BUSINESS REVIEW

Nucor Corporation's business is the manufacture of steel products.
During the last five years, the sales of Nucor have increase 134%, from
$1,482,000,000 in 1990 to $3,462,000,000 in 1995. All of this growth has
been internally generated.

NUCOR STEEL
NUCOR-YAMATO STEEL COMPANY
Nucor Corporation operates scrap-based steel mills in seven locations. These
mills utilize modern steelmaking techniques and produce steel at a cost
competitive with steel manufactured anywhere in the world.
Production in 1995 was 7,865,000 tons, a 12% increase from 1994's 7,007,000
tons. Annual production capacity has grown from 120,000 tons in 1970 to a
present total of close to 9,000,000 tons.
Steel sales to outside customers in 1995 were 6,745,000 tons, 13% higher than
the 5,980,000 tons in 1994. This represented about 85% of the seven mills'
production; the balance was used by the Vulcraft, Nucor Cold Finish, Nucor
Grinding Balls, Nucor Fastener, and Nucor Building Systems operations.
VULCRAFT
Vulcraft is the nation's largest producer of steel joists and joist girders.
These products are produced and marketed nationally through six Vulcraft
facilities.
Steel joists and joist girders are part of support systems used extensively in
industrial, commercial and institutional buildings and, to a lesser extent, in
high-rise office buildings, apartment buildings and single-family dwellings.
In 1995, Vulcraft produced 552,000 tons of steel joists and joist girders, 13%
more than the 487,000 tons in 1994. Current annual production capacity exceeds
600,000 tons.
The Vulcraft facilities in Nebraska, Texas, Indiana and South Carolina also
produce steel deck. This product is used extensively for floor and roof systems.
In 1995, Vulcraft's steel deck sales were 234,000 tons, a 13% increase from
1994's 207,000 tons.
Sales of steel joists, joist girders and steel deck are dependent on the
non-residential building construction market.
NUCOR COLD FINISH
Nucor Cold Finish has facilities in Nebraska, South Carolina and Utah. These
facilities produce cold finished steel bars used extensively for shafting and
machined precision parts.
Since 1985, an expanded facility in Nebraska has also been producing turned,
ground and polished steel bars.
Sales in 1995 were 234,000 tons, a 2% decrease from 1994's 239,000 tons.
NUCOR GRINDING BALLS
Nucor Grinding Balls produces steel grinding balls in Utah for the mining
industry, and accounts for a small percentage of Nucor Corporation's sales.
NUCOR FASTENER
A state-of-the-art steel bolt-making facility, with an annual capacity of
close to 75,000 tons, began production in Indiana late in 1986. A new 40,000
tons-per-year fastener facility began operations in Arkansas late in 1995.
NUCOR BEARING PRODUCTS, INC.
This North Carolina facility was acquired in late 1986 and produces steel
bearings and machined steel parts. It accounts for a small percentage of Nucor
Corporation's sales.
NUCOR BUILDING SYSTEMS
A modern facility to produce metal buildings and components started operations
in Indiana in late 1987.
FINANCES
Capital expenditures are primarily for new facilities and expansion of
existing facilities. These expenditures were $263,000,000 in 1995 and are
anticipated to be over $500,000,000 in 1996. Funds are provided from operations
and new long-term debt.
In 1995 the ratio of long-term debt to total capital (long-term debt plus
minority interests plus stockholders' equity) was 6%, compared with 12% in 1994.
Nucor's objective is to maintain this ratio at less than 30%. Nucor Corporation
has the financial ability to borrow significant additional funds and still
maintain reasonable leverage.
EARNINGS
Net earnings of $3.14 per share in 1995 increased 21% from $2.60 per share in
1994. Earnings were 22% of average equity in 1995 and 1994.
5

NUCOR STEEL
DIVISONS

Darlington, South Carolina
Norfolk, Nebraska
Jewett, Texas
Plymouth, Utah
Crawfordsville, Indiana
Hickman, Arkansas

The manufacture of steel is a
major area of operations for
Nucor Corporation. Nucor Steel
produces bars, angles, light
structural, sheet, and special
steel products. In addition to
selling steel on the open
market, these steel mills assure
an economical supply of steel
for the Vulcraft, Nucor Cold
Finish, Nucor Grinding Balls,
Nucor Fastener, and Nucor
Building Systems operations.

NUCOR-YAMATO
STEEL COMPANY

Blytheville, Arkansas

Nucor-Yamato Steel Company
produces wide-flange steel
beams, pilings and heavy
structural steel products.

OPERATIONS
There are four Nucor Steel mills which produce bar and light structural carbon
and alloy steels. Nucor Steel's two newest mills produce sheet steel. All six
mills are among the most modern and efficient mills in the United States. Steel
scrap is melted in electric arc furnaces and poured into continuous casting
systems. Highly sophisticated rolling mills convert the billets and slabs into
angles, rounds, channels, flats, sheet and other products. The operations in the
rolling mills are highly automated and require fewer operating employees than
older mills.
In constructing Nucor Steel mills, capital cost per ton of capacity has been
significantly lower than the capital cost required for other steel mills. The
first Nucor Steel bar mill was constructed in 1969 and has been extensively
modernized. The next three bar mills were constructed between 1973 and 1981. The
total cost of all four bar mills averaged less than $175 per ton of current
annual capacity. The two Nucor Steel sheet mills were constructed between 1989
and 1992. The total cost of these new sheet mills averaged about $210 per ton of
current annual capacity.
All Nucor Steel mills have high productivity, which results in employment
costs close to 10% of the sales dollar. This is lower than the employment costs
of integrated steel companies producing comparable products.
Employee turnover in all mills is extremely low. All employees have a
significant part of their compensation based on their productivity. Production
employees work under group incentives which provide increased earnings for
increased production. This additional compensation is paid weekly.
Steel mills are large consumers of electricity and gas. However, because of
the high efficiency of Nucor Steel mills, these energy costs were less than 10%
of the sales dollar in 1995.
Scrap is the most significant element in the total cost of steel. The average
cost of scrap increased to about $155 per gross ton in 1995 from about $145 per
gross ton in 1994.
MARKETS
About 80% of the six mills' production in 1995 was sold to outside customers
and the balance was used internally by the steel joist, steel deck, cold finish,
grinding ball, fastener, and building systems operations.
In recent years, Nucor Steel's product line has been broadened to include a
wider range of chemistries and sizes of coiled sheet, angles, straight-length
and coiled rounds, channels, flats, forging billets and special small shapes.
These steel products have wide usage, including pipe, farm equipment, oil and
gas equipment, mobile homes, transmission towers, bed frames, hand tools,
automotive parts, highway signs, building construction, machinery and industrial
equipment. Nucor Steel's customers are primarily steel service centers and
manufacturers.

Steel Production

Thousands of tons

(Steel Production chart appears here. Plot points are below)

1995 7865.00
1994 7007.00
1993 5749.00
1992 4326.00
1991 3868.00
1990 3445.00
1989 2507.00
1988 2095.00
1987 1790.00
1986 1706.00

MARKETING
Nucor Steel uses a simpler pricing system than the complicated pricing
structure traditional in the steel industry. All customers are charged the same
published price. This allows customers to maintain the lowest practical
inventory. Nucor Steel has been very competitive in pricing. For the last
several years, sales prices have generally been equal to or lower than those of
imports. A considerable proportion of Nucor Steel's sales have come at the
expense of integrated and foreign producers.
SHEET MILL FACILITIES
In 1989, Nucor Steel completed construction and started operation of a new
steel mill to produce 1,000,000 tons-per-year of hot and cold rolled sheet steel
products near Crawfordsville, Indiana. This facility utilizes a thin slab
caster, and has a lower capital cost than other steel mills producing these
products.
In 1992, Nucor Steel completed construction and started operation of a second
new sheet mill to produce more than 1,000,000 tons-per-year of hot rolled
sheet steel products near Hickman, Arkansas.
In 1994, Nucor Steel completed construction and started operations of
expansions at both its sheet steel mills. These expansions, which included a
second caster and new reheat furnaces at both facilities, increased total
capacity by more than 80%, to 3,800,000 tons-per-year.
NUCOR-YAMATO
STEEL COMPANY
In 1988, Nucor Corporation and Yamato Kogyo, one of Japan's major producers of
wide-flange beams, completed construction and started operation of a new steel
mill to produce wide-flange beams, pilings and heavy structural steel products
near Blytheville, Arkansas. This mill uses a special continuous casting method
which produces a beam blank closer in shape to that of the finished beam than
traditional methods.
In 1993, Nucor-Yamato Steel completed construction and started operation of a
major addition to its steel mill to
produce larger-depth wide-flange beams. This expansion increased annual capacity
by about 80%.
This steel mill, in which Nucor Corporation has a 51% interest, now has an
annual capacity of more than 2,000,000 tons. In 1995, Nucor-Yamato Steel shipped
over 1,900,000 tons of finished and semi-finished steel products.
OUTLOOK FOR THE FUTURE
The manufacture of steel will continue to be a key factor in Nucor
Corporation's future performance. Total steel production (from existing
facilities and expansions currently being constructed) is anticipated to
increase from 1995's 7,865,000 tons, to close to 10,000,000 tons in the next
several years. Furthermore, Nucor Corporation also anticipates the future
construction of additional steel mills.
Nucor Corporation expects to continue to generate above-average earnings from
its steelmaking operations in the future.

STEEL SALES

Thousands of tons

(Steel Sales chart appears here. Plot points are below)

1995 6745.00
1994 5980.00
1993 4937.00
1992 3499.00
1991 3117.00
1990 2804.00
1989 1980.00
1988 1437.00
1987 1313.00
1986 1140.00

VULCRAFT DIVISIONS

Florence, South Carolina
Norfolk, Nebraska
Fort Payne, Alabama
Grapeland, Texas
Saint Joe, Indiana
Brigham City, Utah

Vulcraft produces steel joists,
joist girders, and steel deck for
building construction. This is a
major area of operations for
Nucor Corporation.

OPERATIONS
There are six Vulcraft operations with total joist and joist girder production
capacity in excess of 600,000 tons-per-year.
The production of joists by Vulcraft in 1995 was 552,000 tons, a 13% increase
from 1994's 487,000 tons.
Materials, primarily steel, were about 50% of the sales dollar in 1995.
Vulcraft obtained about 85% of its steel requirements from Nucor Steel. For 1995
the freight costs for joists and joist girders were close to 10% of the sales
dollar. Vulcraft maintains a fleet of more than 100 trucks to insure and control
on-time delivery.
Almost all of the production employees of Vulcraft work with a group incentive
system, which provides increased compensation each week for increased
performance.
Steel deck is manufactured by the four Vulcraft operations
in South Carolina, Nebraska, Texas, and Indiana. Total deck production capacity
for these facilities is in excess of 250,000 tons-per-year. Coiled sheet steel
was about 70% of the sales dollar in 1995.
MARKETS
Joists and joist girders are used extensively as part of the support systems
in manufacturing buildings, retail stores, shopping centers, warehouses,
schools, churches, hospitals and, to a lesser extent, in multi-story buildings,
apartments and single-family dwellings. Building support systems using joists
and joist girders are frequently more economical than other systems.
Steel joists and joist girder sales are obtained by competitive bidding.
Vulcraft quotes on an estimated 80% to 90% of the domestic buildings
using steel joists and joist girders as part of the support systems. In 1995,
Vulcraft supplied more than an estimated 40% of total domestic sales of these
products.
Steel deck is used extensively in floors and roofs. Steel deck is specified in
about 90% of buildings using steel joists and joist girders. Vulcraft steel deck
sales increased to 234,000 tons in 1995 from 207,000 tons in 1994.
OUTLOOK FOR THE FUTURE
The increased level of construction since 1994 has favorably impacted the
volume of non-residential buildings supplied by Vulcraft. Vulcraft has the
available capacity to increase its production of steel joists, joist girders and
steel deck by more than 15%.

STEEL JOIST PRODUCTION

Thousands of tons

(Steel Joist Production chart appears here. Plot points are below)

1995 552.00
1994 487.00
1993 417.00
1992 414.00
1991 378.00
1990 443.00
1989 446.00
1988 444.00
1987 444.00
1986 453.00

STEEL DECK SALES

Thousands of tons

(Steel Deck Sales chart appears here. Plot points are below)

1995 234.00
1994 207.00
1993 170.00
1992 132.00
1991 124.00
1990 134.00
1989 140.00
1988 147.00
1987 154.00
1986 176.00

NUCOR
COLD FINISH
DIVISIONS
Norfolk, Nebraska
Darlington, South Carolina
Brigham City, Utah
Nucor Cold Finish has three facilities producing cold drawn and turned, ground
and polished steel bars. Total capacity of all three facilities is more than
250,000 tons-per-year.
Cold finished steel products are used extensively for shafting and machined
precision parts. Nucor Cold Finish produces rounds, hexagons, flats and squares
in carbon and alloy steels.
All three facilities are among the most modern in the world and use in-line
electronic testing to insure outstanding quality.
Nucor Cold Finish obtains most of its steel from nearby Nucor Steel mills.
This factor, along with its efficient newer facilities, results in
highly-competitive pricing.
1995 sales of cold finished steel products were 234,000 tons, a 2% decrease
from 1994's 239,000 tons. The market for these products is estimated at more
than 1,000,000 tons.
Nucor Cold Finish anticipates increases in sales and earnings during the next
several years.
NUCOR
GRINDING BALLS
DIVISION
Brigham City, Utah
Nucor Grinding Balls produces steel grinding balls for the mining industry,
which consumes them in processing copper, iron, zinc, lead, gold, silver and
other ores.
This facility is favorably located to efficiently service its primary market
in the western states. A high degree of automation results in low costs and
highly competitive sales prices.
Nucor Grinding Balls has made significant market penetration and volume
increases in its fifteen years of operations.
Nucor Grinding Balls' total sales account for a small percentage of Nucor
Corporation's sales.

NUCOR
FASTENER
DIVISIONS

Saint Joe, Indiana
Conway, Arkansas

Nucor Fastener has two facilities producing standard steel hexhead cap screws,
hex bolts, socket head cap screws, and structural bolts. Annual capacity is
close to 115,000 tons.

Nucor Fastener obtains much of its steel from Nucor Steel.

These facilities are among the most modern in the world and allow Nucor
Fastener to maintain highly-competitive pricing in a market currently
dominated by foreign suppliers. These operations are highly automated and
have fewer employees than comparable facilities.

Fasteners are used in a broad range of markets, including automotive,
machine tools, farm implements, construction, and military applications.
Nucor Fastener's production capacity is less than an estimated 20% of the
total market for these products.

NUCOR
BEARING
PRODUCTS, INC.

Wilson, North Carolina

Nucor Bearing Products produces steel bearing components, unground
and semi-ground steel bearings, and machined steel parts.

The facility uses advanced systems such as material requirement planning
(MRP) and statistical process control, to assure customers of consistently
high quality products. Nucor Bearing Products also utilizes sophisticated
forging and machining equipment.

Products manufactured have a wide variety of applications, including
automotive, office equipment, materials handling equipment, furniture and
residential.

A significant part of Nucor Bearing Products' sales are to the larger
industrial companies in the United States.

Nucor Bearing Products obtains a portion of its steel from Nucor Cold Finish.

Nucor Bearing Products serves industry's growing need to source parts from
outside vendors.

COLD FINISH STEEL SALES

Thousands of tons

(Cold Finish Steel Sales chart appears here. Plot points are below)

1995 234.00
1994 239.00
1993 213.00
1992 187.00
1991 163.00
1990 163.00
1989 157.00
1988 155.00
1987 133.00
1986 108.00

NUCOR
BUILDING SYSTEMS
DIVISION
Waterloo, Indiana
Nucor Building Systems produces pre-engineered metal building systems and has
an annual capacity of about 60,000 tons. The size of the buildings that can be
produced ranges from less than 500 square feet to more than 1,000,000 square
feet. The buildings are sold through a builder distribution network in order to
provide fast-track, customized solutions for building owners.
The use of advanced manufacturing and engineering systems has enabled Nucor
Building Systems to sustain a growth rate greater than its industry.
Nucor Building Systems has the flexibility to provide buildings with either
solid-web or open-web framing systems. The primary markets are commercial,
industrial, and institutional buildings.
Nucor Building Systems obtains a significant portion of its steel requirements
from Nucor Steel.

ANALYSIS OF
OPERATIONS
AND FINANCES

OPERATIONS
The increases in 1995, 1994 and 1993 sales resulted primarily from increased
volume. The major component of cost of products sold is raw material costs. The
average price of raw materials increased by about 5% in 1995, increased by 15%
in 1994, and increased by 15% in 1993. The major components of marketing,
administrative and other expenses are freight and profit sharing costs. Unit
freight costs increased by less than 5% in 1995, decreased by about 10% in 1994,
and decreased by about 5% in 1993. Profit sharing costs increased by about 15%
in 1995, increased by about 90% in 1994, and increased by about 70% in 1993.
Profit sharing costs are based upon and fluctuate with pre-tax earnings.
Interest expense is reduced by interest income from short-term investments.
The 1995 decrease resulted from decreased borrowings. The 1994 and 1993
increases resulted from increased borrowings.
The increase in 1995 earnings resulted primarily from increased sales due to
increased volume. The increase in 1994 and 1993 net earnings resulted primarily
from increased sales and margins, due to increased sales volume and increased
average prices.

LIQUIDITY AND
CAPITAL RESOURCES
In 1995, working capital increased about 50% to $383 million, due primarily to
increased earnings and a decrease in debt repayment. The current ratio was 1.9
in 1995, 1.7 in 1994, and 1.3 in 1993.
The increase in 1995 and 1994 inventories was due primarily to increased
prices and increased production levels. The increase in 1993 inventories was due
primarily to increased prices.
Capital expenditures were $263 million in 1995, $185 million in 1994, and $364
million in 1993. Capital expenditures are currently projected to be more than
$500 million in 1996. Funds provided from operations, existing credit facilities
and new borrowings are expected to be adequate to meet future capital
expenditure and working capital requirements.
Net long-term debt repayments were $66 million in 1995 and $179 million in
1994. Net long-term debt borrowings were $106 million in 1993. Unused long-term
credit facilities total $245 million at the end of 1995. The percentage of
long-term debt to total capital was 6% in 1995, 12% in 1994, and 25% in 1993.

SIX-YEAR 1995 1994 1993 1992 1991
FINANCIAL REVIEW
FOR THE YEAR

Net sales............................ $ 3,462,045,648 $ 2,975,596,456 $ 2,253,738,311 $ 1,619,234,876 $ 1,465,456,566
Costs and expenses:
Cost of products sold.............. 2,900,168,171 2,491,759,846 1,965,847,476 1,417,376,345 1,302,744,052
Marketing, administrative
and other expenses............... 130,677,162 113,388,724 87,582,891 76,796,340 66,986,699
Interest expense (income).......... (1,134,190) 13,515,042 13,198,337 7,736,488 (90,684)
3,029,711,143 2,618,663,612 2,066,628,704 1,501,909,173 1,369,640,067
Earnings before
federal income taxes............... 432,334,505 356,932,844 187,109,607 117,325,703 95,816,499
Federal income taxes................. 157,800,000 130,300,000 63,600,000 38,100,000 31,100,000
Net earnings......................... 274,534,505 226,632,844 123,509,607 79,225,703 64,716,499
Net earnings per share............... 3.14 2.60 1.42 .92 .75
Dividends declared per share......... .28 .18 .16 .14 .13
Percentage of earnings to sales...... 7.9% 7.6% 5.5% 4.9% 4.4%
Return on average equity............. 21.9% 22.4% 14.6% 10.6% 9.5%
Capital expenditures................. 263,421,786 185,324,442 364,160,462 379,124,386 217,721,085
Depreciation......................... 173,887,657 157,652,083 122,265,448 97,779,468 93,577,626
Sales per employee................... 570,353 502,507 384,105 283,455 264,046
AT YEAR END
Current assets....................... $830,741,318 $638,701,397 $468,231,882 $381,616,740 $334,293,244
Current liabilities.................. 447,136,311 382,465,202 350,490,781 271,971,686 229,166,248
Working capital...................... 383,605,007 256,236,195 117,741,101 109,645,054 105,126,996
Current ratio...................... 1.9 1.7 1.3 1.4 1.5
Property, plant and equipment........ 1,465,400,015 1,363,218,768 1,361,036,440 1,125,765,515 847,283,554
Total assets......................... 2,296,141,333 2,001,920,165 1,829,268,322 1,507,382,255 1,181,576,798
Long-term debt....................... 106,850,000 173,000,000 352,250,000 246,750,000 72,778,000
Percentage of debt to capital...... 6.2% 11.8% 25.2% 21.1% 8.0%
Stockholders' equity................. 1,382,112,159 1,122,610,257 902,166,939 784,230,713 711,608,991
Per share.......................... 15.78 12.85 10.36 9.04 8.23
Shares outstanding................... 87,598,517 87,333,313 87,073,478 86,736,700 86,417,804
Stockholders......................... 39,000 38,000 33,000 29,000 27,000
Employees............................ 6,200 5,900 5,900 5,800 5,600

SIX-YEAR 1990

FINANCIAL REVIEW
FOR THE YEAR

Net sales............................ $ 1,481,630,011
Costs and expenses:
Cost of products sold.............. 1,293,082,950
Marketing, administrative
and other expenses............... 70,461,830
Interest expense (income).......... 6,869,970
1,370,414,750
Earnings before
federal income taxes............... 111,215,261
Federal income taxes................. 36,150,000
Net earnings......................... 75,065,261
Net earnings per share............... .88
Dividends declared per share......... .12
Percentage of earnings to sales...... 5.1%
Return on average equity............. 12.1%
Capital expenditures................. 56,753,994
Depreciation......................... 84,960,263
Sales per employee................... 271,859
AT YEAR END
Current assets....................... $312,637,486
Current liabilities.................. 202,789,294
Working capital...................... 109,848,192
Current ratio...................... 1.5
Property, plant and equipment........ 723,248,574
Total assets......................... 1,035,886,060
Long-term debt....................... 28,777,000
Percentage of debt to capital...... 3.7%
Stockholders' equity................. 652,757,216
Per share.......................... 7.59
Shares outstanding................... 85,950,696
Stockholders......................... 27,000
Employees............................ 5,500

Year Ended
CONSOLIDATED STATEMENTS OF EARNINGS December 31, 1995 1994 1993

Net sales....................................................................... $3,462,045,648 $2,975,596,456 $2,253,738,311
Costs and expenses:
Cost of products sold......................................................... 2,900,168,171 2,491,759,846 1,965,847,476
Marketing, administrative and other expenses.................................. 130,677,162 113,388,724 87,582,891
Interest expense (income) (Note 7)............................................ (1,134,190) 13,515,042 13,198,337
3,029,711,143 2,618,663,612 2,066,628,704
Earnings before federal income taxes............................................ 432,334,505 356,932,844 187,109,607
Federal income taxes (Note 8)................................................. 157,800,000 130,300,000 63,600,000
Net earnings.................................................................... $ 274,534,505 $ 226,632,844 $ 123,509,607
Net earnings per share (Note 6)............................................... $ 3.14 $ 2.60 $ 1.42

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Treasury Stock
Common Stock Additional (AT COST)
Paid-in Retained
Shares Amount Capital Earnings Shares Amount

Balance, December 31, 1992............. 44,459,937 $ 17,783,975 $ 39,414,214 $ 745,259,796 1,091,587 $ 18,227,272
Net earnings in 1993................... 123,509,607
2-for-1 stock split.................... 44,576,836 17,830,734 (17,830,734) 1,088,717
Employee stock options................. 171,895 68,758 5,615,506
Employee stock compensation
and service awards................... 44,388 17,755 2,714,691 (6,090) (87,647)
Treasury stock acquired................ 5,364 165,806
Cash dividends ($.16 per share)........ (13,911,932)
Balance, December 31, 1993............. 89,253,056 35,701,222 29,913,677 854,857,471 2,179,578 18,305,431
Net earnings in 1994................... 226,632,844
Employee stock options................. 152,777 61,111 2,660,641
Employee stock compensation
and service awards................... 101,848 40,739 6,698,113 (5,210) (43,764)
Cash dividends ($.18 per share)........ (15,693,894)
Balance, December 31, 1994............. 89,507,681 35,803,072 39,272,431 1,065,796,421 2,174,368 18,261,667
Net earnings in 1995................... 274,534,505
Employee stock options................. 160,970 64,389 3,464,978
Employee stock compensation
and service awards................... 87,498 34,999 5,932,034 (20,397) (172,887)
Treasury stock acquired................ 3,661 215,005
Cash dividends ($.28 per share)........ (24,486,885)
BALANCE, DECEMBER 31, 1995............. 89,756,149 $ 35,902,460 $ 48,669,443 $1,315,844,041 2,157,632 $ 18,303,785

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
14

CONSOLIDATED BALANCE SHEETS December 31, 1995 1994
ASSETS

Current assets:
Cash and short-term investments...................................... $ 201,795,775 $ 101,930,479
Accounts receivable (Note 2)......................................... 283,206,832 258,131,947
Inventories (Note 3)................................................. 306,773,384 243,026,854
Other current assets................................................. 38,965,327 35,612,117
Total current assets............................................... 830,741,318 638,701,397
Property, plant and equipment (Note 4)................................. 1,465,400,015 1,363,218,768
$2,296,141,333 $2,001,920,165
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Long-term debt due within one year................................... $ 150,000 $ 250,000
Accounts payable..................................................... 214,562,570 182,846,410
Federal income taxes................................................. 11,298,873 15,507,659
Salaries, wages and related accruals................................. 104,562,678 88,706,273
Accrued expenses and other current liabilities....................... 116,562,190 95,154,860
Total current liabilities.......................................... 447,136,311 382,465,202
Long-term debt due after one year (Note 5)............................. 106,850,000 173,000,000
Deferred credits and other liabilities (Note 8)........................ 139,384,197 147,859,517
Minority interests..................................................... 220,658,666 175,985,189
Stockholders' equity (Note 6):
Common stock......................................................... 35,902,460 35,803,072
Additional paid-in capital........................................... 48,669,443 39,272,431
Retained earnings.................................................... 1,315,844,041 1,065,796,421
1,400,415,944 1,140,871,924
Treasury stock....................................................... (18,303,785) (18,261,667)
1,382,112,159 1,122,610,257
$2,296,141,333 $2,001,920,165

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
15

Year Ended
CONSOLIDATED STATEMENTS December 31, 1995 1994
OF CASH FLOWS

OPERATING ACTIVITIES:
Net earnings......................................................... $274,534,505 $226,632,844
Adjustments:
Depreciation of plant and equipment................................ 173,887,657 157,652,083
Deferred federal income taxes...................................... (15,000,000) (2,000,000)
Minority interests................................................. 48,183,237 17,673,235
Changes in:
Accounts receivable.............................................. (25,074,885) (55,955,706)
Inventories...................................................... (63,746,530) (28,012,284)
Accounts payable................................................. 31,716,160 17,111,882
Federal income taxes............................................. (4,208,786) 1,240,507
Other............................................................ 26,868,839 90,603,897
Cash provided by operating activities................................ 447,160,197 424,946,458
INVESTING ACTIVITIES:
Capital expenditures................................................. (263,421,786) (185,324,442)
Disposition of plant and equipment................................... 919,247 5,218,722
Cash used in investing activities.................................... (262,502,539) (180,105,720)
FINANCING ACTIVITIES:
New long-term debt................................................... 24,000,000 --
Reduction in long-term debt.......................................... (90,250,000) (179,200,000)
Issuance of common stock............................................. 9,669,288 9,504,368
Contributions for (distributions to) minority interests.............. (3,509,760) 15,224,450
Cash dividends....................................................... (24,486,885) (15,693,894)
Acquisition of treasury stock........................................ (215,005) --
Cash provided by (used in) financing activities...................... (84,792,362) (170,165,076)
INCREASE IN CASH AND SHORT-TERM INVESTMENTS............................ 99,865,296 74,675,662
CASH AND SHORT-TERM INVESTMENTS -- BEGINNING OF YEAR................... 101,930,479 27,254,817
CASH AND SHORT-TERM INVESTMENTS -- END OF YEAR......................... $201,795,775 $101,930,479

1993

OPERATING ACTIVITIES:
Net earnings......................................................... $123,509,607
Adjustments:
Depreciation of plant and equipment................................ 122,265,448
Deferred federal income taxes...................................... 1,000,000
Minority interests................................................. 9,746,423
Changes in:
Accounts receivable.............................................. (70,032,895)
Inventories...................................................... (8,609,788)
Accounts payable................................................. 46,438,863
Federal income taxes............................................. 3,808,491
Other............................................................ 43,666,916
Cash provided by operating activities................................ 271,793,065
INVESTING ACTIVITIES:
Capital expenditures................................................. (364,160,462)
Disposition of plant and equipment................................... 1,303,291
Cash used in investing activities.................................... (362,857,171)
FINANCING ACTIVITIES:
New long-term debt................................................... 105,700,000
Reduction in long-term debt.......................................... (200,000)
Issuance of common stock............................................. 8,504,357
Contributions for (distributions to) minority interests.............. (7,154,980)
Cash dividends....................................................... (13,911,932)
Acquisition of treasury stock........................................ (165,806)
Cash provided by (used in) financing activities...................... 92,771,639
INCREASE IN CASH AND SHORT-TERM INVESTMENTS............................ 1,707,533
CASH AND SHORT-TERM INVESTMENTS -- BEGINNING OF YEAR................... 25,547,284
CASH AND SHORT-TERM INVESTMENTS -- END OF YEAR......................... $ 27,254,817

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 1995, 1994, and 1993
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Nucor is a manufacturer of steel products.
The consolidated financial statements include Nucor and all of its
subsidiaries. The minority interests in operations of less than 100%-owned
subsidiaries are included in cost of products sold. All significant intercompany
transactions are eliminated.
Short-term investments are recorded at cost plus accrued interest, which
approximates market, and will be converted into cash within three months from
date of purchase.
Inventories are stated at the lower of cost or market. Cost is determined
principally using the last-in, first-out (LIFO) method of accounting.
Property, plant and equipment are stated at cost. Depreciation is provided on
a straight-line basis over the estimated useful lives of the assets.
Federal income taxes are provided using the liability method.

2. ACCOUNTS RECEIVABLE:
Accounts receivable are stated net of the allowance for doubtful accounts of
$16,690,059 in 1995 ($14,944,181 in 1994 and $10,384,904 in 1993).

3. INVENTORIES:
Inventories consist of approximately 55% raw materials and supplies, and 45%
finished and semi-finished products in 1995 (55% and 45% in 1994). Inventories
valued on the last-in, first-out (LIFO) method of accounting represent
approximately 90% of total inventories in 1995 (85% in 1994). If the first-in,
first-out (FIFO) method of accounting had been used instead of the last-in,
first-out (LIFO) method, inventories would have been $93,932,099 higher in 1995
($81,662,518 higher in 1994).

4. PROPERTY, PLANT AND EQUIPMENT:

December 31, 1995 1994

Land and improvements............. $ 50,889,972 $ 45,283,790
Buildings and improvements........ 208,183,010 201,010,408
Plant machinery and equipment..... 1,722,482,459 1,689,953,310
Office and
transportation equipment......... 10,236,701 13,956,102
Construction in process
and equipment deposits........... 221,092,491 27,376,486
2,212,884,633 1,977,580,096
Less accumulated depreciation..... 747,484,618 614,361,328
$1,465,400,015 $1,363,218,768

The average annual depreciation rate was 8.9% in 1995 (8.7% in 1994 and 8.2%
in 1993).
Nucor is constructing a new steel mill to produce sheet steel products. This
mill is projected to cost about an additional $300,000,000 to complete and to be
operational by early 1997.

5. LONG-TERM DEBT AND FINANCING ARRANGEMENTS:

December 31, 1995 1994

Industrial revenue bonds,
4.05% to 8%,
due from 1997 to 2028............ $106,850,000 $ 83,000,000
Notes of subsidiary............... -- 90,000,000
$106,850,000 $173,000,000

Nine banks are committed to lend Nucor a total of $245,000,000 (nothing has
been borrowed), with borrowings repayable in 2001. Six banks are committed to
lend a Nucor subsidiary a total of $18,000,000, due in 2001 (nothing has been
borrowed). These commitments cannot be withdrawn unless there is non-compliance
under the loan agreements.
Annual aggregate long-term debt maturities are: $750,000 in 1997; $1,250,000
in 1998; $1,000,000 in 1999; and $1,000,000 in 2000.

6. CAPITAL STOCK:
The par value of Nucor's common stock is $.40 per share and there are
100,000,000 shares authorized.
Nucor's Key Employees' Incentive Stock Option Plans provide that common stock
options may be granted to key employees and officers at 100% of the market value
on the date of the grant. During 1995, options were granted for 115,436 shares
(98,223 in 1994 and 138,381 in 1993); and options for 6,358 shares (4,183 in
1994 and 3,445 in 1993) expired or were canceled. At December 31, 1995, options
for 525,745 shares (577,637 in 1994 and 636,374 in 1993) were outstanding at an
aggregate price of $21,458,951 ($18,758,676 in 1994 and $15,560,596 in 1993);
options for 464,901 shares (533,770 in 1994 and 569,718 in 1993) were
exercisable; and 1,746,354 shares (1,855,432 in 1994 and 1,949,472 in 1993) were
reserved for future grants.
250,000 shares of preferred stock, par value of $4.00 per share, are
authorized, with preferences, rights and restrictions as may be fixed by Nucor's
Board of Directors. No shares of preferred stock have been issued since their
authorization in 1964.
Nucor's earnings per share of common stock are based on 87,430,370 average
shares outstanding in 1995 (87,166,164 in 1994 and 86,909,345 in 1993), and
would not be materially affected if all employee stock options were exercised.
17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)

7. INTEREST EXPENSE (INCOME):
Interest expense is stated net of interest income of $10,411,088 in 1995
($1,077,060 in 1994 and $1,118,252 in 1993). Interest paid was $9,209,025 in
1995 ($16,060,715 in 1994 and $10,739,394 in 1993).

8. FEDERAL INCOME TAXES:

1995 1994 1993

Currently
payable........... $172,800,000 $132,300,000 $62,600,000
Deferred........... (15,000,000) (2,000,000) 1,000,000
$157,800,000 $130,300,000 $63,600,000

Current deferred federal income tax assets of approximately $38,000,000 in
1995 ($35,000,000 in 1994) relate primarily to differences between financial and
tax reporting of inventories and accrued expenses. Non-current deferred federal
income tax liabilities of approximately $51,000,000 in 1995 ($63,000,000 in
1994) relate primarily to differences between financial and tax reporting of
depreciation. Federal income taxes paid were $176,500,000 in 1995 ($124,371,222
in 1994 and $57,519,048 in 1993).

9. QUARTERLY INFORMATION (UNAUDITED):

First Second Third Fourth
Quarter Quarter Quarter Quarter
1995

Net sales........ $841,734,652 $880,152,115 $860,544,790 $879,614,091
Gross margin..... 139,747,727 145,063,874 130,596,866 146,469,010
Net earnings..... 67,308,451 69,933,676 63,003,044 74,289,334
Net earnings
per share....... .77 .80 .72 .85
1994
Net sales........ $649,701,248 $740,101,570 $786,424,788 $799,368,850
Gross margin..... 82,391,935 111,073,091 138,630,185 151,741,399
Net earnings..... 34,879,954 49,680,131 64,523,822 77,548,937
Net earnings
per share....... .40 .57 .74 .89

INDEPENDENT
ACCOUNTANTS
REPORT

COOPERS & LYBRAND L.L.P.

Stockholders and
Board of Directors
Nucor Corporation
Charlotte, North Carolina

We have audited the accompanying consolidated balance sheets of Nucor
Corporation and subsidiaries as of December 31, 1995 and 1994, and the related
consolidated statements of earnings, stockholders' equity and cash flows for
each of the three years in the period ended December 31, 1995. These financial
statements are the responsibility of Nucor's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Nucor Corporation
and subsidiaries as of December 31, 1995 and 1994, and the consolidated results
of their operations and their cash flows for each of the three years in the
period ended December 31, 1995, in conformity with generally accepted accounting
principles.

/s/ Coopers & Lybrand LLP

Charlotte, North Carolina
February 20, 1996
18

BOARD OF DIRECTORS
AND EXECUTIVE MANAGEMENT

BOARD OF DIRECTORS
H. David Aycock
FORMER PRESIDENT,
NUCOR CORPORATION

John D. Correnti
VICE CHAIRMAN, PRESIDENT
AND CHIEF EXECUTIVE OFFICER,
NUCOR CORPORATION

James W. Cunningham
FORMER VICE PRESIDENT,
NUCOR CORPORATION

James D. Hlavacek
MANAGING DIRECTOR,
MARKET DRIVEN MANAGEMENT

F. Kenneth Iverson
CHAIRMAN,
NUCOR CORPORATION

Samuel Siegel
VICE CHAIRMAN,
CHIEF FINANCIAL OFFICER,
TREASURER AND SECRETARY,
NUCOR CORPORATION

EXECUTIVE MANAGEMENT
EXECUTIVE OFFICES

F. Kenneth Iverson
CHAIRMAN
John D. Correnti
VICE CHAIRMAN, PRESIDENT
AND CHIEF EXECUTIVE OFFICER

Samuel Siegel
VICE CHAIRMAN, CHIEF FINANCIAL OFFICER,
TREASURER AND SECRETARY

John A. Doherty
VICE PRESIDENT, ENGINEERING CONSULTANT

Terry S. Lisenby
VICE PRESIDENT, CORPORATE CONTROLLER

LeRoy C. Prichard
VICE PRESIDENT, STEEL TECHNOLOGIES

OPERATIONS

A. Jay Bowcutt
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
PLYMOUTH, UTAH

James E. Campbell
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
FORT PAYNE, ALABAMA

James R. Darsey
GENERAL MANAGER OF
VULCRAFT DIVISION,
GRAPELAND, TEXAS

Jerry V. DeMars
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR FASTENER DIVISIONS,
SAINT JOE, INDIANA AND
CONWAY, ARKANSAS

Daniel R. DiMicco
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR-YAMATO STEEL COMPANY,
BLYTHEVILLE, ARKANSAS

John J. Ferriola
GENERAL MANAGER OF
NUCOR STEEL DIVISION,
NORFOLK, NEBRASKA

Ladd R. Hall
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISON,
BRIGHAM CITY, UTAH

Gus R. Hiller
GENERAL MANAGER OF
NUCOR IRON CARBIDE, INC.,
TRINIDAD AND TOBAGO, WEST INDIES

Donald N. Holloway
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
NORFOLK, NEBRASKA

Kenneth H. Huff
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
JEWETT, TEXAS

Hamilton Lott, Jr.
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
FLORENCE, SOUTH CAROLINA

Harry R. Lowe
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR BUILDING SYSTEMS DIVISION,
WATERLOO, INDIANA

Rodney B. Mott
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
BERKELEY, SOUTH CAROLINA

D. Michael Parrish
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
HICKMAN, ARKANSAS

James W. Ronner
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
SAINT JOE, INDIANA

Larry A. Roos
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
CRAWFORDSVILLE, INDIANA

Joseph A. Rutkowski
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
DARLINGTON, SOUTH CAROLINA

CORPORATE AND STOCK DATA

EXECUTIVE OFFICES
2100 Rexford Road
Charlotte, North Carolina 28211
Telephone 704/366-7000
Facsimile 704/362-4208

ANNUAL MEETING
PLACE --
Chemical Banking Corporation
270 Park Avenue
(between 47th and
48th Streets)
Room C on 11th Floor
New York City
TIME AND DATE--
2:00 P.M., Thursday,
May 9, 1996

STOCK PRICE AND DIVIDENDS PAID:

First Second Third Fourth
Quarter Quarter Quarter Quarter
1995

Stock Price:
High................. $59.63 $56.25 $63.25 $57.25
Low.................. 50.00 42.50 43.50 42.00
Dividends Paid......... .045 .07 .07 .07
1994
Stock Price:
High................. $66.00 $72.00 $71.88 $70.50
Low.................. 48.75 57.63 63.25 51.63
Dividends Paid......... .04 .045 .045 .045

10-K AND 11-YEAR DATA
Copies of (1) Form 10-K for 1995 filed with the Securities and Exchange
Commission, and (2) various financial and statistical data for the years 1985 to
1995, are available on request.

STOCK TRANSFERS
DIVIDEND DISBURSING
DIVIDEND REINVESTMENT
First Union National Bank
Shareholders Services Group
230 South Tryon Street
11th Floor
Charlotte, North Carolina 28288
Telephone 704/374-6531
Facsimile 704/374-6987

STOCK LISTING
New York Stock Exchange
Trading Symbol - NUE
19