The insulated metal panel space has been attractive to Nucor for a long time and we were excited back in 2019 to purchase a start-up company called TrueCore and we are equally excited to welcome the Cornerstone IMP team into Nucor. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. So the raw material segments will be a small tailwind, a strong headwind, excuse me, and depreciation and amortization is going to be higher. How much money do Nucor employees make? So integration to us, we look at that leadership and entered an existing company and we evaluate that fit as well. WebNucor Corporation Profit Sharing and Retirement Savings Plan is a multi-employer defined contribution corporate pension fund based in Charlotte, North Carolina. Better than expected results for the month of December were achieved across a broad group of businesses. Hey, a couple of questions on the market. 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 The Nucor stock prediction results are shown below and presented as a graph, table and text information. Our next question comes from Timna Tanners with Wolfe Research. This will be Nucor's third rebar micro mill joining micro mills in Missouri and Florida that begin operations in 2020. By creating a free account, you agree to our, Home Depot Stock Earnings Slide, Long Term Value Still There, AbbVie Stock Still a Solid Buy Despite Challenges, 7 Cash Rich Stocks That Offer Safety in Any Market, The Best Strategy For Your Small Trading Account, 7 Battery Stocks That Will Make You a Millionaire by 2030. Deferral limits for 401 (k) plans. For a long time, we have been in that 1.5 million, 1.6 million ton a year range in the automotive side. 06/15/1995. A Buying Opportunity? 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. We are confident that 2022 will be another year of strong profitability for Nucor, fueled by continued strong end-use market demand for our wide range of steel and steel products, better margins in our steel product segment as pricing is now caught up with higher steel input costs and lower intercompany inventory revaluation expenses, reflecting flatter steel and raw material cost compared to 2021. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. 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. More and more companies as you guys know developers and owners, see the value and are focusing on the E in ESG and we have also watch the growth of IMP in Europe and we believe the U.S. market while currently about a $1 billion market for IMP, we believe that could grow in excess of $2 billion, so still on-boarding, still integrating, there are a few challenges to work through, but excited about the future. That is a booming industry that really is insulated from the traditional cyclicality of steel making. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. I will finish up on the Hickman galv line. WebDistributions. Good afternoon, and welcome to our 2021 fourth quarter and full year's earnings call. You are going to see Nucor continue to grow our capability. 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. Just like Rex said about Hannibal, but especially in the IMP space and Leon mentioned about that space and I want to actually to talk a little bit more about it, but we are excited about the Cornerstone IMP acquisition, the team that we now have. The steel product segment is expected to achieve further margin expansion and profitability in the first quarter of 2022 as backlog pricing continues to improve. Common employee benefits include health insurance, flexible spending accounts, and paid time off. I will stop there. And maybe at the end I will make some comments about the year that are more global about what we are thinking about regarding the economic impacts of Nucor. As most of you know, we are committed to first investing for profitable growth, while maintaining our strong investment grade credit rating and returning capital to our shareholders through cash dividends and share repurchases, a minimum of 40% of net income over time. 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. Yeah. Thank you for your interest in Nucor. The green economy is being built on steel and the steel is built on matters. So as those mill to generate the returns and the EBITDA and the margins, we make sure we reinvest for the long term and all of those assets. More information about the risks and uncertainties relating to these forward-looking statements may be found in Nucor's latest 10-K and subsequently filed 10-Qs, which are available on the SEC's and Nucor's website. In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. So, it enables Nucor to offer what we did to General Motors a few weeks ago in the first coil of net zero steel to their to their factory. Our talented, dedicated team members are Nucor's greatest value creators. I think at a large company like apple or Microsoft the We are pleased that our leaders came together in the fourth quarter to pass historic bipartisan infrastructure legislation that will help advance and modernize U.S. infrastructure and strengthen the health of our economy by creating opportunities for American workers. There is no need to ramp that up any quicker than we need. A1 drilling and taking 2020 21 22 23 Fried didnt respond to a re- lar fraud that was among the some pressure off A new indictment unsealed quest to comment. Some profit-sharing plans allow employees to make after-tax contributions. Turning to the outlook. 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. Hannibal Industries, our first step into the racking side, obviously we look for companies that are successful is our first approach for Nucor. 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 For the full year 2021, Nucor reported consolidated net earnings of $6.83 billion, compared with consolidated net earnings of $721.5 million in 2020. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Cumulative EBITDA already exceeds the investment outlays for the Gallatin galvanizing line and the Ohio rebar mill modernization. That's very helpful. Compare NUE With Other Stocks From: To: Zoom: 10 20 30 40 TTM Revenue -5 0 5 TTM Net Income We are not seeing the benefits from the infrastructure believe that's still coming. For Gallatin, and Rex you can add to this if you would like to. And finally to our shareholders, we are proud of the record returns provided in 2021. Yeah. I will start off and thanks for the question. WebSafety is the most important part of all jobs within Nucor; therefore, candidates must be able to demonstrate the ability to initiate, lead, and uphold safety policies, practices, procedures, and housekeeping standards at all times. It's all BS. I hope you will agree that this is an impressive track record. (RTTNews) - Nucor Corp. (NUE) reported earnings for its fourth quarter that increased from last year and beat the Street estimates. My other question was just on contracts into 2022. They have couple of operations California, Houston, the leadership we have had there really just spectacular, fit in well with our company. They are, the expansion and modernization of the Gallatin sheet mill and the Generation 3 flexible galvanizing line at the Hickman sheet mill. So, first, relative to the year, as part of your question gets into what you expect for the year. Behr? Yeah. 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. WebNucor offers their employees a Profit Sharing Plan. We published our net debt to capital range that we want to live in to maintain our strong investment grade credit rating. This represents another new quarterly record for our company. And with the correction that we are seeing right now on the sheet side with with what you have seen in some of the pricing what led up to that is we entered 2020 with COVID and things started to contract and shut down and 2021 was the recovery so to speak from that standpoint. First, congrats on your first delivery to GM. We continue to see solid seasonal adjusted quoting activity. 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. Today 200 Day Moving Average is the support level ( 133.28 $). Here's 3 Dividend Stocks That Pay Monthly, 3 Lithium Stocks Powering Up For Big 2023 Gains, 3 Large Caps With Good Upside AND Big Dividend Yields, Get 30 Days of MarketBeat All Access Free, Sign in to your free account to enjoy these benefits. As of 2022, the contribution limit for a company sharing its profits may not exceed the lesser of 100% of your compensation or $61,000. Nucor's consolidated net sales increased slightly to $10.36 billion in the fourth quarter of 2021 compared with $10.31 billion in the third quarter of 2021 and increased 97 percent You can change the amount of contributions each year, according to business n $57,000 for 2020 and $58,000 for 2021. With approximately half of Nucor's products going into the construction market, we stand ready to help our country meet its infrastructure needs. I don't know that I would add a lot more than what we talked about as a consistent drumbeat around demand. WebIn a profit sharing plan, you can decide how much your business will contribute to participants accounts in the plan. But again the outlook and the demand picture across every end market the Nucor serves remains very robust, and again, we think this is going to work through the inventory rebalancing and position us well as we move forward. Last year's number was about $865 million, this year is going to be just north of a $1 billion. Yeah. For 2022, we project capital spending of approximately $2.3 billion. Retirement Savings Plan Invest today for what you plan to accomplish tomorrow, with matching contributions and Can you talk a little bit about how good your visibility is for sheet in particular and what you are looking for in order to ramp up Gallatin like what conditions, is it demand is it price or both? 2021 capital returns consisted of dividends of $483 million and share repurchases of just under $3.3 billion. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. Sign in to your free account to enjoy all that MarketBeat has to offer. So we want to make sure that equipment is ready and available as we progressed out. 21 June. At year-end gross debt as a percentage of total capital was approximately 28%, while net debt was about 14% of total capital. Number one to begin with, as we mentioned in Jim's comments that we do expect primarily because of sheet pricing our steel mills segment to be a little off in terms of profitability. WebRockledge Yard Laborer - FL, 32955. Distributions are taxed at a taxpayer's ordinary income rate. But if we think about overall volumes in the first quarter, it's probably going to be slightly up because of seasonality in the first quarter. On December 16th, our Nucor Steel Arkansas Sheet Mill produced its first prime coil from its new generation 3 flexible galvanizing line. And as we need to move that according to the supply and demand market in the markets we will do that, but what direction that may go is just tough for us to tell, then the demand is good, and we are encouraged. WebProfit Sharing. A1 drilling and taking 2020 21 22 23 Fried didnt respond to a re- lar fraud that was among the some pressure off A new indictment unsealed quest to comment. These investments meaningfully enhance Nucor sheet product capabilities. These projects represent an aggregate capital investment of just over $1 billion. 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. And at the end of the day, supply and demand will always be the drivers to how we price our products. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's And so you are going to see Nucor continue to move and invest in projects where we can combine our culture, our strong balance sheet, and our investment strategy in deploying capital that will greatly exceed our cost of capital goals to return to our shareholders. So sheet could still average at or above what they did last year based on what we are seeing today. We think about what's happening, and warehousing, data storage cold storage. We are committed to keeping that is a relevant price that's transactionally based. Get short term trading ideas from the MarketBeat Idea Engine. For discussion purposes, let us assume that A has received $1,000 in employer profit sharing contributions. And as Leon mentioned, as we talked about in the script, we believe non-res construction will remain very strong as we enter 2022 and even beyond. What we hear from our customers is they do expect 2022 overall to be a fairly strong year from demand. 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. 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. We also continue to work with the administration and members of Congress to enforce our trade laws so that our market is free from the distortions caused by unfairly traded imports. The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. Once the $400 is distributed to the employee, the residual $600 is forfeited and no longer due to A.. There is a very disciplined process. For all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. At the same time balancing out, we have invested a lot of money. It's going to be an automotive capable and focused galv line with the additional or the extra high strength. We are below that right now. $165.815 USD. Nucor net income for the quarter ending December 31, 2022 was, Nucor net income for the twelve months ending December 31, 2022 was. The forward-looking statements made in this conference call speak only as of this date and Nucor does not assume any obligation to update them either as a result of new information, future events or otherwise. Our Econiq offering represents the world's first ever net zero carbon steel available at scale. And as Leon just stated about Gallatin, it's really an opportunity is we are getting some work done there. We are also capitalizing on the opportunities to supply the sustainable steel that is building our 21st century economy. Thanks, Leon. Got it. And -- but we do use an intrinsic value model that we show the Board every quarter. Yeah. Some of our oldest mills are the highest generating returns that we have in our entire portfolio and it's because we do a great job of reinvesting our teams, do an amazing job of keeping the maintenance and up keep and staying on the latest trends for the improvements in technology to implement to ensure not only the safest delivery of that steel, but also the lowest cost output to those steel products for our customers. Thank you. In fact, it was the other way around. Secondly, you have touched on and others have touched on this already, we have got the largest downstream products businesses of any steel companies and there we are getting margin squeezed for all of last year and pricing is finally starting to catch up. And I would ask you to remember our growth through the years and downstream steel products allows Nucor to have a very good visibility into the demand of construction products such as rebar fab, steel piling, pre-engineered metal buildings, res key, steel tubing, insulated panel, joist and deck, and steel conduit. Really just pleased with what's occurred there the start up of that. I will leave it at that. 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, Want Monthly Income? So firstly you could comment as to how you see capacity utilization in your different key products, particularly in Q1 and maybe how you see the progression into Q2 and the second half of the year if you have visibility given your with your backlog? The second piece of that is the expanding beyond the traditional balance of our steel making range and those projects like Hannibal Industries in racking like CENTRIA and Metl-Span to give us a market leadership position today in the insulated metal panels that is all about the digital economy as. Once operational our West Virginia mill will have some of the most advanced capabilities and one of the lowest carbon footprints of any sheet mill in the world. Now that lead times are a lot shorter. And then my second question is on the steel products segment. Okay, thank you. REAL TIME 2:15 PM EST 02/27/23. Yeah. 401(k): You will be able to participate in our 401(k) plan with matching contributions. And that concludes today's question-and-answer session. And as Jim will share, we remain very well capitalized enable to pursue our objectives. (2020) 'Nucor Corporation Against Low-Cost Steel Imports'. Profitability records were set by numerous businesses including Nucor sheet mills, rebar and merchant bar mills, engineered bar mills, plate mills, structural mills, joist and deck, tubular products, cold finished bars, and fasteners. Seth, appreciate the question. Yes, thank you, Leon. We remain well capitalized with excellent liquidity. 92% I'm proud to tell others I work here. And then on the pricing side, obviously, demand perhaps growing very rapidly right now, supply is very tight, what's the degree of pricing power are you able to achieve compared to any cost escalation perhaps as you just raw materials mix for power supply? At this time, I will turn the conference back to Mr. Leon Topalian for any additional or closing remarks. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. Thank you. 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. 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. Very good, thank you. Thank you. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Good day, everyone, and welcome to the Nucor Corporation Fourth Quarter of 2021 Earnings Call. I have a few questions first from plate and then I will follow up later on green steel please. 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. But it's important to remember as well that's coming off a historic year. Capital spending is only going to be up in the neighborhood of $700 million based on what we see today. The profit-sharing strategy is also a major motivating factor for employees. Second question, if I may, is you -- given the $5.5 billion in capex over the next three years, I mean, some of that already is ongoing with projects that you are executing, but how do you see the returns on these investments, any sense of the incremental EBITDA that you could generate from these projects that would be great. Billions could be poured into exploration companies searching for new U.S. deposits. It'll be much closer to zero. Web A full benefits package, including Medical/Dental/Vision insurances; Long-Term Disability; Life Insurance; Vacation Days; 10 Paid Holidays; Personal and Safety Award Days; 401k with a match; Nucor Profit Sharing Program; Nucor stock purchase program; Adoption Assistance; Tuition Reimbursement for teammates and spouses, and a College Tuition But what's norm, right? Today that's over a 110. First year EBITDA for the Missouri and Florida rebar micro mills are multiples of what we originally projected in our project return budgets. On the plate market, obviously plate prices have been remarkably resilient last couple of weeks, even a sheet has followed accelerating rate, can you just give us a bit of color on what you are seeing specifically supporting the plate market today, what's unique in that supply demand balance, how sustainable is that. 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. 5 What benefits are offered to employees? Mike, I would tell you, I think the overall trend is you are going to see that gap shrink. And so from a Nucor perspective, I would tell you not at all. An Overview of Blue Chips. In this case, a portion of the distributions would be tax-free. Reflecting this for 2021, our profit sharing total about $850 million. If we think about the core of our steel making capabilities is the expansions up regional and capabilities. 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. 06/30/1995. Over the years, the company has grown through acquisitions as well as by tapping new markets and expanding geographically. March 1, 2023 It's going to have a capacity over the year to give us an incremental 800,000 to 900,000 tons. Oil and gas has been a bit weaker in the last couple of years and that with oil prices today is growing by the day. I will also comment on Hannibal and the racking that leadership team and that includes the existing there and the ones we have added from Nucor. We are not just going to make steel and enforce in the marketplace if we can't sell it at a reasonable price. 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. Part of Iversons vision was to capitalize on newly emerging technologies to produce steel at a lower cost, and in 1968 management decided to integrate back into the steelmaking business (Nucor Corporation, 2010). 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. We have talked about that quite a bit. 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, Emily. 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. Certain statements made during this conference call will be forward-looking statements that involve risks and uncertainties. The company match changes every year depending on how the company is performing. The spread case's different, but obviously the door opened up with the the massive spread. And I look forward to continuing the exceptional performance across all of our businesses in 2022. We are very excited to partner here with JFE Steel Corporation on our second joint venture. We had going into it, some strength in the marketplace from a demand standpoint. The limit on employee elective deferrals (for traditional and safe harbor plans) is: $22,500 in 2023 ($20,500 in 2022, $19,500 in 2021 and 2020; and $19,000 in 2019), subject to cost-of-living adjustments. On the contract side, we are -- contract season I would say it was what we expected. Coming off a historic year like we had in '21. 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. Seth, I want to turn that to Al Behr, our EVP of Plate and Structural Group. So we will be able to feed into that. Separate question please on Econiq for the green steel brand. And on behalf of myself and our entire executive team thank you. 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. We will take our next question from Seth Rosenfeld with BNP Paribas Exane. Disciplined execution of our growth strategy over the years is a significant factor underlying our success. by Jimmy Mengel. 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. Good afternoon. Nucor's product breadth continues to be a powerful driver of value creation through the cycle for both our customers and shareholders. That team has been in construction mode for quite some time now. It's not a price standpoint, it's the demand. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Distributions from a profit-sharing plan are taxable income and must be reported on an individual's tax return. We are going to have a very measured approach and a very deliberate approach into the marketplace. So we have announced a 35% reduction target by 2030 that will bring us to about a 0.37, 0.38 tons of CO2 per ton of steel produced, which again in the world numbers is incredibly low. We are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing long-term growth. Match could be better than it is. The reason for that is: 1. In addition, there are four initial steps for setting up a profit sharing plan:Adopt a written plan document,Arrange a trust for the plan's assets,Develop a recordkeeping system, andProvide plan information to employees eligible to participate. By so many measures 2021 was an extraordinary year for Nucor. 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Want Monthly income off a historic year like we had going into it, some strength in automotive.
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