions) I would now like to introduce Jack Sullivan, Vice President of Nucor Investor Relations. You may begin your call.

（操作員指示）現在我想介紹紐柯公司投資者關係副總裁傑克·沙利文。您可以開始通話了。

Thank you, and good morning, everyone. Welcome to Nucor's first quarter 2025 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.

謝謝大家，早安。歡迎閱讀 Nucor 2025 年第一季財報回顧和業務更新。今天主持我們電話會議的是董事長、總裁兼執行長 Leon Topalian 以及執行副總裁兼財務長 Steve Laxton。

Other members of Nucor's executive team are also here with us today and may participate during the Q&A portion of the call. Yesterday, we posted our first quarter earnings release and investor presentation to Nucor's IR website. We encourage you to access these materials as we will cover portions of them during the call.

Nucor 執行團隊的其他成員今天也來到了現場，並可能參與電話會議的問答環節。昨天，我們在 Nucor 的 IR 網站上發布了第一季財報和投資者介紹。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。

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.

今天的討論將包括證券法含義內的非公認會計準則財務指標和前瞻性資訊的使用。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以及 Nucor 的 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，以及非公認會計準則財務指標的對帳。

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

因此，讓我們將電話交給 Leon。

Thanks, Jack. Before we discuss the quarterly results, I'd like to acknowledge the important contributions of two retiring executive team members. Chad Utermark, our EVP of New Markets and Innovation, will retire in June after more than three decades with Nucor.

謝謝，傑克。在我們討論季度業績之前，我想感謝兩位退休的執行團隊成員的重要貢獻。我們的新市場和創新執行副總裁 Chad Utermark 在 Nucor 工作了三十多年，將於今年六月退休。

Chad has exemplified the Nucor culture and has positively impacted thousands of team members during his tenure. His leadership in executing our Expand Beyond strategy and driving key acquisitions has been invaluable. We extend our best wishes to Chad and his family in his retirement.

查德是紐柯公司文化的典範，在任職期間對數千名團隊成員產生了積極影響。他在執行我們的「擴展超越」策略和推動關鍵收購方面發揮的領導作用非常寶貴。我們向查德和他的家人致以最良好的祝愿，祝他退休。

Additionally, Greg Murphy, our EVP of Business Services and General Counsel, will also retire in June. Since joining Nucor in 2015, Greg has provided exceptional leadership in his impact and advocacy leading our legal, environmental, government affairs and communications teams has been instrumental in developing long-term strategies that serve our shareholders, customers and our team.

此外，我們的商業服務執行副總裁兼總法律顧問 Greg Murphy 也將於 6 月退休。自 2015 年加入紐柯公司以來，格雷格在影響力和倡議方面表現出色，領導我們的法律、環境、政府事務和溝通團隊，在製定服務於股東、客戶和團隊的長期策略方面發揮了重要作用。

So on behalf of our more than 32,000 team members, thank you both for all of your leadership, friendship and dedication to Nucor You will be greatly missed. With Greg's retirement, Ben Pickett has also been promoted to EVP of Business Services and Doug Wilner has been promoted to President of Corporate Legal Affairs and General Counsel.

因此，我代表我們 32,000 多名團隊成員，感謝你們對 Nucor 的領導、友誼和奉獻，我們會非常想念你們。隨著格雷格的退休，本·皮克特 (Ben Pickett) 也被提升為業務服務執行副總裁，道格·威爾納 (Doug Wilner) 被提升為公司法律事務總裁兼總法律顧問。

And just last week, we announced Tom Batterbee will be promoted to EVP of Human Resources and Talent effective May 11. Tom is an exceptional leader with more than 35 years of service with Nucor. In his new role, Tom will drive Nucor's strategy for the growth, retention and development of all Nucor team members. Please join me in giving a warm welcome to Ben, Doug and Tom in their new roles.

就在上週，我們宣布湯姆·巴特比 (Tom Batterbee) 將於 5 月 11 日起晉升為人力資源和人才執行副總裁。湯姆是一位傑出的領導者，在紐柯公司工作了 35 年多。在新的職位上，湯姆將推動紐柯公司的策略，促進所有紐柯團隊成員的成長、保留和發展。請和我一起熱烈歡迎 Ben、Doug 和 Tom 擔任新職務。

Turning now to our first quarter results. Nucor has generated EBITDA of $696 million and earned $0.77 of adjusted EPS. Despite the lower results compared to prior quarters, Nucor's strong balance sheet and deep liquidity allowed the company to advance its long-term growth plans on a number of fronts. During the quarter, we reinvested nearly $860 million into the company with approximately two-third of that going into projects that will commence operations over the next two years.

現在來看看我們的第一季業績。紐柯公司的息稅折舊攤提前利潤 (EBITDA) 為 6.96 億美元，調整後每股收益為 0.77 美元。儘管業績與前幾季相比有所下降，但紐柯公司強勁的資產負債表和雄厚的流動性使該公司能夠在多個方面推進其長期成長計畫。本季度，我們向公司再投資了近 8.6 億美元，其中約三分之二將投入未來兩年內開始營運的專案。

We've returned nearly $430 million of capital to Nucor's shareholders. We've prefunded upcoming debt maturities, raising $1 billion in new senior notes with a weighted average coupon of 4.88% took steps to wind down or repurpose certain operations at divisions where we believe resources can be allocated more efficiently. Through it all, we've continued to live our culture, taking care of our team, customers and shareholders.

我們已向 Nucor 股東返還了近 4.3 億美元的資本。我們已為即將到期的債務預先籌資，以 4.88% 的加權平均票面利率發行了 10 億美元的新優先票據，並採取措施逐步減少或重新調整我們認為可以更有效地分配資源的部門的某些業務。在這一切中，我們繼續秉承我們的文化，關心我們的團隊、客戶和股東。

The capital projects we've undertaken are designed to strengthen and diversify our earnings profile for shareholders and better serve the evolving needs of our customers. Several of these projects will commence operations within the next 12 months, and I'd like to take a moment to provide an update on them.

我們實施的資本項目旨在加強和多樣化股東的獲利狀況，並更好地滿足客戶不斷變化的需求。其中幾個項目將在未來 12 個月內開始運營，我想花點時間介紹這些項目的最新進展。

Within the bar mill group, our rebar micro mill in Lexington, North Carolina, rolled its first billet in April and is on track to produce its first heat in June. Commercial shipments are expected to occur in the third quarter. At our Kingman, Arizona bar mill, we expect a new melt shop to produce its first heat in June and be operational in the third quarter.

在棒材軋機組內，我們位於北卡羅來納州列剋星敦的螺紋鋼微型軋機於 4 月軋製出了第一根方坯，並預計在 6 月生產第一爐爐料。預計商業出貨將於第三季進行。在我們位於亞利桑那州金曼的棒材廠，我們預計新的熔煉車間將於 6 月生產第一爐爐料，並於第三季投入營運。

We've also made considerable headway with new coating facilities at our existing sheet mills. The coating complex at our Crawfordsville, Indiana sheet mill is scheduled to be completed by year's end and will add galvanizing and pre-painting capabilities at the location.

我們在現有板材廠的新塗層設施方面也取得了長足的進展。我們位於印第安納州克勞福德茲維爾的板材廠的塗層綜合設施預計於今年年底完工，並將在該地點增加鍍鋅和預塗裝能力。

Additionally, the new gal line at our Berkeley County sheet mill in South Carolina is on track to completion by mid-2026. Within our towers and structures business, the greenfield projects in Alabama and Indiana will commence operations throughout the next nine months. Customers have already started to tour Alabama location, and we are working through initial phases of the qualification process.

此外，我們位於南卡羅來納州伯克利縣板材廠的新 gal 生產線預計將於 2026 年中期完工。在我們的塔樓和建築業務中，阿拉巴馬州和印第安納州的綠地計畫將在未來九個月內開始運作。客戶已經開始參觀阿拉巴馬州的工廠，我們正在進行資格認證過程的初始階段。

The Alabama project is slated to begin operations in the third quarter of this year and the Indiana project is on track to begin operations in the first quarter of 2026. While construction on our West Virginia sheet mill will continue through 2026, the team there continues to do a great job of moving the project forward.

阿拉巴馬州項目計劃於今年第三季開始運營，印第安納州項目預計將於 2026 年第一季開始運營。雖然我們西維吉尼亞州板材廠的建設將持續到 2026 年，但那裡的團隊將繼續出色地推進該項目。

We're near the midpoint of construction time line and equipment installation is well underway. We remain on schedule to commission the mill by the end of next year and look forward to supplying the markets with some of North America's cleanest and most advanced sheet steels.

我們已接近施工時間的中點，設備安裝正在順利進行中。我們仍計劃在明年年底前投產工廠，並期待向市場提供北美最乾淨、最先進的鋼板。

Over the past several months, we've seen significant changes in federal trade policy, including the welcome reinstatement and broadening of Section 232 steel tariffs. Since its implementation in 2018, the 232 tariffs have been significantly weakened through country exemptions, quotas and numerous product exclusions.

在過去的幾個月裡，我們看到聯邦貿易政策發生了重大變化，包括令人欣喜的恢復和擴大第 232 條鋼鐵關稅。自2018年實施以來，232項關稅已透過國家豁免、配額和眾多產品排除而大幅削弱。

By 2024, fewer than 18% of steel imports were subject to Section 232 tariffs. Ending the exclusions and quota agreements was necessary to strengthen the US steel industry, which was the original goal of the 232 tariffs. We have always maintained the belief that America's national security depends on a robust and healthy American steel industry.

到2024年，將有不到18%的鋼鐵進口受到第232條款關稅的約束。終止排除和配額協議對於加強美國鋼鐵業是必要的，這也是232關稅的最初目標。我們始終堅信，美國的國家安全取決於強大健康的美國鋼鐵工業。

As America's largest and most diversified steel producer, we applaud recent steps to help level the playing field for American steel producers. In addition, the trade case relating to certain corrosion-resistant steel products continues to progress.

作為美國最大、最多元化的鋼鐵生產商，我們讚揚最近為幫助美國鋼鐵生產商創造公平競爭環境而採取的措施。此外，涉及某些耐腐蝕鋼產品的貿易案件仍持續取得進展。

Earlier this month, the Department of Commerce announced preliminary antidumping duties on coated flat-rolled steel from 10 countries. Many of our country's trading partners have taken advantage of our open markets for far too long to the detriment of the American manufacturer and their teams. These trade remedies as well as the comprehensive Section 232 tariffs are the sort of enforcement mechanisms required to stop unfairly traded imports.

本月初，美國商務部宣布對10個國家的塗層扁鋼徵收初步反傾銷稅。我們國家的許多貿易夥伴長期以來一直利用我們的開放市場，損害了美國製造商及其團隊的利益。這些貿易救濟措施以及全面的第 232 條關稅是阻止不公平貿易進口所需的執法機制。

For nearly 30 years, Nucor has worked across administrations to ensure strong trade law enforcement, and we will continue to be outspoken on these issues so long as there are trading partners who do not play by the rules of free and fair trade.

近 30 年來，紐柯公司一直與各政府部門合作，確保貿易法得到強有力的執行，只要有貿易夥伴不遵守自由和公平貿易規則，我們就會繼續直言不諱地談論這些問題。

When speaking to investors over the past several weeks, we've heard a lot of questions about the outlook for steel demand in light of macroeconomic uncertainty and volatility. So let me spend a few moments describing what we're seeing and what we're focused on.

過去幾週與投資者交談時，我們聽到了很多關於宏觀經濟不確定性和波動性背景下鋼鐵需求前景的問題。因此，請允許我花幾分鐘來描述我們所看到的以及我們關注的重點。

For starters, in the first quarter, we saw backlogs rise over 30% in our steel mill segments and rise nearly 25% in steel products. We recognize a portion of this may be pull forward. However, we continue to see very healthy order entry rates and relative stable pricing.

首先，第一季度，我們的鋼廠部門積壓訂單增加了 30% 以上，鋼鐵產品的積壓訂單增加了近 25%。我們認識到其中一部分可能會被提前。然而，我們繼續看到非常健康的訂單輸入率和相對穩定的價格。

We're also seeing an administration that seeks less regulation, a lower corporate tax rate and has demonstrated a willingness to pivot and course correct as conditions evolve. We're seeing steady to improving demand for steel among customers who are engaged in the reshoring, rebuilding and repowering of American industry.

我們也看到，政府正在尋求減少監管、降低企業稅率，並表現出隨著情況發展而調整和修正的意願。我們看到，參與美國工業回流、重建和再造的客戶對鋼鐵的需求正在穩步上升。

And Nucor is best positioned to supply these growing markets as evidenced by our order books, which include projects like the advanced manufacturing facilities, infrastructure projects, new hospitals, schools, airports, power plants and stadiums.

我們的訂單簿顯示紐柯公司最有能力為這些不斷成長的市場提供服務，其中包括先進製造設施、基礎設施項目、新醫院、學校、機場、發電廠和體育場等項目。

Overall, we continue to see the current improving demand environment in line with our expectations of 2025. And when you couple that with Nucor's product breadth and capabilities, paired up with recent policies and support of US manufacturers, it's hard not to be optimistic about Nucor's future.

總體而言，我們持續看到當前需求環境的改善符合我們對 2025 年的預期。如果再加上紐柯的產品廣度和能力，再加上最近的政策和美國製造商的支持，我們很難不對紐柯的未來感到樂觀。

While the economy is grappling with a lot of uncertainty and volatility, rest assured, Nucor is built for this. We have the right capabilities, the right team and the right financial strength to preserve regardless of the macroeconomic trends.

儘管經濟正面臨著許多不確定性和波動性，但請放心，紐柯公司已經為此做好了準備。無論宏觀經濟趨勢如何，我們都有合適的能力、合適的團隊和合適的財務實力來保持競爭力。

Our mission to grow the core, expand beyond and live our culture is how we plan to succeed. But all of this requires execution. It's through great execution that Nucor turns potential into value creation for our shareholders and our customers.

我們的使命是發展核心、拓展範圍並實踐我們的文化，這是我們計劃成功的方式。但這一切都需要執行。正是透過出色的執行，紐柯公司將潛力轉化為股東和客戶的價值創造。

And that's why my most important message to the team during this period of transformative growth is to stay focused and accountable as we bring new projects to life across the enterprise. Before handing it over to Steve, I want to mention that we recently posted our 2024 Corporate Sustainability Report to the Nucor website.

這就是為什麼在這個轉型成長時期，我向團隊傳達的最重要的訊息是，當我們在整個企業中推行新專案時，要保持專注和負責。在將其交給史蒂夫之前，我想提一下，我們最近在紐柯網站上發布了我們的 2024 年企業永續發展報告。

We're proud to share that our greenhouse gas emission intensity is among the lowest in the global steel industry, and we believe demand for cleaner steels will continue to grow. The report highlights how we're advancing the development of cleaner energy sources such as nuclear energy as well as carbon-free iron sources and other low-carbon raw materials.

我們很自豪地告訴大家，我們的溫室氣體排放強度是全球鋼鐵業最低的，我們相信對更清潔鋼鐵的需求將持續成長。報告重點介紹了我們如何推進核能等清潔能源以及無碳鐵源和其他低碳原料的開發。

The report also highlights impressive progress our team has made in reducing injuries over the last several years. I'd encourage you to look through it and learn more about how our team is working to care for one another, the environment and the communities we call home.

報告還強調了我們的團隊在過去幾年中在減少傷害方面取得的令人矚目的進展。我鼓勵您仔細閱讀並進一步了解我們的團隊如何相互關懷、關懷環境以及我們稱之為家園的社區。

With that, I'll turn it over to Steve, who will provide more details about our performance in the first quarter and our outlook for the second. Steve?

接下來，我將把時間交給史蒂夫，他將提供有關我們第一季業績以及第二季展望的更多細節。史蒂夫？

Thank you, Leon, and thank you all for joining us on the call this morning. During the first quarter, Nucor generated net earnings of $156 million or $0.67 per share. This includes pretax charges of $29 million or $0.10 per share of after-tax charges related to the closing or repurposing the facilities in our steel products segment and ceasing production of wire rod at our Connecticut bar mill.

謝謝你，Leon，也謝謝大家今天早上參加我們的電話會議。第一季度，紐柯公司的淨利潤為 1.56 億美元，即每股 0.67 美元。這包括與關閉或重新利用我們鋼鐵產品部門的設施以及停止康乃狄克州棒材廠的線材生產有關的 2,900 萬美元的稅前費用或每股 0.10 美元的稅後費用。

Excluding these onetime charges, our annual earnings were approximately $179 million or $0.77 per share. Leon highlighted the progress we've made on several of our larger growth initiatives. While these growth investments create long-term shareholder value, they also create near-term earnings headwinds.

除去這些一次性費用，我們的年收益約為 1.79 億美元，即每股 0.77 美元。萊昂強調了我們在幾項更大的成長計劃上所取得的進展。雖然這些成長型投資創造了長期股東價值，但也帶來了短期獲利阻力。

During the first quarter, Nucor incurred $170 million or $0.56 per share in pre-operating and start-up costs. Turning to the segment level results for the quarter, and adjusting for the onetime charges just mentioned, the steel mill segment generated adjusted pretax earnings of $241 million, increasing approximately 43% from the prior quarter.

第一季度，紐柯公司的前期營運和啟動成本為 1.7 億美元，即每股 0.56 美元。回顧本季各部門的業績，並根據剛才提到的一次性費用進行調整，鋼廠部門的調整後稅前收益為 2.41 億美元，較上一季增長約 43%。

While average realized prices were roughly in line with the fourth quarter prices, volume increased 14%. The most pronounced increase came from the bar mill group, where shipments rose 21% compared to the prior quarter and 20% year-over-year.

雖然平均實現價格與第四季價格大致持平，但銷量卻增加了 14%。增幅最為顯著的是棒材廠集團，其出貨量較上一季成長 21%，較去年同期成長 20%。

We also saw improvement in plate shipments driven by a combination of good customer demand and improved operations at our Brandenburg, Kentucky plate mill. Brandenburg shipments and production have trended higher for five consecutive quarters, a testament to the progress of that team.

受客戶需求旺盛和肯塔基州勃蘭登堡板材廠營運改善的共同推動，板材出貨量也有所改善。勃蘭登堡的出貨量和產量連續五個季度呈上升趨勢，證明了該團隊的進步。

While shipments were higher during the first quarter, we were also booking at healthy levels. As Leon mentioned previously, our steel mills backlog grew more than 30% throughout the quarter and sits up nearly 25% over this time last year.

雖然第一季的出貨量較高，但我們的預訂量也處於健康水準。正如 Leon 之前提到的，我們鋼廠的積壓訂單在本季度增長了 30% 以上，與去年同期相比增長了近 25%。

Nucor's steel products segment affords a wider and more diverse set of solutions than others in our industry. That capability breadth is a meaningful differentiator and value creator. The segment continues to deliver pronounced impacts on Nucor's overall earnings profile.

紐柯鋼鐵產品部門提供的解決方案比業內其他公司更廣泛、更多樣化。這種能力廣度是一個有意義的差異化因素和價值創造者。該部門繼續對紐柯公司的整體獲利狀況產生顯著影響。

The steel products segment generated adjusted pretax earnings of $307 million for the first quarter. Steel products also saw a meaningful backlog growth, up nearly 25% across all downstream products for the quarter.

鋼鐵產品部門第一季調整後稅前收益為 3.07 億美元。鋼鐵產品積壓訂單也顯著成長，本季所有下游產品積壓訂單成長近 25%。

Our joist and deck backlogs now extend into the fourth quarter. As we've shared in the past, the longer-duration backlogs for some products within this segment mean we experience a lag between pricing changes in the market and realized financial results. And we're seeing this effect now and expect lower realized pricing in our financial results for some of these businesses in coming months.

我們的托樑和甲板積壓訂單現已延續到第四季。正如我們過去所分享的，該領域內某些產品的較長時間積壓意味著我們在市場定價變化和實現的財務結果之間存在滯後。我們現在已經看到了這種影響，並預計未來幾個月部分業務的財務業績實際價格將會下降。

But it's important to note that we expect margins in this backlog to remain well above pre-pandemic levels. Given where backlog set, broader coverage under Section 232 and our healthy current order book, we have a constructive view on the steel products segment for the balance of 2025.

但值得注意的是，我們預期積壓訂單的利潤率將遠高於疫情前的水準。考慮到積壓訂單的設定、第 232 條規定的更廣泛覆蓋範圍以及我們目前健康的訂單量，我們對 2025 年剩餘時間的鋼鐵產品領域持建設性看法。

Since 2022, we've made several acquisitions to expand our construction products capabilities to leverage our company's core competency as an efficient manufacturer. These acquisitions and subsequent organic growth investments have established four distinct platforms with higher growth and margin potential for our shareholders.

自 2022 年以來，我們進行了多次收購，以擴大我們的建築產品能力，從而利用我們公司作為高效製造商的核心競爭力。這些收購和隨後的有機成長投資為我們的股東建立了四個具有更高成長和利潤潛力的不同平台。

During 2024, our overhead doors, racking and insulated metal panels platforms generated EBITDA of approximately $400 million when annualizing for midyear acquisitions. For 2025, we expect these three platforms will generate approximately $450 million in EBITDA, with further growth expected in 2026 when our new towers and structures facilities enter their first full year of production.

2024 年，我們的高架門、貨架和絕緣金屬板平台按年中收購計算產生的 EBITDA 約為 4 億美元。到 2025 年，我們預計這三個平台將產生約 4.5 億美元的 EBITDA，預計到 2026 年，當我們的新塔和結構設施進入第一個完整生產年時，EBITDA 將進一步成長。

Turning to our raw materials segment. We realized pretax earnings of approximately $29 million for the quarter, a decrease of approximately $28 million from the fourth quarter. Lower realized pricing for DRI and higher operating expenses in some of our scrap processing operations were the primary factors affecting the quarter-over-quarter change.

轉向我們的原料部分。本季我們實現稅前收益約 2,900 萬美元，較第四季減少約 2,800 萬美元。直接還原鐵的實際價格較低以及部分廢料加工業務的營運費用較高是影響季度環比變化的主要因素。

Moving to the balance sheet. We remain committed to maintaining a strong investment-grade credit quality. A healthy balance sheet with ample liquidity has been a hallmark of Nucor for decades and continues to put the company in a position of strength, allowing us to execute our strategy throughout various phases of the economic cycle.

轉到資產負債表。我們將繼續致力於維持強勁的投資級信用品質。幾十年來，健康的資產負債表和充足的流動性一直是紐柯公司的標誌，並繼續使公司處於優勢地位，使我們能夠在經濟週期的各個階段執行我們的策略。

In March, Nucor increased its revolving credit facility by $500 million, and we raised $1 billion of senior notes at a weighted average coupon of just under 4.9%. This $1 billion offering was split evenly across 5 and 10 year tenors with proceeds being used to retire $1 billion of notes that reach final maturity in late May and early June.

3月份，紐柯鋼鐵公司將其循環信貸額度增加了5億美元，我們發行了10億美元的優先票據，加權平均票面利率略低於4.9%。此次 10 億美元的債券發行分為 5 年期和 10 年期，所得款項將用於償還 5 月底和 6 月初到期的 10 億美元債券。

The rating agencies continue to affirm our investment-grade credit rating outlooks. Our ratings are the highest of any North American steel producer with an A minus rating and stable outlooks from both S&P and Fitch and a Baa1 rating on positive outlook from Moody's.

評等機構持續肯定我們的投資等級信用評等前景。我們的評級是北美鋼鐵生產商中最高的，標準普爾和惠譽均給予我們的 A- 評級和穩定展望，而穆迪則給予我們的 Baa1 評級和積極展望。

Nucor ended the first quarter with a total debt to capital of approximately 27% and just over $4 billion in cash. However, as just mentioned, we intend to use $1 billion of the cash recently raised from our debt offering to retire debt. So adjusting for this intended use, Nucor would have debt to capital of just under 25%, more in line with recent periods, and cash of just over $3 billion.

紐柯公司第一季末的總負債與資本比率約為 27%，現金略高於 40 億美元。但是，正如剛才提到的，我們打算使用最近透過發行債券籌集的 10 億美元現金來償還債務。因此，在根據此預期用途進行調整後，紐柯公司的債務與資本之比將略低於 25%，與近期水準更加一致，而現金則略高於 30 億美元。

In addition to maintaining a strong balance sheet, the cornerstone of Nucor's capital allocation framework is to provide meaningful direct returns to shareholders. During the first quarter, that principle was on display as we returned $429 million to shareholders in the form of dividends and share repurchases.

除了維持強勁的資產負債表外，紐柯資本配置框架的基石是為股東提供有意義的直接回報。在第一季度，我們以股息和股票回購的形式向股東返還了 4.29 億美元，這一原則得到了體現。

Leon spoke earlier about our outlook, but now I'd like to drill deeper on what we're seeing across some of our businesses. Within sheet, we're seeing continued resilient demand from key end-use markets like construction and energy.

Leon 之前談到了我們的前景，但現在我想更深入地談談我們在一些業務中看到的情況。在板材方面，我們看到建築和能源等主要終端市場的需求持續強勁。

Our sheet backlog grew meaningfully during the first quarter, and we expect our second quarter shipments to increase further. The effects of the CORE's trade case, coupled with the recent Section 232 refresh, should temper unfairly dumped and [predishorely] priced materials, allowing for improved stability in the sheet business.

我們的第一季板材積壓量大幅成長，預計第二季的出貨量將進一步增加。CORE 貿易案的影響，加上最近的 232 條款更新，應該會緩和不公平傾銷和 [預先] 定價的材料，從而提高板材業務的穩定性。

Turning to bar. While there is potential concern that some of the commercial construction planning may be pausing in response to recent market volatility, larger projects in advanced manufacturing, infrastructure and institutional construction remain largely unaffected and continue to represent steady business for us.

轉向酒吧。儘管有人擔心部分商業建設規劃可能會因近期市場波動而暫停，但先進製造業、基礎設施和機構建設領域的大型項目基本上不受影響，並繼續為我們帶來穩定的業務。

Consequently, we see improved financial performance in bar in the second quarter. Imports were meaningfully higher during the first quarter, reflecting front-running of tariffs.

因此，我們預計第二季酒吧的財務業績將會改善。第一季進口量大幅增加，反映出關稅的先行效應。

Within our plate and structural groups, some of the same demand drivers are having a positive impact. Nucor is a leading supplier to structural fabricators, and we saw higher shipments for projects ranging from data centers and warehouses to bridges and other infrastructure projects.

在我們的板塊和結構組中，一些相同的需求驅動因素正在產生正面影響。Nucor 是結構製造商的領先供應商，我們看到從資料中心和倉庫到橋樑和其他基礎設施專案的出貨量都有所增加。

New energy-related projects are also driving demand. We're supplying piling for solar farms, plate for onshore wind and transmission towers and getting qualified to supply steel for API-grade line pipe out of Brandenburg.

新能源相關項目也在推動需求。我們為太陽能發電場供應樁基，為陸上風電和輸電塔供應板材，並獲得了為勃蘭登堡供應 API 級管線管鋼材的資格。

Our backlogs are up significantly in both beam and plate, and we expect strong shipment levels and stable pricing to continue into the second half of this year. And in the steel products segment, our backlogs are up year-over-year by 19%.

我們的大樑和板材積壓訂單都大幅增加，我們預計強勁的出貨量和穩定的價格將持續到今年下半年。在鋼鐵產品領域，我們的積壓訂單年增了 19%。

Highlighting a few of our larger businesses within that segment, we expect continued strong performance from joist and deck and strengthening performance from our tubular and metal buildings groups. Positive construction trends on growing data center demand, stable warehouse activity and ongoing institutional construction are driving backlog growth.

重點介紹該領域內的一些較大的業務，我們預計托樑和甲板將繼續保持強勁表現，管狀和金屬建築集團的表現也將增強。資料中心需求不斷增長、倉庫活動穩定以及機構建設持續進行的積極建設趨勢正在推動積壓訂單的成長。

In addition, operational gains in our tubular and metal buildings group, coupled with lower imports for tubular, are setting this up for positive momentum in coming months. Turning to our second quarter 2025 outlook.

此外，我們的管材和金屬建築集團的營運收益，加上管材進口量的減少，為未來幾個月的積極動能奠定了基礎。談談我們對 2025 年第二季的展望。

We expect Nucor's earnings to be meaningfully higher than in the first quarter of this year. Operating results at the steel mills, steel products and raw materials segments are all expected to be stronger than the first quarter. The steel mills segment is expected to drive the largest portion of the sequential earnings growth due to stable volumes and higher realized pricing.

我們預計紐柯公司的獲利將比今年第一季大幅上升。預計鋼廠、鋼產品和原料板塊的經營業績將優於第一季。由於產量穩定和實際價格上漲，鋼廠部門預計將推動連續獲利成長的最大份額。

Within this segment, Nucor sheet and plate business are expected to drive the majority of the increase. In the steel products segment, we expect higher volumes and improved cost to more than offset slightly lower realized pricing. In our raw materials segment, we expect volumes to remain flat along with moderating scrap pricing and stable realized DRI pricing.

在這一領域，紐柯板材和板材業務預計將推動大部分成長。在鋼鐵產品領域，我們預計產量增加和成本改善將足以抵消略低的實際價格。在原料領域，我們預期產量將保持平穩，廢料價格也將適中，直接還原鐵的實際價格也將保持穩定。

We also expect sequential cost improvements within our scrap processing operations. As we look further into 2025, our expectations for demand remain generally in line with the optimism we shared on our year-end earnings call. We still expect to see growth in domestic steel demand this year, and we're confident in our ability to capture a healthy share of that demand with the best and most diverse range of solutions in the marketplace.

我們也預期廢料處理業務的成本將持續改善。展望 2025 年，我們對需求的預期與我們在年終收益電話會議上表達的樂觀態度基本一致。我們仍然預期今年國內鋼鐵需求將會成長，我們有信心憑藉市場上最好、最多樣化的解決方案，佔據相當大的份額。

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，我們希望聽到您的意見並回答您可能提出的任何問題。接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Thank you very much op operator, and good morning, Leon. Good morning Steve. Nice to hear from you both. Thank you for the update. Steve on the last call, you provided some guidance in terms of, or some backward-looking guidance in terms of what the start-up costs were in 2024 and mentioned that we should consider those start-up costs in 2025.

非常感謝操作員，早安，Leon。早安，史蒂夫。很高興收到你們的來信。感謝您的更新。史蒂夫，在上次通話中，您提供了一些關於 2024 年啟動成本的指導或回顧性指導，並提到我們應該在 2025 年考慮這些啟動成本。

Can you provide any color on the magnitude of what those start-up costs might look like this year heading to the balance of this year, particularly with the benefit of now having four solid months behind you?

您能否透露一下今年和今年餘下時間的啟動成本大概是多少，尤其是考慮到現在已經過去了四個月的時間？

Yeah. Lawson, that's a great question. And what you will see for the balance of the year is probably very similar to what we had last year. So for your purposes of modeling out the next couple of quarters, I would pencil in something close to what we've done in the last few quarters. And just for a reminder, we had $160 million and $164 million in the last couple of quarters and $170 million this past quarter.

是的。勞森，這個問題問得很好。而今年餘下時間您將看到的情況可能與去年非常相似。因此，為了讓您對接下來的幾個季度進行建模，我會寫下一些與我們在過去幾季所做的事情相近的內容。提醒一下，我們在過去幾季的投資額分別為 1.6 億美元和 1.64 億美元，而上個季度的投資額為 1.7 億美元。

So we're in a heavy period of both capital spending and ramping up new projects. As Leon highlighted in his opening remarks, we've got five projects coming online this year. We're excited about those. But the part of that calculation is the ramp rate on the start-ups as well, so something similar to last year is what you should expect.

因此，我們正處於資本支出和新項目增加的繁忙時期。正如 Leon 在開幕詞中所強調的那樣，今年我們有五個項目上線。我們對此感到很興奮。但計算的一部分也是新創企業的成長速度，因此你應該預期會出現與去年類似的情況。

Okay. That's extremely helpful. Also, when you think about Brandenburg, what are you guys penciling in for utilization at year-end 2025?

好的。這非常有幫助。另外，當您想到勃蘭登堡時，您預計 2025 年底的使用率是多少？

Lawson, it's Leon. Look, I would tell you, we couldn't be more proud of what the team has done in Brandenburg and their ramp. I'm going to ask Brad to touch on just a few of the details because I think they're worth highlighting, some of the very specifics that they've been able to achieve in the recent months. Brad, why don't you provide some details there?

勞森，我是萊昂。聽著，我想告訴你，我們對團隊在勃蘭登堡和他們的坡道上所做的一切感到無比自豪。我將請布拉德談談其中的一些細節，因為我認為它們值得強調，以及他們在最近幾個月所取得的一些具體成果。布拉德，為什麼不提供一些細節呢？

Yeah. Thanks, Leon. As we mentioned on the last earnings call, we're very confident in getting to EBITDA positive run rates by this summer, and we remain confident we're on track for that. My confidence really stems from what the team has been able to achieve there.

是的。謝謝，萊昂。正如我們在上次收益電話會議上提到的那樣，我們非常有信心在今年夏天實現 EBITDA 正運行率，並且我們仍然相信我們正在朝著這個目標前進。我的信心確實源自於團隊在那裡所取得的成就。

We've seen record days, record weeks, record months in production, in quality and shipments really culminating in a record shipment month in March. And we expect those volumes to continue to grow as the year goes on.

我們見證了產量、品質和出貨量創紀錄的天數、週數和月份，並在 3 月創下了出貨量的新高。我們預計，隨著時間的推移，這一數量將繼續增長。

Again, the key to Brandenburg is really around product development, and we've seen a tremendous amount of progress there. In fact, 25% of what we shipped out of Brandenburg in the first quarter were products that Nucor was unable to offer prior to Brandenburg.

再次強調，勃蘭登堡的關鍵在於產品開發，我們已經看到了巨大的進步。事實上，我們第一季從勃蘭登堡運出的貨物中有 25% 是紐柯公司在勃蘭登堡之前無法提供的產品。

A couple of specifics there I'd like to touch on. One, the team has been working for six or eight months now and finally achieved our ABS certification, which will allow us to supply customers in the shipbuilding space. So a huge step forward.

我想談談其中的幾個細節。首先，團隊已經工作了六到八個月，最終獲得了 ABS 認證，這將使我們能夠為造船領域的客戶提供服務。這是向前邁出的一大步。

And then secondly, we shipped our first wide X70 trials for that growing API line pipe market that Steve had referenced in his comments. That's a market that's typically around a 2 million, 2.5 million ton market and really heavily supplied traditionally by imports.

其次，我們向史蒂夫在評論中提到的不斷增長的 API 管線管市場運送了第一批寬體 X70 試驗管。這個市場的規模通常在 200 萬至 250 萬噸左右，傳統上主要依賴進口。

So we're seeing very high levels of quote activity and our customers are excited for Brandenburg to give them a domestic supply chain option. So overall, we're super proud of the team, what they've accomplished. We're excited about the feedback we're getting from our customers who are ready to grow with Brandenburg and with the Nucor plate group.

因此，我們看到報價活動水平非常高，我們的客戶很高興勃蘭登堡為他們提供國內供應鏈選擇。總的來說，我們對這個團隊以及他們所取得的成就感到非常自豪。我們很高興收到客戶的回饋，他們準備與勃蘭登堡和紐柯鋼板集團共同成長。

Yeah, it's a fantastic story. Great update. And just maybe one sort of follow-up on Brandenburg. What is or how do you think about the split between higher margin, higher value-add product versus more commoditized product from that and the mix going forward from here this year and potentially next?

是的，這是一個精彩的故事。很棒的更新。這也許只是對勃蘭登堡的一種後續行動。您如何看待高利潤、高附加價值產品與更商品化產品之間的區別，以及今年和明年的產品組合？

Lawson, look, I'll just touch on that from a high level. As we think about the product capability set in Brandenburg, it covers about 96% of the overall plate consumption in the United States. So as Brad just mentioned, they're going to continue to work on the most advanced grades, offering again the highest-quality plate products.

勞森，聽著，我只是從高層次談這個問題。當我們考慮勃蘭登堡的產品能力時，它涵蓋了美國整體板材消​​費量的約 96%。正如布拉德剛才所提到的，他們將繼續致力於最先進的等級，再次提供最高品質的板材產品。

But again, it is a balance, just as you commented. So we're going to look at our overall mix between Brandenburg, our Hertford County plant and Tuscaloosa.

但正如您所評論的那樣，這是一種平衡。因此，我們將研究勃蘭登堡、赫特福德縣工廠和塔斯卡盧薩之間的整體組合。

So between the three, there's a very comprehensive commercial plan and strategy that will do both, bring volume to the mill as well as moving them, ramping up to the higher value-added products and higher grades.

因此，三者之間有一個非常全面的商業計劃和策略，既可以提高工廠的產量，又可以促進工廠的運轉，從而提高產品附加價值和等級。

So you're going to see us kind of target both into that as they've done, because some of these qualifications, as Brad just mentioned, like the ABS, they don't come in weeks. Those are months and months of proving the process control behind that. And anecdotally, I would tell you, ABS comes at a perfect time, right?

因此，你會看到我們像他們一樣將目標放在這上面，因為正如布拉德剛才提到的，有些資格認證，例如 ABS，不是幾週就能拿到的。我們花了數月的時間去證明背後的製程控制。並且根據趣聞，我會告訴你，ABS 來得正是時候，對嗎？

As we've seen the President's executive order on ships, Section 301 and what we believe is likely to pass in the coming weeks and the SHIPS for Americas Act. So again, this positions us incredibly well offering products today that Nucor is never offered but very quite frankly, in North America, almost no one else can produce.

正如我們所看到的，總統關於船舶的行政命令、第 301 條以及我們認為可能在未來幾週內通過的《美洲船舶保護服務法案》。因此，這再次為我們提供了極好的優勢，可以供應紐柯公司從未提供過的產品，但坦白說，在北美，幾乎沒有其他公司可以生產這些產品。

Fantastic. Thank you very much.

極好的。非常感謝。

Timna Tanners, Wolfe Research.

坦納斯（Timna Tanners），沃爾夫研究公司（Wolfe Research）。

Yeah, hey, good morning. Thanks for the color. I have two questions. So the first one I wanted to ask about is if you can provide us more clarity on the second quarter guidance. When you talk about the steel mills segment improving quarter-over-quarter, it seems like a pretty easy calculation on the flat-rolled side to say prices are up, say, $200 quarter-over-quarter.

是的，嘿，早安。謝謝你的顏色。我有兩個問題。因此，我想問的第一個問題是，您是否可以向我們更清楚地說明第二季的指引。當你談到鋼廠部門逐季改善時，似乎很容易就能計算出扁平材方面的價格環比上漲了 200 美元。

Scrap is maybe flat to down. It seems like it could be a huge order of magnitude. I'm just wondering if you could provide any more framework around year-over-year, is it going to be similar? Or any more ways to think about the cadence first to second quarter?

廢料可能持平或下降。看起來它可能是一個巨大的數量級。我只是想知道您是否可以提供更多關於同比的框架，它會相似嗎？或者有其他方法可以思考第一季到第二季的節奏嗎？

Timna, I think that's pretty good math you're doing there. We're going to refrain. We're not going to give any quantitative guidance with detail on the earnings call. What we're going to do is wait until our mid-quarter guidance on that. But your math is dialing in the right direction.

提姆娜，我認為你做的數學非常好。我們將不這麼做。我們不會在收益電話會議上提供任何詳細的量化指導。我們要做的就是等到本季中期給出指導意見。但你的數學計算方向正確。

Okay. Fair enough that I tried. And then the second question is really about not taking away from the clear benefits from tariffs for the entire sector, of course, and for your downstream business, but just getting questions about tariff impact particular to Nucor.

好的。夠公平，我嘗試過了。第二個問題其實不是要否定關稅對整個產業以及下游業務帶來的明顯好處，而是要詢問關稅對紐柯公司的具體影響。

So for example, the slabs brought into CSI traditionally, equipment for your new mills such as West Virginia, Trinidad, DRI. Can you talk about ways that you're mitigating any of those tariff impacts that might not be so positive?

舉例來說，傳統上運入 CSI 的板坯，是西維吉尼亞、特立尼達、DRI 等新廠的設備。您能否談談減輕那些可能不那麼積極的關稅影響的方法？

Yeah. Timna, look, I'll touch on that. And look, it's something obviously is changing every day, right? We're seeing the reports out this morning, as I'm sure you are and what the President is likely to do regarding automobiles in that sector. So we're monitoring incredibly closely what those potential impacts will be.

是的。提姆娜，聽著，我會談到這一點。你看，顯然有些事情每天都在變化，對吧？我相信你們也看到了今天早上發布的報告，以及總統可能對該領域的汽車採取的措施。因此，我們正在密切監視這些潛在影響。

You specifically mentioned West Virginia. Look, much of that equipment has not only been bought. It's already been delivered. And so the exposure there is dropping day-to-day. And so it's not de minimis but again it's not, from an overall perspective, a significant needle mover to Nucor this year in the coming.

您特別提到了西維吉尼亞州。你看，許多設備不僅僅是被購買了。已經送到了。因此，那裡的曝光率正在日益下降。因此，這不是微不足道的事情，但從整體角度來看，這也不會對紐柯今年及未來幾年產生重大影響。

But I say that at the same time, telling you, look, many of these tariffs and the final remedies are not executed yet. So in the raw material supply chain, Nucor maintains the most diversified raw material supply strategy in the industry period, full stop.

但我同時要告訴你們，許多關稅和最終補救措施尚未執行。所以在原料供應鏈上，紐柯保持著業界最多元化的原料供應策略，句點。

But look, I'd be remiss if I didn't come up to a higher level as well to say the small impact potential of higher raw material price vastly is much smaller than the impact of the overall macroeconomic trends in the industry, a healthy, vibrant steel industry and having a critical national defense and the pro American policies that you're seeing adopted by the administration trumps all of that, pun intended.

但是你看，如果我不站在更高的角度來說原材料價格上漲的潛在影響遠遠小於整個行業宏觀經濟趨勢的影響，那我就是失職了，一個健康、充滿活力的鋼鐵行業，擁有關鍵的國防，以及政府採取的親美政策，勝過所有這些，這是雙關語。

And so again, we'll monitor. We'll try to provide you more realistic data as we learn it. But again, we think the impact to West Virginia from an equipment standpoint can be minimal. On raw materials. Al, anything you'd add that I didn't touch on?

因此，我們會再次進行監控。我們將盡力為您提供更真實的數據。但我們再次認為，從設備角度來看，對西維吉尼亞州的影響可能微乎其微。關於原料。Al，您還有什麼我沒有提到的嗎？

Yes. I think you covered it well. And Timna, it's a good question. It's obviously been an active year for us. I think what's helpful to talk through is just how we're positioned in raw material, and there's a few ways we're positioned that are unique and create value.

是的。我認為你講得很好。提姆娜，這是個好問題。對我們來說這顯然是活躍的一年。我認為有必要討論我們在原料方面的定位，我們的定位有幾種獨特且能創造價值的方式。

One is the footprint, not only of our recycling assets but of our mills, that particularly our high-quality metallic consuming mills to plate and sheet mills are all located on water, which gives us access to global markets, seaborne markets. And then once that material is here, we can move it around the country really effectively on the river system.

一是足跡，不僅是我們的回收資產，還有我們的工廠，特別是我們的高品質金屬消耗廠、板材廠和薄板廠都位於水上，這使我們能夠進入全球市場、海運市場。一旦這些材料到達這裡，我們就可以透過河流系統非常有效地將其運送到全國各地。

The second is the intelligence gathering capabilities we have through the David J. Joseph Company. We operate the largest scrap brokerage in North America. We're buying and selling ferrous, nonferrous, ferro alloys, raw materials around the globe every day.

第二是我們透過戴維·約瑟夫公司擁有的情報收集能力。我們經營著北美最大的廢品經紀公司。我們每天都在全球買賣黑色金屬、有色金屬、鐵合金和原料。

And third of those global relationships. These are long-standing relationships we have that give us access to the different levers we can pull to impact and mitigate the very risk that you're talking about. So that's really the unique positioning. And Leon hit it. It's very fluid.

並且是全球關係的第三大關係。我們擁有的這些長期關係使我們能夠利用不同的槓桿來影響和減輕您所談論的風險。這確實是一個獨特的定位。萊昂擊中了它。它非常流暢。

We don't spend a lot of time predicting. We spent a lot of time preparing for the changes that we know will come. And we've got the levers we can pull and we've got the pieces in place to allow us to do that and create value.

我們不會花很多時間去預測。我們花了很多時間為我們知道將會到來的變化做準備。我們已經擁有了可以利用的槓桿，也準備好了相應的部件，可以讓我們做到這一點並創造價值。

Okay appreciate it. Thanks Al.

好的，謝謝。謝謝艾爾。

Alex Hacking, Citi.

花旗銀行的亞歷克斯‧哈金 (Alex Hacking)。

So I just wanted to ask about the extension of Section 232 to downstream products. Have you tried to quantify how many tons that could impact and what the benefits could be for Nucor?

所以我只是想問一下第 232 條擴展到下游產品的情況。您是否嘗試過量化這可能會產生多少噸的影響以及這會給紐柯帶來什麼好處？

Yeah, Alex, look, it is fluid, as Al just mentioned, and it's something that our team, Ben Pickett and his team in Washington spends a great deal of time. No, we have not quantified or, at least if we have, nothing that I would share publicly.

是的，亞歷克斯，你看，它是流動的，正如艾爾剛才提到的，這是我們團隊，本·皮克特和他在華盛頓的團隊花費大量時間的事情。不，我們沒有量化，或者至少如果我們有的話，我不會公開分享任何內容。

But what I would tell you is the overall impact and how we're seeing these move through is consequential. It is impacting. We're seeing again a drop below 20% imports for the first time in many years. So it's having that positive impact. The other piece of this that we did not see in Trump 1.0 during his first term was a derivative products being included in these pieces of legislation.

但我想告訴你的是，整體影響以及我們如何看待這些變化是至關重要的。它正在產生影響。我們再次看到進口量多年來首次跌至20％以下。因此它具有正面的影響。我們在川普 1.0 第一任期內沒有看到的另一個內容是這些立法中包含了衍生產品。

So again, we think that's a step in the right direction, and we'll continue to work with the current administration to make sure that all of the products, whether it's raw materials or downstream, are being looked at and considered for again not just Nucor, but the health and the vibrancy of the steel industry and the macro.

因此，我們再次認為這是朝著正確方向邁出的一步，我們將繼續與現任政府合作，確保所有產品，無論是原材料還是下游產品，都受到審查和考慮，不僅僅是紐柯公司，還有鋼鐵業和宏觀的健康和活力。

Okay. And then just following up on the guidance of steel products. Steve, I think you said that prices would probably decline for the next couple of quarters just based on lags and so on.

好的。然後只是跟進鋼鐵產品的指導。史蒂夫，我認為你說過，由於滯後等因素，未來幾季價格可能會下降。

But I also think you implied that margins would be relatively stable because substrate costs would also kind of be coming down. Was that the message? I just wanted to double check that.

但我還認為您暗示利潤率會相對穩定，因為基板成本也會下降。那是那個訊息嗎？我只是想再確認一下。

Yeah, Alex, this is John Hollatz. We were successful in implementing price increases across all of our downstream businesses over the course of Q1. And some of those businesses, you will see a lag when we realize those price increases later in the year, more so on joist and deck, buildings, rebar fabrication. So there will be some margin compression, which is normal as we work through these cycles.

是的，亞歷克斯，我是約翰‧霍拉茨。我們在第一季成功地對所有下游業務實施了價格上漲。當我們在今年稍後意識到價格上漲時，你會看到其中一些業務出現滯後，尤其是在托樑和甲板、建築物、鋼筋製造方面。因此，利潤率會受到一定程度的壓縮，這在我們經歷這些週期時是正常的。

In Q2, the business that we'll see the benefit immediately is the tubular products, where those are very closely related to the price of hot band, and we are realizing well above the increases in hot band on our tubular sales. But what we've been through this every time we go through the cycle is very much what we would expect to happen.

在第二季度，我們立即看到收益的業務是管狀產品，這些產品與熱帶的價格密切相關，而且我們實現的管狀銷售增幅遠高於熱帶的增幅。但是，我們每次經歷這個週期時所經歷的正是我們所期望發生的事情。

Okay, that makes sense. Thanks a lot.

好的，這很有道理。多謝。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

I wanted to come back to the mills in the first quarter results, the second quarter guidance and what's driving the stable outlook. And I wanted to ask, did you benefit from five extra shipping days? You mentioned April 5 quarter end. So I'm wondering if there is more shipping days in the first quarter, less shipping in the second quarter.

我想回顧一下第一季的業績、第二季的指引以及推動穩定前景的因素。我想問一下，額外的五天運送時間對您有好處嗎？您提到了 4 月 5 日季度末。所以我想知道第一季的運輸天數是否會增加，而第二季的運輸天數是否會減少。

Also, if you can try to help us understand if there's any pull forward in demand in Q1 and how that, I guess, informs the stable outlook for the second quarter. And I guess within the mills, is there any parts of the formats, plate, bar or sheet, that may outperform or ship, let's say, increased shipments versus weaker?

此外，如果您能幫助我們了解第一季的需求是否有任何提前，以及我認為這將如何影響第二季的穩定前景。我想，在工廠內部，板材、棒材或薄板等任何形式的產品，其出貨量是否有可能超過或超過預期，例如說出貨量增加還是減少？

Yeah, Bill, I'll start this off, and then maybe Steve can add some color to, I think, the first question you had around volumes and the additional shipping days. But look, let's begin with the part of your question about pull-through.

是的，比爾，我先開始這個問題，然後史蒂夫也許可以對你關於數量和額外運輸天數的第一個問題做一些補充。但你看，讓我們從你問題中關於拉通的部分開始。

We've gotten that a lot over the last six, eight weeks since these tariffs were announced. And what I would tell you, look, we did see some pull-through. We did see some urgency coming right as those were announced.

自從這些關稅宣布以來，在過去的六到八周里，我們已經收到了很多這樣的訊息。我想告訴你的是，我們確實看到了一些成效。當這些消息被宣佈時，我們確實看到了一些緊迫感。

But the important part of that, and looking through that pull-through, is what happened on the back end of that in the last month or two. And what we've seen is no drop-off at all in terms of order entry rates and inquiries. In fact, I would tell you, it's been as strong as we continue into the quarter. So we've seen no drop-off whatsoever.

但其中最重要的部分是，回顧這個過程，看看過去一兩個月後端發生了什麼事。我們看到的是訂單輸入率和查詢量根本沒有下降。事實上，我想告訴你，隨著本季的持續發展，我們的業績一直保持強勁。因此，我們沒有看到任何下降。

And as we think about the backlog that Steve and I both touched in our opening comments, I'll share one data point with you. Again, while they're up about 30% Q-over-Q, 25% year-over-year, one data point that we look at that I think is a good bellwether for kind of the macroeconomic trend is our structural backlog.

當我們思考史蒂夫和我在開場白中提到的積壓問題時，我將與大家分享一個數據點。再次，雖然環比增長約 30%，同比增長 25%，但我認為我們所關注的一個數據點可以很好地反映宏觀經濟趨勢，那就是我們的結構性積壓訂單。

If we look today at what our structural backlog is, it is sitting at the highest levels in our history like ever. So the backlog at Nucor-Yamato and Nucor Berkeley beams are sitting at levels we've never seen before. And what I would tell you in that backlog, it's not distribution.

如果我們今天看看我們的結構性積壓情況，就會發現它正處於歷史上的最高水準。因此，紐柯大和公司和紐柯伯克利的積壓訂單量達到了前所未有的水平。我想告訴你的是，積壓的不是分銷。

It is orders by our fabricators. And so that is locked in business on projects that have been let and awarded. And so that backlog is massive, hundreds and hundreds of thousands of tons.

這是我們製造商的訂單。這樣，已經出租和授予的項目的業務就被鎖定了。因此，積壓貨物數量龐大，達數十萬噸。

And so that bodes very well as we move throughout the rest of this year in terms of, as you asked about the upside. And so there upside potentials? Yes. There are absolutely upside potentials. We've used the words cautiously optimistic, but we are optimistic in what we're seeing.

正如您所問的，這對我們今年剩餘時間的順利發展來說是一個非常好的預兆。那麼還有上行潛力嗎？是的。絕對存在上漲潛力。我們使用了謹慎樂觀的詞語，但我們對所看到的情況感到樂觀。

We're optimistic in our backlogs, order entry rates, our pricing stability throughout the entire enterprise as well as the demand drivers like the segments that we serve in data centers, energy, warehousing, the advanced manufacturing, towers and structures and those two plants that will be coming up online in the coming weeks. So Nucor is well positioned to again meet these end markets today as well as tomorrow if these projects come online.

我們對我們的積壓訂單、訂單輸入率、整個企業的定價穩定性以及需求驅動因素感到樂觀，例如我們在數據中心、能源、倉儲、先進製造、塔樓和結構等領域的服務以及未來幾週將上線的兩家工廠。因此，如果這些項目上線，紐柯公司將有能力在今天和明天再次滿足這些終端市場的需求。

And so as Brad mentioned, our excitement about Brandenburg and it's realizing its full offering and, again, paying back our shareholders, so the $1.7 billion, is exciting. But look, we couldn't be more excited by Lexington, North Carolina's micro mill, the Kingman, Arizona melt shop that will be starting up in the coming months or galvanizing lines in CSI, Crawfordsville, Nucor Steel Berkeley and ultimately culminating with a West Virginia start-up at the end of next year, which will offer the most state-of-the-art, cleanest, advanced offering in automotive exposed deals that Nucor has ever entertained before.

正如布拉德所提到的那樣，我們對勃蘭登堡感到興奮，它正在實現其全部目標，並再次償還我們的股東，所以 17 億美元是令人興奮的。但是，看看吧，我們對北卡羅來納州萊剋星頓的微型工廠、亞利桑那州金曼的熔煉車間（將在未來幾個月內投入使用）以及CSI、克勞福茲維爾、紐柯鋼鐵伯克利的鍍鋅生產線感到無比興奮，最終在明年年底在西弗吉尼亞州投入使用，這將為紐柯鋼鐵公司提供有史以來最先進、最清潔、最先進的汽車相關。

So yes, I couldn't be more optimistic about the year, but quite frankly, the next several years as Nucor's full potential is realized.

所以是的，我對今年非常樂觀，但坦白說，未來幾年將是紐柯公司充分發揮潛力的時期。

And again, I don't know if Steve can comment on the five shipping days or not. But maybe the second question is the intersegment eliminations came in a bit lighter than we had expected, and the guidance implies a higher level in the second quarter.

再說一次，我不知道史蒂夫是否可以對五天的運輸時間發表評論。但也許第二個問題是，分部間抵銷額比我們預期的要低一些，而指引暗示第二季的水準會更高。

Is this primarily related to expectations of a steady downstream activity into the third quarter or back half of the year? Is there anything related to higher-priced DRI coming out of Trinidad? Or are there other factors at play?

這是否主要與對第三季或下半年下游活動穩定的預期有關？這是否與特立尼達生產的更高價格的直接還原鐵有關？或者還有其他因素在起作用？

Yeah. Bill, back to the calendar question. It is a proclivity of Nucor's financial calendar that crops up. And you'll see it in every five, six years, where we'll have a 95-day quarter. Last year, we had like 90 days or 91 days, I don't remember what it is.

是的。比爾，回到日曆問題。這是紐柯公司財務日曆中的一個傾向。每隔五、六年，您就會看到一個為期 95 天的季度。去年，我們有 90 天或 91 天，我已經不記得具體是多少天了。

So there's a little bit of that, and that has to do how we, for roughly 50 years, have run our fiscal calendar versus the Gregorian calendar that's out here. So you'll have to just kind of adjust that if you want to.

所以有一點這樣的情況，這與大約 50 年來我們如何運行財政日曆與公曆有關。因此，如果您願意的話，您必須進行一些調整。

But the other thing the other part of your question was about the corporate elims and that probably isn't surprising that, that's rising given the pricing environment that we have across the board, the strength of our backlog which is very, very broad-based.

但您問題的另一部分是關於企業消除的，這可能並不奇怪，考慮到我們全面的定價環境，以及我們積壓訂單的強度非常非常廣泛，這一數字正在上升。

Leon highlighted that. It's not one or two areas. It's essentially across our whole portfolio we see strength in. And so you'll see either flat to increasing volumes and some spots. As margin and profitability goes up, that elim number goes up as well.

萊昂強調了這一點。這不是一個或兩個領域。基本上，我們的整個投資組合都體現了優勢。因此，您會看到交易量要么持平，要么增加，並且會出現一些斑點。隨著利潤率和獲利能力的上升，該消除數字也會上升。

Thanks.

謝謝。

Mike Harris, Goldman Sachs.

高盛的麥克·哈里斯。

Yeah, good morning and thanks. Just considering the adjusted EPS of $0.77 compared to the guided range of $0.50 to $0.60. Can you speak to what happened or didn't happen between March 20 and quarter end that resulted in what appears to be roughly, I don't know, $40 million to $60 million after tax windfall?

是的，早上好，謝謝。僅考慮調整後每股收益 0.77 美元，而指導範圍為 0.50 美元至 0.60 美元。您能否談談從 3 月 20 日到季度末之間發生了什麼或沒有發生什麼，導致稅後收入約為 4000 萬至 6000 萬美元？

Yes. Mike, there were really kind of few parts to your question there, one is why do we have a beat, and the other, what's in the adjusted number. And so really, the beat was driven by volume beats in our steel segment.

是的。麥克，你的問題其實有幾個部分，一個是為什麼我們會有節拍，另一個是調整後的數字是什麼。因此，實際上，這一成長是由鋼鐵業的銷售成長所驅動的。

That's where the vast, vast majority of that came from. And it was bar and sheet primarily. Those are our largest volume businesses. So maybe that's not overly surprising to you.

絕大多數都是從那裡來的。主要為棒材和板材。這些是我們業務量最大的業務。所以這對你來說可能並不太令人驚訝。

And with regards to the adjustments, those were nonrecurring adjustments that were related to either the closure of facilities or the repurposing of facilities. About one-third of those were related to our steelmaking business and about Two third were related to downstream product locations.

至於調整，這些都是非經常性調整，與設施關閉或設施再利用有關。其中約三分之一與我們的煉鋼業務有關，約三分之二與下游產品位置有關。

Okay. And then just one quick follow-up here. It looks is if you lost about maybe 120 basis points of gross margin sequentially. And I guess besides the 10 planned outages, what else contributed to the squeeze in? Maybe speak to any structural cost increases versus what may be transient.

好的。然後這裡只需快速跟進一下。看起來，你的毛利率可能連續損失了大約 120 個基點。我想，除了 10 次計畫停電之外，還有什麼因素導致了停電？也許可以談談結構性成本增加與暫時性成本增加。

Yes. Mike, there's really a couple of places where the margin squeezes we're seeing. One is if you look at year-over-year numbers, if you look at that in our steel mill business, conversion costs were up about 2% to 3%. That was largely driven by energy costs being a little bit higher and some of our consumables were up just a little bit. Overall, most of the costs were sideways year-over-year and a few were down.

是的。麥克，我們確實看到有幾個地方的利潤率在縮減。一是，如果你看一下同比數據，你會發現我們的鋼廠業務的轉換成本上漲了約 2% 至 3%。這主要是因為能源成本略有上漲，而且我們的某些消耗品價格也略有上漲。整體而言，大部分成本與去年同期持平，少數成本下降。

So you're seeing some of that in primarily energy. But then the second aspect is scrap cost quarter-over-quarter, we're up about 3%. So the combination of those and that lag effect that we have in our pricing of our steel means that you had some margin squeeze, even though we were in a period when market prices were going up.

因此，您主要在能源領域看到了這一點。但第二個方面是廢料成本較上月上漲了約 3%。因此，這些因素加上我們鋼鐵定價的滯後效應意味著，儘管我們正處於市場價格上漲的時期，但利潤率仍然受到擠壓。

Got it, thanks a lot for that.

明白了，非常感謝。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO 資本市場。

Hi, thank you for taking my questions. Maybe circling back to the earlier tariff questions. And just to confirm, the $3 billion CapEx that you're spending this year, that does not include any speculation for tariffs. Is that correct?

你好，謝謝你回答我的問題。也許又回到之前的關稅問題。需要確認的是，您今年花費的 30 億美元資本支出不包括任何關稅猜測。對嗎？

That's correct.

沒錯。

And then if there is any equipment that still needs to be imported into the US, which countries would that equipment be coming from?

那麼，如果還有任何設備需要進口到美國，那麼這些設備來自哪些國家？

Italy. Mostly Italy, some Germany.

義大利.大部分是義大利，還有一些是德國。

Europe, Katja.

歐洲，卡佳。

Okay. So there's no other, it's mainly just Europe exposure then, correct?

好的。所以沒有其他的，主要只是歐洲的曝光，對嗎？

That's correct. Yes.

沒錯。是的。

And then last one, and I might have missed this. But Brandenburg mill, how much did it produce this quarter?

然後是最後一個，我可能錯過了。但是勃蘭登堡工廠本季生產了多少？

We didn't share the number earlier, but we're on that 150,000 to 160,000 ton pace, but that's ramping up. We anticipate that increasing throughout the rest of this year as we bring it to its full run rate potential.

我們之前沒有透露具體數字，但我們目前的產量為 15 萬至 16 萬噸，並且還在增加。我們預計，隨著我們將其運行率的潛力發揮到最大，今年剩餘時間內的產量將會增加。

Okay, thank you.

好的，謝謝。

Chris LaFemina, Jefferies.

傑富瑞的克里斯·拉菲米納 (Chris LaFemina)。

So I just wanted to ask about demand. You had mentioned that commercial construction may be pausing in some cases. And obviously, order book is very strong, but we're seeing in other metal markets maybe even unprecedented inventory building in the US ahead of tariffs. And obviously, that's a factor in steel.

所以我只是想問需求。您曾提到，在某些情況下商業建築可能會暫停。顯然，訂單量非常強勁，但我們在其他金屬市場看到，在關稅實施之前，美國甚至可能出現了前所未有的庫存累積。顯然，這是鋼鐵的一個因素。

You mentioned that. But how do you differentiate between demand being pulled forward ahead of tariffs and actual underlying demand? And what gives you the confidence that the outlook beyond the first quarter is good when there's clearly been some stockpiling happening in the steel markets in the US, especially when you're seeing some end markets begin to soften?

你提到過這一點。但是，如何區分關稅前拉動的需求和實際的潛在需求呢？那麼，當美國鋼鐵市場明顯出現囤貨現象，尤其是看到一些終端市場開始走軟時，是什麼讓您有信心相信第一季以後的前景良好？

Yeah. Well, Chris, look, I think it's a great question. But the reality is we've been in this business for 6 decades. We've operated Yamato for 35 years. We know our fabricator community incredibly well.

是的。嗯，克里斯，看，我認為這是一個很好的問題。但事實上我們已經從事這個行業 60 年了。我們已經營運大和號 35 年了。我們非常了解我們的製造商社群。

And so to your point, we're not alone to the recognition of tariffs and the impact. And we look at a number of factors. Number one, our fabricator community does not preorder. They don't build up inventory and put tons on the books in speculation. They just don't do that.

正如您所說，我們並不是唯一認識到關稅及其影響的人。我們考慮了許多因素。首先，我們的製造商社群不預訂。他們不會為了投機而累積庫存和大量記帳。他們就是不這麼做。

We look at months on hand in the area that you do worry about, which is distribution. And look, did we see an increase from at 2.1 months on hand to a 3 or 3.5, which tells you you're going to see a 2 or 3 month gap between orders.

我們會查看您所擔心的領域的現有月份，即分銷。看看，我們是否看到庫存時間從 2.1 個月增加到 3 或 3.5 個月，這說明訂單之間將出現 2 或 3 個月的間隔。

Well, what did we go to see in sheet? And you've seen no drop-off whatsoever. We see the days on hand in the distribution side remaining very flat. So we're not seeing the initial pull-through of a couple of months ago actually having any material impact to decreasing the relative order book and strength that we're seeing.

那麼，我們在片中去看了什麼呢？而且您沒有看到任何下降。我們看到分銷方面的庫存天數保持非常平穩。因此，我們並沒有看到幾個月前的初步拉升實際上對減少我們所看到的相對訂單和實力產生任何實質影響。

The third piece of that, arm is, look, our teams to get out, our commercial teams are interacting with our customers and talking to them each and every day. And so their confidence that our customers are describing that their customers have is significant. And again, added to that or other areas that we're going to continue to see in growth.

第三部分是，看看，我們的團隊走出去，我們的商業團隊每天都在與我們的客戶互動並與他們交談。因此，他們對我們的客戶所描述的他們的客戶的信心是很大的。再次強調，我們將繼續看到該領域或其他領域的成長。

One of the areas we didn't mention in Brandenburg that's incredibly promising is I can't tell you the number of RFQs that have hit that mill on OCTG. The volume of the potential impact of that energy sector coming through to Nucor's order book is not going to be in tubular products.

我們沒有提到的勃蘭登堡地區中一個非常有前景的領域是，我無法告訴你工廠在油井管方面收到的詢價數量。能源產業對紐柯公司訂單的潛在影響量不會反映在管材產品上。

The border wall potential to come through in our tubular products again bodes very well for the potential as well as what we're seeing in the structural orders in bridge contracts, IIJA and the infrastructure bill, which is still in the early days, the CHIPS Act.

邊境牆可能再次通過我們的管材產品，這預示著潛力的良好，以及我們在橋樑合約、IIJA 和基礎設施法案（仍處於早期階段）的結構性命令中看到的情況，即 CHIPS 法案。

And so all of these again have meaningful impacts to our order book. But what we are not seeing is what you described as this massive buildup and a drop-off in a holding pattern of projects not being let. We are seeing the opposite. And we're seeing these things come to fruition because they're taking the deliveries.

因此，所有這些都會對我們的訂單產生重大影響。但我們並沒有看到您所描述的這種大規模的增加和未出租項目數量的下降。我們看到的情況卻恰恰相反。我們看到這些事情正在取得成果，因為他們正在接收貨物。

That's very good to hear. Thank you for that.

聽到這個消息真是太好了。謝謝你。

Tristan Gresser, BNP Paribas.

法國巴黎銀行的 Tristan Gresser。

Yes, I thank you for taking my questions. Maybe a first one on the follow-up on the trade policy outlook. Are you in discussion with the US administration to remove those tariffs on pig iron and DRI shipments? Do you think that's a possibility?

是的，感謝您回答我的問題。這可能是關於貿易政策前景的後續問題的第一個問題。您是否正在與美國政府討論取消對生鐵和直接還原鐵運輸徵收的關稅？您認為有可能嗎？

And also, do you think there is another area of focus that the administration should have? Do you think quotas could actually come back? That's my first question.

此外，您認為政府還應該關注其他領域嗎？您認為配額制真的會恢復嗎？這是我的第一個問題。

Yes, Tristan, look, here's what I would tell you is, again, we mentioned in my opening comments from when Dan DiMicco was running this company, we've taken a very active and public role to be advocates in our industry as North America's largest steel and steel products producer.

是的，特里斯坦，聽著，我想告訴你的是，我們在開場白中再次提到，當丹·迪米科 (Dan DiMicco) 經營這家公司時，作為北美最大的鋼鐵和鋼鐵產品生產商，我們一直非常積極地公開倡導我們的行業。

That continues to this day. And so whether it was President Biden or currently President Trump, are we working to make sure that their administration has the right information, the right understanding of the impacts related to this industry? Absolutely. We're doing that every day.

這種情況一直持續到今天。那麼，無論是拜登總統還是現任川普總統，我們是否在努力確保他們的政府掌握正確的訊息，正確理解與該行業相關的影響？絕對地。我們每天都在這樣做。

Are we looking to provide the right context for the decision to be made? Unequivocally. However, look, that's an input to the administration. It's not the only source that obviously they're taking. And so creating that relevancy and how that gets made into decision-making, then we'll both wait and see.

我們是否希望為決策提供正確的背景？毫無疑問。然而，你看，這是對政府的投入。顯然這不是他們所採取的唯一來源。因此，對於如何創建這種相關性以及如何將其融入決策，我們將拭​​目以待。

But obviously, the raw material sector, the tariffs, the derivative products, those things that impact Nucor, yes, we are working incredibly closely and making sure that they have the right information.

但顯然，原料產業、關稅、衍生產品以及影響紐柯公司的因素，是的，我們正在與紐柯公司密切合作，確保他們獲得正確的資訊。

All right. That's helpful. And my second question is on CapEx. Could you discuss a little bit the increase of the West Virginia budget? Also for the project, how much have you spent already in 2023, 2024?

好的。這很有幫助。我的第二個問題是關於資本支出的。您能否稍微討論一下西維吉尼亞州預算的增加？另外，對於這個項目，您在 2023 年、2024 年已經花了多少錢？

And if there was a hike to the budget, does that mean that if we look at 2026, group CapEx could actually be quite close to the current 2025 guidance?

如果預算增加，是否意味著如果我們展望 2026 年，集團資本支出實際上可能非常接近目前 2025 年的指導方針？

Tristan, this is Noah. Let me give you some just broad color on West Virginia and without specifically answering some of your questions. Yes, we are tracking what we told you, the pathway we told you would be on the CapEx. We're still on time for a late '26 into '27 start-up. And I'd tell you, the team there is at about a 40% to 50% completion of the mill.

特里斯坦，這是諾亞。讓我給你大致介紹一下西維吉尼亞州，但不會具體回答你的一些問題。是的，我們正在追蹤我們告訴您的內容，我們告訴您的路徑將是資本支出。我們仍能準時完成 26 年底至 27 年初的啟動。我可以告訴你，那裡的團隊已經完成了工廠約 40% 到 50% 的工作。

So it looks like a steel mill now, and we're starting to place equipment. I would tell you we are now focusing our effort around our commissioning plan and getting that mill up and into this auto market as effectively as possible.

現在它看起來像一個鋼鐵廠，我們開始放置設備。我想告訴你，我們現在正集中精力製定調試計劃，並盡可能有效地讓工廠進入汽車市場。

And the team is, you can see the future of EAF auto supply starting to happen at West Virginia as the team execute this plan. We're doing outstanding work. We're still on track for the time line we've provided you before.

隨著團隊執行這項計劃，你可以看到 EAF 汽車供應的未來開始在西維吉尼亞州實現。我們正在做著出色的工作。我們仍然按照之前向您提供的時間表進行。

Yes. Tristan, additionally, look, here's what I would tell you. Over the last several years, that facility and that project are not immune to the impacts of what we've seen in inflation and price increases in terms of contractor rates, fuels, materials and labor. And so that is why you've seen the increase to West Virginia.

是的。特里斯坦，另外，聽著，這就是我要告訴你的。在過去幾年裡，該設施和該項目未能免受通貨膨脹以及承包商費率、燃料、材料和勞動力價格上漲的影響。這就是為什麼你看到西維吉尼亞州的成長。

It's not adding scope or things that were missed. It's the inflationary impacts of, again, a pretty healthy economy and again, the demand pull in construction right now that you saw the increase.

它並沒有增加範圍或遺漏的東西。再次強調，這是相當健康的經濟的通膨影響，再次強調，這是目前建築業需求拉動所導致的成長。

All right. And how much have you spent already on West Virginia?

好的。您在西維吉尼亞州已經花了多少錢？

Yes. Tristan, we've spent, we're not going to give you a precise number on that, but we're slightly over halfway through the spend on that project. So you're going to see us continue to spend a good amount of money over the next few years.

是的。特里斯坦，我們已經花費了，我們不會給你一個精確的數字，但我們已經完成了該專案一半以上的支出。因此，你會看到我們在未來幾年繼續投入大量資金。

Just as a reminder, in the total capital plan that we've got for this coming year of about $3 billion, roughly two-third of that is growth oriented. And West Virginia is the largest of those projects. And so you'll see that take up roughly half of our overall capital spend for the year.

提醒一下，我們今年約 30 億美元的總資本計畫中，大約三分之二是以成長為導向的。其中西維吉尼亞州的計畫是其中最大的一個。因此，您會發現這大約占我們全年總資本支出的一半。

All right, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Carlos de Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Yeah, thank you. Good morning, everyone. Could you comment maybe on capacity utilization, what is your expectation in the coming quarter? We saw a very nice jump quarter-on-quarter. Year-on-year was more stable. But based on the comments that you provided and your outlook for demand, should we expect capacity utilization to keep going higher?

是的，謝謝。大家早安。您能否評論一下產能利用率，您對下一季的預期是什麼？我們看到季度環比增長非常顯著。同比較為穩定。但是根據您提供的評論和對需求的展望，我們是否應該預期產能利用率會繼續走高？

Yeah. Carlos, I don't want to predict what the utilization rates are going to be next quarter. But I would tell you, based on our commentary, as you noted from Q4 of about 74%, 75% to 80% in this quarter, look, the demand drivers are certainly encouraging.

是的。卡洛斯，我不想預測下個季度的使用率是多少。但我想告訴你，根據我們的評論，正如你從第四季度觀察到的，本季約有 74%、75% 到 80%，需求驅動因素肯定令人鼓舞。

The overall picture, though, in terms of our volumes that we're looking at in this year, and it's going to be up a couple of percentage points, but that will flow through in different sectors of our business. But overall, I think you could see them slightly improving as we move throughout the year.

不過，就我們今年的銷售量而言，整體情況將會上升幾個百分點，但這將影響到我們業務的不同部門。但總體而言，我認為隨著全年的發展，你會看到它們略有改善。

All right. Great. And I might have missed this, but any color on the inventories at across Nucor's operating segments or specific product lines? How do they compare to the historical average for this time of the year?

好的。偉大的。我可能錯過了這一點，但是有關於 Nucor 各營運部門或特定產品線的庫存的詳細資訊嗎？與今年這個時候的歷史平均值相比如何？

Are you talking backlog, Carlos?

卡洛斯，您說的是積壓嗎？

More inventory, product inventory.

庫存較多，產品庫存較多。

Okay. Sorry.

好的。對不起。

Yeah. Inventories, Carlos, are roughly in line with seasonal adjustment and backlog levels we've got compared to history.

是的。卡洛斯，庫存與歷史相比，大致與季節性調整和積壓水平一致。

All right. And is that the case across most product lines, the main product lines?

好的。大多數產品線、主要產品線都是這種情況嗎？

Yes. You may see us, we are perhaps building a bit more in some areas than others as the backlog is universal. But when you aggregate all of it relative to our backlog, we're in a good spot.

是的。您可能會看到我們，由於積壓是普遍存在的，我們在某些​​領域的建設可能比其他領域要多一些。但是，當你將所有這些與我們的積壓工作結合起來時，我們就會處於一個很好的位置。

Thank you very much.

非常感謝。

There are no further questions at this time. I will now hand the call back to Leon Topalian for the closing comments.

目前沒有其他問題。現在我將把電話轉回給 Leon Topalian 進行總結發言。

Thank you for joining us for today's call and for your questions. Nucor's strong balance sheet and prudent capital allocation strategy positions us well for long-term success to our team members, which continue to make 2025 the safest year in our history. We thank you, our shareholders and our customers, for the trust you place in us each and every day and with every order. Have a great day.

感謝您參加今天的電話會議並提出您的問題。紐柯公司強勁的資產負債表和審慎的資本配置策略使我們為團隊成員的長期成功奠定了良好的基礎，這將繼續使 2025 年成為我們歷史上最安全的一年。我們感謝我們的股東和客戶，感謝你們每天、每一份訂單都給予我們信任。祝你有美好的一天。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。