We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Profit Sharing: Yeah, maybe I will start and Rex maybe if you want to add some color. 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. But the thing we keep hearing right now is this is a short-term temporal correction in the underlying demand, much like Al mentioned in those sectors. 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. We had going into it, some strength in the marketplace from a demand standpoint. And so from a Nucor perspective, I would tell you not at all. And our customers are overwhelmingly bullish on their 2022 demand. I mean, we talk with our customers weekly. Seth, appreciate the question. And so I am not going to detail out what the value is. 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. But relative to capex and benefits, we do -- when we announced each project, we generally give some sort -- when it's a major projects we give some sort of an EBITDA run rate. The share repurchases totaled more than 33.8 million shares at an average cost of about $97 per share. CASH. Yeah. 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. 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. Becoming the world's safest steel company is a lofty goal and our team is now achieved back to back record years in safety. 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. [Operator Instructions]. What we hear from our customers is they do expect 2022 overall to be a fairly strong year from demand. 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. 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. 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 all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. It also produces direct reduced iron ('DRI') that is used in its steel mills. 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. World leaders must find new sources of minerals, such as copper, essential to their transition to energy independence. It's going to be a pretty strong earnings number and we go to free cash flow. 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. So in March we will commission the EAF, LMF and the caster and by the end of March we will be capable of full production at that point with a wider strip and a thicker slab, but we are going to keep an eye on the market and will really measure that ramp up as we see what market conditions are doing at Gallatin. Timna, one thing I would add to that is, to keep in mind, we are a bit more hot band centric than some of our competitors and that's where most the imports have come in. So that is going to continue. And so we are going to see increased demand from auto. 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. First, congrats on your first delivery to GM. 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. And so I can tell you, there is a lot of excitement about Nucor's capabilities being the first EAF to be able to produce a full generation 3 steel in Hickman as well as what the opportunity and capability of the West Virginia sheet mill will be able to do in terms of transforming a differentiated clean steel, net zero steel into the OEMs and so we are committed to move there. My other question was just on contracts into 2022. We are committed to keeping that is a relevant price that's transactionally based. 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. We are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing long-term growth. by Jimmy Mengel. Better than expected results for the month of December were achieved across a broad group of businesses. Like Nucor In 1972 the company adopted the name Nucor Corporation, which would soon become a well steel company within the U. S. We have got one project that we are going to be closing out soon and that's on the CSI project, but it's not as big as the combined things we did last year by large amount and there could be other things coming. And then my second question will also be just kind of bigger picture, the focus on potential capacity curtailments has been on the blast furnace side, but I presume technology today on the flat [Technical Issues] side has improved pretty considerably since the late 1980s. For example, five major greenfield projects completed commissioning and startup over the 2019 through 2020 time period. 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 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. 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. Yeah, maybe I will start with the automotive and Rex, you can update on the contracts. No North American producer is better positioned than Nucor to continue leading in these areas. If there is any indication of weakness, it's around supply chain and that true consumption in demand at the OEMs. What benefits are offered to employees? Distributions are taxed at a taxpayer's ordinary income rate. Yeah, good morning, everyone. Our talented, dedicated team members are Nucor's greatest value creators. Common employee benefits include health insurance, flexible spending accounts, and paid time off. But if I think back to, even in the height of the pandemic in 2020 that business segment remain incredibly robust that is continued and we see that continuing moving forward. Yeah. Powered by CiteTotal, online essay bibliography maker. Get daily stock ideas from top-performing Wall Street analysts. So that's going to be significant benefit to our earnings results for the year. View Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? 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. But end market demand remains strong. WebNucor Corporation Profit Sharing and Retirement Savings Plan is a multi-employer defined contribution corporate pension fund based in Charlotte, North Carolina. Yeah, thanks, Emily. And we had very few customers that chose not to renew, isn't that correct. March 1, 2023 So that will be a small headwind. The company's earnings came in at $2.25 billion, or $7.97 per share. So we see that as an opportunity. 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 made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. Answer: -Nucors employee profit sharing system wouldnt work at a much larger company. Good luck in the year. Congrats again, and thank you. 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 did not experience that as as a company. At the same time balancing out, we have invested a lot of money. Turning to our fourth quarter results. Thank you. Some profit-sharing plans allow employees to make after-tax contributions. 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. WebNucor offers their employees a Profit Sharing Plan. 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. Please check your download folder. So the raw material segments will be a small tailwind, a strong headwind, excuse me, and depreciation and amortization is going to be higher. We are very, very excited. Congrats on a strong set of financial results as well as the safety record. The profit-sharing strategy is also a major motivating factor for employees. Nucor net income for the quarter ending December 31, 2022 was, Nucor net income for the twelve months ending December 31, 2022 was. In 2005, the average Nucor employee earned $79,000, followed by a $2,000 bonus decided by the companys annual earnings and $18,000 in the form of profit sharing. Is There a Silver Lining to Capri Holdings Earnings Sell-Off? Hannibal Industries, our first step into the racking side, obviously we look for companies that are successful is our first approach for Nucor. And if you look at what we have done over the past few years, we have been adding galvanizing lines, we're ramping it up at Arkansas right now. Maintenance capital spending for equipment replacement spares and cost savings projects accounts for the roughly 25% remaining. We look forward to continuing to offer Econiq to more customers, and of course, lower greenhouse gas emission steel across our product portfolio. Full -- there is additional work to be done, which is part of the plan. 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. The company match changes every year depending on how the company is performing. We are not just going to make steel and enforce in the marketplace if we can't sell it at a reasonable price. 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. 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. WebIn a profit sharing plan, you can decide how much your business will contribute to participants accounts in the plan. Record full year net income of $6.8 billion was driven by Nucor's diverse portfolio of products and capabilities. And as far as the margins and our backlog, there are solid. 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're proud to have been able to provide cash returns via dividends and share repurchases totaling about $3.8 billion in 2021 and in December to increase our regular quarterly dividend for the 49th year in a row this year by 23% to a rate of $0.50 per quarter. Our visibility into that market is extremely good and the demand picture is very strong. 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. These projects represent an aggregate capital investment of just over $1 billion. 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. [Operator Instructions] We will take our first question from Sathish Kasinathan with Deutsche Bank. Distributions from a profit-sharing plan are taxable income and must be reported on an individual's tax return. Auto is still down. Now that lead times are a lot shorter. Thank you very much. So it's not just the major OEMs in automotive now that are asking for. These investments meaningfully enhance Nucor sheet product capabilities. We have talked about that quite a bit. Now, Jim will provide more details about our fourth quarter and full year performance. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. 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. 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. Back to NUE Overview. Zoetis, Pet-Med Specialist, Double-Digit Earnings Growth Ahead, 3 Mid-Cap Earnings Plays to Watch This Week. See what's happening in the market right now with MarketBeat's real-time news feed. Very good, thank you. Okay. So we want to make sure that equipment is ready and available as we progressed out. Thanks for taking the question. The benefits are terrible, that's why it always amazes me when people say great benefits. So you will see that growth occurring. We are below that right now. And our next question comes from Michael Glick with JPMorgan. This project gives Gallatin's new mill thicker slab casting and wider coil capabilities, expanding our product portfolio into markets currently served by higher cost competitors. 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. 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. We have already touched on this. Compare NUE With Other Stocks From: To: Zoom: 10 20 30 40 TTM Revenue -5 0 5 TTM Net Income And it starts with end market demand. It's going to have a capacity over the year to give us an incremental 800,000 to 900,000 tons. And then my second question is on the steel products segment. Thank you. 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. Yeah, thanks. And that concludes today's question-and-answer session. 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 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. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. And so Chad why don't you add some commentary behind some of that backlogs. 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 . View which stocks are hot on social media with MarketBeat's trending stocks report. Defined Contribution Pension Plan. I want to thank each of my Nucor team members for your daily commitment to safety, looking out for one another and I look forward to an even safer year in 2022. It'll be much closer to zero. I hope you will agree that this is an impressive track record. Given the state of our balance sheet, near-term investment plans and our expectations for earnings, we anticipate that we will continue returning excess capital to our shareholders during the first quarter of 2022, very likely via continued share repurchases. 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 we look forward to update. And at the end of the day, supply and demand will always be the drivers to how we price our products. Coming off a historic year like we had in '21. We continue to see solid seasonal adjusted quoting activity. 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. The minimum target price for Nucor analysts is $ 136.4 . We published our net debt to capital range that we want to live in to maintain our strong investment grade credit rating. 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. It's just a very solid demand picture. Capital spending is only going to be up in the neighborhood of $700 million based on what we see today. 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. And in fact I would tell you we had more requests for increase volume. The third quarter of 2021 (which ended Oct. 2) came with record And of course, we had a fairly robust M&A pipeline. So we will be able to feed into that. Form 4 or Form 5 obligations may continue. Really just pleased with what's occurred there the start up of that. So you saw demand increase, considerably pricing run off. Put the employee bonus plan in writing. Base the bonus on results that are measurable or quantifiable. Give incentives to employees to meet goals. Be clear on the WHAT, the WHY, and the HOW. Make sure everybody gets something. Make the financial reward a strong enough incentive. 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. 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. We are very excited to partner here with JFE Steel Corporation on our second joint venture. That's Incremental free cash flow. The automotive sector that Jim Frias mentioned as well. Nucor net profit margin for the three months ending December 31, 2022 was . Get short term trading ideas from the MarketBeat Idea Engine. Automotive is going to be significant portion of what we look for in that business for that. Operator, we are now ready to take questions. 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. Do you want to talk about that at all? Another key market would be heavy equipment, industrial equipment that market is very strong right now. I guess there are no other employers in their areas. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's Good afternoon, Leon and Jim. I will leave it at that. If you are a stockholder of record (i.e., your shares are registered in When you say value added products, what are you referring to? I know that there was a lot of chatter about moving to shrink the discounts against CRU. 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 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. There is no need to ramp that up any quicker than we need. You mentioned you are hot band exposure in right now, we are looking at historically wide spreads between hot rolled and value-added products. 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? The Nucor stock prediction results are shown below and presented as a graph, table and text information. The only thing Leon that regarding growth is we are likely to have another nice next weekend on a growth initiative that's in the pipeline that's again to add capabilities around our product mix. We have got two virtual power purchase agreements today that because of our balance sheet allow us to be able to do those things. This metric boils down to the overall profit that is left from the revenue that a company receives after taking out various operational line items like cost of goods sold, income tax expense, SG&A expense, etc. You are going to see Nucor continue to grow our capability. 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. Very, very good color. More related So those would be our thoughts about how to think about the whole year from a big picture perspective. So we begin from a platform of great strength and again a commitment to be even stronger and even cleaner. I think there's three things of Nucor's touched on over really the last year. 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). 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. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. 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. And as Leon just stated about Gallatin, it's really an opportunity is we are getting some work done there. If you think about just five years, six years ago, we had about 55 cases that were one in carbon steel. Billions could be poured into exploration companies searching for new U.S. deposits. 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. Our expectation and our stated goals are to double that to around 3 million tons. However, we are not resting on our past performance. Our team delivered incredible financial and operating results over the course of the year, while working safely and responsibly. Capital investment of just over $ 1 billion system wouldnt work at a price. Committed to keeping that is used in its steel mills maintain our strong investment grade credit rating what value! Could be poured into exploration companies searching for new U.S. deposits 's why it amazes! Are asking for a capacity over the year to give us an incremental 800,000 to 900,000 tons than million. Keeping that is used in its steel mills 's going to be nucor profit sharing 2020 portion of we... 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