The following Management's Discussion and Analysis of Financial Condition and Results of Operations of Nucor Corporation should be read in conjunction with the consolidated financial statements of | March 1, 2023 So I wonder if you could update us on how those contract negotiations went now that there over and any changes in your exposure to automotive please. Again, the next is going to be incremental benefits from the ramp of three major projects, the Hickman galvanized line, the Gallatin hot mill to the extent that there is enough sheet demand to ship some portion of that another 8,000 tons of extra capacity we will have for the year, and then finally the Kankakee, our merchant bar mill, we have been running parts of its capability, but not it's full range yet and so there's still some incremental capacity in Kankakee that we are not benefiting from that we will benefit from next year, so another positive for the years outlook. And so we would expect that we need to keep investing and returning capital to investors both and we have the capacity to both as we go forward. Yeah. You mentioned you are hot band exposure in right now, we are looking at historically wide spreads between hot rolled and value-added products. Capital returns have averaged 58% of net income over the five-year period ending in 2021 and they were 55% of Nucor's net income for the year up 2021. As Leon mentioned, fourth quarter of 2021 earnings of $7.97 per diluted share established a new quarterly record, eclipsing the prior record of $7.28 per share established in last year's third quarter. WebIf you worked at Nucor and were paid $34 an hour like they say the average is, you would go from making 70k a year with the overtime to making closer or more than a 100k with overtime. At year-end gross debt as a percentage of total capital was approximately 28%, while net debt was about 14% of total capital. 65 Day Avg Vol 1,846,352. So that's what we hear from our customers when we see this temporal correction. 06/30/1995. So that is going to continue. And our customers are overwhelmingly bullish on their 2022 demand. The statutory federal tax rate for corporate profits is 21 percent. One is non-residential construction. I'm going to turn this one to Rex Query, our EVP of our Sheet and Tubular who is over the Hannibal Industries and then maybe Chad touch on our CENTRIA and Metl-Span. Our next question comes from Emily Chieng with Goldman Sachs. Our next question comes from Timna Tanners with Wolfe Research. With approximately half of Nucor's products going into the construction market, we stand ready to help our country meet its infrastructure needs. Yeah. At what point does a company become too large for profit sharing to make a difference in employee motivation? My first question is just around the capital allocation and I think last year churn that you have been able to execute both growth and a significant amount of capital returns. So, the acquisition of CSI for us and having JFE as a second partnership in California and again majority shareholder in that operation, it's really exciting for us. We have got one in Mexico now that's consuming substrate, part of the subsidy comes out of our Berkeley mill and we are getting ready announced another galv line soon. We have done things that many in our industry have not. A full benefits package, including Medical/Dental/Vision insurances; Short-Term and Long-Term Disability; Life Insurance for you and your dependents; Vacation Days; 10 Paid Holidays; Personal and Safety Award Days; Nucor Profit Sharing program; 401k with a match; Nucor stock purchase program; Tuition Reimbursement for you and a The Finally, I would also like to mention a new project in our bar mill group. REAL TIME 2:15 PM EST 02/27/23. It's eight word, is to grow core, expand beyond and live our culture. Every single day our nearly 29,000 team members remain focused on our company's mission to grow our core steel making capabilities, while expanding our presence into related businesses that fit with our culture and leverage our strengths. In December, we announced an agreement to acquire a majority ownership stake of 51% in California Steel Industries for about $400 million. Nucor had 16 divisions that went zero recordable injuries in 2021 and I look forward to the day when our entire company achieves that same goal. Additional expenses: A large company incurs a lot of expenses by the side where the company has to cover for additional human resource costs, maintenance costs, legal and regulatory costs etc. A New Dividend King is Crowned 50 Years of Dividend Increases. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. Deferral limits for 401 (k) plans. There are some headwinds for next year. Billions could be poured into exploration companies searching for new U.S. deposits. We continue to see solid seasonal adjusted quoting activity. Our quarterly dividend is now about 30% higher than it was in 2018. That value will continue to increase. It's all BS. While we faced some short-term challenges with chemical supply and a portion of inadequately priced backlog at the time of acquisition, we are still very excited about our future in IMP. See what's happening in the market right now with MarketBeat's real-time news feed. I think there's three things of Nucor's touched on over really the last year. By executing operationally across our business lines and in parallel, investing in Nucor's future, we are generating attractive returns for our shareholders and positively impacting our local communities. Longs, plate, beams -- bars, they really should do a little better in 2022 overall than they did '21, because again we started out with a weak first quarter for lot of these businesses. 1 There are also limits on the amount of your pay that goes into figuring out contributions. Chips and auto won't ramp up till later this year. You mentioned that you expect earnings to decline due to the lower flat roll margins, but was just wondering if you could talk about the order entry rate in January and how you see the volumes for the first quarter. The valuation is attractive and the dividend yield is interesting. That being said, what I would tell you again in two, just over two years I have been CEO that demand picture is changing markedly literally day-to-day. What we hear from our customers is they do expect 2022 overall to be a fairly strong year from demand. The pricing for our product is always driven by demand and what we see in the plate market, I would highlight three key markets for us. We have finished the year close to $800. Earlier this month, we shipped our very first coil of Econiq to General Motors after having just launched this new line of steels this past October. That's the biggest question mark in your forecast for the year is what sheet does. Cumulative EBITDA already exceeds the investment outlays for the Gallatin galvanizing line and the Ohio rebar mill modernization. The company has operating facilities, primarily in the United States and Canada. For example, five major greenfield projects completed commissioning and startup over the 2019 through 2020 time period. For the full year of 2021, they generated EBITDA totaling $674 million. If there is any indication of weakness, it's around supply chain and that true consumption in demand at the OEMs. And before I turn the call over to Jim, I would like to congratulate the entire Nucor team on reaching new heights to achieve our safest and most profitable year in company's history. The company match changes every year depending on how the company is performing. Fourth quarter earnings also exceeded our guidance range of $7.65 to $7.75 per diluted share. Behr? So we are in the 80% range in overall target for us, so fairly typical from a volume standpoint as we finish up contract season for heading into 2022. When we think about our free cash flow next year, we reduced our share count by 11% last year through significant capital or returns of capital to investors through share repurchases. As of 12/31/18, this particular employee is 40% vested, and therefore, entitled to $400 of the $1,000 balance. Please check your download folder. And -- but we do use an intrinsic value model that we show the Board every quarter. Auto is still down, because of the chips. This could be another year of strong free cash flow where we return to a sizable amount of cash to our investors. Separate question please on Econiq for the green steel brand. On the contract side, we are -- contract season I would say it was what we expected. Most profit sharing payments are contributed directly to teammates' retirement savings accounts, and as a result, we believe that Nucor teammates are far more prepared for retirement than the average American. Thank you for your interest in Nucor. By so many measures 2021 was an extraordinary year for Nucor. These returns were of course funded by our strong cash provided by operating activities, also a new record of $6.2 billion. Reflecting this for 2021, our profit sharing total about $850 million. Very, very good color. We started went up at Gallatin the year before that. Web16 Nucor reviews. With our team's disciplined focus on execution and Nucor's financial and operational strengths, we expect to realize very attractive returns on our investments. 21 June. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. And then finally, intercompany eliminations, last year our intercompany eliminations expense to revalue inventory to the cost of manufacture totaled about $776 million and it's going to be a much smaller number next year. Nucor's liquidity also includes our undrawn $1.75 billion unsecured revolving credit facility. And that concludes today's question-and-answer session. We look forward to continuing to offer Econiq to more customers, and of course, lower greenhouse gas emission steel across our product portfolio. Yeah, thanks, Emily. 5 Good luck in the year. But the way the market is right now, we are going to start out at a much slower pace in the first quarter and it's going to depend on market demand. We have talked about that quite a bit. So we are able to ramp that up as we see fit. 401 (k) Plan. Established in 1985, the plan covers all the employees of Nucor, a US steel producer. We have much to look forward to as we progressed throughout this new year. Is Stellantis Stock a Value Investors Dream? We are very, very excited. It'll be much closer to zero. Thank you, Chad. Focusing on the quarter, we expect consolidated net earnings attributable to Nucor shareholders will be slightly reduced from the fourth quarter of 2021's record results. Thanks for taking the question. Hey, a couple of questions on the market. Charlotte, North Carolina-based Nucor Corp. has reported net earnings of $2.36 billion for its fiscal year 2018, which coincides with the calendar year. And also can you talk about the ramp up profile at Gallatin and the total incremental volumes you expect from the mill for the current quarter as well as the full year. And so we expect to see margin expansion in the first quarter and beyond for those businesses so that's a positive. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. And it's -- the heart of it is non-res construction biggest user steel, but we are still not benefiting yet. We are going to make sure we take care of and service our customers. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, Turning to our fourth quarter results. Real-time analyst ratings, insider transactions, earnings data, and more. We are starting out with a carbon intensity that is 3x or 4x lower than some of our integrated competitors. Can you give us a bit more color on the scale of volume growth you think could be achievable say in the next one to two years. $0.07. So we want to make sure that equipment is ready and available as we progressed out. The Nucor stock prediction results are shown below and presented as a graph, table and text information. Also, most of its operating facilities and customers are located in North America. They are tasked with growing that business. We are also expanding our presence in the Western U.S. Get short term trading ideas from the MarketBeat Idea Engine. Hannibal has been very successful, but also just a cultural fit in the first place. WebNucor net income for the twelve months ending December 31, 2022 was $7.581B, a 11.56% increase year-over-year. Yeah, Emily. Eventually, all companies would want to have a consistent positive and growing net income, so that this can be used for various purposes Thank you. I will finish up on the Hickman galv line. And so what I would tell you in a year that was way off because of the chip shortages in 2021 somewhere in that 12.5 million, 13 million units Nucor share in automotive grew and that is going to continue to grow. [Operator Instructions]. So the supply chain got full very quickly and maybe some even some over buying. Form 4 or Form 5 obligations may continue. And before I leave this topic, I just want to note that we believe we are seeing an acceleration of a transformation in our industry that has been underway for decades, forces driving economic efficiency and lower emissions in steel making. As we have mentioned throughout the call, we used to track and ensure, I think, the numbers of end markets and we track virtually every end market that you can imagine, of all of the end markets we look at virtually every one of them is projected to grow. And in particular, if we think about our sheet group and their performance, the sheet group set a record in terms of shipments at over 11 million tons, generated over $6 billion in EBITDA performance. You are going to see Nucor continue to grow our capability. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. 92% I'm proud to tell others I work here. Nucor gross profit for the twelve months ending December 31, 2022 was For 2022, we project capital spending of approximately $2.3 billion. A Buying Opportunity? And our next question comes from Michael Glick with JPMorgan. Is Does Magna International Earnings Warning Bad for EV Sales? Do you expect that spread to contract back to where it has been historically or do you think there is something special going on to keep those spreads wider than we have seen historically? The following Management's Discussion and Analysis of Financial Condition and Results of Operations of Nucor Corporation should be read in conjunction with the consolidated financial statements of | March 1, 2023 I am extremely proud of all of our teammates who are working so hard on all of these projects as they are prime examples of Nucor's continued execution of our mission to grow the core, expand beyond and live our culture. Got it. I have a few questions first from plate and then I will follow up later on green steel please. We currently expect capital expenditures over the next 3 years to total approximately $5.5 billion. Nucor net income for the quarter ending December 31, 2022 was, Nucor net income for the twelve months ending December 31, 2022 was. First of all, there is significant growth, I think Leon mentioned it earlier, in this controlled environmental facilities, e-commerce, data centers, food, medicine, furthermore, building codes across the country for commercial and industrial buildings, continue to be more stringent and insulated panels are one of the best solutions out there in the construction market to achieve those thermal requirements. Yeah, maybe I will start and Rex maybe if you want to add some color. The announcement of our rebar micro mill to continue our market leadership position in rebar, the new mill in West Virginia, we are incredibly excited about, because again it provides a long-term differentiated value proposition for our customers that they have been asking for it in need. Better than expected results for the month of December were achieved across a broad group of businesses. 08/11/1995. It's going to have a capacity over the year to give us an incremental 800,000 to 900,000 tons. On December 16th, our Nucor Steel Arkansas Sheet Mill produced its first prime coil from its new generation 3 flexible galvanizing line. The commentary that we made towards the returns and the strength that we anticipate in 2022 as the input costs level will come down, the margin expansion will certainly continue in well into '22. View Russia Ignites West's Battle for Energy Independence, View 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, View Want Monthly Income? Thanks, Leon. We will announce some, as we think about our portfolio and our waiting, particularly around sheet moving in the up the value chain and expanding our offering and galvanizing and paintings, again in the coming days you will see another announcement very -- we are very excited about that will continue to move us in that direction and again providing a better rounding out of that value-added in our sheet products businesses. Thanks. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. At the same time balancing out, we have invested a lot of money. The automotive sector that Jim Frias mentioned as well. While our 2021 performance unquestionably benefited from an exceptionally strong steel industry up cycle, Nucor's results were also fueled by our team's focus and commitment to safely meeting our customers' needs. 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Disciplined execution of our growth strategy over the years is a significant factor underlying our success. Akamai Technologies Earnings Sell-Off. So, well, I think there is some correction. In fact, our estimated growth for full year 2022 is about 6% in terms of overall shipment increase. Switching to the plate market, our Brandenburg, Kentucky greenfield mill is on track to begin rolling its first steel plate product in the fourth quarter of this year with a capability to manufacture nearly all the different types of plate products consumed in the United States, Brandenburg will position Nucor as the supplier of choice in the domestic plate market, which includes applications in offshore wind, heavy equipment, construction and military. So you saw demand increase, considerably pricing run off. March 1, 2023 And speaking of those, as we move into 2022, we are not letting up when it comes to executing our strategy to grow our value-added product portfolio and expand into new product markets and geographic regions. We have performed in a really tight market for our customers and we have the interest in renewing contracts, that's what we saw for this season. And so as we move forward the short-term inflection that we are seeing both in pricing as well as some of the volumes that we think are a short-term factors are based on imports and obviously what we saw in the third quarter in terms of buying patterns are the spread between HRC domestically and internationally was at a all-time high. It's not about adding capacity. Congrats again, and thank you. Rex, you want to touch on contracts? We are not looking to move to 20% or 25% of our overall mix in automotive, but to be in that 10% to 12% range I think is probably about the right number today. Yeah. For the full year 2021, Nucor reported consolidated net earnings of $6.83 billion, or $23.16 per diluted share, compared with consolidated net earnings of $721.5 Net income for 2021 was $6.8 billion and full year earnings per share was $23.16, which were both notable increases over the prior records we'd set in 2018 with $2.4 billion of net income and an EPS of $7.42. They are the rolling mill modernization at our Ohio rebar mill, the hot band galvanizing line at our Kentucky sheet mill, the specialty cold rolling mill at our Arkansas sheet mill, the rebar micro mill in Missouri, and the rebar micro mill in Florida. Our daily ratings and market update email newsletter. Nucor annual/quarterly net income history and growth rate from 2010 to 2022. So we are already evaluating acquisition potential, greenfield potential in the racking business so we stepped into that business for the purposes of growing and growing further geographically and expanding our capabilities there. An Overview of Blue Chips. We are currently evaluating potential sites and are excited about this opportunity to grow our profitable leadership position in rebar, a core business for Nucor throughout the last 50 years. Sheet could be slightly down whereas other products we would think would more than offset them in general and we will see that volumes would probably improve from that level in the second quarter because there are winter factors with weather stuff that affect some of the shipments and also home crowd is affecting supply chains. We are very excited to partner here with JFE Steel Corporation on our second joint venture. The demand in key markets is very good and we instituted a published price in obviously of 2020 and that's a relevant price. 92% It's going to be an automotive capable and focused galv line with the additional or the extra high strength. And as Jim will share, we remain very well capitalized enable to pursue our objectives. They are, the expansion and modernization of the Gallatin sheet mill and the Generation 3 flexible galvanizing line at the Hickman sheet mill. We will take our next question from Seth Rosenfeld with BNP Paribas Exane. Once the $400 is distributed to the employee, the residual $600 is forfeited and no longer due to A.. In December, we announced our plan to build a new rebar micro mill with annual capacity of 430,000 tons in the South Atlantic region. Full -- there is additional work to be done, which is part of the plan. Got it. We don't know what the rest of the year will bring. Over the years, the company has grown through acquisitions as well as by tapping new markets and expanding geographically. Currently, Nucor is trading at 12.4x next year's earnings and a dividend yield of 3.4%. And as far as the margins and our backlog, there are solid. The U.S. invoked the Defense Production Act to jumpstart domestic mining and production of critical minerals such as cobalt, lithium, and rare earths, which the U.S. desperately needs for its military and green tech. And again just why IMP. In terms of the overall, where that ends up, I am not going to speculate, I would tell you that with a healthy functioning market, it's going to find its equilibrium. Zoetis, Pet-Med Specialist, Double-Digit Earnings Growth Ahead, 3 Mid-Cap Earnings Plays to Watch This Week. So those would be our thoughts about how to think about the whole year from a big picture perspective. The steelmaker says its record earnings per diluted share of $7.42 is 24 percent higher than previous record earnings of $5.98 per diluted share reported in 2008.. Get daily stock ideas from top-performing Wall Street analysts. It also produces direct reduced iron ('DRI') that is used in its steel mills. And again we expect Gallatin to continue to ramp up and made its objectives and hit the nameplate investment, which is about 1.4 million tons of additional capacity. Hope all of you are doing well. We have the opportunity to continue to enhance that and do what's required to meet that demand picture. 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