Nucor Corporation Citi 2018 Basic Materials Conference

1 Forward-Looking Statements

Certain statements made in this presentation are forward-looking statements that involve risks and uncertainties. The words “believe,” “expect,” “project,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this report. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) availability and cost of electricity and natural gas which could negatively affect our cost of steel production or could result in a delay or cancellation of existing or future drilling within our natural gas working interest drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the U.S.; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including the severe economic downturn in construction markets and excess world capacity for steel production; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs and our capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; and (13) our safety performance.

2 Nucor

(US$mm, except per share data) overview Share price as of 11/23/18 $59.42 • North America’s largest and most diversified % of 52-week high 84.3% steel and steel products company Diluted shares outstanding (mm) 314.0 Equity value $18,658 • 25 scrap-based steel mills with annual Plus: debt 4,286 Plus: noncontrolling interest 382 production capacity of 27 million tons Less: cash and ST investments (1,932) • Nucor is North America’s largest recycler Firm value $21,394 Financials ($mm) 2016A 2017A 9ME '18 LTM Sales $16,208 $20,252 $18,771 $23,863 % growth (1.4%) 25.0% 23.8% 24.8% EBITDA $2,116 $2,609 $2,859 $3,527 2017 Sales by Segment % margin 13.1% 12.9% 15.2% 14.8% 20 OCF $1,750 $1,051 $1,901 $2,186 Capex $605 $449 $625 $781 15

10 Firm value / LTM EBITDA 6.1x Price / LTM EPS 9.1x

($billions) 5 Credit metrics 2018E 2019E 0 Net debt / LTM EBITDA 0.7x STEEL MILLS STEEL PRODUCTS RAW MATERIALS Credit rating (Moody's / S&P) Baa1 / A- Outlook (Moody's / S&P) Stable / Stable

3 Nucor’s strengths

• Our people & culture

• Financial strength

• Flexible production capacity

• Product diversity

• Strategy - Five Drivers To Profitable Growth

4 Nucor’s culture

• Safety First • Industry leading safety metrics • Teamwork • 92.5% employee retention rate • Pay for Performance • One of the most energy efficient and greenhouse • Continual Improvement gas efficient steel producers globally • Environmental Stewards • 73% recycled content for Nucor’s steel

5 Financial strength

• At A-/Baa1 Stable, Nucor has the Low Financial Leverage strongest credit ratings in the sector $5,000 30% • Current liquidity of $1.9 billion in cash 26.4% $4,500 23.8% and an undrawn $1.5 billion credit 25% facility maturing in 2023 $4,000 18.7% 21.7% $3,500 20.5% 17.4% 20% Limited$3,500 Near Term Debt Maturities $3,000

$3,000 $2,500 15%

$2,500 $2,000 $1,500 10% $2,000 $1,000 $1,500 5% $500 $1,000 $- 0% $500 2013 2014 2015 2016 2017 Current $- 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 & Debt Cash Net Debt/Capital later

6 Financial Strength – Strong Cash Generation Through The Cycle

$3.0 Operating Cash Flow (in $ billions)

$2.5

$2.0

$1.5

$1.0

$0.5

$- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 - 9 Mos 7 Source: Company filings. Flexible production capacity, variable cost structure

• 100% electric arc furnace technology • Faster “ON / OFF” capability • Scrap metal is primary feedstock

• Highly motivated workforce with industry leading productivity

• Largely non-union

• Pay for performance

• No lay-off policy

8 Product diversity

Volumes Sold to External Customers

Total tons shipped to Bar outside customers in 22% 2017: 26.5 million tons

Sheet 35%

Plate 9%

Structural 7%

Raw Materials Downstream 12% Products(1) 15%

(1) Downstream Products consists of Rebar Fabrication, Tubular Products, Cold Finish Bar, Steel Joists, Steel Deck, Metal Buildings, Grating, Piling, Wire Mesh and Fastener. 9 Nucor’s Strategy

Five Drivers to Profitable Growth

1. Low cost producer Flexible & Focused 2. Market leadership

Leveraging Our 3. Move up the value chain Strengths 4. Expand channels to market

5. Commercial excellence

10 Low cost producer

Continuous Improvement - NSNE example Through-The-Cycle ROIC

100% 14% Average 12.3% ROIC 12% 95% 2004-17 10.5% 10%

7.8% 8% 90%

4% 85%

80% 0% 2015 2016 2017 18 TYD Commercial Steel Dynamics Nucor Metals Operational Conversion Costs ($/ton) % of 2015 Level

11 Market leadership

Structural Steel Steel Joist & Deck #1 Merchant Bar Steel Steel Piling Distribution North American Market Leader Cold Finished Bar Steel Metal Buildings

#2 Plate Steel Hollow Structural Section (HSS) Steel Tubing North American Market Leader SBQ Bar Steel Steel Electrical Conduit Pipe Rebar Steel & Fabrication #3 North American Sheet Steel (hot + cold + galvanized) Market Leader

12 Moving up the value chain

Advanced High-Strength Steels Quench & Self Tempering Hollow Structural Sections (HSS) for Automotive (QST) Technology and Electrical Conduit

Wider, Lighter Gauge Sheet Expanded Steel Piling Portfolio Expanded SBQ Products

13 Expanding channels to market

25% Nucor Steel Products Initiatives Downstream Steel Usage

20% 19% 16%

15%

10%

5% 8%

0% 2006 2016 2017

14 Commercial excellence

• Reliability and On-Time Delivery Nucor’s Digitalization Initiative • Technology Leader • A critical component of our drive to achieve Commercial • Superior Product Quality & Excellence Consistency • New digital tools: • Experienced & Knowledgeable • NucorNow, a new Commercial Team customer web portal • We keep our commitments! • Enhanced EDI system We do what is right! ALWAYS! • Revamped public facing website – Nucor.com

15 Capital Allocation Guiding Principles

16 Capital allocation priorities

3. 1. Investing In 2. Dividend Growth Opportunistic Profitable Growth Commensurate With Share Opportunities Earnings Repurchases

17 Reinvesting in our businesses throughout the cycle

Totals for years 2009 - 2017

$9 $8.3 Billion $8 Acquisitions $7 $2.9 Billion $5.8 Billion $6

$4 Capital $3 Spending (in billions (in dollars) of $2 $5.4 Billion $1

$- Capital Invested Depreciation & Amortization 18 Building our earnings power

Net Earnings Attributable to Nucor Shareholders

$1,800

$1,600

$1,400 $1,200 Import surge, oil $1,000 price collapse

$800

$600 (in millions of dollars)of millions (in $400

$200

$- 2010 2011 2012 2013 2014 2015 2016 2017 9 Mos 2018

19 Rewarding our shareholders

First Nine Months of 2018

$1,800 $1.7 Billion

$1,600

$1,400

$1,200

$1,000

$800 $716 Million

$600 Share

(in millions of dollars) of millions (in Repurchases $400 $351 million Dividends $200 $365 million $- Net Earnings Capital Returned 20 Nucor has returned over $8.5 billion to shareholders since 2006

$1,600 100%120% + 676% $1,400 101% 341% 92% 94% 100% $1,200 80% $1,000 67% 70% 59% 61% $800 60% 43% 44% 42% $600 NM 40% $400 20% $200

$- 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD '18 Dividends Share Repurchases Shareholder Return Ratio

21 Appendix Nucor Organic Growth Initiatives

22 Organic Investments – Long Products

Project $ Amount (millions) Startup Date Rebar Rolling Mill Upgrade At $85 Q1-2019 Marion, Ohio Mill

Merchant Bar Expansion at $180 Late 2019 Kankakee, Illinois Mill

Rebar Micro Mill in Missouri $250 Late 2019

Rebar Micro Mill in Florida $240 First Half 2020

TOTAL $755

23 Organic Investments – Flat Products

Project $ Amount (millions) Startup Date Gallatin, Kentucky Hot Band $176 First Half 2019 Galvanizing Line

Hickman, Arkansas Specialty $230 First Half 2019 Cold Rolling Mill

Nucor – JFE Joint Venture $135 Second Half 2019 Galvanizing Line in Mexico

Hickman, Arkansas Galvanizing $240 First Half 2021 Line

Gallatin, Kentucky Hot Band $650 Q2-2021 Production Expansion

TOTAL $1,431

24 Rebar Micro Mills in Missouri and Florida

 Building rebar micro mill in: ─ Sedalia, Missouri (near Kansas City) ─ Frostproof, Florida  Enhances Nucor’s position as the low cost producer by capitalizing on significant logistical advantages  Rebar supply currently travels long distances into: ─ Kansas City, upper Midwestern & Plains markets ─ Central Florida  Utilizes an abundant scrap supply in the immediate area provided by the existing infrastructure of Nucor's David J. Joseph (DJJ) scrap operations  Annual capacity about 350,000 tons for each facility Nucor Micro Mills Nucor Existing Mills with  Missouri $250 million investment; start-up projected for late 2019 Rebar Capabilities  Florida $240 million investment; start-up projected for H1-2020 Nucor’s DJJ Scrap Yards Competitor Mills Currently Producing Rebar

25 Long Products – Kankakee Expansion

• $180 million merchant bar mill at existing Illinois steel mill • Logistics enhance low cost competitive advantage • Takes advantage of abundant low-cost scrap supply in the region • Leverages excess melting capacity • Incremental annual capacity of 500,000 tons • Start-up anticipated in late 2019

Nucor Kankakee Nucor Existing Mills with Merchant Bar Capabilities Competitor Mills Currently Producing Merchant Bar

26 Nucor Marion Rolling Mill Upgrade

 $85 Million investment to modernize the rolling mill at Ohio steel bar mill  Marion’s annual capacity is 400,000 tons (produces rebar & signpost)  Updated technology will reduce operating costs • New recuperative reheat furnace • New in-line rolling mill replaces cross country rolling mill • New water systems for more efficient cooling  Enhances our position as low cost producer & market leader in rebar Nucor Marion  Expected start-up in H1-2019

27 Nucor Gallatin Projects

1. Hot Band Galvanizing Line ($176 Million Investment; Expected Q1-2019 Start-up)  72 inch galvanizing line will be widest hot-rolled galvanizing line in North America  Expands Nucor’s capability to expand into new automotive market segments – including growing applications of hot band galvanized for frames, control arms, supports, & brackets  Increases Nucor’s Midwest coated sheet market share  Annual capacity approximately 500,000 tons

2. Hot Band Capacity Expansion ($650 Million Investment; Expected Q2-2021 Start-up)  Increases hot band annual capacity from 1.6 million tons to approximately 3.0 million tons  Increases maximum coil width to about 73 inches  Expands Nucor’s presence in the important Midwest market – specifically in the automotive, energy pipe & tube, heavy equipment, and agriculture sectors

Both projects support Nucor’s strategy of Nucor Gallatin growing our market leadership positions and moving up the value chain

28 Nucor Arkansas Projects

1. Cold Mill Expansion ($230 Million Investment; Expected H1-2019 Start-up)  Adding a specialty cold rolling complex, utilizing existing melt capacity  Expands Nucor’s capability to produce Motor Lamination (ML), High Strength Low Alloy (HSLA), & Advance High Strength Steel (AHSS) products  Flexible cold reduction mill will allow us to cold reduce to both lighter gauge & much higher strength levels to meet our customers’ light weighting goals  Adds about 500,000 tons of value added CR capability 2. Galvanizing Line ($240 Million Investment; Expected H1-2021 Start-up)  Adding a Generation 3 Flex Galvanizing Line  Utilizes Specialty Cold Mill substrate  Capable of efficiently making the widest variety of grades to support the current & future demand for Coated / 3rd Gen Advanced High Strength Steel (AHSS) market  Annual capacity of about 500,000 tons

Both projects support Nucor’s strategy of moving up the value chain and growing our Nucor Arkansas participation in the automotive market

29 Nucor-JFE J.V. Galvanizing Line in Mexico

Nucor & JFE Steel of Japan constructing a 50-50 joint-venture to supply galvanized sheet steel to Mexican automotive market Annual capacity of about 400,000 tons

 Nucor will supply half of substrate requirements  Centrally located to serve Mexico’s growing automotive market  $135 million investment*  Expected start-up in H2-2019

*50-50 joint venture between Nucor and JFE; Total project spend of $270 million