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Nucor Annual Report, Year Ended Dec 31, 1995

Filing Date
Filed March 29, 1996
Period End
December 31, 1995
Security
NUE
In the record · 2016–202610-K1110-Q328-K111

NUE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 111 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 10-K filed March 29, 1996. Cited figures are marked; the original filing is the authoritative source.

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 billiona 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 millionb, 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 millionc 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.

02—Key points

Key Highlights

  1. Net sales of $3.46 billion in 1995, up from $2.98 billion in 1994.
  2. Net earnings of $274.5 million, or $3.14 per share, up 21% from $2.60 per share in 1994.
  3. Steel production of 7,865,000 tons in 1995, a 12% increase; outside steel sales of 6,745,000 tons, 13% higher.
  4. Long-term debt fell to 6% of total capital in 1995 from 12% in 1994; working capital rose about 50% to $383 million.
  5. Capital expenditures of $263 million in 1995, with more than $500 million projected for 1996, including a sheet steel mill costing about $300 million more to complete, operational by early 1997.
  6. Backlog of orders about $610 million at December 31, 1995, versus about $715 million a year earlier.
  7. Average utilization rate of operating facilities was approximately 90% of production capacity in 1995.

03—Questions

Frequently Asked Questions

  1. How did Nucor's profitability change in 1995?

    Net earnings rose to $274.5 million, or $3.14 per share, from $226.6 million, or $2.60 per share, in 1994. The filing says the increase resulted primarily from increased sales due to increased volume, and earnings were 21.9% of average equity.

  2. What is Nucor's financial position and borrowing capacity?

    Long-term debt was $106.9 million at year end, or 6% of total capital, down from 12% in 1994. Working capital was $383 million and the current ratio was 1.9. Unused long-term credit facilities totaled $245 million.

  3. What are Nucor's capital spending plans?

    Capital expenditures were $263 million in 1995 and are projected to be more than $500 million in 1996. The filing notes a sheet steel mill projected to cost about an additional $300 million to complete, expected to be operational by early 1997.

  4. What products and markets does Nucor serve?

    Nucor manufactures steel products, including hot rolled and cold rolled steel, cold finished steel, steel joists and joist girders, steel deck, steel fasteners and grinding balls. Products are sold to steel service centers, fabricators, manufacturers and general contractors, and markets are tied to capital and durable goods spending.

  5. What does management expect for the future?

    Management states that steel will remain a key factor in future performance and expects to continue generating above-average earnings from its steelmaking operations. Total steel production is anticipated to increase from 7,865,000 tons in 1995 to close to 10,000,000 tons in the next several years.

04—Continue

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