NOVEMBER 2020

Forward-Looking StatementsCertain statements made in this presentation are forward-looking statements that involve risks anduncertainties. The words “believe,” “expect,” “project,” “will,” “should,” “could” and similar expressions areintended to identify those forward-looking statements. These forward-looking statements reflect theCompany’s best judgment based on current information, and although we base these statements oncircumstances that we believe to be reasonable when made, there can be no assurance that future eventswill not affect the accuracy of such forward-looking information. As such, the forward-looking statements arenot guarantees of future performance, and actual results may vary materially from the projected results andexpectations discussed in this report. Factors that might cause the Company’s actual results to differmaterially from those anticipated in forward-looking statements include, but are not limited to: (1) competitivepressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreigntrade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations toprevailing steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore andscrap steel; (4) availability and cost of electricity and natural gas which could negatively affect our cost ofsteel production or could result in a delay or cancellation of existing or future drilling within our natural gasworking interest drilling programs; (5) critical equipment failures and business interruptions; (6) marketdemand for steel products, which, in the case of many of our products, is driven by the level of nonresidentialconstruction activity in the U.S.; (7) impairment in the recorded value of inventory, equity investments, fixedassets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including thesevere 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 regulationsaffecting environmental compliance, including legislation and regulations that result in greater regulation ofgreenhouse gas emissions that could increase our energy costs and our capital expenditures and operatingcosts or cause one or more of our permits to be revoked or make it more difficult to obtain permitmodifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on ourperformance; and (13) our safety performance; (14) the impact of the COVID-19 pandemic; and (15) therisks discussed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year endedDecember 31, 2019 and elsewhere therein.

2

Nucor Overview• North America’s largest & most

diversified steel & steel products company

• 25 scrap-based steel mills with annual production capacity of 27 million tons

• North America’s largest recycler

• 47 straight yrs. of dividend increases

Raw Materials Steel Mills Steel Products

Results 2018 2019 YTD ’20

Net Sales $25B $23B $15B

Steel

Shipped

27.9M

Tons

26.5M

Tons

19.0M

Tons

EPS $7.42 $4.14 $1.06

Capital

Returned$1.35B $791M $408M

3

Nucor's Strengths

• Nucor's Culture

• Market Leadership Positions

• Diversified Product Portfolio

• Low & Highly Variable Cost Structure

• Strong Cash Generation Through The Cycle

• Strong Balance Sheet

4

Principles of Nucor’s Culture

5

SAFETY FIRST

Trust

Open Communications

Teamwork

Community Stewardship

Results

Safety – Our First Priority

6

10

.00

9.3

0

9.0

0

7.5

2

7.2

4

6.1

2

5.1

1

4.0

8

3.8

3

3.4

0

2.5

4

2.1

5

2.0

4 2.7

3

2.2

9

2.0

2

1.8

2

1.9

4

1.8

0

1.6

3

1.4

8

1.6

6

1.5

5

1.3

4

0

2

4

6

8

10

12

19

96

19

97

19

98

19

99

20

00

20

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19

Nucor Injury & Illness Rates 1996 - 2019

While 2019 was a RECORD safety year,

we have more work to do

Market Leadership

7

#1North American

Market

Structural Steel

Merchant Bar Steel

Cold Finish Bar Steel

Steel Joist & Deck

Steel Piling Distribution

Metal Buildings

Steel Electrical Conduit Pipe

#2North American

Market

Rebar Steel & Fab

Plate Steel

SBQ Bar Steel

Hollow Structural Section (HSS) Steel Tubing

#3North American

Market

Sheet Steel (hot + cold + galvanized)

Sources: Company filings, SEC Filings, Industry Data, First River Consulting.

Diversified Product Portfolio

8

Sheet34%

Bar22%

Structural7%

Plate7%

Steel Products

18%

Raw materials

12%

2019 Volumes Sold to Outside Customers

Construction36%

Energy9%

Automotive7%

Consumer Durables

2%

Machinery & Industrial

Equip.9%

Transport & Logistics

5%

Service Centers

28%Other

4%

Steel & Steel Products Sales by End Market

2019 Total Sales Volume: 26.5 Million tons

$338

$393$375

$356$388

$359 $353$369

$456$434

$379

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 9 Mos

U.S

. D

olla

rs p

er

ton

Avg. Sales Price Steel Mills Segment per ton Avg. Scrap & Scrap Subsitute Cost per ton Spread

Low, Highly-Variable Cost Structure

9

Sustainable Profitability / Highly Variable Cost Structure / Stable Margin Spread

Metal Spread

22.6%

26.4%

19.2%

17.1%

21.7%

20.0%

16.5%

12.7%

0%

5%

10%

15%

20%

25%

30%

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

2013 2014 2015 2016 2017 2018 2019 2020 9 Mos

Bill

ions o

f U

.S. D

olla

rs

Debt Cash Net Debt / Capital

Strong Balance Sheet

10

Low Financial Leverage

Highest Credit Ratings in the Sector: Baa1/A1

NUCORLOOKING AHEAD

11

12

1,151,530

239,077

2015 2019

Net

To

ns o

f Im

po

rts

Discrete Plate

1,913,971

90,629

2016 2019N

et

To

ns o

f Im

po

rts

Rebar

2,602,103

623,966

2015 2019

Net

To

ns o

f Im

po

rts

Hot Rolled Sheet

1,585,3701,365,604

214,894

2014 2015 2019

Net

To

ns o

f Im

po

rts

Cold Rolled Sheet

1,939,275 1,804,039

329,103

2014 2015 2019

Net

To

ns o

f Im

po

rts

Corrosion-Resistant (Galvanized) Sheet

2017 AD & CVD

Duties + 2018

Korean Quotas2017 AD &

CVD Duties

2016 AD &

CVD Duties

2016 AD &

CVD Duties

2016 AD &

CVD Duties

Driven by trade case successes – Total Imports from Subject Countries

Imports’ Shrinking Market Share

12

13

1,479,166

533,353

2015 2019

Net

To

ns o

f Im

po

rts

Discrete Plate

2,005,778

1,103,421

2016 2019N

et

To

ns o

f Im

po

rts

Rebar

3,849,603

1,875,135

2015 2019

Net

To

ns o

f Im

po

rts

Hot Rolled Sheet

2,576,3742,300,694

1,507,179

2014 2015 2019

Net

To

ns o

f Im

po

rts

Cold Rolled Sheet

3,313,836 3,356,105

2,437,626

2014 2015 2019

Net

To

ns o

f Im

po

rts

Corrosion-Resistant (Galvanized) Sheet

2017 AD & CVD

Duties + 2018

Korean Quotas2017 AD &

CVD Duties

2016 AD &

CVD Duties

2016 AD & CVD

Duties2016 AD & CVD Duties

Driven by trade case successes – Total Imports

Imports’ Shrinking Market Share

13

Tax ReformConverting more EBITDA to Net Income

14

Converting approximately 50% of

EBITDA to Net Income

Converting less than 30% of EBITDA to

Net Income on average

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2014 2015 2016

Results Summary Under Prior Tax Regime

EBITDA Net Income Net Income/EBITDA

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2017 2018 2019

Impact of 2017 Tax Cuts & Jobs Act

EBITDA Net Income Net Income/EBITDA

Increase in bonus depreciation under 2017 Tax Cuts and Jobs Act expected to augment Nucor operating cash flow by as much as $750 million in coming years

Strategic Growth Program Continues

15

SteelmakingValue Added

ProcessingAdjacencies

Midwest Plate MillCost, quality leadership

Broad product line

Gallatin ExpansionEnhanced capabilities

Cost leadership

Rebar Micro-millsCost leadership

Proximity to customers

Kankakee MBQ

ExpansionExpanded product line

Closest to market

1.2 Million tons of New

Galvanizing CapabilityConsistently strong demand

for coated product

0.5 million tons of New

Cold Rolling CapabilityFlexible processing to cost

effectively meet present and

emerging market needs

Arkansas Paint Line

Acquisition

Industrial Gas Initiative

Nucor’s 1st ASU

Hertford, NC

Capital Allocation Priorities

16

1. Investing In Profitable Growth Opportunities

2. Base Dividend Growth Commensurate With Earnings

3. Share Repurchases or Supplemental Dividends

We remain committed to returning a minimum of 40% of

our earnings to shareholders, while maintaining our

strong investment grade credit rating

0%

20%

40%

60%

80%

100%

120%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Mill

ion

s o

f U

.S. D

olla

rs

Dividends Repurchases Payout Ratio

$6.5 Billion Returned since 2009

17

NM

Current liquidity of $3.4*

billion in cash and an

undrawn $1.5 billion

credit facility maturing in 2023

No material debt

maturities

until 2022

Strongest Credit Ratings

in the Steel Sector

Baa1/A-

Ample Financial Flexibility

18

-$0.5

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

Bil

lio

ns

of

U.S

. D

oll

ars

Operating Cash Flow Net Income

Strong Cash Generation

Though the Cycle

*As of October 3, 2020. Includes short-term investments of $412 million & restricted cash of $132 million

NUCORAPPENDIX

19

EBITDA Reconciliation

2019 2018 2017 2016 2015 2014

Net earnings 1,371 2,481 1,381 900 193 779

Net Interest expense 121 136 174 169 174 169

Provision for income taxes 412 748 369 398 49 369

Depreciation expense 649 631 636 613 626 652

Amortization expense 86 89 91 74 74 72

Impairments and losses on assets 67 110 0 0 245 25

EBITDA 2,706 4,195 2,651 2,155 1,360 2,066

20

Nucor Sheet Products: Value Added Execution

43%

20%

37%

Current Industry Mix

Hot Roll

Hot Roll (AHSS/Energy)

Tube

Cold Roll

Coated

40%

10%8%

15%

27%

Nucor (Projected)

50%

6%9%

16%

19%

Nucor (2018) • Nucor’s sheet mills are well positioned to serve key end

use markets

• Our new capabilities will

enhance existing facilities for

better efficiency, returns and

meeting customer requirements

• Added capability is diversified to

serve targeted, strategic markets

• Supported by 1.4 million tons of

additional substrate at Gallatin

• There are more investments

in value added capabilities in

the planning stages

58million

tons

11million

tons

12.5million

tons

21

Brandenburg, Kentucky Plate Mill

22

Existing Nucor Plate

Mills

• Hertford County, NC

• Tuscaloosa, AL

• Longview, TX

• State of the art mill situated on

the Ohio River in the middle of

the largest plate consuming

region in the U.S.

• Positions Nucor for market

leadership in plate products with

an ability to produce 97% of

those consumed domestically

(500)

-

500

1,000

1,500

2,000

2,500

3,000

3,500

-$50,000

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

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Tons (

in t

housands)

Th

ou

sa

nd

s o

f U

.S. D

olla

rs

Noncontrolling Interest Expense Nucor Structural Steel Shipments

Why Market Leadership Matters

NYS Startup

NYS II Startup

Berkeley Beam

Mill Startup

Nucor’s Success in Structural Steel

23

Strategic InvestmentsGallatin, Kentucky Projects

24

• Hot band galvanizing line

o Widest in North America

o Capability to serve growing

automotive applications

• Cost effective modernization and

doubling of capacity

o Increases maximum coil width

to about 73 inches

o Opens up significant new

markets currently served by

higher cost competitors

Brownfield Investments Aimed at

Enhanced Competitiveness in the

Heart of the Flat Rolled Market

1. Cold Mill Expansion

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

$245 million investment

Nucor Arkansas

25

2. Galvanizing Line

➢ 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

➢ $275 million investment

➢ Expect mid-2021 start-up

Strategic Investments

Hickman, Arkansas Projects

Strategic InvestmentsLong Products

26

Build a rebar micro mill in a growing market in Frostproof, Florida

Enhances low cost position by capitalizing on significant logistical

advantages

Utilizes an abundant scrap supply with existing infrastructure of Nucor’s

DJJ scrap operations

Estimated annual capacity of 350,000 tons

$240 million investment; Expected start-up in Q4-2020

Improving Scale, Diversification and Earnings Power

Build a rebar micro mill in Sedalia, Missouri (near Kansas City)

Enhances low cost position by capitalizing on significant

logistical advantages

Utilizes an abundant scrap supply with existing infrastructure of

Nucor’s DJJ scrap operations

Annual capacity of about 350,000 tons

$245 million investment

Nucor Micro Mill

Build a full range merchant bar mill at existing Illinois

steel mill leveraging existing melt capacity

Capitalizes on Nucor’s position as a low cost producer &

benefits from multiple logistical advantages

Takes advantage of abundant low-cost scrap supply in

the region

Annual merchant bar rolling capacity of 500,000 tons

$185 million investment

Nucor Kankakee Modernization of rolling mill at

Ohio steel bar mill

Updated technology will reduce

operating costs

Marion’s annual capacity is

400,000 tons (produces rebar &

signpost)

Enhances position as low cost

producer & market leader in rebar

$85 million investment

Nucor Marion Rolling Mill

Nucor Micro Mill DJJ Scrap Yards

DJJ Scrap Yards

27

POWERFUL PARTNERSHIPS.

POWERFUL RESULTS.