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NUE · Nucor

31 filings

10-K

NUE 10-K Annual Reports

Nucor - 31 annual reports

Filing record · 2016–202610-K1110-Q328-K111

2025
Nucor Annual Report, Year Ended Dec 31, 2025
Nucor Corporation, a Delaware corporation and North America's largest recycler, manufactures steel and steel products through three segments: steel mills, steel products and raw materials. Net earnings attributable to Nucor stockholders fell to $1.74 billion, or $7.52 per diluted share, in 2025 from $2.03 billion, or $8.46 per diluted share, in 2024, on net sales of $32.49 billion, up from $30.73 billion. Management attributes the earnings decline primarily to lower profitability in the steel products segment, where average selling prices and margins fell at its joist and deck, building systems and rebar fabrication businesses. The steel mills segment earned more in 2025 on higher volumes and metal margins, and backlogs for that segment ended the year at $3.35 billion, up from $2.13 billion. Cash flow from operations declined to $3.23 billion from $3.98 billion, while capital expenditures rose to $3.42 billion. Cash and short-term investments totaled $2.70 billion at year-end, down from $4.14 billion, and the funded debt to total capital ratio was 24.4%. The company repurchased $700 million of stock in 2025 and paid $2.20 per share in dividends. On February 20, 2026, the Board authorized a new $4.00 billion share repurchase program and raised the quarterly base dividend to $0.56 per share in December 2025. Management expects first-quarter 2026 earnings to rise across all three segments and projects 2026 capital expenditures of about $2.50 billion.
Feb 25, 2026
2024
Nucor Annual Report, Year Ended Dec 31, 2024
Nucor Corporation, a Delaware corporation incorporated in 1958, manufactures steel and steel products and is North America's largest recycler, using scrap steel as its primary raw material. It reports in three segments: steel mills (61% of 2024 external sales), steel products, and raw materials. In 2024, consolidated net sales fell 11% to $30.73 billion from $34.71 billion, and net earnings attributable to Nucor stockholders fell to $2.03 billion, or $8.46 per diluted share, from $4.53 billion, or $18.00 per diluted share, in 2023. The steel products segment was the primary driver of the earnings decline, as average selling prices and volumes moderated from 2022 highs, particularly in joists and deck. Average sales price per ton fell 10%, and total tons shipped to outside customers fell 2%. Gross margin declined to $4.10 billion (13%) from $7.82 billion (23%), and pre-operating and start-up costs for new facilities rose to approximately $594 million from $400 million. Cash flow from operations was $3.98 billion in 2024 versus $7.11 billion in 2023, while capital expenditures rose to $3.17 billion. Cash, cash equivalents and short-term investments totaled $4.14 billion at year-end, down from $7.13 billion. Nucor repurchased $2.22 billion of stock and paid $522 million in cash dividends. The company reported a debt-to-capital ratio of approximately 25% and holds A-/A-/Baa1 credit ratings. Management expects 2025 capital expenditures of approximately $3.0 billion and moderating share repurchases. The filing also notes that a Section 232 25% tariff on steel imports is scheduled to take effect March 12, 2025, and that the Mason County, West Virginia sheet mill's estimated construction cost has risen to approximately $4 billion.
Feb 27, 2025
2023
Nucor Annual Report, Year Ended Dec 31, 2023
Nucor Corporation, a Delaware corporation, manufactures steel and steel products and is North America's largest recycler, using scrap steel as its primary raw material; it reports three segments: steel mills, steel products and raw materials. Net sales for 2023 were $34.71 billion, down 16% from $41.51 billion in 2022, as average sales price per ton fell 15% to $1,377. Net earnings attributable to Nucor stockholders were $4.52 billion, or $18.00 per diluted share, versus $7.61 billion, or $28.79 per diluted share, in 2022. Management attributed the decline primarily to lower metal margins in the steel mills segment, as steel selling prices fell faster than scrap costs, though 2023 was the third most profitable year in the company's history. Cash and cash equivalents, short-term investments and restricted cash totaled $7.13 billion at year-end 2023, against $4.94 billion a year earlier. Cash from operations fell to $7.11 billion from $10.07 billion. Management expects capital expenditures of approximately $3.5 billion in 2024, up from about $2.2 billion in 2023, driven by the sheet mill under construction in West Virginia, a sheet mill expansion in Indiana, a rebar micro mill in North Carolina and two NTS manufacturing locations. Nucor reported debt to total capital of about 24% and the company's credit ratings were A-, A- and Baa1 with stable outlooks. Nucor returned capital to stockholders through a base dividend raised to $0.54 per quarter in December 2023 and share repurchases of $1.55 billion in 2023, and the board's share repurchase authorization stood at about $3.32 billion available at year-end. The company stated it intends to return at least 40% of net earnings to stockholders over time. Management expects first-quarter 2024 earnings to increase compared with the fourth quarter of 2023, with steel mills profitability expected to rise and steel products earnings expected to decline.
Feb 27, 2024
2022
Nucor Annual Report, Year Ended Dec 31, 2022
Nucor Corporation, a Delaware corporation, manufactures steel and steel products and produces direct reduced iron (DRI) for its steel mills, and it reports results in three segments: steel mills, steel products and raw materials. In 2022 Nucor reported record net earnings attributable to Nucor stockholders of $7.61 billion, or $28.79 per diluted share, on net sales of $41.51 billion, up 14% from 2021. Steel products was the main driver: its net sales rose 55% to $15.06 billion, and its earnings before income taxes reached $4.09 billion versus $1.29 billion in 2021. Steel mills net sales were comparable to 2021 at $24.19 billion, but segment earnings fell to $7.20 billion from $9.74 billion as sheet mill profitability declined and utilization dropped to 77% from 94%. The company ended 2022 with cash, short-term investments and restricted cash of $4.94 billion, debt to total capital of about 25%, and an undrawn $1.75 billion revolving credit facility. Nucor repurchased $2.76 billion of stock and paid $1.51 billion in dividends over the past three years, and it intends to return at least 40% of net earnings to stockholders. Capital expenditures for 2023 are estimated at approximately $3.0 billion, primarily for the plate mill in Brandenburg, Kentucky, the sheet mill expansions in Kentucky and Indiana, and the new sheet mill in Mason County, West Virginia, whose estimated net cash outlay rose to $3.1 billion from $2.7 billion. The company's acquisition program included California Steel Industries (51% controlling interest, February 2022) and C.H.I. Overhead Doors (approximately $3.00 billion, June 2022), its largest acquisition in history. Management expects first-quarter 2023 steel mill profitability to increase from the fourth quarter of 2022, with steel products earnings remaining strong, though consolidated net earnings are expected to decline because of intercompany eliminations and the absence of fourth-quarter 2022 state tax benefits.
Mar 1, 2023
2021
Nucor Annual Report, Year Ended Dec 31, 2021
Nucor Corporation, a Delaware corporation, manufactures steel and steel products and is North America's largest recycler, using scrap steel as its primary raw material. It reports three segments: steel mills, steel products and raw materials. In 2021 the company recorded record results: net earnings of $6.83 billion, or $23.16 per diluted share, on net sales of $36.48 billion, up 81% from $20.14 billion in 2020. Net earnings attributable to Nucor stockholders were 18.7% of net sales and return on average stockholders' equity was 55.0%. Average sales price per ton rose 64%, from $789 to $1,292, while the average cost of scrap and scrap substitutes rose 62%, from $290 to $469 per gross ton. Cash flow and capital returns were strong. Cash provided by operating activities was $6.23 billion, and capital expenditures were $1.62 billion. Nucor repurchased $3.28 billion of common stock in 2021 and paid $1.62 per share in dividends. In December 2021 the Board raised the quarterly dividend to $0.50 from $0.405, and about $3.85 billion remained available under the share repurchase authorization at year-end. Cash, short-term investments and restricted cash totaled $2.76 billion, and the company reported net debt to total capital of about 14% and an undrawn $1.75 billion revolving credit facility. Management also disclosed significant growth investments, including the $1.70 billion Brandenburg, Kentucky plate mill, a planned West Virginia sheet mill with expected capital expenditures of about $2.70 billion, and the February 2022 acquisition of a majority stake in California Steel Industries. The filing also flags material risks. These include global steel overcapacity, volatile scrap and energy costs, competition from imports and substitute materials, cyclical end markets, climate and carbon regulation, and cybersecurity threats. The company expects 2022 to be another strong profitability year, but it anticipates that first-quarter 2022 net earnings attributable to Nucor stockholders will be slightly lower than the record fourth quarter of 2021, with steel mill segment earnings expected to decline.
Feb 28, 2022
2020
Nucor Annual Report, Year Ended Dec 31, 2020
Nucor Corporation's 2020 Form 10-K, filed February 26, 2021, reports that the COVID-19 pandemic was the primary driver of a sharp earnings decline. Net sales fell 11% to $20.14 billion from $22.59 billion, and net earnings attributable to Nucor stockholders dropped to $721.5 million, or $2.36 per diluted share, from $1.27 billion, or $4.14 per diluted share, in 2019. Results were hit by a $483.5 million loss and impairment related to the exited Duferdofin Nucor joint venture and $103.2 million of impairments in the steel mills segment. The steel products segment reached record profitability in 2020, while the steel mills segment's pre-tax earnings fell to $720.2 million from $1.79 billion. Balance sheet liquidity remained strong. Cash, short-term investments and restricted cash totaled $3.16 billion at year-end 2020, and the company issued $1.0 billion of 2.000% and 2.700% notes in May 2020. Total long-term debt and finance lease obligations rose to $5.49 billion. Management stated it intends to return at least 40% of net earnings to stockholders, and it reported $1.16 billion remaining under its share repurchase authorization. Credit ratings were Baa1 (Moody's) and A- (S&P), with stable outlooks. Management expects first-quarter 2021 earnings to increase significantly from the fourth quarter of 2020, with 2021 capital expenditures projected at approximately $2.00 billion. The filing highlights ongoing risks, including excess global steel capacity (OECD estimate of 776 million tons in 2020), raw material and scrap price volatility, and the impact of the COVID-19 pandemic. Section 232 tariffs kept finished steel imports down 23% in 2020, to about 18% of U.S. market share.
Feb 26, 2021
2019
Nucor Annual Report, Year Ended Dec 31, 2019
Nucor Corporation, a Delaware corporation incorporated in 1958, manufactures steel and steel products and is North America's largest recycler, recycling approximately 17.8 million gross tons of scrap steel in 2019. Its three segments are steel mills (62% of 2019 external sales), steel products, and raw materials. Net sales for 2019 were $22.59 billion, down from $25.07 billion in 2018, and net earnings attributable to Nucor stockholders were $1.27 billion, or $4.14 per diluted share, versus $2.36 billion, or $7.42 per diluted share, in 2018. Management attributed the decline mainly to inventory destocking across the supply chain, lower average steel selling prices, and margin compression in the raw materials segment, including DRI operations. Gross margin fell to $2.68 billion (12%) from $4.30 billion (17%). The balance sheet remained strong, with cash and cash equivalents plus short-term investments of $1.83 billion, an undrawn $1.5 billion revolving credit facility, and a current ratio of 3.3. Cash provided by operating activities rose to $2.81 billion from $2.39 billion, while capital expenditures increased to $1.51 billion. Management expects 2020 capital expenditures of approximately $2.0 billion and is pursuing several growth projects, including a $1.70 billion plate mill in Brandenburg, Kentucky, and new micro mills in Missouri and Florida. The company returned capital through a base quarterly dividend of $0.4025 per share and $298.5 million of 2019 share repurchases, and it intends to return at least 40% of net earnings to stockholders over time. Management is optimistic about 2020, citing the Section 232 tariffs keeping imports low, the USMCA trade agreement, and expected price increases announced in late 2019. The filing also flags risks including global steel overcapacity, cyclical demand, scrap price volatility, energy costs, environmental regulation, and goodwill and equity-method impairment exposure, including the Duferdofin Nucor investment.
Feb 28, 2020
2018
Nucor Annual Report, Year Ended Dec 31, 2018
Nucor Corporation (NYSE: NUE) reported record 2018 results in this Form 10-K filed February 28, 2019. Net sales rose 24% to $25.07 billion from $20.25 billion, and net earnings attributable to Nucor stockholders reached $2.36 billion, or $7.42 per diluted share, compared with $1.32 billion, or $4.10 per diluted share, in 2017. Return on average stockholders' equity was 25.5%, up from 15.9%. The steel mills segment drove the results, with earnings before income taxes and noncontrolling interests of $3.50 billion. Management attributed the gains to higher average selling prices, higher volumes, improved metal margins, and the Section 232 steel tariffs, which the filing says reduced steel imports by about 4.1 million tons in 2018. Nucor is pursuing a growth agenda, with capital expenditures of $997.3 million in 2018 and about $1.8 billion projected for 2019. Projects include a $1.35 billion plate mill in the U.S. Midwest, a $650 million expansion of the Ghent, Kentucky sheet mill, and joint venture Nucor-JFE's galvanized sheet plant in Mexico. The company repurchased $854.0 million of its stock in 2018 under a $2.0 billion authorization, and cash dividends were $1.54 per share declared for the year. Cash and cash equivalents were $1.40 billion at year-end, and long-term debt including current maturities was $4.23 billion. The filing also notes risks tied to global steel overcapacity, primarily in China, the possibility that tariffs could be lifted, volatility in scrap and energy costs, and greenhouse gas regulation. Management expects 2019 to be another strong year, with first-quarter 2019 earnings expected to be much stronger than first-quarter 2018, though sheet pricing and margins are expected to decline from the fourth quarter of 2018.
Feb 28, 2019
2017
Nucor Annual Report, Year Ended Dec 31, 2017
Nucor Corporation (NUE) reported net sales of $20.25 billion for 2017, up 25% from $16.21 billion in 2016, and net earnings attributable to Nucor stockholders of $1.32 billion, or $4.10 per diluted share, compared with $796.3 million, or $2.48 per diluted share, in 2016. Net earnings were boosted by a provisional net tax benefit of $175.2 million from the Tax Cuts and Jobs Act. The steel mills segment accounted for about 72% of external sales and earnings before income taxes of $2.08 billion, while the raw materials segment swung to $129.3 million of pre-tax earnings from a $95.1 million loss in 2016. Average scrap and scrap substitute cost per ton rose 35% to $307, and the company noted unplanned outages at Nucor Steel Louisiana and unacceptable performance there, with a review underway that cannot yet estimate capital expenditures. Cash provided by operating activities fell to $1.05 billion from $1.75 billion, as working capital increased by $907.0 million. Long-term debt including current maturities declined to $3.74 billion from $4.34 billion after the repayment of $600.0 million of 5.75% notes. Cash and short-term investments totaled $991.1 million at year end, and the $1.5 billion revolving credit facility was undrawn. Management reports a funded debt to total capital ratio of 29% and expects 2018 capital expenditures of approximately $1 billion, with the company citing ongoing global steel overcapacity and rising imports of more than 15% in 2017 as continuing headwinds. The company describes its strategy as prioritizing investment in profitable long-term growth, then cash dividends (a base quarterly dividend raised to $0.38 per share), and then opportunistic share repurchases, with $738.0 million remaining under its $900.0 million authorization. Recent and planned capital projects include a $230 million cold mill at Nucor Steel Arkansas, a $176 million hot band galvanizing line at Ghent, Kentucky, and several bar mill investments, while 2017 acquisitions included Republic Conduit, Southland Tube and St. Louis Cold Drawn.
Feb 28, 2018
2016
Nucor Annual Report, Year Ended Dec 31, 2016
Nucor Corporation (NUE) reported 2016 net sales of $16.21 billion, down 1% from $16.44 billion in 2015, while net earnings attributable to Nucor stockholders rose to $796.3 million, or $2.48 per diluted share, from $80.7 million, or $0.25 per share, in 2015. The steel mills segment drove the improvement, with earnings before income taxes and noncontrolling interests of $1.72 billion versus $629.3 million a year earlier, as outside steel shipments rose 11% to 18.8 million tons while the average sales price per ton fell 8%. Results were also helped by a $77.6 million pre-tax benefit from a change in inventory cost estimate and the company's change in inventory accounting from LIFO to FIFO, which was applied retrospectively to all periods presented. Management stated that imports remain at very high levels amid global steel overcapacity, which it estimates at roughly 770 million tons per year, with China accounting for about 470 million tons. The company cited trade cases on flat-rolled, plate and rebar products as important steps toward fair trade, and said it expects 2017 results could significantly exceed 2016. Cash provided by operating activities was $1.74 billion, cash and short-term investments totaled $2.20 billion at year end, and the company reported long-term debt of $4.34 billion and a current ratio of 2.7. The filing also disclosed 2017 acquisitions of Southland Tube (about $130 million) and Republic Conduit (about $335 million), and projected 2017 capital expenditures of approximately $575 million. The filing shows a company with a strong balance sheet and a diversified product mix, but still exposed to import competition, volatile scrap and energy costs, and continued pressure on pricing. Its 2016 results were materially stronger than 2015, which had included $244.8 million of impairments and losses on assets.
Feb 28, 2017
2015
Nucor Annual Report, Year Ended Dec 31, 2015
Nucor Corporation (NUE) reported a sharp earnings decline for 2015. Net sales fell 22% to $16.44 billion from $21.11 billion, and net earnings attributable to Nucor stockholders dropped 50% to $357.7 million, or $1.11 per diluted share, versus $713.9 million, or $2.22 per share, in 2014. The filing attributes the weakness to continued extremely high levels of steel imports and global overcapacity, with the average sales price per ton falling 13% to $725 and outside tons shipped down 11% to 22.7 million. Steel mills segment earnings before taxes fell to $629.8 million from $1.59 billion, while raw materials posted a pre-tax loss of $283.9 million. The fourth quarter included a $153.0 million impairment on the Duferdofin Nucor investment and an $84.1 million impairment tied to a blast furnace project in St. James Parish, Louisiana. Balance sheet and cash flow were comparatively strong. Cash and cash equivalents plus short-term investments rose to $2.04 billion, and cash provided by operating activities increased 61% to $2.16 billion, helped by working capital releases. Long-term debt was $4.36 billion, and the company held an undrawn $1.5 billion revolving credit facility. Management stated it expects 2016 sales and profitability on par with 2015, excluding the LIFO credit and fourth-quarter impairments, and projected capital expenditures of approximately $500 million for 2016. The company also authorized a $900 million share repurchase program in September 2015 and repurchased $66.5 million of stock in December 2015. The filing notes that the company has raised its base quarterly dividend every year since 1973, with total dividends declared of $1.49 per share in 2015. Management described the steel environment as one of the most arduous in company history, with U.S. steel mill capacity utilization dropping to 71% in 2015 and finished imports capturing 34% of the market. The company also disclosed that the Fifth Circuit reversed the MM Steel antitrust verdict against Nucor, reducing its estimable exposure to zero, while class certification in the Standard Iron Works antitrust litigation remains pending.
Feb 26, 2016
2014
Nucor Annual Report, Year Ended Dec 31, 2014
Nucor Corporation (NUE) reported net sales of $21.11 billion for 2014, up 11% from $19.05 billion in 2013, and net earnings attributable to Nucor stockholders of $713.9 million, or $2.22 per diluted share, compared with $488.0 million, or $1.52 per share, in 2013. Earnings before income taxes and noncontrolling interests rose to $1.20 billion from $791.1 million. The steel mills segment, the largest at $14.72 billion of external sales, earned $1.59 billion before taxes, while the raw materials segment swung to a $29.1 million loss, driven largely by operating losses of approximately $135 million at the Louisiana DRI facility, which suspended production in the fourth quarter after a process gas heater failure and is estimated to resume operations in late first quarter 2015. Management cites global steel overcapacity and imports as the central challenge. Imports of finished and semi-finished steel rose 38% in 2014 and accounted for approximately 34% of the U.S. market, and management states that it expects 2015 net sales and financial results to be similar to 2014. Capital expenditures are projected at approximately $500 million for 2015, and the company reported $1.02 billion in cash and cash equivalents and $100 million in short-term investments at year end, with long-term debt of $4.38 billion. The filing also discloses a pending antitrust judgment in the MM Steel case of $160.8 million, which Nucor is appealing to the Fifth Circuit with no reserve recorded, and an acquisition of Gallatin Steel Company for a cash price of $779.1 million in October 2014. The base quarterly dividend was raised to $0.3725 per share in December 2014.
Feb 27, 2015
2013
Nucor Annual Report, Year Ended Dec 31, 2013
Nucor Corporation (NYSE: NUE) reported 2013 net sales of $19.05 billion, down 2% from $19.43 billion in 2012, and net earnings attributable to Nucor stockholders of $488.0 million, or $1.52 per diluted share, compared with $504.6 million, or $1.58 per share, in 2012. Earnings before income taxes and noncontrolling interests were $791.1 million versus $852.9 million. The decline reflected a 5% decrease in the average sales price per ton to $803, partly offset by a 3% increase in tons shipped to outside customers. Gross margin was $1.41 billion (7%) versus $1.51 billion (8%). The steel mills segment, about 70% of external sales, saw earnings before taxes of $1.16 billion, roughly flat, while the steel products segment swung to a profit of $82.1 million from a $17.1 million loss. Raw materials earnings fell to $13.7 million. The company cited weak nonresidential construction, imports equal to about 30% of the U.S. steel market, and Chinese overcapacity as pressures on pricing and volumes. Management stated it expects net sales and financial results to be stronger in 2014 than in 2013, while noting continued adverse effects from general economic factors. Steel mills backlog rose to $1.77 billion from $1.46 billion, and steel products backlog rose to $1.27 billion from $1.17 billion. Cash and short-term investments totaled $1.51 billion, and long-term debt was $4.38 billion following a $1.0 billion bond issuance. Capital expenditures were $1.23 billion in 2013 and are projected at approximately $600 million in 2014, reflecting the suspension of new natural gas well drilling with Encana. The base quarterly dividend was increased to $0.37 per share, and the company's 2013 total dividend was $1.47 per share.
Feb 28, 2014
2012
Nucor Annual Report, Year Ended Dec 31, 2012
Nucor Corporation (NYSE: NUE) reported 2012 net sales of $19.43 billion, down 3% from $20.02 billion in 2011, and net earnings attributable to Nucor stockholders of $504.6 million, or $1.58 per diluted share, versus $778.2 million, or $2.45 per share, in 2011. Earnings before income taxes and noncontrolling interests fell to $852.9 million from $1.25 billion. The decline was driven primarily by a 3% drop in the average sales price per ton to $841, with the steel mills segment's average price falling each quarter of 2012 amid high imports (imports accounted for about 24% of the U.S. steel market) and new domestic sheet capacity. The company also recorded a $30.0 million impairment on its Duferdofin Nucor investment, a $17.6 million loss on the sale of Nucor Wire Products Pennsylvania assets, and $48.8 million of inventory purchase accounting adjustments related to the Skyline Steel acquisition, which closed June 20, 2012 for about $675.4 million in cash. Balance sheet and cash flow remained strong. Cash and cash equivalents plus short-term investments totaled $1.16 billion at year end, cash provided by operating activities was $1.20 billion, and long-term debt including current maturities declined to $3.63 billion from $4.28 billion after a $650 million repayment. The company paid a total dividend of $1.46 per share in 2012 and raised its quarterly base dividend to $0.3675. Management expects 2013 net sales and financial results to be stronger than 2012 but remains cautious, citing continued import pressure and weak nonresidential construction, and projects capital expenditures of approximately $1.1 billion in 2013, including the Louisiana direct reduced iron (DRI) facility expected to start up in mid-2013. Strategically, Nucor is building its raw materials position, with a 2.5 million metric ton DRI plant under construction in St. James Parish, Louisiana, and natural gas working interest drilling programs with Encana Oil & Gas (USA) Inc. Nucor faces an antitrust class action filed by steel purchasers, which management believes is without merit and whose outcome it cannot predict. Financial statements and most MD&A content are incorporated by reference from the 2012 Annual Report (Exhibit 13), which is included with this filing.
Feb 28, 2013
2011
Nucor Annual Report, Year Ended Dec 31, 2011
Nucor Corporation's 2011 Form 10-K reports a sharp recovery in earnings. Net sales rose 26% to $20.02 billion in 2011 from $15.84 billion in 2010, and net earnings attributable to Nucor stockholders were $778.2 million, or $2.45 per diluted share, compared with $134.1 million, or $0.42 per share, in 2010. The steel mills segment drove the improvement: its earnings before income taxes were $1.70 billion versus $778.9 million in 2010, aided by a 21% higher average sales price per ton ($832 versus $689) and higher metal margins. The average selling price per ton for the company overall rose 21% to $869, while total tons shipped to outside customers increased 5%. Management noted that sheet and plate prices declined during the second half of 2011 as domestic sheet capacity and imports increased. Balance sheet liquidity remained strong. Cash, cash equivalents and short-term investments totaled $2.56 billion at December 31, 2011, and the company had a $1.5 billion undrawn revolving credit facility. Long-term debt including current maturities was $4.28 billion, and the funded debt to total capital ratio was 36%. Cash provided by operating activities was $1.03 billion, while capital expenditures were $440.5 million. Management projected 2012 capital expenditures of approximately $1.0 billion, including the $750 million direct reduced iron (DRI) plant under construction in St. James Parish, Louisiana, with start-up projected for mid-2013. Management stated it expects 2012 net sales and financial results to be stronger than 2011, while cautioning that the nonresidential construction market remains depressed and that Europe's financial sector uncertainty and rising imports present risks. The filing also flags risks including exposure to volatile scrap steel and energy costs, a pending antitrust class action in which Nucor is one of several steel producer co-defendants, and the potential cost of greenhouse gas regulation. The company declared a quarterly dividend of $0.365 per share in February 2012, and the base dividend was increased from $0.3625 in December 2011.
Feb 28, 2012
2010
Nucor Annual Report, Year Ended Dec 31, 2010
Nucor Corporation and its affiliates manufacture steel and steel products, produce direct reduced iron (DRI) for use in its steel mills, and, through The David J. Joseph Company (DJJ) acquired in 2008, process and broker ferrous and nonferrous metals. The company reports three segments: steel mills (about 69% of 2010 sales to external customers), steel products, and raw materials. In 2010 net sales rose to $15.84 billion from $11.19 billion in 2009, and the company returned to profitability with net earnings attributable to Nucor stockholders of $134.1 million, or $0.42 per diluted share, after a net loss of $293.6 million in 2009. Gross margin improved to $843.7 million (5%) from $154.4 million (1%), and the filing notes that average steel mill utilization rose to about 70% from 54%. The filing describes a continued challenging demand environment. Management states that the recovery from the recession remains sluggish, non-residential construction remains depressed, and steel imports accounted for 21% of the U.S. market in 2010. Nucor cites overcapacity in China and unfairly traded imports as key competitive pressures. Management's outlook expects net sales and financial results to be stronger in 2011 than 2010, with 2011 capital expenditures projected at about $560 million, including the planned Louisiana DRI facility. Cash and short-term investments totaled $2.48 billion at year-end 2010, and long-term debt rose to $4.28 billion, with the company citing an A rating from Standard & Poor's and an A2 rating from Moody's. At year-end 2010 the company had no commercial paper outstanding and an undrawn $1.3 billion revolving credit facility maturing in November 2012. The filing also discloses a pending antitrust class action in which Nucor is a co-defendant with other major steel producers, and states that management cannot predict the outcome or estimate the range of potential exposure.
Feb 28, 2011
2009
Nucor Annual Report, Year Ended Dec 31, 2009
Nucor Corporation, a steel and steel products manufacturer and North America's largest recycler, reported a net loss for 2009, its first annual net loss in company history. Net sales fell 53% to $11.19 billion from $23.66 billion in 2008, as the average sales price per ton dropped 32% to $637 and total tons shipped to outside customers declined 30%. Net loss attributable to Nucor stockholders was $293.6 million, or $0.94 per diluted share, compared with record earnings of $1.83 billion, or $5.98 per diluted share, in 2008. Gross margin fell to $154.4 million (1%) from $4.05 billion (17%), and results were hurt by roughly $420 million from high-priced pig iron inventory consumed in the first three quarters, though the company returned to profitability in the fourth quarter. Management described steel market conditions as extremely challenging entering 2010, with industry capacity utilization at 51% in 2009 versus 81% in 2008, and expects any North American demand recovery to be a long, slow one. Nucor reported $2.24 billion in cash, cash equivalents and short-term investments, $3.09 billion of long-term debt, and no borrowings under its $1.3 billion revolving credit facility. Capital expenditures were $390.5 million in 2009 and are projected at about $400 million for 2010. The base quarterly dividend was raised 3% to $0.36 per share in December 2009, and total 2009 dividends declared were $1.40 per share, with no supplemental dividend paid in 2009. The company is pursuing a multi-pronged growth strategy that includes greenfield projects such as the Memphis special bar quality mill, the Blytheville Castrip facility and the Decatur galvanizing line, along with the 50% interest in Duferdofin Nucor in Italy. Key risks disclosed include climate change legislation that could raise energy costs, the cyclical nature of the steel business, Chinese steel overcapacity and imports, and a pending antitrust class action in which Nucor is a co-defendant.
Feb 25, 2010
2008
Nucor Annual Report, Year Ended Dec 31, 2008
Nucor Corporation's 2008 Form 10-K, filed with the SEC on February 26, 2009, reports record net sales of $23.66 billion and record net earnings of $1.83 billion, or $5.98 per diluted share, for 2008, up from $16.59 billion and $1.47 billion in 2007. The growth was driven by sharply higher steel selling prices and the 2007 and 2008 acquisitions, including Harris Steel and The David J. Joseph Company (DJJ). Gross margin fell to 17% from 19% as scrap and scrap substitute costs rose 58% to $438 per ton, and the LIFO charge increased to $341.8 million. Results weakened sharply in the fourth quarter: the company recorded a $105.2 million impairment of non-current assets, including $84.8 million on its HIsmelt investment, and production at the HIsmelt plant was suspended in December 2008. Management describes the outlook as very weak. The filing states that the economic downturn has severely hit construction markets, that high-priced scrap and pig iron inventory must be worked through, and that management is preparing for a long period of depressed demand. Capital expenditures are projected at about $400 million for 2009, down roughly 61% from 2008. The balance sheet remained strong, with cash and equivalents of $2.36 billion, long-term debt of $3.27 billion, and stockholders' equity of $7.93 billion. The company also raised about $1.99 billion in a May 2008 common stock offering. The base quarterly dividend was $0.35 per share, and the supplemental dividend was suspended in December 2008.
Feb 26, 2009
2007
Nucor Annual Report, Year Ended Dec 31, 2007
Nucor Corporation reported record net sales of $16.59 billion for 2007, up 12% from $14.75 billion in 2006, but net earnings fell 16% to $1.47 billion, or $4.94 per diluted share, from $1.76 billion ($5.68 per diluted share) in 2006. The company describes 2007 as the second-best earnings year in its history. Net earnings were 8.9% of net sales versus 11.9% in 2006, and return on average equity was 29.5% versus 38.3%. Gross margin declined from 24% to 19%, reflecting higher raw material costs (scrap and scrap substitutes averaged $278 per ton, up 13%) and LIFO charges of $194.3 million. Nucor operates two segments, steel mills and steel products, and is North America's largest recycler, recycling approximately 21 million tons of scrap steel in 2007. Growth in 2007 was driven largely by acquisitions, including Harris Steel (about $1.06 billion in cash), Magnatrax ($275.2 million), and Verco (2006). Cash used in acquisitions totaled $1.54 billion, and the company repurchased about 14.1 million shares for roughly $754.0 million. Long-term debt rose to $2.25 billion from $922.3 million after $1.3 billion of notes were issued in November 2007. Cash and cash equivalents ended the year at $1.39 billion, and working capital was $3.49 billion with a current ratio of 3.2. The filing also discloses a pending $1.44 billion cash acquisition of The David J. Joseph Company (DJJ), a scrap processor and broker, expected to close in the first quarter of 2008. Capital expenditures are projected at approximately $800 million for 2008, of which more than $300 million is allocated to greenfield projects including a special bar quality mill in Memphis, Tennessee and a Castrip facility in Blytheville, Arkansas. The filing flags several risks: cyclical end markets tied to non-residential construction, steel import pressure and global overcapacity, volatile scrap and energy costs, and proposed greenhouse gas legislation that could raise energy costs. On February 27, 2008, the board raised the quarterly base dividend 7% to $0.32 per share and declared a supplemental dividend of $0.20 per share, for a total quarterly dividend of $0.52 per share. The company paid total dividends of $2.43 per share in 2007 versus $1.88 in 2006.
Feb 27, 2008
2006
Nucor Annual Report, Year Ended Dec 31, 2006
Nucor Corporation's Form 10-K for fiscal 2006 reports record results for the third consecutive year. Net sales rose 16% to $14.75 billion in 2006 from $12.70 billion in 2005, and net earnings rose 34% to $1.76 billion, or $5.68 per diluted share. Net earnings were 11.9% of net sales, compared with 10.3% in 2005, and return on average equity was 38.6%. Gross margin improved from 20% to 24%. Steel mills net sales to external customers rose 18% to $13.03 billion, and steel products rose 5% to $1.73 billion. Cash provided by operating activities was a record $2.25 billion, and year-end cash and cash equivalents plus short-term investments totaled about $2.20 billion. Capital allocation was shareholder-focused. Nucor repurchased about 11.7 million shares for roughly $599.4 million and paid $577.8 million in dividends in 2006. In February 2007 the board raised the quarterly base dividend 10% to $0.11 per share and continued a $0.50 quarterly supplemental dividend, for an annualized rate of $2.44 per share. The company expects capital expenditures of about $940 million in 2007, of which about $500 million is allocated to greenfield projects. The largest planned growth move is the January 2007 cash tender offer for Harris Steel, valued at about US$1.07 billion, expected to close in the first quarter of 2007. The filing also flags risks that investors should weigh. Management cites cyclical end markets, scrap and energy cost volatility, and imports, and says the International Trade Commission's late-2006 decision to remove duties on many countries may allow more foreign steel into the U.S. The company describes itself as the nation's largest recycler, recycling over 21 million tons of scrap in 2006, and reports total long-term debt of $922.3 million against a $700 million unused revolving credit facility.
Feb 28, 2007
2005-A
Nucor Annual Report (Amendment), Year Ended Dec 31, 2005
Nucor Corporation filed this Form 10-K/A on November 20, 2006 to amend its 2005 annual report (originally filed March 7, 2006). The amendment restates the 2005 financial statements to reclassify $857.4 million of variable rate demand notes (VRDN's) from cash equivalents to short-term investments. The company states this restatement had no impact on net earnings, total current assets, changes in stockholders' equity, or cash flows from operating and financing activities. The amendment also adjusts all share and per share amounts for a two-for-one stock split effective May 31, 2006. For 2005, Nucor reported record net sales of $12.70 billion, net earnings of $1.31 billion, and diluted EPS of $4.13 (restated for the split), compared with $11.38 billion, $1.12 billion, and $3.51 in 2004. Net earnings as a percentage of net sales were 10.3%, and return on average equity was 33.9%. Cash provided by operating activities was a record $2.14 billion. Cash and cash equivalents were $980.2 million, with short-term investments of $857.4 million at year-end. Working capital was $2.82 billion and the current ratio was 3.2. Long-term debt was $923.6 million, and the company repurchased about 11.1 million shares for roughly $291.2 million in 2005. Management describes Nucor as the nation's largest recycler and North America's most diversified steel producer, with two segments: steel mills and steel products. The company expects 2006 capital expenditures of approximately $400.0 million, and it noted that a supplemental dividend of about $1.00 per share was estimated to be paid over the following four quarters. The filing also reports an annualized dividend rate of $1.40 per share following the February 2006 increase.
Nov 20, 2006
2005
Nucor Annual Report, Year Ended Dec 31, 2005
Nucor Corporation's 10-K for fiscal 2005 reports record results: net sales rose 12% to $12.70 billion from $11.38 billion in 2004, and net earnings rose 17% to $1.31 billion, or $8.26 per diluted share. The company operates two segments, steel mills and steel products, and is the nation's largest recycler, recycling over 23 million tons of scrap steel in 2005. Steel mills accounted for $11.06 billion of external net sales and $2.21 billion of pre-tax earnings, while steel products contributed $1.64 billion of sales and $180.8 million of pre-tax earnings. Average scrap cost rose 3% to $244 per ton, and a raw material surcharge introduced in 2004 helped Nucor maintain margins. Cash generation was strong. Cash provided by operating activities reached a record $2.14 billion, up from $1.02 billion in 2004. Cash and short-term investments grew to $1.84 billion from $779.0 million. Nucor repurchased about 5.6 million shares for $291.2 million, and dividends paid rose to $209.8 million. Long-term debt was unchanged at $923.6 million, and the company entered a new $700.0 million unsecured revolving credit facility with no borrowings outstanding at year end. Capital expenditures were $331.5 million, with 2006 projected at approximately $400.0 million, largely for the Trinidad DRI plant. Nucor completed several acquisitions in 2004 and 2005, including Corus Tuscaloosa, Worthington's cold mill, Fort Howard Steel and Marion Steel, and grew through joint ventures in iron-making (HIsmelt, Brazil pig iron, and Trinidad DRI) and rebar fabrication. The filing also states that the company's February 2006 board action raised the base dividend to $0.20 per share and set a supplemental dividend of $0.50 per share, implying an annualized rate of $2.80 per share. Risk factors center on steel price volatility, scrap and energy costs, cyclical demand, and imports.
Mar 7, 2006
2004
Nucor Annual Report, Year Ended Dec 31, 2004
Nucor Corporation reported record results for 2004, with net sales rising 82% to $11.38 billion from $6.27 billion in 2003 and net earnings of $1.12 billion, or $7.02 per diluted share (post two-for-one split), compared with $62.8 million in 2003. Earnings before income taxes were $1.73 billion versus $66.9 million a year earlier. Gross margin improved from 4% in 2003 to 20% in 2004, which the filing attributes to historically high selling prices, shipment growth, the raw material surcharge introduced in 2004, and the turnaround at the Decatur, Alabama sheet mill. Average sales price per ton rose 66% to $595, while total shipments to outside customers increased 9%. Steel mills accounted for $10.11 billion of external sales and $2.19 billion of pre-tax earnings, while steel products contributed $1.27 billion in sales and $149.6 million in pre-tax earnings. Raw material costs were the main pressure point. The average scrap and scrap substitute cost per ton rose 74% to $238 in 2004, and LIFO charges reached $375.9 million. Nucor responded with a raw material sales price surcharge that the filing says has allowed it to maintain margins and secure scrap. The balance sheet strengthened, with cash and short-term investments rising to $779.0 million, working capital to $2.11 billion, and stockholders' equity to $3.46 billion. Long-term debt was $923.6 million, and the filing reports long-term debt at 20% of total capital, down from 26%. Cash provided by operating activities was $1.03 billion. Looking forward, management said it expects capital expenditures of about $415.0 million in 2005, largely tied to relocating and refurbishing a direct reduced iron plant to Trinidad, and it plans acquisitions and joint ventures. Recent deals include the February 2005 purchase of Fort Howard Steel's Oak Creek, Wisconsin cold finish operation for $44.2 million. The board raised the base quarterly dividend to $0.15 per share and declared a $0.25 supplemental dividend, with management estimating a total supplemental dividend of $1.00 per share over four quarters.
Mar 8, 2005
2003
Nucor Annual Report, Year Ended Dec 31, 2003
Nucor Corporation's 2003 Form 10-K reports net sales of $6.27 billion for 2003, up 30% from $4.80 billion in 2002, driven largely by the Trico and Birmingham Steel acquisitions and record steel shipments to outside customers of 16,263,000 tons. Profitability fell sharply, however: net earnings declined 61% to $62.8 million ($0.80 per diluted share) from $162.1 million, and gross margin dropped from 10% to 4%. The filing attributes the decline to higher scrap and energy costs, larger LIFO charges of $115 million, pre-operating and start-up costs of $117.5 million (up 39%), and higher interest expense. Scrap prices rose $65 per ton (57%) from December 2002 to December 2003, and Nucor imposed a raw material surcharge effective January 2004, which management expects will improve margins. The balance sheet remained solid, with stockholders' equity of $2.34 billion, long-term debt of $903.6 million, working capital of $991 million, and a current ratio of 2.6. Cash and short-term investments rose to $350.3 million, and operating cash flow was $494.6 million. Capital expenditures were $215.4 million, and the company projects approximately $230 million for 2004. Management expects higher margins in 2004 than in 2003, citing improving supply and demand and economic recovery, while acknowledging that raw material costs, imports, and the economy add uncertainty. The company operates two segments, steel mills and steel products. The steel mills segment generated $5.45 billion of external sales and the steel products segment $819.7 million. Other items disclosed include a $21 million agreement to buy a one-half interest in Harris Steel, Inc., a 25% stake in the HIsmelt joint venture in Western Australia, and a 2003 backlog of about $1.43 billion, up from $816 million at the end of 2002.
Mar 12, 2004
2002
Nucor Annual Report, Year Ended Dec 31, 2002
Nucor Corporation, the steel producer, reported record 2002 steel production of 13,622,000 tons and net sales of $4.80 billion, up 11% from $4.33 billion in 2001. Net earnings rose 43% to $162.1 million, or $2.07 diluted earnings per share, from $113.0 million, or $1.45 per share. Earnings benefited from a $29.9 million pre-tax graphite electrodes anti-trust settlement and $16.2 million of state income tax credits recorded in the fourth quarter. Pre-operating and start-up costs fell to $84.4 million from $97.8 million, though gross margin was 10%, unchanged from 2001. Results were weighed down by a depressed non-residential construction market that hurt the steel products segment, where net earnings before income taxes fell to a loss of $407,489 from $98.4 million in 2001. During 2002 Nucor expanded its steel mill footprint significantly. It acquired the Trico Steel sheet mill in Decatur, Alabama for $117.7 million in July, and the Birmingham Steel assets for approximately $615 million in December, funded largely by a $350 million 4.875% note issue due 2012. Long-term debt rose to $878.6 million from $460.5 million, and the debt-to-capital ratio reached 26% versus 16% a year earlier. Cash and short-term investments fell to $219.0 million. Management expects 2003 capital expenditures of less than $300 million and says earnings will depend on the economy, the construction industry, and relief from dumped steel imports, noting that the past year was one of the toughest the steel industry has experienced in decades. The filing shows stockholders' equity of $2.32 billion, or $29.71 per share, and a 7.2% return on average equity. Shares outstanding were 78,180,108 at year end. Working capital declined 6% to $832.6 million, and the current ratio was 2.4. Nucor reported that cash provided by operating activities was $497.2 million in 2002, roughly flat with $495.1 million in 2001.
Mar 25, 2003
2001
Nucor Annual Report, Year Ended Dec 31, 2001
Nucor Corporation's 2001 annual report on Form 10-K shows a sharp earnings decline driven by weak steel pricing. Net sales fell 10% to $4.14 billion from $4.59 billion in 2000, as the composite sales price per ton dropped 18% to $338 from $410, which management attributes to the continued flood of imports and the economic downturn. Net earnings fell to $112.96 million, or $1.45 per share, from $310.9 million, or $3.80 per share, in 2000. Gross margin narrowed to 8% from 14%, and pre-operating and start-up costs rose to $97.8 million from $50.9 million, mainly related to the new plate mill in North Carolina and the Vulcraft facility in New York. Earnings included a $20.2 million pre-tax gain from the sale of Nucor Iron Carbide. Record steel shipments of 12.1 million tons and record sales to outside customers of 11.03 million tons partially offset the price decline. The balance sheet remained strong, with cash and short-term investments of $462.3 million, working capital of $889.5 million, a current ratio of 2.8, and long-term debt of $460.5 million. Operating cash flow fell to $495.1 million from $820.8 million. Capital expenditures were $261.1 million in 2001, and management projects them to be below $200 million in 2002. The company also disclosed acquisitions of Auburn Steel's bar facility for about $115 million and ITEC Steel, plus a pending purchase of Trico Steel's sheet mill for about $120 million and a $500 million offer for Birmingham Steel's assets. Management cites the presidential steel tariffs announced in March 2002 as a key factor for 2002, and warns that the past year was among the toughest the steel industry has faced in decades. For investors, the filing describes a company that is leaving the 2001 downturn with a conservative capital structure and a growing asset base, while earnings are highly sensitive to import levels, the construction economy, and the tariff remedy. Management expects above-average earnings from steelmaking over time but notes that external factors will significantly affect results.
Mar 22, 2002
2000
Nucor Annual Report, Year Ended Dec 31, 2000
Nucor Corporation's 10-K for fiscal 2000 reports net sales of $4.59 billion and net earnings of $310.9 million, or $3.80 per share, compared with $4.01 billion and $244.6 million ($2.80 per share) in 1999. Sales were a record and rose 14% from 1999, with more than 55% of the increase attributed to higher volume. The company states that demand decreased and imports increased significantly in the second half of 2000, and that difficult business conditions that began in that period are expected to continue through the first half of 2001. Nucor's average scrap cost rose to $120 per gross ton used in 2000 from $111 in 1999. Steel production reached a record 11,271,000 tons. The balance sheet remained strong, with stockholders' equity of $2.13 billion and long-term debt of $460.5 million, which the filing states was 16% of total capital. Working capital fell to $823.4 million, and the company repurchased treasury stock for $398.7 million during 2000. Capital expenditures were $415.4 million in 2000, with 2001 projected to be less than $300 million. The filing also describes a December 2000 consent decree with the EPA and several states, under which Nucor agreed to pay a $9 million civil penalty and $4 million in supplemental environmental projects, and to carry out pilot environmental control programs at its facilities. Growth projects include a 1,000,000-ton plate mill in North Carolina that began casting and rolling in October 2000 at a cost of about $450 million, and a pending agreement announced in March 2001 to buy Auburn Steel Company's merchant bar facility in New York for about $115 million.
Mar 28, 2001
1999
Nucor Annual Report, Year Ended Dec 31, 1999
Nucor Corporation's 10-K for fiscal year 1999 reports net sales of $4.01 billion, down from $4.15 billion in 1998, and net earnings of $244.6 million, or $2.80 per share, versus $263.7 million, or $3.00 per share, a year earlier. The filing attributes the decline in sales and earnings primarily to decreased sales prices, which followed a period of significantly increased steel imports, many at dumping prices, during 1998 and the first half of 1999. Raw material costs fell 20% in 1999, and the company reports a record production of 10,376,000 tons, up 8% from 1998. Return on average equity was 11.3%, compared with 13.4% in 1998. Nucor's balance sheet strengthened during the year. Working capital rose 57% to $1.01 billion, the current ratio reached 2.9, and cash and short-term investments increased to $572.2 million, largely from a $175 million notes issuance due 2009. Long-term debt to total capital rose to 13.3% from 8.4%. Capital expenditures were $374.7 million in 1999, and the company expects more than $400 million in 2000. Major projects under construction include a 1,000,000-ton steel plate mill in Hertford County, North Carolina, costing over $350 million, with start-up expected in the third quarter of 2000, and a second caster at the Berkeley County, South Carolina sheet mill. The company's management states that it expects to continue generating above-average earnings from steelmaking and anticipates steel production to increase significantly over the next several years, with potential capacity exceeding 13,000,000 tons per year. Nucor reports only one business segment, steel products, and the filing discloses no material pending legal proceedings beyond a $340,000 air emissions penalty paid in the fourth quarter of 1999.
Mar 23, 2000
1995
Nucor Annual Report, Year Ended Dec 31, 1995
Nucor Corporation's 1995 Form 10-K reports that the company's business is the manufacture and sale of steel products, which accounted for all of its sales and earnings in 1995, 1994 and 1993. Net sales rose to $3.46 billion in 1995 from $2.98 billion in 1994, and net earnings increased to $274.5 million, or $3.14 per share, from $226.6 million, or $2.60 per share. The filing states that earnings were 21.9% of average equity in 1995, and that the increase in earnings resulted primarily from higher sales volume. Production reached 7,865,000 tons, a 12% increase, and steel sales to outside customers were 6,745,000 tons, 13% higher than 1994. The balance sheet strengthened over the year. Working capital rose about 50% to $383 million, the current ratio improved to 1.9, and long-term debt fell to 6% of total capital from 12% in 1994. Cash and short-term investments increased to $201.8 million. Capital expenditures were $263 million in 1995 and are projected to exceed $500 million in 1996, funded by operations, existing credit facilities and new borrowings. The company is constructing a sheet steel mill projected to cost about an additional $300 million and to be operational by early 1997. Unused long-term credit facilities totaled $245 million at year end. Management states the company expects to continue generating above-average earnings from steelmaking and anticipates total steel production of close to 10,000,000 tons in the next several years. The company also noted that its low cost and production efficiency are the most significant factors in its competitive position, and that Nucor's markets are tied to capital and durable goods spending. Legal proceedings are described as immaterial.
Mar 29, 1996
1994
Nucor Annual Report, Year Ended Dec 31, 1994
Nucor Corporation's 10-K for fiscal 1994 reports net sales of $2.98 billion, up from $2.25 billion in 1993, and net earnings of $226.6 million, or $2.60 per share, compared with $123.5 million, or $1.42 per share, in 1993. The company describes its business as the manufacture and sale of steel products, made primarily from scrap using electric furnaces, continuous casting and automated rolling mills. The filing attributes the sales increase primarily to higher volume, and the earnings increase primarily to higher sales and margins from increased volume and average prices. Cost of products sold rose to $2.49 billion, and the company reported a return on average equity of 22.4%, versus 14.6% in 1993. Balance sheet and cash flow strengthened over the year. Working capital increased about 118% to $256 million, the current ratio rose to 1.7, and long-term debt fell to $173 million from $352 million after net repayments of $179 million. Cash provided by operating activities was $424.9 million, while capital expenditures declined to $185 million from $364 million in 1993. The filing projects capital expenditures of more than $200 million in 1995 and states that operating cash flow, existing credit facilities and new borrowings are expected to be adequate for future needs. Backlog stood at about $715 million at December 31, 1994, up from $445 million a year earlier, and average facility utilization was about 90%. The company reported 5,900 employees and 38,000 stockholders, with 87,355,904 common shares outstanding at February 28, 1995. Detailed financial results are incorporated by reference from the 1994 annual report, which is included as Exhibit 13. The independent auditor, Coopers & Lybrand L.L.P., issued an unqualified opinion on the financial statements dated February 21, 1995.
Mar 23, 1995
1993
Nucor Annual Report, Year Ended Dec 31, 1993
Nucor Corporation's 10-K for fiscal 1993 reports net sales of $2.25 billion, up from $1.62 billion in 1992, and net earnings of $123.5 million ($1.42 per share), compared with $79.2 million ($0.92 per share) a year earlier. The company states that its business is the manufacture and sale of steel products, which accounted for all of its sales and earnings in 1993, 1992 and 1991. The company attributes the earnings increase primarily to higher sales volume and higher average prices. Raw material costs rose about 15% in 1993, and the company reported a backlog of about $445 million at December 31, 1993, versus about $276 million a year earlier. Average utilization of operating facilities was about 90% of production capacity during 1993. Capital expenditures were $364 million in 1993, versus $379 million in 1992, and are projected to exceed $200 million in 1994. Long-term debt rose to $352.3 million from $246.8 million, and the long-term debt to total capital ratio was 25% in 1993 compared with 21% in 1992. Total assets were $1.83 billion and stockholders' equity was $902.2 million at year-end. Management states that funds from operations, existing credit facilities and new borrowings should be adequate for future capital expenditure and working capital needs. Unused long-term credit facilities totaled $270 million at year-end 1993. The filing describes Nucor as a company with 5,900 employees, with its principal operating facilities in Arkansas, Nebraska, Utah, South Carolina, Texas and Indiana. The company reports that its legal proceedings are immaterial. Cash dividends were $0.16 per share in 1993, up from $0.14 in 1992, following a 2-for-1 stock split in September 1993.
Mar 24, 1994