2

Forward-Looking Statements Certain statements made in this presentation are forward-looking statements that involve risks and uncertainties. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believed 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 results and expectations discussed herein. 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) the sensitivity of the results of our operations to prevailing steel prices and the changes in the supply and cost of raw materials, including scrap steel; (2) availability and cost of electricity and natural gas; (3) market demand for steel products; (4) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (5) uncertainties surrounding the global economy, including excess world capacity for steel production; (6) U.S. and foreign trade policy affecting steel imports or exports; (7) significant changes in government regulations affecting environmental compliance; (8) the cyclical nature of the domestic steel industry; (9) capital investments and their impact on our performance; and (10) our safety performance.

The following discussion should be read in conjunction with the audited consolidated financial statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2004.

3

Nucor’s Growth Strategy

Nucor is in a position of strengthto execute our

cyclical growth strategy---optimize existing operations,

use greenfield growth to capitalize on new technologies, pursue strategic acquisitions, and grow globally through

joint ventures leveraging new technologies

4

• 48 Operating Facilities in 15 states

• 10,600 employees generated $11.4 billion in 2004 sales and 19.5 million tons of 2004 steel shipments

• Corporate Staff of about 60 Employees

• Largest recycler in the United States

Nucor Overview

5

Vulcraft (Joist/Deck - 7)

Bar Mill Group (10)

Sheet Mill Group (4)

Structural Mills (2)

Plate Mill (2)

Cold Finish Group (4)

Building Systems Group (3)

Fastener Division (1)

• Nucor – North America’s largest and most profitable steel producer in 2004

Nucon (2)

Key Facilities:

Nucor Overview

6

It Starts With Our CultureCommitment to Employees

– Team work– Incentive-based pay for everyone – Pay

For Performance– Non-union– Lean management– Decentralized structure fosters

entrepreneurial spirit– Egalitarian benefits– No lay-off practice

7

Position of Strength

• Financial Strength

• Market Leadership

• Diversified Product Mix

• Technological Innovation

• Low-cost Position

8

• Profitable every year and every quarter since 1966

• Steel shipments have grown from 5.8 million tons in 1993 to 19.5 million tons in 2004

• Sales have grown from $2.3 billion in 1993 to $11.4 billion in 2004

Nucor Overview

9

Steel Shipments 1993-2004(millions of tons)

10

0

2,000

4,000

6,000

8,000

10,000

12,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Net Sales 1993-2004 (millions of dollars)

11

0

200

400

600

800

1,000

1,200

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Net Income 1993-2004 (millions of dollars)

12

0

200

400

600

800

1,000

1,200

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Cash from Operations 1993-2004(millions of dollars)

13

• Cash & Short-term Investments Of $1.6 Billion At The Close Of Q3-2005

• Debt = 18% Of Total Capital At The Close Of Q3-2005

• Debt Rated “A+” By S&P And “A1” By Moody’s – Highest North American Metals/Mining Debt Ratings

• Cash Provided By Operations Of More Than $1.0 Billion In 2004

• Cash Dividends Increased Every Year Since Nucor Began Paying Dividends In 1973 – Increased Dividend Twice In 2004 And Again In Q1-2005; Supplemental Dividend Payments Initiated In 2005

Financial Strength

14

• Conservative Financial & Accounting Practices

• Financial Reporting In Plain Language And Easy To Understand Format

• Simple Capital Structure

• No Off-Balance Sheet Financing Arrangements

• No Pro Forma Earnings Reporting

• Strong Balance Sheet

• No Pension Liability

• Superior Financial Flexibility

Conservative Financial Practices

15

Largest U.S. structural steel producer

Largest U.S. steel bar producer

Largest U.S. steel joist producer

Largest U.S. steel deck producer

Largest U.S. cold finished bar producer

Market Leadership

16

Diversified Product Mix

First Nine Months 2005 Sales Tons

17

Diversified Product Mix

End Use Markets

18

Diversified Product Mix

Steel Production Capacity (tons)

Hot Rolled Sheet(Cold Rolled Sheet 4.1 million)

(Galvanized 1.5 million)

10.8 million

Bars 7.7 millionStructural 3.7 millionPlate 2.8 million

Total Steel 25.0 million

19

Diversified Product Mix

Steel Products Production Capacity (tons)

Steel Joists 715,000

Steel Deck 430,000

Cold Finished Bars 490,000

Steel Buildings 145,000

Total Steel Products

1.78 million

20

Technological Innovation• First to commercialize thin-slab casting

• Near net shape beam blank casting of wide-flange beams (structural steel)

• Focus on new disruptive and leapfrog technologies continues

• Castrip® – direct strip casting of carbon sheet steel

• HIsmelt® – converts iron ore to liquid metal or pig iron; both a blast furnace replacement technology and a hot metal source for electric arc furnaces

• Ferro Gusa Carajás – environmentally sustainable blast furnace

21

Low-Cost Structure• Variable cost emphasis – minimize fixed

costs

• Decentralized, flat management structure

• Lean management – Nucor managers wear multiple hats

• Strong balance sheet

• “CAN DO” attitude and energy level of Nucor people creates efficiencies

22

Growth Opportunities

Position of strength allows us to take advantage of marketplace opportunities and continue Nucor’s successful tradition as a cyclical growth company.

Nucor’s 4 Pronged Growth Strategy1) Optimize existing operations2) Continue greenfield growth – opportunities to capitalize on technology3) Pursue strategic acquisitions4) Grow globally through joint ventures leveraging new

technologies

23

Optimize Existing Operations• Continued Quality Improvements

& Cost Reductions – Our Focus Every Day

• Nucor “BESTmarking”

• Bar Mill Group Capital Projects Program

• Improve Sheet Mill Group’s Volume and Profitability (continue moving up the value chain)

• Addition of Vacuum Degassers at Decatur, Alabama and Hickman, Arkansas Sheet Mills

• Building Systems and Load Bearing Light Gauge Steel Framing Opportunities

24

Optimize Existing Operations• Nucor announced Bar Mill Group Capital Projects in

early 2002

• More than $200.0 million on capital projects - program completed in 2004

• Projects included: Rolling Mill Modernization at Nebraska, New Melt Shop & Reheat Furnace at Texas, and New Finishing End at South Carolina

• Program reflects Nucor’s commitment to maintain our position as a world class competitor in steel markets

• Focus On Continual Improvement

25

Optimize Existing Operations• Sheet Mill Group announced in February 2005 the addition of

two vacuum degassers – one at the Alabama sheet mill and one at the Arkansas sheet mill

• Will enable Nucor to provide higher grades of sheet steel for automotive and appliance markets – particularly for customers in the southern half of the United States and Mexico

• Combined additional capacity of 1,000,000 tons annually – with total capital expenditures for each project estimated at under $20.0 million

• Builds upon existing vacuum degassing capabilities at the Indiana and South Carolina sheet mills

• New degassers expected to be operating in the first half of 2006

26

Continue Greenfield Growth• Hertford County, North Carolina steel plate mill – strong

market presence established

• Chemung, New York Vulcraft joist and deck plant continues production growth in a new geographic market

• New facility using Castrip technology in Crawfordsville, Indiana began commercial production in Q2-2002 and commercialized in 2004

• Nucor’s second Castrip production facility in the United States will be located at Nucor-Yamato Steel in Blytheville, Arkansas

• Also plan to establish at least one joint venture in 2005 with a partner overseas to utilize the Castrip technology

27

Technological InnovationStrip casting

Produces ultra-thin gauge hot rolled steel with superior properties (cold rolled replacement at hot band cost)

Minimizes environmentaland economic impact

(See www.castrip.com)

Controlled atmosphere

Casting rolls

Ladle

Tundish

Transition piece

Pinch rolls

Hot rolling stand

2nd hot rolling stand

(optional)

Shear

Down Coilers

............ ............

28

Energy & Emissions (ladle through hot band)(ladle through hot band)

0.00

0.05

0.10

0.15

0.20

0.25

GG

E (

t C

O2

equ

iv/t

).02

.12

.22

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

En

erg

y C

on

sum

ed (

GJ

/t)

.2

1.0

1.7

29

Strategic Plan – Raw Materials

• Develop supplies of high quality scrap substitutes – control approximately one-third of Nucor’s iron units annual consumption

• At our current consumption rate, will require between 6,000,000 to 7,000,000 tons per year of high quality scrap substitutes

• Raw materials strategy driven by Nucor’s ongoing expansion of our sheet steel product portfolio into higher quality grades

30

Nu-Iron Unlimited

• Acquired an idled direct reduced iron (“DRI”) plant located in Louisiana in September 2004

• Implementing plan to relocate the plant to Trinidad and expand annual capacity to 1,800,000 metric tons

• Trinidad site will benefit from a low cost natural gas supply and favorable logistics for receiving iron ore from Brazil and shipping DRI to the United States

• Operations expected to begin in second half of 2006

31

Technology For The 21st Century - HIsmelt

• Direct smelting process being developed by Rio Tinto, Nucor, Mitsubishi and Shougang

• Blast furnace replacement technology and hot metal source for electric arc furnaces

• Production at Kwinana, Australia plant started up operations in Q2-2005

• Future royalty stream for partners

• Raw material source for Nucor

32

Technology For The 21st Century - HIsmelt

(See www.hismelt.com)

33

Ferro Gusa Carajás• Joint venture with

Companhia Vale do Rio Doce (CVRD) to produce pig iron in northern Brazil

• Project will utilize conventional mini-blast furnaces

• Pig Iron made in an Environmentally Friendly manner – charcoal source exclusively from eucalyptus trees grown in cultivated forest

• Production started in Q3-2005

34

Pursue Acquisitions

Nucor’s Acquisition Criteria• Don’t over-pay• Stick with businesses we understand• There must be CULTURAL COMPATIBILITY

Nucor’s DISCIPLINED acquisition strategy has greatly expanded our platform for generating earnings and attractive returns on our shareholders’ capital

35

Pursue Acquisitions• Former Auburn Steel Company – an excellent beginning

– Acquired in March 2001 for $115 million

– 470,000 tons-per-year merchant bar, rebar and special bar quality (SBQ) steel mill in New York

• Nucor Steel – Auburn gives us a merchant bar presence in the Northeast

• With adoption of Nucor incentive pay system, set 26-year production record in 2001 with continued growth through 2004

• Has made solid operating contributions

• Excellent strategic fit with Vulcraft joist and deck plant about 80 miles away in Chemung, New York

36

Pursue Acquisitions• Former Trico Steel Company sheet mill in Decatur, Alabama acquired

in July 2002 for a purchase price of $117.7 million

• Current annual capacity of 2,100,000 tons, initially increased our sheet capacity by 30%

• Purchase strategy called for a major renovation of the facility with capital expenditures exceeding $100.0 million from acquisition through 2004

• Supports our flat-rolled strategy by building market share and broadening our product portfolio to include higher quality grades

• 2004 production of 1,800,000 tons up 50% over 2003 production of 1,200,000 tons with production target of 2,100,000 tons in 2005

• In August 2004, acquired cold rolling assets from Worthington Industries, Inc. located adjacent to Decatur sheet mill for approximately $80.3 million

• This modern 1,000,000-ton cold mill with 600,000 tons of annealing capacity complements our strategy to serve value-added customers in the Southeast market

37

Pursue Acquisitions• Former Birmingham Steel Corporation – in

December 2002 acquired substantially all the assets for $615.0 million in cash (included $116.9 million in inventory and receivables)

• The four operating bar mills have combined annual capacity of more than 2,300,000 tons, increasing Nucor’s annual bar product capacity by more than 50% to 6,500,000 tons

• Made significant operating profit contributions in 2003, 2004, and first nine months of 2005

• Acquisition broadened base of customers and markets served

38

• Corus Tuscaloosa – Tuscaloosa, Alabama plate mill acquired in July 2004 for approximately $89.4 million

• Plate mill has an annual capacity of 800,000 tons – increasing Nucor’s total annual plate capacity to approximately 2,100,000 tons

• Manufactures pressure vessel steel coil, discrete plate and cut-to-length plate products

• Acquisition was immediately accretive to earnings and payback period measured in months

• Production records being set as part of Nucor Team

Pursue Acquisitions

39

Pursue Acquisitions• Marion Steel Company - In June 2005, purchased

substantially all the assets for approximately $109.0 million

• Bar products mill in Marion, Ohio with annual capacity of approximately 400,000 tons, increasing Nucor’s annual bar product capacity to approximately 6,900,000 tons

• Mill is in close proximity to 60% of the steel consumption in the United States

• Enhances Nucor’s leadership position in the bar market, expanding our nationwide network to 10 bar mills

• Nucor Steel – Marion Team set new monthly production record in June 2005; that record subsequently broken in September 2005

40

Pursue Acquisitions & Joint Ventures – Downstream Opportunities

• Nucon Steel – acquired in November 2001; our platform for growth in load bearing light gauge steel framing systems for commercial and residential markets

• Harris Steel, Inc. – acquired one-half interest in February 2004; joint venture with nation’s second largest independent rebar fabricator

• Nufab Rebar LLC joint venture formed in January 2005; partnership with Ambassador Steel, nation’s largest independent rebar fabricator; Nufab Rebar acquired Lulich Steel in May 2005

• Nucor Cold Finish – Wisconsin acquired in February 2005; with the addition of 140,000 tons capacity, Nucor became largest producer of cold finished bars in the U.S.

41

Performance Expectations• 10% or better annual compound earnings

growth (through the economic cycle)

• Return on invested capital exceeding our cost of capital

• Market leadership in every product group and business in which we compete

• Continue Nucor tradition of emerging from economic down-cycles stronger than before entering them

42

Record 2004 Results• RECORD EPS of $7.02 in 2004 – more than three and

one-half times greater than prior EPS record of $1.90 set in 2000

• 2004 steel shipments of 19,500,000 tons compare to 17,700,000 tons in 2003 and 11,000,000 tons in 2000

• Castrip technology commercialized in 2004

• First Nine Months 2005 record EPS of $6.08, up from First Nine Months 2004 EPS of $4.90

• Nucor Team remains focused on DISCIPLINED execution of strategic growth plan

43

2000 – 2004 Steel Shipments(millions of tons)

0

5

10

15

20

Total Bar Sheet Plate Beam

2000 2004

44

Nucor’s Success• Nucor’s facilities

• Nucor’s capabilities

• Nucor’s financial strength

• Nucor’s strategies

• And, the single most important asset behind Nucor’s success – Nucor’s EMPLOYEES – THE RIGHT PEOPLE

• NUCOR’S BEST YEARS ARE STILL AHEAD OF US