April 21, 2006 — Nucor Corp. announced consolidated net earnings of $379.2 million on consolidated net sales of $3.55 billion for the first quarter of 2006.

The $379.2 million consolidated net earnings reflects an increase of 7% over the first quarter of 2005 net earnings of $354.7 million and an increase of 11% over the fourth quarter of 2005 net earnings of $341.0 million. Diluted earnings per share increased 10% to $2.42 from $2.20 in the first quarter of 2005 and increased 11% from $2.18 in the fourth quarter of 2005.

Consolidated net sales $3.55 billion reflect a 7% increase compared with $3.32 billion in the first quarter of 2005 and an 11% increase compared with $3.21 billion in the fourth quarter of 2005. Average sales price per ton decreased 5% from the first quarter of 2005 and remained flat compared to the fourth quarter of 2005. Total tons shipped to outside customers increased 12% from the first quarter of 2005 and increased 10% from the fourth quarter of 2005.

The average scrap and scrap substitute cost per ton used was $237, a 13% decrease compared to $272 in the first quarter of 2005 and a 1% decrease compared to $240 in the fourth quarter of 2005. Total energy costs reflect an increase of approximately $7 per ton compared to the first quarter of 2005 and a decrease of approximately $4 per ton from the fourth quarter of 2005. Nucor incurred a charge to value inventories using
the last-in, first-out (LIFO) method of accounting of $9.0 million in the first quarter of 2006, compared with a credit of $26.1 million in the first quarter of 2005.

Milestones—During the first quarter of 2006, Nucor established company records in its steel mills segment for steel production, total steel shipments and steel sales to outside customers. Steel production was 5,791,000 tons, which represents an increase of 13% compared with 5,108,000 tons produced in the first quarter of 2005. Total steel shipments increased 13% to 5,721,000 tons, compared with 5,043,000 tons in last year's first quarter. Steel shipments to outside customers, 5,263,000 tons, reflects an increase of 12% compared with 4,688,000 tons in the first quarter of 2005.

In the steel products segment, steel joist production was 139,000 tons, an increase of 13% compared with 123,000 tons in the first quarter of 2005. Steel deck sales increased 6% from 80,000 tons in the first quarter of 2005 to 85,000 tons in this year's first quarter. Cold finished steel sales increased 8% to a record 96,000 tons, compared with 89,000 tons in the first quarter of 2005.

Starting with the May 11, 2006 dividend payment, Nucor is increasing its regular quarterly cash dividend rate from $0.15 to $0.20 per share. In addition to the $0.20 per share base dividend amount, the Board of Directors approved payment of a supplemental dividend of $0.50 per share, for a total dividend of $0.70 per share. Nucor has increased its dividend every year since Nucor began paying dividends 33 years ago.

Nucor repurchased 100,000 shares of Nucor's common stock at a cost of approximately $10.3 million under a publicly announced stock repurchase program during the first quarter of 2006 (none in the first quarter of 2005). Approximately 12.8 million shares remain authorized for repurchase. Since the first quarter of 2005, Nucor has repurchased approximately 5.7 million shares of Nucor's common stock.

In March 2006, Nucor announced that it had entered into an agreement to purchase substantially all of the assets of Connecticut Steel Corp. for a cash purchase price of approximately $43.0 million, subject to post-closing adjustments. Located in Wallingford, Conn., this bar products mill has an annual capacity of approximately 300,000 tons of wire rod and rebar, and approximately 85,000 tons of wire mesh fabrication and structural mesh fabrication. The acquisition is scheduled to be completed in early May of this year after transfer of appropriate permits and operating contracts, and other closing conditions.

Outlook—Nucor expects the second quarter of 2006 to be another very strong quarter. The company anticipates that earnings will be in the range of $2.20 to $2.40 per diluted share in the second quarter of 2006, compared with $2.03 per diluted share in the second quarter of 2005.

Nucor and it affiliates manufacture steel products, with operating facilities in sixteen states. Products include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing. Nucor is the nation's largest recycler.