Question: A B C D E F G H C K L 1 Exhibit 12B Modernized WO N Unmodernized Thin-slab Minimill Integrated Mill Integrated Mill HR

A B C D E F G H C K L 1 Exhibit 12B Modernized WO N Unmodernized Thin-slab Minimill Integrated Mill Integrated Mill HR CR HR CR HR CR Operating assumptions Labor / hour $20,00 $20,00 $23,50 $23,50 $23,50 $23,50 Scrap / ton $90,00 $90,00 $80,00 $80,00 $80,00 $80,00 Man hours / ton 1,75 2,65 2,85 4,50 3,90 5,85 10 Capacity Utilization 90,00% 90,00% 90,00% 90,00% 75,00% 75,00% 11 12 Operation costs / ton 13 14 Labor $35,00 $53,00 $67,00 $105,50 $91,50 $141,00 15 Ore 0 0 51 54 52 56 16 Coal 0 0 35 37,5 38 40,5 17 Energy 24 38 9 23 9,5 25 18 Scrap 100 102 13.5 9.5 19,5 15,5 19 Materials and supplies 56 72,5 71 93 72,5 95,5 20 Maintenance & repairs 10 17,5 15 26,5 17 29,5 21 22 Total costs / ton $225,00 $283,00 $261,50 $349,00 $300,00 $403,00 23 Revenue / ton $306,50 $390,50 $326,00 $454,50 $325,00 $453,00 24 25 26Assumptions: Annual growth rate of price of steel 4,00% 6,84% (historical) Annual growth rate of operating costs 4,00% Tax rate 35,00% Discount rate 15,00% Thin Slab Minimill 0 1 2 3 5 6 7 1986 8 9 10 1987 1988 11 1989 1990 12 Capacity(million of tons of steel) 1991 1992 1993 0 1994 1995 0 1996 0 1997 1998 Shipments (12A) Hot-rolled sheets (HR) (12A) 0 O 0,25 Cold-rolled sheets (CR) (12A) 0,5 0,5 0 0,5 0,5 0,5 0,5 0,5 0, 175 0,5 0,35 0,5 0,35 0,35 0,35 0,35 0,35 0,35 0,35 0,35 Revenue / ton Hot-rolled sheets (HR) (12B) 306.5 Cold-rolled sheets (CR) (12B) 390,5 Total revenue (shipment*rev/ton) Hot-rolled sheets (HR) Cold-rolled sheets (CR) Operating costs / ton Hot-rolled sheets (HR) (12B) 225 - Cold-rolled sheets (CR) (12B) 283Hot-rolled sheets (HR) (12B) 225 Cold-rolled sheets (CR) (12B) 283 Total operating costs(shipment*cost/ton) Hot-rolled sheets (HR) Cold-rolled sheets (CR) Depreciate over 10 years 0,00 Income Hot-rolled sheets (HR) Cold-rolled sheets (CR) Total income Taxes Add back depreciation 0,00 Subtract capital expenditures Subtract startup costs 30,00 Subtract working capital costs 30,00 Cash flow Internal rate of return (IRR) Discounted cash flow Sum of discounted cash flowCash flow Internal rate of return (IRR) Discounted cash flow Sum of discounted cash flow Investment criterion: 25% ROA by year 57 Year 5 CF: Year 5 Assets: Year 5 ROA: 793-039 Nucor at a Crossroads Exhibit 12A Construction Costs for Flat-Rolled Product Plants: 1986" Thin-Slab Modernized Minimill Integrated Mill CONSTRUCTION COSTS ($ millions) -Melting stage $120.00 $1,097.00 Casting stage 28.00 168.00 -Rolling stage 132.00 608.00 Total construction cost $280.00 $1,873.00 CAPACITY (millions of tons 1.00 4.20 SHIPMENTS (millions of tons) -Hot-rolled sheet (HR) 0.50 2.10 Cold-rolled sheet (CR) 0.35 1.35 CONSTRUCTION COSTS PER TON SHIPPED ($) -Hot-rolled sheet (HR) $236.00 $451.00 -Cold-rolled sheet (CR) $450.00 $675.00 Source: Donald F. Barnett, Economic Associates, Inc., 1992. "Costs do not include working capital or start-up costs. "An unmodernized integrated mill does not, by assumption, require any additional construction expenditures

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