1. Finance & Investment Club Fall 2012 1.Updates From the Week 2.3 Trend Slides with supportive Excel Backups 3.Plan for the next few years senior Analyst Forum #4

2. 2 Updates From The Week? ResearchCollaborationAction  Reflections on Ishar’s Seminar  Reflections on SA Time Commitments  Reflections on General Meetings  Past 2 weeks & Trend Research?  Sector Meeting (workshop) Attendance?

3. 3 Recommendations For Making Sector Meetings Interesting 1.Make an Agenda to Follow for Structural purposes 2.Emphasize or focus on teaching the junior analysts at least one new thing each week 3.Reinforce reasons to stay in the club (ideas?) 4.Ask for feedback from your JA’s on the club, the meetings 5.Do not keep your JA’s for a full hour if they need to be 6.Communicate effectively before and after the meeting, so the JA’s know expectations 7.Use Humor (Play Music? Ideas?)

4. 4 Growth In Recycling Of Steel & Input Prices  For every 100 tons of steel manufactured currently,121 tons of steel are recycled –Caused by steady pricing of steel over past 4 years in comparison to Iron Ore  Amount of steel being recycled growing at a CAGR of 7.8%,  Project growth at a conservative decreasing rate*, yet still reflects an increase in use of Scrap Steel as input – This projects an increase in manufacturing using scrap steel of 3.4% YoY *Projections are reduced by multiplying implicit CAGR by.90 per year (http://www.recycle- steel.org/~/media/Files/SRI/Releases/02-24-2012%20- %202010%20Steel%20Recycling%20Rate%20Releases.ashx)

5. 5 Cost Advantage: Electric Arc Furnace  To Produce 1 Ton of Liquid Steel –BOF: 1400kg iron ore, 770kg coal, 150kg limestone & 120kg recycled steel –EAF: 880kg recycled steel, 150kg coal, 43kg limestone 1  Currently EAF = $392.5 BOF = $451.5 2 1 Production amounts calculated from World-Steel.org, Differences in production between the two as both include ferroalloys etc. 2 Price calculated from input costs from steelonthenet.com 3 2009 (10.7%) 2010 (12.3%) 2011 (9.6%) EAF production cost per ton decreases unit cost by roughly (9.6%) 3

6. 6 Growth In Total Production Exclusively Through Electric Arc Furnaces  Production of Steel through EAF has increased from 47.4% to 61.3% in past decade (2.6% CAGR) –Drawn to EAF by 1) more stable scrap prices 2) decreased cost per unit 3) lower emissions  Applying a modest 1.5% growth rate this is transforming much of steel manufacturing into Electric Arc Furnaces.  This growth coupled with decreased production costs will increase gross margin by.32% YoY 1 1 Calculated by multiplying growth rate by discount on operating costs. The number may seem small but would be saving NUE $46,194,549 ($.014PS) per year on cost of production assuming switch.

7. 7 Fall 2012 Calendar (IR Team Deliverables) Deliverable #6: Rough draft of all trends for presentation, to be discussed with VPs of IR October 28 th General Meeting #8 Wednesday 6:00pm PHO 206 (30 minutes) October 31 st Deliverable #7 : Finished trends slides with preliminary quantification and identify 3 potential risks November 4 th General Meeting #9 Wednesday 6:00pm PHO 206 (1 Hour) November 7th Deliverable #8 : Finished intro, trends, risks and adding any SA unique aspects November 11 th Senior Analyst Forum #6 Held during Sector Meeting times November 11 th – 18 th General Meeting #10 Wednesday 6:00pm PHO 206 (1 Hour) November 14 th

8. 8 Fall 2012 Calendar (IR Team Deliverables) Deliverable #9: Rough draft of finished Industry Analysis, for E-Board review Sunday 2:00pm via E-mail to VPs of IR November 18th