Nucor Corp (NUE) 2025 Q4 法說會逐字稿

Good morning and welcome to Nucor Corp's fourth quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise, and today's call is being recorded.

早安，歡迎參加紐柯公司2025年第四季財報電話會議。為防止背景噪音，所有線路均已靜音，今天的通話正在錄音。

After the speaker's prepared remarks, I will provide instructions for callers wishing to ask questions. I would now like to introduce Chris Jacobi, Director of Investor Relations. You may begin your call.

演講者發言結束後，我將為希望提問的來電者提供指導。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 Corp'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 Corp's executive team are also here with us today and may participate during the Q&A portion of the call. Yesterday we posted our fourth quarter earnings release and investor presentation to Nucor Corp's IR website. We encourage you to access these materials as we will cover portions of them during 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。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。Nucor Corp 的其他高階主管團隊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。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 Corp's SEC filings. The appendix of today's presentation includes supplemental information and disclosures, along with a reconciliation of non-GAAP financial measures. So with that, let's turn the call over to Leon.

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。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 Corp'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.

謝謝克里斯，也歡迎各位。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 Corp, 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運營，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 Corp, 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.

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。在紐柯公司任職的 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。史蒂夫也將繼續擔任財務長一職。直到指定繼任者為止。

Congratulations, Steve.

恭喜你，史蒂夫。

I would also like to acknowledge the many contributions of Dave Samosky. Dave has served as our Chief Operating Officer since 2021 and will retire in June after more than 30 years at Nucor Corp. 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.

我還要感謝戴夫·薩莫斯基的諸多貢獻。自 2021 年以來，Dave 一直擔任我們的營運官，在 Nucor 公司工作 30 多年後，他將於 6 月退休。在此期間，Dave 是一位值得信賴的領導者，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。

He will be missed by all of us when he begins a well-deserved retirement in June.

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。

On behalf of our teammates across Nucor Corp, we wish Dave and his family all the best.

我們代表紐柯公司全體員工，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.

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其他用途。

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.

前往 2025 年已完工或將於今年稍後完工的項目。透過分紅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，為業務營運和成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 mill 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。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，以滿足重點市場中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. Major projects completed include our new rebar micromill in Lexington, North Carolina.

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了啟動階段。已完成的主要項目包括我們在北卡羅來納州萊剋星頓新建的鋼筋微型軋機。

A new melt shop at our bar mill in Kingman, Arizona. A new Newport 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.

我們在亞利桑那州金曼的棒材廠新建了一家熔煉車間。我們在阿拉巴馬州新建了一座紐波特塔架和結構工廠，並在印第安納州克勞福茲維爾的板材廠新建了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. For example, we converted two existing steel products facilities.

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。例如，我們改造了兩座現有的鋼鐵產品生產廠。

To support our Nucor data systems business as it supplies the rapidly expanding data center market, this demonstrates a core strength of Nucor Corp with the broadest range of capabilities in the North American steel industry, we are uniquely positioned to capitalize on new opportunities wherever they emerge.

為了支持我們的紐柯資料系統業務，為快速擴張的資料中心市場提供服務，展現了紐柯公司的核心優勢。紐柯公司擁有北美鋼鐵業最廣泛的能力，這使我們擁有獨特的優勢，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.

在塔架和結構方面，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綠地項目仍按計劃進行，即將完工。

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.

到 2027 年，當這些設施全面投入營運時，我們將運作四個高度自動化的先進生產基地，業務覆蓋全國，進入高速成長的輸電塔市場。

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.

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。

With the majority of our recent investments largely complete, I'm confident it sets up Nucor Corp 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.

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能夠以穩健的姿態進入下一個成長階段，專注於嚴格的資本配置，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.

轉向貿易政策，大力執行貿易救濟法律，以及去年全面恢復第 232 條鋼鐵關稅而不設任何豁免，都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 products specific trade cases. Provide vital defenses against countries that seek to dump their steel into the US market.

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。共同涉及第 232 條關稅和特定產品貿易案件。為防止國家向美國市場傾銷鋼鐵提供至關重要的防禦措施。

We appreciate the efforts the Federal government took in 2025 to level the playing field for the American steel industry. 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.

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。展望未來，貿易政策仍將是我們產業的優先事項。對美墨加協定的正式審查。從 7 月開始，有機會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，並解決加拿大政府提供的鋼鐵補貼問題。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 an 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、能源以及能源基礎設施。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 mill segment and 15% in steel products. 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.

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%。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。

For the full year, we currently expect Nucor steel mill shipments to increase approximately 5% compared to 2025. 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.

我們目前預計，紐柯鋼鐵廠全年出貨量將比 2025 年成長約 5%。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。

Steve.

史蒂夫。

Thank you, Leon, and thank you all for joining us on the call this morning. During the fourth quarter, Nucor Corp 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，紐柯公司實現調整後淨利 4 億美元，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。主要涉及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。

Turning to the segment level results for the fourth quarter, the steel mill 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 and new courses 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%，反映了季節性因素、出貨天數減少、第四財季新增課程以及計畫內和計畫外停工的影響。

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.

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。

Sheep prices began to rise in November and December, with most of that benefit expected to be realized in the first quarter. Turning to steel products, we generated pre-tax earnings of $230 million down from $319 million in the third quarter. Consistent with our steel mill segment, volumes declined sequentially across the steel products portfolio.

羊肉價格從11月和12月開始上漲，預計大部分收益將在第一季實現。就鋼鐵產品而言，我們稅前利潤為 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。

Our rebar fabrication business accounted for roughly 50% of the quarter over quarter volume decline in line with its typical seasonal volume trend. Turning to our raw material 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.

我們的鋼筋加工業務約佔季度環比銷量下降的 50%，這與其典型的季節性銷售趨勢相符。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.

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。

Our current estimate for 2026 CapEx is approximately $2.5 billion. Growth oriented investments will represent roughly two-third of our planned spending, with our West Virginia sheep mill remaining the largest single use of capital.

我們目前對 2026 年資本支出的估計約為 25 億美元。成長型投資將占我們計畫支出的大約三分之二，其中我們在西維吉尼亞州的羊毛加工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 Corp 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：維持強勁的資產負債表、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 Corp has invested over $9.5 billion through capital spending and acquisitions. During that same period, Nucor Corp returned over $6 billion to shareholders in dividends and share repurchases, an amount equal to roughly 73% of Nucor Corp's net earnings during that time frame.

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 A3 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，從而支撐了我們行業領先的信用評級以及三大評級機構授予的 A3 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 4th quarter.

展望第一季度，我們預計合併收益將有所提高，所有三個營運部門的業績都將有所改善。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 mill 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.

由於產量增加和實際售價上漲，預計鋼鐵廠業務將成為推動季比獲利成長的最大動力。該細分市場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.

在鋼鐵產品領域，我們預計銷售量將有所增長，價格將保持穩定；在原材料領域，由於上一季計劃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。

These gains will be partially offset by higher profit eliminations upon consolidation. Before we take questions, I'd like to spend a minute on what has long been both a source and evidence of Nucor Corp's resilient and sustainable business model.

這些收益將被合併後更高的利潤抵銷部分抵銷。在回答問題之前，我想花一分鐘時間談談長期以來一直是紐柯公司韌性和永續商業模式的來源和證據的事情。

Our ability to generate free cash flow across a wide range of market conditions.

我們在各種市場環境下創造自由現金流的能力。

Last year Nucor Corp 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.

去年紐柯公司自由現金流為負，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。

We prudently positioned the company with ample liquidity ahead of these expected results to afford the ability to maintain our growth and return commitments.

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 Corp 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增量以及市場狀況改善的背景下，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。

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

謝謝（操作員指示）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，Leon、Steve、Steve 和 Dave。我想說，恭喜你即將開啟新的旅程。

If I could ask about CapEx and look out to 2027 and by the way, thank you for the detailed guidance on 2026 cappa as we think of how falling cappa might help support Nucor Corp's unfolding free cash flow inflection.

我想問一下關於資本支出的問題，並展望一下 2027 年。另外，感謝您對 2026 年每單位資本支出 (cappa) 的詳細指導，因為我們正在考慮每單位資本支出 (cappa) 的下降如何幫助支持紐柯公司 (Nucor Corp) 正在展開的自由現金流拐點。

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 capbacks and then, the breakdown in 2026 capback suggests non-expansionary and non-improvement capbacks of about 950 million. I think we've talked about $600 million. In the past, like, what is the latest thinking of sort of ongoing non-expansionary profit cap acts to just kind of keep the business running, and thank you very much.

您能否談談您目前對 2027 年資本支出的看法，特別是關於 2026 年西弗吉尼亞州的 9.5 億美元支出，以及預計 2027 年將如何跟進，並考慮一些額外的資本返還，以及 2026 年資本返還的細分情況，擴張表明大約 9.5 億美元的資本返還，並非改善性支出並非改善性支出。我想我們已經談過6億美元了。過去，例如，關於持續實施非擴張性利潤上限法案以維持企業營運的最新想法是什麼？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 Corp Berkeley in the mid-1990s, and, we appreciate. Everything you've done and on behalf of our 33,000 team members, Dave, thank you.

Lawson，我先來拋磚引玉，然後請 Steve 為我們展望 2027 年的資本支出提供一些背景資訊。但我想先從你剛才說的話開始，感謝 Dave 和 Steve 的付出。Dave 在我們公司工作了 30 年，而且，我和他一起在 20 世紀 90 年代中期創建了 Nucor Corp Berkeley，我們對此非常感激。戴夫，我代表我們33,000名團隊成員，感謝你所做的一切。

And what gloss and 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 and all of us in Charlotte as they execute each and every day across, all of our product groups of these startups, the enhancements, the buildouts, the new lines and greenfield operations. It's, an incredibly exciting time for Nucor Corp 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 Corp 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.

還有一點值得一提的是，我們連續八年保持安全績效，我們的團隊也一直在用實際行動證明安全的重要性，並接受挑戰，成為世界上最安全的鋼鐵公司。這讓我和夏洛特的所有人都感到無比自豪，因為他們每天都在執行我們所有新創公司的產品組、改進、建造、新生產線和綠地營運等工作。對紐柯公司來說，這是一個令人無比令人興奮的時刻，這讓我們在長期發展中佔據了有利地位。展望未來，我們期待有一天，紐柯公司能夠實現一整年團隊成員零傷亡的目標。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 Corp 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, 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. 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.

最後，關於資本支出，我要補充一點：我們在 2020 年開始這段旅程時，是為了確保紐柯公司保持成長動能。我們投入了大量資金，採取了有意義的措施，但在此背景下，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，我們剛剛經歷了公司歷史上最好的幾年。我們公司在成長策略中加入「超越擴張」部分後所取得的成就，至今依然如此。我們可以非常謹慎和自律地思考如何使用我們寶貴的股東資本來推動公司實現有意義的成長。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，但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, you, 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.

是的，勞森，我只是想補充萊昂剛才說的話，西維吉尼亞大學將在今年年底結束賽季，而且，那支球隊做得非常出色。推進該項目，正如您所想，工作非常繁忙，這是一個大項目，而且，過去我們曾指導過一些數字，我們稱之為維護資本，但維護資本中包括安全、環境合規以及一定數量的規模較小的效率提升項目。但這並不一定能為我們帶來新的能力。

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 dollar 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規模的擴大，我認為現在每年的支出應該接近 8 億美元。所以，如果你考慮27歲及以後的發展，我會引導你朝著8億美元的目標邁進，再加上正在進行的項目。

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.

太棒了，我想接下來應該談談那些潛在的擴張項目。感覺你目前對長期產品業務相當滿意，放棄了在太平洋西北地區擴張的計劃。

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?

您能否指出貴公司目前有哪些業務領域值得考慮在 26 年後追加一些擴張資金？

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 infrastructure, obviously the ability for us to pivot very quickly and. Handle the increase in the border wall. 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.

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尋找增長的方式，這體現在我們經濟中的一些大趨勢中，比如數據中心、能源基礎設施，顯然還有我們快速轉型的能力。處理邊境牆加高的問題。紐柯集團旗下各業務都取得了不錯的成長，但我們尤其對塔架和結構件業務的成長感到無比興奮。

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. And so again, we look for, okay, what's the next step? How can we continue to.

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%。因此，我們再次尋找，好的，下一步是什麼？我們如何才能繼續下去？

Maximize our capability set and continue to enhance the growth profile for our shareholders, so we're looking for things that aren't high caps. 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.

為了最大限度地發揮我們的能力，並不斷提高股東的成長前景，我們正在尋找那些市值不高的項目。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 New Corre Berkeley, the two galvanizing. Lines at 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 and down the road.

最後，我認為核心在於我們如何持續進行長期投資，進而提升價值鏈，生產更高價值的產品。這一點在我們在克勞福茲維爾和新科雷伯克利的鍍鋅生產線上得到了體現。西維吉尼亞州的隊伍正在排隊。因此，我們再次思考如何繼續發展壯大，並增強我們與客戶之間的差異化優勢，從而為客戶提供他們現在和將來需要的產品。

Thank you very much.

非常感謝。

Thank you. Timna Tanners, Wells Fargo.

謝謝。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 EIT. 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 月的投資者日活動，當時您談到了 EIT 的周期性影響。 67 億。如果您能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，那就太好了。我知道這些數字是假設項目全部完成後得出的，但是隨著您最終完成其中一些項目，我們是否可以假設這會是 2027 年的運行速度？或者您對此有任何更新的想法嗎？

Yeah, a couple thoughts. First, thank you for referencing that. For me, it was my first investor day as CEO, and Again, Steve and his, new role as Chief Operating Officer as well as CFO at least for a short time till we announce, his successor. Look, we're thinking hard about when the next investor day is, Tim, and again to provide an update against that backdrop. But look, it, 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 and bring that to its full ramp. Capabilities at the same time, I would tell you, look, I'm an optimist and I believe, in the long-term growth strategy Nucor Corp'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 Corp, so we're poised today to capitalize on those trends as well as.

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。此外，史蒂夫還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，他將暫時兼任這一職務。提姆，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，那是我們當時花了很多時間思考我們所做的投資的事情。所以，總的來說，回答你的問題，是的，我認為你的想法是對的，我們正在完成西維吉尼亞州的創業項目，並使其全面啟動。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，但我也認為，我們目前的經濟狀況已經到了一個前所未有的時期，例如，進口水平之高，在我30年的紐柯公司生涯中從未見過，因此，我們今天已經做好準備，充分利用這些趨勢。

The opportunities 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 tons 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 poor levels staying or maybe even slightly coming down some more. So see if anything you'd add on the investor day or the EBITDA that we projected at that point.

機會很多，而且我知道你的背景，也清楚你對錶格的理解程度。僅板材進口量的減少就意味著國內供應鏈現在可以彌補 400 萬噸的消費缺口。這是一個有意義的數字，所以，我不知道下一屆政府會帶來什麼，但可以肯定的是，展望2026年，在短期內，我們可能會看到糟糕的水平保持不變，甚至可能略有下降。所以看看在投資者日或我們當時預測的 EBITDA 中，您是否還有什麼要補充的。

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, and just, and so I back off of that being a specific guide toward 27. All the points Leon made are are solid and. 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 EBIT in 27, among other projects, for example.

不，其實不是。我想，我稍微清楚一點的是，我想我聽到你問的是關於 27 的良好指導。我猶豫了一下，才說這是針對 27 號的指導。投資者日資料（您可能很熟悉，但電話會議上的其他人可能不熟悉）是中期週期指導，當時所有項目都已完成，包括西維吉尼亞州和其他項目，因此我不認為這是 27 年的具體指導。萊昂提出的所有觀點都很有道理。這可以融入你對 27 號公路的思考中，但是，就西維吉尼亞州的加速發展而言，那是一個龐大而複雜的工廠。例如，在其他專案中，2027 年的 EBIT 將不會達到先前的運行速度。

Okay, appreciate that color. Along the lines of what Leanne was talking about with the loss of import, 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。正如莉安娜所說的進口減少一樣，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的剩餘產能，以及您可以採取哪些逐步措施來從進口產品中搶佔市場份額？再次感謝。

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

是的，你看，我認為總體而言，我們處於非常有利的地位，我們的羊肉加工廠利用率約為 85%，這使我們有機會參與現貨市場，並考慮長遠發展。所以又來了。整體ADC水準約為15%，這為我們創造了一些獨特的機會，我們有足夠的空間和能力在我們的工廠中建立起來，這確實為在西維吉尼亞州建立新工廠創造了一個絕佳的時機。

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

我們也看到了那裡的更多機會。我認為，東北和中西部走廊為紐柯公司提供了一些獨特的地理機遇，我認為，從成本角度來看，該鋼廠將為我們的股東帶來巨大的價值。

Okay.

好的。

Thank you.

謝謝。

Thank you. Will Peterson, JP Morgan. Will,

謝謝。威爾彼得森，摩根大通。將要，

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。感謝各位回答問題，再次祝賀史蒂夫和戴夫。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將增加。

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?

我認為你提到過利用率有所提升，你提到的表格也證實了這一點，但我想這應該需要支持，那麼5%的預期是否有上升空間，又是什麼因素會推動這一增長呢？您認為，考慮到萊剋星頓和金曼即將上線，那會是更像一張紙、一塊板，還是像酒吧？

Well, yeah, Bill, look at, 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% of our products group.

嗯，比爾，你看，如果你再看看我們的積壓訂單，我認為這是 100% 可持續的，鋼鐵集團的積壓訂單同比增長了 40%，產品集團的積壓訂單同比增長了 15% 或 16%。

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 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.

目前我們許多產品組的積壓訂單都創下了歷史新高。我認為可能是我們在第三季和第四季的財報電話會議上。實際上，我分享了一些我們結構性積壓訂單的數量，而且在我的開場白中，這些積壓訂單數量創下了歷史新高，是我們所見過的歷史性積壓訂單，這是一個市場，也是我們非住宅終端用戶的訂單。在我們非常了解的工業領域，當我與我們的客戶以及客戶的客戶交談時，需求情況強勁，對 2026 年的前景非常樂觀。我們相信，5% 不僅是一個可以實現的數字，而且這種需求模式將為幾乎所有產品類別帶來一定的提升。

Finally, I tell you that if 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 Newport's realized that we're announced in Q4 hits almost every product group sheet, plate, bar, beam, and many of the product group segments. Saves that are all seeing that that stick. So look, I think we're entering what should be a better year in 2026. We're very optimistic and again we the 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.

最後，我告訴你，如果你仔細觀察。你看，這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，而是紐波特在第四季度宣布的價格，幾乎影響所有產品組（板材、棒材、梁材）以及許多產品組細分市場。所有人都看到了那個棍子。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，我們認為，我們在幾個擴展業務和核心業務領域推出的新創公司的時機恰到好處，正值需求環境達到頂峰之際。

Energy infrastructure, nonres border fence, energy infrastructure, towers and structures and yeah, I think physicians Newcore incredibly well.

能源基礎設施、非住宅邊界圍欄、能源基礎設施、塔架和建築物，是的，我認為 Newcore 的醫生們做得非常出色。

Thanks for that, Leanne. 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.

謝謝你，莉安。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。

Maybe these are on the table for the upcoming USMCA negotiations and.

或許這些內容會列入即將舉行的美墨加協定談判的議程。

Maybe, what is Nucor Corp lobbying for or 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 trans shipments any sort of, specifics on your expectations around trade policy would be helpful.

也許，紐柯公司正在遊說或爭取什麼？我想關鍵是，如果墨西哥和加拿大對其他地區徵收同樣高的鋼鐵關稅，您是否支持降低它們的關稅，以減少轉運？您對貿易政策的任何具體期望都將有所幫助。

Yeah, Bill, I'll tell on it. And look, let me begin with the end in mind. What Nucor Corp 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. 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.

是的，比爾，我會告發這件事。聽著，讓我從最終目標出發。紐柯公司最支持的是禁止非法傾銷、補貼進口的鋼鐵進入美國，破壞美國經濟，僅此而已。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。如果你一年前問我（你確實問過），我會說，我當時是否認為，我們與美墨加協定（USMCA）重新生效，或者說川普重新生效的，會有什麼影響？

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 that not done. And then again July the renegotiations come up, but the reality is I I can't tell you, does that end up with a trilaterallateral agreement, a bilateral agreement, and again the one-offs on what this current administration's going to do.

232項關稅問題將很快解決。我一定會告訴你的。我相信這件事本來可以很快解決，但一年過去了，這件事仍然沒有解決。然後7月又要重新談判了，但現實是我無法告訴你，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做出一些零星的決定。

What I can tell you is.

我可以告訴你的是…

What we've seen out of commerce and USTR is a very supportive trade environment that's pro-America and pro-US manufacturing. 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 and remedies.

我們從商業界和美國貿易代表辦公室看到的是一個非常有利於美國和美國製造業的貿易環境。所以，我們最終希望看到的是什麼呢？加強原產地規則，繼續執行現有的 232 項政策，加強執行。其中。這就是為什麼我們一直堅定支持公平競爭，支持《公平競爭法案 2.0》，並且仍然認為該法案需要通過。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, man.

再次感謝你，兄弟。

Thanks.

謝謝。

Thank you. Phil Gibbs, Key Bank.

謝謝。Phil Gibbs，Key Bank。

Hey, good morning. Good morning, Phil. On West Virginia specifically. Can you just update all of us on some of the new products and market capabilities that that mill may give you relative to the, current. A fleet of assets that you have right now on the sheet side just to kind of go back over the.

嘿，早安。早上好，菲爾。具體來說，就是西維吉尼亞州的情況。能否請您向我們介紹一下，與目前的情況相比，該工廠可能會為您帶來哪些新產品和市場能力？讓我們來回顧一下您目前在財務報表方面擁有的一系列資產。

You know the investment case and why you're making the move here and yeah, that's effectively the question. Just kind of want to refresher in terms of what it brings you because I know it's a different male relative to what you currently have.

你知道投資的理由，也知道為什麼要做這個決定，是的，這其實就是問題所在。我只是想複習一下它能為你帶來什麼，因為我知道它和你目前擁有的男性伴侶是不同的。

Yeah, look, Phil, I appreciate the question. I'll kick it off and then ask Noah Hanners to actually give you the the specifics of, that capability because it's going to be very unique for Nucor Corp. But if we step back to the macro question you asked about why, look, it's the right opportunity if you look at Nucor Corp's market share in the largest sheet consuming region in the US, it's about 15% or 16%.

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能力，因為它對紐柯公司來說非常獨特。但如果我們回到你提出的宏觀問題，也就是為什麼，你看，這是一個合適的機會。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%。

So we have a huge opportunity. 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. 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 Corp'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, but no, I want to touch on some of the capability sets of the mill.

所以我們有一個巨大的機會。在這一領域，我們與一些競爭對手競爭，並擁有充足的機會繼續在該市場提供更具差異化的價值主張。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組合，所以我們對西維吉尼亞州的地理環境、技術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在那裡所做的工作感到無比自豪，但是，我想談談這家工廠的一些能力。

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 and some of those grades, the quality of the production there will be into exposed automotive.

是的，或許可以再多加一些細節來描寫里昂的興奮之情。第一，我們對進軍高附加價值產品市場，尤其是在西維吉尼亞州的策略感到非常滿意。其中約三分之一的產量將進入汽車市場，而其中一些等級的產品，其品質將用於外露的汽車零件。

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 our other, 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.

電弧爐生產在美國以前並沒有真正廣泛應用，我們對能夠進入這個領域感到非常興奮，這主要是因為我們聽到了客戶的需求。我們最近透過另一條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 that I highlight for you. A million tons 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。我們在該地區的市場份額並不大，尤其是像家電這樣的產品，Leon 也遇到了地域性問題，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，我大概要重點介紹這兩方面。一百萬噸鍍鋅材料與此配合得非常好。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 capbacks from these major projects like West Virginia in 2027, Steve? I know you talked about 8,800 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 20,207?

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金回饋？我知道您提到了 88 億美元的維護費用加上任何增長費用，而且您總是會有一些增長因素，但是 20207 年西弗吉尼亞州或其他這些重大項目還有什麼剩餘資金嗎？

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 that's been the historic pattern you're on you're on.

是的，數量仍然會很少，這對我們來說很正常，因為有些年份之間會有結轉。隨著 2026 年接近尾聲，我們將在 2027 年向您更新更多關於展望的資訊。所以我很希望那支球隊每次都能贏，而我們卻沒能做到，但這已經是歷史規律了。

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 you guys have an idea what mill utilizations were for Nucor in general in 2025?

然後，如果我可以再問一個關於建模的高層次問題，因為我的模型裡沒有，你們知道紐柯公司2025年的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 8,284 range is, about the right utilization, so.

是的，我們有。當我思考我們的主要產品組時，我認為 8,284 這個範圍內的利用率比較適合。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Thank you. Katja Jancic, BMO Capital Markets.

謝謝。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 cap 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，您能否談談或詳細說明一下，在沒有這些重大項目的情況下，在更加正常的環境下，年度成長上限可能會是多少？

Well, got you, 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 what 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 and quite frankly, beyond that, I want to use the re.

好的，明白了，感謝你的提問，我可能還得再問你一些具體數字，因為我們不會直接告訴你具體的金額。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% 的淨收益以股息和股票回購的形式返還給股東，坦白說，除此之外，我還想利用剩餘的資金。

Just 60% for growth, period, full stop. So I want us to be using the money that Nucor Corp 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.

成長率只有 60%，就這麼簡單。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，我們再次在 2022 年提供了一些細節。

Investor day that we had 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.

我們舉辦了投資者日活動，所以，如果你考慮週期內 70 億美元的 EBITDA，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，今年我們真的非常認真地研究，好吧，我們該如何投資？我們如何才能發展壯大紐柯，並繼續以有意義的方式成長？我認為在未來幾年裡，你會看到投資重心從核心業務轉向鄰近業務，或者我們稱之為「超越性擴張」的投資。

It was just a follow-up to your comment about M&A. Can you talk a little bit more? I know you said adjacentcies. Are there specific products or how should we think about the these type of businesses?

這只是您關於併購評論的後續補充。能再多說幾句嗎？我知道你指的是鄰近關係。是否有具體的產品？或者我們該如何看待這類企業？

Yeah, gotcha, I, again, I shared a little bit earlier, but look, we, 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.

是的，明白了。我之前也稍微提了一下，但我們一直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。這肯定和紐柯公司有某種關聯。

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 [RTech], man, what a wonderful adder where they've been a huge player in the residential space, a little less so in the commercial, well.

獲得並利用協同效應，並有機會實現協同效應，例如，將我們與 [CHI] 與 [RTech] 的捲簾門業務聯繫起來，這真是一個絕妙的補充，他們在住宅領域一直是巨大的參與者，在商業領域則稍遜一籌。

Again, that's where we play in the commercial side. So our teams and our buildings group, our nuclear 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 infrastructure, data centers, tower structures.

再說一遍，這就是我們在商業方面所做的事情。因此，我們的團隊、建築團隊、核電廠倉庫系統團隊，能夠利用和結合力量，為資料中心的超大規模資料中心和託管資料中心提供服務，這為我們繼續發展紐柯公司及其業務版圖提供了絕佳的平台。所以，當你思考當今美國的幾大發展趨勢時，你會發現能源基礎設施、資料中心、塔式結構。

Those are the areas you can be looking and expect a new course searching really hard for those companies that would be additive in in where we see synergies and value in creating EVA for our shareholders.

這些領域值得您關注，我們將努力尋找那些能夠為我們的股東創造經濟增加價值 (EVA) 的公司，並期待新的發展方向。

Perfect. Thank you.

完美的。謝謝。

Thanks.

謝謝。

Thank you. Andrew Jones, UBS

謝謝。瑞銀集團 Andrew Jones

Hi Jen, first 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 HLC I would guess.

嗨，Jen，第一次來。幾個問題。首先，我們來談談價格。我只是好奇，鑑於我們現在實行進口價格平價，你們現在是如何看待定價策略的。我猜想，你們的傳統進口商在HLC上的價格可能已經接近1000了。

I guess if you, if you're talking about like East Asia, they can probably land HRC in the US at, closer to 800. So given that GAAP is now growing to import parity versus say some of these East Asian countries, like 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.

我想，如果你說的是像東亞那樣的地方，他們或許能讓希拉蕊在美國的得票率接近 800 美元。鑑於 GAAP 目前的成長速度已與一些東亞國家的進口持平，那麼是什麼因素會阻止這些國家的進口量在未來幾個月內開始上升？您認為這是重大風險嗎？這是否會阻礙您採取潛在的行動？

Lifting prices much further here, 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.

如果價格進一步上漲，您如何看待貿易流動變化的影響？如果您先回答這個問題，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 2] when the US economy was so hot and the world pricing was less, right? We saw spreads of HRC that were, $2000 to $300 a ton or in some cases in short points greater than that.

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，但是史蒂夫，如果我漏掉了什麼，或者你插話，但是你看，我們在[21和2]年也遇到過類似的問題，當時美國經濟非常火熱，世界價格也較低，對吧？我們看到 HRC 的價差為每噸 2000 至 300 美元，有些情況下短期價差甚至更高。

And you know what's sustainable and are you taking advantage look we are a commodity driven business who values our shareholders and our customers a great deal. 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 good reason. 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. Shoot, it wasn't 56 months ago. We saw HRC at $800 a ton, 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, the 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. And so, look, the forecasted.

你知道什麼是永續發展，你是否正在利用這一點。我們是一家以商品為導向的企業，非常重視我們的股東和客戶。最終決定價格的是這種基本原則，而不是我們的意願。就是這樣。美國的需求狀況和供應鏈現況是這樣的，我想說的是，如今美國與世界市場的分離是有充分理由的。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。你會看到投資回流帶來的成長。核能只是造成這種情況的眾多因素之一，所以說核能是價格上漲的唯一原因，因為川普總統實施了關稅，這種說法並不屬實。根本不是那樣。糟糕，已經不是56個月前的事了。我們看到 HRC 的價格是每噸 800 美元，所以問題不在於此。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，曾經的美國鋼鐵公司，現在變成了日本鋼鐵公司。它如今已不再是一家美國公司。這是一家日本公司，你會看到越來越多的外國公司因為日本的這種實力而前來美國投資，希望從中獲利。所以，你看，預測結果。

Ouch on pricing, look, I, 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 solid year for Nucor

價格方面確實有點讓人頭疼，說實話，我不會嘗試預測。我想告訴你們的是，根據我們與你們分享的信息，包括我們歷史積壓的訂單量、訂單量、需求以及我們在這個經濟環境中看到的強勁勢頭。我再次認為，26年對紐柯公司來說將會是非常穩健的一年。

Okay, that's great. 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, was, were you building in a lot of contingency that hasn't come to pass, or like what's changed?

好的，太好了。至於資本支出方面，我的意思是，您之前已經稍微談到了一點，但我想 2026 年的指導價低於市場預期，而且如果 2027 年沒有出現實質性的溢出效應，那麼儘管存在各種關稅風險，但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，你是不是做了很多未曾發生或已經發生變化的緊急應變計畫？

And 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.

安德魯，這位是史蒂夫。在很多方面，你必須把 '25' 和 '26' 結合起來看。所以，如果你只看 2026 年，看起來相對於你的估計，我們的預測可能較低，但我們最終花費了 34 億美元，比一年前在這個電話會議上我們建議你接近 3 億美元的預測略多一些。

For the spin, so our teams did an outstanding job advancing those projects, 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. We, 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.

就專案推進而言，我們的團隊做得非常出色，正如萊昂在開場白中提到的那樣，我們今年推出了許多專案。所以，要給我們的團隊按讚。他們覆蓋了很大一片區域。我們，他們幾乎是隨意地把年終部分塞進去，但在下面。隨著時間的推移，當你把這兩個數字放在一起看時，它們是一致的，所以並不是成本降低了，而只是這兩個時期之間的時間差異。

Mm, 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?

嗯，好的，明白了。最後，關於併購方面，我的意思是，很明顯，從市場份額的角度來看，你們的同行們一直非常活躍。我的意思是，考慮到貴公司相對於其他公司的規模，以及進口量的下降，您認為在上游鋼鐵市場進行併購對您來說是否可行？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. But make no mistake, Newor 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.

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，我們所有正在進行的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。但毋庸置疑，紐奧公司本質上就是一家鋼鐵公司，我們也將如此。我們將繼續透過鄰近領域發展壯大，並向外擴張，但正是我們鋼鐵的能力為所有這些成長提供動力和資金，因此，是的，隨著這些機會的出現，您可以肯定，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.

好的。那太棒了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you. Tristan Gresser, BNP Paribas.

謝謝。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 project. 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，您好，謝謝您回答我的問題。第一個是關於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 and the EBITDA is about $500 million between just those four projects in progress at Brandenburg. So it's a meaningful uplift in 2026's outlook for us, just from those recently completed projects.

是啊，嘿，特里斯坦，這真是個好問題。所以，如果你只是說，你指的是，我想澄清一下，如果你指的是去年上線的項目，那麼有四個主要項目上線了，當你把這些項目加上勃蘭登堡的持續進展，僅勃蘭登堡這四個在建項目之間的增量和 EBITDA 就約為 5 億美元。因此，僅從最近完成的這些項目來看，就為我們2026年的前景帶來了顯著的提升。

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

好的。抱歉，我再確認一下，您預計 2026 年這些項目以及勃蘭登堡計畫將比 2025 年獲得 5 億美元的額外撥款。

Yeah, that's the delta and the even between all these projects together, correct.

是的，這就是所有這些項目之間的差異和平衡點，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, we've seen some pricing hike announcement in December, January, but when I look at spot prices, it did not moved 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, that'd be great.

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。但就餐盤而言，我認為我們在 12 月和 1 月看到了一些提價公告，但當我查看現貨價格時，它並沒有太大變化。所以你遇到了一些阻力嗎？能否談談需求環境？另外，我很想了解鋼筋市場的最新情況，以及您認為萊剋星頓的產能提升情況如何？如果能解答這些問題，那就太好了。

Thank you.

謝謝。

Okay, Tristan, yeah, Brad, Ford will kick us off on played, and then maybe Randy, won't you touch on the, startup in Lexington.

好的，Tristan，是的，Brad，Ford會帶我們開始討論，然後Randy，你來談談列剋星敦的新創公司吧。

Yeah, thanks for the question.

謝謝你的提問。

The overall we're pretty excited about where we're at on plate entering '26.

總的來說，我們對2026年目前的情況感到非常興奮。

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.

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%，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 so.

顯然，再加上進口情況，切割長度鋼板的進口量下降了 20%，切割長度鋼板的進口量下降了 25%，而且這種情況大多發生在下半年，因為市場正在消化年初較高的進口量。

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，我們對2026年充滿信心，某些終端用戶市場，特別是能源、輸電線路和風能市場表現強勁，非住宅建設也持續保持強勁勢頭。我知道萊昂提到了我們的結構性積壓項目，以及基礎設施，特別是橋樑，仍然保持穩健。強勁的需求前景、較低的進口水準和充足的積壓訂單，讓我們對2026年充滿信心。

Tristan, just to give you an update on, Lexington first, certainly want to thank our, Lexington and King 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. We continue to hit more and more milestones each. We're setting and breaking production records on a regular basis, so this is an absolutely fantastic time to be bringing these investments up.

Tristan，我先為你報告 Lexington 的最新情況，當然要感謝 Lexington 和 King 團隊一直以來對安全、成功地推進這些新投資的持續關注。我們對這些行動感到非常鼓舞。他們正在加緊推進、發展，並且正在考察團隊在這些項目上的執行情況。我們不斷取得越來越多的里程碑式成就。我們不斷刷新生產記錄，所以現在是加大投資的絕佳時機。

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 be even a positive by the end of the first quarter, and we would expect both also to be fully ramped by the end of the year.

目前，我們在該業務方面的積壓訂單數量創歷史新高，因此我們仍然有信心，坦率地說，到第一季末，我們在列剋星敦和金曼的業務都將實現盈利，並且我們預計到年底，這兩個業務都將全面投產。

All right. That's very clear.

好的。這一點很清楚。

Thank you.

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.

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。

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 Corp 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 line.

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。