Nucor Corporation (NUE) 2026 Q3 法說會逐字稿

Good morning, and welcome to Nucor's third-quarter 2026 earnings call. (Operator Instructions) And today's call is being recorded. (Operator Instructions)

早安，歡迎參加紐柯（Nucor）2026 年第三季財報電話會議。（接線員指示）本次電話會議將進行錄音。（接線員指示）

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

現在我想介紹投資人關係總監 Chris Jacobi。您可以開始會議。

Thank you, and good morning, everyone. Welcome to Nucor's third-quarter earnings review and business update. Leading our call today is Leon Topalian, Chair and CEO, along with Steve Laxton, President and COO; and Jack Sullivan, 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. Yesterday, we posted our third quarter earnings release and investor presentation on Nucor's IR website.

謝謝，各位早安。歡迎參加紐柯第三季財報回顧與業務更新。今天由董事長兼執行長 Leon Topalian 主持，並與總裁兼營運長 Steve Laxton，以及財務長 Jack Sullivan 一同出席。紐柯其他高階管理團隊成員也在現場，並可能在問答環節參與。昨天，我們已在紐柯投資人關係網站發布第三季財報新聞稿與投資人簡報。

We encourage you to access these materials as we'll cover portions of them during the call. Today's discussion will include the use of non-GAAP financial measures and forward-looking information within the meaning of securities laws. 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 disclosures along with a reconciliation of non-GAAP financial measures.

我們鼓勵各位查閱這些資料，因為我們會在會議中涵蓋其中部分內容。今天的討論將包含非 GAAP 財務衡量指標，以及在證券法意義下的前瞻性資訊。實際結果可能與前瞻性陳述不同，並涉及我們安全港聲明所列及紐柯向 SEC 申報文件中揭露的風險。今日簡報的附錄包含補充資訊揭露，以及非 GAAP 財務衡量指標的調節表。

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

那麼，接下來把電話交給 Leon。

Thanks, Chris. I want to begin by recognizing our 33,000 teammates from making that summer of 2026, our safest summer ever. Summer brings added safety challenges and our team met them with focus and determination that's something to be proud of, and it reflects our commitment to the most important value we have safety. And as we finished the year, let's keep looking out for one another and make sure every one of our team members goes home safely at the end of every shift.

謝謝你，Chris。我想先表揚我們 33,000 位夥伴，讓 2026 年夏季成為我們史上最安全的夏天。夏季會帶來額外的安全挑戰，而我們的團隊以專注與決心迎接挑戰，這值得驕傲，也反映出我們對最重要價值——安全——的承諾。在我們邁向年底之際，讓我們持續彼此照應，確保每位團隊成員在每個班次結束時都能平安回家。

Turning to our third quarter financial results. Nucor delivered its strongest quarter in more than three years with approximately $2.3 billion of EBITDA and earnings of $5.80 per share. Jack is going to unpack our results in more detail, but many of the themes we've highlighted throughout the year continued this quarter, strong demand across key end markets, growing contributions from recent investments and federal policies that support a healthy domestic steel sector. And with the capital spending moderating as major projects near completion, that strength is increasingly showing up in Nucor's free cash flow.

接著談第三季財務表現。紐柯交出三年多來最強勁的一季，EBITDA 約 23 億美元，每股盈餘 5.80 美元。Jack 會更詳細拆解我們的成果，但我們今年反覆強調的多項主題在本季持續延續：主要終端市場需求強勁、近期投資的貢獻持續增加，以及支持健全美國本土鋼鐵產業的聯邦政策。此外，隨著重大專案接近完工、資本支出趨於緩和，這股強勁動能也愈來愈多地反映在紐柯的自由現金流上。

We also remain committed to meaningful shareholder returns, returning $629 million in dividends and buybacks during the quarter, bringing our year-to-date total to nearly $1.4 billion. Operationally, the Nucor team is executing exceptionally well across each of our business segments.

我們也持續致力於提供具意義的股東報酬，本季透過股利與庫藏股回購返還 6.29 億美元，使今年迄今總額接近 14 億美元。在營運面，紐柯團隊在各個業務部門的執行表現都非常出色。

In our steel mills, quarterly shipments exceeded 7.2 million tons, setting another shipment record for the third consecutive quarter. This would not be possible without the investments we've made over the past six years, many of which are now online and contributing to our results. For example, the plate group set another quarterly shipment record, Brandenburg shipped approximately 240,000 tons or roughly one-third of the group's total shipments. The team has done an amazing job bringing the mills full capabilities online and advancing customer qualifications. The bar group also set another quarterly shipment record.

在鋼鐵廠方面，本季出貨量超過 720 萬噸，連續第三季再創出貨新高。若沒有我們過去六年所做的投資——其中許多如今已上線並開始貢獻成果——這是不可能達成的。例如，厚板事業群再度創下單季出貨紀錄；Brandenburg 出貨約 24 萬噸，約占該事業群總出貨量的三分之一。團隊在讓工廠完整產能上線、推進客戶認證方面做得非常出色。棒鋼事業群也再度創下單季出貨紀錄。

Our Lexington micro mill has had a very successful ramp-up since coming online last year. The team became EBITDA positive in March and is built on that progress, reaching a utilization rate of nearly 80% in the third quarter, we've also seen very strong results from Kingman, Arizona and our micro mills at Frostproof and Sedalia as well as our upgraded Kankakee mill helped to deliver our best merchant bar quarter in several years.

我們的 Lexington 微型鋼廠自去年投產以來爬坡非常成功。團隊在 3 月轉為 EBITDA 正值，並在此基礎上持續推進，第三季產能利用率接近 80%。我們也看到亞利桑那州 Kingman，以及 Frostproof 與 Sedalia 的微型鋼廠表現非常強勁；同時，升級後的 Kankakee 鋼廠也協助我們交出數年來最佳的商用棒鋼季度表現。

In Steel Products, we saw a significant improvement in quarterly earnings, higher shipments and a notable inflection in pricing led to margin expansion across most of our major product groups. Joist and deck had a standout quarter with shipments up about 20% and realized pricing increasing by $110 a ton. And the raw materials, our Louisiana DRI plant has begun capturing CO2 emissions for transport and storage through a project with ExxonMobil.

在鋼鐵產品部門，我們看到單季獲利顯著改善；更高的出貨量與價格的明顯轉折帶動我們多數主要產品組合的利潤率擴張。Joist 與 deck 表現突出，出貨量約成長 20%，實現價格每噸提高 110 美元。而在原料方面，我們路易斯安那 DRI 工廠已開始透過與 ExxonMobil 的專案，捕捉 CO2 排放以進行運輸與封存。

The project is designed to capture and store up to 800,000 tons of CO2 annually, supporting our greenhouse gas emissions reduction goals and strengthening Nucor's position as one of the world's cleanest steel producers. Congratulations to our entire team in Louisiana on this achievement. The strength we are seeing in today's domestic steel market is being driven by healthy economic conditions and broad-based investment across key end markets.

該專案設計為每年可捕捉並封存最多 80 萬噸 CO2，支持我們的溫室氣體減排目標，並強化紐柯作為全球最潔淨鋼鐵生產商之一的地位。恭喜路易斯安那全體團隊達成這項成果。我們在當前美國國內鋼鐵市場看到的強勁態勢，主要由健全的經濟環境以及主要終端市場的廣泛投資所驅動。

Nucor is benefiting from these conditions because trade policy improvements over the past decade have created more level playing field, in particular, vigorous trade law enforcements and strengthening Section 232 measures are allowing us to realize a greater share of the strong demand environment in the US finished steel imports are down more than 13% year-over-year and down 24% compared to 2024.

紐柯正受惠於這些條件，因為過去十年的貿易政策改善創造了更公平的競爭環境；尤其是更有力的貿易法執行與強化的 232 條款措施，使我們能在美國強勁需求環境中取得更高的市占。美國成品鋼進口量年減超過 13%，相較 2024 年則下降 24%。

Fair trade support strong markets, unfair trade distorts them. However, import volumes have been increasing in recent months, including a massive surge from South Korea, despite the Section 232 tariffs. From decades of experience fighting for a level playing field, we know we must always stay vigilant. Therefore, we will work closely with the administration to ensure trade measures remain robust and effective. But make no mistake, demand is very healthy.

公平貿易能支撐強健市場，不公平貿易則會扭曲市場。然而，近幾個月進口量有所增加，包括來自南韓的大幅激增，儘管仍有 232 條款關稅。憑藉數十年爭取公平競爭環境的經驗，我們知道必須時刻保持警覺。因此，我們將與政府密切合作，確保貿易措施維持強而有力且有效。但請不要誤會，需求非常健康。

Even as imports have crept higher this year, domestic shipments have risen in each of the past three quarters, strong market fundamentals and favorable trade policies will continue to support a positive outlook for the domestic steel industry.

即使今年進口量逐步走高，國內出貨量在過去三個季度仍季季上升；強勁的市場基本面與有利的貿易政策將持續支撐美國本土鋼鐵產業的正向展望。

With that, I'll turn it over to Steve for an update on our growth initiatives and market outlook. Steve?

接下來我把時間交給 Steve，請他更新我們的成長計畫與市場展望。Steve？

Thank you, Leon, and thank you all for joining us this morning. We're in the final stages of construction at our new sheet mill project in West Virginia, and we're commissioning equipment across the site. I want to thank the team in West Virginia for their hard work and excellent safety performance throughout the multiyear construction phase. They've kept the project on time and on budget while reaching several important milestones. In September, the melt shop produced its first heat.

謝謝你，Leon，也謝謝各位今天早上加入我們。我們位於西維吉尼亞州的新薄板鋼廠專案已進入施工最後階段，並正在全場進行設備試車與投運。我要感謝西維吉尼亞團隊在多年建設期間的辛勤付出與優異的安全表現。他們在達成多項重要里程碑的同時，讓專案按期且在預算內推進。9 月，熔煉車間完成首次出鋼。

And in October, we started shipping coils from the pickle line to our downstream new core divisions. And by December, we expect to run our first coils through the hot mill, cold mill and construction-grade galv lines. As we complete commissioning, the team is preparing to ramp production in early 2027, and our priority will be to operate safely and reliably, while steadily increasing production toward our 50% utilization target by the end of 2027. Our sheet mill network provides an important advantage as production begins. By gradually shifting baseload tons from other Nucor sheet mills to West Virginia, we can provide the new mill a steady base of orders to support a successful ramp through 2027 and '28.

10 月，我們開始從酸洗線出貨鋼捲至我們下游的新 core 事業部門。預計到 12 月，我們將在熱軋廠、冷軋廠以及建築級鍍鋅產線上跑出第一批鋼捲。在完成試車投運之際，團隊正準備於 2027 年初開始爬坡增產；我們的首要任務是安全且可靠地運轉，同時穩步提升產量，目標在 2027 年底前達到 50% 的產能利用率。我們的薄板鋼廠網絡在投產初期提供了重要優勢。透過逐步將其他紐柯薄板鋼廠的基載噸數轉移至西維吉尼亞，我們能為新廠提供穩定的訂單基礎，支撐其在 2027 與 2028 年順利爬坡。

As with any project of the scale and complexity, we expect start-up costs to remain elevated in 2027 at levels similar to or higher to those in 2026. Turning to our Berkeley, South Carolina sheet mill. Our new automotive grade galvanizing line began production early this month. We expect utilization rates for the new galv line to reach 50% in the second quarter of next year, on its way to full run rate by the end of 2027. At full production, this new line will add 500,000 tons of annual galvanizing capacity.

如同任何具備此等規模與複雜度的專案，我們預期 2027 年的啟動成本仍將維持在高檔，水準與 2026 年相近或更高。接著談我們位於南卡羅來納州伯克利（Berkeley）的薄板廠。我們新的汽車級鍍鋅產線已於本月初開始投產。我們預期新鍍鋅線的稼動率將於明年第二季達到 50%，並在 2027 年底前逐步提升至滿載運轉水準。在滿產時，這條新產線將新增每年 50 萬噸的鍍鋅產能。

Taken together, our investments in West Virginia and South Carolina enhance Nucor's ability to serve the automotive market where we are relatively underweighted today. As both projects ramp and complete customer qualifications, we will build on the strong relationships we already have in place with many of North America's leading automakers, but we are not simply waiting for these investments to ramp.

綜合而言，我們在西維吉尼亞州與南卡羅來納州的投資，將強化 Nucor 服務汽車市場的能力；在該市場我們目前的比重相對偏低。隨著兩項專案逐步爬坡並完成客戶認證，我們將在既有基礎上，深化與北美多家領先車廠已建立的穩固合作關係；但我們並非只是等待這些投資逐步放量。

While North American automotive production is essentially unchanged year-to-date, Nucor's flat-rolled shipments to automotive customers are up 4%. And as we grow our automotive shipments, we're expanding what we can offer with the capabilities we have in place today. Recently, we commercialized exposed-quality galvanized steel for the exterior panel of an SUV platform. We accomplished this using thin-slab casting demonstrating Nucor's innovation in EAF steelmaking. And as new growth projects come online, we'll have even more opportunities to expand our position in the automotive market.

雖然北美汽車產量年初至今基本持平，Nucor 對汽車客戶的平軋鋼出貨量卻成長 4%。而在我們擴大汽車出貨的同時，也正運用目前既有能力擴充可提供的產品範疇。近期，我們已將外露品質的鍍鋅鋼商品化，用於某 SUV 平台的外板。我們透過薄板坯連鑄達成此成果，展現 Nucor 在電弧爐（EAF）煉鋼方面的創新能力。隨著新的成長專案陸續上線，我們將有更多機會擴大在汽車市場的布局。

Moving to our Towers and Structures business. We're encouraged by how each of our facilities is progressing and the strength of our customer demand. Our Decatur, Alabama facility is on track to be EBITDA positive this month, while our Crawfordsville, Indiana facility began full production in the third quarter and is expected to follow a similar path toward profitability.

接著談我們的塔架與結構（Towers and Structures）業務。我們對各廠區的推進進度以及客戶需求的強勁表現感到鼓舞。我們位於阿拉巴馬州迪凱特（Decatur）的廠區預計本月可達到 EBITDA 轉正；而我們位於印第安納州克勞福茲維爾（Crawfordsville）的廠區已於第三季開始滿載生產，預期也將走上類似的獲利改善路徑。

Our Brigham City, Utah facility remains on track to reach full production by mid-2027. We are now qualified with more than 30 utilities with additional customer qualifications underway, and we've entered into multiyear agreements with several of the largest utilities in the United States. That momentum is reflected in our order backlog, which has more than doubled since the start of the year and extends into early 2028.

我們位於猶他州布萊根城（Brigham City）的廠區仍按計畫於 2027 年年中達到滿載生產。目前我們已取得超過 30 家公用事業公司的資格認證，另有更多客戶認證正在進行中；同時，我們也已與美國數家規模最大的公用事業公司簽訂多年期合約。這股動能反映在我們的訂單積壓（backlog）上：自年初以來已增加逾一倍，並延伸至 2028 年初。

Based on the strength of customer demand, we recently announced a combined $165 million of investments to increase the capacity of our Indiana and Alabama facilities by about 50%. As a result, we now expect our long-term annual EBITDA contribution from our Towers and Structures business to reach approximately $200 million, up from the $150 million previously forecast.

基於客戶需求的強勁表現，我們近期宣布合計 1.65 億美元的投資，將印第安納州與阿拉巴馬州廠區的產能提升約 50%。因此，我們目前預期塔架與結構業務的長期年度 EBITDA 貢獻可達約 2 億美元，高於先前預估的 1.5 億美元。

Turning to our demand outlook. Nucor continues to expect steel mill shipments growth to finish closer to the higher end of our 5% to 10% range for 2026, supported by several durable underlying drivers. Let me touch on a few of these. First, infrastructure. While the IIJA was passed about five years ago, the infrastructure investment activity it was meant to spur is still accelerating is still accelerating.

接著談我們的需求展望。Nucor 仍預期 2026 年鋼廠出貨量成長將更接近我們 5% 至 10% 區間的高端，並受到多項具持續性的基本面驅動因素支撐。我簡要談其中幾項。第一，基礎建設。雖然《基礎設施投資與就業法案》（IIJA）約在五年前通過，但其原本要帶動的基礎建設投資活動仍在加速，仍在加速。

State level decision-making and permitting have, in many cases, taken years to complete, extending construction activity over a longer period of time. Today, many projects are underway, but new ones are still being approved, and over $135 billion of funding has yet to be spent as of August. In addition, steel requirements for the border wall are substantial, and stadium construction shows no signs of slowing. Second, reshoring and digital infrastructure. The COVID pandemic highlighted the fragility of our domestic supply chain and underscored the need to manufacture more in the US.

在許多情況下，州層級的決策與許可流程耗時多年才完成，使得施工活動被拉長至更長的期間。目前已有許多專案在進行中，但仍有新專案持續獲得核准；截至 8 月，仍有超過 1,350 億美元的資金尚未支出。此外，邊境牆的用鋼需求相當可觀，而體育場館建設也未見放緩跡象。第二，回流製造（reshoring）與數位基礎設施。COVID 疫情凸顯了國內供應鏈的脆弱性，也強化了在美國本土增加製造的必要性。

In support of federal actions on tax, trade and regulatory fronts have helped stimulate considerably higher levels of manufacturing construction. This is broader than the chip fab activity first encouraged by the CHIPS Act and now includes sectors like pharmaceuticals, automotive, appliance and electrical components. And data center construction activity has gone from a small niche to a significant driver of non-residential building construction activity. Finally, energy. Rising demand aging infrastructure and the need to strengthen the grid are driving substantial investment in the power sector.

在稅務、貿易與監管等面向的聯邦政策支持下，製造業建設活動已被顯著推升至更高水準。這不僅限於《CHIPS 法案》最初所鼓勵的晶圓廠建設，如今也涵蓋製藥、汽車、家電與電氣零組件等產業。而資料中心建設活動也從小眾領域，成為非住宅建築施工的重要驅動因素。最後，能源。需求上升、基礎設施老化，以及強化電網的需求，正推動電力產業的大量投資。

Utilities plan to spend nearly $1.4 trillion over the next five years with steel intensive investments ranging from generation and substations to transmission upgrades. Beyond power, we're seeing strong demand across the oil and gas sector, including LNG terminals and pipeline construction and growing domestic production of oil country tubular goods. We see these trends as durable, and we believe Nucor is incredibly well positioned with our world-class manufacturing team and broad portfolio to meet the needs of our customers across these diverse applications.

公用事業公司計畫在未來五年投入近 1.4 兆美元，其中包含從發電與變電站到輸電升級等多項高用鋼投資。除電力之外，我們也看到油氣產業的需求強勁，包括 LNG 終端與管線建設，以及國內油井管（OCTG）產量的成長。我們認為這些趨勢具持續性，並相信憑藉我們世界級的製造團隊與多元產品組合，Nucor 在滿足客戶於各類應用需求方面具備極佳的有利位置。

With that, let me turn the call over to Jack. Jack?

接下來，我把電話交給 Jack。Jack？

Thanks, Steve, and good morning, everyone. In the third quarter, Nucor generated net earnings of $1.3 billion or $5.80 per share. This exceeded the midpoint of our guidance range by roughly 3.5%, primarily due to higher-than-expected shipments and higher average selling prices in our Steel Mills segment. Let me now review our third quarter performance by segment. The Steel Mills segment generated $1.8 billion of pretax earnings, an increase of $232 million from the prior quarter.

謝謝你，Steve，各位早安。第三季，Nucor 創造淨利 13 億美元，或每股 5.80 美元。此結果較我們指引區間的中點高出約 3.5%，主要因鋼廠（Steel Mills）事業部的出貨量高於預期，且平均售價更高。接著我將依事業部別回顧第三季表現。鋼廠事業部創造稅前盈餘 18 億美元，較前一季增加 2.32 億美元。

As Leon mentioned, we set another quarterly shipment record, with volumes up 2%. Average selling prices rose across the segment led by our sheet and structural groups. These increases were partially offset by higher costs. As a reminder, the second quarter benefited from $130 million in cash refunds that reduced cost of goods sold, and that benefit did not recur in the third quarter.

如 Leon 所提到，我們再度創下單季出貨量紀錄，出貨量成長 2%。整個事業部的平均售價上升，其中以薄板與結構鋼產品群帶動最為明顯。上述增幅部分被成本上升所抵銷。提醒各位，第二季受惠於 1.3 億美元的現金退稅，降低了銷貨成本；而第三季並未再出現該項利多。

Turning to Steel Products. We generated pretax earnings of $465 million, an increase of $112 million from the prior quarter. Volumes increased 6% and average selling prices rose 7%. The improvement in pricing was particularly encouraging as realized pricing in our downstream businesses is catching up with the higher steel input costs that compressed margins earlier this year.

接著談鋼鐵製品（Steel Products）。我們創造稅前盈餘 4.65 億美元，較前一季增加 1.12 億美元。出貨量成長 6%，平均售價上升 7%。價格改善尤其令人鼓舞，因為我們下游業務的實現價格正逐步追上較高的鋼材投入成本；先前這些成本曾在今年稍早壓縮利潤率。

As a result, the EBITDA margin for our Steel Products segment increased approximately 200 basis points from the second quarter. And in our raw materials segment, we generated pretax earnings of $105 million compared to $146 million in the prior quarter, reflecting lower pricing and shipments. Pre-operating and start-up costs totaled $124 million compared to $120 million in the prior quarter.

因此，我們鋼鐵製品事業部的 EBITDA 利潤率較第二季提升約 200 個基點。而在原材料事業部方面，我們創造稅前盈餘 1.05 億美元，較前一季的 1.46 億美元下降，反映價格與出貨量較低。營運前與啟動成本合計 1.24 億美元，前一季為 1.20 億美元。

Turning to capital allocation and the balance sheet. We generated $1.6 billion of free cash flow in the third quarter, bringing our year-to-date total to nearly $2.7 billion. Cash from operations has grown from $900 million in the first quarter to over $2.2 billion in the third as we benefit from healthy market conditions and growing contributions from our recent investments. At the same time, capital spending is moderating as our major projects near completion.

接著談資本配置與資產負債表。第三季我們創造自由現金流 16 億美元，使年初至今累計接近 27 億美元。隨著我們受惠於健康的市場環境，以及近期投資帶來的貢獻持續增加，營運現金流已從第一季的 9 億美元成長至第三季超過 22 億美元。同時，隨著主要專案接近完工，資本支出正逐步趨緩。

We deployed just under $1.9 billion in CapEx year-to-date, with the majority going towards growth projects. For the full year, we expect our capital expenditures to finish at or slightly below our original $2.5 billion estimate. Our free cash flow supports meaningful returns to shareholders. During the quarter, we returned $629 million through dividends and share repurchases, up approximately $150 million from the second quarter. Year-to-date, we've returned nearly $1.4 billion or 42% of net earnings.

截至目前為止，我們今年累計資本支出（CapEx）投入略低於19億美元，其中大部分用於成長型專案。就全年而言，我們預期資本支出將落在或略低於原先25億美元的估計。我們的自由現金流支持對股東提供具實質意義的回報。本季我們透過股利與庫藏股回購返還6.29億美元，較第二季增加約1.5億美元。截至目前為止，我們已返還近14億美元，約占淨利的42%。

We remain committed to returning at least 40% of net earnings to shareholders on an annual basis. All of this is underpinned by our strong balance sheet and investment-grade credit profile. We ended the quarter with approximately $3.6 billion in cash and liquidity of $4.3 billion. Total debt as a percentage of capital was 23%, and our credit ratings remain the highest of any North American steel producer. Looking ahead, we expect our CapEx to decline further in 2027, extending the step down from peak spending in '24 and '25. We'll share more detail on our 2027 capital allocation plans on our year-end call in January.

我們仍致力於每年向股東返還至少40%的淨利。這一切都以我們強健的資產負債表與投資等級的信用體質為基礎。本季末我們持有約36億美元現金，總流動性為43億美元。總負債占資本比率為23%，且我們的信用評等仍為北美任何鋼鐵生產商中最高。展望未來，我們預期2027年的資本支出將進一步下降，延續自2024與2025年支出高峰後的下行趨勢。我們將在1月的年終電話會議上，分享更多關於2027年資本配置計畫的細節。

Turning to our fourth quarter outlook. We expect consolidated earnings to be in line with or modestly higher than the third quarter results. In steel mills, we expect stable earnings as higher average pricing across all product groups is offset by seasonally lower volumes and higher costs. The cost increase reflects lower fixed cost absorption and higher start-up spending at West Virginia as we add teammates and prepare to ramp production.

接著談第四季展望。我們預期合併獲利將與第三季結果相當或小幅高於第三季。在鋼廠事業方面，我們預期獲利維持穩定，因為所有產品組別的平均售價上升，將被季節性出貨量下降與成本上升所抵銷。成本增加反映固定成本吸收降低，以及我們在西維吉尼亞廠隨著增聘團隊成員並準備提升產量而增加的啟動支出。

In Steel Products, higher pricing is expected to offset the impact of lower volumes, resulting in stable earnings for the segment. In raw materials, we expect slightly lower earnings, primarily due to lower realized DRI pricing. Finally, we expect to benefit from lower intersegment profit eliminations that should reduce corporate and elimination expense relative to the third quarter. And as 2026 draws to a close, we're excited about Nucor's earnings prospects for 2027.

在鋼鐵製品（Steel Products）方面，預期較高的售價將抵銷出貨量下降的影響，使該事業部獲利維持穩定。在原料事業方面，我們預期獲利略為下降，主要因為DRI（直接還原鐵）實現價格較低。最後，我們預期將受惠於較低的部門間利潤沖銷，這應可使公司費用與沖銷費用相較第三季下降。隨著2026年接近尾聲，我們對Nucor在2027年的獲利前景感到振奮。

Healthy durable demand across key end markets another step-up in contributions from new growth projects and supportive federal policy all position us for another strong year. And with the broadest range of capabilities in the North American steel market, we're confident -- the Nucor team will deliver on that opportunity for our customers and shareholders.

關鍵終端市場的健康且具韌性的需求、新成長專案貢獻的再度提升，以及具支持性的聯邦政策，都使我們具備再創強勁一年表現的有利條件。此外，憑藉在北美鋼鐵市場最廣泛的能力組合，我們有信心——Nucor團隊將為客戶與股東把握並實現這項機會。

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

接下來，我們想聽聽各位的意見並回答任何問題。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Nick Cash, Goldman Sachs & Co.

Nick Cash，高盛（Goldman Sachs & Co.）

Hi, team, good morning and tahnks for taking my questions. The first question I have is you've been running at record shipment levels this year and suggesting it will be closer the 10% range, driven by strength in demand over the past few quarters as well as backlog visibility. I just wanted to know, as you think in the '27, how much further organic volume growth do you think Nucor's existing system can generate before considering contribution from West Virginia? And then which end markets give you the most confidence in another year of growth.

各位團隊早安，謝謝讓我提問。我的第一個問題是：你們今年一直維持在創紀錄的出貨水準，並表示可能接近10%左右的區間，主要由過去幾季需求強勁以及訂單能見度所帶動。我想了解的是，當你們思考2027年時，在尚未納入西維吉尼亞廠貢獻之前，你們認為Nucor既有系統還能帶來多少進一步的內生成長（有機）出貨量增長？另外，哪些終端市場讓你們對明年再度成長最有信心？

Hi, Nick, it's Leon, I'll kick this off, and I want to begin with something I shared in the opening. Nucor's just come through the safest summer ever. And if we look back at our history, the months of June, July and August have historically been the most dangerous and the most opportunity for injuries across our entire enterprise. Our team set out a very audacious goal to target no injuries for those three months. And while we didn't meet that, we ended up with the safest three months in the history of Newport and now are putting those efforts towards the safest fall.

嗨，Nick，我是Leon，我先來回答，我想先從我在開場時分享的一點開始。Nucor剛剛度過了史上最安全的夏季。如果回顧我們的歷史，6月、7月與8月一向是整個企業中最危險、也最容易發生傷害事故的月份。我們的團隊訂下了一個非常大膽的目標：這三個月零傷害。雖然我們沒有完全達成，但我們仍創下Newport歷史上最安全的三個月，現在也正把這些努力延伸到打造最安全的秋季。

The thing to really remember in all of that is every one of those numbers that we track has a name, every name as a family and every family deserves to be complete. Our greatest responsibility as leaders in this company is to the men and women of this amazing company of ours. And so thank you, team, for what you do, and how you take care of our customers and for working safe each and every day. And Nick, as you talk, look, as we came off the highs of '21 and '22, '23 was an okay here. '24 and '25 were very tepid.

在這一切之中真正要記住的是：我們追蹤的每一個數字背後都有一個名字；每個名字背後都有一個家庭；而每個家庭都應該完整無缺。作為公司領導者，我們最大的責任是對這家了不起公司的每一位男女同仁負責。因此，謝謝各位團隊成員所做的一切，謝謝你們照顧我們的客戶，也謝謝你們每天都安全作業。Nick，回到你的問題，當我們從2021與2022年的高點下來後，2023年算是還可以。2024與2025則相當疲弱。

But look, our investment strategies, our capital allocation philosophy has been to invest for the long term. And so over the last 6.5 years, you've seen Nucor deploy about $19 billion worth of capital, half in organic growth and the other half in M&A. And so it's the ultimate strategy of playing where the puck is going to be. Now where it's at understanding our customer demand, understanding the capability sets that are needed by our customers in building and creating those opportunities to win, and that is exactly what you're seeing Nucor do to date, executing on an incredibly strategic plan to grow the core, expand beyond and live our culture. And so we've had the best quarter in 3 years.

但你看，我們的投資策略、資本配置理念一直是著眼長期。因此在過去6年半，你看到Nucor投入了約190億美元資本，其中一半用於有機成長，另一半用於併購（M&A）。這就是典型的策略：在冰球將要到達的位置提前布局。而現在我們所在的位置，是理解客戶需求、理解客戶所需要的能力組合，並透過建置與創造這些能力來打造致勝機會；這正是你迄今所看到Nucor在做的事——執行一項極具策略性的計畫：壯大核心、向外擴張，並實踐我們的文化。因此，我們創下了3年來最好的單季表現。

We're on the track to have the safest year in all of our entire history. '26 is shaping up to be the third best financial year in the history of our company, and we fully expect that '27 will be even stronger. But where is that coming from? And the end market probably that gets more attention in the entire economy as data centers. And while that's a major part in some of our product groups, it represents about 15% of our entire backlog and as an enterprise.

我們正朝著創下公司史上最安全的一年邁進。2026年有望成為公司史上第三佳的財務年度，而我們完全預期2027年會更強。但這股動能從何而來？在整個經濟體中最受關注的終端市場，可能就是資料中心。雖然這在我們部分產品組別中占比很大，但就整體企業而言，它約占我們整體在手訂單（backlog）的15%。

But it's a strong end market. But -- so as chips and technology and hardware, natural gas power plants, LNG export terminals, nuclear utilities, pharma, heavy equipment is coming back in gangbuster shipbuilding, military and defense spending, appliance and HVAC. And so I would tell you, my 31 years in Nucor, Nick, we are seeing -- I am seeing early the strongest demand environment across the breadth of Nucor's products, coupled that with the investments that we've made in West Virginia, Brandenburg, Lexington, our micromill in Lexington, Kingman, Arizona, Crawfordsville's pole line, Berkeley's galvanizing line and Brandon Bergs plate mill are all now firing where, again, as Steve mentioned just a minute ago, West Virginia will fully commission this year and begin its full ramp in we are at the tip of the spear of the greatest economic growth in our nation, and I couldn't be more optimistic about what 2027 and beyond is going to bring.

但這確實是一個強勁的終端市場。不過——隨著晶片、科技與硬體、天然氣發電廠、LNG出口終端、核能公用事業、製藥、重型設備強勢回歸，以及造船業大幅成長、軍事與國防支出、家電與HVAC（暖通空調）等需求，我會告訴你，Nick，以我在Nucor的31年經驗來看，我們正看到——我正看到Nucor產品線廣度範圍內最強的早期需求環境；再加上我們在西維吉尼亞、Brandenburg、Lexington、我們在Lexington的微型鋼廠（micromill）、亞利桑那州Kingman、Crawfordsville的電桿產線、Berkeley的鍍鋅產線，以及Brandon Bergs厚板廠的投資，現在都已陸續點火運轉。再者，如Steve剛才提到的，西維吉尼亞廠將在今年完成全面試車（commission），並開始全面爬坡增產。我們正站在我國史上最強經濟成長的矛尖位置，我對2027年及其後的發展再樂觀不過。

Finally, I would tell you with the last part of all of that is that CapEx unwinds of our spend into 2027, it skyrockets the free cash flow on top of the margins that we're earning on top of the contributions that the new investments are already having and will continue to ramp into '27. It means we're fueled for growth -- disciplined growth, just like we have over the last 6 years, that money is not burning a hole in our pocket.

最後我想補充的是：隨著我們的資本支出在2027年逐步回落，將在我們目前的利潤率之上、在新投資已經帶來且將持續在2027年爬坡的貢獻之上，大幅推升自由現金流。這意味著我們有充足燃料推動成長——有紀律的成長，就像過去6年一樣；這筆錢不會在我們口袋裡燒出洞來。

And if we don't have a great use for it, you're going to get it back. Over the last 16 years, we've returned nearly $15 billion to our shareholders through dividends or share buybacks, and we will continue to focus on that. However, I can tell you there are massive areas of growth for our company that we're targeting now, mostly in the expand beyond categories. But we are just getting warmed up. I couldn't be more optimistic about 2027 and beyond in the future of Nucor.

如果我們沒有很好的用途，你們會把它拿回去。在過去16年裡，我們透過股利或庫藏股回購，已向股東返還近150億美元，我們也會持續聚焦於此。不過我可以告訴你，我們公司目前鎖定的成長領域非常龐大，主要是在「跨品類擴張」的方向。但我們才剛開始熱身。對於2027年以及更長遠的未來、Nucor的前景，我再樂觀不過了。

That is all really fantastic color. I really appreciate it. And then just one quick follow-up. I mean you mentioned just on the cost side. costs were a little bit higher than expected. I think Mills margins were a little bit lighter than expected, acknowledging the $130 million tailwind from last quarter. You provide any further color on any inflationary pressures you might be experiencing? I know you mentioned some lower fixed cost absorption, but any other impacts experienced in the quarter? And then for the 4Q guide of flat earnings, can you provide any additional color on how these impacts or how these costs could impact margin trajectory in the year-end?

這些補充說明都非常精彩。我真的很感謝。接著再快速追問一個問題。你剛才提到成本面。成本比預期略高。我認為鋼廠（Mills）的利潤率也比預期略低，並且我們也注意到上季有1.3億美元的順風助益。你能否再多補充一些你們可能正在承受的通膨壓力？我知道你提到固定成本吸收較低，但本季還有其他影響嗎？另外，對於第四季指引為獲利持平，你能否再補充這些影響或這些成本，可能如何影響年底的利潤率走勢？

Yeah, Nick. Good morning. This is Jack. You're right. Conversion cost did tick up some in Q3, but I think we need to put a few things into perspective here. Nucor's EBITDA margin expanded to over 20%, and that's our highest level in the past three years. So we continue to see margin expansion even with some of that conversion cost per ton creep. But in terms of specifics and where we saw that, I'd point you to certain consumables, freight, certainly energy and just some other services, but keep in mind, when you're running at high utilization rates, particularly in hot demand environments like we're seeing right now, you do tend to see some costs creep up just to keep operations running.

是的，Nick，早安。我是Jack。你說得沒錯。第三季的轉換成本（conversion cost）確實有些上升，但我認為我們需要把幾件事放在正確的脈絡下看。Nucor的EBITDA利潤率擴大到超過20%，這是我們過去三年來的最高水準。因此，即使每噸轉換成本有些上移，我們仍持續看到利潤率擴張。至於具體來看、我們在哪些項目看到上升，我會指向某些耗材、運費，當然還有能源，以及一些其他服務；但請記住，當你在高稼動率下運行，特別是在像我們目前看到的這種需求強勁環境中，為了維持營運順暢，成本確實往往會有些上浮。

Maybe that's overtime pay or some higher energy costs when in softer markets, we may have chosen to to curtail and higher energy cost environments. But -- and you pointed out correctly, we also didn't benefit from the tariff refunds that occurred in Q2.

可能是加班費，或是在市場較疲弱時我們可能會選擇減產（curtail），但在能源成本較高的環境下就會出現較高的能源成本。不過——你也指出得很正確，我們也沒有享受到第二季出現的關稅退稅（tariff refunds）帶來的好處。

The other thing unique to Q3 when you're comparing it to Q2, we did have more planned outages in the quarter. And of course, that led to some lower fixed cost absorption. So I'd say your last question about looking ahead to Q4, I think you could expect a modest uptick in conversion costs Q-over-Q. And again, we do have some outages in Q4. We've got -- we've pointed to some gradual increase in pre-operating start-up costs as we get West Virginia closer to ramp up. And yeah, those would be the -- I think those would be the things I'd point to.

第三季相較第二季的另一個特殊之處是，本季我們有更多計畫性停機（planned outages）。當然，這也導致固定成本吸收較低。所以你最後一個問題、展望第四季的話，我認為你可以預期轉換成本將出現小幅的季增。同樣地，第四季我們也有一些停機；另外，隨著西維吉尼亞（West Virginia）更接近爬坡（ramp up），我們也提到開工前的啟動成本（pre-operating start-up costs）會逐步增加。對，這些就是——我想我會指向的重點。

Thanks so much.

非常感謝。

Bill Peterson, JPMorgan.

JPMorgan的Bill Peterson。

Hey, good morning, team. Congrats on the quarter, and thanks for taking my questions. I'd like to unpack the shipment guidance in 4Q. You're still not being towards the high end of the range, which would be like 10% year-on-year growth. But I guess if you ran it through and imply around down 10% quarter-on-quarter, which would be more like 2021, 2022 as compared to the last few years, which were below that in terms of seasonality, like maybe you have two less shipping days. Are you taking account other things like holidays? And maybe you can characterize how much downtime you're expecting? Or just trying to get a sense of candor upside to this number.

各位早安，團隊。恭喜本季表現，也謝謝回答我的問題。我想深入拆解一下第四季的出貨量指引。你們仍然沒有朝向區間上緣，那大概會是年增約10%。但我想如果把數字推算一下，似乎隱含季減約10%，這更像是2021、2022年的情況；相較之下，過去幾年的季節性降幅比那更小——可能是因為少了兩個出貨日。你們是否也把假期等其他因素納入考量？也許你們可以描述一下預期會有多少停工時間？我只是想更坦白地了解這個數字可能的上行空間。

Yeah. Hi, Bill. It's Jack. All good questions. You're right. We do have two fewer fiscal days in Q4 and compared to Q3, 89 versus 91. But also, to your point, there are four additional non-shipping days really just due to Q4 holidays when you think of Veterans Day, Thanksgiving, a few days around Christmas eve and New Year's. So in aggregate, you're talking five or six fewer days of shipping compared to the prior quarter, plus the added risk of some winter weather in certain regions. Q4 planned outages, I just mentioned, some of those outages are at our largest mills, and so planned downtime relative to Q3 actually has a few more days. So keep that in mind, but I think it's also important to recognize we're coming into Q4 off of a record high Q3 shipment quarter.

是的。嗨，Bill。我是Jack。都是好問題。你說得對。第四季相較第三季確實少了兩個會計日（fiscal days），89天對91天。但也如你所說，第四季因假期因素還會多出四個不出貨日（non-shipping days），像是退伍軍人節（Veterans Day）、感恩節（Thanksgiving）、平安夜前後幾天，以及新年。所以合計來看，相較前一季大約少了五到六個出貨日，再加上某些地區冬季天候帶來的額外風險。至於第四季的計畫性停機，我剛提到，其中一些停機是在我們最大的鋼廠，因此相較第三季，計畫性停工天數其實還多了幾天。所以請把這點納入考量；但我也認為重要的是要認知到，我們是以第三季創紀錄高的出貨量作為進入第四季的基期。

So I think sometimes it's easier to ship through outage season during softer markets, a little bit harder to do so when the mills are already operating at such a high level. There's just less slack in the system. But I think if you looked historically, quarterly shipments, Q3 to Q4 have trended down about 7%. And so that may be a useful planning assumption as you're looking to fine-tune your models. I think the silver lining here, though, Bill, is we've guided you to steel mills earnings having relatively flat quarter-over-quarter.

因此我認為，有時在市場較疲弱時，反而比較容易在停機季節仍維持出貨；但當鋼廠已經在如此高的運轉水準時，就比較難做到。系統裡的緩衝空間更少。不過如果你看歷史數據，季度出貨量從第三季到第四季通常會下降約7%。所以當你想微調模型時，這可能是一個有用的規劃假設。不過我認為這裡的好消息是，Bill，我們給你的指引是鋼廠事業的獲利將呈現相對的季比持平。

And really, that's just for all the obvious reasons, we're going to see some volume softness due to seasonality in the outages, but stronger pricing outlook sort of neutralizes that impact. Rest assured, our goal is to ship every ton possible.

而這其實就是出於所有顯而易見的原因：我們會因停機季節性的因素看到一些量的走弱，但較強的價格展望大致抵消了這個影響。請放心，我們的目標是盡可能把每一噸都出出去。

No, that's terrific color. Thanks for that. Earlier, I think you said that your data center was something around 15%. I'm not sure if that's a mill statement or a product statement, but I'm trying to get a sense for how big that opportunity I guess is for you, as we think about 2026. And do you expect that to grow? And then the second one you called out was the border wall, and you characterized it tons per mile.

不，這些補充非常有幫助。謝謝。稍早我想你提到資料中心大概占15%左右。我不確定那是鋼廠端的說法還是產品端的說法，但我想了解，當我們思考2026年時，對你們而言這個機會大概有多大。你預期它會成長嗎？另外第二個你點到的是邊境牆，你用「每英里多少噸」來描述。

I was trying to figure out how much border wall needs to get built, but like to get a sense on how you see the border opportunity this year and also for next year, would you expect that to grow again?

我試著估算到底需要建多少邊境牆，但我想了解你們如何看待今年的邊境機會，以及明年也是；你預期它會再度成長嗎？

Yeah, Bill, I'll touch on -- you can remember now, I got the second part of your question. The first part was on data centers, right. Look, if we step back, most of the forecast and analysts are talking massive numbers, multitrillion dollars worth of spend over the next five, six, seven years. And so Nucor's entrance into this isn't like weeks or months old.

好的，Bill，我先回應——你看，我現在記得你問題的第二部分了。第一部分是資料中心，對吧。你看，如果我們退一步看，大多數預測與分析師都在談非常龐大的數字，未來五、六、七年將有數兆美元規模的支出。因此，Nucor切入這個領域並不是最近幾週或幾個月才開始的。

This is something going back two or three years that we have been, again, readying ourselves to be where the puck is going to be at. And so today with the acquisitions of Southwest Data Products, our Nucor warehouse systems are capability set in our buildings plate, structural to group all are now combining where today, Nucor make or supply roughly 95% of all the steel required and outside of a data center today. So we are really, really capable of providing most of what the hyperscalers need today. Our relationship build with them over the last four, five, six years has been incredible. There's a high level of trust there.

這是我們在兩、三年前就開始做的事情——再次強調，我們一直在讓自己準備好，去到冰球將要到達的位置。因此，隨著我們收購Southwest Data Products，加上我們的Nucor倉儲系統（warehouse systems）在建築板材（buildings plate）、結構（structural）等能力組合的整合，如今Nucor大約能製造或供應一座資料中心內外所需鋼材的約95%。所以我們確實、確實有能力提供超大規模業者（hyperscalers）目前所需要的大多數產品。我們在過去四、五、六年與他們建立的關係非常了不起。彼此之間有很高程度的信任。

We earn a lot of that business. And so to your question, do we anticipate that growing into 2027? Yes. And again, as we think about growth in fueling Nucor's expand beyond growth, you can expect that some of those areas of growth will be in that space and the continued build-out of our data center offering to our customers. As we get to the border wall, I'll ask John Hollatz, maybe to comment on that. It's been lighting rot for us. And again, another end market that we've been really very well prepared and capable to supply that need. But John, maybe giving some framing around the volumes.

我們在那塊業務上賺了很多。所以回到你的問題，我們是否預期這會一路成長到2027年？是的。而且再一次，當我們思考推動Nucor「擴張超越成長」的成長動能時，你可以預期其中一些成長領域會在那個空間裡，並且我們也會持續為客戶擴建我們的資料中心產品/服務供應。至於邊境圍牆的部分，我會請John Hollatz也許來評論一下。這對我們來說一直是很亮眼的成長動能。而且再一次，這也是另一個終端市場，我們其實早就準備得非常充分，也有能力供應那樣的需求。不過John，也許你可以就出貨量提供一些框架說明。

Hi, Bill. On the border wall, we estimate there's about 1,400 miles of new wall to be built. That's primary and secondary role. And there's around 1,500 tons of steel in there per mile. And we have been shipping thousands of tons every week to the border. You can see it in the increased volumes in our Tubular group, and that's going to continue all the way through 2027 and well into 2028.

嗨，Bill。關於邊境圍牆，我們估計大約有1,400英里的新圍牆要建。那是主要與次要防線。而且每英里大約需要1,500噸鋼材。我們每週都在向邊境出貨數千噸。你可以從我們管材（Tubular）事業群的出貨量增加看出來，而且這種情況會一路延續到2027年，並且會延伸到2028年相當一段時間。

And again, we're the only company with the raw materials, the sheet supply, the tube capacity and the logistics team to keep up with the demand for the border. And for the two group, it's not just border on top of that, you've got a really strong demand for structural and the HSS side. We're seeing incredible performance from our conduit team. Our sprinkler pipe team is having a great year, and all of that has played a role in leading to our Steel Products group having the best quarter on the earnings side that we've had since the beginning of 2024.

而且我們是唯一一家同時具備原材料、板材供應、管材產能以及物流團隊，能夠跟上邊境需求的公司。另外對於管材事業群而言，不只是邊境需求；除此之外，結構用材以及HSS（中空結構型鋼）端也有非常強勁的需求。我們的電線管（conduit）團隊表現非常出色。我們的消防灑水系統用管（sprinkler pipe）團隊今年也表現很好，而這些都促成我們鋼鐵製品（Steel Products）事業群在獲利面繳出自2024年初以來最好的單季表現。

So we see a really good outlook well past the end of '26 and into '27 for the order fence.

因此，我們認為「邊境圍欄」的訂單展望會一路看好，遠超過2026年底並延伸到2027年。

Appreciate the color, guys, and congrats again.

各位提供的細節很有幫助，也再次恭喜。

Thank you, Bill.

謝謝你，Bill。

Lawson Winder, BofA Securities.

Lawson Winder，BofA Securities。

Thank you, operator. Good morning, Leon, Steve, and Jack. Nice results. Thank you for today's update. If I could add on your comments around merchant bar. Could you just discuss a bit more as to what end markets are primarily driving that? And then how do the market dynamics vary regionally on merchant bar? And then, is there any merchant bar replacement of rebar capacity at the current moment or to any extent at all?

謝謝，接線員。早安，Leon、Steve和Jack。成果很不錯。謝謝你們今天的更新。我想延伸你們對merchant bar（商用棒鋼）的評論。能否再多談一點，主要是哪些終端市場在驅動這一塊？另外，merchant bar的市場動態在不同地區之間有何差異？最後，目前是否有任何程度上，merchant bar正在取代鋼筋（rebar）產能（或有這種趨勢）？

Say that last part of your question again, Lawson?

Lawson，你最後那一段問題可以再說一次嗎？

Just in terms of the strength in shipments from merchant bar, is that causing any displacement of rebar shipping capacity?

我是說，就merchant bar出貨強勁而言，這是否造成鋼筋出貨產能被排擠？

Okay. Look, I'm going to ask Randy Spicer to jump in on this, but just a bit of framing. Our rebar strategy and our that end market has been incredibly strong for us. Our longest product groups are some of the most profitable and have been through the entire cycle. There's a lot of questions right on the flattening of this cost curve.

好的。聽著，我會請Randy Spicer加入回答，不過先提供一些背景。我們的鋼筋策略以及那個終端市場對我們來說一直非常強勁。我們的長材（long products）事業群是整個週期中最賺錢的之一，而且一直都是。目前市場上也有很多問題聚焦在這條成本曲線的趨於平坦。

But our ability to maintain margins, our ability, and how our teams executed and remaining the low-cost producer, building these facilities where there's a high level of scrap inventory as well as the customers that are in proximity gives Nucor unique differentiated advantage in this marketplace. And quite frankly, ADC is growing. And so again, I remain very optimistic knowing that, and there's some competitors coming into the space, and that will continue. But we've been in this business for 60 years now. We know this market incredibly well.

但我們維持利潤率的能力、我們團隊的執行力，以及我們持續作為低成本生產者的定位——在廢鋼庫存水位高、且靠近客戶的地方建置這些設施——讓Nucor在這個市場具備獨特且差異化的優勢。坦白說，ADC正在成長。所以我仍然非常樂觀；我知道有一些競爭對手正在進入這個領域，而且這種情況會持續。但我們做這門生意已經60年了。我們對這個市場非常了解。

Our teams are executing at a high level. But Randy, why don't you share a little more on what we're doing with merchant bar in particular in that growth.

我們的團隊正以很高的水準在執行。不過Randy，你不如再多分享一些，特別是我們在merchant bar這塊成長上做了什麼。

Yeah. Thanks, Leon. Lawson, thank you for the question. Yeah, certainly, seeing tremendous growth in both, quite frankly, merchant and rebar as evidenced by the record shipments that we've seen that's in place. What I would tell you specifically around merchant bar is it's got exposure to some of the highest markets that we've seen right now, specifically, as Leon just talked about data centers, we're in the middle of what we call the AI Super Bowl, the hyperscaler has committed enormous amount of capital to these data center build-outs and those structures require these larger sections that we're able to produce at Nucor. And that's showing up directly in our order book.

好的，謝謝你，Leon。Lawson，謝謝你的問題。是的，確實，我們在merchant與鋼筋兩邊都看到非常強勁的成長，從我們目前看到的創紀錄出貨量就能證明。就merchant bar而言，我會說它曝險於我們目前看到的一些最強勁市場；尤其如Leon剛提到的資料中心，我們正處於我們所稱的「AI超級盃」中，超大規模雲端業者（hyperscaler）已承諾投入巨額資本進行這些資料中心的建置，而那些結構需要我們在Nucor能夠生產的較大斷面規格。這也直接反映在我們的訂單簿上。

So if you look and see, we're at record levels to be able to take advantage of both here on '26 as well as the growth as we go forward into '27. With that, you're also spot on of as you see the margins increase in that space, you're also seeing some of the rebar producers out there, right, that are payable of making flexible products, of which Nucor is one of the largest in that space that you're actually able to move into margin bar space as well. So with that growth, we've continued to see strong performance, and we would expect to see that as we go forward into future years.

所以如果你看一下，我們目前處於創紀錄水準，能夠把握2026年以及往後進入2027年的成長。同時你也說得沒錯：當你看到那個領域的利潤率提高時，你也會看到一些鋼筋生產商——對，就是那些能做彈性產品的廠商，其中Nucor是該領域最大的之一——其實也能轉進merchant bar的利潤空間。因此在這樣的成長之下，我們持續看到強勁表現，也預期未來幾年會延續。

Okay. That's very helpful. And then maybe just to put a finer point on my last question. I mean, given the way your capacity is set up between Kankakee and Missouri, is there some placement of rebar as a result of that merchant bar capacity, i.e., is the rebar market in the US getting tighter as a result of what you're seeing in merchant bar.

了解，這很有幫助。那我想把我最後一個問題問得更精準一些。我的意思是，考量你們在Kankakee與密蘇里州之間的產能配置，是否因為merchant bar產能而對鋼筋有所排擠？也就是說，因為你們在merchant bar看到的情況，美國鋼筋市場是否因此變得更吃緊？

Well, look, you're seeing ADC actually grow. If you look back a year or two, is it roughly 9.5 million tons, we're predicting that to be upwards to 10.5 million tons or possibly 11 million tons. And so the market is growing. And so that's just bonds very well, again, for our capability set and where we're going. But very specifically to your displacement question.

嗯，聽著，你看到的是ADC其實在成長。如果回頭看一兩年前，大約是950萬噸，我們預測會上升到1,050萬噸，甚至可能到1,100萬噸。所以市場是在成長的。因此這對我們的能力組合以及我們前進的方向來說，是非常有利的。不過就你問的「排擠」問題來說。

One of the unique advantages and what Randy and his groups have done, again, this is over years when we put Frostproof and Sedalia in our first two micro mills, we looked at overall mix and how do we supply that. We took Darlington from rebar some MBQ into normal rebar, and all MBQ and Ohio and SBQ and wire rod. And so Darlington's capabilities has expanded tremendously. Cant's investment in their growth, and they've moved out of a lot of rebar into heavy MBQ and beyond.

我們的一個獨特優勢，以及Randy和他的團隊所做的事情——其實是多年累積的——當我們在Frostproof與Sedalia建置前兩座微型鋼廠（micro mills）時，我們就從整體產品組合出發，思考要如何供應。我們把Darlington從鋼筋與部分MBQ轉為一般鋼筋，並在其他地方配置MBQ、以及俄亥俄的SBQ與線材（wire rod）。因此Darlington的能力已大幅擴張。Cant在成長上的投資也讓他們把相當多的鋼筋轉向重型MBQ以及更高階的產品。

And so again, the breadth of our footprint enables us to shift and modify where we meet the geographic needs and the capability sets that, again, our customers need from us in the regions we're located. So yeah, there's been a lot of that that's happened, Lawson, over the last five, six, seven years that really kind of catapulted with the investment of the rod mill at Darlington and now continues on.

所以再一次，我們據點版圖的廣度讓我們能夠調整與改變配置，以滿足各地理區域的需求，以及我們客戶在我們所在區域所需要的能力組合。所以是的，Lawson，過去五、六、七年確實發生了很多這類調整；這在Darlington線材廠投資後更是加速，而現在仍在持續。

Fantastic. As always, I appreciate the color very much.

太棒了。一如既往，我非常感謝你提供的補充說明。

Tristan Gresser, BNP Parabas.

Tristan Gresser，法國巴黎銀行（BNP Paribas）。

Yes. Hi, good morning. Thank you for taking my questions. I have two. First one is on your auto strategy. You had a slide in your presentation, and I think a couple of years ago, you mentioned you go to double auto shipments. So could you provide maybe an update on tonnage wise, how much do you expect to achieve this year and the next. Also I was curious if you ever -- I don't think you've done this in the past, but are you entering into annual contracts with OEMs?

是的。嗨，早安。謝謝讓我提問。我有兩個問題。第一個是關於你們的汽車策略。你們在簡報裡有一張投影片，我記得幾年前你們提到要把汽車出貨量翻倍。所以能否就噸數角度更新一下，今年以及明年你們預期能達到多少？另外我也好奇，你們是否曾經——我想你們過去沒有這麼做——但你們是否會與 OEM 簽訂年度合約？

Do you have everything you need from a raw material standpoint or you need to make some adjustments. And lastly, from a quality perspective, it would be interesting to have your view if you're confident that you can fully replicate the products that customers usually get from integrated producer. I'd leave it there.

從原料角度來看，你們是否已經具備所需的一切，還是需要做一些調整？最後，從品質角度來看，我也很想聽聽你們的看法：你們是否有信心能夠完整複製客戶通常從一體化鋼廠（integrated producer）取得的產品？我就先問到這裡。

Tristan, I'm going to go ahead and jump in here, and while I'm going to tell you, Noah Hanners will answer the question in a minute. I may not leave him anything to answer. Because I really appreciate the question, and I want to fully blow apart any notion that do not have the technical and quality capabilities to provide and make exposed automotive panels. It has been the last bastion of the integrated competition and the only thing they have left, think about it. Left in America, there's not a single integrated producer making a long product in America.

Tristan，我先插一句，雖然我等一下會請 Noah Hanners 回答你的問題。但我可能會把他能回答的都先講完。因為我非常感謝這個問題，而且我想徹底打破任何「我們不具備製造外露汽車板件所需技術與品質能力」的想法。這一直是整合型競爭對手最後的堡壘，也是他們僅剩的籌碼，想想看。在美國，已經沒有任何一家整合型鋼廠還在美國生產長材了。

All EAFs do all of that today. The last piece of that pie has been the exposed automotive panels, and I am really pleased to report on behalf of Noah and the entire sheet group that Nucor has been awarded an entire platform with General Motors for exposed automotive sheet. You are going to couple that work, that time, that effort, those resources, that process engineering and process and quality control, the PPAPs, all that work is now shifting into West Virginia.

所有電弧爐（EAF）廠今天都能做那些。最後一塊拼圖一直是外露汽車板件；我很高興代表 Noah 以及整個薄板團隊報告：Nucor 已獲得通用汽車（General Motors）一整個平台的外露汽車用鋼板訂單。你們會把這些工作、時間、投入、資源、製程工程、製程與品質管制、PPAP 等所有努力，現在轉移到西維吉尼亞。

So as they begin ramping up, that mill will produce 30% automotive steels capable of making the highest end, so you can fully dismantle any notion that the EAF producers cannot make the most complex, high-quality and exposed pieces of that vehicle, it's over. We're on it, we're doing it, and we're going to continue to do it, and we're going to continue to take that market share away from the integrated producers period full stop. So Noah, anything to add on that? I will leave the rest for you.

因此當他們開始爬坡增產時，那座鋼廠將有 30% 的產量是汽車用鋼，且具備生產最高端等級的能力；所以你可以完全打消任何「EAF 生產商無法製造最複雜、最高品質、且屬於車身外露部位的零件」這種想法——這件事已經結束了。我們正在做、已經在做，而且會持續做下去；我們也會持續從整合型鋼廠手上奪取市占，句點。所以 Noah，還有什麼要補充的嗎？其餘部分我就交給你。

I love Leon's energy around this because so proud of what our team has accomplished, and we can produce the full suite of what auto demand for us. And I'll tell you, our customers are pumped about doing more business with us. And the capabilities that we're bringing to the market are perfectly timed for meeting their demand. I mean if you talk about West Virginia, the first phase of West Virginia is largely volume, improving the mill. Then we get out into 2028, and that is when we will start to put auto tons through qualifications on West Virginia. So it's coming soon.

我很喜歡 Leon 在這件事上的能量，因為我們對團隊的成果非常自豪，而且我們能提供汽車客戶對我們所要求的完整產品組合。我可以告訴你，我們的客戶對於跟我們做更多生意感到非常興奮。而我們帶到市場上的能力，時機也剛好能滿足他們的需求。如果談到西維吉尼亞，第一階段主要是量的提升、改善該廠。接著到 2028 年，我們才會開始在西維吉尼亞把汽車用鋼的噸數送進認證流程。所以很快就會到來。

The second thing is at Berkeley. We already do a lot of auto out of Berkeley. They were a substrate mill for that qualification, I just mentioned. They just galvanized their first coil on the new galv line last week, awesome accomplished that team, on time, on budget, and we're just really well positioned to take substantial share in the automotive market continue to grow exercise our capabilities there.

第二個是在 Berkeley。我們已經有相當多的汽車用鋼是從 Berkeley 出貨。他們是我剛提到那個認證的基材（substrate）鋼廠。他們上週在新的鍍鋅線上剛完成第一捲鍍鋅鋼捲，團隊做得很棒，按時、按預算完成；我們的定位非常好，能在汽車市場持續拿下可觀市占並持續成長、發揮我們在那裡的能力。

We're about 10% this year. We'll do about 1 million tons at West Virginia, as we ramped up there. A significant portion of that, probably 10% goes into auto exposed. So awesome story about our growth in automotive, really proud of our team.

我們今年大約是 10%。隨著西維吉尼亞爬坡增產，我們在那裡大約會做到 100 萬噸。其中相當一部分，可能約 10% 會用在汽車外露件。所以我們在汽車領域的成長是個很棒的故事，對我們的團隊真的很自豪。

And the other thing I'd add there, Noah, on automotive, I think the big testament goes to the amount of time and energy and frankly, patients that's taken our team and our investors on helping us along this journey. As Leon mentioned, we are now on a platform aspirationally, we'd like to get a bigger chunk of that platform, but starting out with certain parts and look forward to continuing to chip away at that.

另外我想補充一點，Noah，談到汽車，我認為最能證明的一點是：我們的團隊以及投資人為了支持我們走這段旅程，投入了大量時間與精力，坦白說也付出了耐心。如 Leon 所提到，我們現在已經在一個平台上；理想上我們希望能在該平台拿到更大份額，但我們先從某些零件開始，並期待持續一點一滴地擴大。

(Operator Instructions)

（接線員指示）

Matt Dushkin, Wells Fargo.

Matt Dushkin，富國銀行（Wells Fargo）。

Yeah. Hey, guys. So on the data centers that you all said it's 15% of backlog. I just kind of want to unpack what's the breakout of that between your different products? Like how much is structural versus how much is she versus downstream? Just any color there would be helpful.

是的。嗨，各位。關於你們提到資料中心占積壓訂單的 15%。我想更深入拆解一下：在你們不同產品之間，這部分是怎麼分布的？例如結構鋼占多少、薄板占多少、或下游產品占多少？任何補充說明都會很有幫助。

Yeah. Look, the 15% is the entire enterprise. And obviously, in the long products, particularly structural, much higher, Matt. It's in the 30% to 35% range. And so those teams continue to operate in one of the strongest demanded -- well, the strongest demand environment we've ever had.

好的。你看，這 15% 是以整個企業口徑來看。而且很明顯，在長材端，特別是結構鋼，比例要高得多，Matt，大約在 30% 到 35% 的區間。因此這些團隊持續在一個需求最強的環境中運作——可以說是我們有史以來見過最強的需求環境。

Nucor Yamato and Berkeley Beam are running rates with backlogs that are unprecedented. We've never seen in the history of those mills in the 35-year history at NYS. So again, robust doesn't really put justice to the demand drivers fueling that. And a big piece of that for structural in the data centers.

Nucor Yamato 和 Berkeley Beam 的運轉率與積壓訂單水位都前所未見。在 NYS 35 年的歷史中，我們從未在那些鋼廠的歷史上看過這樣的情況。所以再說一次，用「強勁」來形容其實都不足以完全反映推動需求的動能。而資料中心是結構鋼需求中的一大部分。

Matt, maybe if I could just add a little bit there to some of our downstream businesses are seeing a lot of volume from the data center space to particularly Vulcraft but also, it might surprise you, our metal buildings group has picked up a fair amount of volume as well. And really that's just a testament to our team's ability, the breadth of the portfolio and solutions that we offer.

Matt，如果可以的話我再補充一點：我們的一些下游事業也從資料中心領域看到大量出貨量，特別是 Vulcraft；但你可能會意外的是，我們的金屬建築事業群也拿到相當一部分的量。而這其實證明了我們團隊的能力、我們產品組合與解決方案的廣度。

And the range of end market capabilities we have and the willingness to work with customers to find the right outcome. So it's really -- it's -- Leon correctly highlighted, is pronounced in beams. That's not surprising to anybody. Randy highlighted earlier, it's having an impact on MBQ and bar. And of course, in fall craft, you wouldn't be surprised. But some of the other areas because of Nucor's breadth, we're seeing volume pick up as well.

以及我們所具備的終端市場能力範圍，還有我們願意與客戶合作、找出正確結果的態度。所以這確實——Leon 正確指出，在樑材（beams）上特別明顯。這對任何人都不意外。Randy 先前也提到，它也正在影響 MBQ 和棒材（bar）。當然，在 Vulcraft 你也不會意外。但因為 Nucor 的廣度，我們也看到其他一些領域的量同樣在增加。

That's all super helpful. And then I just want to pivot to piggyback on Tristan's question. And sorry, when you'll cut off, you may have been answering this. But just curious about the commercial approach to the exposed auto qualifications, how are you all thinking about the contract structure for that, whether it's fixed maybe attain with the spot market, which I assume would be tough, but just curious on that.

這些都非常有幫助。接著我想轉個方向，延伸 Tristan 的問題。抱歉，剛剛你們聲音斷掉時，你們可能已經在回答了。但我想了解外露件汽車認證在商務上的做法：你們如何看待其合約結構？例如是固定價格、或可能與現貨市場連動（我猜這會很難），只是想請教你們的想法。

Matt, where did you cut off? What did you hear? How far into the answer before you lost us?

Matt，你剛剛講到哪裡被切斷了？你聽到了哪些內容？在你們聽不到之前，我的回答大概講到哪一段？

We got to how you won with GM and then it kind of just cut off a little bit after that, so I didn't (inaudible)

我們聽到你講到如何拿下 GM 的平台，然後在那之後不久就有點斷掉了，所以我沒有聽清（聽不清楚）

Okay. It gives me a wonderful opportunity to make sure everyone understands the dispelling nature that EAF producers cannot make the most stringent grades of exposed automotive. Again, we're on the General Motors platform for that, the Mercy start-up of their second galv line is in play in West Virginia will continue to ramp. And look, this is also not a new story. Well, it's the first platform we've been given, we've been in the automotive space for more than 10 years, right?

好的。這其實給了我一個很好的機會，確保大家都理解一個常見的誤解：EAF（電弧爐）生產商無法生產最嚴苛等級的外露汽車用鋼。再說一次，我們是在通用汽車（General Motors）的平台上；他們在西維吉尼亞州第二條鍍鋅線的 Mercy 啟動已經在進行中，並將持續爬坡提升產能。而且你看，這也不是什麼新故事。雖然這是我們第一次獲得的平台，但我們在汽車領域已經超過 10 年了，對吧？

So we've learned and worked with the major OEMs in this country for a long time, not just GM, but Ford and BMW and Mercedes and many others. And I'll let Noah speak more to that. But look, with General Motors, we've had a great relationship with 6x recipient of the Supplier of the Year award with them. And so we understand their need. We've worked closely with them.

所以我們長期以來一直與美國主要 OEM 合作並累積經驗，不只是 GM，還包括 Ford、BMW、Mercedes 以及其他許多車廠。我會讓 Noah 再多談一些。不過你看，與通用汽車方面，我們的合作關係非常好；我們曾 6 次獲得他們的「年度供應商」獎。因此我們很了解他們的需求。我們也一直與他們密切合作。

Our engineers, metallurgist and commercial teams to build incredible relationships. Our technical teams and Detroit provide an incredible avenue for those OEMs to understand how we're doing it and for us to link in those PPAPs and process control side to have that full offering. And so no, I'll let you answer maybe if you want to add any more detail on the commercial, and how we're thinking about that. I just wanted to provide the backdrop that these are not new orders or new customers for us. It's a new platform, new grades, but not new relationships.

我們的工程師、冶金專家以及商務團隊建立了非常深厚的合作關係。我們在底特律的技術團隊為這些 OEM 提供了一個很好的管道，讓他們了解我們是怎麼做的；同時也讓我們能把 PPAP（生產件批准程序）與製程控制端串接起來，形成完整的供應方案。所以，Noah，如果你想補充更多商務面的細節，以及我們如何思考這件事，我把問題交給你回答。我只是想先提供背景：這些對我們而言不是新訂單或新客戶。這是新平台、新鋼種，但不是新的合作關係。

Thanks for the question, Matt. Sorry, I missed my answer the first time. I assure you it was brilliant. But to give you some more color, I guess, specifically on the contract side. It's one thing to have the capabilities, and we're at a point where we're very confident in our capabilities.

謝謝你的問題，Matt。抱歉我第一次回答時你沒聽到。我保證那次回答很精彩。不過我再補充一些細節，特別是合約面的部分。具備能力是一回事，而我們目前對自身能力非常有信心。

It's built on decades of work by our team to learn how to make the grades and meet our customers' requirements. And this proof of our ability to get on platform that I've talked about here is really a testament to that. But then getting set up contractually and qualified takes a number of years. And we have a leg up on our growth because we have an auto exposed gap line in Mexico where we do extensive automotive a variety of different grades that will match up nicely with the suite of capabilities of Berkeley and West Virginia. And then we have a broad book of capabilities and qualifications that we've worked through.

這是建立在我們團隊數十年的努力之上，學會如何生產這些鋼種並滿足客戶要求。而我剛才提到、能夠進入平台的這項證明，正是對此的最佳佐證。但在合約上完成建置並取得認證（qualified）需要好幾年時間。我們在成長上有先發優勢，因為我們在墨西哥有一條汽車外露用鍍鋅線（auto exposed galv line），生產多種汽車用鋼種，能與 Berkeley 與西維吉尼亞的能力組合很好地對接。此外，我們也累積了廣泛的能力與認證清單，並已逐步完成。

So our team is very experienced with the qualification process, and we're able to lean into those qualifications at some of our other locations to really set West Virginia up for success. West Virginia by volume are our biggest growth opportunity for automotive. We'll do 1 million tons of automotive out of West Virginia, about 100,000 million tons of that will eventually be auto exposed. So we're able to lean into that know-how across our team and those other resources to start to fast track those qualifications.

因此，我們團隊在認證流程方面非常有經驗，也能運用其他據點既有的認證成果，來真正讓西維吉尼亞更容易成功。以產量來看，西維吉尼亞是我們汽車業務最大的成長機會。我們將在西維吉尼亞生產 100 萬噸汽車用鋼，其中最終約有 1 億噸會是汽車外露用鋼。所以我們能運用整個團隊的 know-how 以及其他資源，來加速推進這些認證。

I think the answer is even better the second time. But appreciate the color, guys. Thanks for the time.

我覺得第二次的回答更好了。不過謝謝你們補充的細節，各位。謝謝撥冗。

Richard Garchitorena, Barclays.

Richard Garchitorena，Barclays。

Morning and thanks for opening up again to my question. If I can just ask quickly in terms of pricing, obviously, the market has been able to withstand pricing moving higher. Can you provide some color in terms of what you're hearing from customers? And when it comes to fixed price contracts resetting next year, how should we think about that impacting your results.

早安，也謝謝你們再次讓我提問。我想快速問一下定價方面：顯然市場能夠承受價格走高。你們能否分享一些你們從客戶那邊聽到的回饋？另外，當明年固定價格合約重新設定時，我們應該如何看待這對你們業績的影響？

Richard, I want to make sure I understand the question. Are you asking how pricing in the structural side moving into '27 is impacting our customers?

Richard，我想先確認我理解你的問題。你是在問結構鋼（structural）那一端的價格走勢進入 2027 年後，會如何影響我們的客戶嗎？

No. I want to know the [toll] in the market. Yeah, how in market --

不是。我想了解市場上的（toll）。對，就是市場上——

Hi, Richard. This is Noah. Let me just step in and talk about where we are with our sheet contracts and how we work through resetting this contracts as we step into 2027. And we come into this market. You've heard the demand drivers we've talked about, really robust demand picture across the sheet group and an expectation of continued growth in demand.

嗨，Richard。我是 Noah。我先插進來談一下我們板材（sheet）合約目前的狀況，以及我們在邁入 2027 年時如何處理這些合約的重設。我們進入這個市場時，你也聽到我們談到的需求驅動因素：板材事業群整體需求面非常強勁，並且預期需求將持續成長。

And then we're bringing these new capabilities to the fold as well. So West Virginia will start to come online. Berkley, Indiana, just painted their first coil. So our goal through contract season is to match up these new capabilities and these really strong demand picture to meet the needs, especially our long-term customers. And we've never been -- I would tell you more deliberate about that plan.

同時我們也把這些新能力納入體系。所以西維吉尼亞將開始上線。印第安納州 Berkeley 剛剛塗裝了第一卷鋼捲（coil）。因此，我們在合約季的目標，是把這些新能力與非常強勁的需求態勢相匹配，以滿足需求，特別是我們的長期客戶。而我可以說，我們從未像現在這樣更有計畫、更審慎地推動這個方案。

And we have a strategy that feels good because it's very coherent across our mills. Some mills are going to have to give up volume to get West Virginia online, they're able to go out, and we're able to back those replacement tons up contractually. So I think we have a very coherent plan in the face of a lot of strong demand picture out there. So maybe talk about the terms. We're not going to get into the specifics, but they're significantly better as we step into 2027.

而且我們有一個讓人感覺很踏實的策略，因為它在各座鋼廠之間非常一致、協同。有些鋼廠為了讓西維吉尼亞上線，必須讓出部分出貨量；它們可以到外部市場去，而我們也能在合約上把那些替代噸數補回來。所以我認為，在外部需求非常強勁的情況下，我們有一個非常一致且可執行的計畫。至於條款方面——我們不會談太多細節，但隨著我們邁入 2027 年，條款會顯著更好。

We've improved the overall quality of the agreements, lower discounts higher extras and our volume variances are tighter than they were in 2026. If you look back historically, we've been about 80% to 85% contracted will be a little heavier than that this year. And I think our commercial team has done an outstanding job positioning us for 2027.

我們提升了協議的整體品質：折扣更低、附加費（extras）更高，而且我們的出貨量差異（volume variances）比 2026 年更緊。回顧歷史，我們大約有 80% 到 85% 是以合約鎖定；今年會比這個比例再高一些。我認為我們的商務團隊在為 2027 年布局方面做得非常出色。

And [Tristan] you had also asked about the composition of our contracts that are fixed that may be resetting at a different price as we go into 2027, Nucor really doesn't have a very large percentage of contracts that are fixed.

另外，[Tristan] 你也問到我們固定價格合約的組成，這些合約在進入 2027 年時可能會以不同價格重設；Nucor 的固定價格合約占比其實不高。

Yeah, the majority of our fixed are going to be in auto. And I would call that just loosely 5% to maybe at 7% of our fixed contracts. But the majority will reset at year-end, right?

對，我們固定價格合約的大多數會在汽車領域。我大致估計，固定價格合約約占 5% 到可能 7%。但大多數會在年底重設，對吧？

That's 5% to 7% sheet, right?

那是指板材（sheet）的 5% 到 7%，對吧？

Yeah, right. Very low single-digit percentage of overall company.

對，沒錯。以全公司來看，整體占比是非常低的個位數百分比。

Tristan Gresser, BNP Perama.

Tristan Gresser，BNP Perama。

Yes, hi. It's me again. Sorry, I got disconnected and thank you for your answer. I just have another question on the strong performance of the Steel Products division. If you could dive a little bit into that, the main driver behind it, maybe the contribution of towers, panels, doors, anything standing out or anything really behind the strong performance?

是的，你好。又是我。抱歉，我剛剛斷線了，也謝謝你們的回答。我還有一個問題，關於鋼鐵產品事業部（Steel Products division）的強勁表現。如果可以的話，能否再深入談一下主要驅動因素？例如塔架（towers）、面板（panels）、門（doors）的貢獻，是否有任何特別突出的項目，或是背後有哪些因素促成這樣的強勁表現？

And also, when we look past that, looking into Q4 and Q1 next year, should we expect some similar scale of ASP increase? Or would you expect some moderation of that? And even with lower volumes, how do you think about margins? Are they going to continue to expand every quarter? Or are you going to feel that the pressure from those higher substrate costs in general?

另外，當我們把視角放遠一點，展望明年第四季與第一季，是否應該預期ASP也會有類似幅度的上升？還是您會預期增幅會有所趨緩？即使出貨量較低，您如何看待毛利率？它們會在每一季持續擴張嗎？或者您是否會感受到整體而言來自較高基板成本的壓力？

Well, look, that's a lot to unpack here, and I'm going to let John Holatz take most of it. But look, as we sort of answered earlier as well, Tristan, as we came out of '25 into '26, the demand environment has continued to become more and more and more robust. And with that, pricing is flowing through the enterprise as well. So you're seeing higher realized pricing in our downstream products groups that are now hitting the balance sheet, and we'll continue to do so well into 2027, again, at a very high level, and the products group now in Nucor is such a wide and diverse set of businesses and generates great returns. But again, there's a lot of different business segments in that.

嗯，聽著，這裡面要拆解的內容很多，我會讓John Holatz來回答大部分。不過你看，正如我們先前也回答過的，Tristan，當我們從’25走到’26，需求環境持續變得越來越、越來越強勁。在這樣的背景下，定價也正在整個企業中傳導。因此你會看到我們下游產品事業群的實現售價提高，現在已反映在資產負債表上，並且將一路延續到2027年；同樣地，從非常高層次來看，Nucor的產品事業群如今涵蓋非常廣泛且多元的業務，並帶來很好的報酬。但再次強調，裡面有很多不同的業務區隔。

So John, why don't you just walk through to Tristan's question, some of those highlights and what we're most excited about as we head.

所以John，你不如就針對Tristan的問題，帶大家走一遍其中一些重點，以及我們在接下來最感到興奮的地方。

Yeah, Tristan, I appreciate that question and the recognition that our Steel Products earnings were the best earnings in Q3 that we've had since the beginning of 2024. And this is not just one specific product. This is a variety of different products that are contributing to this. We talked earlier about the Tubular Group and their performance related to water mall overall construction. On the Vulcraft joist and deck side, we had noted previously that we were seeing higher prices in new order entry and that is now being realized in our earnings and new orders continue to exceed our current backlog pricing.

好的，Tristan，感謝你的提問，也謝謝你注意到我們鋼鐵產品事業的獲利是自2024年初以來第三季表現最好的一次。而這不只是某一項特定產品的貢獻。是多種不同產品共同推動了這個成果。我們先前談到過管材事業群（Tubular Group），他們的表現與整體水務相關建設（water mall overall construction）有關。在Vulcraft的桁條與樓承板（joist and deck）方面，我們之前提到新接訂單的價格正在走高，而這些價格現在已反映在我們的獲利中，且新訂單價格仍持續高於我們目前在手訂單（backlog）的定價。

And that backlog carries us well into 2027. It was mentioned earlier, our Buildings group and their participation in the data center market. They had a really strong third quarter. It's setting the stage for a great year in 2027. And again, we're the only company, as Steve mentioned, that has the ability to support data centers through conventional construction with joist and deck and structural steel or the alternative of supplying a pre-engineered building.

而這些在手訂單可支撐我們一路到2027年。先前也提到，我們建築事業群（Buildings group）參與資料中心市場。他們第三季表現非常強勁。這也為2027年成為非常出色的一年奠定了基礎。而且如Steve所提，我們是唯一一家能夠以傳統施工方式（提供桁條、樓承板與結構鋼）支援資料中心，或是以另一種方式供應預製工程建築（pre-engineered building）的公司。

And then I also want to recognize our Insulated Panel Group, one of our expand Beyond businesses and had record earnings in the third quarter, and that again will carry us well into 2027. Overall, our backlogs are up about 25%. Pricing continues to improve, and it's going to -- we're going to have a good Q4 and a really strong 2027.

另外我也想特別肯定我們的保溫板事業群（Insulated Panel Group），這是我們Expand Beyond業務之一，第三季創下獲利新高，而這同樣將使我們一路受益到2027年。整體而言，我們的在手訂單約增加了25%。定價持續改善，我們將會——我們第四季會有不錯的表現，而2027年會非常強勁。

And maybe the other thing too, and you mentioned it, Tristan, but look, we're excited -- we love our door business. We love with C.H.I. and Rytec are doing, but think about the build out what we've done in towers, right? We've been pretty public that we made some runs on the M&A side that didn't work out. We love the space and have for a lot of years. And so we made the decision a couple of years ago that we're going to do it organically.

也許還有另一點，你也提到了，Tristan，但你看，我們很興奮——我們很喜歡我們的門業務。我們很喜歡C.H.I.和Rytec的表現，但想想我們在鐵塔（towers）方面所做的布局，對吧？我們一直相當公開地表示，我們在併購（M&A）方面曾做過一些嘗試但沒有成功。我們喜歡這個領域，而且喜歡很多年了。因此我們在幾年前做了決定：要以有機成長的方式來做。

We bought a small company in Summit to kind of begin and get some in-house knowledge and now it's expanded to three greenfield towers plants, two of which are online and the third that will be up and running by mid next year. But think about what -- and I think it was Steve's opening comments, we -- that team has already qualified at 30 different utilities. So not unlike the robust excitement and demand picture from OEMs into the sheet group to provide the higher end and automotive exposed grades. We're finding and feeling the very same relationship build and networking within the utility side to grow that space. And so the order books are getting filled very, very quickly.

我們在Summit收購了一家小公司，作為起步並取得一些內部專業知識，現在已擴展到三座綠地（greenfield）鐵塔工廠，其中兩座已上線，第三座將在明年年中投入運轉。但想想——我想這是在Steve的開場評論裡提到的——那個團隊已經在30家不同的公用事業公司完成資格認證（qualified）。因此，這與OEM對薄板事業群的強勁興奮與需求情況相似，OEM希望我們提供更高階、汽車外露等級（automotive exposed grades）的產品。我們在公用事業端也正在建立並感受到同樣的關係深化與人脈網絡，以擴大這個領域。因此訂單簿正在非常、非常快速地被填滿。

And again, it's a space that not only are -- do we feel really well poised to provide, but the build-out of those facilities is so automated. We truly believe we're going to have a cost -- significant cost advantage in a differentiated position in that market. So again, I'm really proud of what the downstream products groups teams are doing across the board and including the Expand Beyond business. So I appreciate the question, Tristan.

而且再次強調，這不僅是一個我們認為自己非常有能力供應的領域，這些設施的建置也高度自動化。我們確實相信，我們將在該市場中以差異化定位取得成本——顯著的成本優勢。所以再次說明，我對下游產品事業群各團隊的表現感到非常自豪，也包括Expand Beyond業務。所以謝謝你的提問，Tristan。

Alright. Very clear, thank you.

好的。非常清楚，謝謝。

This concludes our Q&A portion. I will now turn the call back to Leon Topalian, Chair and CEO, for closing remarks.

問答環節到此結束。接下來我將把電話會議交回給董事長兼執行長Leon Topalian作結語。

Well, team, as we close, I want to thank our 33,000 teammates for another strong quarter and for your continued unwavering commitment to our most important value, the health, safety and well-being of every one of our team members. Thank you to our customers for the place trust you place in us with each and every order. We want to continue to work hard and earn your business every day and asking to our shareholders, thank you for trusting us for your valuable shareholder capital, '26 is shaping up to be a really, really good year. And we believe '27 will be even stronger. Our best days are definitely in front of us.

各位團隊夥伴，在結束之前，我要感謝我們33,000位同仁在本季再度交出強勁表現，也感謝大家持續且堅定不移地投入我們最重要的價值：每一位團隊成員的健康、安全與福祉。也感謝我們的客戶，謝謝你們在每一筆訂單上對我們的信任。我們希望持續努力工作、每天都贏得你們的生意；同時也要對股東們說，感謝你們信任我們、託付寶貴的股東資本，’26正逐步成為非常、非常好的一年。我們相信’27會更強。我們最好的日子肯定還在前方。

Thank you for your interest in Nucor, and have a great day.

感謝各位對Nucor的關注，祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以斷線。