Nucor Corporation

Good morning and welcome to Nucor's first quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise and today's call is being recorded. After the speaker's prepared remarks, I will provide instructions for callers wishing to ask questions. I would now like to introduce Chris Jacoby, Director of Investor Relations. You may begin your call.

Thank you and good morning, everyone. Welcome to Nucor's first quarter earnings review and business update. Leading our call today is Leon Tapalian, Chair and CEO, along with Steve Laxton, President and COO, and Jack Sullivan, CFO. Other members of Nucor's executive team are also here with us today and may participate during the Q&A portion of the call. Yesterday, we posted our first quarter earnings release and investor presentation to Nucor's IR website. We encourage you to access these materials as we will cover portions of them during the call. Today's discussion will include the use of non-GAAP financial measures and forward-looking information within the meaning of securities laws. Actual results may be different than forward-looking statements and involve risks outlined in our safe harbor statement and disclosed in new court SEC filings. The appendix of today's presentation includes supplemental information and disclosures along with a reconciliation of non-GAAP financial measures. So, with that, let's turn the call over to Leon.

Thanks, Chris. And as always, I want to begin by recognizing our 33,000 teammates across the company for their continued commitment to working safely. Safety is and will always remain our most important value. And at Nucor, that means more than the physical safety of our team. It encompasses the mental health of all of our teammates as well. With May being Mental Health Awareness Month, it's a great time to reinforce that commitment. And as we move through 2026, we are firmly focused on making this the safest year in Nucor's history. Before turning to our financial performance, I'd like to briefly highlight a few leadership updates. Effective March 1st, Jack Sullivan was promoted to Chief Financial Officer, Treasurer, and Executive Vice President. Since joining Nucor in 2022, Jack has demonstrated strong leadership, deep financial acumen, and a clear understanding of Nucor's culture and how to create long-term value for our shareholders. Congratulations, Jack. We also announced that Dan Needham, our Executive Vice President of Commercial, will retire in June after 26 years with Nucor. I want to thank Dan for all his sacrifice and leadership during this time and wish he and his family the very best in retirement. Turning to Nucor's first quarter financial results, we generated EBITDA of approximately $1.5 billion and earned $3.23 per share. This is an excellent start to the year and a significant increase compared to the fourth quarter, driven by strong performance across all three of our operating segments. Consistent with our capital allocation framework, we returned $254 million to Nucor shareholders through dividends and share buybacks during the quarter, while also reinvesting $661 million into the business. Roughly 40% of capex in the quarter went towards our new sheet mill in West Virginia. Operationally, our team has performed incredibly well during the quarter. One of the clearest indications is the record shipments our steel mills achieved for the quarter. At 7 million tons, this was the highest quarterly shipment volume in new course history, reflecting strong execution across our 26 steel mills and growing contributions from recently completed projects. Equally encouraging is the momentum evident in our backlogs. At the end of the first quarter, our steel mill's backlog was up to 4.7 million tons, a 20% increase from year end, and the highest level we've seen since the second quarter of 2021. In steel products, our backlog grew 9% from year end, with increases across all major product groups. I want to thank our operating and commercial teams for a strong start to 2026 and for putting Nucor in a position to deliver even better second quarter results for our customers and our shareholders. Turning to trade policy, the combination of Section 232, steel tariffs, and trade remedy orders have been effective at reducing imports, with that trend accelerating the second half of 2025 and continuing in the first quarter of 2026. Import share of the U.S. finished steel market declined from over 22% in the first quarter of 2025 to approximately 15% this quarter. More recently, we were pleased to see the administration reaffirm the 50% 232 tariff on steel and implement important changes to how derivative steel products are treated, specifically applying tariffs to the full value of those products. This action simplifies administration and enforcement while closing a key loophole that had allowed for undervaluation and circumvention. Taken together with existing trade remedies, these measures are working to ensure a more level playing field for domestic producers. We appreciate the administration's recognition of the importance of a healthy and competitive American steel industry. That said, we remain vigilant, and there is still work to be done. As USMCA discussions continue, there is an opportunity to address ongoing challenges, including steel subsidies provided by the Canadian government and the use of North American channels as backdoors toward domestic markets, putting U.S. manufacturers at a competitive disadvantage. We also continue to advocate for policies that prioritize the use of American-made steel in critical sectors such as energy, infrastructure, defense, and shipbuilding. With that, I'll turn it over to Steve for an update on the growth initiatives in Market Outlook. Steve?