Nucor Corp.

Strong Q2 results + capital returns (good) - Q2 delivered ~$2B EBITDA and $5.04 EPS (adjusted $4.84 EPS excluding a $0.20 noncash Helion value benefit). - $479M returned to shareholders via dividends + buybacks (~41% of net earnings for the quarter). - Free cash flow: $829M (strongest quarter since 2023), supported by higher earnings and CapEx of $571M. - Company reiterates capital framework: return at least 40% of net earnings annually; YTD returns >$730M.

Operational momentum: shipments hit records (good/surprising) - Steel mills shipments: 7.1 million tons (all-time high)—record-setting for the second straight quarter. - Steel Products shipments: +11% vs Q1, with strength across product categories; Tube posted another shipment record. - Plate / Brandenburg: >230k tons, leading to another quarterly plate shipment record; plate benefited from newly available grades/sizes.

Forecast/outlook for 2026 (good) - Company expects 2026 shipment growth to finish near the high end of 5%–10% (i.e., closer to the upper range). - Back half / Q3 expectations: management expects higher consolidated earnings. - Steel mills: no additional cash refunds expected in Q3 (unlike Q2), but higher segment earnings from expanding metal margins and stable volumes. - Steel Products: higher earnings from higher volumes + higher realized pricing. - Raw materials: lower earnings expected vs Q2, mainly from lower scrap margins/pricing and higher iron ore costs tied to idling pellet capacity in the Middle East.