UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):   October 16, 2008  

NUCOR CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

1-4119
 
13-1860817
     
(Commission File Number)
 
(IRS Employer Identification No.)

1915 Rexford Road, Charlotte, North Carolina
 
28211
     
(Address of principal executive offices)
 
(Zip Code)

Registrant's telephone number, including area code: (704) 366-7000

N/A
(Former name or former address, if changed since last report.)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02
Results of Operations and Financial Condition

On October 16, 2008, Nucor Corporation issued a news release reporting its financial results for the fiscal quarter ended September 27, 2008. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.

The information contained in this Current Report on Form 8-K, including the exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.


Item 9.01
Financial Statements and Exhibits
 
(c)              
Exhibits

99.1
News Release of Nucor Corporation, issued October 16, 2008



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
  NUCOR CORPORATION
 
 
 
 
 
 
  By:   /s/ Terry S. Lisenby
 
Terry S. Lisenby
  Chief Financial Officer, Treasurer and Executive Vice President
 
Dated: October 16, 2008

2


INDEX TO EXHIBITS


  Exhibit No.  Description
     
99.1
News Release of Nucor Corporation, issued October 16, 2008

3

 
News Release      

 
NUCOR REPORTS RECORD RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2008
 
CHARLOTTE, NORTH CAROLINA, October 16, 2008 - Nucor Corporation (NYSE: NUE) announced today record consolidated net earnings for the third quarter of 2008 of $734.6 million ($2.31 per diluted share), an increase of 93% from the $381.2 million ($1.29 per diluted share) earned in the third quarter of 2007 and an increase of 26% compared with $580.8 million ($1.94 per diluted share) earned in the second quarter of 2008.

Consolidated net earnings for the first nine months of 2008 were a record $1.73 billion ($5.70 per diluted share), an increase of 56% from net earnings of $1.11 billion ($3.68 per diluted share) in last year’s first nine months.
 
In the third quarter of 2008, Nucor’s consolidated net sales increased 75% to a record $7.45 billion, compared with $4.26 billion in the third quarter of 2007 and increased 5% compared with $7.09 billion in the second quarter of 2008. Average sales price per ton increased 51% from the third quarter of 2007 and increased 21% from the second quarter of 2008. Total tons shipped to outside customers were 6,701,000 tons in the third quarter of 2008, an increase of 16% over the third quarter of 2007 and a decrease of 13% compared to the second quarter of 2008.
 
In the first nine months of 2008, Nucor’s consolidated net sales increased 60% to a record $19.51 billion, compared with $12.20 billion in last year’s first nine months. Average sales price per ton increased 30% while total tons shipped to outside customers increased 23% compared to the first nine months of 2007.
 
The increases in sales and net earnings are attributable in part to the significant acquisitions made by Nucor in the last 21 months, including Harris Steel Group, Inc. (“Harris”) in March 2007 and The David J. Joseph Company (“DJJ”) in February 2008. Nucor has also used these two companies as platforms for additional acquisitions to grow the rebar fabrication and scrap businesses.
 
Nucor’s performance is not tied to any one steel market due to our product line diversity. With the acquisition of Harris and other downstream products companies, Nucor’s steel products annual capacity has more than doubled since the beginning of 2007 to more than 4.5 million tons. In addition, these companies provide our steel mills with a profitable base load of volume.
 
The average scrap and scrap substitute cost per ton used increased 92% from $277 in the third quarter of 2007 to $533 in the third quarter of 2008, and increased 17% from $456 in the second quarter of 2008. The average scrap and scrap substitute cost per ton used in the first nine months of 2008 increased 60% to $439 compared to $275 in the first nine months of 2007.
 
Nucor incurred a charge to value inventories using the last-in, first-out (LIFO) method of accounting of $140.0 million ($0.25 per diluted share, after tax) in the third quarter of 2008, compared with a charge of $11.0 million ($0.02 per diluted share, after tax) in the third quarter of 2007 and a charge of $214.0 million ($0.42 per diluted share, after tax) in the second quarter of 2008. In the first nine months of 2008, the LIFO charge was a record $423.0 million ($0.82 per diluted share, after tax), compared with a charge of $102.0 million ($0.20 per diluted share, after tax) in the first nine months of 2007.
 
 

 

 
Page 1 of 6
 
Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 
News Release      

 
NUCOR REPORTS RECORD RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2008 (Continued)
 

Total energy costs in the third quarter of 2008 increased $7 per ton from the third quarter of 2007 and increased $3 per ton from the second quarter of 2008. During the first nine months of 2008, total energy costs increased $5 per ton compared with the first nine months of 2007.
 
In the steel mills segment, steel production increased 5% to 17,384,000 tons in the first nine months of 2008, compared with 16,503,000 tons produced in the first nine months of 2007.
 
Total steel shipments increased 5% to 17,506,000 tons in the first nine months of 2008, compared with 16,663,000 tons in last year’s first nine months. Steel shipments to outside customers increased 1% to 15,285,000 tons in the first nine months of 2008, compared with 15,157,000 tons in last year’s first nine months.
 
In the steel products segment, steel joist production during the first nine months of 2008 decreased to 391,000 tons, compared with 409,000 tons in the first nine months of 2007. Steel deck sales increased to 388,000 tons in the first nine months of 2008, compared with 355,000 tons in last year's first nine months. Cold finished steel sales increased to 394,000 tons compared to 322,000 tons in the first nine months of 2007. Sales of fabricated concrete reinforcing steel were 669,000 tons compared to 385,000 in the first nine months of 2007.
 
In September, Nucor’s board of directors declared a supplemental dividend of $0.20 per share in addition to the $0.32 per share base dividend. The total dividend of $0.52 per share is payable on November 11, 2008 to stockholders of record on September 30, 2008. The payment of a supplemental dividend in any future period will depend upon many factors, including Nucor’s earnings, cash flow and financial position.
 
In August, Nucor’s wholly owned subsidiary, Harris Steel, Inc., acquired all of the issued and outstanding common shares of Ambassador Steel Corporation (“Ambassador”) for a cash purchase price of approximately $185 million. At closing, Harris Steel also repaid Ambassador’s bank debt of approximately $136 million. Based in Auburn, Indiana, Ambassador is a fabricator and distributor of concrete reinforcing steel and related products.
 
Also in August, Nucor’s wholly owned subsidiary, The David J. Joseph Company, completed the acquisition of substantially all the assets of the American Compressed Steel operations of Secondary Resources, Inc. American Compressed Steel has facilities in Kansas City, St. Joseph and Sedalia, Missouri, and processes nearly 180,000 tons annually. DJJ is now operating these facilities under the Advantage Metals Recycling, LLC name.
 
 

 
 

 
 

 
Page 2 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 
News Release      

 
NUCOR REPORTS RECORD RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2008 (Continued)
 
 
In July, Nucor completed the acquisition of 50% of the stock of Duferdofin - Nucor S.r.l., for the purchase price of approximately $667.0 million. Duferdofin - Nucor S.r.l. operates a steel melting and bloom/billet caster in San Zeno as well as rolling mills in Pallanzeno and Giammoro. Total production in 2007 was approximately one million tons. A new merchant bar mill, which is expected to produce approximately 450,000 tons, is under construction at the Giammoro plant and is expected to be fully operational in late 2008.
 
In July, Nucor announced its plans to install a plate heat treating facility at its plate mill in Hertford County, North Carolina. The heat treat line will have an estimated annual capacity of 120,000 tons and will have the ability to produce heat treated plate from 3/16" through 2" thick. Total cost of the project is expected to be approximately $110 million.
 
Discussions between Sidenor S. A. of Greece (ATH:SID) and Nucor concerning the possible formation of a joint venture between the companies continue in a cooperative and friendly nature.  However, the current turmoil in the world financial markets has delayed the completion of this effort.  Both Sidenor and Nucor expect to conclude our discussions when the future outlook becomes clearer.
 
Entering the fourth quarter, the global economy has been negatively impacted by the crisis in the financial markets. What started out as a seasonal slowdown - due to temporary global market disruptions such as the six-month China Olympics effect and the Middle Eastern religious holidays - has now been overwhelmed by a worldwide financial crisis that is unique in both size and scope in our lifetime.  The business environment has obviously become significantly more challenging for everyone including Nucor. There is little forward visibility on either the economy or our industry, even for the fourth quarter. These conditions are such that financial projections are not practical. Therefore, we will not be providing numerical or qualitative guidance at this time. We will give an update of our business at the normal time midway between our quarterly earnings releases.
 
What we can say is that 2008 will be another record year for Nucor and today our competitive position is stronger than ever, both here and globally. If recent initiatives by the world’s governments to stabilize financial markets are successful, then businesses should see significantly improved access to credit and resulting improved business conditions beginning early in 2009. We are still strong believers in the long-term strength of the global infrastructure build and the associated bull market for steel. It is this global growth in steel demand that will help drive Nucor’s growth and profitability.
 
Headquartered in Charlotte, N.C., Nucor makes more steel in America than any other company. Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel - in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
 

 

 
 
Page 3 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 
News Release      

 
NUCOR REPORTS RECORD RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2008 (Continued)
 
Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) the sensitivity of the results of our operations to prevailing steel prices and the changes in the supply and cost of raw materials, including scrap steel; (2) market demand for steel products; (3) energy costs and availability; (4) competitive pressure on sales and pricing, including pressure from imports and substitute materials; and (5) capital investments and their impact on our performance. These and other factors are outlined in Nucor’s regulatory filings with the Securities and Exchange Commission, including those in Nucor’s December 31, 2007 Annual Report on Form 10-K. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.
 
You are invited to listen to the live broadcast of Nucor’s conference call in which management will discuss Nucor’s third quarter results on October 16, 2008 at 2:00 p.m. eastern time. The conference call will be available over the Internet at www.nucor.com, under Investor Relations.
 
Unaudited figures are as follows:

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands, except per share data)
 
   
Three Months (13 Weeks) Ended
 
Nine Months (39 Weeks) Ended
 
   
Sept. 27, 2008
 
Sept. 29, 2007
 
Sept. 27, 2008
 
Sept. 29, 2007
 
                   
NET SALES
 
$
7,447,520
 
$
4,259,221
 
$
19,512,388
 
$
12,196,216
 
                           
COSTS, EXPENSES AND OTHER:
                         
Cost of products sold
   
5,990,407
   
3,449,260
   
15,941,654
   
9,844,763
 
Marketing, administrative and
                         
other expenses
   
215,755
   
145,470
   
605,641
   
430,605
 
Interest expense (income), net
   
23,030
   
3,576
   
68,109
   
(607
)
Minority interests
   
76,213
   
76,494
   
255,920
   
214,653
 
     
6,305,405
   
3,674,800
   
16,871,324
   
10,489,414
 
                           
EARNINGS BEFORE
                         
INCOME TAXES
   
1,142,115
   
584,421
   
2,641,064
   
1,706,802
 
Provision for income taxes
   
407,525
   
203,199
   
915,966
   
599,701
 
NET EARNINGS
 
$
734,590
 
$
381,222
 
$
1,725,098
 
$
1,107,101
 
                           
NET EARNINGS PER SHARE:
                         
Basic
 
$
2.32
 
$
1.30
 
$
5.73
 
$
3.71
 
Diluted
 
$
2.31
 
$
1.29
 
$
5.70
 
$
3.68
 
                           
AVERAGE SHARES OUTSTANDING:
                         
Basic
   
316,713
   
293,096
   
301,156
   
298,468
 
Diluted
   
318,168
   
295,019
   
302,829
   
300,600
 
 
 
Page 4 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 
News Release      

 
NUCOR REPORTS RECORD RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2008 (Continued)
 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)

   
Sept. 27, 2008
 
Dec. 31, 2007
 
Assets
         
CURRENT ASSETS:
             
Cash and cash equivalents  
 
$
1,654,336
 
$
1,393,943
 
Short-term investments  
   
24,856
   
182,450
 
Accounts receivable, net  
   
2,553,128
   
1,611,844
 
Inventories  
   
3,145,706
   
1,601,600
 
Other current assets  
   
254,954
   
283,412
 
               
 Total current assets
   
7,632,980
   
5,073,249
 
               
PROPERTY, PLANT AND EQUIPMENT, NET
   
4,075,020
   
3,232,998
 
               
GOODWILL
   
1,787,998
   
847,887
 
               
OTHER INTANGIBLE ASSETS, NET
   
999,636
   
469,936
 
               
OTHER ASSETS
   
840,913
   
202,052
 
               
TOTAL ASSETS
 
$
15,336,547
 
$
9,826,122
 
               
Liabilities and stockholders' equity
             
CURRENT LIABILITIES:
             
Short-term debt  
 
$
14,979
 
$
22,868
 
Long-term debt due within one year  
   
180,400
   
-
 
Accounts payable  
   
1,711,893
   
691,668
 
Federal income taxes payable  
   
83,837
   
-
 
Salaries, wages and related accruals  
   
617,837
   
436,352
 
Accrued expenses and other current liabilities  
   
513,028
   
431,148
 
               
 Total current liabilities
   
3,121,974
   
1,582,036
 
               
LONG-TERM DEBT DUE AFTER ONE YEAR
   
3,086,200
   
2,250,300
 
               
DEFERRED CREDITS AND OTHER LIABILITIES
   
659,726
   
593,423
 
               
MINORITY INTERESTS
   
292,174
   
287,446
 
               
STOCKHOLDERS' EQUITY:
             
Common stock  
   
149,621
   
149,302
 
Additional paid-in capital  
   
1,619,245
   
256,406
 
Retained earnings  
   
7,865,365
   
6,621,646
 
Accumulated other comprehensive income,  
             
 net of income taxes
   
63,279
   
163,362
 
     
9,697,510
   
7,190,716
 
Treasury stock  
   
(1,521,037
)
 
(2,077,799
)
               
 Total stockholders' equity
   
8,176,473
   
5,112,917
 
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
15,336,547
 
$
9,826,122
 
 
Page 5 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

 
News Release      

 
NUCOR REPORTS RECORD RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2008 (Continued)
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
 
   
Nine Months (39 Weeks) Ended
 
   
Sept. 27, 2008
 
Sept. 29, 2007
 
           
Operating activities:
             
Net earnings
 
$
1,725,098
 
$
1,107,101
 
Adjustments:
             
Depreciation 
   
354,291
   
298,280
 
Amortization 
   
51,056
   
15,437
 
Stock-based compensation 
   
38,428
   
33,875
 
Deferred income taxes 
   
(111,536
)
 
(91,191
)
Minority interests 
   
255,914
   
214,651
 
Settlement of derivative hedges 
   
19,837
   
(13,207
)
Changes in assets and liabilities (exclusive of acquisitions): 
             
 Accounts receivable
   
(437,792
)
 
(239,401
)
 Inventories
   
(1,083,823
)
 
(128,436
)
 Accounts payable
   
199,364
   
167,549
 
 Federal income taxes
   
163,514
   
71,598
 
 Salaries, wages and related accruals
   
165,016
   
(54,430
)
 Other
   
(17,117
)
 
8,857
 
               
Cash provided by operating activities
   
1,322,250
   
1,390,683
 
               
Investing activities:
             
Capital expenditures
   
(806,152
)
 
(330,586
)
Sale of interest in affiliates
   
-
   
29,500
 
Investment in affiliates
   
(704,945
)
 
(27,913
)
Disposition of plant and equipment
   
8,676
   
804
 
Acquisitions (net of cash acquired)
   
(1,827,165
)
 
(1,410,677
)
Purchases of investments
   
(234,461
)
 
(276,945
)
Proceeds from the sale of investments
   
392,055
   
1,687,578
 
Proceeds from currency derivative contracts
   
1,441,863
   
517,241
 
Settlement of currency derivative contracts
   
(1,424,291
)
 
(511,394
)
               
Cash used in investing activities
   
(3,154,420
)
 
(322,392
)
               
Financing activities:
             
Net change in short-term debt
   
(143,480
)
 
(66,461
)
Proceeds from the issuance of long-term debt
   
989,715
   
-
 
Bond issuance costs
   
(6,938
)
 
-
 
Issuance of common stock
   
1,995,921
   
10,430
 
Excess tax benefits from stock-based compensation
   
10,600
   
9,500
 
Distributions to minority interests
   
(252,569
)
 
(231,520
)
Cash dividends
   
(493,002
)
 
(549,606
)
Acquisition of treasury stock
   
(7,684
)
 
(754,029
)
               
Cash provided by (used in) financing activities
   
2,092,563
   
(1,581,686
)
               
Increase (decrease) in cash and cash equivalents
   
260,393
   
(513,395
)
               
Cash and cash equivalents - beginning of year
   
1,393,943
   
785,651
 
               
Cash and cash equivalents - end of nine months
 
$
1,654,336
 
$
272,256
 
 
Page 6 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com