Based on the CF analysis-Modernize and CF analysis-Unmodernized Excel worksheets, determine if we should expect the integrated steelmakers to modernize mills that are currently unmodernized. Why or why not? Assume they follow traditional investment criterion (NPV or IRR) rather than Nucors ROA.

Given your answer to the previous question, how concerned should Nucor be about competing against integrated steelmakers with modernized mills when it opens its first thin-slab technology mill, if it does so?