Financial Astrology of Nucor Corporation

FINANCIAL ASTROLOGY

First Trade Date for Nucor Corporation

Company Name	First Trade Date (yyyy-mm-dd)
Nucor Corporation	1972-07-12

Company Name	Symbol
Nucor Corporation	NUE
History and Business of Company (this information may include date of incorporation)
Nucor Corporation was incorporated in Delaware in 1958. The business of Nucor Corporation and its subsidiaries is the manufacture and sale of steel and steel products, which accounted for all of the sales and the majority of the earnings in 2003, 2002 and 2001. The earnings in 2003 include other income of $4,400,000 related to a pre-tax gain on sale of equipment. The earnings in 2003 and 2002 include a pre-tax gain of $7,100,000 and $29,900,000, respectively, related to graphite electrodes anti-trust settlements. The earnings of 2001 include a pre-tax gain of $20,200,000 from the sale of Nucor Iron Carbide, Inc. in Trinidad. Nucor reports its results in two segments, steel mills and steel products. Net sales to external customers, intercompany sales, depreciation expense, earnings (loss) before income taxes, assets and capital expenditures by segment for each of the three years in the period ended December 31, 2003, are set forth in Note 14 of Notes to Consolidated Financial Statements of the 2003 Annual Report, which note is hereby incorporated by reference. Principal products from the steel mills segment are hot-rolled steel (angles, rounds, flats, channels, sheet, wide-flange beams, pilings, billets, blooms, beam blanks and plate) and cold-rolled steel. Principal products from the steel products segment are steel joists and joist girders, steel deck, cold finished steel, steel fasteners, metal building systems and light gauge steel framing. Hot-rolled steel is manufactured principally from scrap, utilizing electric arc furnaces, continuous casting and automated rolling mills. Cold-rolled steel, cold finished steel, steel joists and joist girders, and steel fasteners are manufactured by further processing of hot-rolled steel. Steel deck is manufactured from cold-rolled steel. In the steel mills segment, hot-rolled and cold-rolled sheet steel are produced to customer orders. In addition, other hot-rolled and cold-rolled steel are manufactured in standard sizes and inventories are maintained. In 2003, approximately 93% of the steel mills segment production was sold to non-affiliated customers; the remainder was used internally by the steel products segment. Hot-rolled steel and cold-rolled steel are sold primarily to steel service centers, fabricators and manufacturers throughout the United States. In the steel products segment, steel joists and joist girders, and steel deck are sold to general contractors and fabricators throughout the United States. Substantially all work is to order and no unsold inventories of finished products are maintained. All sales contracts are firm fixed-price contracts and are normally competitively bid against other suppliers. Cold finished steel and steel fasteners are manufactured in standard sizes and inventories are maintained. Cold finished steel and steel fasteners are sold primarily to distributors and manufacturers throughout the United States. The primary raw material for the steel mills segment is ferrous scrap, which is acquired from numerous sources throughout the country. Scrap prices increased $65 (57%) per ton from December 2002 to December 2003. In response to this increase, Nucor implemented a raw material surcharge that was effective in January 2004. This surcharge will help provide increased margins for our products and will help ensure that we will be able to purchase the scrap needed to fill our customers' needs. The steel mills are also large consumers of electricity and gas. Nucor uses natural gas purchase contracts to partially manage its exposure to price risk of natural gas that is used during the manufacturing process. The primary raw material for the steel products segment is steel, which is primarily purchased from the steel mills segment. Supplies of raw materials and energy have been, and are expected to be, adequate to operate the facilities. Nucor is highly decentralized and has approximately 55 employees in its executive offices. All of Nucor's 9,900 employees are engaged in its steel mills and steel products businesses. Additional information on Nucor's business is incorporated by reference to Nucor's 2003 Annual Report, pages 9 through 17. Nucor's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to these reports are available without charge through Nucor's website, www.nucor.com, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission. Except as otherwise stated in these reports, the information contained on our website or available by hyperlink from our website is not incorporated into this Annual Report on Form 10-K or other documents we file with, or furnish to, the Securities and Exchange Commission.

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