Nucor Increases Third Quarter Earnings Guidance

Nucor Corp. (NYSE: NUE), Charlotte, N.C., announced today that higher margins have increased the earnings expectations for its third quarter ending Oct. 2, 2004.

Nucor expects third quarter net earnings to be in the range of $4.40 to $4.60 per share, significantly better than the $.20 per share earned in the third quarter of 2003 and the $3.17 per share earned in the second quarter of 2004. Nucor had previously forecast third quarter net earnings to be between $3.20 and $3.40 per share. The consensus for the third quarter net earnings according to First Call is currently $3.72 per share.

The company also announced today that its board of directors approved a two- for-one stock split. The stock split will be effected by issuing one additional share of common stock for each share held by stockholders of record on Sept. 30, 2004. The additional shares will be distributed to stockholders on or about Oct. 15, 2004. Nucor common stock's par value will remain at $.40 per share. The stock split is intended to broaden interest in Nucor's common stock and improve its marketability.

In a separate action, Nucor's board of directors increased the regular quarterly cash dividend 24 percent to $.26 per share (pre-split), from $.21 per share. This cash dividend is payable on Nov. 11, 2004, to stockholders of record on Sept. 30, 2004, and is Nucor's 126th consecutive quarterly cash dividend.

On the record date of the stock split, the board of directors' prior authorization to repurchase shares of Nucor's common stock will increase 100 percent from approximately 4.2 million shares (15 million shares authorized less 10.8 million shares repurchased to date) to approximately 8.4 million shares.

Nucor's stock split and the increase in the dividend for the second time this year were considered appropriate by Nucor's board of directors in view of the record results and the favorable long-term business outlook for Nucor.

Nucor is the largest steel producer in the United States and is the nation's largest recycler. Nucor and affiliates are manufacturedrs of steel products, with operating facilities in fourteen states. Products produced are: carbon and alloy steel - in 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.