Nucor's vertically integrated scrap-to-steel model—owning North America's largest scrap brokerage (DJJ) that primarily feeds its own mills, plus captive DRI production—creates a structural cost buffer that integrated blast-furnace peers relying on iron ore cannot replicate and that pure mini-mills without internal scrap supply lack.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on · in our words, not the filing’s