Nucor Corp (NUE) 2025 Q4 法說會逐字稿

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

早安，歡迎參加紐柯公司2025年第四季財報電話會議。（操作員指示）今天的通話正在錄音。（操作說明）

I would now like to introduce Chris Jacobi, Director of Investor Relations. You may begin your call.

現在我謹向大家介紹投資人關係總監克里斯‧雅各比。您可以開始通話了。

Thank you and good morning, everyone. Welcome to Nucor's fourth-quarter earnings review and business update. Leading our call today is Leon Topalian, Chair and CEO; along with Steve Laxton, President, COO, and CFO. Other members of Nucor's executive team are also here with us today and may participate during the Q&A portion of the call.

謝謝大家，大家早安。歡迎閱讀紐柯公司第四季財報回顧和業務更新報告。今天主持我們電話會議的是董事長兼執行長 Leon Topalian，以及總裁、營運長兼財務長 Steve Laxton。紐柯公司高階主管團隊的其他成員今天也來到了現場，他們可能會在電話會議的問答環節參與討論。

Yesterday, we posted our fourth-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，我們在紐柯公司的投資者關係網站上發布了第四季度收益報告和投資者簡報。我們鼓勵您查閱這些資料，因為我們將在通話中講解其中的部分內容。

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.

今天的討論將包括使用非GAAP財務指標和證券法意義上的前瞻性資訊。實際結果可能與前瞻性聲明有所不同，並涉及我們在安全港聲明中概述以及在紐柯公司向美國證券交易委員會提交的文件中披露的風險。本次簡報的附錄包括補充資料和揭露內容，以及非GAAP財務指標的調節表。

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

那麼，接下來我們把電話交給萊昂。

Thanks, Chris. And welcome, everyone. For as long as I've been Nucor's CEO, we have opened our earnings calls by recognizing our safety performance, and I am pleased to continue that tradition again. In 2025, our team achieved the lowest injury and illness rate in our history, marking the eighth consecutive year of improvement. And we finished the year with incredible momentum as the final two months of the year were the safest two months we have ever recorded.

謝謝你，克里斯。歡迎各位。在我擔任紐柯執行長的這些年裡，我們每次財報電話會議都會先表彰我們的安全表現，我很高興能夠再次延續這項傳統。2025年，我們的團隊實現了史上最低的傷病率，連續第八年取得進步。我們以驚人的勢頭結束了這一年，因為今年的最後兩個月是我們有史以來最安全的兩個月。

These milestones have occurred during a period of significant growth and transformation for Nucor, and I'm extremely proud of how our team continues to prioritize safety in everything we do. However, as we pursue our goal of becoming the world's safest steel company, our safety journey will not be complete until we operate injury free every day.

這些里程碑事件發生在紐柯公司經歷重大成長和轉型時期，我為我們的團隊始終將安全放在首位而感到無比自豪。然而，在我們努力成為世界上最安全的鋼鐵公司的過程中，只有每天實現零事故，我們的安全之旅才算完成。

Before I comment on our results, I would like to briefly address the management changes we announced at the end of last year. Effective January 1, Steve Laxton was promoted to President and Chief Operating Officer. Throughout his 23 years at Nucor, Steve has demonstrated strong leadership and has played an important role in shaping our growth strategy. In this expanded role, he will have an even greater impact on the company's future. Steve will also continue to serve as CFO until a successor is named. Congratulations, Steve.

在對我們的業績發表評論之前，我想先簡要談談我們在去年年底宣布的管理層變動。自1月1日起，史蒂夫·拉克斯頓晉升為總裁兼營運長。在紐柯公司工作的 23 年裡，史蒂夫展現了強大的領導才能，並在塑造公司的發展策略中發揮了重要作用。在這個職位上，他將對公司的未來產生更大的影響。在任命繼任者之前，史蒂夫將繼續擔任財務長一職。恭喜你，史蒂夫。

I would also like to acknowledge the many contributions of Dave Sumoski. Dave has served as our Chief Operating Officer since 2021 and will retire in June after more than 30 years at Nucor. Over that time, Dave has been a trusted leader, and his deep operational expertise and strong commitment to advancing our safety culture have made a lasting impact on the company. He will be missed by all of us when he begins a well-deserved retirement in June. On behalf of our teammates across Nucor, we wish Dave and his family all the best.

我還要感謝戴夫·蘇莫斯基所做的諸多貢獻。自 2021 年以來，Dave 一直擔任我們的營運官，在 Nucor 工作 30 多年後，他將於 6 月退休。多年來，戴夫一直是值得信賴的領導者，他深厚的營運專業知識和對推進我們安全文化的堅定承諾對公司產生了持久的影響。他將於六月開始他當之無愧的退休生活，屆時我們所有人都會想念他。我們代表紐柯公司的全體員工，祝福戴夫和他的家人一切順利。

Turning to our financial performance, we delivered adjusted earnings of $1.73 per share in the fourth quarter and $7.71 per share for the full year. EBITDA totaled $918 million for the quarter and approximately $4.2 billion for the year.

從財務表現來看，我們在第四季度調整後每股收益為 1.73 美元，全年調整後每股收益為 7.71 美元。本季 EBITDA 總計 9.18 億美元，全年 EBITDA 約 42 億美元。

We remain committed to balancing long-term growth with meaningful shareholder returns while maintaining the strongest credit profile in our industry. For 2025, we reinvested $3.4 billion into the company, with the majority of that capital going to projects that were completed in 2025 or will be completed later this year; returned $1.2 billion to shareholders through dividends and share buybacks, representing approximately 70% of net earnings; and finished the year with $2.7 billion in cash, providing ample liquidity to support the business and finance our growth objectives.

我們始終致力於在維持業界最強信用記錄的同時，兼顧長期成長和股東的實質回報。2025 年，我們向公司再投資了 34 億美元，其中大部分資金用於 2025 年已完成或將於今年晚些時候完成的項目；透過股息和股票回購向股東返還了 12 億美元，約佔淨利潤的 70%；年底現金餘額為 27 億美元，為業務發展和實現增長目標提供了充足的流動性。

We begin 2026 with real momentum built on years of hard work, disciplined investment, and a relentless commitment to grow the core, expand beyond, and live our culture. Since 2019, we have strengthened our Steel Mills segment through 15 major projects across our sheet, bar, and plate groups. These investments have enhanced our capabilities while shifting our product mix toward higher-margin products that address growing customer needs in key markets.

2026 年伊始，我們憑藉著多年的辛勤工作、嚴謹的投資以及對發展核心業務、拓展業務範圍和實踐企業文化的堅定承諾，取得了真正的發展勢頭。自 2019 年以來，我們透過在薄板、棒材和板材業務板塊開展的 15 個重大項目，加強了我們的鋼鐵廠業務板塊。這些投資增強了我們的能力，同時將我們的產品組合轉向利潤率更高的產品，以滿足重點市場不斷增長的客戶需求。

We have also expanded our Steel Products portfolio by delivering more comprehensive customer solutions and adding steel-adjacent businesses supported by strong secular demand trends. The progress we made in 2025 marked a meaningful inflection point as a number of projects transitioned from the construction phase to the ramp-up phase.

我們也透過提供更全面的客戶解決方案和增加鋼鐵相關業務，擴大了鋼鐵產品組合，這得益於強勁的長期需求趨勢。我們在 2025 年取得的進展標誌著一個重要的轉捩點，因為許多專案從建設階段過渡到啟動階段。

Major projects completed include our new rebar micro mill in Lexington, North Carolina; a new melt shop at our bar mill in Kingman, Arizona; a new Nucor Towers and Structures facility in Alabama; and new galvanizing and pre-paint lines at our Crawfordsville sheet mill in Indiana. All of these projects are on track to be fully ramped up and operating at positive EBITDA run rates within the year.

已完成的主要項目包括：位於北卡羅來納州萊剋星頓的新型鋼筋微型軋機；位於亞利桑那州金曼的棒材軋機的新型熔煉車間；位於阿拉巴馬州的紐柯塔架和結構廠；以及位於印第安納州克勞福茲維爾的板材軋機的新型鍍鋅和預塗漆生產線。所有這些項目都按計劃進行，將在年內全面投產並實現正 EBITDA 運行率。

Our growth strategy has never been about simply getting bigger. It's about generating more value for our customers, shareholders, and teammates. Even as we've executed on these growth projects, we've also taken deliberate steps to realign our asset base and improve our cost structure by restructuring operations and repurposing facilities to better serve fast-growing end markets.

我們的成長策略從來都不是單純地擴大規模。一切都是為了給我們的客戶、股東和團隊成員創造更多價值。即使在我們執行這些成長項目的同時，我們也採取了審慎的措施，透過重組營運和改造設施來調整我們的資產基礎並改善我們的成本結構，以便更好地服務快速成長的終端市場。

For example, we converted two existing Steel Products facilities to support our Nucor data systems business as it supplies the rapidly expanding data center market. This demonstrates a core strength of Nucor. With the broadest range of capabilities in the North American steel industry, we are uniquely positioned to capitalize on new opportunities wherever they emerge.

例如，我們改造了兩個現有的鋼鐵產品工廠，以支援我們的紐柯資料系統業務，因為該業務正在為快速成長的資料中心市場提供服務。這體現了紐柯公司的核心優勢。我們擁有北美鋼鐵業最廣泛的能力，這使我們處於獨特的地位，能夠抓住任何新出現的機會。

Turning to 2026, several remaining projects will reach completion this year, and our teams are focused on bringing them online safely, on time, and on budget. Within the sheet group, we're on schedule to complete construction of our new mill in West Virginia by year end.

展望 2026 年，剩餘的幾個項目將於今年完成，我們的團隊正致力於安全、按時、按預算地將這些項目上線。在板材業務方面，我們正按計劃推進，並將於年底前完成位於西維吉尼亞州的新工廠的建設。

Once online, this mill will begin supplying some of the cleanest and most advanced sheet steel in North America, serving automotive, construction, and industrial customers. We will also start up the new galvanizing line at our Berkeley County mill with commissioning planned for mid 2026.

該鋼廠一旦投產，將開始供應北美最清潔、最先進的鋼板，服務汽車、建築和工業客戶。我們也將在伯克利縣的工廠啟動新的鍍鋅生產線，計劃於 2026 年年中投入使用。

Within Towers and Structures, construction continues on our greenfield utility pole production facility in Indiana, which is expected to begin full operations in the second quarter. Our third greenfield project in Utah remains on track for completion in 2027. When these facilities are fully online, we will operate four highly automated state-of-the-art production sites with national coverage in the high-growth utility transmission tower market.

在塔架和結構業務方面，我們在印第安納州新建的公用設施桿生產設施的建設仍在繼續，預計第二季全面投入營運。我們在猶他州的第三個新建項目仍按計劃進行，將於 2027 年竣工。當這些設施全面投入營運後，我們將營運四個高度自動化的先進生產基地，在快速成長的公用事業輸電塔市場中實現全國覆蓋。

Since 2020, we have invested approximately $20 billion through CapEx and acquisitions to grow our core steelmaking capabilities and expand into downstream businesses while returning nearly $14 billion of capital to shareholders and improving our credit profile. With the majority of our recent investments largely complete, I'm confident it sets up Nucor to enter its next phase of growth from a position of strength, focused on disciplined capital allocation while driving long-term value for our shareholders.

自 2020 年以來，我們透過資本支出和收購投資了約 200 億美元，以增強我們的核心煉鋼能力並拓展下游業務，同時向股東返還了近 140 億美元的資本，並改善了我們的信用狀況。隨著我們近期大部分投資基本上完成，我相信這將使紐柯公司以強大的實力進入下一個成長階段，專注於有紀律的資本配置，同時為我們的股東創造長期價值。

Moving to trade policy, vigorous enforcement of our trade remedy laws and the full reinstatement of the Section 232 steel tariffs without exemptions last year have helped drive down steel imports. Foreign import share of the US finished steel market has dropped from approximately 25% at this time last year to 16% in October and an estimated 14% in November. We expect imports will continue to trend at or below those levels in 2026 as the market absorbs the full impact of the Section 232 tariffs and recent trade case determinations.

就貿易政策而言，我們大力執行貿易救濟法律，並在去年全面恢復了第 232 條的鋼鐵關稅（不設任何豁免），這有助於降低鋼鐵進口量。美國成品鋼市場外國進口份額已從去年同期的約 25% 下降到 10 月的 16%，預計 11 月將下降到 14%。我們預計，隨著市場消化第 232 條款關稅和近期貿易案件裁決的全部影響，2026 年進口將繼續保持在或低於這些水準。

During 2025, the Department of Commerce and the International Trade Commission made important rulings regarding unfairly traded imports of corrosion-resistant steel and rebar. Together, the Section 232 tariffs and product-specific trade cases provide vital defenses against countries that seek to dump their steel into the US market. We appreciate the efforts the federal government took in 2025 to level the playing field for the American steel industry.

2025年，商務部和國際貿易委員會就耐腐蝕鋼材和鋼筋的不公平貿易進口作出了重要裁決。第 232 條關稅和針對特定產品的貿易案件共同構成了對那些試圖向美國市場傾銷鋼鐵的國家的重要防禦措施。我們讚賞聯邦政府在 2025 年為美國鋼鐵業創造公平競爭環境所做的努力。

Looking ahead, trade policy will remain a priority for our industry. The formal USMCA review, beginning in July, offers the opportunity to drive additional steel demand in North America, crack down on efforts to transship steel through Mexico and Canada, and address steel subsidies provided by the Canadian government. We must also continue to implement common sense policies like Buy America that incentivize the use of American-made steel for infrastructure, shipbuilding, and defense.

展望未來，貿易政策仍將是我們產業的優先事項。從 7 月開始的正式美墨加協定審查，為推動北美地區對鋼鐵的進一步需求、打擊通過墨西哥和加拿大轉運鋼鐵的行為以及解決加拿大政府提供的鋼鐵補貼提供了機會。我們還必須繼續實施諸如「購買美國貨」之類的常識性政策，以激勵在基礎設施、造船和國防領域使用美國製造的鋼鐵。

Turning to our expectations for 2026, we continue to see strength in many of our primary end markets, including infrastructure, data centers, and energy and energy infrastructure. We are also seeing healthy demand related to advanced manufacturing in the border fence. While those markets remain strong, we have yet to see much improvement from interest-rate-sensitive markets like automotive and residential construction. In total, we expect domestic steel demand to be slightly up relative to 2025.

展望 2026 年，我們繼續看到許多主要終端市場保持強勁勢頭，包括基礎設施、資料中心以及能源和能源基礎設施。我們也看到，邊境圍籬等先進製造業領域的需求十分旺盛。雖然這些市場依然強勁，但我們尚未看到對利率敏感的市場（如汽車和住宅建築）出現太大改善。總體而言，我們預計國內鋼鐵需求將比 2025 年略有成長。

And as I mentioned earlier, we expect the full impact of the Section 232 tariffs and recent trade determinations will lower levels of imported steel in 2026. Against this supply and demand backdrop, we enter the year with historically strong backlogs, up nearly 40% year over year in the Steel Mills segment and 15% in Steel Products.

正如我之前提到的，我們預計第 232 條款關稅和最近的貿易決定將全面影響 2026 年進口鋼鐵水準。在這種供需背景下，我們以歷史性的強勁積壓訂單進入新的一年，鋼鐵廠部門的積壓訂單同比增長近 40%，鋼鐵產品部門的積壓訂單同比增長 15%。

Within that, our structural group really stands out. The team set a record in the first quarter of 2025, and the structural backlog we are carrying into this year is more than 15% above that, reflecting sustained demand across key non-residential and infrastructure markets. For the full year, we currently expect Nucor Steel Mills shipments to increase approximately 5% compared to 2025.

其中，我們的結構團隊表現特別突出。該團隊在 2025 年第一季創下了紀錄，而我們今年的結構性積壓訂單比當時的紀錄高出 15% 以上，這反映出主要非住宅和基礎設施市場的持續需求。我們目前預計，紐柯鋼鐵廠全年出貨量將比 2025 年成長約 5%。

With that, I will turn the call over to Steve to provide additional details on our fourth-quarter and full-year performance, as well as our outlook for the first quarter. Steve?

接下來，我將把電話交給史蒂夫，讓他詳細介紹我們第四季和全年的業績，以及我們對第一季的展望。史蒂夫？

Thank you, Leon, and thank you all for joining us on the call this morning. During the fourth quarter, Nucor generated adjusted net earnings of $400 million or $1.73 per share. For the full year, adjusted net earnings were approximately $1.8 billion or $7.71 per share.

謝謝你，萊昂，也謝謝各位今天上午參加我們的電話會議。第四季度，紐柯公司調整後淨利為 4 億美元，即每股 1.73 美元。全年調整後淨收益約為 18 億美元，即每股 7.71 美元。

As noted in our earnings news release, adjusted fourth-quarter earnings exclude $27 million or $0.09 per share of charges related to one-time non-cash asset impairments primarily related to discontinued operations that were recognized during the period.

正如我們在獲利新聞稿中所述，調整後的第四季度收益不包括 2,700 萬美元或每股 0.09 美元的費用，這些費用與該期間確認的一次性非現金資產減損有關，主要與已終止經營業務有關。

Full-year results also exclude approximately $23 million or $0.10 per share of after-tax charges incurred in the first quarter, primarily related to closing or repurposing facilities in the Steel Products segment and ceasing production of wire rod at our Connecticut bar mills.

全年業績還不包括第一季產生的約 2,300 萬美元或每股 0.10 美元的稅後費用，主要與關閉或改造鋼鐵產品部門的設施以及停止在康乃狄克州棒材廠生產線材有關。

Turning to the segment-level results for the fourth quarter, the Steel Mills segment generated $516 million of pre-tax earnings, down roughly 35% from the prior quarter. Shipment volumes declined 8%, reflecting seasonal effects, fewer shipping days in Nucor's fiscal fourth quarter, and the impact of both planned and unplanned outages.

從第四季各業務板塊的業績來看，鋼鐵廠業務板塊的稅前利潤為 5.16 億美元，比上一季下降了約 35%。出貨量下降了 8%，這反映了季節性因素、紐柯公司第四財季出貨天數減少以及計畫內和計畫外停產的影響。

While average realized pricing improved in our bar and structural groups, those gains were more than offset by lower pricing in our sheet and plate groups. This decline was expected as lagging sheet prices from the fall flowed through in the quarter. Sheet prices began to rise in November and December, with most of that benefit expected to be realized in the first quarter.

雖然棒材和結構件產品的平均實際價格有所提高，但板材和片材產品的價格下降抵消了這些收益。由於秋季滯後的床單價格在本季持續下跌，因此這一跌幅在意料之中。板材價格從 11 月和 12 月開始上漲，預計大部分收益將在第一季實現。

Turning to Steel Products, we generated pre-tax earnings of $230 million down from $319 million in the third quarter. Consistent with our Steel Mills segment, volumes declined sequentially across the Steel Products portfolio. Our rebar fabrication business accounted for roughly half of the quarter-over-quarter volume decline, in line with its typical seasonal volume trend.

鋼鐵產品業務方面，稅前利潤為 2.3 億美元，低於第三季的 3.19 億美元。與我們的鋼鐵廠業務板塊一致，鋼鐵產品組合的銷售量較上季下降。我們的鋼筋加工業務約佔季度環比銷量下降的一半，這與其典型的季節性銷售趨勢相符。

Turning to our Raw Materials segment, we generated pre-tax earnings of approximately $24 million compared to $43 million for the prior quarter, primarily reflecting the impact of two scheduled outages at our DRI facilities.

再來看我們的原材料業務，我們本季稅前利潤約為 2,400 萬美元，而上一季為 4,300 萬美元，這主要反映了我們 DRI 工廠兩次計劃停產的影響。

As we continue to advance our long-term multi-year growth strategy, 2025 CapEx totaled approximately $3.4 billion. With several major projects reaching completion this past year, we will see a meaningful step down in capital spending for 2026. Our current estimate for 2026 CapEx is approximately $2.5 billion. Growth-oriented investments will represent roughly two-thirds of our planned spending, with our West Virginia sheet mill remaining the largest single use of capital.

隨著我們繼續推進多年長期成長策略，2025 年資本支出總額約為 34 億美元。隨著去年幾個重大項目竣工，2026 年的資本支出將大幅下降。我們目前對2026年資本支出的估計約為25億美元。成長導向型投資將占我們計畫支出的約三分之二，其中西維吉尼亞州的板材廠仍將是最大的單筆資本支出。

Our growth efforts are also having a pronounced near-term impact on profitability. For 2025, pre-operating and start-up costs totaled $496 million. Looking ahead, we expect these costs to remain elevated in 2026 as several projects move beyond the startup phase, offset by higher expenses associated with others, particularly bringing West Virginia online.

我們的成長舉措也對近期獲利能力產生了顯著影響。2025 年的營運前和啟動成本總計為 4.96 億美元。展望未來，我們預計到 2026 年，隨著多個專案進入啟動階段，這些成本將保持高位，但同時也被其他專案相關的更高支出所抵消，特別是西維吉尼亞州接入互聯網的相關支出。

Nucor remains committed to a balanced capital allocation framework anchored by three principles: maintaining a strong balance sheet, investing for value creating growth, and making meaningful direct returns to shareholders.

紐柯公司始終致力於以三大原則為基礎的均衡資本配置框架：維持穩健的資產負債表、投資於創造價值的成長以及為股東帶來有意義的直接回報。

In the past three years alone, Nucor has invested over $9.5 billion through capital spending and acquisitions. During that same period, Nucor returned over $6 billion to shareholders in dividends and share repurchases, an amount equal to roughly 73% of Nucor's net earnings during that timeframe.

光是在過去三年裡，紐柯公司就透過資本支出和收購投資了超過 95 億美元。同期，紐柯公司透過股利和股票回購向股東返還了超過 60 億美元，約佔紐柯公司同期淨利的 73%。

Even with these historically sizable investments and returns, we have preserved low leverage and substantial liquidity, supporting our industry-leading and A-minus and AAA credit ratings from all three major rating agencies.

即使擁有如此規模空前的投資和回報，我們仍然保持了較低的槓桿率和充足的流動性，從而確保了我們行業領先的信用評級，以及三大評級機構授予的 A- 和 AAA 信用評級。

It is worth noting that in December, our Board approved an increase in the quarterly dividend to $0.56 per share, extending our record of paying and increasing our regular quarterly dividend for 53 consecutive years.

值得注意的是，去年 12 月，我們的董事會批准將季度股息提高到每股 0.56 美元，使我們連續 53 年支付並提高常規季度股息的記錄得以延續。

Turning to our first-quarter outlook, we expect higher consolidated earnings with improved results across all three operating segments. Shipment volumes should increase in each segment, supported by a healthy demand environment, typical positive seasonal trends, and fewer outages relative to the fourth quarter.

展望第一季度，我們預計所有三個營運部門的業績均有所改善，綜合收益也將提高。在良好的需求環境、典型的正面季節性趨勢以及與第四季相比較少的停運情況下，各細分市場的出貨量應該會成長。

The Steel Mills segment is expected to drive the largest portion of the sequential earnings growth due to higher volumes and higher realized pricing. All product groups within this segment should see improved results, with our sheet business contributing the most to the overall increase.

由於銷量增加和實際售價提高，鋼鐵廠業務預計將成為推動環比獲利成長的最大動力。此業務板塊內的所有產品組都將取得更好的業績，其中板材業務對整體成長的貢獻最大。

In the Steel Products segment, we expect higher volumes and stable pricing. And in our Raw Materials segment, earnings are expected to improve modestly following the successful completion of planned DRI outages in the prior quarter. These gains will be partially offset by higher profit eliminations upon consolidation.

在鋼鐵產品領域，我們預期銷售量將有所成長，價格將保持穩定。在我們的原料業務板塊，由於上一季計畫的直接還原鐵停產檢修工作已成功完成，預計收益將略有改善。這些收益將被合併後更高的利潤抵銷部分抵銷。

Before we take questions, I'd like to spend a minute on what has long been both a source and evidence of Nucor's resilient and sustainable business model: our ability to generate free cash flow across a wide range of market conditions.

在回答問題之前，我想花一分鐘時間談談紐柯公司韌性和永續商業模式的來源和證據：我們在各種市場條件下產生自由現金流的能力。

Last year, Nucor had negative free cash flow, something that is very rare in our company's history. But this event was not a surprise. It was a measured and intentional result that was the product of advancing our aggressive growth initiatives and strategy. We prudently positioned the company with ample liquidity ahead of these expected results to afford the ability to maintain our growth and return commitments.

去年，紐柯公司的自由現金流為負，這在我們公司歷史上非常罕見。但這件事並不令人意外。這是經過深思熟慮和精心策劃的結果，是我們積極推動成長計畫和策略的成果。為了確保公司能夠維持成長並履行回報承諾，我們在預期業績公佈之前，審慎地為公司儲備了充足的流動資金。

With lower capital spending, incrementally EBITDA from recently completed capital projects, and improved market conditions as a backdrop, we expect Nucor to generate meaningfully higher free cash flow in the year ahead.

在資本支出減少、近期完成的資本項目帶來的EBITDA增量以及市場環境改善的背景下，我們預計紐柯公司在未來一年將產生顯著更高的自由現金流。

We enter 2026 with healthy, favorably priced backlogs, supporting both higher shipments and better margins across most of our product lines, and we remain confident that with the broadest range of capabilities and solutions in the North American market, our driven and dedicated team is exceptionally well positioned to create value for our customers and shareholders.

進入 2026 年，我們擁有健康且價格合理的積壓訂單，這支持了我們大多數產品線更高的出貨量和更好的利潤率，我們仍然相信，憑藉北美市場上最廣泛的能力和解決方案，我們充滿幹勁和敬業精神的團隊完全有能力為我們的客戶和股東創造價值。

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

最後，我們很想聽聽您的意見，並回答您可能提出的任何問題。接線員，請開通提問線。

(Operator Instructions) Lawson Winder, Bank of America.

（操作說明）勞森·溫德，美國銀行。

Thank you, operator. And good morning, Leon and Steve. And Steve and Dave, I would say congratulations on your new adventures going forward.

謝謝接線生。早上好，萊昂和史蒂夫。史蒂夫和戴夫，我想祝賀你們即將開啟新的旅程。

If I could ask about CapEx and look out to 2027 -- and by the way, thank you for the detailed guidance on 2026 CapEx. As we think of how falling CapEx might help support Nucor's unfolding free cash flow inflection, could you just speak to your current view on CapEx for 2027, and in particular maybe address -- one would be the $950 million for West Virginia in 2026 and how that might be expected to follow on in 2027 with some additional CapEx.

我想問一下關於資本支出以及展望 2027 年的問題——順便說一句，非常感謝您提供的關於 2026 年資本支出的詳細指導。考慮到資本支出下降可能有助於紐柯公司實現自由現金流拐點，您能否談談您目前對 2027 年資本支出的看法，特別是談談——其中之一是 2026 年在西弗吉尼亞州的 9.5 億美元支出，以及預計 2027 年將如何跟進並增加一些資本支出。

And then the breakdown in 2026 CapEx suggests non-expansionary and non-improvement CapEx of about $950 million. I think we've talked about $600 million in the past. What is the latest thinking on sort of ongoing non-expansionary CapEx to just kind of keep the business running? And thank you very much.

然後，2026 年資本支出細分顯示，非擴張性和非改善性資本支出約為 9.5 億美元。我想我們之前討論過6億美元。對於持續的非擴張性資本支出，以維持業務運轉，目前的最新想法是什麼？非常感謝。

Lawson, I'll kick this off and then ask Steve to provide a little bit of color as we think about CapEx flowing into 2027, but I do want to begin where you started in thanking Dave and Steve both for their commitment, Dave's 30 years with our company. And, again, he and I started our careers together building Nucor Berkeley in the mid-'90s, and we appreciate everything you've done. And on behalf of our 33,000 team members, Dave, thank you.

Lawson，我先來開場，然後請 Steve 為我們展望 2027 年的資本支出提供一些背景資訊。但我想先從你剛剛說的開始，感謝 Dave 和 Steve 的付出，特別是 Dave 在我們公司 30 年的貢獻。而且，我和他一起在 90 年代中期創建了 Nucor Berkeley，我們非常感謝您所做的一切。戴夫，我謹代表我們33,000名團隊成員，向你們表示感謝。

Thanks, Leon.

謝謝你，萊昂。

And look, Lawson, the other thing I'll also just mention briefly is eight straight years of safety performance, and our team continues to just exemplify the value of safety and what it means to accept the challenge of becoming the world's safest steel company. It is something that gives me tremendous pride in all of us in Charlotte as they execute each and every day across all of our product groups.

還有一點，勞森，我還要簡單提一下，那就是我們連續八年保持了良好的安全記錄，我們的團隊一直在用實際行動詮釋安全的重要性，以及接受挑戰成為世界上最安全的鋼鐵公司的意義。夏洛特的每個人都在各個產品團隊中每天出色地完成工作，這讓我感到無比自豪。

So these startups, the enhancements, the buildouts, the new lines, and greenfield operations, it's an incredibly exciting time for Nucor that positions us well for the long term. And as again we move to the future, we do see a day in time where Nucor will go an entire year without a single in injury to any of our team members. So we're going to continue to focus on that as our primary value as we drive all of our business results and again thanking our team for that.

因此，這些新創公司、改進項目、擴建項目、新生產線和新建項目，對於紐柯公司來說是一個令人無比興奮的時期，這讓我們在長期發展中處於有利地位。展望未來，我們期待有一天，紐柯公司能夠實現一整年沒有一名團隊成員受傷。因此，我們將繼續把這一點作為我們推動所有業務成果的主要價值觀，再次感謝我們的團隊為此所做的一切。

Finally, the last comment I'll make, specific to, the CapEx, look, when we began this journey in 2020, it was to make sure Nucor remained a growth company. We've invested heavily. We've taken meaningful steps. But against that backdrop, Lawson, one of the wonderful things then and now is we didn't have to pivot. We didn't have to change tact of where the company was headed or the direction or -- in fact, we were coming off some of the best years we've ever achieved as a company when we added the Expand Beyond portion of our growth strategy.

最後，關於資本支出，我還要補充一點：我們在 2020 年開始這段旅程時，是為了確保紐柯公司能保持成長動能。我們投入了大量資金。我們已採取了切實有效的措施。但正是在這樣的背景下，勞森，當時和現在最棒的事情之一就是我們不必轉型。我們不必改變公司的發展方向或策略，事實上，在我們為成長策略增加「超越擴張」部分時，我們剛剛經歷了公司有史以來最好的幾年。

And it remains the same today that we can be incredibly prudent and disciplined with how we think about spending our valuable shareholder capital to grow this company meaningful. Again, the culmination of West Virginia that will start up later this year will really absorb the majority of that CapEx as we move into 2027. But Steve, maybe provide some additional details?

時至今日，我們依然可以非常謹慎和自律地思考如何利用我們寶貴的股東資金來實現公司有意義的成長。再者，西維吉尼亞州計畫將於今年稍後啟動，到 2027 年，該計畫將真正吸收大部分資本支出。史蒂夫，或許可以提供一些其他細節？

Yeah, sure. Lawson, just to kind of follow up on what Leon said there, West Virginia will be done at the end of this year, and that team's doing a fantastic job moving that project forward, busy as you could imagine. It's a big project. And in the past, we have guided figures, what we would call maintenance capital. But included in maintenance capital, I would put safety, environmental compliance, and a certain amount of efficiency projects that are smaller in nature that don't necessarily add new capabilities to us.

當然可以。勞森，我只是想補充一下萊昂剛才說的話，西弗吉尼亞州的項目將在今年年底完成，而且那個團隊在推進這個項目方面做得非常出色，正如你所能想像的那樣，他們非常忙碌。這是一個大項目。過去，我們有一些指導性的數字，我們稱之為維護資本。但要將維護資本包括安全、環境合規以及一定數量的效率提升項目，這些項目規模較小，不一定能為我們增加新的能力。

I would guide you to a figure closer to $800 million a year now for that just because of the inflation that we've seen in the last several years post COVID and just the size of our company. We're larger now. So if you think about modeling out things beyond, '27 and beyond, I'd guide you more toward an $800 million figure plus, whatever projects are going on.

鑑於新冠疫情後幾年來的通貨膨脹以及我們公司的規模，我認為現在每年的支出應該接近 8 億美元。我們現在規模更大了。所以，如果你想對 2027 年及以後的情況進行預測，我會建議你把預算控制在 8 億美元以上，再加上正在進行的專案。

Fantastic, and I guess just a follow up would be on those potential expansionary projects. It feels like you're quite satisfied with the long product business at this point with the step back from a potential Pacific Northwest expansion. Are there areas of the business that you might be able to highlight today as places where you actually might consider some expansionary capital beyond '26?

太棒了！我想接下來可以跟進那些潛在的擴張項目。看來你目前對長期產品業務相當滿意，放棄了向太平洋西北地區擴張的計劃。您能否指出貴公司目前有哪些業務領域值得考慮在 2026 年後投入一些擴張資金？

Yeah, look, Wilson, I think, without getting very specific and completely not answering your question, I would just guide you to the things that you've seen and how we've looked for growth. And it's coming through the mega trends in our economy, things like data centers, energy, energy infrastructure, obviously the ability for us to pivot very quickly and handle the increase in the border wall.

是的，威爾遜，我想，在不具體說明問題、也不完全回答你的問題的情況下，我只想引導你關注你所看到的以及我們是如何尋求增長的。而且，這體現在我們經濟的幾個大趨勢中，例如資料中心、能源、能源基礎設施，顯然還有我們快速調整方向並應對邊境牆增加的能力。

It's been a nice boom for our businesses across Nucor but -- and finally, the Towers and Structures segments of our growth that we are tremendously excited about. Every one of those continues to provide a platform for additional growth. For example, in data centers today, Nucor supplies about 95% of the overall steel demand required for the entirety of a data center.

紐柯集團旗下各業務都取得了不錯的成長，但最後，我們尤其對塔架和結構件業務的成長感到無比興奮。這些都為進一步發展提供了平台。例如，在當今的資料中心，紐柯公司供應了資料中心整體所需鋼材的約 95%。

And so again, we look for, okay, what's the next step? How can we continue to maximize our capability set and continue to enhance the growth profile for our shareholders? So we're looking for things that aren't high CapEx. We're looking for businesses that might be countercyclical to the steel industry and trends that we've been a part of for six decades.

因此，我們再次尋找，好的，下一步是什麼？我們如何能繼續最大限度地發揮自身能力，並不斷提升股東的成長前景？所以我們正在尋找那些資本支出不高的項目。我們正在尋找可能與鋼鐵業和我們參與了六十年的趨勢相反的企業。

And then lastly, I think in the core side, it's how do we continue to invest for the long term that moves us up the value chain and higher-value products. And again, you're seeing that in our galvanizing lines in Crawfordsville and Nucor Berkeley, the two galvanizing lines that West Virginia is building. So again, we're thinking about, how do we continue to grow and enhance our differentiated position that we have to supply our customers with products that they're going to need today and down the road.

最後，我認為核心問題是，我們如何持續進行長期投資，進而提升價值鏈，開發更高價值的產品。而且，您在西維吉尼亞州正在建設的兩條鍍鋅生產線——克勞福茲維爾和紐柯伯克利的鍍鋅生產線上也能看到這一點。所以，我們再次思考，如何才能繼續發展壯大，並鞏固我們獨特的市場地位，從而為客戶提供他們現在和將來都需要的產品。

Thank you very much.

非常感謝。

Timna Tanners, Wells Fargo.

蒂姆娜·坦納斯，富國銀行。

Yeah, hey, good morning. Hope everyone's doing well. Wanted to take a step back and recall your November 2022 Investor Day where you talked about through-the-cycle EBITDA at $6.7 billion. And if you could just refresh us on where we stand relative to that number, what it might take to get there considering the projects that you have? I know those were -- that number was assuming they're complete. But should we assume that that could be the run rate in 2027 as you finalize some of these projects, or any updated thoughts there, please?

是啊，嘿，早安。希望大家都好。我想回顧一下您在 2022 年 11 月的投資者日上談到的周期性 EBITDA 為 67 億美元。您能否簡要說明我們距離這個目標還有多遠，以及考慮到您手頭上的項目，我們需要做些什麼才能實現這個目標？我知道那些是——那個數字是假設它們都已完成的。但是，隨著您最終敲定這些項目，我們是否可以假設 2027 年的運行速度會是這樣？或者您對此有任何最新的想法嗎？

Yeah, a couple thoughts. First, thank you for referencing that. For me, it was my first Investor Day as CEO, and again, Steve in his new role as Chief Operating Officer as well as CFO at least for a short time till we announce his successor.

是的，我有幾點想法。首先，感謝您提及此事。對我來說，這是我作為執行長的第一個投資者日，而史蒂夫也再次擔任營運長兼財務長的新職務，至少在我們宣布他的繼任者之前，他將暫時擔任這一職務。

Look, we're thinking hard about when the next Investor Day is, Timna, and again to provide an update against that backdrop. But look, it's something we spent a lot of time thinking through the investments we were making at that at that time. So look, to answer your question broadly, yeah, I think you're thinking about it the right way as we culminate the West Virginia startup and bring that to its full-ramp capabilities.

提姆娜，我們正在認真考慮下一次投資者日的時間，並再次就此提供最新進展。但是你看，當時我們花了很多時間仔細思考我們正在進行的投資。所以，總的來說，回答你的問題，是的，我認為你的想法是對的，我們正在完善西維吉尼亞州的創業項目，並使其達到全面發展能力。

At the same time, I would tell you, look, I'm an optimist and I believe in the long-term growth strategy Nucor's had. But I also think we're -- we've reached a time in our economy where we've seen import levels, for example, I've never seen in my 30 years at Nucor. So we're poised today to capitalize on those trends as well as the opportunities

同時，我想說，我是一個樂觀主義者，我相信紐柯公司製定的長期成長策略。但我認為，我們的經濟已經發展到這樣一個階段：例如，進口水準之高，是我在紐柯公司工作 30 年來從未見過的。因此，我們今天已做好準備，充分利用這些趨勢和機會。

And again, I know your background and obviously how well you understand sheet. The material decrease in the import levels on sheet alone are 4 million tonnes of consumption that the domestic supply chain gets to now contribute. It is a meaningful number. And so again, I don't know what the next administration brings. But certainly, as we look to '26 and in the short-term horizon, may we see import levels staying or maybe even slightly coming down some more.

而且，我知道你的背景，也清楚知道你對錶格的理解程度。光是板材進口量的大幅下降，就減少了 400 萬噸的消費量，現在國內供應鏈可以彌補這部分缺口。這是一個有意義的數字。所以，我仍然不知道下一屆政府會帶來什麼。但展望 2026 年以及短期前景，我們或許會看到進口水準保持不變，甚至可能略有下降。

So Steve, anything you'd add on the Investor Day or the EBITDA that we projected at that point?

史蒂夫，關於投資者日或我們當時預測的 EBITDA，你還有什麼要補充的嗎？

No, not really. I think what I would be a little bit clear on, I think I heard you ask about, is that good guidance for '27? And I want to hesitate to say that it's guidance for '27. The Investor Day materials which you're familiar with, but others on the call may not be, was a mid-cycle guidance around -- after all projects at that time were completed, including West Virginia and the others.

不，其實不是。我想澄清一下，我想我聽到你問的是，這對 2027 年來說是否是一個好的指導？我猶豫了一下，才說這是 2027 年的指導。您可能已經熟悉了投資者日材料，但電話會議上的其他人可能並不熟悉，該材料是關於中期週期的指導意見——當時所有項目都已完成，包括西弗吉尼亞州和其他項目。

And just -- and so I back off of that being a specific guide toward '27. All the points Leon made are solid and can be baked into your thinking around '27. But with respect to the ramp up of West Virginia, that's a big complex mill. It's not going to be at its run rate of EBITDA in '27 among other projects, for example.

所以——因此我不認為這是 2027 年的具體指導方針。萊昂提出的所有觀點都很有道理，可以融入你對 27 年的思考。但就西維吉尼亞州的產能提升而言，那是一個龐大而複雜的工廠。例如，與其他項目相比，該項目在 2027 年的 EBITDA 不會達到先前的水平。

Okay, appreciate that color. Along the lines of what Leon was talking about with the loss of imports, it does make sense that the domestic mills can take share. Can you just give us some thoughts on the spare capacity across your operations and what you might be able to do incrementally to take share from imports? Thanks again.

好的，欣賞一下這個顏色。按照萊昂所說的進口減少的情況來看，國內紡織廠能夠搶佔市場份額也是有道理的。您能否談談您目前在營運中剩餘的產能情況，以及您可以採取哪些逐步措施來從進口產品中奪取市場份額？再次感謝。

Yeah, look, again, I think overall we're in a great position. We're roughly about 85% utilization across our sheet mills. That gives us opportunity to contribute into the spot market and as well as think about the long-term. So again with an import level overall, ADC about 15%, it creates some unique opportunities that we have the room, we have the capability set in our mills, and again really creates a wonderful time for a ramp up of a new facility in West Virginia.

是的，你看，我再次認為，整體而言，我們處於非常有利的地位。我們所有板材廠的產能利用率約為 85%。這讓我們有機會參與現貨市場，同時也能考慮長遠發展。因此，在進口水平總體上約為 15% 的情況下，這創造了一些獨特的機會，我們有空間，我們的工廠也具備相應的能力，這確實為在西弗吉尼亞州建立新工廠創造了絕佳的時機。

And so we see more opportunities there as well. I think the Northeast and Midwest corridors provide some unique geographic opportunities for Nucor. And again, I think from a cost position, that mill is going to provide a significant value for our shareholders.

因此，我們也看到了更多這方面的機會。我認為東北部和中西部走廊為紐柯公司提供了獨特的地理機會。而且，我認為從成本角度來看，這座工廠將為我們的股東帶來巨大的價值。

Okay. Thank you.

好的。謝謝。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Yeah, hi, good morning. Thanks for taking the questions. And again, congrats to Steve and Dave here. Wanted to follow up on the last question. You discussed shipments -- or your shipments are projected to increase by 5%, implying a higher share of US market demand.

是啊，你好，早安。謝謝您回答問題。再次恭喜史蒂夫和戴夫。我想就上一個問題做個後續說明。您討論了出貨量—或者您的出貨量預計將成長 5%，這意味著美國市場需求份額的增加。

I think you talked that there's some uplift. You can see in utilization you mentioned sheet, but I guess should demand support -- is there an upside to that 5% expectation, and what would drive that? Would that be more, in your view, sheet, plate, or I guess bar, considering that you have Lexington and Kingman coming online?

我想你剛才提到情況有好轉。您可以在您提到的利用率表格中看到這一點，但我認為應該尋求支持——5% 的預期是否有上升空間，又是什麼因素會推動這一增長？在你看來，考慮到列剋星敦和金曼即將上線，那更像是一張紙、一塊盤子，還是一塊酒吧？

Well, yeah, Bill, look, do I think it's sustainable? 100%. If you look at our backlogs, again, they're up 40% year over year in the steel group, 15% or 16% in our products group. In many of our product groups today, they are record-setting backlogs. I think maybe the -- our earnings call, in Q3 and 4, I actually shared some volumes in our structural backlogs.

嗯，比爾，你看，我認為這是可持續的嗎？100%。如果你看我們的積壓訂單，鋼鐵集團的積壓訂單年增了 40%，產品集團的積壓訂單年增了 15% 或 16%。目前，我們許多產品團隊的積壓訂單都創下了歷史新高。我認為或許在第三季和第四季的財報電話會議上，我實際上分享了一些我們結構性積壓訂單的數量。

And again in my opening comments, they are record backlogs and they are historic backlogs for what we've seen. And it's a market and an end-use customer in our non-res, in industrial sectors that we know incredibly well. So when I'm talking to our customers and our customers' customers, the demand picture is robust, and it's very optimistic for 2026. We believe that the 5% is not only an achievable number, but the demand profile is going to create some uplift for virtually every product group.

正如我開頭所說，這些積壓案件數量創下了歷史新高，是我們所見過的歷史性積壓案件。而且，這是我們非常熟悉的非住宅、工業領域的市場和終端用戶客戶。所以，當我與我們的客戶以及客戶的客戶交談時，市場需求強勁，對 2026 年的前景非常樂觀。我們相信，5% 不僅是可以實現的數字，而且這種需求狀況將為幾乎所有產品類別帶來一定的成長。

Finally, I'd tell you that as you look at -- look, it's a commodity across the board. We've -- it's a supply-and-demand environment. It's not tariffs or a single thing that's driving pricing, but the pricing that Nucor has realized that we're announced in Q4 hits almost every product group: sheet, plate, bar, beam, and many of the product group segments themselves that are all seeing that that stick.

最後，我想告訴你，當你仔細觀察時——你看，它是一種普遍存在的商品。我們現在所處的是一個供需環境。推動價格上漲的不是關稅或單一因素，而是紐柯公司在第四季度宣布的定價策略，該策略幾乎影響到所有產品組：板材、棒材、型材，以及許多產品組細分市場，所有這些細分市場都看到了這種趨勢的持續。

So look, I think we're entering what should be a better year in 2026. We're very optimistic. And again, we -- the timing of our startups in in several of the expand businesses and core are coming at a perfect time in a demand environment that's peaking in energy, infrastructure, non-res, border fence, energy infrastructure, towers and structures, and yeah, I think positions Nucor incredibly well.

所以你看，我認為我們即將進入的2026年應該會是更好的一年。我們非常樂觀。再次強調，我們在幾個擴展業務和核心業務領域的創業時機恰逢其時，目前能源、基礎設施、非住宅、邊境圍欄、能源基礎設施、鐵塔和結構的需求環境正處於頂峰，是的，我認為這使紐柯公司處於非常有利的地位。

Thanks for that, Leon. And I wanted to follow up on your comments around trade policy with your expectations that the tariffs are going to continue without exemptions. So is that kind of a statement on 2026? I guess, are you expecting that to be durable beyond? I'm also trying to get a sense for the risk of lower tariff rates and/or quotas. Maybe these are on the table for the upcoming USMCA negotiations?

謝謝你，萊昂。我想就您關於貿易政策的評論做個後續說明，您預計關稅將繼續徵收，不會有任何豁免。所以這是對2026年的某種表態嗎？我猜，你是希望它能經久耐用嗎？我還在試圖了解降低關稅稅率和/或配額可能帶來的風險。或許這些內容會列入即將舉行的美墨加協定談判的議程？

And maybe, what is Nucor lobbying for or positioning for? I guess the bottom line is, are you supportive of lower rates for Mexico and Canada if they have equally high steel tariffs to other regions in order to -- basically in order to mitigate transshipments? Any sort of specifics on your expectations around trade policy would be helpful.

或許，紐柯公司究竟在遊說什麼，或是為什麼要做準備？我想說的重點是，如果墨西哥和加拿大對其他地區徵收同樣高的鋼鐵關稅，那麼你是否支持降低墨西哥和加拿大的關稅，從而——基本上是為了減少轉運？如果您能具體說明一下您對貿易政策的期望，那就太好了。

Yeah, Bill, I'll touch on it. And look, let me begin with the end in mind. What Nucor is most in favor of is banning illegally dumped, subsidized, imported steel to come in and ravage the shores of the US economy, period. Full stop. How we do that, how that's affected, obviously it matters greatly.

是的，比爾，我會談到這一點。聽著，讓我從最終目標出發。紐柯公司最贊成的是徹底禁止非法傾銷、補貼進口的鋼鐵進入美國，破壞美國經濟，就這麼簡單。句號。我們如何做到這一點，以及這會受到怎樣的影響，顯然都至關重要。

And if you had asked me, and you did a year ago, hey, did I think our trade agreement with USMCA as we reinstituted or Trump reinstituted the 232 tariffs would be resolved very quickly? I would have told you, absolutely. I believe that would have been resolved very quickly. But here we are a year later, still, that's not done.

如果你一年前問我（你確實問過），嘿，我是否認為我們與美墨加協定（USMCA）的貿易協議，在我們重新實施或川普重新實施232關稅之後，能夠很快得到解決？我一定會告訴你的。我相信這個問題很快就能解決。但一年過去了，這件事仍然沒有結束。

And then again, July, the renegotiations come up. But the reality is I can't tell you. Does that end up with a trilateral agreement, a bilateral agreement, and again the one-offs on what this current administration's going to do?What I can tell you is what we've seen out of Commerce and USTR is a very supportive trade environment that's pro-America and pro-US manufacturing.

然後，到了7月份，重新談判的問題又出現了。但事實是我無法告訴你。最終會達成三邊協議、雙邊協議，還是會根據本屆政府的行動而出現一些零星的協議？我可以告訴你們的是，我們從商務部和貿易代表辦公室看到的是一個非常支持性的貿易環境，有利於美國和美國製造業。

So what would we like to see? Ultimately, man, strengthen the rules of origin, continued enforcement of the 232 policies that are already on the books, the enforcement of them. That's why we've been such staunch supporters of the Level the Playing Field Act 2.0 and still think that needs to pass. But look, I think as we look to the second half of President Trump's administration, you will see a continuation of those pro-America First trade policies and remedies.

那我們希望看到什麼呢？歸根結底，夥計，要加強原產地規則，繼續執行現有的 232 項政策，並切實執行這些政策。這就是為什麼我們一直堅定支持《公平競爭法案 2.0》，並且仍然認為該法案需要通過的原因。但是，我認為展望川普總統執政的後半段，你會看到那些「美國優先」的貿易政策和補救措施的延續。

Thanks again, Leon.

再次感謝你，萊昂。

Thanks.

謝謝。

Phil Gibbs, KeyBanc.

Phil Gibbs，KeyBanc。

Hey, good morning.

嘿，早安。

Good morning, Phil.

早上好，菲爾。

On West Virginia specifically, can you just update all of us on some of the new products and end-market capabilities that that mill may give you relative to the current fleet of assets that you have right now on the sheet side just to kind of go back over the investment case and why you're making the move here? And yeah, that's effectively the question. Just kind of want a refresher in terms of what it brings, because I know it's a different mill relative to what you currently have.

具體來說，關於西維吉尼亞州，您能否向我們介紹一下，相對於您目前在板材方面擁有的現有資產，該工廠可能會為您帶來哪些新產品和終端市場能力，以便我們回顧一下投資案例以及您為什麼決定搬到這裡？沒錯，這其實就是問題所在。我只是想了解它的功能，因為我知道它和您目前擁有的磨機不一樣。

Yeah, look, Phil, I appreciate the question. I'll kick it off and then ask Noah Hanners to actually give you the specifics of that capability because it's going to be very unique for Nucor. But if we step back to the macro question you asked about why, look, it's the right opportunity. If you look at Nucor's market share in the largest sheet-consuming region in the US, it's about 15% or 16%. So we have a huge opportunity to grow in that space against what we believe is some competitors that we have ample opportunity to continue to provide a better differentiated value proposition in that market.

是的，菲爾，我很感謝你的提問。我先拋磚引玉，然後請諾亞漢納斯詳細介紹這項技術的具體細節，因為這項技術對紐柯公司來說非常獨特。但如果我們回到你提出的關於為什麼的宏觀問題，你看，這是個好機會。如果你看一下紐柯公司在美國最大的板材消費地區的市場份額，大約是 15% 或 16%。因此，我們在這個領域擁有巨大的發展機遇，儘管我們認為存在一些競爭對手，但我們完全有機會繼續在這個市場提供更差異化的價值主張。

So the geography of West Virginia, coupled with the state in the Mason County, West Virginia, the people of that state fuels what we believe is going to be an unprecedented growth for us and a capability set unlike anything Nucor's brought to bear in the market. So we couldn't be more excited about the geographic, the technical, and again the people side of the State of West Virginia. They've been an amazing group to work with. We couldn't be prouder of the team we've hired, the work that's being done there.

因此，西維吉尼亞州的地理環境，加上西維吉尼亞州梅森縣的州政府和人民，推動了我們相信將為我們帶來前所未有的成長，以及紐柯公司在市場上前所未有的能力。因此，我們對西維吉尼亞州的地理環境、技術水平以及人民都感到無比興奮。和他們一起工作非常愉快。我們為我們聘請的團隊以及他們所做的工作感到無比自豪。

But Noah, why don't you touch on some of the capability sets of the mill?

但是諾亞，為什麼不談談工廠的一些功能呢？

Yeah, maybe just add a little bit more detail to Leon's excitement there, one, we feel great about the strategy to get into higher-value-added products. And specifically at West Virginia, that's about a third of that production going into the automotive market.

是的，或許可以再詳細解釋 Leon 的興奮之情，首先，我們對進軍高附加價值產品的策略感到非常滿意。具體來說，在西維吉尼亞州，大約三分之一的產量都銷往了汽車市場。

And some of those grades, the quality of the production there will be into exposed automotive, an area where EAF production really hasn't played broadly before in the US. And we're really excited about the capability to get there, mostly because of the demand we hear from customers. We've recently gotten qualified on exposed automotive through another route to our to our mills, and that will really open the door for us to expand our business into the highest quality automotive production.

其中一些等級的產品，其生產品質將應用於汽車零件領域，而電弧爐生產在美國以前並沒有真正廣泛涉足這個領域。我們對實現這一目標的能力感到非常興奮，這主要是因為我們聽到了來自客戶的需求。我們最近透過另一種途徑獲得了汽車零件生產資質，這將真正為我們打開大門，使我們的業務擴展到最高品質的汽車生產領域。

The other point I'd highlight is into consumer durables. We haven't had great market share there with especially items like appliances. And Leon hit the regionality of this, but we see some pretty substantial growth in demand through some reshoring projects that are being built in that region. So probably, those are the two areas that I'd highlight for you. 1 million tonnes of galvanizing is going to play really well with that. We're going to have the capabilities to match what is a really robust growth and demand for us.

我想強調的另一點是進入耐久性消費品領域。我們在該地區的市佔率並不大，尤其是像家電這樣的產品。萊昂指出了這種地域性，但我們看到，隨著該地區一些回流項目的建設，需求出現了相當大的增長。所以，我可能會重點介紹這兩個方面。 100萬噸鍍鋅業務與此非常契合。我們將具備滿足市場強勁成長和市場需求的實力。

Thank you so much. And do you have any carryover CapEx from these major projects like West Virginia in 2027, Steve? I know you talked about $800 million maintenance plus whatever growth you have. And you always have some sort of growth element, but anything left on West Virginia or these other major projects in '27?

太感謝了。史蒂夫，像西維吉尼亞州這樣的大型項目，你們在 2027 年是否有任何結轉的資本支出？我知道你提到過8億美元的維護費用，再加上任何成長費用。總是會有一些成長因素，但是西維吉尼亞州或其他這些重大計畫在 2027 年還有什麼剩餘的嗎？

Yeah, they'll be a small amount still. That's very normal for us to have some carryover between calendar years. We'll update you more on the outlook in '27 as we get toward the end of '26. So I'd love it if that team beats every time, and we don't do that. But that's been the historic pattern year on, year off.

是的，數量仍然不多。對我們來說，年份之間出現一些結轉是很正常的。隨著 2026 年接近尾聲，我們將向您提供更多關於 2027 年展望的資訊。所以，如果那支球隊每次都贏球，我會非常高興，但我們沒能做到。但這種情況年復一年地持續著。

And then if I could sneak one more in, just on kind of just a modeling question, high-level question, just because I don't have it in my model. Do you guys have an idea what mill utilizations were for Nucor in general in 2025?

然後，如果我可以再偷偷問一個問題，一個關於建模的高層次問題，因為我的模型中沒有這個問題。你們知道紐柯公司2025年的整體鋼廠利用率大概是多少嗎？

Yeah, we do. As I think about our major product groups, somewhere in that 82%, 84% range is about the right utilization

是的，我們有。我認為，就我們主要產品組而言，82%到84%的利用率範圍比較適合。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO資本市場。

Hi, thank you for taking my question. I think earlier you talked about, beyond the current project pipeline, you would be looking at growth opportunities that would be less capital intensive. In the future, could you talk about -- or could you provide a little more color on what the, let's say, annual growth CapEx could potentially be in a more normalized environment without these major projects?

您好，感謝您回答我的問題。我認為你之前提到過，除了目前的專案儲備之外，你還會尋找資本密集度較低的成長機會。未來，您能否談談——或者能否更詳細地說明一下，在沒有這些重大項目的情況下，比如說，在更加正常的環境下，年度資本支出增長可能會達到什麼水平？

Well, Katja, yeah, I appreciate the question. And I'll probably have you back into the numbers because we're not going to exactly tell you the exact amount of dollars. What I would tell you is this: we are committed to a long-term investment credit rating. We're committed to returning at least 40% of our net earnings back to our shareholders in dividends and share repurchases.

卡佳，是的，感謝你的提問。我可能還會讓你回到數字上來，因為我們不會告訴你確切的金額。我想告訴大家的是：我們致力於獲得長期的投資信用評級。我們承諾將至少 40% 的淨利潤以股利和股票回購的形式返還給股東。

And quite frankly, beyond that, I want to use the rest, 60%, for growth, period, full stop. So I want us to be using the money that Nucor is generating to continue to fuel our growth for the next 10, 12, 15, 20 years and beyond. And so that's how you can be thinking about it. We -- again, we provided some details in the 2022 Investor Day that we had.

坦白說，除此之外，我想把剩下的 60% 用於成長，僅此而已。所以我希望我們能夠利用紐柯公司創造的資金，繼續推動我們在未來 10 年、12 年、15 年、20 年甚至更長時間內的成長。所以你可以這樣思考。我們—再次強調，我們在 2022 年投資者日上提供了一些細節。

And so again, if you think of a through-cycle EBITDA of $7 billion, okay, everything that didn't go back to our shareholders is then going to be used for growth. So again, our M&A teams are working hard. And we're really looking really hard this year at, okay, how do we invest that? How do we grow -- continue to grow Nucor in meaningful ways? And I think you're going to see a shift from heavy core investments to heavy adjacencies, or what we call the Expand Beyond investments, over the next several years.

所以，再說一遍，如果你設想一下週期內的 EBITDA 為 70 億美元，那麼所有沒有返還給股東的資金都將用於成長。所以，我們的併購團隊正在努力工作。今年我們正在認真研究，好吧，我們該如何投資？我們如何以有意義的方式成長－持續發展紐柯公司？我認為在未來幾年，你會看到投資重心從核心領域轉向鄰近領域，或者我們稱之為「拓展之外」的投資。

Maybe just a follow up to your comment about M&A. Can you talk a little bit more -- I know you said adjacencies. Are there specific products, or how should we think about these types of businesses?

或許可以作為您關於併購評論的補充。您能再詳細說說嗎—我知道您提到了鄰接關係。是否有具體的產品？或者我們該如何看待這類企業？

Yeah, Katja. Again, I shared a little bit earlier. But look, we've been fairly open with our investment filters and strategy in M&A and particularly adjacencies that they're going to have some steel centricity. There's going to be some connection to Nucor gaining and using and having the opportunity to have synergies, so something that's going to connect us to, for example, like CHI with the overhead door businesses in Rytec. What a wonderful adder where they've been a huge player in the residential space, a little less so in the commercial. Well, again, that's where we play in the commercial side.

是的，卡佳。我之前也分享過一點。但是，我們一直以來都對我們的投資篩選標準和併購策略相當開放，尤其是在相關領域，這些領域將以鋼鐵為中心。Nucor 將獲得並利用一些資源，並有機會產生協同效應，這將使我們與例如 CHI 和 Rytec 的捲簾門業務建立聯繫。真是個了不起的傢伙，他們在住宅領域一直是舉足輕重的參與者，但在商業領域則稍遜一籌。嗯，再說一遍，這就是我們在商業方面所做的事情。

So our teams and our buildings group, our Nucor warehouse systems groups, to be able to use and combine forces to be able to provide that, the hyper scalers and co-locators in the data center, it provides a wonderful platform for us to continue to grow Nucor and as well that business footprint. So when you think about the mega trends in the US today, energy, energy infrastructure, data centers, tower structures, those are the areas you can be looking and expect that Nucor is searching really hard for those companies that would be additive in in where we see synergies and value in creating EVA for our shareholders.

因此，我們的團隊、我們的建築團隊、我們的紐柯倉庫系統團隊，能夠利用和結合力量來提供資料中心的超大規模資料中心和託管資料中心，這為我們繼續發展紐柯及其業務版圖提供了一個很好的平台。所以，當你思考當今美國的幾大趨勢時，例如能源、能源基礎設施、資料中心、鐵塔結構，這些都是你可以關注的領域，而且可以預見的是，紐柯公司正在努力尋找那些能夠為我們的股東創造經濟增加值（EVA）並帶來協同效應的公司。

Perfect. Thank you.

完美的。謝謝。

Thanks.

謝謝。

Andrew Jones, UBS

瑞銀集團 Andrew Jones

Hi, gents. Thanks for the time. Just a few questions. First of all, on pricing, I'm just curious how you're looking at your pricing policy now, given obviously we have, on import parity, your traditional importers are probably getting so close to $1,000 on HRC, I would guess.

嗨，各位先生。謝謝你抽出時間。幾個問題。首先，關於定價，我很好奇你們現在是如何看待定價政策的，顯然，就進口平價而言，你們的傳統進口商可能已經能以接近 1000 美元的價格買到 HRC 了，我猜是這樣。

I guess if you're talking about like East Asia, they can probably land HRC in the US at closer to $800. So given that gap is now growing to import parity versus, say, some of these East Asian countries, what stops those volumes starting to tick up in the coming months? And do you see that as a material risk, and does that hold you back from potentially lifting prices much further there? How do you think about that in the context of changing trade flows? And I've got a second question if you answer that first. Thanks.

我想如果你說的是像東亞這樣的地區，他們或許能把HRC的價格控制在接近800美元左右。鑑於目前與某些東亞國家的進口差距正在擴大，即將達到進口平價，那麼是什麼阻止了未來幾個月進口量開始上升？您是否認為這是一個實質風險，這是否會阻止您進一步提高價格？在貿易流向不斷變化的背景下，您如何看待這個問題？如果你先回答這個問題，我還有第二個問題。謝謝。

Yeah, Andrew, I want to make sure I'm getting at the heart of your question. I think I understood what it is. But Steve, if I missed parts of that or -- jump in. But look, we had similar questions back in '21 and '22 when the US economy was so hot and the world pricing was less, right? We saw spreads of HRC that were, $200 to $300 a tonne or in some cases in short points greater than that, and what's sustainable, and are you taking -- look, we are a commodity-driven business who values our shareholders and our customers a great deal.

是的，安德魯，我想確保我抓住了你問題的核心。我想我明白了它是什麼。但是史蒂夫，如果我漏掉了什麼部分，或者——請插話。但你看，我們在 2021 年和 2022 年也遇到類似的問題，當時美國經濟非常火熱，世界物價也較低，對吧？我們看到熱軋捲板的價差為每噸 200 至 300 美元，有時短期價差甚至更高，這是可持續的嗎？你們在做什麼？ ——聽著，我們是一家以大宗商品為驅動的企業，非常重視我們的股東和客戶。

It is that that that bedrock that ultimately dictates pricing, not our wishes. It is what the demand profiles and supply chain is looking like in the US. And what I would tell you is that the separation today in the US from the world market is for a good reason.

最終決定價格的是這種基本原則，而不是我們的意願。這就是美國的需求狀況和供應鏈現況。我想告訴大家的是，如今美國與世界市場的分離是有充分理由的。

Look at the demand profile against the backdrop of a really healthy and robust economy outside of just steel. You're seeing growth, reshoring, investments, nuclear energy, like just a number of facets that are creating this. So it's not a false narrative that the -- it's the only reason pricing is up, because President Trump put in place tariffs. That's not it at all.

看看鋼鐵業以外的整體經濟情勢，以及整體經濟的強勁健康發展。你會看到經濟成長、製造業回流、投資、核能等等諸多方面共同造就了這一切。所以說，物價上漲的唯一原因是川普總統實施了關稅，這並不是一個錯誤的說法。根本不是那樣。

Shoot, it wasn't five, six months ago we saw HRC at $800 a tonne, so it's not that. It's a much broader economic picture of strength of the US and why every foreign investment wants to come and build here. It's why you saw -- and now what was a US company, now a Japanese company in US steel. It's not an American company today. It is a Japanese-owned company. And you're going to see continued investments from foreign companies that are looking to capitalize and come to the US because of that strength.

哎呀，五、六個月前我們看到熱軋捲板價格是每噸 800 美元，所以絕對不是那個原因。它展現了美國經濟實力的更廣闊圖景，以及為什麼所有外國投資都想來這裡建造。這就是為什麼你會看到——一家曾經的美國公司，現在變成了一家在美國從事鋼鐵生產的日本公司。它如今已不再是一家美國公司。這是一家日資企業。你會看到，由於美國的這種優勢，外國公司會繼續增加投資，希望從中獲利。

And so, look, the forecasted [ouch] on pricing, look, I'm not going to try to predict. What I would tell you is based on what we're sharing with you, our historic backlogs, volumes, the demand, the robustness that we see in this economy, again, I think '26 is shaping up to be a very, very solid year for Nucor.

所以，你看，關於價格預測[哎喲]，我不會嘗試預測。我想告訴大家的是，根據我們與大家分享的信息，包括我們歷史積壓訂單、產量、需求以及我們目前所看到的經濟強勁勢頭，我認為 2026 年對於紐柯公司來說將是非常非常穩健的一年。

Okay, that's clear. And then just on the CapEx, I mean, you sort of talked about it a bit already. But I guess the guide for '26 was lower than what the Street had in. And if there isn't substantial overspill into '27, it looks like the cost of some of those projects have come down despite, obviously, all the tariff risks. I mean, what do you attribute that to? I mean, were you building in a lot of contingency that hasn't come to pass, or what's changed?

好的，明白了。至於資本支出方面，我的意思是，您之前已經稍微談過了。但我猜想，2026年的指導價低於華爾街的預期。如果這些項目沒有大量延期到 2027 年，那麼儘管存在各種關稅風險，其中一些項目的成本似乎已經下降了。我的意思是，你認為這是什麼原因造成的？我的意思是，你是否預留了許多未實現的緊急應變計畫，還是發生了什麼變化？

Andrew, this is Steve. In many regards, it's the -- you have to look at '25 coupled with '26. So if you're only looking at '26, it looks like maybe relative to what your estimate would have been that our forecast is lower. But we also -- we ended up spending $3.4 billion, which is a little bit more than -- a year ago on this call, we would have guided you closer to $3 billion for the spin, so our teams did an outstanding job advancing those projects.

安德魯，這位是史蒂夫。在很多方面，你需要把 '25' 和 '26' 結合起來看。所以，如果你只看 2026 年的情況，看起來相對於你的估計，我們的預測可能會更低。但是，我們最終花費了 34 億美元，比一年前在這個電話會議上預估的 30 億美元略多一些，所以我們的團隊在推進這些項目方面做得非常出色。

And we -- as Leon mentioned in his opening comments, we brought a number of projects online this year, so kudos to our team. They covered a lot of ground. They're -- almost arbitrarily, there's a year-end stuck in there. But under the course of time, when you look at both of those two numbers together, it's in line. So it's not that there's been a reduction in in cost. It's really just timing difference between the two periods.

正如萊昂在開場白中提到的那樣，我們今年推出了許多項目，所以要向我們的團隊致敬。他們覆蓋了很大一片區域。它們——幾乎是隨意地——在裡面加上了“年末”這個詞。但隨著時間的推移，當你把這兩個數字放在一起看時，你會發現它們是一致的。所以並不是成本降低了。其實只是這兩個時期之間的時間差異。

Okay, that's clear. And just finally, on the M&A front, I mean, obviously, your peers have been pretty active. From the perspective of your market share, I mean, do you think that M&A would be possible for you on the actual upstream steel side of the market, given how large you are relative to others, obviously, with imports going down? I mean, do you have scope or interest in expanding in the upstream side, or is it mainly just focused on some of those downstream areas you've alluded to?

好的，明白了。最後，關於併購方面，我的意思是，很顯然，你們的同行們一直都非常活躍。從你的市佔率來看，我的意思是，考慮到你相對於其他公司的規模，以及進口量的下降，你認為在上游鋼鐵市場進行併購對你來說是可能的嗎？我的意思是，你們是否有拓展上游業務的計劃或興趣，還是主要專注於你們提到的那些下游領域？

Yeah, Andrew, look, we are the largest steel producer in the Western Hemisphere. So yes, every M&A opportunity in our pipeline holds interest. And so where we think we can grow and do and move, we will absolutely do so.

是的，安德魯，你看，我們是西半球最大的鋼鐵生產商。所以，是的，我們儲備的每一個併購機會都值得關注。因此，凡是我們認為可以發展、有所作為、有所作為的地方，我們一定會去做。

But make no mistake, Nucor is a steel company at its heart, and we will continue to grow through adjacencies and Expand Beyond. But it's the capabilities through our steel that fuel and fund all of that growth. And so yeah, as those opportunities emerge, you can bet Nucor's looking hard and evaluating hard of how we think about growth in the core businesses.

但毋庸置疑，紐柯的核心是一家鋼鐵公司，我們將繼續透過相關業務實現成長，並不斷拓展業務範圍。但正是我們鋼鐵業的能力為所有這些成長提供了動力和資金。所以，隨著這些機會的出現，可以肯定的是，紐柯公司正在認真審視和評估我們對核心業務成長的看法。

Okay. That's great. Thank you very much.

好的。那太棒了。非常感謝。

Thank you.

謝謝。

Tristan Gresser, BNP Paribas.

Tristan Gresser，法國巴黎銀行。

Yes, hi. Thank you for taking my questions. The first one is on the incremental EBITDA from the completed projects. Could you give us a sense of how much those projects contributed in 2025, and what do you expect in terms of EBITDA contribution for 2026?

是的，你好。謝謝您回答我的問題。第一個指標是已完成專案帶來的增量 EBITDA。您能否簡要介紹一下這些專案在 2025 年的貢獻情況，以及您對 2026 年 EBITDA 貢獻的預期？

Yeah, hey, Tristan. That's a great question. So if you just took -- are you talking about just -- I want to clarify, just -- if you're talking about the projects that came online last year, there's four major projects that came online. When you put those along with continued progress at Brandenburg, the delta in the EBITDA is about $500 million between just those four projects and progress at Brandenburg. So it's a meaningful uplift in 2026's outlook for us just from those recently completed projects.

嗨，特里斯坦。這是一個很好的問題。所以，如果你只是說——你是說——我想澄清一下，只是——如果你說的是去年上線的項目，那麼有四個主要項目上線了。如果將這些項目與勃蘭登堡項目的持續進展結合起來考慮，僅這四個項目與勃蘭登堡項目的進展之間的 EBITDA 差額就約為 5 億美元。因此，僅憑這些近期完工的項目，就足以讓我們對 2026 年的前景抱持顯著的樂觀預期。

Okay. Sorry, just to clarify, you expect a $500 million additional contribution for those projects, plus Brandenburg, in 2026 versus 2025?

好的。不好意思，我再確認一下，您預計2026年這些項目（包括勃蘭登堡計畫）的撥款將比2025年增加5億美元嗎？

Yeah, that's the delta in the EBITDA between all these projects together, correct.

是的，這就是所有這些項目之間的 EBITDA 差額，沒錯。

Okay, no, got it. Thank you. And second question, could you provide us a bit of an update on the plate market? You referenced Brandenburg. It would be good to know where the -- what's the situation today. But also on plate, I think we've seen some pricing hike announcement in December, January. But when I look at spot prices, it did not move too much. So are you facing some resistance? Can you discuss a bit the demand environment? And also keen to get some sort of update on the rebar market, and where do you see the ramp up at Lexington? That'd be great. Thank you.

好的，明白了。謝謝。第二個問題，您能否為我們介紹一下車牌市場的最新情況？你提到了勃蘭登堡。最好能知道現在的情況如何。但就價格而言，我認為我們在 12 月和 1 月已經看到了一些提價公告。但從現貨價格來看，價格波動並不大。所以你遇到了一些阻力嗎？能談談需求環境嗎？另外，我還很想了解鋼筋市場的最新情況，您認為列剋星敦的鋼筋加緊生產會在哪裡進行？那太好了。謝謝。

Okay, Tristan. Yeah, Brad Ford will kick us off on plate. And then maybe, Randy, why don't you touch on the startup in Lexington?

好的，特里斯坦。是的，布拉德福特將為我們開球。那麼，蘭迪，你為什麼不談談列剋星敦的那家新創公司呢？

Yeah, thanks for the question. The overall -- overall, we're pretty excited about where we're at on plate entering '26. As we touched on it a few times on this call, backlogs are strong. Backlogs in plate are up 40% from this time last year, and we're coming off a pretty good year in terms of overall domestic consumption, which is up 15% year over year and really the best since we've seen -- since 2019.

謝謝你的提問。總的來說，我們對進入 2026 年的情況感到非常興奮。正如我們在這次電話會議中多次提到的，積壓案件很多。餐盤積壓量比去年同期增加了 40%，而就整體國內消費而言，我們剛剛經歷了一個相當不錯的年份，同比增長了 15%，而且是自 2019 年以來最好的一年。

Obviously, couple that with an import picture where imports ended 20% down on cut-to-length plate for 25%. And a lot of that was in the second half of the year as the market kind of worked through higher levels of imports from early earlier in the year.

顯然，再加上進口情況，定尺鋼板進口量下降了 20%，而進口量下降了 25%。許多成長都發生在下半年，因為市場逐漸消化了年初較高的進口量。

So all told, we feel pretty strong going into '26, strength in certain end-use markets. Specifically, energy, line pipe transmission, wind are pretty strong. Non-res construction continues to be robust. I know Leon's referenced our structural backlog. And then infrastructure and specifically bridge continue to remain robust. So strong demand picture, low import levels, and strong backlogs we feel pretty confident going into '26.

總的來說，我們感覺進入 2026 年情況相當樂觀，在某些終端用戶市場表現強勁。具體來說，能源、管線輸送和風能都非常強勁。非住宅建設仍保持強勁勢頭。我知道萊昂提到了我們結構性積壓的問題。此外，基礎設施，特別是橋樑，也繼續保持良好狀態。因此，鑑於強勁的需求前景、較低的進口水準和充足的積壓訂單，我們對2026年充滿信心。

Tristan, just to give you an update on Lexington, first, certainly, I want to thank our Lexington and Kingman teams for their continued focus on safely and successfully ramping up these new investments. We are extremely encouraged by those operations. They're ramping up, developing, and how they're -- that team is executing on those projects.

Tristan，我先向你報告 Lexington 的最新情況。首先，我當然要感謝 Lexington 和 Kingman 的團隊，感謝他們持續專注於安全、成功地推動這些新投資。我們對這些行動感到非常鼓舞。他們正在加緊推進、發展，而且──那個團隊正在執行這些專案。

We continue to hit more and more milestones. Each week, we're setting and breaking production records on a regular basis, so this is an absolutely fantastic time to be bringing these investments up. We are currently sitting with record backlog on that side of the of the business. So we remain confident that both, quite frankly, our Lexington and Kingman operations, will EBITDA positive by the end of the first quarter. And we would expect both also to be fully ramped by the end of the year.

我們不斷取得新的里程碑。我們每週都在不斷創造和打破生產記錄，所以現在是增加這些投資的絕佳時機。目前，我們這方面的業務積壓訂單數量創歷史新高。因此，我們仍然有信心，坦白說，我們的列剋星敦和金曼業務都將在第一季末實現 EBITDA 為正。我們預計這兩項計劃都將在年底前全面投產。

All right. That's very clear. Thank you.

好的。這一點很清楚。謝謝。

Thanks, Tristan.

謝謝你，特里斯坦。

Thank you. We currently have no further questions, and I would like to hand back to Leon Topalian, Chair and CEO, for any closing remarks.

謝謝。目前我們沒有其他問題，我想把發言權交還給董事長兼執行長萊昂·托帕利安，請他作總結發言。

Well, thank you for joining us for today's call. We feel very good about the position we're heading into 2026 and look forward to the opportunities we have before us. Thank you to our team for the safety, operational, and financial performance you delivered in 2025. And thank you to our customers for choosing to do business with Nucor each and every day. And thank you finally to our shareholders for investing your valuable shareholder capital with us. Have a great day.

感謝您參加今天的電話會議。我們對2026年的發展前景感到非常樂觀，並期待著擺在我們面前的機會。感謝我們的團隊在 2025 年所取得的安全、營運和財務表現。感謝我們的客戶每天都選擇與紐柯公司開展業務。最後，感謝各位股東將寶貴的股東資金投資於本公司。祝你有美好的一天。

Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。