Nucor Corporation (NYSE:NUE) Q4 2023 Earnings Call Transcript

Is that helpful?

Tristan Gresser: Yes, that’s really helpful. Thank you for the color.

Leon Topalian: Thank you.

Operator: The next question comes from Curt Woodworth with UBS. Please go ahead.

Curt Woodworth: Thank you. I just had a quick follow-up on capital spending outlook. So, of the growth capital you have outlined for this year, how much of that will carry over into next year? And can you just remind us on the timeline of when you think Steel West Virginia will start to ramp? And then you also noted a potential, I think new micro mill bar project in the Pacific Northwest, if you could just comment on that. Thank you.

Steve Laxton: Yes. Curt, this is Steve. The $3.5 billion projection is our expectation for 2024. And I think if you are trying to extrapolate what future years are going to be, some of those projects like West Virginia are going to push our capital spending into ‘25 higher than historic averages. But likely, if you are potentially not something, it’s probably below that $3.5 billion, if you are trying to look for a direction, but north of $3 billion, if I would guess. And in terms of when West Virginia is completed, it will be in 2026. So, that’s a project that will keep going for some time for us.

Leon Topalian: And then, Curt, your last question on the exploration in the Pacific Northwest. What I would tell you is, we are doing just that. Again, it’s a market we have been in for two decades. Our team in Seattle continues to do an incredible job. And again, we are going to continue to evaluate that market, recognizing the customers that we serve in that market. And where does that most make sense and stay tuned.

Curt Woodworth: Thank you.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Leon Topalian for any closing remarks.

Leon Topalian: In closing, I just want to say thank you to our Nucor team members for another great year in 2023 as we begin ‘24, let’s make sure we take care of our most important value the health, safety and well-being of our Nucor family. Thank you to our customers for the trust you place in us with each and every order and thank you to our shareholders for the valuable capital that you entrust us with each and every day. Have a great day.

Operator: The conference has now concluded. Thank you for attending today’s presentation.