Nucor Corp (NUE) 2025 Q2 法說會逐字稿

Good morning, and welcome to Nucor's second-quarter 2025 earnings call. (Operator Instructions) And today's call is being recorded. After the speaker's prepared remarks, I'll provide instructions to callers wishing to ask any questions.

早安，歡迎參加 Nucor 2025 年第二季財報電話會議。（操作員指示）今天的通話正在錄音。在演講者發表完準備好的發言後，我將向希望提問的來電者提供指導。

I'd now like to introduce Jack Sullivan, Vice President, Treasurer and General Manager of Investor Relations, to begin your call.

現在，我想介紹副總裁、財務主管兼投資者關係總經理傑克·沙利文 (Jack Sullivan) 來開始您的電話會議。

Thank you, and good morning, everyone. Welcome to Nucor's second quarter earnings review and business update.

謝謝大家，早安。歡迎閱讀 Nucor 公司第二季財報回顧和業務更新。

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.

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。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。

Yesterday, we posted our second 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.

昨天，我們在 Nucor 的 IR 網站上發布了第二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。

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. Now, I want to begin by thanking our 33,000 Nucor teammates for delivering a solid quarter, both in terms of financial results and our safety performance. Amid all the uncertainty and distractions, you have remained focused on executing our growth strategy and creating value for our shareholders, customers, and communities. And you did it all while setting another all-time safety record for the first half of any year. Thank you for your vigilance and focus and never losing sight of our most important value. Let's continue to carry that momentum into the back half of the year.

謝謝，傑克。現在，我首先要感謝我們的 33,000 名 Nucor 隊友，感謝他們在財務業績和安全表現方面取得了穩健的成績。儘管面臨諸多不確定性和乾擾，您仍專注於執行我們的成長策略，為我們的股東、客戶和社區創造價值。你們不僅做到了這一切，還創造了上半年歷史安全紀錄。感謝您的警覺和關注，從未忽視我們最重要的價值。讓我們繼續保持這種勢頭，迎接下半年的到來。

To recap some of the second quarter financials, Nucor generated EBITDA of approximately $1.3 billion and earned $2.60 per diluted share. This represents a significant improvement over our first quarter results driven by higher average selling prices in our Steel Mills segment and stable realized pricing and higher volumes in our Steel Products segment. During the quarter, we returned $329 million to Nucor's shareholders through dividends and buybacks, bringing our total capital return to shareholders for the first half of the year to $758 million.

回顧第二季的一些財務狀況，紐柯的 EBITDA 約為 13 億美元，每股收益 2.60 美元。這比我們第一季的業績有了顯著改善，這得益於我們鋼廠部門的平均銷售價格上漲以及鋼鐵產品部門的穩定實現價格和更高的銷售量。本季度，我們透過股利和回購向紐柯股東返還了 3.29 億美元，使今年上半年我們向股東提供的總資本回報達到 7.58 億美元。

Capital expenditures for the quarter totaled $954 million and we remain on track to deploy approximately $3 billion in CapEx for the year. Our team continues to execute well, and I'd like to highlight just a few of our accomplishments for the quarter. Production levels and shipments at our Brandenburg plate mill trended higher for a sixth consecutive quarter. Shipments in June reached another record, helping Brandenburg achieve positive EBITDA for the quarter. Meanwhile, Brandenburg's product development team continues to strengthen its market position with key customers for complex grades of steel plate that we have not been able to produce prior.

本季的資本支出總計 9.54 億美元，我們仍有望在今年部署約 30 億美元的資本支出。我們的團隊繼續表現良好，我想強調本季我們所取得的一些成就。我們勃蘭登堡板材廠的產量和出貨量連續第六個季度呈現上升趨勢。6月出貨量再創紀錄，幫助勃蘭登堡本季實現正EBITDA。同時，勃蘭登堡的產品開發團隊繼續加強其在關鍵客戶之前我們無法生產的複雜等級鋼板的市場地位。

I'd also like to recognize our entire sheet making group for shipping nearly 3.1 million tons during the second quarter, marking the second consecutive quarter where the Sheet Group has set a new shipment record. In particular, I'd like to congratulate our team at Gallatin sheet mill in Kentucky for setting a new monthly shipping record during the quarter.

我還要對我們整個薄板製造集團在第二季度的出貨量近 310 萬噸表示感謝，這是薄板集團連續第二季創下新的出貨量記錄。我特別要祝賀我們位於肯塔基州加拉廷板材廠的團隊在本季創下了新的月度出貨量記錄。

On our first quarter earnings call, I mentioned our structural steel backlog reaching historically high levels, and that set us up nicely for strong shipments in the second quarter. Nucor's Beam team delivered shipping over 630,000 tons in generating the highest quarterly earnings for this business since 2022 and the fourth highest of all time.

在我們的第一季財報電話會議上，我提到我們的結構鋼積壓量達到了歷史最高水平，這為我們第二季的強勁出貨量奠定了良好的基礎。Nucor 的 Beam 團隊運送了超過 63 萬噸的貨物，創造了該業務自 2022 年以來最高的季度收益，也是有史以來第四高的季度收益。

On the growth front, our construction teams continue to make great progress as we near completion of several important capital projects. Our rebar micro mill in Lexington, North Carolina, recently rolled its first heat and is now in the early stages of ramping up production. And the team in Kingman, Arizona, has successfully melted, cast, and rolled several heats out of its new melt shop, and it will be ramping up production throughout the third quarter. For Nucor Towers and Structures, pull production and galvanizing operations in Alabama are set to begin by September, with customer shipments beginning in the fourth quarter. Our Indiana greenfield project is set to commence full operations by the spring of 2026 with customer shipments beginning in the second quarter.

在成長方面，隨著我們幾個重要的資本項目即將完工，我們的施工團隊繼續取得巨大進展。我們位於北卡羅來納州列剋星敦的螺紋鋼微型軋機最近進行了首次熱軋，目前正處於提高產量的早期階段。位於亞利桑那州金曼的團隊已成功在其新熔煉車間熔煉、鑄造和軋製多爐鋼材，並將在第三季度提高產量。對於紐柯塔和結構而言，阿拉巴馬州的拉式生產和鍍鋅業務將於 9 月開始，客戶出貨將於第四季開始。我們的印第安納州綠地計畫預計將於 2026 年春季全面投入運營，並將於第二季開始向客戶出貨。

Within Sheet, we remain on schedule to complete our coding complex in Crawfordsville, Indiana, by the end of 2025 and are galvanizing on in Berkeley, South Carolina, by the middle of 2026 and the construction of our new West Virginia sheet mill is nearly 60% complete and remains on track for completion by the end of 2026.

在板材領域，我們仍按計劃於 2025 年底前完成位於印第安納州克勞福茲維爾的編碼綜合設施，並於 2026 年中期在南卡羅來納州伯克利啟動該項目，而我們位於西弗吉尼亞州的新板材廠的建設已完成近 60%，並有望於 2026 年底前完工。

A key driver of our quarterly results came from the strong performance of our Steel Products group. We have grown this business to become the broadest and most diverse portfolio of downstream steel products in North America, allowing Nucor to offer a wide variety of solutions for our customers. For the entire segment, second quarter pretax earnings were $392 million, a 28% increase over the adjusted results of the previous quarter. In fact, pretax earnings for each of the main product groups comprising this segment were in line with or above Q1 levels.

我們季度業績的一個關鍵驅動力來自於鋼鐵產品集團的強勁表現。我們已將這項業務發展成為北美最廣泛、最多樣化的下游鋼鐵產品組合，使紐柯公司能夠為我們的客戶提供各種各樣的解決方案。就整個部門而言，第二季稅前收益為 3.92 億美元，比上一季的調整後結果增加 28%。事實上，該部門各主要產品組的稅前收益均與第一季水準持平或高於第一季水準。

On an LTM basis, the Steel Products segment accounted for 45% of Nucor's total pretax segment earnings with EBITDA margins of approximately 16%. Both of these metrics remain significantly higher than their respective pre-pandemic averages. Tariff policy continues to evolve, but has been positive for the steel industry overall.

以 LTM 計算，鋼鐵產品部門佔 Nucor 公司稅前部門總收益的 45%，EBITDA 利潤率約為 16%。這兩項指標仍明顯高於疫情前的平均值。關稅政策持續演變，但對鋼鐵業整體而言是利好的。

We support the administration's recent actions to strengthen the Section 232 program by increasing the tariffs to 50%. We also applaud the Commerce Department's decision earlier this year to expand the review of steel derivative products covered by the Section 232 tariffs and for implementing a transparent inclusions process. These steps will help to curb the volume of unfairly traded imports and protect our national security.

我們支持政府最近採取的行動，透過將關稅提高到 50% 來加強第 232 條計劃。我們也對美國商務部今年稍早決定擴大對第232條款關稅所涵蓋的鋼鐵衍生產品的審查範圍並實施透明的納入程序表示讚賞。這些措施將有助於遏制不公平貿易進口量並保護我們的國家安全。

However, Dunton subsidized imports continue to persist, and the vigorous enforcement of our trade laws is needed now more than ever. Nucor and other domestic producers have been injured by elevated levels of unfairly traded corrosion-resistant imports in recent years, and file trade positions on core imports from 10 countries last September. Nucor is pleased with the preliminary determinations from the US Commerce Department and US International Trade Commission in these investigations and we anticipate affirmative final determinations from both agencies later this summer and fall.

然而，鄧頓補貼進口仍然存在，現在比以往任何時候都更需要大力執行我們的貿易法。近年來，紐柯公司和其他國內生產商因耐腐蝕產品進口不公平貿易水平上升而受到損害，並於去年 9 月就來自 10 個國家的核心進口產品提交了貿易立場文件。紐柯公司對美國商務部和美國國際貿易委員會在這些調查中所做的初步裁定感到滿意，我們預計這兩個機構將在今年夏末和秋季做出肯定的最終裁定。

The Commerce Department in ITC have also initiated investigations into rebar imports from four countries, with the ITC issuing an affirmative preliminary injury determination earlier this month. Affirmative determinations in these cases and other trade proceedings are critical to ensuring a level playing field for the steel industry in America. We are optimistic that the administration's vigorous enforcement of our trade laws and the strengthened Section 232 program will result in a sustained reduction of imports into our market.

美國商務部國際貿易委員會也對來自四個國家的鋼筋進口展開調查，本月初國際貿易委員會發布了肯定的初步損害裁決。這些案件和其他貿易訴訟中的肯定性裁決對於確保美國鋼鐵業的公平競爭環境至關重要。我們樂觀地認為，政府大力執行我們的貿易法和加強第 232 條計畫將導致我們市場進口量持續減少。

We're also monitoring the evolving country-specific tariff negotiations and their impact on raw material costs. Nucor's raw material supply chain is advantaged by having a broader set of capabilities than any other steel producer in North America. That diversity, along with our world-class sourcing and logistics teams, give us flexibility to source raw materials in a way that optimizes our cost structure and adapt to this highly dynamic situation.

我們也正在關注各國關稅談判的進展及其對原材料成本的影響。紐柯公司的原料供應鏈具有比北美任何其他鋼鐵生產商更廣泛的能力優勢。這種多樣性，加上我們世界一流的採購和物流團隊，使我們能夠靈活地採購原材料，從而優化我們的成本結構並適應這種高度動態的情況。

Beyond trade policy, we were pleased to see the tax provisions and manufacturing incentives contained in the new legislation signed into law earlier this month. We expect the bill will lead to further economic growth and boost our competitiveness as a nation. It will unleash new investments in steel-intensive projects and promote the restoring of vital manufacturing while enhancing our national security. And as North America's largest and most capable steel products company, Nucor is incredibly well positioned to support this growth.

除了貿易政策之外，我們很高興看到本月稍早簽署成為法律的新立法中包含的稅收條款和製造業激勵措施。我們預計該法案將進一步促進經濟成長並提高我們國家的競爭力。它將釋放鋼鐵密集型項目的新投資，促進重要製造業的復甦，同時增強我們的國家安全。身為北美最大、實力最強的鋼鐵產品公司，紐柯鋼鐵完全有能力支持這項成長。

With that, let me turn it over to Steve, who will share additional details about our second quarter performance, the current demand environment for steel, and our outlook for the third quarter. Steve?

接下來，我將把時間交給史蒂夫，他將分享有關我們第二季業績、當前鋼鐵需求環境以及我們對第三季的展望的更多細節。史蒂夫？

Thank you, Leon. And thank you all for joining us on the call this morning. During the second quarter, Nucor generated net earnings of $603 million or $2.60 a share, right at the midpoint of our earnings guidance range. This represents a substantial improvement over the prior quarter adjusted earnings per share of $0.77 and is similar to the reported $2.68 earnings per share during the second quarter of last year.

謝謝你，萊昂。感謝大家今天早上參加我們的電話會議。第二季度，紐柯公司的淨收益為 6.03 億美元，即每股 2.60 美元，正好處於我們的收益預期範圍的中間點。這比上一季調整後每股收益 0.77 美元有了大幅改善，與去年第二季報告的每股收益 2.68 美元相似。

Year-to-date, Nucor's adjusted earnings were $782 million or $3.37 a share. Our second quarter results included preoperating and start-up costs of approximately $136 million or $0.45 per share. This is down $34 million compared to the prior quarter and in line with the prior year second quarter.

今年迄今，紐柯的調整後收益為 7.82 億美元，即每股 3.37 美元。我們第二季的業績包括約 1.36 億美元或每股 0.45 美元的營業前和啟動成本。與上一季相比下降了 3,400 萬美元，與去年同期第二季持平。

Turning to the segment level results for the quarter. The Steel Mills segment generated $843 million of pretax earnings, more than triple that of the prior quarter. Higher average selling prices, particularly in our sheet and plate operations were the largest drivers of the change in profitability.

轉向本季的細分層面業績。鋼鐵廠部門的稅前收益為 8.43 億美元，是上一季的三倍多。更高的平均銷售價格，特別是我們的薄板和板材業務的平均銷售價格，是盈利能力變化的最大驅動力。

Total volume for the Steel Mills segment was in line with prior quarter as increases in sheet, plate, and beam shipments were offset by lower bar shipments. We continue to see solid and steady booking rates and our steel mills backlog at the end of the second quarter was up nearly 30% over this time last year.

鋼廠部門的總產量與上一季持平，因為板材、中厚板和樑的出貨量增加被棒材出貨量的減少所抵消。我們繼續看到穩健的預訂率，第二季末的鋼廠積壓訂單比去年同期成長了近 30%。

To comment briefly on the pricing environment, we would describe it as broadly stable. Our published consumer spot price for HRC has been within 5% band of either side of $900 a ton for the past 16 weeks. During this period, we shipped record sheet volumes, and our sheet backlog at the end of the second quarter was 15% higher than the same time last year. As for rebar and MBQ products, we've recently announced price increases that take our average selling price for both products above the respective 13- and 52-week averages. We continue to see healthy overall demand for long products, and we expect lower rebar imports during the second half of the year.

簡單評估一下定價環境，我們將其描述為整體穩定。在過去 16 週內，我們公佈的熱軋捲板消費現貨價格一直在每噸 900 美元左右 5% 的範圍內波動。在此期間，我們的板材出貨量創下了紀錄，第二季末的板材積壓量比去年同期高出 15%。至於螺紋鋼和 MBQ 產品，我們最近宣布漲價，使這兩種產品的平均售價分別高於 13 週和 52 週的平均價格。我們繼續看到長材的整體需求保持健康，預計下半年螺紋鋼進口量將會下降。

Turning to Steel Products. As Leon mentioned earlier, we saw another strong performance in this segment. During the second quarter, Steel Products generated pretax earnings of $392 million, up 28% over the prior quarter's adjusted basis. Results were driven by stable realized pricing and higher volumes, leading to our best earnings quarter for this segment since the second quarter of 2024.

轉向鋼鐵產品。正如 Leon 之前提到的，我們在該領域再次看到了強勁的表現。第二季度，鋼鐵產品業務的稅前收益為 3.92 億美元，較上一季調整後成長 28%。業績受到穩定的實際定價和更高的銷量的推動，導致我們該部門取得了自 2024 年第二季度以來最好的盈利季度。

Similar to Steel Mills, our backlog levels for the Steel Products segment remained healthy, up approximately 20% from a year ago and extending into 2026 for some products. We continue to see strong demand as evidenced by robust coating activity and believe this reflects improved business confidence among our customers servicing the construction and infrastructure markets.

與鋼鐵廠類似，我們鋼鐵產品部門的積壓水準保持健康，比一年前成長了約 20%，某些產品的積壓水準延續到 2026 年。我們繼續看到強勁的需求，這從強勁的塗料活動可以看出，並相信這反映了我們服務於建築和基礎設施市場的客戶的商業信心增強。

In Joist and Deck, we are now seeing pricing for new orders at levels that are approaching our average backlog pricing. As a result, prices and margins in this business are expected to stabilize above pre-pandemic levels by end of the year.

在 Joist 和 Deck 中，我們現在看到新訂單的定價接近我們的平均積壓定價。因此，預計到今年年底，該業務的價格和利潤率將穩定在疫情前的水平之上。

Turning to Raw Materials segment. We realized pretax earnings of approximately $57 million for the quarter, an increase of approximately 95% over the first quarter. Results were in line with expectations with stable volumes and pricing and lower operating expenses.

轉向原料部分。本季我們實現稅前收益約 5,700 萬美元，較第一季成長約 95%。業績符合預期，銷售量和價格穩定，營運費用較低。

Moving to the balance sheet. Nucor remains committed to maintaining a strong investment-grade credit profile. Nucor's credit ratings are the highest of any North American steel producer, and we have long believed that our financial strength is a competitive advantage, allowing us to execute our strategy through various phases of the economic cycle.

轉到資產負債表。紐柯公司仍然致力於維持強勁的投資等級信用狀況。紐柯公司的信用評級是北美鋼鐵生產商中最高的，我們一直相信，我們的財務實力是一種競爭優勢，使我們能夠在經濟週期的各個階段執行我們的策略。

During the quarter, we retired $1 billion in long-term debt with proceeds from our senior notes issued in March. We ended the second quarter with a total debt to capital ratio of approximately 24% in cash of approximately $2.5 billion. Our next substantial maturity is not until 2027 and more than 80% of our long-term debt maturities are after 2030.

本季度，我們利用 3 月發行的優先票據收益償還了 10 億美元的長期債務。截至第二季末，我們的總負債資本比率約為 24%，現金約為 25 億美元。我們的下一個實質債務到期日要到 2027 年，而我們 80% 以上的長期債務到期日將在 2030 年之後。

In addition to maintaining a strong balance sheet, a cornerstone of Nucor's capital allocation framework is to provide a meaningful direct return to shareholders. During the second quarter, we returned $329 million to shareholders in the form of dividends and share repurchases. When combined with the first quarter, we've returned $758 million of cash to shareholders, representing nearly 100% of Nucor's year-to-date net earnings. During the same period, we've repurchased approximately 4 million shares at a weighted average value of approximately $124 a share. Leon covered some of the factors impacting our markets. But now I'd like to touch on four of the larger macro themes that are driving demand.

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。第二季度，我們以股利和股票回購的形式向股東返還了 3.29 億美元。結合第一季的數據，我們向股東返還了 7.58 億美元現金，幾乎佔紐柯公司今年迄今淨利潤的 100%。在同一時期，我們以每股約 124 美元的加權平均價值回購了約 400 萬股。Leon 介紹了一些影響我們市場的因素。但現在我想談談推動需求的四個更大的宏觀主題。

First, technology and advanced manufacturing. Since the passage of the CHIPS Act in 2022, we've seen announcements of over 90 technology and advanced manufacturing projects totaling over $450 billion in private investments. and that momentum has accelerated in 2025. These projects take time to move from announcement to construction, but we're seeing increased bidding and new order activity. We're currently supplying steel to eight large semiconductor facilities now under construction, which all require beam, rebar, joist and deck and other downstream products.

一是科技與先進製造業。自 2022 年《晶片法案》通過以來，我們已經看到超過 90 個技術和先進製造項目宣布，私人投資總額超過 4500 億美元，並且這一勢頭在 2025 年將會加速。這些項目從宣佈到開工建設需要一些時間，但我們看到投標和新訂單活動正在增加。我們目前正在向八個正在建造的大型半導體工廠供應鋼材，這些工廠都需要梁、鋼筋、托樑、甲板和其他下游產品。

Second, infrastructure demand remains strong, driven by funds allocated and now flowing to projects under the IIJA. We've seen notable increases in public transit, highway bridge and tunnel contract awards and our bar and plate teams are responding to this demand. Nucor's bar shipments were 13% higher in the first half of the year. while Nucor's plate shipments to the bridge market hit a record in the second quarter and rose 35% for the first half of 2025. We also anticipate higher steel tube demand later this year as contracts progress for unfinished sections of the border wall.

其次，基礎設施需求依然強勁，這得益於IIJA下已分配並流向專案的資金。我們看到公共交通、公路橋樑和隧道合約授予量顯著增加，我們的鋼筋和鋼板團隊正在響應這一需求。紐柯公司上半年棒材出貨量成長了13%，而紐柯公司對橋樑市場的板材出貨量在第二季度創下了歷史新高，2025年上半年成長了35%。隨著邊境牆未完工部分的合約進展，我們也預計今年稍後鋼管需求將會增加。

Third, energy. In the energy sector, Nucor is seeing exceptional growth in power transmission with the first half shipments to this market up 88% year-over-year. We've also seen significant increases in steel shipments related to solar and onshore wind projects and the recently enacted tax policy will likely lead to some incremental pull-ahead tons over the coming year. Additionally, our Brandenburg facility has been certified to supply line pipe for both LNG and oil pipeline projects, opening up new opportunities in this expanding market.

第三，能源。在能源領域，紐柯公司的電力傳輸業務取得了顯著成長，上半年該市場的出貨量年增了 88%。我們也看到與太陽能和陸上風電項目相關的鋼鐵出貨量大幅增加，最近頒布的稅收政策可能會導致來年鋼鐵出貨量出現一些增量。此外，我們的勃蘭登堡工廠已獲得為液化天然氣和石油管道項目供應管線管的認證，為這個不斷擴大的市場開闢了新的機會。

Last but not least, data centers. Construction in this market remains particularly strong. According to the Dodge Construction network, spending from construction starts is projected to grow 18% this year and an additional 26% in 2026. Our beam orders for this segment have increased significantly and serve as a precursor to incremental demand for a variety of downstream products that Nucor supplies. We expect this growing market segments will continue to drive demand for steel and steel products for the foreseeable future.

最後但同樣重要的是資料中心。該市場的建築業依然保持強勁。據道奇建築網絡稱，預計今年建築開工支出將增長 18%，到 2026 年將再增長 26%。我們針對該領域的梁訂單大幅增加，並預示著紐柯公司供應的各種下游產品的需求將增加。我們預計，在可預見的未來，這個不斷成長的細分市場將繼續推動對鋼鐵和鋼鐵產品的需求。

Turning to the third quarter outlook. We expect Nucor's consolidated earnings to be nominally lower than in the second quarter. In the steel mills segment, despite resilient backlogs and stable demand, we expect modest margin compression compared to the second quarter. In both the steel products and raw materials segments, earnings are expected to be similar to the second quarter.

展望第三季。我們預計紐柯公司的綜合收益名義上將低於第二季。在鋼廠領域，儘管積壓訂單量充足且需求穩定，但我們預計利潤率與第二季相比將略有壓縮。鋼鐵產品和原材料領域的利潤預計與第二季度相似。

For Steel products, we expect slightly lower profitability in Tubular and Joist and deck, offset by improved performance in other business lines. As we look ahead to the second half of 2025, our expectation is that domestic steel demand will be higher than it was in the second half of 2024 and with the broadest range of capabilities in the North American steel market. We are confident in our ability to create value for our customers and shareholders as we capture a healthy share of that demand.

對於鋼鐵產品，我們預計管材、托樑和甲板的獲利能力將略有下降，但其他業務線的表現將會有所改善。展望 2025 年下半年，我們預期國內鋼鐵需求將高於 2024 年下半年，且北美鋼鐵市場的能力範圍最為廣泛。我們有信心，我們有能力為客戶和股東創造價值，因為我們佔據了很大一部分需求。

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，請打開熱線來回答問題。

(Operator Instructions) Bill Peterson, JPMorgan.

（操作員指示）摩根大通的比爾彼得森。

On Steel Products, you mentioned the margin compression. Can you break that down for us? Is that a statement of higher input cost? I guess how should we think about pricing directionally kind of flattish on a blended basis? From the second to the third quarter? Trying to get a sense before the margin expands in the fourth quarter and how we should think about the puts and takes.

關於鋼鐵產品，您提到了利潤率壓縮。你能為我們解釋一下嗎？這是否表示投入成本較高？我想我們應該如何考慮在混合基礎上定向定價？從第二季到第三季？試圖在第四季度利潤率擴大之前了解我們應該如何考慮投入和產出。

Yes, Bill, let me kick it off, and then maybe I'll ask John Hollatz, our EVP of that group to touch on a few things. But I want to begin with thanking the men and women of the Nucor family. This is the safest start to the first half of any year in the history of our company, and I couldn't be more proud of how our team continues to generate and take care of one another in our most important value, every metric, every result that we will talk about today in moving on are generated through those team members and again, to see that value exemplified as the safest first half of any year is an incredible achievement. So thank you for that.

是的，比爾，讓我先開始，然後我可能會請集團的執行副總裁約翰·霍拉茨談一些事情。但我首先要感謝紐柯家族的全體成員。這是我們公司歷史上最安全的上半年開局，我為我們的團隊如何繼續創造和互相照顧我們最重要的價值而感到無比自豪，我們今天將要討論的每一個指標、每一個結果都是由這些團隊成員創造的，再次看到這種價值體現為任何一年中最安全的上半年，這是一項令人難以置信的成就。謝謝你。

The second -- to your question specifically, Bill, look, it's a great question. And we're talking earlier this morning before we got on the call. If we think about the resiliency of non-res construction on the construction market in general. That took off really post-COVID, and it has remained robust for a long period of time, and we anticipate that remaining robust. '24 was not a particularly great year. But as we look at the strength of the backlog you're pushing six to nine months out. So really, what the nominal adjustment that we see in pricing isn't because the demand drivers are weak, it's the lag effect that many of those orders were taken in late Q4 or early Q1 of this year are now being realized and sold under that under those pricing.

第二 — — 具體來說，比爾，對於你的問題，看，這是一個很好的問題。我們在今天早上接電話之前就進行了交談。如果我們考慮非住宅建築對整個建築市場的彈性。這種勢頭在新冠疫情之後真正開始起飛，並且在很長一段時間內保持強勁，我們預計這種勢頭將持續下去。 '24 年並不是特別好的一年。但當我們看一下積壓的訂單量時，你會發現訂單處理時間已經延長了六到九個月。因此，實際上，我們在價格中看到的名義調整並不是因為需求驅動力較弱，而是因為許多訂單是在今年第四季度末或第一季度初接到的，現在才在這些定價下實現和銷售，這是一種滯後效應。

And so in fact, we've just recently announced a price increase last week. So again, the demand drivers for this segment are really robust, and we expect them to remain that way, again, throughout the rest of this year and quite frankly, beyond. And so again, it's an incredibly important strong contributor or business segment. We're proud of all the groups that make up that family. But again, as we move forward, we see strength in that market.

事實上，我們上週才宣布漲價。因此，這一領域的需求驅動力確實非常強勁，我們預計這種狀態將在今年剩餘時間甚至更長時間內持續下去。所以，再次強調，這是一個極為重要的強大貢獻者或業務部門。我們為這個大家庭的所有成員感到自豪。但隨著我們不斷前進，我們再次看到了該市場的實力。

Yes, Bill, this is John Hollatz. Again, it's very normal for us to have margin expansion and contraction as we have movements in steel prices. Steve pointed to the joist and deck market and what we expect out of that in the second half of the year.

是的，比爾，我是約翰‧霍拉茨。再一次，隨著鋼鐵價格的變動，我們的利潤率擴大和收縮是非常正常的。史蒂夫指出了托樑和甲板市場以及我們對今年下半年的期望。

Some of our -- you got to remember, we have a dozen different businesses in our downstream portfolio. some of those backlogs are nine months out, we have good visibility as to what those margins would look like. Some of those backlogs are six weeks out. So there's a lot of variation in that.

你要記住，我們的下游產品組合中有十幾項不同的業務。其中一些積壓訂單要等到九個月後才能完成，我們對這些利潤率的情況有很好的了解。其中一些積壓的工作已經拖了六週了。因此這方面存在著許多變化。

But I think it's important to note that many of these downstream businesses are custom engineered products that have value-added solutions, and our teams have done an excellent job of separating pricing from movements in raw materials and really redefine the earnings profile of these businesses. And as Leon mentioned, demand remains solid, and we're optimistic about the future of downstream products.

但我認為值得注意的是，許多下游業務都是具有增值解決方案的客製化產品，我們的團隊在將定價與原材料變動分開方面做得非常出色，並且真正重新定義了這些業務的獲利狀況。正如 Leon 所提到的，需求依然強勁，我們對下游產品的未來持樂觀態度。

Also thanks for highlighting the safety performance, strong results on that. My second question is on the steel mills and nice to see utilization trends in the first half of the year. But among the steel products, which are running at relatively lower utilization or said another way, what is your biggest or best opportunities to displace imports as we look out to the second half of the year?

也感謝您強調安全性能，這方面取得了顯著成果。我的第二個問題是關於鋼鐵廠的，很高興看到今年上半年的使用率趨勢。但是，在利用率相對較低的鋼鐵產品中，或者換句話說，展望下半年，你們取代進口的最大或最佳機會是什麼？

Yes. Look, I'd tell you that, that really sits across the board. Our capability set is the most diverse within all North American steel producers. So whether we're talking of tubular, joist, deck, rebar, but there are some opportunities, right? We're running roughly 85% utilization rates across the steel mills segment.

是的。瞧，我告訴你，這確實是全面的。我們的能力組合是北美所有鋼鐵生產商中最多樣化的。所以無論我們談論的是管材、托樑、甲板還是鋼筋，都存在一些機會，對吧？我們整個鋼廠的利用率大約是 85%。

So again, there's more opportunities in sheet. There're more opportunities in our plate group. We have more opportunities in rebar and some of our long products. But again, we're well positioned to supply those. And again, we don't just simply produce to stack backlogs up. We're producing the orders in most every case. And so we're meeting the demand where it's at and again, have the flexibility to adapt and adjust very quickly. But we're pleased to see what import levels are doing in coming down in that 20%, 21%, they're still too high. We need to be in the low teens.

所以，表格中還有更多機會。我們的板塊組中有更多的機會。我們在螺紋鋼和一些長材產品方面有更多機會。但同樣，我們有能力提供這些。再次強調，我們的生產並不是為了堆積訂單。在大多數情況下，我們都在訂單生產。因此，我們能夠滿足當前的需求，並且能夠靈活地快速適應和調整。但我們很高興看到進口水準正在下降，20%、21%仍然太高。我們需要達到十幾歲以下的水平。

And quite frankly, the North American steel industry can supply the needs of what's being required without having those imports come in the United States. So we're going to continue to advocate for strong fair trade and balance trade for, again, legal imports being dumped and subsidized on the shores of the US.

坦白說，北美鋼鐵業無需進口鋼鐵就能滿足需求。因此，我們將繼續倡導強而有力的公平貿易和平衡貿易，以防止合法進口產品在美國海岸傾銷和補貼。

Thanks, Leon. Congrats on the strong execution.

謝謝，萊昂。恭喜您出色的執行力。

Appreciate it, Bill.

非常感謝，比爾。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Thank you, operator. And good morning, Leon, Steve. Thank you for today's update. If I could ask about Lexington and Kingman and those ramp-ups. Congratulations on getting those to the cost of being fully operational. Could you speak to the preoperating start-up costs and the period-by-period outlook for those assets as they start contributing to EBITDA positively.

謝謝您，接線生。早上好，Leon，Steve。感謝您今天的更新。我可以問一下關於列剋星敦、金曼和那些升級項目的情況嗎？恭喜您獲得這些並實現全面運營的成本。您能否談談這些資產的營運前啟動成本以及它們開始對 EBITDA 做出積極貢獻後的逐期前景？

Yes. Well, look, I'm going to touch on a couple of things, and then I'll let Steve kick off into the preoperating sort of cost as they move through that start-up. But I want to begin with thanking our Lexington, North Carolina team and that micro mill start-up and congratulating them under safety and how hard they've continued to focus on our customers and bring that mill up. We're excited about what this mill is going to do. It's our third micro mill in the fleet alongside Frostproof and Sedalia.

是的。好吧，看，我將談幾件事，然後我將讓史蒂夫開始討論創業過程中的營運前成本。但我首先要感謝我們位於北卡羅來納州列剋星敦的團隊和那家微型工廠的啟動，並祝賀他們在安全的情況下，以及他們如何努力繼續關注我們的客戶並建立這家工廠。我們對這座工廠即將發揮的作用感到興奮。這是我們旗下的第三家微型工廠，另外兩家是 Frostproof 和 Sedalia。

And again, it's a market segment, we know really well. We're excited about where that's geographically located as well in the Atlanta corridor. And so again, we look for great things to come from them as they continue their start-up into Q3 and Q4. And as well in Kingman, Arizona, we're proud of the team that they've started their mill shop up now, and we'll continue to ramp up and in that asset.

再說一次，這是一個我們非常了解的細分市場。我們對亞特蘭大走廊的地理位置感到非常興奮。因此，我們再次期待他們在第三季和第四季繼續取得偉大的成就。同樣在亞利桑那州金曼，我們為團隊現在已經開設工廠感到自豪，我們將繼續加大對這項資產的投資。

Again, it's geographically positioned incredibly well also in a market that's growing and continues to grow. The other point I'll mention maybe before Steve or Randy may want to share a few additional comments is you're starting to see the move into Nucor's bottom lines throughout the segment of contributors like our team at Nucor Brandenburg and the plate mill and the things that they've done, they are in ramping up Nucor Gallatin and our sheet mill and their delivery.

再次，它的地理位置也非常好，處於一個正在成長並持續成長的市場。在史蒂夫或蘭迪可能想分享一些額外的評論之前，我想提到的另一點是，您開始看到紐柯鋼鐵公司在整個貢獻者領域的底線發生變化，例如我們在紐柯勃蘭登堡的團隊和板材廠以及他們所做的事情，他們正在加大紐柯鋼鐵公司加拉廷工廠和我們的板材廠及其交付力度。

But we've got yet to fully realize the impact of all of that to the bottom line. So Brandenburg is going to continue to ramp Gallatin Lexington, North Carolina, Kingman, Arizona or Towers and Structures plants in Alabama, Indiana that we'll start up later this year in the spring of next as well as the Utah Towers plant that will begin late next year, the galvelines at Crawfordsville and Nucor Berkeley and finally, West Virginia so you're seeing the start of the bottom line being impacted today, which again will decrease the overhang of the pre-operating and start-up costs but the momentum in the pent-up earnings power of Nucor is just now coming online.

但我們尚未完全認識到這一切對底線的影響。因此，勃蘭登堡將繼續擴大位於北卡羅來納州列剋星敦的加拉廷工廠、亞利桑那州金曼的工廠或位於阿拉巴馬州和印第安納州的塔樓和結構工廠的產能，這些工廠將於今年晚些時候和明年春天啟動，此外還有將於明年年底啟動的猶他州塔樓工廠、位於克勞福茲維爾和伯克利的加拉廷生產線以及最後的西廷生產線以及最後的弗吉尼亞州的西廷工廠。因此，您將看到今天的利潤開始受到影響，這將再次減少營運前和啟動成本的積壓，但紐柯公司被壓抑的獲利能力的勢頭才剛開始顯現。

And so over the next months, in years. I love our strategy, our positioning the customers and capability sets were to be able to serve and how that's going to position Nucor to achieve the highest highs we've ever achieved in the highest lows. So with that, Steve, maybe make a few comments on our free operating costs.

在接下來的幾個月、幾年也是如此。我喜歡我們的策略、我們對客戶的定位以及我們為之服務的能力，以及這將如何幫助紐柯鋼鐵公司在最低潮中達到我們所取得的最高點。因此，史蒂夫，也許可以對我們的免費營運成本發表一些評論。

Yes. The pre-op start-up costs came down quite a bit quarter-over-quarter. And the real driver on that is the Brandenburg team getting to breakeven more so than some of the bar mills, although they're doing an excellent job as well, just the sheer size of it, that's the one that's impacted the most.

是的。術前啟動成本與上一季相比下降了不少。而真正的驅動力是勃蘭登堡團隊比一些棒材廠實現了更多的收支平衡，儘管他們的工作也做得非常出色，但就其規模而言，這是受影響最大的。

And I think if you're thinking about what to model out for the second half of the year, you're probably going to be in that $140 million to $150 million -- $140 million to $150 million a quarter range for the back half of the year. And Leon highlighted where we are. We're marching through -- we're about three-quarters of the way through this major capital investment plan that we've had to reposition our company.

我認為，如果您正在考慮下半年的模型，那麼下半年的預算可能在每季 1.4 億至 1.5 億美元之間——1.4 億至 1.5 億美元之間。萊昂強調了我們的現狀。我們正在推進——我們已經完成了這項重大資本投資計劃的四分之三，我們必須重新定位我們的公司。

So he alluded to it, but you'll see those figures start to come down a little bit later, it will lag our capital spending plan.

所以他暗示了這一點，但你會看到這些數字稍後開始下降，它將落後於我們的資本支出計劃。

That's fantastic guys. If I could follow up on Brandenburg, what utilization rate is the asset now currently operating? And then just how do you see that trending for Q3 and Q4?

太棒了，夥計們。如果我可以跟進勃蘭登堡的情況，那麼該資產目前的使用率是多少？那麼您如何看待第三季和第四季的趨勢？

Yes. Lawson, this is Brad Ford. I'm happy to take that one. First of all, I just congratulate that Brandenburg team and really the entire play group for the major step forward in Q2. We had record production, record shipments. The team achieved some pretty significant reductions in operating expenses and efficiencies. And then we also had some key achievements in product development, all contributing to that EBITDA positive Q2. Those are all records we expect to continue to break every quarter going forward, right, simply in Q3 and again in Q4. So we're very proud of that team.

是的。勞森，這是布萊德福特。我很高興接受這個。首先，我要祝賀勃蘭登堡隊以及整個比賽團隊在第二季度取得重大進步。我們的產量和出貨量都創下了紀錄。該團隊在營運費用和效率方面取得了相當顯著的降低。我們在產品開發方面也取得了一些關鍵成就，這些都為第二季 EBITDA 的正成長做出了貢獻。我們預計這些記錄將會在未來每季繼續打破，對吧，就在第三季和第四季。所以我們為這個團隊感到非常自豪。

One of the things we talk about at Brandenburg versus you talk about capacity utilization, it's really the story is around the capabilities of that mill, and what that brings to the Play Group. And we saw that play out in some key end-use markets in Q2, specifically in the bridge side. Bridge demand has been very, very strong. And over 20% of our plate Group shipments in Q2 were only Brandenburg sizes.

我們在勃蘭登堡談論的事情之一與您談論的產能利用率相比，實際上是圍繞該工廠的能力以及它為 Play Group 帶來了什麼。我們在第二季度的一些關鍵終端用途市場，特別是橋樑方面看到了這種情況。橋樑需求一直非常非常強勁。我們第二季的板材集團出貨量中超過 20% 都是勃蘭登堡尺寸。

So prior to Brandenburg, funds that we couldn't participate in customers we couldn't participate with. On the energy side, we saw onshore wind, power transmission and line pipe, all very robust. As we mentioned in the opening comments, Brandenburg was approved some large line pipe manufacturers. We expect this to be a larger part of our order book in the quarters ahead.

因此，在勃蘭登堡之前，我們不能與客戶共同參與基金計畫。在能源方面，我們看到陸域風電、電力傳輸和管道都非常強勁。正如我們在開篇評論中提到的，勃蘭登堡已獲準設立一些大型管線管道製造商。我們預計這將成為未來幾季訂單中更大的一部分。

So really, it's a story of capability over capacity and the addition of Brandenburg's capabilities has us extremely well positioned to really be the supplier of choice. And we're pretty excited about the balance of this year and as we roll into '26.

所以，這實際上是一個能力超過產能的故事，而勃蘭登堡能力的加入使我們非常有能力成為真正的首選供應商。我們對今年的平衡以及即將進入的 26 年感到非常興奮。

(Operator Instructions) Katja Jancic, BMO Capital Markets.

（操作員指示）Katja Jancic，BMO 資本市場。

Maybe going back to the 3Q outlook, specifically to the mill segment. So you expect volumes and pricing to be relatively stable, but also are calling for margin compression. Can you talk a bit more about what's driving that margin compression expectation?

也許可以回顧一下第三季的展望，特別是工廠部分。因此，您預計銷售量和價格會相對穩定，但也要求壓縮利潤率。能否進一步談談推動利潤率壓縮預期的原因？

Yes, Katja, I'll touch on that. Look, it's a few things. One, if we step back and look at the entire tariff picture, we certainly looked at that and bake some of that into our forecast. So as we think about the impact to slabs, the impact to raw materials, if the impact of the tariffs to Brazil come into effect on Friday, and that still remains to be seen that could have some impact However, I'll touch on that in a moment. But that's a part of it. And the second part of that forecast is really around, again, the lag effect.

是的，卡佳，我會談及這一點。看，有幾件事。首先，如果我們退一步來看看整個關稅情勢，我們肯定會考慮這一點，並將其中的一部分納入我們的預測中。因此，當我們考慮對板坯的影響、對原材料的影響時，如果對巴西的關稅影響於週五生效，這仍有待觀察，可能會產生一些影響，但我稍後會談到這一點。但這只是其中的一部分。此預測的第二部分其實又與滯後效應有關。

We touched on that a few minutes ago with the impact to our product segment where they're realizing that pricing delta that's now flowing through the system that is at lower pricing levels. But again, the drivers and the demand drivers beyond that remain incredibly robust. So as we move into Q3 and beyond, we're going to start realizing those higher selling prices. And again, that will adjust. But are the two drivers that are impacting why we potentially see a nominal adjustment.

幾分鐘前我們談到了這一點，以及它對我們的產品部門的影響，他們意識到現在流經系統的價格差異處於較低的價格水平。但除此之外，其他驅動因素和需求驅動因素仍然異常強勁。因此，隨著進入第三季及以後，我們將開始實現更高的銷售價格。再次強調，這將會調整。但這兩個驅動因素是否影響了我們為何可能會看到名義調整？

But again, there's some upside as well if certain things happen. But I don't want to just leave that overhang there with a comment around the tariffs. As we think about the raw material flexibility that we have, it's as broad and vast as any steelmaker in North America. So maybe just touch on a few of the things that we're doing the flexibility of our raw materials and why if, again, Katja, the tariffs go into effect on Friday, why we will not feel the full impact of those to our bottom line.

但同樣，如果某些事情發生，也會帶來一些好處。但我不想僅僅透過對關稅的評論來解決這個問題。當我們考慮我們所擁有的原材料靈活性時，它與北美任何一家鋼鐵製造商一樣廣泛和廣闊。因此，也許只需談到我們正在採取的一些措施，即原材料的靈活性，以及為什麼如果關稅在周五生效，我們為什麼不會感受到這些關稅對我們的底線造成的全部影響。

Sure, Leon. I'll be happy to. Katja, it's Al Behr. So back a bit what Leon is mentioning there. I'd start with those comments about our raw materials team, having the broadest capability of any steel producer in North America. In simple terms, we're built for this. This is why we stay in game day shape, and we're ready to play right now. And that team is getting it done. This is their time to shine, and they are really performing.

當然，萊昂。我很樂意。卡佳，我是艾爾貝爾。回顧一下 Leon 所提到的內容。我首先要談談我們的原料團隊，該團隊擁有北美鋼鐵生產商中最廣泛的能力。簡單來說，我們就是為此而生的。這就是我們保持比賽日狀態的原因，我們現在就準備好要比賽了。而這個團隊正在完成這個任務。這是他們大放異彩的時刻，他們確實表現出色。

When we think about Brazil, there's really two key inputs that we buy from Brazil. One is the DRI pellets and the other is pig iron. And so as we think about DRI pellets, we've already taken the steps needed to mitigate that 50% tariff from Brazil. And so we've done that through changes to our supply, our global sourcing for those pellets and through the mix that we feed those DRI plants.

當我們想到巴西時，我們實際上從巴西購買兩個關鍵投入。一種是DRI球團，另一種是生鐵。因此，當我們考慮直接還原鐵顆粒時，我們已經採取了必要的措施來減輕巴西 50% 的關稅。因此，我們透過改變供應、改變這些顆粒的全球採購以及改變我們為這些 DRI 工廠提供的混合物來實現這一目標。

So the DRI issue is largely taken care of. When we shift to pig iron, then I think it's helpful to first put our usage into perspective. So today, Katja, pig iron represents 7% to 8% of our mill across the enterprise. If you look back five years or so, that would be double that. And so one example of this flexibility was the invasion of Ukraine. At that time, Russia and Ukraine were 50% of our pig supply. And we pivoted very quickly in a very agile fashion and never missed a quality spec, never missed a customer commitment and shifted our supply pulling the levers we have to pull to react and respond.

因此，DRI 問題基本上已經解決。當我們轉向生鐵時，我認為首先正確看待我們的用途是有幫助的。因此，Katja，今天生鐵占我們整個企業工廠的 7% 到 8%。如果回顧五年左右，這個數字將會翻倍。入侵烏克蘭就是這種彈性的例子。當時，俄羅斯和烏克蘭占我們生豬供應量的50%。我們以非常敏捷的方式迅速轉變，從未錯過任何品質規格，從未錯過任何客戶承諾，並轉移了我們的供應，拉動我們必須採取的措施來做出反應和回應。

So as we sit here today then with pig iron, we would expect to do largely the same thing and pivot our supply and pull the levers that we have to pull. Some of those are shifting to alternative supply like DRI, like low copper shred. If you think about our DRI supply, it's internal, it's stable. Both of our DRI plants are world-class amongst their peers absolutely world-class and then become a top performer for the supply chain for our steel mills. The other is low copper shred that's not directly an HQ high-quality metallic substitute, but it's part of that picture and we've grown significantly in low copper shred production, and we expect to grow more into the future.

因此，當我們今天坐在這裡討論生鐵時，我們期望做大致相同的事情，調整我們的供應並拉動我們必須拉動的槓桿。其中一些企業正在轉向替代供應，如直接還原鐵（DRI）和低銅碎片。如果你考慮我們的 DRI 供應，它是內部的，而且是穩定的。我們的兩家 DRI 工廠在同行中都屬於世界一流水平，絕對是世界一流的，並且成為我們鋼廠供應鏈中的佼佼者。另一種是低銅碎片，它不是直接的 HQ 高品質金屬替代品，但它是其中的一部分，而且我們在低銅碎片生產方面已經取得了顯著增長，我們預計未來還會有更大的增長。

So I just summarize our positioning in this way that this environment it's very challenging, and it's very fluid, but it's exactly the type of environment that we've built this team to handle, and they're executing that strategy with scale and precision, and it just gives us other options that other producers don't have.

因此，我只是這樣總結我們的定位：這種環境非常具有挑戰性，而且非常不穩定，但這正是我們組建這個團隊要應對的環境類型，他們正在大規模、精確地執行這一戰略，這為我們提供了其他生產商所沒有的選擇。

That's super helpful. And just to confirm, basically, what I'm hearing is that you're preparing for the 50% tariffs from Brazil to go into effect on August 1. So if they don't -- if they actually do not go into effect, there's upside to your current expectations? Is that fair?

這非常有幫助。只是為了確認一下，基本上，我聽到的是，你們正在為 8 月 1 日生效的巴西 50% 關稅做準備。所以，如果這些措施實際上沒有生效，您的當前預期會有上升空間嗎？這樣公平嗎？

Yes. Look, I think there's a lot of variables that could create some upside. But again, what our jobs are to make sure we provide a realistic forecast for you to estimate what we think the earnings are going to be. And so again, let's talk in a week, and we'll let you know whether or not those things come to pass. So until that time, yes, I don't want to speculate on what could be, but we've built our models to -- accordingly. And again, to put the risk mitigators there in place so that, again, we can pivot very quickly should they come to pass.

是的。看，我認為有很多變數可以創造一些好處。但再次強調，我們的工作是確保為您提供切合實際的預測，以便您可以估計我們認為的收益是多少。所以，我們再說一遍，一週後再談，我們會告訴你這些事情是否會實現。所以在那之前，是的，我不想猜測會發生什麼，但我們已經建立了我們的模型——相應地。再次，我們將風險緩解措施落實到位，這樣，一旦風險發生，我們就可以迅速做出調整。

Tristan Gresser, BNP Paribas.

法國巴黎銀行的 Tristan Gresser。

Just a quick follow-up on the raw material cost. Have you seen any tariff led cost already in Q2 on the BI buying or cover anything. Was there anything in the average cost in Q2?

只是快速跟進一下原料成本。您是否已經看到第二季印度政府採購或承保的任何產品中存在關稅主導的成本？Q2的平均成本有什麼變化嗎？

No. No, we did not, Tristan. No.

不。不，我們沒有，特里斯坦。不。

All right. That's clear. And then my second question, I think in your presentation, you talked about the beauty for potential impact. Could you maybe go a bit more in detail and if you've been able to quantify and time those impacts, that would be appreciated.

好的。這很清楚。然後是我的第二個問題，我想在您的演講中，您談到了潛在影響的美。您能否更詳細地說明一下，如果您能夠量化和計時這些影響，我們將不勝感激。

And maybe just a last question on the working capital. Look, you had a big build in H1. I'm not sure if that's also some raw material inventory strategy ahead of the tariffs. If you can share any type of outlook into H2 for your working capital, that would be great as well.

也許這只是關於營運資金的最後一個問題。瞧，您在上半年取得了巨大進步。我不確定這是否也是關稅前的一些原料庫存策略。如果您能分享一下對下半年營運資金的任何展望，那就太好了。

I certainly got the front end of the question. I'm not sure I got the back end, but I'll let Steve answer that. Look, if I begin from the macro of the one big beautiful bill, I think certainty -- certainly comes into play, certainly of what the corporate tax rate is going to be.

我當然知道這個問題的前端。我不確定我是否了解後端情況，但我會讓史蒂夫來回答這個問題。你看，如果我從宏觀角度考慮這一巨大的美麗法案，我認為確定性——肯定會發揮作用，肯定會影響企業稅率。

And again, now we can begin building certain things out. I think the other incentives for reshoring are certainly there. And again, when you think about restoring, Nucor sits at the tip of the spear of all of that, we're the best most diverse, well-positioned steel company to provide everything that's going in the ground and above.

現在我們可以開始建造某些東西了。我認為回流的其他激勵因素肯定存在。再說一次，當你考慮恢復時，紐柯鋼鐵公司處於領先地位，我們是最好的、最多樣化的、定位最好的鋼鐵公司，能夠提供地下和地上的所有產品。

And so again, our diversity of range of capabilities offers incredible opportunities. I don't know if Brad mentioned it a few minutes ago, but when we think about Brandenburg its offering today, it is the widest heaviest broadest range of fleet capable products in the United States. And so now as we think about long-term partnerships with defense, military applications and beyond, it offers great exposure and, again, pull-through for other products.

因此，我們多樣化的能力再次為我們提供了難以置信的機會。我不知道布拉德幾分鐘前是否提到過，但當我們想到勃蘭登堡今天提供的產品時，它是美國最廣泛、最重、最廣泛的艦隊適用產品系列。因此，現在當我們考慮與國防、軍事應用及其他領域的長期合作時，它為其他產品提供了極大的曝光度，並且再次起到了拉動作用。

So within that bill, you see $47 billion for funding for the border wall that we again sit at the ready poised not only because we have it, but because we did it prior in the first administration. We've got $29 billion slated for shipbuilding, again, back to Brandenburg and the capability set in our plate ranges, $150 billion in defense spending that, again, we see sit in a very enviable position to be poised to supply all of that.

因此，在該法案中，你會看到 470 億美元用於建造邊境牆，我們再次做好準備，不僅因為我們擁有這筆資金，還因為我們在第一屆政府時期就已經這樣做了。我們計劃為造船業投入 290 億美元，再次回到勃蘭登堡，我們的板塊範圍內設定的能力，1500 億美元的國防開支，再次，我們看到它處於非常令人羨慕的地位，準備提供所有這些。

And then again, if I pull back one level higher from the bill itself, over the last six months, you've seen commitments from companies that are in the top Fortune 50 of this nation that announced $2 trillion of investment into the United States of America.

再說了，如果我從法案本身往上追溯，在過去的六個月裡，你已經看到美國財富 50 強企業承諾向美國投資 2 兆美元。

Again, Nucor sits incredibly well positioned to do everything from the data centers, the energy, the markets, in the clean manufacturing, the advanced manufacturing, all of those areas, again, from shipbuilding the bridges, to defense and military again, I think are wonderful pull-throughs. And again, I think this bill is going to be very advantageous for the steel industry, but quite frankly, manufacturing as a whole.

再說一遍，紐柯公司在資料中心、能源、市場、清潔製造、先進製造等各個領域都佔據著極其有利的地位，從造船、橋樑到國防和軍事，我認為這些都是非常好的突破口。我再次認為，這項法案對鋼鐵業非常有利，坦白說，對整個製造業也非常有利。

Tristan, this is Steve. And just to address the last part of your question about working capital changes and it ties in with Leon's response about some positive demand trends, but it was a large factor. Working capital build is a large factor of why we had negative free cash flows for the first half of the year. We had roughly -- a little north of $620 million of capital usage in our operating working capital field just in the second quarter alone.

特里斯坦，這是史蒂夫。只是為了回答你關於營運資金變化的問題的最後一部分，它與 Leon 關於一些積極需求趨勢的回答有關，但這是一個很大的因素。營運資本累積是我們上半年自由現金流為負的重要因素。光是第二季度，我們的營運資本領域的資本使用量就大約略高於 6.2 億美元。

That's not abnormal given the price trends and the volume trends we've seen. So that's not all that surprising. But I think what that sets up really well as a very constructive pivot toward the second half of the year where we expect a dramatic change in free cash flow profile in the back half of the year compared with the first half of the year. And that's driven in part by the working capital usage in the first half, but also capital spending was very, very high in the first half of the year. So it really sets up a very nice the market conditions, along with our position in the market, set up a very nice free cash flow outlook for the second half.

從我們所看到的價格趨勢和數量趨勢來看，這並不異常。所以這並不奇怪。但我認為這為下半年奠定了非常有建設性的基調，我們預計下半年的自由現金流狀況與上半年相比將發生巨大變化。這在一定程度上是由於上半年營運資本的使用，但上半年的資本支出也非常高。因此，它確實建立了非常好的市場條件，加上我們在市場中的地位，為下半年建立了非常好的自由現金流前景。

(Operator Instructions) Phil Gibbs, KeyBanc.

（操作員指示）Phil Gibbs，KeyBanc。

Good morning, Phil.

早上好，菲爾。

Sticking with the big beautiful bill question, Steve, are there any direct tax benefits to you all in the back half of the year for 2026?

繼續回答這個美麗的大法案問題，史蒂夫，2026 年下半年你們大家會得到任何直接稅收優惠嗎？

Phil, actually, it's relatively limited. The construct of that bill is a little bit forward facing, if you will, in that many of our projects are already underway. Some of the largest spend we've got, it does probably have the most pronounced effect for us in R&D spending and the ability to accelerate that into expensing that right up front rather than amortizing it over seven years. So we'll have some very positive net present value benefits with that regard. But maybe not as large as you might expect, given the capital spending that we're undertaking.

菲爾，實際上，它是相對有限的。如果你願意的話，該法案的結構有點面向未來，因為我們的許多項目已經在進行中。這是我們最大的支出，它可能對我們在研發支出方面產生最明顯的影響，並且能夠將其加速為前期費用，而不是在七年內攤提。因此，在這方面我們將獲得一些非常正面的淨現值收益。但考慮到我們正在進行的資本支出，可能沒有你想像的那麼大。

Okay. And then I have one follow-up just on the cost side. So the slab piece, you buy -- I think you buy foreign slab for CSI in that business on the West Coast. So my baseline assumption as that business starts to see some higher cost in the third quarter. I think that's what you may have been alluding to on the earlier comments.

好的。然後我還有一個關於成本方面的後續問題。所以，您購買的板材——我認為您為西海岸的 CSI 購買外國板材。因此，我的基本假設是該業務在第三季開始出現一些更高的成本。我認為這可能是您在先前的評論中所暗示的。

And then secondly, just maybe give us a view of what you're seeing on just your own energy and electricity cost side and how those things are trending overall?

其次，您能否向我們介紹一下您所看到的能源和電力成本狀況以及整體趨勢如何？

Yes. Look, Phil, a few things. And yes, it's a short answer. The tariffs on slabs have already been taken, already are in effect. And so that change is already upon us. But again, Noah Handers in the sheet Group continue to do a great job. We have not unlike our raw materials and incredible flexibility to pivot and again, self-supply if we chose. But no, you want to just touch base on a few of the things that you and your teams are doing there to, again, mitigate some of this impact.

是的。聽著，菲爾，有幾件事。是的，這是一個簡短的回答。對板材徵收的關稅已經實施，並且已經生效。所以這種改變已經降臨到我們身上。不過，床單組的諾亞漢德斯 (Noah Handers) 繼續表現出色。我們擁有與原材料類似的資源，並且具有令人難以置信的靈活性，如果我們選擇的話，可以進行調整併實現自給自足。但不，您只是想了解您和您的團隊在那裡所做的一些事情，以再次減輕一些影響。

Yes. Just a couple of small things to add here. One, we as Leon mentioned, and as you see in our raw material strategy, we have the ability to go source anywhere in the world and domestically. And our team exercises that ability and their really adept at fund and as the lowest cost solution.

是的。這裡只需添加幾件小事。首先，正如 Leon 所提到的，正如您在我們的原材料策略中所看到的，我們有能力在世界任何地方和國內尋找資源。我們的團隊發揮了這種能力，他們非常擅長提供資金和最低成本的解決方案。

So while we do have some exposure to the Brazilian tariff and you see a little bit of that compression in our outlook on third quarter was due to that tariff impact to Brazil. We also have the ability to self supply. We're shipping their internal finished top rolled tons that CSI has been able to transform at very competitive costs.

因此，雖然我們確實受到巴西關稅的影響，但您會看到，我們對第三季的展望有所壓縮，這是由於關稅對巴西的影響。我們也具有自我供應的能力。我們正在運送 CSI 能夠以極具競爭力的成本進行加工的內部成品頂軋噸位。

And then we are able to source from other international -- other sources internationally and very competitive cost. So our team is doing an awesome job managing the impact of the tariffs and we're able to continue to serve the West Coast market profitably.

然後，我們就可以從其他國際來源採購──其他國際來源，而且成本非常有競爭力。因此，我們的團隊在管理關稅影響方面做得非常出色，我們能夠繼續為西海岸市場提供獲利服務。

Yes. Phil, just to round out your question on energy. Energy costs are up a little bit year-over-year. They're down quarter-over-quarter, but there -- for us, they're a little over $40 a ton in our steelmaking. And in terms of outlook, we put that relatively flat in the next couple of quarters going ahead.

是的。菲爾，我只是想回答你關於能源的問題。能源成本較去年同期略有上漲。它們的價格環比有所下降，但對於我們來說，煉鋼成本略高於每噸 40 美元。就前景而言，我們預計未來幾季這一數字將相對持平。

Mike Harris, Goldman Sachs.

高盛的麥克·哈里斯。

As we look at the steel products segment, what would you guys call out as potential gaps in that portfolio? And maybe speak to some examples of what type verticals could bring material synergies to the table.

當我們審視鋼鐵產品領域時，你們認為該產品組合中存在哪些潛在差距？也許可以舉一些例子來說明哪些類型的垂直產業可以帶來實質的協同效應。

Yes, Mike, look, again, as John had mentioned earlier, that group is comprised of about 12 different businesses from overhead doors or insulated metal panels or joist and deck, our building systems. And I would tell you, almost across the board, we're seeing either flat or improving conditions. So again, I would tell you, there's really not a lot -- there's no low spots to call out and there's some lag in terms of realized margins and net earnings that we're going to see flow through into Q3 and beyond.

是的，麥克，你看，正如約翰之前提到的，該集團由大約 12 個不同的業務組成，包括高架門、絕緣金屬板、托樑和甲板以及我們的建築系統。我想告訴你們，我們看到的幾乎全部情況要么持平，要么正在改善。因此，我再次告訴您，實際上沒有太多變化——沒有低谷，並且在實現的利潤率和淨收益方面存在一些滯後，我們將看到這些滯後延續到第三季度及以後。

But again, if we go back six, seven, eight years, that group as a whole represented about 15% of Nucor's overall net earnings. Today, that's pushing closer to 45%, 46% of our overall net earnings. And again, as you think about the core buildout of our steelmaking capacity, those dollars are going to continue to shift into our adjacencies, expand beyond and all those sit under this products bucket as well. So that growth for Nucor is going to continue to grow in that area. So I would tell you we're excited about that. Our internal as well as the external forecast in almost every one of those segments are showing improving conditions.

但如果我們回顧六、七、八年前，整個集團約佔紐柯公司整體淨利的 15%。如今，這一數字已接近我們整體淨收益的 45% 至 46%。再說一次，當你考慮我們煉鋼能力的核心建設時，這些資金將繼續轉移到我們的鄰近領域，擴展到更遠的地方，所有這些都屬於這個產品類別。因此，紐柯公司在該地區的成長將會持續。所以我想告訴你我們對此感到很興奮。我們對幾乎所有領域的內部和外部預測都顯示情況正在改善。

Yes. Mike, maybe I'll add just a little bit to what Leon said there. If you go back to pre-Covid levels of EBITDA margins for the Downstream segment, we're doing 9% or 10% EBITDA at that time. And now we're doing 16%, 17%, depending on whether you want to talk first half or fourth quarter.

是的。麥克，也許我會對萊昂所說的話做一點補充。如果回到下游部門疫情之前的 EBITDA 利潤率水平，當時我們的 EBITDA 為 9% 或 10%。現在我們的成長率是 16% 還是 17%，這取決於你想談的是上半年還是第四季。

And I think that speaks to what Leon is really hitting that with where we will allocate capital going forward, which is kind of the heart of your question about what gaps are in the product suite. We continue to find ways to add to our portfolio that improve our margins, improve free cash flows and offer a wider range of solutions in the marketplace and fit our business model. That's probably the most important aspect.

我認為這說明了 Leon 真正想要表達的意思，即我們未來將如何分配資本，這也是您關於產品套件中存在哪些差距的問題的核心。我們不斷尋找方法來擴大我們的產品組合，以提高我們的利潤率，改善自由現金流，並在市場上提供更廣泛的解決方案並適合我們的商業模式。這可能是最重要的方面。

We fundamentally create incremental value with these businesses when we add them and fold them into our portfolio. So we're not going to ever tell you the specific targets, but we will keep marching in the same direction that we have. You've seen us do in the past.

當我們將這些業務添加並納入我們的投資組合時，我們從根本上創造了增量價值。因此，我們永遠不會告訴您具體的目標，但我們會繼續朝著相同的方向前進。您過去曾經看過我們這樣做。

No, that's very helpful. And I guess in the spirit of full disclosure, I was looking at slide number 6, where you talked about the evolution of the business. And I was just trying to make sure I understood that future. Was that because you were just making the best better? Or did you not feel you had enough to fight it already and it sounds like it was the former. That's really all I had, guys. I mean, you've answered a lot of my questions already, so I'll get back in the queue.

不，這非常有幫助。我想，本著全面披露的精神，我正在看第 6 張投影片，您在其中談到了業務的發展。我只是想確保我了解未來。那是因為你只是想讓最好的變得更好嗎？或者你覺得自己還沒有足夠實力去對抗它，聽起來是前者。夥計們，這就是我所擁有的一切。我的意思是，您已經回答了我很多問題，所以我會重新回到隊列中。

Thank you, Mike. Appreciate that. And yes, your comment about the former is accurate. It is continuing to pull more errors in our clever to deliver more capabilities for our customer sets.

謝謝你，麥克。非常感謝。是的，您對前者的評論是正確的。它在我們的聰明才智中不斷引入更多錯誤，以便為我們的客戶提供更多功能。

(Operator Instructions) Carlos De Alba, Morgan Stanley.

（操作員指示）Carlos De Alba，摩根士丹利。

Just wanted to explore a little bit more the margin compression expected in the steel mills in the third quarter. Can you provide maybe some color by different products, sheet, play, bars, beams, -- are there any of those products that you would highlight where you expect the biggest margin compression, maybe you see some margin expansion in some of them, that would be great.

只是想進一步探討一下預計第三季鋼廠利潤率將受到怎樣的壓縮。您能否透過不同的產品、板材、板材、條材、樑等提供一些顏色資訊——您是否會重點介紹其中任何一種您預計利潤壓縮最大的產品，也許您會看到其中一些產品的利潤有所擴大，那就太好了。

Yes. Carlos, look, we touched on that a little bit a few more months to go. I think the potential for some pressure in flat sheet in particular, could impact the earnings segment in Q3. And that's why, again, we've highlighted that. We've touched on that. Part of that is what Noah just mentioned a few moments ago regarding the slabs coming in from Brazil.

是的。卡洛斯，你看，幾個月後我們就會稍微談論這個問題。我認為平板片材方面的潛在壓力可能會影響第三季的獲利部分。這就是我們再次強調這一點的原因。我們已經討論過這個問題。其中一部分就是諾亞剛才提到的有關從巴西進口的板材。

So again, we have some mitigation strategies already being worked and put in place, which could mean we supply self-supply there through our own sheet mills. And again, we have a very adaptive capability set. But again, that's one area. But as we talk about that, yes, I think there's a ton of upside as we think about the potential continued growth in what Brandenburg is doing in the play group, what John and the team are doing in products, what Randy and his group are doing in our long products, in rebar and MBQ, we didn't talk about it on this call, but our being mills in both Arkansas and Berkeley are performing at near historic highs. Their backlogs are at near historic highs.

因此，我們已經制定並實施了一些緩解策略，這可能意味著我們可以透過自己的板材廠實現自給自足。而且，我們擁有一套非常適應力的體系。但同樣，這只是一個領域。但是當我們談論這一點時，是的，我認為有很多好處，因為我們考慮到勃蘭登堡在遊戲組中所做的事情、約翰和團隊在產品中所做的事情、蘭迪和他的團隊在我們的長材產品、螺紋鋼和 MBQ 中所做的事情的潛在持續增長，我們在這次電話會議上沒有談論它，但我們在阿肯色州和伯克利歷史的表現都接近歷史最高水平的工廠。他們的積壓訂單量已接近歷史最高水準。

And all of that backlog, like hundreds of thousands of tons is actual orders. They don't produce anything for stock. Every one of those are direct quotable and billable order. And so that's going to continue to fuel Nucor's earnings power. And again, so there's a lot of segments that we're very excited about. Again, the megatrends across the US, the start-up next month of our towers and structures plant gives us incredible excitement, again, to be able to move into that market.

所有這些積壓訂單，例如數十萬噸，都是實際訂單。他們不生產任何庫存產品。每一個都是直接可報價和可計費的訂單。這將繼續增強紐柯公司的獲利能力。再說一次，有很多部分讓我們感到非常興奮。再次，美國大趨勢，下個月我們的塔和結構工廠的啟動讓我們再次感到無比興奮，能夠進入這個市場。

And then by early spring, the second plan in late next year, the third. So again, there's a number of different elements here that our investment strategy that we deliberately and focused on five years ago. We're beginning to pay those dividends today and the investments that are just beginning to start up now are going to continue to pay for the next 20, 30, 40 years.

然後到初春，第二個計劃在明年年底，第三個計劃。所以，我們五年前刻意關注的投資策略中有很多不同的元素。我們今天就開始支付這些股息，而現在才剛開始的投資將在未來 20、30、40 年內繼續帶來回報。

Great. And maybe just to -- we are zooming on bars and maybe beams, but bars you mentioned the price increase is MBQ and rebar, would you expect margin expansion in the bar business and maybe in the beams as well?

偉大的。也許只是——我們正在放大棒材和梁材，但您提到的棒材價格上漲是 MBQ 和螺紋鋼，您是否預計棒材業務和梁材的利潤率也會擴大？

I'll touch on beams and then let Randy touch -- Randy Spicer, our EVP, over our products touch on. But look, as we think about the opportunity for longs, man, it's significant. Again, it's an area we've played in for a long time. We have a great customer base there. We have an incredible market share as well in beams. But that mill is run at 70%-yearish of capacity for a long time, Carlos. So we have a lot of opportunity and upside there.

我將談談橫梁，然後讓 Randy 談談——我們的執行副總裁 Randy Spicer 談談我們的產品。但是，當我們考慮多頭的機會時，它意義重大。再說一次，這是我們長期涉足的領域。我們在那裡擁有龐大的客戶群。我們在橫樑領域也佔有相當大的市場份額。但是卡洛斯，該工廠長期以來每年的產能利用率都只有 70% 左右。因此我們有很多機會和優勢。

At the same time, it is one of the strongest profit generators in the entire company and it has been consistently for a long period of time. And so we couldn't be more excited about the work that they're doing, how they look to continue to expand those margins. And again, yes, I do think there's opportunity in the beam side. Randy, why don't you touch on the longs and bar and MBQ.

同時，它是整個公司最強大的利潤來源之一，並且長期以來一直如此。因此，我們對他們正在做的工作以及他們如何繼續擴大利潤感到無比興奮。是的，我確實認為橫樑方面有機會。蘭迪，為什麼不談多頭、多頭和 MBQ 呢？

Thank you, Leon, Carlos. Thank you for the question. Definitely, the same, I would say, on the bar side, the momentum is very strong. We have continued to see robust order entry across all of our regions as we start looking in the key end markets, as we've talked about several on the call, the infrastructure work, again, continued big projects with the chip plants, warehouses and data centers, the support that we get from our downstream businesses has been just tremendous.

謝謝你，萊昂，卡洛斯。謝謝你的提問。絕對一樣，我想說，在酒吧方面，勢頭非常強勁。當我們開始關注關鍵終端市場時，我們所有地區的訂單量都保持強勁增長，正如我們在電話會議上討論的幾個問題、基礎設施建設、晶片工廠、倉庫和數據中心等大型項目的持續推進，我們從下游業務中獲得的支持非常巨大。

When you look at the macro signals, the momentum Index is showing up 20% on a year, which again is letting us know there even more projects that are coming into the planning phases. So when we look at our long products, our backlogs are at multiyear highs and our lead times continue to extend. So we are very confident in a very strong second half.

當你查看宏觀訊號時，動量指數顯示一年內增加了 20%，這再次讓我們知道有更多的項目正在進入規劃階段。因此，當我們查看我們的長材產品時，我們會發現我們的積壓訂單量處於多年來的最高水平，而且我們的交貨時間還在繼續延長。因此，我們對下半年的強勁表現充滿信心。

Alex Hacking, Citi.

花旗銀行的亞歷克斯‧哈金 (Alex Hacking)。

Apologize I missed the first couple of minutes of the call. But just I just wanted to check, the CapEx guidance is unchanged at $3 billion, and that for, we should expect a pretty significant decline in 2H.

抱歉，我錯過了通話的前幾分鐘。但我只是想確認一下，資本支出指引保持不變，仍為 30 億美元，因此，我們預計下半年會出現相當大幅的下降。

And then just as a follow-up. If I look at slide 5, all the projects nearing completion. Beyond that, you've got the sheet mill, you bought the Utah -- the Pacific Northwest rebar mill. Is there anything else that I'm missing that's kind of coming beyond what's on slide 5.

然後只是作為後續行動。如果我看投影片 5，所有項目都已接近完成。除此之外，你還擁有板材廠，並購買了猶他州——太平洋西北地區的鋼筋廠。除了投影片 5 的內容之外，我還遺漏了什麼嗎？

Yes. Alex, it was a rivet in a couple of minutes. And so we'll catch you up very quickly. But yes, you touched on most of them. A couple that I would add to that list are two, galvanizing lines at Crawfordsville, Indiana as well as Nucor Berkeley that will come online next year. The third towers plant in Utah as well next year.

是的。亞歷克斯，幾分鐘後它就變成鉚釘了。所以我們會很快趕上你。但是是的，您確實觸及了其中的大部分內容。我想在這個清單中添加兩條鍍鋅生產線，一條是位於印第安納州克勞福茲維爾的鍍鋅生產線，另一條是位於伯克利的紐柯鋼鐵公司的鍍鋅生產線，這兩條生產線將於明年投入使用。第三座塔廠將於明年在猶他州投入使用。

And so again, we're starting to see the contributions from the investments that were made several years ago, like Brandenburg, Gallatin and now came in Lexington are in startup mode now commissioning is done, and now their quest is to ramp those facilities up, serving our customer base to continue to generate stronger sustainable well hedge volatile earnings for our shareholders and for the future. So yes, as we see that pent-up earnings power is starting to flow through and will continue over the next couple of years. But those were the couple I would add that you didn't call out.

因此，我們再次開始看到幾年前的投資貢獻，例如勃蘭登堡、加拉廷和現在的列剋星敦，這些投資都處於啟動模式，現在已完成調試，現在他們的任務是擴大這些設施，為我們的客戶群提供服務，繼續為我們的股東和未來創造更強勁的可持續對沖波動收益。是的，正如我們所見，被壓抑的盈利能力開始顯現，並將在未來幾年持續下去。但我想補充的是，你沒有叫出那對夫婦的名字。

Alex, this is Dave Sumoski. Also add CSI -- start-up.

亞歷克斯，我是戴夫‧蘇莫斯基。也加入 CSI——啟動。

Yes. And Alex, your math exercise is correct. We do expect lower capital spending in the second half of the year that -- and combined with a little bit less working capital use, we should see a pronounced change in free cash flow in the back half compared with the first half of the year.

是的。而且亞歷克斯，你的數學練習是正確的。我們確實預期下半年資本支出將會減少，再加上營運資本使用量略有減少，我們應該會看到下半年的自由現金流與上半年相比有明顯變化。

We currently have no further questions in the queue. So I'd like to hand back to Leon Topalian for any further remarks.

目前我們隊列中沒有其他問題。因此，我想將發言權交還給 Leon Topalian，請他發表進一步的評論。

Thank you for joining us again today, and I'd like to thank our Nucor team for delivering an incredible first half of the year regarding safety as well as our solid financial performance. I'd like to thank our customers for the trust that you place in us with each and every order.

感謝您今天再次加入我們，我還要感謝我們的 Nucor 團隊在上半年在安全方面取得了令人難以置信的成績，並取得了穩健的財務業績。我要感謝我們的客戶，感謝你們在每一份訂單中給予我們的信任。

And finally, thank you to our investors for trust that you place in us with your valuable shareholder capital. Thank you for your interest in Nucor and have a great day.

最後，感謝我們的投資者給予我們寶貴的股東資本的信任。感謝您對 Nucor 的關注並祝您有愉快的一天。

As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines.

在今天的電話會議結束時，我們要感謝大家的參與。您可以斷開線路。