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):             January 27, 2009

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 January 27, 2009, Nucor Corporation issued a news release reporting its financial results for the year ended December 31, 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 January 27, 2009
 


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:  January 27, 2009

2

 
INDEX TO EXHIBITS


     
  Exhibit No Description
     
 
99.1
News Release of Nucor Corporation, issued January 27, 2009

3

 
News Release      

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

CHARLOTTE, NORTH CAROLINA, January 27, 2009 – Nucor Corporation (NYSE: NUE) announced today full year 2008 consolidated net earnings of a record $1.83 billion ($5.98 per diluted share), compared with net earnings of $1.47 billion ($4.94 per diluted share) in 2007.  Nucor’s consolidated net sales for 2008 increased 43% to a record $23.66 billion, compared with $16.59 billion in 2007.  Average sales price per ton increased 30% while total tons shipped to outside customers increased 10% from 2007.
 
Consolidated net earnings of $105.9 million ($0.34 per diluted share) for the fourth quarter of 2008 decreased 71% compared with $364.8 million ($1.26 per diluted share) earned in the fourth quarter of 2007 and decreased 86% from the $734.6 million ($2.31 per diluted share) earned in the third quarter of 2008.  Fourth quarter results were unfavorably impacted by the decrease in end-use demand for steel and the consumption of higher cost raw materials purchased earlier in the year.  Earnings were also decreased by $105.2 million in charges for impairment of non-current assets and an expense of $42.4 million for writing down inventory to the lower of cost or market.
 
In the fourth quarter of 2008, Nucor’s consolidated net sales decreased 6% to $4.15 billion, compared with $4.40 billion in the fourth quarter of 2007 and decreased 44% compared with $7.45 billion in the third quarter of 2008.  Average sales price per ton increased 30% from the fourth quarter of 2007 and decreased 13% from the third quarter of 2008.  Total tons shipped to outside customers were 4,294,000 tons in the fourth quarter of 2008, a decrease of 27% from the fourth quarter of 2007 and a decrease of 36% from the third quarter of 2008.
 
For the full year 2008, the increases in sales and net earnings are attributable in part to the significant acquisitions made by Nucor in the last two years, 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 steel rebar fabrication and scrap businesses.
 
The average scrap and scrap substitute cost per ton used increased 53% from $285 in the fourth quarter of 2007 to $435 in the fourth quarter of 2008, and decreased 18% from $533 in the third quarter of 2008.  For the full year 2008, the average scrap and scrap substitute cost per ton used was $438, an increase of 58% over $278 in 2007.
 
In the fourth quarter of 2008, Nucor incurred a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $81.2 million, compared with a charge of $92.3 million in the fourth quarter of 2007, and a charge of $140.0 million in the third quarter of 2008.  For the full year 2008, the LIFO charge was $341.8 million, compared with a charge of $194.3 million in 2007.
 
Total energy costs in the fourth quarter of 2008 increased $10 per ton from the fourth quarter of 2007 and increased $1 per ton from the third quarter of 2008.  For the full year of 2008, total energy costs increased $6 per ton from 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 2008 (Continued)
 
Approximately $85 million of the impairment charge in the fourth quarter is for the impairment of our investment in the HIsmelt joint venture in Australia.  The HIsmelt process is a blast furnace replacement technology that has the potential to be a hot metal source for electric arc furnaces.  In December 2008, production at the HIsmelt plant was suspended due to market conditions.  Given the uncertain outlook for the pig iron market and the fact that the technology is not yet fully commercialized, management decided it was appropriate to recognize an impairment of this investment.

The team at the HIsmelt facility has made considerable progress since they began their work in 2005.   For that reason, we remain optimistic about the long-term potential for commercializing the HIsmelt technology.  The joint venture expects to resume operations when pig iron market conditions improve.

In December, Nucor’s board of directors declared a cash dividend of $0.35 per share payable on February 11, 2009 to stockholders of record on December 31, 2008.
 
“The record sales and earnings achieved by Nucor in 2008 were accomplished in spite of the unprecedented economic and steel market conditions that we experienced in the fourth quarter,” said Dan DiMicco, Nucor’s Chairman, President and Chief Executive Officer.  “Our strong balance sheet and cash flow, our highly variable cost structure, our product diversification and, most importantly, our employees and the Nucor culture are all factors that make Nucor well positioned to survive this crisis.  Our team is focused on continuing Nucor’s long tradition of taking advantage of economic downturns to grow even stronger.”
 
Entering the first quarter of 2009, conditions remain as challenging as they were in the fourth quarter.  The global economy is still paralyzed by the ongoing credit crunch.  In addition to weakened end-use demand, many customers also continue to reduce their inventories due to liquidity concerns. 

With dramatically lower production rates for the fourth quarter continuing into the first quarter of 2009, our larger mills have higher cost scrap and scrap substitute inventories yet to be consumed.  These iron units – predominantly pig iron at our sheet mills – were purchased prior to last fall’s collapse in the economy and scrap pricing.

As in the prior quarter, there is little forward visibility on either the economy or our industry; therefore, we will not provide first quarter numerical guidance at this time.  We see the first quarter as again being very challenging, with only marginally better earnings than the fourth quarter of 2008.  We will give an update of our business during March.
 
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 2008 (Continued)
 
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, through DJJ, 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.
 
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 fourth quarter results on January 27, 2009 at 2:00 p.m. eastern time.  The conference call will be available over the Internet at www.nucor.com, under Investor Relations. 
 
 TONNAGE DATA
 (in thousands)
                   
     
 Quarter Ended December 31,
 
Year Ended December 31,
     
2008
 
2007
 
2008
 
2007
Steel Mills:
               
 
Production
 
            3,062
 
            5,586
 
          20,446
 
          22,089
 
Total shipments
 
            3,426
 
            5,684
 
          20,932
 
          22,347
 
Outside shipments
 
            2,900
 
            5,078
 
          18,185
 
          20,235
                   
Steel Products:
               
 
Joist production
 
                94
 
              133
 
              485
 
              542
 
Deck sales
 
              110
 
              123
 
              498
 
              478
 
Cold finish sales
 
                91
 
              127
 
              485
 
              449
 
Fabricated concrete
               
 
  reinforcing steel sales
 
              286
 
              198
 
              955
 
              583
 
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 2008 (Continued)
 
Unaudited figures are as follows:
 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
 
(In thousands, except per share data)
 
                         
   
Quarter Ended December 31,
   
Year Ended December 31,
 
   
2008
   
2007
   
2008
   
2007
 
                         
NET SALES
  $ 4,150,936     $ 4,396,760     $ 23,663,324     $ 16,592,976  
                                 
COSTS, EXPENSES AND OTHER:
                               
  Cost of products sold
    3,670,629       3,618,164       19,612,283       13,462,927  
  Marketing, administrative and
                               
    other expenses
    145,343       147,159       750,984       577,764  
  Impairment of non-current assets
    105,183       -       105,183       -  
  Interest expense, net
    22,374       6,076       90,483       5,469  
  Minority interests
    58,001       78,848       313,921       293,501  
      4,001,530       3,850,247       20,872,854       14,339,661  
                                 
EARNINGS BEFORE
                               
  INCOME TAXES
    149,406       546,513       2,790,470       2,253,315  
    Provision for income taxes
    43,514       181,667       959,480       781,368  
      NET EARNINGS
  $ 105,892     $ 364,846     $ 1,830,990     $ 1,471,947  
                                 
NET EARNINGS PER SHARE:
                               
  Basic
  $ 0.34     $ 1.27     $ 6.01     $ 4.98  
  Diluted
  $ 0.34     $ 1.26     $ 5.98     $ 4.94  
                                 
AVERAGE SHARES OUTSTANDING:
                               
  Basic
    314,135       287,916       304,525       295,779  
  Diluted
    315,399       289,918       306,092       297,878  
 
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 2008 (Continued)
 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 (In thousands)
             
   
Dec. 31, 2008
   
Dec. 31, 2007
 
 Assets
           
 CURRENT ASSETS:
           
 Cash and cash equivalents
  $ 2,355,130     $ 1,393,943  
 Short-term investments
    -       182,450  
 Accounts receivable, net
    1,228,807       1,611,844  
 Inventories
    2,408,157       1,601,600  
 Other current assets
    405,392       283,412  
                 
 Total current assets
    6,397,486       5,073,249  
                 
 PROPERTY, PLANT AND EQUIPMENT, NET
    4,131,861       3,232,998  
                 
 GOODWILL
    1,732,045       847,887  
                 
 OTHER INTANGIBLE ASSETS, NET
    946,545       469,936  
                 
 OTHER ASSETS
    666,506       202,052  
                 
 TOTAL ASSETS
  $ 13,874,443     $ 9,826,122  
                 
 Liabilities and stockholders' equity
               
 CURRENT LIABILITIES:
               
 Short-term debt
  $ 8,622     $ 22,868  
 Long-term debt due within one year
    180,400       -  
 Accounts payable
    534,161       691,668  
 Federal income taxes payable
    199,044       -  
 Salaries, wages and related accruals
    580,090       436,352  
 Accrued expenses and other current liabilities
    351,875       431,148  
                 
 Total current liabilities
    1,854,192       1,582,036  
                 
 LONG-TERM DEBT DUE AFTER ONE YEAR
    3,086,200       2,250,300  
                 
 DEFERRED CREDITS AND OTHER LIABILITIES
    677,370       593,423  
                 
 MINORITY INTERESTS
    327,477       287,446  
                 
 STOCKHOLDERS' EQUITY:
               
 Common stock
    149,628       149,302  
 Additional paid-in capital
    1,629,981       256,406  
 Retained earnings
    7,860,629       6,621,646  
 Accumulated other comprehensive (loss) income,
               
     net of income taxes
    (190,262 )     163,362  
      9,449,976       7,190,716  
 Treasury stock
    (1,520,772 )     (2,077,799 )
                 
 Total stockholders' equity
    7,929,204       5,112,917  
                 
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 13,874,443     $ 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 2008 (Continued)
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
 
   
Year Ended December 31,
 
       
   
2008
   
2007
 
Operating activities:
           
     Net earnings
  $ 1,830,990     $ 1,471,947  
     Adjustments:
               
          Depreciation
    479,484       403,172  
          Amortization
    69,423       24,384  
          Stock-based compensation
    49,873       44,001  
          Deferred income taxes
    (293,476 )     (81,206 )
          Impairment of non-current assets
    105,183       -  
          Minority interests
    313,915       293,498  
          Settlement of derivative hedges
    14,733       (18,019 )
          Changes in assets and liabilities
               
          (exclusive of acquisitions):
               
Accounts receivable
    855,572       (174,326 )
Inventories
    (364,280 )     (102,490 )
Accounts payable
    (861,334 )     57,259  
Federal income taxes
    278,663       13,332  
Salaries, wages and related accruals
    129,927       (42,931 )
Other
    (109,945 )     46,685  
                 
Cash provided by operating activities
    2,498,728       1,935,306  
                 
Investing activities:
               
     Capital expenditures
    (1,018,980 )     (520,353 )
     Sale of interest in affiliate
    -       29,500  
     Investment in affiliates
    (720,713 )     (31,435 )
     Disposition of plant and equipment
    17,180       2,787  
     Acquisitions (net of cash acquired)
    (1,826,030 )     (1,542,666 )
     Purchases of investments
    (289,423 )     (487,395 )
     Proceeds from the sale of investments
    499,709       1,687,578  
     Proceeds from currency derivative contracts
    1,441,862       517,241  
     Settlement of currency derivative contracts
    (1,424,291 )     (511,394 )
                 
Cash used in investing activities
    (3,320,686 )     (856,137 )
                 
Financing activities:
               
     Net change in short-term debt (exclusive of acquisitions)
    (149,837 )     (65,871 )
     Proceeds from issuance of long-term debt
    989,715       1,322,445  
     Debt issuance costs
    (6,937 )     (9,200 )
     Issuance of common stock
    1,996,690       12,003  
     Excess tax benefits from stock-based compensation
    10,600       13,000  
     Distributions to minority interests
    (275,075 )     (263,086 )
     Cash dividends
    (658,051 )     (726,139 )
     Acquisition of treasury stock
    (123,960 )     (754,029 )
                 
Cash provided by (used in) financing activities
    1,783,145       (470,877 )
                 
Increase in cash and cash equivalents
    961,187       608,292  
                 
Cash and cash equivalents - beginning of year
    1,393,943       785,651  
                 
Cash and cash equivalents - end of year
  $ 2,355,130     $ 1,393,943  
 
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