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. Seth, I want to turn that to Al Behr, our EVP of Plate and Structural Group. Our team has great determination to continue our record of delivering increased long-term value for our shareholders. Congrats again, and thank you. 06/30/1995. 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. I don't know that I would add a lot more than what we talked about as a consistent drumbeat around demand. We have talked about that quite a bit. To see all exchange delays and terms of use please see Barchart's disclaimer. If you, the employer, make contributions to a profit sharing plan, you can deduct up to 25 percent of You have much to be proud of. But Rex, any other color would like to share in terms of that ramp up? The cumulative EBITDA generated by the Hickman specialty cold mill is nearing that project's capital investment. And that concludes today's question-and-answer session. 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. Adding this amount 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. 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? If we think about the core of our steel making capabilities is the expansions up regional and capabilities. 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. 92% CSI is a flat rolled converter with annual capacity to produce more than 2 million tons of finished steel and steel products. The company has operating facilities, primarily in the United States and Canada. The spread case's different, but obviously the door opened up with the the massive spread. 1 Day Range Yeah. WebNucor net income for the twelve months ending December 31, 2022 was $7.581B, a 11.56% increase year-over-year. It's going to be a pretty strong earnings number and we go to free cash flow. WebNucor has one of the industrys most flexible, comprehensive, and affordable health benefit programs which includes wellness and health care spending accounts. Operator, we are now ready to take questions. Reflecting this for 2021, our profit sharing total about $850 million. WebNucor gross profit for the quarter ending December 31, 2022 was $2.097B, a 40.47% decline year-over-year. 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. And as far as the margins and our backlog, there are solid. We are not seeing the benefits from the infrastructure believe that's still coming. Nucor Corp.s record 2022 earnings means the Charlotte-based steel company will hit another record almost $1 billion in profit sharing for the nearly 31,000 Better than expected results for the month of December were achieved across a broad group of businesses. Cumulative EBITDA already exceeds the investment outlays for the Gallatin galvanizing line and the Ohio rebar mill modernization. World leaders must find new sources of minerals, such as copper, essential to their transition to energy independence. Get short term trading ideas from the MarketBeat Idea Engine. We had a -- the industry really catch up in terms of order entry rates and deliveries. We look forward to introducing our new capabilities to strategic customers as the year progresses and we are excited about the returns expected to be generated for our shareholders as these projects ramp-up. 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. [Operator Instructions]. Regarding the visibility we have good visibility. When we look at inventory receivables and payables net, they are not going to use that much cash to share that could be small benefit. Seth, appreciate the question. Western countries are now scrambling for stable, renewable energy. So, well, I think there is some correction. Earnings per share were $7.97, exceeding our guidance range of $7.65 to $7.75. 21 June. I will stop there. We will take our next question from Seth Rosenfeld with BNP Paribas Exane. We made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. We are very proud of Nucor's help make the United States the cleanest place in the world to make steel. The third quarter of 2021 (which ended Oct. 2) came with record I would tell you that that value increases as we move forward, because many of our end customers cannot achieve their end stated goals of their carbon footprint reduction targets without an incoming steel that is significantly lower than most of the world average is. We published our net debt to capital range that we want to live in to maintain our strong investment grade credit rating. 06/15/1995. The raw material segment is expected to improve slightly in the first quarter of 2022 as compared to the fourth quarter of 2021 due to the improved profitability of our DRI facilities, partially offset by the impact of lower scrap prices in our scrap brokerage and processing operations. We have got two virtual power purchase agreements today that because of our balance sheet allow us to be able to do those things. There are some headwinds for next year. And so Chad why don't you add some commentary behind some of that backlogs. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. 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. Disciplined execution of our growth strategy over the years is a significant factor underlying our success. 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. Joining me on the call today are several members of Nucor's executive team including Jim Frias, our Chief Financial Officer; Dave Sumoski, Chief Operating Officer; Al Behr, responsible for Plate and Structural Products; Doug Jellison, responsible for Raw Materials and Logistics; Greg Murphy, responsible for Business Services and our General Counsel; Dan Needham, responsible for Bar and Rebar Fabrication and Engineered Bar Products; Rex Query, responsible for Sheet and Tubular Products; MaryEmily Slate, responsible for Commercial Strategy; and Chad Utermark, responsible for Fabricated Construction Products. Our analysis suggests that Nucor shares are significantly undervalued relative to our risk profile, earnings and cash flow generation capacity. Hannibal Industries, our first step into the racking side, obviously we look for companies that are successful is our first approach for Nucor. Nucor Corporation is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the United States. I will start off and thanks for the question. Our expectation and our stated goals are to double that to around 3 million tons. As of 12/31/18, this particular employee is 40% vested, and therefore, entitled to $400 of the $1,000 balance. So, as Jim mentioned a few minutes ago, we are not going follow the market just because we want to produce the steel out of Gallatin. This will be Nucor's third rebar micro mill joining micro mills in Missouri and Florida that begin operations in 2020. Our Econiq offering represents the world's first ever net zero carbon steel available at scale. Thank you. These capabilities represent important competitive advantages for our company exemplifying Nucor's ability to meet the needs of our customers for high strength steels. In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. 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 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 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. by Jimmy Mengel. Thank you for your interest in Nucor. Steel mills segment earnings are expected to decline in the first quarter of 2022 due to decreased profitability of our sheet mills offsetting increased profitability at our long products mills. One is non-residential construction. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, We reduced our share count by more than 11% in 2021 even as we funded capital expenditures and acquisitions totaling approximately $3 billion to drive the next chapter of our growth story. Another key market would be heavy equipment, industrial equipment that market is very strong right now. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. Our record financial performance is the result of years of work reinvesting to strategically position and grow our portfolio of capabilities across the steel value chain. If you are a stockholder of record (i.e., your shares are registered in Two weeks ago, we announced that Mason County West Virginia will be the location of our new state-of-the-art 3 million ton sheet mill. And in the past you've helped us understand Nucor's breakdown of contract business and how to think about it. WebCurrent and historical net profit margin for Nucor (NUE) from 2010 to 2022. 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. Form 4 or Form 5 obligations may continue. 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. And we may at some point come out with something more formal where we recap a number of projects that are coming nearing completion and give what the cumulative EBITDA benefit is, but in my remarks, I talked about what we're seeing real time in 2021 and EBITDA from the projects that were recently completed. 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. And as Leon just stated about Gallatin, it's really an opportunity is we are getting some work done there. Reflecting this for 2021, our profit sharing total about $850 million. Net income can be defined as company's net profit or loss after all revenues, income items, and expenses have been accounted for. Please check your download folder. The tax-avoiding companies represent various industries and collectively enjoyed almost $40.5 billion in U.S. pretax income in 2020, according to their annual financial reports. 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. The reason for that is: 1. Is Stellantis Stock a Value Investors Dream? At year-end gross debt as a percentage of total capital was approximately 28%, while net debt was about 14% of total capital. Capital spending is only going to be up in the neighborhood of $700 million based on what we see today. The share repurchases totaled more than 33.8 million shares at an average cost of about $97 per share. And of course, we had a fairly robust M&A pipeline. And on behalf of myself and our entire executive team thank you. We are very excited to begin work with the local community in Mason County on this transformational project that will create substantial long-term value for all Nucor shareholders. An Overview of Blue Chips. 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. By so many measures 2021 was an extraordinary year for Nucor. 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. Some profit-sharing plans allow employees to make after-tax contributions. 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. 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. We currently expect capital expenditures over the next 3 years to total approximately $5.5 billion. 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. We had going into it, some strength in the marketplace from a demand standpoint. 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. Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? The benefits are terrible, that's why it always amazes me when people say great benefits. I mean, we talk with our customers weekly. 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, Want Monthly Income? There is no need to ramp that up any quicker than we need. We averaged $560 per ton in sheet last year. Akamai Technologies Earnings Sell-Off. The maximum contribution for a profit-sharing plan is the lesser of 25% of compensation or $61,000 in 2022, up from $58,000 in 2021. That's Incremental free cash flow. 3.285 2.02%. The company match changes every year depending on how the company is performing. These are healthy margins due to the supply and the strong demand balance that's out there. The second and very important data set we look at is our customers per say. Russia Ignites West's Battle for Energy Independence. Our next question comes from Carlos De Alba with Morgan Stanley. But that's the reasons why we are being impacted where we are is our reliance on the hot band market. Hey, great. Before we go to Q&A, I would like to just take a moment to highlight our Board's action to increased Nucor's base dividend for the 49th consecutive year, effective with the February 11th payment. 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 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. No North American producer is better positioned than Nucor to continue leading in these areas. If you think about just five years, six years ago, we had about 55 cases that were one in carbon steel. We remain well capitalized with excellent liquidity. So what I would tell you is, there is value there today. They are, the expansion and modernization of the Gallatin sheet mill and the Generation 3 flexible galvanizing line at the Hickman sheet mill. Nucor Corp.s record 2022 earnings means the Charlotte-based steel company will hit another milestone almost $1 billion in profit sharing for the nearly 31,000 people who work for the company. 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. (RTTNews) - Nucor Corp. (NUE) reported earnings for its fourth quarter that increased from last year and beat the Street estimates. Rex? First, converting capacity utilizations, we don't break those out typically in detail by business. Distributions from a profit-sharing plan are taxable income and must be reported on an individual's tax return. So we want to make sure that equipment is ready and available as we progressed out. Profit Sharing: 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. 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. Okay. 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. 92% I believe management would lay people off only as a last resort. 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. 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. 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. When you say value added products, what are you referring to? Our daily ratings and market update email newsletter. 87% 57% Source: Great Place To Work 2021 Global Employee Engagement Study. 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. Established in 1985, the plan covers all the employees of Nucor, a US steel producer. And so we are going to see increased demand from auto. You can only withdraw profit-sharing money under certain circumstances. You will receive a distribution if your employer ends the plan without creating a replacement. You can take your money once you reach age 59 1/2 or if you suffer a qualified financial hardship. Separate question please on Econiq for the green steel brand. 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. Our cash, short-term investments and restricted cash holdings totaled about $2.8 billion at year-end. So we expect to keep doing things to try and deal with that. So that is going to continue. Jim anything you would add? Thank you very much. We have finished the year close to $800. So you saw demand increase, considerably pricing run off. We are very excited to partner here with JFE Steel Corporation on our second joint venture. Maintenance capital spending for equipment replacement spares and cost savings projects accounts for the roughly 25% remaining. Okay. 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. That team has been in construction mode for quite some time now. And we look forward to update. 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? For all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. This represents another new quarterly record for our company. Certain statements made during this conference call will be forward-looking statements that involve risks and uncertainties. At what point does a company become too large for profit sharing to make a difference in employee motivation? 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. Yeah, thanks. 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. Web87% of employees at Nucor Corporation say it is a great place to work compared to 57% of employees at a typical U.S.-based company . Net profit margin can be defined as net Income as a portion of total sales revenue. And we are excited about Econiq. So that team is working feverishly to bring its capability to where we need. Yeah, thanks, Emily. On December 16th, our Nucor Steel Arkansas Sheet Mill produced its first prime coil from its new generation 3 flexible galvanizing line. 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 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. Thanks Seth. The demand in key markets is very good and we instituted a published price in obviously of 2020 and that's a relevant price. Yeah, Emily. Thanks for the question. Over the years, the company has grown through acquisitions as well as by tapping new markets and expanding geographically. 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