364-DAY REVOLVING CREDIT AGREEMENT

Dated as of October 4, 2002

among

NUCOR CORPORATION

as Borrower

THE LENDERS NAMED HEREIN

AND

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent

BANK OF AMERICA, N.A.,

as Syndication Agent

BANK ONE, NA and CIBC WORLD MARKETS,

as Co-Documentation Agents

Arranged By:

WACHOVIA SECURITIES, INC.,

and

BANC OF AMERICA SECURITIES LLC,

as Co-Lead Arrangers and Joint Book Runners

TABLE OF CONTENTS

ARTICLE I

DEFINITIONS

ARTICLE II

CREDIT FACILITIES

ARTICLE III

OTHER PROVISIONS RELATING TO CREDIT FACILITIES

i

ARTICLE IV

CONDITIONS

ARTICLE V

REPRESENTATIONS AND WARRANTIES

ARTICLE VI

AFFIRMATIVE COVENANTS

ARTICLE VII

NEGATIVE COVENANTS

ii

ARTICLE VIII

EVENTS OF DEFAULT

ARTICLE IX

AGENCY PROVISIONS

ARTICLE X

MISCELLANEOUS

iii

SCHEDULES

iv

364-DAY REVOLVING CREDIT AGREEMENT

THIS 364-DAY REVOLVING CREDIT AGREEMENT dated as of October 4, 2002 (the Credit Agreement), is by and among NUCOR CORPORATION, a Delaware corporation (the Borrower), the lenders named herein and such other lenders as may become a party hereto (the Lenders), WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the Administrative Agent) and BANK OF AMERICA, N.A., as Syndication Agent (in such capacity, the Syndication Agent).

W I T N E S S E T H

WHEREAS, the Borrower has requested that the Lenders provide a $125 million revolving credit facility for the purposes hereinafter set forth; and

WHEREAS, the Lenders have agreed to make the requested credit facility available to the Borrower on the terms and conditions hereinafter set forth;

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

As used in this Credit Agreement, the following terms shall have the meanings specified below unless the context otherwise requires:

Account Designation Letter means the Notice of Account Designation Letter dated the date hereof from the Borrower to the Administrative Agent in substantially the form attached hereto as Schedule 1.1(a).

Administrative Agent shall have the meaning assigned to such term in the heading hereof, together with any successors or assigns.

Administrative Agents Fees shall have the meaning assigned to such term in Section 3.5(e).

Administrative Agents Fee Letter means that certain letter agreement, dated as of July 17, 2002, between the Administrative Agent and the Borrower, as amended, modified, supplemented or replaced from time to time.

Affected Lender means such term as defined in Section 3.9(a).

Affiliate means as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, a Person shall be deemed to be controlled by a Person if such Person possesses,

1

directly or indirectly, power either (a) to vote 10% or more of the securities having ordinary voting power for the election of directors of such Person or (b) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

Agents means the Administrative Agent and Syndication Agent.

Aggregate Commitment means, for any Utilization Period, the sum of the Aggregate Revolving Committed Amount under this Agreement and the aggregate amount of revolving commitments under the Multi-Year Credit Agreement.

Aggregate Revolving Committed Amount means the aggregate amount of Revolving Commitments in effect from time to time, being initially ONE HUNDRED AND TWENTY-FIVE MILLION DOLLARS ($125,000,000).

Applicable Percentage means for any day, the rate per annum set forth below opposite the applicable rating for the Borrowers senior unsecured (non-credit enhanced) long term debt then in effect, it being understood that the Applicable Percentage for (i) Base Rate Loans shall be the percentage set forth under the appropriate column Base Rate Margin based on the Utilization, (ii) LIBOR Loans shall be the percentage set forth under the appropriate column LIBOR Margin based on the Utilization, (iii) the Facility Fee shall be the percentage set forth under the column Facility Fee, and (iv) the Letter of Credit Fee shall be the percentage set forth under the column LIBOR Margin based on the Utilization:

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