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):         April 22, 2010                         

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:

 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
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 April 22, 2010, Nucor Corporation issued a news release reporting its financial results for the fiscal quarter ended April 3, 2010.  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

(d)           Exhibits

 99.1           News Release of Nucor Corporation, issued April 22, 2010

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/ James D. Frias
 
James D. Frias
 
Chief Financial Officer, Treasurer and
Executive Vice President

Dated:  April 22, 2010

 
2

 

INDEX TO EXHIBITS

Exhibit No.
 
Description
     
99.1
  
News Release of Nucor Corporation, issued April 22, 2010

 
3

 
 
News Release
 
NUCOR REPORTS RESULTS FOR FIRST QUARTER OF 2010
 
CHARLOTTE, NORTH CAROLINA, April 22, 2010 – Nucor Corporation (NYSE: NUE) announced today consolidated net earnings of $31.0 million, or $0.10 per diluted share, for the first quarter of 2010.  By comparison, Nucor reported a net loss of $189.6 million, or $0.60 per diluted share, in the first quarter of 2009 and earned $58.9 million, or $0.18 per diluted share, in the fourth quarter of 2009.

Nucor’s consolidated net sales increased 38% to $3.65 billion compared with $2.65 billion in the first quarter of 2009 due to a 48% increase in total tons shipped to outside customers, partially offset by a 7% decrease in average sales price per ton.  Consolidated net sales increased 24% compared with $2.94 billion in the fourth quarter of 2009 due to a 19% increase in total tons shipped to outside customers and a 5% increase in average sales price per ton.

The average scrap and scrap substitute cost per ton used during the first quarter of 2010 was $318, a decrease of 5% compared to $333 in the first quarter of 2009 and an increase of 15% from $276 in the fourth quarter of 2009.
 
Nucor incurred a charge to value inventories using the last-in, first-out (LIFO) method of accounting of $24.0 million in the first quarter of 2010, compared with a credit of $105.0 million in the first quarter of 2009 and a credit of $116.9 million in the fourth quarter of 2009.
 
The steel mill utilization rate increased to approximately 73% in the first quarter from 45% in last year’s first quarter and 58% in the fourth quarter.  As a result of this increased utilization, total energy costs decreased approximately $10 per ton from the first quarter of 2009 to the first quarter of 2010 and decreased approximately $1 per ton from the fourth quarter of 2009.
 
Pre-operating and start-up costs of new facilities were $50.5 million in the first quarter, primarily related to the SBQ mill in Memphis, Tennessee, and the galvanizing line in Decatur, Alabama.  By comparison, pre-operating and start-up costs were $33.2 million in the first quarter of 2009 and $48.1 million in the fourth quarter of 2009.
 
Our liquidity position remains strong with $2.0 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 February, Nucor’s board declared a cash dividend of $0.36 per share payable on May 12, 2010 to stockholders of record on March 31, 2010.  This dividend is Nucor’s 148th consecutive quarterly cash dividend, a record we expect to continue.
 
In March, the David J. Joseph Company (“DJJ”) acquired the assets and business of Ocala Recycling LLC, which operates four facilities in Florida, including one automobile shredder.  Production at the four yards combined totals over 100,000 tons annually.  DJJ operates the Ocala Recycling facilities as part of Trademark Metals Recycling LLC.
 
Subsequent to the first quarter, Nucor acquired a 50% interest in NuMit LLC, which will invest in various steel and steel related activities, both in North America and globally.  As part of the agreement, Mitsui and Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui and Co., Ltd., contributed 100% of Steel Technologies Inc.  Steel Technologies operates 23 sheet steel processing facilities throughout the U.S., Canada and Mexico.  The transaction is not expected to result in material goodwill.
 
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 FIRST QUARTER OF 2010 (Continued)
 
First quarter results showed significant improvement in the operating rates at our sheet and plate mills, as well as our scrap business.  Overall, operating performance improved from the beginning of the quarter to the end of the quarter, and we expect the second quarter to be an improvement over our first quarter results.  The most challenging markets for our products continue to be those associated with residential and non-residential construction, which continue to show little, if any, strength.  This is particularly true for our downstream businesses.  We will provide additional and more quantitative earnings 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 North America's largest recycler.
 
Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties.  The words “believe,” “expect,” “project,” “will,” “should” and similar expressions are intended to identify those forward-looking statements.  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 competition 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, 2009 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 first quarter results on April 22, 2010 at 2:00 p.m. eastern time.  The conference call will be available over the Internet at www.nucor.com, under Investor Relations.
 
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 FIRST QUARTER OF 2010 (Continued)

TONNAGE DATA
 (in thousands)
 
   
Three Months (13 Weeks) Ended
 
   
April 3, 2010
   
April 4, 2009
   
Percentage
Change
 
Steel mills production
    4,712       2,879       64 %
Steel mills total shipments
    4,706       2,808       68 %
                         
Sales tons to outside customers:
                       
Steel mills
    4,066       2,433       67 %
Joist
    59       60       -2 %
Deck
    68       75       -9 %
Cold finished
    111       80       39 %
Fabricated concrete
                       
reinforcing steel
    194       208       -7 %
Other
    999       852       17 %
      5,497       3,708       48 %
 
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 FIRST QUARTER OF 2010 (Continued)

Unaudited figures are as follows:
 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands, except per share data)
 
   
Three Months (13 Weeks) Ended
 
             
   
April 3, 2010
   
April 4, 2009
 
             
Net sales
  $ 3,654,842     $ 2,654,319  
                 
Costs, expenses and other:
               
Cost of products sold
    3,442,047       2,778,324  
Marketing, administrative and other expenses
    92,594       87,379  
Equity in losses of unconsolidated affiliates
    18,377       37,997  
Interest expense, net
    37,788       32,365  
      3,590,806       2,936,065  
Earnings (loss) before income taxes and noncontrolling interests
    64,036       (281,746 )
Provision for (benefit from) income taxes
    22,842       (91,221 )
Net earnings (loss)
    41,194       (190,525 )
Earnings (loss) attributable to noncontrolling interests
    10,230       (880 )
Net earnings (loss) attributable to Nucor stockholders
  $ 30,964     $ (189,645 )
                 
Net earnings (loss) per share:
               
Basic
  $ 0.10     $ (0.60 )
Diluted
  $ 0.10     $ (0.60 )
                 
Average shares outstanding:
               
Basic
    315,461       314,319  
Diluted
    316,228       314,319  
 
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 FIRST QUARTER OF 2010 (Continued)
 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
 
   
April 3, 2010
   
Dec. 31, 2009
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $ 1,659,589     $ 2,016,981  
Short-term investments
    340,495       225,000  
Accounts receivable, net
    1,302,316       1,116,035  
Inventories, net
    1,624,971       1,312,903  
Other current assets
    534,415       511,329  
                 
Total current assets
    5,461,786       5,182,248  
                 
Property, plant and equipment, net
    3,963,467       4,013,836  
                 
Goodwill
    1,831,294       1,803,021  
                 
Other intangible assets, net
    905,143       902,922  
                 
Other assets
    641,012       669,877  
                 
Total assets
  $ 12,802,702     $ 12,571,904  
                 
LIABILITIES
               
Current liabilities:
               
Short-term debt
  $ 9,075     $ 1,748  
Long-term debt due within one year
    6,000       6,000  
Accounts payable
    941,458       707,038  
Salaries, wages and related accruals
    186,885       154,997  
Accrued expenses and other current liabilities
    397,738       357,274  
                 
Total current liabilities
    1,541,156       1,227,057  
                 
Long-term debt due after one year
    3,080,200       3,080,200  
                 
Deferred credits and other liabilities
    672,004       680,358  
                 
Total liabilities
    5,293,360       4,987,615  
                 
EQUITY
               
Nucor stockholders' equity:
               
Common stock
    149,930       149,877  
Additional paid-in capital
    1,688,263       1,675,777  
Retained earnings
    7,036,907       7,120,218  
Accumulated other comprehensive loss, net of income taxes
    (58,608 )     (41,056 )
Treasury stock
    (1,510,856 )     (1,514,290 )
Total Nucor stockholders' equity
    7,305,636       7,390,526  
                 
Noncontrolling interests
    203,706       193,763  
                 
Total equity
    7,509,342       7,584,289  
                 
Total liabilities and equity
  $ 12,802,702     $ 12,571,904  

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 FIRST QUARTER OF 2010 (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 (In thousands)
 
   
Three Months (13 Weeks) Ended
 
             
   
April 3, 2010
   
April 4, 2009
 
             
Operating activities:
           
Net earnings (loss)
  $ 41,194     $ (190,525 )
Adjustments:
               
Depreciation
    127,883       119,699  
Amortization
    18,221       18,142  
Stock-based compensation
    10,396       10,225  
Deferred income taxes
    2,443       (51,693 )
Equity in losses of unconsolidated affiliates
    18,377       37,997  
Changes in assets and liabilities (exclusive of acquisitions):
               
Accounts receivable
    (179,297 )     292,398  
Inventories
    (303,001 )     522,744  
Accounts payable
    232,877       (127,657 )
Federal income taxes
    17,566       (204,553 )
Salaries, wages and related accruals
    35,747       (404,173 )
Other
    (25,443 )     (8,462 )
                 
Cash provided by (used in) operating activities
    (3,037 )     14,142  
                 
Investing activities:
               
Capital expenditures
    (54,216 )     (125,966 )
Investment in and advances to affiliates
    (80,461 )     (8,468 )
Repayment of advances to affiliates
    48,884       -  
Disposition of plant and equipment
    3,046       2,234  
Acquisitions (net of cash acquired)
    (55,694 )     -  
Purchases of investments
    (240,495 )     -  
Proceeds from the sale of investments
    125,000       -  
                 
Cash used in investing activities
    (253,936 )     (132,200 )
                 
Financing activities:
               
Net change in short-term debt (exclusive of acquisitions)
    7,312       (2,320 )
Repayment of long-term debt
    -       (175,000 )
Issuance of common stock
    1,462       1,028  
Excess tax benefits from stock-based compensation
    500       (700 )
Distributions to noncontrolling interests
    (294 )     (49,339 )
Cash dividends
    (114,193 )     (110,514 )
                 
Cash used in financing activities
    (105,213 )     (336,845 )
                 
Effect of exchange rate changes on cash
    4,794       (148 )
                 
Decrease in cash and cash equivalents
    (357,392 )     (455,051 )
                 
Cash and cash equivalents - beginning of year
    2,016,981       2,355,130  
                 
Cash and cash equivalents - end of three months
  $ 1,659,589     $ 1,900,079  

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