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What they make, where they produce, the materials that matter — then what is coming, what it would do to the business, and the moves available. Sector: metals refining. Company profile →
Nucor Corporation is the largest steel producer and largest metals recycler in North America, running its steel mills entirely on electric-arc-furnace (EAF/mini-mill) technology fed by scrap rather than blast furnaces — 24 scrap-based EAFs with roughly 29 million tons/year of capacity (FY2024 10-K). Its steel mills segment makes carbon and alloy sheet, bar, structural and plate steel; its steel products segment covers downstream fabrication (Vulcraft/Verco joists and deck, Nucor Fastener, Harris Rebar, metal buildings, grating). A raw-materials segment operates two direct-reduced-iron (DRI) plants — Nu-Iron Unlimited in Trinidad and Nucor Steel Louisiana in Convent, LA — which supplied ~3.
35 million metric tons of DRI feedstock to Nucor's mills in 2024, plus scrap/ferro-alloy brokerage through subsidiary David J. Joseph Co. (DJJ).
Verbatim from the dossier's “What they do” section — sources on the company profile.
No production footprint is recorded in its dossier yet — its HQ country is 🇺🇸 United States, a registration fact, not a production or sales claim. We say so rather than guess.
Of everything in its products, we track the critical inputs — the materials whose supply is concentrated in few countries, policy-exposed, or hard to substitute — because those are the ones a single measure can move. Each carries its role in the product, quoted from the dossier's own exposure note.
Manganese — bulk input. Ferro-manganese/silico-manganese is a near-universal EAF deoxidizer and alloying agent; Nucor's 10-K confirms DJJ supplies ferro-alloys as a purchased "key consumable" to Nucor's mills, consistent with manganese use across essentially all of Nucor's carbon-steel volume, not just specialty grades.
Silicon — bulk input. Ferrosilicon is the standard companion deoxidizer to manganese in EAF steelmaking and appears alongside manganese/chromium/nickel on Nucor's alloy-plate page. Dropped from the sector-default stub: cobalt, silver, tin, antimony — no Nucor-specific sourcing evidence found in its 10-K, product pages, or trade press.
Nickel — structural component (alloy steel). Named alongside chromium on the same product page; used in the same alloy/specialty plate grades, not Nucor's high-volume commodity carbon steel.
Chromium — structural component (alloy steel). Nucor's own alloy-plate product page lists chromium as an alloying element used "to increase strength" in specialty plate products (e.g.
In its verified exposure list, but the dossier carries no product-level note for it yet — we make no product claim until it does.
The dossier also records the materials it investigated and rejected — the list above is narrowed deliberately, not cherry-picked. Its own words:
Scope. The non-critical remainder of the bill of materials — structural steel, polymers, glass and the like — is not tracked here because it is not supply-constrained: this section covers the constrained inputs, which is where policy risk concentrates, not a full bill of materials.
The top 5 are ranked mechanically — what the instrument does (its transmission class: an export ban is not a reporting duty), × how close to law (stage-derived likelihood band, never a probability) × how much of your tracked bill of materials it touches. Each unfolds as a chain: trigger → what it hits → the response the instrument actually calls for. A measure touching a material you produce can be an opportunity, not a threat.
JP · stage awaiting-signature → high likelihood · touches nickelchromium · flagged 29 Jun 2026, 99d pending
Japan's METI + MOF made an affirmative PRELIMINARY determination in an anti-dumping investigation (initiated 22 Jul 2025 on an application from Nippon Steel, Nippon Yakin Kogyo, NAS Stainless Steel Strip and Nippon Kinzoku) into nickel-added cold-rolled stainless steel coil, sheet and strip originating in the People's Republic of China and the separate customs territory of Taiwan (Penghu, Kinmen, Matsu); Trade Minister Ryosei Akazawa indicated provisional duties of ~45% on Chinese product and ~21% on Taiwanese product, expected to take effect as soon as July 2026. On 19 Jun 2026 METI/MOF EXTENDED the investigation period by four months to 21 Nov 2026 (final determination pending). IPTM relevance: (1) a RARE Japan-issuer trade remedy — JP has ZERO trade-remedy actions on the register and seldom uses AD, so a Japanese AD wall is a notable issuer + instrument-bloc gap; (2) China/Taiwan-target on nickel-added stainless steel, a nickel+chromium chokepoint-adjacent material; re-prices a China/TW->Japan stainless flow into a major downstream manufacturing base; (3) parallels the active 2025-26 Asian steel-AD wave the register is now capturing (Thailand DFT aluminium-extrusions, Indonesia KADI HRC, Malaysia MITI galvanised steel).
source ↗Nickel — structural component (alloy steel). Named alongside chromium on the same product page; used in the same alloy/specialty plate grades, not Nucor's high-volume commodity carbon steel.
Chromium — structural component (alloy steel). Nucor's own alloy-plate product page lists chromium as an alloying element used "to increase strength" in specialty plate products (e.g.
A duty raises the cost of the origins the measure names into Japan's market — a cost line on affected flows, not lost availability. Origins outside the measure's named targets are the route around it; the text above names the targets where its source does.
GA · stage passed-vote → high likelihood · touches manganese · flagged 26 Jun 2026, 102d pending
Gabon (CTRI transitional government, President Oligui Nguema) announced at Africa Forward Summit in Nairobi (May 2026) its intention to subscribe to Eramet SA's €500M capital increase, giving the Gabonese state direct equity in the French-listed parent of COMILOG (its primary manganese mining subsidiary in Moanda). Gabon already holds 29% of COMILOG; a stake in Eramet SA itself would give Gabon leverage over the global operations of the parent group (smelting, nickel, lithium, manganese across France, Norway, Senegal, and Indonesia) and a seat at the Eramet Board. Eramet AGM (May 27, 2026) approved the capital raise resolution. Capital raise planned for H2 2026. Distinct from: filed 2025-05-30-gabon-raw-manganese-export-ban-2029 (the export ban forcing value-addition); filed 2024-07-02-gabon-decret-0276-regimes-des-substances-souveraines (35% state free-carry in new mines) — this is an equity purchase in the parent company, not a free-carry in a Gabonese concession; new vector of state resource-control
source ↗Manganese — bulk input. Ferro-manganese/silico-manganese is a near-universal EAF deoxidizer and alloying agent; Nucor's 10-K confirms DJJ supplies ferro-alloys as a purchased "key consumable" to Nucor's mills, consistent with manganese use across essentially all of Nucor's carbon-steel volume, not just specialty grades.
This changes the form of what GA exports, not whether you can buy: raw/unprocessed exports are restricted while domestically processed material stays available — that is the measure's own mechanism. Your GA-origin raw feed becomes processed-only; the route is a value-added purchase or a GA processing partner, not a supplier switch.
GA supplies 25% of world manganese mining — that is the stake if its terms tighten.
Secondary — only if you need to avoid GA entirely: manganese supply outside GA is 🇿🇦 ZA 55%, 🇬🇭 GH 14%, 🇦🇺 AU 12% (shares renormalised after removing GA).
BR · stage passed-vote → high likelihood · touches manganese · flagged 19 Jun 2026, 109d pending
First federal statutory framework for critical and strategic minerals; establishes CMCE oversight committee, R$2B Mineral Activity Guarantee Fund (0. 2% gross revenue levy on critical-mineral companies), mandatory 0. 3% gross revenue R&D investment, 20% tax credits for domestic mineral transformation projects; limits raw-mineral exports where domestic processing capacity exists; covers niobium explicitly (CBMM/CMOC supply ~85% of global niobium — Brazil is a structural chokepoint); Chamber passed 343-97 on 7 May 2026, Senate review pending
source ↗Manganese — bulk input. Ferro-manganese/silico-manganese is a near-universal EAF deoxidizer and alloying agent; Nucor's 10-K confirms DJJ supplies ferro-alloys as a purchased "key consumable" to Nucor's mills, consistent with manganese use across essentially all of Nucor's carbon-steel volume, not just specialty grades.
This changes the form of what Brazil exports, not whether you can buy: raw/unprocessed exports are restricted while domestically processed material stays available — that is the measure's own mechanism. Your Brazil-origin raw feed becomes processed-only; the route is a value-added purchase or a Brazil processing partner, not a supplier switch.
Brazil supplies 4.0% of world manganese mining — that is the stake if its terms tighten.
Secondary — only if you need to avoid Brazil entirely: manganese supply outside BR is 🇿🇦 ZA 42%, 🇬🇦 GA 28%, 🇬🇭 GH 11% (shares renormalised after removing BR).
EU · stage awaiting-signature → high likelihood · touches manganesesiliconnickelboron · flagged 15 Jun 2026, 113d pending
Establishes the first legally binding "safe level" benchmark for EU strategic stocks of each of the 17 strategic raw materials listed in the CRMA Annex I; benchmarks used as reference by Member States, financial institutions, and industrial consumers to assess strategic supply risk; mandated every 2 years, so this is the first edition setting the baseline; informs CRMA Art. 23 monitoring obligations and is the evidential basis for Art. 24 corporate-reporting thresholds
source ↗Manganese — bulk input. Ferro-manganese/silico-manganese is a near-universal EAF deoxidizer and alloying agent; Nucor's 10-K confirms DJJ supplies ferro-alloys as a purchased "key consumable" to Nucor's mills, consistent with manganese use across essentially all of Nucor's carbon-steel volume, not just specialty grades.
Silicon — bulk input. Ferrosilicon is the standard companion deoxidizer to manganese in EAF steelmaking and appears alongside manganese/chromium/nickel on Nucor's alloy-plate page. Dropped from the sector-default stub: cobalt, silver, tin, antimony — no Nucor-specific sourcing evidence found in its 10-K, product pages, or trade press.
Nickel — structural component (alloy steel). Named alongside chromium on the same product page; used in the same alloy/specialty plate grades, not Nucor's high-volume commodity carbon steel.
+1 more touched material — see the composition section (3) above.
This is a reporting / disclosure obligation — it does not prohibit importing from anywhere, so there is no supplier to switch and we list none. What you must do is what the measure's own text above describes: map the supply chain it covers, run the audit, and file. Its text states no filing deadline — we don't invent one.
Mapping your supply chain is exactly the work this obligation requires — your MacroLens exposure report is that map's starting point.
Further materials are covered in section 6 below.
US · stage passed-committee → elevated likelihood · touches manganesenickel · flagged 23 Jun 2026, 105d pending
Revises 30 CFR Part 580 to streamline 10 provisions governing prospecting, leasing, and operations for hard minerals (manganese nodules, cobalt-rich crusts, seafloor massive sulfides) on the US Outer Continental Shelf; eliminates environmental notification to adjacent state governors (§580. 31) and BOEM's own environmental review requirement (§580. 29); accelerates OCS hard mineral leasing pipeline in line with EOs 14285 and 14154 ("unleashing" OCS resources); comment period closed April 27, 2026; awaiting final rule
source ↗Manganese — bulk input. Ferro-manganese/silico-manganese is a near-universal EAF deoxidizer and alloying agent; Nucor's 10-K confirms DJJ supplies ferro-alloys as a purchased "key consumable" to Nucor's mills, consistent with manganese use across essentially all of Nucor's carbon-steel volume, not just specialty grades.
Nickel — structural component (alloy steel). Named alongside chromium on the same product page; used in the same alloy/specialty plate grades, not Nucor's high-volume commodity carbon steel.
The filed text doesn't state this instrument's mechanism clearly enough to classify, so we don't guess a response — the measure text above is the read.
If enacted, chrome ore export tax and/or quota would disrupt South Africa's ~2.
Senate-approved package of amendments to Kazakhstan's Code on Subsoil and Subsoil Use (No.
TZ Finance Bill establishes the Mineral Research Fund capitalised at 10% of gross mineral revenue (~TZS 141 billion/yr at 2025 collection levels); amends the Income Tax Act to formally recognise tax…
The same Finance Bill 2026/27 already tabled (Parliament-passed 23 June 2026, effective 1 July 2026) inserts a NEW export levy of "10% of the FOB value of the cargo OR TZS 200 per kilogram, whichever…
Cabinet-cleared bill to replace the 2006 Minerals and Mining Act, Act 703: raises mining royalties from current 3–5% range to 9–12% (price-linked sliding scale), introduces a new medium-scale mining…
Minister of Mines, Petroleum and Energy Mamadou Sangafowa-Coulibaly formally launched the revision of Côte d'Ivoire's 2014 Mining Code on 13 June 2026, standing up an expert team drawn from his minis…
Mongolia's cabinet approved and submitted to the State Great Khural a draft amending ~40% of the 2006 Minerals Law: (i) cuts the maximum exploration-licence duration from 12 to 6 years while raising…
RESourceEU (COM(2025) 945, 3 Dec 2025) commits the Commission to establish a **European Critical Raw Materials Centre** in early 2026 with four functions: (a) generate **systemic market intelligence…
Madagascar's Council of Ministers approved resumption of mining-permit issuance on ~28-29 Jan 2026, ending a moratorium in place since 2010 (imposed during a political transition amid mining-title sp…
Second wave of CRMA Art.
10% free-carried state equity in ALL new mining and energy projects (no-cost government stake via Epangelo Mining); consultations on 51% Namibian ownership in new mining ventures; maximum royalty rat…
Gabon = ~25% world manganese reserves, world's 2nd largest manganese ore exporter (~8 Mt/year via COMILOG/Eramet); ban on raw ore exports forces domestic processing investment (silicomanganese, EMD,…
Tanzania's Ministry of Minerals (Minister Anthony Mavunde) has FINALISED a Critical and Strategic Minerals Strategy that takes legal effect only once the Government formally approves and gazettes the…
Binding plurilateral trade agreement among like-minded partners (US, EU, Japan and FORGE coalition members) establishing coordinated trade measures for critical mineral supply chains — including bord…
VP Constantino Chiwenga announced at the Zimbabwe-China Business Forum (Hangzhou) that Zimbabwe will no longer issue new mining licences for operations that extract only one mineral from a deposit —…
Zimbabwean officials have signalled intent ("raw chrome exports obsolete") to expand the 25-Feb-2026 raw-mineral/lithium-concentrate export ban (filed) to cover chrome CONCENTRATE specifically — conc…
The 12 July 2025 Bougival Accord (13-page political agreement creating a "State of New Caledonia" within France, pending a 2026 referendum + French organic law) contains an economic-rebuilding pact t…
If adopted, creates a unified mining regulatory framework across Cameroon, CAR, Congo-Brazzaville, Gabon, Equatorial Guinea, and Chad — harmonising licensing regimes, fiscal terms, transparency oblig…
On 10 July 2026 the African Development Bank Group, with the African Union Commission, the AfCFTA Secretariat and UNECA, convened African ministers of mining/energy/industry in Abidjan for the "Minis…
Indonesia = ~50% global nickel mine supply and dominant producer of NPI/ferronickel/MHP; export duty on downstream nickel products (NPI, ferronickel, nickel matte, MHP) would add a material cost laye…
The Energy and Mineral Resources Ministry (ESDM) and Ministry of Finance announced May 11, 2026 that the implementation of higher tiered royalty rates under Government Regulation (PP) 19/2025 — cover…
Saudi sovereign mining vehicle Manara Minerals (PIF + Ma'aden JV) is in advanced negotiations to acquire a 15-20% equity stake (deal value ~USD 1.
Ministry of Mines issued operational guidelines for the Mining Sector Reforms component under Scheme for Special Assistance to States for Capital Investment (SASCI) FY2026-27, with total ₹5,000 crore…
Full replacement of the Mining Act 1992 with sweeping new statute: state acquires up to 30% equity in any new mining project (Kumul Minerals free-carry); special mining leases (SML) issued for initia…
4 of 52 filed an explicit in-force stage; the rest (flagged below) default from an absent stage: field, not a filed assertion. Each links to the register entry with its primary source.
For a material it buys, a restriction tightens supply and raises input cost — a headwind. Scores are footprint-adjusted and buyer-relative (0–100, higher = more exposed).
Its customers sit in critical minerals — read via the graph's critical minerals processing node, the nearest equivalent of its sector. A measure supporting those sectors supports demand for this company's products; one restricting them puts that demand at risk. The sign shown is the mechanical read — click through to judge whether a measure protects or constrains the customer.
For each bought material: the ex-controller producers a procurement team can actually reach, from the alternatives map (derived 2026-10-06), viability-gated — each name carries its deployment status (with the verbatim dossier phrase it rests on), a capture check against the measure being escaped, and any contracted-capacity evidence. Deployable-now names sort first; a developer with zero tonnes is shown demoted, never dressed up as a switch you can make today. Tradability is inherited from the listing layer, never guessed.
+11 more tradable names, ranked below these by the same gate.
+34 more tradable names, ranked below these by the same gate.
lib/policy-transmission.ts): an export prohibition in the measure's name/text → supply restriction; a raw/unprocessed-export limit or local-processing mandate → beneficiation (form change, not unavailability); reporting/disclosure/due-diligence language → compliance obligation; tariff/trade-remedy language → import cost; subsidy/fast-track/relaxation language → support; investment-screening/M&A language → investment control. When the text carries no signal we fall back to the action-type default and label the chip inferred; when neither exists the card says so and derives no response — we never assert a class the evidence doesn't support.lib/iptm-material-country-production.ts; mining stage preferred, refining as fallback — the stage and source year are in each figure's hover text). Ex-issuer supply removes the ISSUING country and renormalises the remaining listed shares (so they sum to 100% of what's left) — alternatives to the country making the rule, never a default ex-China list. Where the issuer holds no measurable share, the card says so plainly instead of implying supply loss.lib/alternative-viability.ts): each named alternative carries a deployment status — operating / ramping / restarting / development / unknown — derived from word-boundary signal phrases in its own dossier (“operating since 1896”, “restarting the … mine”, “FID taken”), and the verbatim matched phrase is shown as the basis so the claim is auditable; a dossier with no signal stays unknown, never guessed. Any evidenced production date is quoted verbatim (“first production targeted H2 2029” → “no tonnes before 2029”) — we never synthesize one. A measure whose own text claims extraterritorial / re-export / de-minimis / foreign-direct-product / percentage-of-value scope triggers the origin-switching warning above the list: such a rule follows the material, not the seller, so a foreign-made alternative can still be captured. Same-issuer register actions targeting an alternative's country and material mark it may be captured, with the entries linked. “Capacity partly committed” lines quote the dossier verbatim — we hold no structured free-capacity numbers and never imply a utilisation figure.How MacroLens tracks this for you. The policy register files new measures daily and this page recomputes from it — the same chokepoints are monitored live on the watchlist and in the full register.