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 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:

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 22, 2010, Nucor Corporation issued a news release reporting its financial results for the fiscal quarter ended July 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 July 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:  July 22, 2010
 
 
2

 
 
INDEX TO EXHIBITS
 
Exhibit No.   Description
   
99.1
News Release of Nucor Corporation, issued July 22, 2010

 
3

 
Unassociated Document
 
News Release
 
NUCOR REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2010
 
CHARLOTTE, NORTH CAROLINA, July 22, 2010 -- Nucor Corporation (NYSE: NUE) announced today consolidated net earnings of $91.0 million, or $0.29 per diluted share, for the second quarter of 2010. By comparison, Nucor reported net earnings of $31.0 million, or $0.10 per diluted share, in the first quarter of 2010 and a net loss of $133.3 million, or $0.43 per diluted share, in the second quarter of 2009.
 
In the first half of 2010, Nucor reported consolidated net earnings of $122.0 million, or $0.38 per diluted share, compared with a net loss of $323.0 million, or $1.03 per diluted share, in the first half of last year.
 
In the second quarter of 2010, Nucor's consolidated net sales increased 15% to $4.20 billion compared with $3.65 billion in the first quarter of 2010 and increased 69% compared with $2.48 billion in the second quarter of 2009. Average sales price per ton increased 14% from the first quarter of 2010 and increased 25% from the second quarter of 2009. Total tons shipped to outside customers were 5,555,000 tons in the second quarter of 2010, an increase of 1% over the first quarter of 2010 and an increase of 35% over the second quarter of 2009.  Total second quarter steel mill shipments increased 53% over 2009’s second quarter and were down 2% from the first quarter of 2010.  Second quarter downstream steel products shipments to outside customers increased 19% over the second quarter of 2009 and 25% over the first quarter of 2010.
 
In the first half of 2010, Nucor's consolidated net sales increased 53% to $7.85 billion, compared with $5.13 billion in last year's first half. Average sales price per ton increased 8% while total tons shipped to outside customers increased 41% over the first half of 2009.
 
The average scrap and scrap substitute cost per ton used in the second quarter of 2010 was $373, an increase of 17% compared with $318 in the first quarter of 2010 and an increase of 20% over $312 in the second quarter of 2009. The average scrap and scrap substitute cost per ton used in the first half of 2010 was $345, an increase of 7% over $322 in the first half of 2009.
 
Nucor recorded a charge to value inventories using the last-in, first-out (LIFO) method of accounting of $67.0 million in the second quarter of 2010, compared with a charge of $24.0 million in the first quarter of 2010 and a credit of $125.0 million in the second quarter of 2009.  The LIFO charge in the first half of 2010 was $91.0 million, compared with a credit of $230.0 million in the first half of 2009.  The second quarter LIFO charge was higher than anticipated at the time we gave both our qualitative and quantitative guidance due to increasing scrap prices.
 
Overall operating rates at our steel mills in the second quarter (71%) were down slightly from the first quarter (73%), with some improvements at the beam and plate mills offset by declines at the sheet mills.  Steel mill utilization significantly increased from 46% in last year's second quarter, and increased from 46% in the first half of 2009 to 72% in the first half of 2010.
 
Total energy costs decreased approximately $2 per ton from the first quarter of 2010 primarily due to decreased energy costs driven by lower natural gas prices. Total energy costs decreased approximately $8 per ton from the second quarter of 2009 to the second quarter of 2010 and decreased $9 per ton from the first half of 2009 to the first half of 2010 mainly as a result of increased production.
 
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 2010 (Continued)
 
Pre-operating and start-up costs of new facilities were $43.4 million in the second quarter of 2010 compared to $50.5 million in the first quarter of 2010 and $31.6 million in the second quarter of 2009. For the six-month period, pre-operating and start-up costs increased from $64.8 million in 2009 to $93.9 million in 2010. In 2010, these costs primarily related to the SBQ mill in Memphis, Tennessee, and the galvanizing line in Decatur, Alabama.
 
Our liquidity position remains strong with $1.14 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 April, Nucor acquired a 50% interest in NuMit LLC, which invests 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 purchase price of Nucor’s 50% interest was approximately $221.3 million and did not result in a significant amount of goodwill.  At closing, Nucor extended a $40.0 million loan and a $60.0 million line of credit (of which $54.0 million was drawn down immediately) to Steel Technologies.
 
In May, Nucor's board of directors declared a cash dividend of $0.36 per share payable on August 11, 2010 to stockholders of record on June 30, 2010.  This dividend is Nucor's 149th consecutive quarterly cash dividend, a record we expect to continue.
 
Operating results excluding LIFO improved significantly over the first quarter, primarily due to increased margins; however, the continuation of the upward trend experienced through the first half of the year is by no means clear at present.  There is a general slowdown taking place across all product lines as the overall economy has entered into a new period of uncertainty.  This is the case both in the U.S. and globally.  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 The David J. Joseph Company, 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 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 2010 (Continued)
 
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 second quarter results on July 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.
 

TONNAGE DATA
(in thousands)
 
   
Three Months (13 Weeks) Ended
   
Six Months (26 Weeks) Ended
 
   
July 3, 2010
   
July 4, 2009
   
Percentage Change
   
July 3, 2010
   
July 4, 2009
   
Percentage Change
 
Steel mills production
    4,648       2,964       57 %     9,360       5,843       60 %
Steel mills total shipments
    4,597       2,999       53 %     9,303       5,807       60 %
                                                 
Sales tons to outside customers:
                                               
Steel mills
    3,922       2,569       53 %     7,988       5,002       60 %
Joist
    72       65       11 %     131       125       5 %
Deck
    81       73       11 %     149       148       1 %
Cold finished
    117       76       54 %     228       156       46 %
Fabricated concrete
                                               
reinforcing steel
    266       255       4 %     460       463       -1 %
Other
    1,097       1,078       2 %     2,096       1,930       9 %
      5,555       4,116       35 %     11,052       7,824       41 %
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 2010
(Continued)
 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands, except per share data)
 
                         
   
Three Months (13 Weeks) Ended
   
Six Months (26 Weeks) Ended
 
                         
   
July 3, 2010
   
July 4, 2009
   
July 3, 2010
   
July 4, 2009
 
                         
Net sales
  $ 4,195,966     $ 2,478,028     $ 7,850,808     $ 5,132,347  
                                 
Costs, expenses and other:
                               
Cost of products sold
    3,887,929       2,539,904       7,329,976       5,318,228  
Marketing, administrative and other expenses
    107,770       85,124       200,364       172,503  
Equity in losses of unconsolidated affiliates
    7,372       21,801       25,749       59,798  
Interest expense, net
    37,322       31,957       75,110       64,322  
      4,040,393       2,678,786       7,631,199       5,614,851  
Earnings (loss) before income taxes and
                               
noncontrolling interests
    155,573       (200,758 )     219,609       (482,504 )
Provision for (benefit from) income taxes
    49,355       (72,989 )     72,197       (164,210 )
Net earnings (loss)
    106,218       (127,769 )     147,412       (318,294 )
Earnings attributable to
                               
noncontrolling interests
    15,226       5,568       25,456       4,688  
Net earnings (loss) attributable to
                               
Nucor stockholders
  $ 90,992     $ (133,337 )   $ 121,956     $ (322,982 )
                                 
Net earnings (loss) per share:
                               
Basic
  $ 0.29     $ (0.43 )   $ 0.38     $ (1.03 )
Diluted
  $ 0.29     $ (0.43 )   $ 0.38     $ (1.03 )
                                 
Average shares outstanding:
                               
Basic
    315,849       314,752       315,653       314,532  
Diluted
    316,472       314,752       316,349       314,532  
 
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 2010
(Continued)

 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 (In thousands)
 
             
   
July 3, 2010
   
Dec. 31, 2009
 
ASSETS
           
 Current assets:
           
 Cash and cash equivalents
  $ 801,504     $ 2,016,981  
 Short-term investments
    340,495       225,000  
 Accounts receivable, net
    1,420,731       1,116,035  
 Inventories, net
    1,951,732       1,312,903  
 Other current assets
    672,471       511,329  
                 
 Total current assets
    5,186,933       5,182,248  
                 
Property, plant and equipment, net
    3,903,903       4,013,836  
                 
Goodwill
    1,828,058       1,803,021  
                 
Other intangible assets, net
    886,164       902,922  
                 
Other assets
    883,122       669,877  
                 
 Total assets
  $ 12,688,180     $ 12,571,904  
                 
LIABILITIES
               
Current liabilities:
               
 Short-term debt
  $ 2,599     $ 1,748  
 Long-term debt due within one year
    -       6,000  
 Accounts payable
    887,086       707,038  
 Salaries, wages and related accruals
    222,904       154,997  
 Accrued expenses and other current liabilities
    399,368       357,274  
                 
 Total current liabilities
    1,511,957       1,227,057  
                 
Long-term debt due after one year
    3,080,200       3,080,200  
                 
Deferred credits and other liabilities
    640,916       680,358  
                 
 Total liabilities
    5,233,073       4,987,615  
                 
EQUITY
               
Nucor stockholders' equity:
               
 Common stock
    150,094       149,877  
 Additional paid-in capital
    1,691,303       1,675,777  
 Retained earnings
    7,013,528       7,120,218  
 Accumulated other comprehensive loss,
               
 net of income taxes
    (98,346 )     (41,056 )
 Treasury stock
    (1,510,186 )     (1,514,290 )
 Total Nucor stockholders' equity
    7,246,393       7,390,526  
                 
Noncontrolling interests
    208,714       193,763  
                 
 Total equity
    7,455,107       7,584,289  
                 
 Total liabilities and equity
  $ 12,688,180     $ 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 SECOND QUARTER AND FIRST HALF OF 2010
(Continued)
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 (In thousands)
             
   
Six Months (26 Weeks) Ended
 
             
   
July 3, 2010
   
July 4, 2009
 
             
Operating activities:
           
Net earnings (loss)
  $ 147,412     $ (318,294 )
Adjustments:
               
Depreciation
    255,262       242,475  
Amortization
    35,855       36,001  
Stock-based compensation
    25,246       31,660  
Deferred income taxes
    4,178       (31,659 )
Equity in losses of unconsolidated affiliates
    25,749       59,798  
Changes in assets and liabilities (exclusive of acquisitions):
               
Accounts receivable
    (290,542 )     278,055  
Inventories
    (628,941 )     1,147,421  
Accounts payable
    178,286       (121,847 )
Federal income taxes
    (19,886 )     (285,735 )
Salaries, wages and related accruals
    72,791       (392,276 )
Other
    (99,169 )     (12,647 )
                 
Cash provided by (used in) operating activities
    (293,759 )     632,952  
                 
Investing activities:
               
Capital expenditures
    (163,219 )     (240,428 )
Investment in and advances to affiliates
    (402,391 )     (57,904 )
Repayment of advances to affiliates
    48,885       -  
Disposition of plant and equipment
    15,522       8,610  
Acquisitions (net of cash acquired)
    (63,722 )     (24,714 )
Purchases of investments
    (240,495 )     (136,389 )
Proceeds from the sale of investments
    125,000       -  
                 
Cash used in investing activities
    (680,420 )     (450,825 )
                 
Financing activities:
               
Net change in short-term debt
    852       (2,694 )
Repayment of long-term debt
    (6,000 )     (175,000 )
Issuance of common stock
    1,777       1,518  
Excess tax benefits from stock-based compensation
    (2,200 )     (700 )
Distributions to noncontrolling interests
    (10,511 )     (83,223 )
Cash dividends
    (228,465 )     (221,127 )
                 
Cash used in financing activities
    (244,547 )     (481,226 )
                 
Effect of exchange rate changes on cash
    3,249       4,172  
                 
Decrease in cash and cash equivalents
    (1,215,477 )     (294,927 )
                 
Cash and cash equivalents - beginning of year
    2,016,981       2,355,130  
                 
Cash and cash equivalents - end of six months (1)
  $ 801,504     $ 2,060,203  
                 
(1)  Cash and cash equivalents balance at April 3, 2010 was $1,659,589.
               
 
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