Rising Energy Costs and Inflation: OPEC+ production decisions and rising US consumer inflation expectations, particularly from gas prices, will directly impact Nucor's operational costs for its energy-intensive electric arc furnaces and transportation, potentially compressing profit margins.

Domestic Construction and Manufacturing Demand: A mixed US jobs report signals uncertainty in the labor market, which can influence activity in the construction and manufacturing sectors—key end-markets for Nucor's steel products. Strong demand in these sectors drives Nucor's sales volumes and pricing power.

Steel Tariffs and Global Supply/Demand Dynamics: Ongoing Section 232 steel tariffs continue to limit import volumes, which supports domestic steel prices and Nucor's pricing momentum, as seen with the recent hot-rolled coil price hikes. Changes in global supply or demand could shift this balance.