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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 11-K

 

 

(Mark One):

x Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2010

OR

 

¨ Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             

Commission file number 1-4119

 

 

 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Ambassador Steel Corporation 401(k) Profit Sharing Plan

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Nucor Corporation

1915 Rexford Road

Charlotte, NC 28211

 

 

 


Table of Contents

Ambassador Steel Corporation 401(k) Profit Sharing Plan

December 31, 2010 and 2009

 

Contents

  

Report of Independent Registered Public Accounting Firm

     1   

Financial Statements

  

Statements of Net Assets Available for Benefits

     2   

Statements of Changes in Net Assets Available for Benefits

     3   

Notes to Financial Statements

     4   

Supplementary Information

  

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

     14   

Signature

     15   

Exhibit Index

     16   


Table of Contents

Report of Independent Registered Public Accounting Firm

Plan Administrator, Plan Participants and Retirement Committee

Ambassador Steel Corporation 401(k) Profit Sharing Plan

Auburn, Indiana

We have audited the accompanying statements of net assets available for benefits of Ambassador Steel Corporation 401(k) Profit Sharing Plan as of December 31, 2010 and 2009, and the related statements of changes in net assets available for benefits for the years then ended. The Plan’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Ambassador Steel Corporation 401(k) Profit Sharing Plan as of December 31, 2010 and 2009, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

As discussed in Note 3, the Plan changed its method of accounting for notes receivable from participants.

The accompanying supplemental schedule is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

/s/ BKD, LLP

BKD, LLP

Fort Wayne, Indiana

June 23, 2011

 

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Table of Contents

Ambassador Steel Corporation 401(k) Profit Sharing Plan

Statements of Net Assets Available for Benefits

December 31, 2010 and 2009

 

     2010      2009
(As adjusted -
see Note 3)
 

Assets

     

Investments, at fair value

   $ 26,742,290       $ 23,310,155   
                 

Receivables

     

Participants’ contributions

     —           40,687   

Employer’s contributions

     —           26,322   

Notes receivable from participants

     1,016,930         788,162   
                 
     1,016,930         855,171   
                 

Total assets

     27,759,220         24,165,326   
                 

Liabilities

     

Return of excess contributions

     20,304         27,052   
                 

Net Assets Available for Benefits

   $ 27,738,916       $ 24,138,274   
                 

See Notes to Financial Statements

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Statements of Changes in Net Assets Available for Benefits

Years Ended December 31, 2010 and 2009

 

     2010      2009  

Additions

     

Investment income

     

Net appreciation in fair value of investments

   $ 2,178,598       $ 3,811,360   

Interest

     161,940         193,351   

Dividends

     496,457         342,022   
                 
     2,836,995         4,346,733   
                 

Contributions

     

Employer

     888,095         1,063,127   

Participants

     1,458,414         1,612,843   

Rollovers

     125,593         34,291   

Merger into Plan

     389,586         —     
                 
     2,861,688         2,710,261   
                 

Total additions

     5,698,683         7,056,994   
                 

Deductions

     

Benefits paid to participants

     2,092,710         827,700   

Administrative expenses

     5,331         4,017   
                 

Total deductions

     2,098,041         831,717   
                 

Net Increase

     3,600,642         6,225,277   

Net Assets Available for Benefits, Beginning of Year

     24,138,274         17,912,997   
                 

Net Assets Available for Benefits, End of Year

   $ 27,738,916       $ 24,138,274   
                 

See Notes to Financial Statements

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

Note 1: Description of the Plan

The following description of the Ambassador Steel Corporation 401(k) Profit Sharing Plan (Plan) provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan’s provisions which is available from the Plan Administrator.

General

The Plan is a defined-contribution plan which provides retirement benefits for all employees of Ambassador Steel Corporation (Company) who have at least one month of service and are age 18 or older. Those whose employment is subject to a collective bargaining agreement are not eligible. The Company is a subsidiary of Nucor Corporation (Nucor). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Great-West Life & Annuity Company (Great-West) serves as Plan recordkeeper and Reliance Trust Company (Reliance) serves as the trustee. Orchard Trust Company, LLC serves as the custodian.

Contributions

The Plan permits eligible employees through a salary deferral election to have the Company make annual contributions of up to 100% of eligible compensation. The Plan also includes an automatic deferral feature whereby a participant is treated as electing to defer 3% of eligible compensation unless the participant made an affirmative election otherwise. The Plan also permits Roth contributions and catch up contributions for participants age 50 and over. Employee rollover contributions are also permitted. The Company may make discretionary matching contributions, subject to a maximum matching contribution of $5,000 per participant. Company profit-sharing contributions are discretionary as determined by the Company’s Board of Directors. No profit sharing contributions were made in 2010 or 2009. Contributions are subject to certain limitations.

Participant Investment Account Options

Investment account options available include various funds. Each participant has the option of directing his contributions into any of the separate investment accounts and may change the allocation daily.

Participant Accounts

Each participant’s account is credited with the participant’s contribution, the Company’s contribution, Plan earnings and is charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefits to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Notes Receivable from Participants

Participants may borrow approved amounts from their fund accounts at no less than $1,000 and no greater than (a) 50% of his or her account balance, or (b) $50,000 reduced by the excess, if any, of a participant’s highest outstanding balance of loans during the 12-month period ending on the day

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

before the new loan is made over a participant’s current balance of loans from the Plan and other qualified Plans on the day the new loan is made. The term of repayment of a loan other than a home loan must not be greater than five years. The term of repayment of a home loan must not be greater than ten years. A loan is secured by the balance in the participant’s vested account and bears interest at a rate commensurate with local prevailing rates as determined by the Plan Administrator at the time of the loan. Principal and interest is paid ratably through payroll deductions. The maximum number of loans that a participant may have at any one time is two. Should the participant terminate as an employee of the Company, the balance of the outstanding loan (including any accrued interest) becomes due and the participant’s vested account may be used to pay the balance of the outstanding loans, which is considered a distribution and would be taxable in the year the loan goes into default.

Vesting

Participants are immediately vested in their voluntary contributions plus earnings thereon. Vesting in the Company’s contribution portion of their accounts plus earnings thereon is based on years of service. A participant is fully vested after six years of service, each year consisting of at least 1,000 hours of service. The nonvested balance is forfeited upon termination of service.

Payment of Benefits

Upon termination of service, if the amount of benefit is $1,000 or less it will be paid out in a single lump sum. If the amount is greater than $1,000, the participant may elect a lump sum payment or receive installment payments under the terms of the Plan.

Forfeited Accounts

At December 31, 2010 and 2009, forfeited nonvested accounts totaled $123,848 and $124,815, respectively. These accounts will be used to reduce future employer contributions or administrative expenses. Also, in 2010 and 2009, employer contributions were reduced by $163,074 and $81,375 from forfeited nonvested accounts.

Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.

 

Note 2: Summary of Significant Accounting Policies

Basis of Accounting

The financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Valuation of Investments and Income Recognition

Quoted market prices, if available, are used to value investments. Mutual funds are valued at the net asset value (NAV) of shares held by the Plan at year-end. Nucor common stock is valued based on the closing price reported on the active market at year-end. The fair value of the guaranteed investment contracts is calculated by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer. Cost approximates fair value.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Risks and Uncertainties

The Plan provides for various investment options that are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.

Plan Tax Status

The Plan operates under a nonstandardized adoption agreement in connection with a prototype retirement plan and trust/custodial document sponsored by Orchard Trust Company, LLC. This prototype plan document has been filed with the appropriate agency. The Plan has not obtained or requested a determination letter. However, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code and that the Plan was qualified and the related trust was tax exempt as of the financial statement date.

With a few exceptions, the Plan is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2007.

Notes Receivable From Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document. Interest income recognized on notes receivable from participants totaled

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

$44,362 and $50,784 for 2010 and 2009, respectively. These amounts are included in interest on the Statements of Changes in Net Assets Available for Benefits.

Payment of Benefits

Benefit payments to participants are recorded upon distribution.

Administrative Expenses

Administrative expenses may be paid by the Company or the Plan, at the Company’s discretion.

Transfers Between Fair Value Hierarchy Levels

Transfers in and out of Level 1 (quoted market prices), Level 2 (other significant observable inputs) and Level 3 (significant unobservable inputs), if any, are recognized on the period ending date.

Subsequent Events

Subsequent events have been evaluated through June 23, 2011, which is the date the financial statements were issued.

 

Note 3: Change in Accounting Principle

During 2010, the Plan adopted the provisions of ASU 2010-25, Reporting Loans to Participants by Defined Contribution Pension Plans. The ASU requires loans to participants to be reported as Notes Receivable from Participants at unpaid principal plus accrued but unpaid interest, instead of being reported as a part of investments at fair value as they were under previous guidance.

The following financial statement line items for 2010 and 2009 were affected by the change in accounting principle.

 

     2010
Statement of Net Assets Available
for Benefits
 
     As Computed
Under
Previous
Guidance
     As Computed
Under ASU
2010-25
     Effect of
Change
 

Investments, at fair value

   $ 27,759,220       $ 26,742,290       $ (1,016,930

Notes receivable from participants

     —           1,016,930         1,016,930   

Total receivables

     —           1,016,930         1,016,930   

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

     2009
Statement of Net Assets Available
for Benefits
 
     As Computed
Under
Previous
Guidance
     As Adjusted      Effect of
Change
 

Investments, at fair value

   $ 24,098,317       $ 23,310,155       $ (788,162

Notes receivable from participants

     —           788,162         788,162   

Total receivables

     67,009         855,171         788,162   

Net assets available for benefits were not affected by the adoption of the new guidance.

 

Note 4: Investments

Except for its investment contract with an insurance company (Note 9), the Plan’s investments are held by a bank-administered trust fund.

 

     2010      2009
(As adjusted

- see Note 3)
 

Mutual funds

     

Balanced funds

   $ 12,346,297       $ 10,458,313   

Growth funds

     4,039,627         3,413,881   

Fixed income funds

     1,556,933         1,247,723   

International funds

     2,833,290         2,626,551   

Value fund

     700,171         500,663   

Nucor Corporation common stock

     219,636         148,865   

Guaranteed investment contracts

     5,046,336         4,914,159   
                 
   $ 26,742,290       $ 23,310,155   
                 

The Plan’s investments (including investments bought, sold and held during the year) appreciated (depreciated) in fair value as follows:

 

     2010     2009  

Mutual funds

   $ 2,186,597      $ 3,797,667   

Nucor Corporation common stock

     (7,999     13,693   
                
   $ 2,178,598      $ 3,811,360   
                

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

The fair value of individual investments that represent 5% or more of the Plan’s net assets available for benefits are as follows:

 

         December 31  
         2010      2009  

*

 

Europacific Growth Fund

   $ 1,306,059       $ 1,335,116   
 

Growth Fund of America

     2,088,731         1,833,018   
 

Davis New York Venture Fund

     1,901,041         1,817,716   
 

Loomis Sales Bond Fund

     1,556,933         1,247,723   
 

Maxim Moderately Aggressive Profile II

     2,747,479         2,323,750   
 

Maxim Moderate Profile II

     2,125,496         1,906,062   
 

Maxim Aggressive Profile II

     1,903,696         1,633,876   
 

Oppenheimer Global Fund

     1,527,231         1,291,435   
 

Key Guaranteed Portfolio

     5,037,139         4,905,699   

 

* Represents less than 5% of total net assets as of December 31, 2010.

 

Note 5: Related Party Transactions

The Key Guaranteed Portfolio (Portfolio) is managed by Great-West., who is recordkeeper of the Plan. Transactions in the Portfolio are considered to be party-in-interest investments. Fees paid to Great-West and affiliates for administrative and recordkeeping services were $5,331 and $4,017 for the years ended December 31, 2010 and 2009, respectively. Additionally, the Plan offers common stock of Nucor Corporation as an investment option. Since Nucor Corporation is the owner of the sponsor of the Plan, these investments are considered to be party-in-interest investments.

The Company provides certain accounting, recordkeeping and administrative services for which it receives no compensation.

 

Note 6: Plan Amendments

During 2009, participants became eligible to select a stock investment with their parent company, Nucor Corporation.

During 2009, the Plan was restated to adopt the Economic Growth and Tax Relief Reconciliation Act of 2010 (EGTRRA), with an effective date of change retroactive to January 1, 2002. The Plan further had an amendment effective August 10, 2009, allowing elective service crediting for all purposes with predecessor employers, including Ersco, Inc., Schad Engineering, Covenant Capital, LLC, Master Works Foundation, Inc., Master Technologies Solutions, LLC, Indy Lube, Inc., Lulich Steel, Sunbelt Rebar, Nufab Rebar, LLC and any partially-owned Nucor company of an affiliated employer.

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

During 2010, the Plan was restated to adopt the Heroes Earnings Assistance and Relief Act of 2008 (HEART) and Worker, Retiree, and Employer Act of 2008 (WRERA), with an effective date of January 1, 2010.

 

Note 7: Plan Merger

During 2010, the Plan merged in net assets of Nufab National Rebar, Inc. totaling $389,586.

 

Note 8: Disclosures About Fair Value of Assets and Liabilities

Topic 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

 

Level 1    Quoted prices in active markets for identical assets or liabilities
Level 2    Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3    Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying statement of net assets available for benefits, as well as the general classification of such assets pursuant to the valuation hierarchy. The Plan has no liabilities measured on a recurring basis. Additionally, the Plan has no assets or liabilities measured at fair value on a nonrecurring basis.

Investments

Where quoted market prices are available in an active market, investments are classified within Level 1 of the valuation hierarchy. Level 1 investments consist of interests in mutual funds and common stock of Nucor Corporation. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. The Plan has no investments classified as Level 2. In certain cases where Level 1 or Level 2 inputs are not available, investments are classified within Level 3 of the hierarchy and consist of participant loans and guaranteed investment contracts. Guaranteed investment contracts are calculated by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer.

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

The following table presents the fair value measurements of assets recognized in the accompanying Statements of Net Assets Available for Benefits measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2010 and 2009:

 

     2010  
            Fair Value Measurements Using  
     Fair Value      Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 

Mutual funds

           

Balanced funds

   $ 12,346,297       $ 12,346,297       $ —         $ —     

Growth funds

     4,039,627         4,039,627         —           —     

Fixed income funds

     1,556,933         1,556,933         —           —     

International funds

     2,833,290         2,833,290         —           —     

Value fund

     700,171         700,171         —           —     

Common stock

     219,636         219,636         —           —     

Guaranteed investment contracts

     5,046,336         —           —           5,046,336   
                                   
   $ 26,742,290       $ 21,695,954       $ —         $ 5,046,336   
                                   

 

     2009
(As adjusted – see Note 3)
 
            Fair Value Measurements Using  
     Fair Value      Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 

Mutual funds

           

Balanced funds

   $ 10,458,313       $ 10,458,313       $ —         $ —     

Growth funds

     3,413,881         3,413,881         —           —     

Fixed income funds

     1,247,723         1,247,723         —           —     

International funds

     2,626,551         2,626,551         —           —     

Value fund

     500,663         500,663         —           —     

Common stock

     148,865         148,865         —           —     

Guaranteed investment contracts

     4,914,159         —           —           4,914,159   
                                   
   $ 23,310,155       $ 18,395,996       $ —         $ 4,914,159   
                                   

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

The following sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2010 and 2009:

 

     Guaranteed
Investment
Contracts
 

Balances, January 1, 2009

   $ 4,324,641   

Purchases

     886,059   

Settlements

     (296,541
        

Balances, December 31, 2009

     4,914,159   

Purchases

     855,677   

Settlements

     (723,500
        

Balances, December 31, 2010

   $ 5,046,336   
        

 

Note 9: Investment Contract with Insurance Company

The Plan maintains a fully benefit-responsive investment contract with Great-West Life & Annuity Insurance Company (Great-West). Great-West maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate guaranteed to the Plan.

As described in the basis of accounting disclosure, because the guaranteed investment contract is fully benefit responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed investment contract. Contract value, as reported to the Plan by Great-West, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

There are no reserves against the contract value for credit risk of the contract issuer or otherwise. The fair value of the investment contract approximates contract value. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than zero percent. Such interest rates are reviewed on a quarterly basis for resetting.

Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan), (2) changes to Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan Administrator does not believe the occurrence of any such value event, which would limit the Plan’s ability to transact at contract value with participants, is probable.

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

The guaranteed investment contract does not permit the insurance company to terminate the agreement prior to the scheduled maturity date.

 

     2010     2009  

Average yields

    

Based on actual earnings

     2.49     3.16

Based on interest rate credited to participants

     2.48     3.10

 

Note 10: Reconciliation of Financial Statements to Form 5500

Differences between the Annual Return/Report of Employee Benefit Plan (Form 5500) filed with the Internal Revenue Service and the accompanying financial statements include reporting on the modified cash basis on Form 5500 and on the accrual basis in the accompanying statement of net assets available for benefits and classification differences. The reconciliation of net assets available for benefits between the financial statements and Form 5500 for 2010 and 2009, respectively, include recording contributions receivable totaling $0 and $67,009 and recording the liability for excess contributions of $20,304 and $27,052 on the financial statements. The impact on the statement of changes in net assets available for benefits was to reduce contributions by $60,261 for 2010 and increase contributions for 2009 by $39,957 on the financial statements.

 

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Ambassador Steel Corporation 401(k) Profit Sharing Plan

EIN 35-1312982 PN 001

Schedule H, Line 4i—Schedule of Assets (Held at End of Year)

December 31, 2010

 

Identity of Issuer    Description of
Investment
    Current Value  
 

Mutual Funds

    
 

Alger Mid Cap Growth Fund

     44,403 shares      $ 630,525   
 

American Balanced Fund

     35,990 shares        645,667   
 

Europacific Growth Fund

     31,616 shares        1,306,059   
 

Growth Fund of America

     68,731 shares        2,088,731   
 

Calvert Social Investment Fund

     4,424 shares        158,344   
 

Davis New York Venture Fund

     55,359 shares        1,901,041   
 

JP Morgan Mid Cap Value Fund

     30,271 shares        700,171   
 

Loomis Sales Bond Fund

     109,798 shares        1,556,933   
 

Lord Abbett Small Cap Value Fund

     42,704 shares        1,342,174   
 

Maxim Moderately Aggressive Profile II

     298,964 shares        2,747,479   
 

Maxim Conservative Profile II

     73,235 shares        653,255   
 

Maxim Moderately Conservative Profile II

     111,080 shares        1,027,490   
 

Maxim Moderate Profile II

     273,552 shares        2,125,496   
 

Maxim Aggressive Profile II

     275,101 shares        1,903,696   
 

Oppenheimer Global Fund

     25,298 shares        1,527,231   
 

Pioneer Oak Ridge Small Cap Growth Fund

     40,098 shares        1,162,026   
            
         21,476,318   
            
 

Common Stock

    
*  

Nucor Corporation

     5,012 shares        219,636   
            
 

Guaranteed Investment Contracts

    
*  

Key Guaranteed Portfolio

       5,037,139   
 

Investment Contract with Insurance Company

       9,197   
            
         5,046,336   
            
      
*  

Participant Loans

    
 
 
 
Various loans with interest
rates varying from 3.25%
to 9.25% due at various
dates through 2020.
  
  
  
  
    1,016,930   
            
       $ 27,759,220   
            

 

* Party-in-Interest

 

14


Table of Contents

SIGNATURE

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMBASSADOR STEEL CORPORATION
  401(K) PROFIT SHARING PLAN
Date: June 23, 2011   By:  

/s/ David E. Worthington

    David E. Worthington
    Secretary and Treasurer
    Ambassador Steel Corporation, Plan Administrator

 

15


Table of Contents

EXHIBIT INDEX

 

Exhibit
No.

  

Description of Document

23    Consent of Independent Registered Public Accounting Firm

 

16

Consent of Independent Registered Public Accounting Firm

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement of Nucor Corporation on Form S-8 (File Number 333-174313) of our report dated June 23, 2011, on our audit of the statements of net assets available for benefits of Ambassador Steel Corporation 401(k) Profit Sharing Plan as of December 31, 2010 and 2009, and the related statements of changes in net assets available for benefits for the years then ended, which appears in the December 31, 2010, annual report on Form 11-K of Ambassador Steel Corporation 401(k) Profit Sharing Plan.

/s/ BKD, LLP

BKD, LLP

Fort Wayne, Indiana

June 23, 2011