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):               July 23, 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 July 23, 2009, Nucor Corporation issued a news release reporting its financial results for the fiscal quarter ended July 4, 2009.  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 July 23, 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:  July 23, 2009
 
 
 
 
2

 
 

INDEX TO EXHIBITS



Exhibit No.
Description

 
99.1
News Release of Nucor Corporation, issued July 23, 2009

 
 
 
 
 
3

 

News Release      


NUCOR REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009
 
CHARLOTTE, NORTH CAROLINA, July 23, 2009 – Nucor Corporation (NYSE: NUE) announced today a consolidated net loss of $133.3 million, or $0.43 per diluted share, for the second quarter of 2009, compared to a net loss of $189.6 million, or $0.60 per diluted share, in the first quarter of 2009, an improvement of 30%.  The results compare to net income of $580.8 million, or $1.94 per diluted share, in the second quarter of 2008.
 
In the first half of 2009, Nucor reported a consolidated net loss of $323.0 million, or $1.03 per diluted share, compared with net earnings of $990.5 million, or $3.36 per diluted share, in the first half of last year.
 
In the second quarter of 2009, Nucor’s consolidated net sales decreased 7% to $2.48 billion compared with $2.65 billion in the first quarter of 2009 and decreased 65% compared with $7.09 billion in the second quarter of 2008.  Average sales price per ton decreased 16% from the first quarter of 2009 and decreased 34% from the second quarter of 2008.  Total tons shipped to outside customers were 4,116,000 tons in the second quarter of 2009, an increase of 11% over the first quarter of 2009 and a decrease of 47% from the second quarter of 2008.
 
In the first half of 2009, Nucor’s consolidated net sales decreased 57% to $5.13 billion, compared with $12.06 billion in last year’s first half.  Average sales price per ton decreased 23% while total tons shipped to outside customers decreased 45% from the first half of 2008.
 
The average scrap and scrap substitute cost per ton used in the second quarter of 2009 was $312, a decrease of 6% compared with $333 in the first quarter of 2009 and a decrease of 32% from $456 in the second quarter of 2008.  The average scrap and scrap substitute cost per ton used in the first half of 2009 was $322, a decrease of 19% from $396 in the first half of 2008.
 
  Nucor recorded a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $125.0 million in the second quarter of 2009, compared with a credit of $105.0 million in the first quarter of 2009 and a charge of $214.0 million in the second quarter of 2008.  The LIFO credit in the first half of 2009 was $230.0 million, compared with a charge of $283.0 million in the first half of 2008.
 
Overall steel mill utilization increased slightly from 45% in the first quarter of 2009 to 46% in the second quarter of 2009, and decreased from 95% in last year’s second quarter.  Utilization rates decreased from 94% in the first half of 2008 to 46% in the first half of 2009.  Monthly steel mill utilization rates increased each month during the second quarter, improving from 38% in April to 54% in June.  This improvement reversed the first quarter trend in which utilization rates decreased each month.
 
Total energy costs decreased approximately $4 per ton from the first quarter of 2009 due to decreased energy costs driven by lower natural gas prices combined with the slight increase in overall utilization.  Total energy costs increased approximately $5 per ton from the second quarter of 2008 to the second quarter of 2009 and increased $8 per ton from the first half of 2008 to the first half of 2009 as a result of decreased utilization during the period.
 

 

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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)
 
As expected and as discussed in our guidance, second quarter results include a substantially greater burden than the first quarter from the accelerated consumption of high-cost pig iron inventories at our sheet mills.  This impact was partially offset by the strong focus on overall cost reductions by all members of the Nucor team.  We expect the overhang from the high-cost pig iron will continue to impact our results through the third quarter.  If we continue to see improvement in order entry and operating rates, our raw material destocking process would be accelerated with a corresponding improvement in earnings.
 
At The David J. Joseph Company (“DJJ”), total volumes in the second quarter (both scrap processing and brokerage) were approximately 50% of the prior year; however, in both cases, the volumes improved each month of the quarter and show a strong start to the third quarter.  In our downstream businesses, conditions continue to be challenging and recovery is expected to lag Nucor’s other businesses.  All of Nucor’s team members continue to capitalize on Nucor’s position of strength arising from our balance sheet, low-cost and highly flexible production capabilities, unrivaled product diversification and, most importantly, Nucor’s extremely productive and innovative work force.
 
Our liquidity position remains strong with $2.20 billion in cash and cash equivalents and short-term investments and an untapped $1.3 billion revolving credit facility that matures in November 2012. 
 
In June, Nucor’s board of directors declared a cash dividend of $0.35 per share payable on August 11, 2009 to stockholders of record on June 30, 2009.  This dividend is Nucor’s one-hundred forty-fifth consecutive quarterly cash dividend, a record we expect to continue.
 
The third quarter outlook suggests that, in spite of the continued strong negative impact of finishing up our high-cost pig iron inventories, we should see further earnings improvement in the quarter; however, the uncertainty in our economy is still very high.  Currently we are concerned that the marginal uptick in orders is not representative of an increase in “real” demand but more a result of both inventory adjustments and concern over rising prices.  We will again provide quantitative guidance after the midpoint between our quarterly earnings releases.
 
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 the largest recycler in North America.
 

 

 
 
 
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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (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, 2008 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 second quarter results on July 23, 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)
 

   
Three Months (13 Weeks) Ended
   
Six Months (26 Weeks) Ended
 
   
July 4, 2009
   
June 28, 2008
   
Percentage
Change
   
July 4, 2009
   
June 28, 2008
   
Percentage
Change
 
Steel Mills:
                                   
Production
    2,964       6,043       -51%       5,843       11,874       -51%  
Total shipments
    2,999       6,117       -51%       5,807       12,068       -52%  
Outside shipments
    2,569       5,394       -52%       5,002       10,597       -53%  
                                                 
Steel Products:
                                               
Joist production
    65       140       -54%       125       272       -54%  
Deck sales
    73       139       -47%       148       255       -42%  
Cold finished sales
    76       143       -47%       156       279       -44%  
Fabricated concrete
                                               
reinforcing steel sales
    255       232       10%       463       411       13%  

 

 

 

 

 
 
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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)
 
Unaudited figures are as follows:
 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands, except per share data)
 
 
   
Three Months (13 Weeks) Ended
   
Six Months (26 Weeks) Ended
 
   
July 4, 2009
   
June 28, 2008
   
July 4, 2009
   
June 28, 2008
 
                         
NET SALES
  $ 2,478,028     $ 7,090,599     $ 5,132,347     $ 12,064,868  
                                 
Costs, expenses and other:
                               
Cost of products sold
    2,539,904       5,879,655       5,318,228       9,951,247  
Marketing, administrative and
                               
other expenses
    106,925       220,172       232,301       389,886  
  Interest expense, net
    31,957       26,734       64,322       45,079  
      2,678,786       6,126,561       5,614,851       10,386,212  
                                 
Earnings (loss) before income taxes
                         
and noncontrolling interests
    (200,758 )     964,038       (482,504 )     1,678,656  
Provision for (benefit from) income taxes
    (72,989 )     295,348       (164,210 )     508,441  
Net earnings (loss)
    (127,769 )     668,690       (318,294 )     1,170,215  
Earnings attributable to
                               
noncontrolling interests
    5,568       87,936       4,688       179,707  
Net earnings (loss) attributable to
                               
Nucor stockholders
  $ (133,337 )   $ 580,754     $ (322,982 )   $ 990,508  
                                 
NET EARNINGS PER SHARE:
                               
  Basic
  $ (0.43 )   $ 1.94     $ (1.03 )   $ 3.37  
  Diluted
  $ (0.43 )   $ 1.94     $ (1.03 )   $ 3.36  
                                 
AVERAGE SHARES OUTSTANDING:
                         
  Basic
    314,752       298,262       314,532       293,291  
  Diluted
    314,752       298,668       314,532       294,051  

 
 

 
 

 
 
 
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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)
 
 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 (In thousands)
 
   
July 4, 2009
   
December 31, 2008
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $ 2,060,203     $ 2,355,130  
Short-term investments
    136,389       -  
Accounts receivable, net
    960,226       1,228,807  
Inventories
    1,268,200       2,408,157  
Other current assets
    502,810       405,392  
                 
Total current assets
    4,927,828       6,397,486  
                 
Property, plant and equipment, net
    4,117,542       4,131,861  
                 
Goodwill
    1,776,207       1,732,045  
                 
Other intangible assets, net
    922,340       946,545  
                 
Other assets
    667,130       666,506  
                 
Total assets
  $ 12,411,047     $ 13,874,443  
                 
LIABILITIES
               
Current liabilities:
               
Short-term debt
  $ 5,942     $ 8,622  
Long-term debt due within one year
    5,400       180,400  
Accounts payable
    413,347       534,161  
Federal income taxes payable
    -       199,044  
Salaries, wages and related accruals
    181,006       580,090  
Accrued expenses and other current liabilities
    343,492       351,875  
                 
Total current liabilities
    949,187       1,854,192  
                 
Long-term debt due after one year
    3,086,200       3,086,200  
                 
Deferred credits and other liabilities
    671,416       677,370  
                 
Total liabilities
    4,706,803       5,617,762  
                 
EQUITY
               
Nucor stockholders' equity:
               
Common stock
    149,810       149,628  
Additional paid-in capital
    1,655,252       1,629,981  
Retained earnings
    7,316,054       7,860,629  
Accumulated other comprehensive loss,
               
net of income taxes
    (151,203 )     (190,262 )
Treasury stock
    (1,514,695 )     (1,520,772 )
      7,455,218       7,929,204  
Noncontrolling interests
    249,026       327,477  
                 
Total equity
    7,704,244       8,256,681  
                 
Total liabilities and equity
  $ 12,411,047     $ 13,874,443  
 
 
 
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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 (In thousands)
 
   
Six Months (26 Weeks) Ended
 
   
July 4, 2009
   
June 28, 2008
 
Operating activities:
           
Net earnings (loss)
  $ (318,294 )   $ 1,170,215  
Adjustments:
               
Depreciation
    242,475       231,232  
Amortization
    36,001       32,066  
Stock-based compensation
    31,660       31,148  
Deferred income taxes
    (31,659 )     (66,881 )
Changes in assets and liabilities (exclusive of acquisitions):
               
Accounts receivable
    278,055       (591,318 )
Inventories
    1,147,421       (570,570 )
Accounts payable
    (121,847 )     494,549  
Federal income taxes
    (285,735 )     123,517  
Salaries, wages and related expenses
    (392,276 )     (14,505 )
Other
    51,323       (11,214 )
                 
Cash provided by operating activities
    637,124       828,239  
                 
Investing activities:
               
Capital expenditures
    (240,428 )     (501,669 )
Investment in and advances to affiliates
    (57,904 )     (27,903 )
Disposition of plant and equipment
    8,610       6,551  
Acquisitions (net of cash acquired)
    (24,714 )     (1,591,817 )
Purchases of investments
    (136,389 )     (209,605 )
Proceeds from the sale of investments
    -       392,055  
Proceeds from currency derivative contracts
    -       1,441,862  
Settlement of currency derivative contracts
    -       (1,424,292 )
                 
Cash used in investing activities
    (450,825 )     (1,914,818 )
                 
Financing activities:
               
Net change in short-term debt
    (2,694 )     (21,429 )
Proceeds from the issuance of long-term debt
    -       989,715  
Repayment of long-term debt
    (175,000 )     -  
Issuance of common stock
    1,518       1,994,565  
Bond issuance costs
    -       (6,937 )
Excess tax benefits from stock-based compensation
    (700 )     9,200  
Distributions to noncontrolling interests
    (83,223 )     (153,218 )
Cash dividends
    (221,127 )     (327,380 )
                 
Cash provided by (used in) financing activities
    (481,226 )     2,484,516  
                 
Increase (decrease) in cash and cash equivalents
    (294,927 )     1,397,937  
                 
Cash and cash equivalents - beginning of year
    2,355,130       1,393,943  
                 
Cash and cash equivalents - end of six months
  $ 2,060,203     $ 2,791,880  
 
 
 
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