So those would be our thoughts about how to think about the whole year from a big picture perspective. Yeah, hi, good afternoon. These include the Kentucky plate mill, the West Virginia sheet mill, the South Atlantic rebar micro mill, and Gallatin's tubular products facility. 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. You are going to see Nucor continue to grow our capability. At what point does a company become too large for profit sharing to make a difference in employee motivation? The biggest one being the sheet price correction that's really tied mainly to imports. So, well, I think there is some correction. We have talked about that quite a bit. 06/30/1995. WebProfit Sharing Retirement Savings Medical Tuition Scholarships Growth Potential Balance Paid Parental Leave EMPLOYER RECOGNITION 1915 Rexford Road Charlotte, North No North American producer is better positioned than Nucor to continue leading in these areas. Looking at 2021 as a whole we said several other financial records. We have got two virtual power purchase agreements today that because of our balance sheet allow us to be able to do those things. I have a few questions first from plate and then I will follow up later on green steel please. Nucor annual net income for 2022 was $7.607B, a 11.95% NUE Nucor Corporation Statement of Changes in Beneficial Ownership (4) FORM 4 [ ] Check this box if no longer subject to Section 16. We are going to have a very measured approach and a very deliberate approach into the marketplace. Nucor's product breadth continues to be a powerful driver of value creation through the cycle for both our customers and shareholders. You have much to be proud of. 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. Please check your download folder. 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. Is Does Magna International Earnings Warning Bad for EV Sales? 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. I will start off and thanks for the question. We are very excited to partner here with JFE Steel Corporation on our second joint venture. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. 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. With approximately half of Nucor's products going into the construction market, we stand ready to help our country meet its infrastructure needs. I guess there are no other employers in their areas. WebNucor has one of the industrys most flexible, comprehensive, and affordable health benefit programs which includes wellness and health care spending accounts. Yes, thank you, Leon. Raw materials will be down year-over-year and that's because in 2021 when raw material prices were rising, we had inventory in the supply chain when we captured value hence we made money in DRI, because of low iron ore prices that we had on the ground and in our contracts, we made money in scrap, because we had scrap in our scrap yards that was being priced higher every month and every quarter prices were rising. 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. 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. Yeah. WebDistributions. 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. Nucor Corporation is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the United States. And so what we would be looking for, we are going to look at for that demand. Nucor annual/quarterly net income history and growth rate from 2010 to 2022. As we mentioned and have talked previously, our mission is very simple. Retirement Savings Plan Invest today for what you plan to accomplish tomorrow, with matching contributions and 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. Another key market would be heavy equipment, industrial equipment that market is very strong right now. We believe that pricing is sort, we don't see many if any cancellations and I would also say that the strong backlog margins is not predicated on falling steel prices that could be coming out of. That's Incremental free cash flow. Our next question comes from Emily Chieng with Goldman Sachs. At the same time balancing out, we have invested a lot of money. We started went up at Gallatin the year before that. So, overall, we think about end-use demand for steel will be up in '22 over '21 and there are some important pieces that are not benefiting us in the first quarter of this year that are still coming sets the starting point. It also produces direct reduced iron ('DRI') that is used in its steel mills. 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. 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. Seth, appreciate the question. 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. 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. 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. Nucor's liquidity also includes our undrawn $1.75 billion unsecured revolving credit facility. Good afternoon. Behr? And on behalf of myself and our entire executive team thank you. 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. 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. That's 18% to 22%. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Press Tab to Move to Skip to Content Link 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. And that concludes today's question-and-answer session. Yeah, thanks, Emily. 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 averaged $560 per ton in sheet last year. Two more major capital projects totaling just over $1 billion have entered start up in late 2021 and early 2022. Record full year net income of $6.8 billion was driven by Nucor's diverse portfolio of products and capabilities. Good afternoon, and welcome to our 2021 fourth quarter and full year's earnings call. That team has been in construction mode for quite some time now. Thank you, Chad. So our contract season for us, we finished very typical with what we target for contract CIS, both on the service center side as well as overall. 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. Again this -- again more recent transformation over the last two, three, four years and moving into a much more sustainable place, Nucor is, again, I think been ahead of the curve. Very good, thank you. But when you think about the sheet market overall, our EBITDA for the year could approach the level we achieved last year, because our EBITDA ramped dramatically from the first quarter of last year to the end of last year. So, I'll go back and read our earnings releases that we published about each of the major projects and see that data. View which stocks are hot on social media with MarketBeat's trending stocks report. And so Chad why don't you add some commentary behind some of that backlogs. And congratulations on the strong update today. What we hear from our customers is they do expect 2022 overall to be a fairly strong year from demand. So sheet could still average at or above what they did last year based on what we are seeing today. WebInsane money for profit sharing in excellent years. 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. 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 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. And in fact I would tell you we had more requests for increase volume. Good luck in the year. The statutory federal tax rate for corporate profits is 21 percent. 326 E 8th St #105, Sioux Falls, SD 57103 (RTTNews) - Nucor Corp. (NUE) reported earnings for its fourth quarter that increased from last year and beat the Street estimates. On the contract side, we are -- contract season I would say it was what we expected. Thanks for taking the question. It's not a price standpoint, it's the demand. Jack in the Box Pops On Tasty Results, Robust Outlook, Wendys Price Firms After Sizzling Quarter And Juicy Outlook, Terran Orbitals New $2.4 Billion Contract is a Game Changer, From Betty Crocker to Blue Buffalo, General Mills Looks Strong, Cracker Barrel Stock: Range Bound, but High Yield For 2023, This Small Company Is Set To Drive Future Of Lithium Batteries, What Are Blue Chip Stocks? For opening remarks and introductions, I would like to turn the call over to Mr. Leon Topalian, President and Chief Executive Officer of Nucor Corporation. But end market demand remains strong. And as Jim will share, we remain very well capitalized enable to pursue our objectives. January 30, 2019. Capital spending is only going to be up in the neighborhood of $700 million based on what we see today. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. For Gallatin, and Rex you can add to this if you would like to. 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. 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. 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. 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. It's going to be an automotive capable and focused galv line with the additional or the extra high strength. Other significant uses of cash during the year were capital spending of $1.6 billion, expansion of working capital mainly receivables and inventory net of payables totaling approximately $3.3 billion and acquisitions of about $1.4 billion. 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. Got it. At the same time, I would tell you over the last 12 or 18 months, particularly as we move through the last contract season, Nucor has been very disciplined about our approach into the marketplace and how we want to transact. We should see some strong tailwind from lower input cost, so just any color you can provide. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's We had a -- the industry really catch up in terms of order entry rates and deliveries. We are very, very excited. Yeah. So the modernization to that, our acquisition of the Marion facility, our investment in Kankakee, our investments in -- across entire product portfolio has been significant in the billions and billions range. 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. 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. 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. And our customers are overwhelmingly bullish on their 2022 demand. 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 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. These returns were of course funded by our strong cash provided by operating activities, also a new record of $6.2 billion. And it starts with end market demand. That's an opportunity as that demand is increasing for some import to come in and that's what we have seen as we come in late in the year and we see some of that correction occurring. 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. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, Auto is still down, because of the chips. Our next question comes from Timna Tanners with Wolfe Research. However, we are not resting on our past performance. So, I have seen some of the information of not wanting in their contracts, those types of things. I don't know that I would add a lot more than what we talked about as a consistent drumbeat around demand. Yeah, good morning, everyone. This could be another year of strong free cash flow where we return to a sizable amount of cash to our investors. Yeah, Emily. First year EBITDA for the Missouri and Florida rebar micro mills are multiples of what we originally projected in our project return budgets. So that is going to continue. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. Distributions from a profit-sharing plan are taxable income and must be reported on an individual's tax return. An Overview of Blue Chips. For 2022, we project capital spending of approximately $2.3 billion. I think there's three things of Nucor's touched on over really the last year. 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, Want Monthly Income? And so we expect to see margin expansion in the first quarter and beyond for those businesses so that's a positive. Nucor net profit margin for the three months ending December 31, 2022 was . Congrats again, and thank you. Seth, I want to turn that to Al Behr, our EVP of Plate and Structural Group. A Buying Opportunity? And finally to our shareholders, we are proud of the record returns provided in 2021. 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. When you say value added products, what are you referring to? The profit-sharing strategy is also a major motivating factor for employees. In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. And we had very few customers that chose not to renew, isn't that correct. As we conclude our call today, I just want to thank the entire Nucor family for delivering the safest year in our history and the most profitable year in our history. WebProfit Sharing. For a long time, we have been in that 1.5 million, 1.6 million ton a year range in the automotive side. If you are a stockholder of record (i.e., your shares are registered in Thanks Seth. So integration to us, we look at that leadership and entered an existing company and we evaluate that fit as well. The minimum target price for Nucor analysts is $ 136.4 . The final market I would highlight would be energy, broadly energy, which includes renewables as well as oil and gas. My other question was just on contracts into 2022. Turning to the outlook. On December 16th, our Nucor Steel Arkansas Sheet Mill produced its first prime coil from its new generation 3 flexible galvanizing line. And I just in close in saying, hey, we welcome the Hannibal team and Insulated Metal Panel team to the Nucor family and again excited about the opportunities of those businesses will bring in the years to come. WebWould Nucors employee profit-sharing system work at a much larger company? For example, five major greenfield projects completed commissioning and startup over the 2019 through 2020 time period. (844) 978-6257. We are starting out with a carbon intensity that is 3x or 4x lower than some of our integrated competitors. Yeah. The benefits are terrible, that's why it always amazes me when people say great benefits. I will stop there. For the full year of 2021, they generated EBITDA totaling $674 million. 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. 401 (k) Plan. 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. So, that really is what it comes down to Seth. So we will be able to feed into that. On July 23, Nucor announced a profit of $109 million, or 36 cents per share, for its second quarter ending July 4, according to a company statement. Like Nucor Team let's keep up our focus in 2022 and of course for Nucor that begins with a value of safety. 65 Day Avg Vol 1,846,352. Please go ahead, sir. Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? 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. Our analysis suggests that Nucor shares are significantly undervalued relative to our risk profile, earnings and cash flow generation capacity. The limit is $305,000 for the 2022 tax year, up from $290,000 in 2021. Thank you for your interest in Nucor. Yeah, Emily. But it's important to remember as well that's coming off a historic year. 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. 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. 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. The green economy is being built on steel and the steel is built on matters. Yeah, Timna, thanks for the question. And again just why IMP. And so that's what we found at Hannibal. 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. 92% My first question is on the steel mills segment. Look, I can only speak to Nucor and I would just tell you Nucor has had a long history of what five and a half decades worth of reinvesting back into our mills. 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. We don't know what the rest of the year will bring. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. 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. Really just pleased with what's occurred there the start up of that. The third quarter of 2021 (which ended Oct. 2) came with record Hannibal has been very successful, but also just a cultural fit in the first place. Defined Contribution Pension Plan. A free inside look at company reviews and salaries posted anonymously by employees. Rex? In the process, we can offer Nucor teammates secure employment and competitive compensation and benefits as well as the opportunities to further their professional growth and development. We are below that right now. 1 Day Range 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. You mentioned you are hot band exposure in right now, we are looking at historically wide spreads between hot rolled and value-added products. Russia Ignites West's Battle for Energy Independence. And of course, we had a fairly robust M&A pipeline. We are very proud of Nucor's help make the United States the cleanest place in the world to make steel. 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. Make no mistake. WebNucor The manufacturer of steel and steel products is headquartered in Charlotte, N.C. Compare NUE With Other Stocks From: To: Zoom: 10 20 30 40 TTM Revenue -5 0 5 TTM Net Income I will start Carlos. The reason for that is: 1. We are also capitalizing on the opportunities to supply the sustainable steel that is building our 21st century economy. 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. Nucor analysts is $ 305,000 for the Missouri and Florida rebar micro mills are multiples of we. Stocks Set for Triple-Digit earnings growth, Want Monthly income as well as oil and.... 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