Joining me on the call today are several members of Nucor's executive team including Jim Frias, our Chief Financial Officer; Dave Sumoski, Chief Operating Officer; Al Behr, responsible for Plate and Structural Products; Doug Jellison, responsible for Raw Materials and Logistics; Greg Murphy, responsible for Business Services and our General Counsel; Dan Needham, responsible for Bar and Rebar Fabrication and Engineered Bar Products; Rex Query, responsible for Sheet and Tubular Products; MaryEmily Slate, responsible for Commercial Strategy; and Chad Utermark, responsible for Fabricated Construction Products. Retirement Savings Plan Invest today for what you plan to accomplish tomorrow, with matching contributions and Thanks for taking the question. I will stop there. 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, Want Monthly Income? That value will continue to increase. Today that's over a 110. Before getting too deep into this, Nucor deserves some credit for its recent financial results. We remain well capitalized with excellent liquidity. We made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. Nucor Corp.s record 2022 earnings means the Charlotte-based steel company will hit another record almost $1 billion in profit sharing for the nearly 31,000 We are not predicting that we still know, but we are seeing that's within the range of possibility. And so I am not going to detail out what the value is. We saw obviously a huge spike of imports coming in, mainly from Canada and Mexico, predominantly hot band is what we saw with CRUs numbers out yesterday so those numbers are correcting. So it's not just the major OEMs in automotive now that are asking for. Nucor annual net income for 2022 was $7.607B, a 11.95% We have talked about that quite a bit. So in March we will commission the EAF, LMF and the caster and by the end of March we will be capable of full production at that point with a wider strip and a thicker slab, but we are going to keep an eye on the market and will really measure that ramp up as we see what market conditions are doing at Gallatin. And with the correction that we are seeing right now on the sheet side with with what you have seen in some of the pricing what led up to that is we entered 2020 with COVID and things started to contract and shut down and 2021 was the recovery so to speak from that standpoint. And so what we would be looking for, we are going to look at for that demand. Yeah, good morning, everyone. A Buying Opportunity? We have done things that many in our industry have not. One is non-residential construction. Powered by CiteTotal, online essay bibliography maker. You are going to see Nucor continue to grow our capability. Seth, appreciate the question. We are very excited to partner here with JFE Steel Corporation on our second joint venture. As most of you know, we are committed to first investing for profitable growth, while maintaining our strong investment grade credit rating and returning capital to our shareholders through cash dividends and share repurchases, a minimum of 40% of net income over time. Today 200 Day Moving Average is the support level ( 133.28 $). Again, the next is going to be incremental benefits from the ramp of three major projects, the Hickman galvanized line, the Gallatin hot mill to the extent that there is enough sheet demand to ship some portion of that another 8,000 tons of extra capacity we will have for the year, and then finally the Kankakee, our merchant bar mill, we have been running parts of its capability, but not it's full range yet and so there's still some incremental capacity in Kankakee that we are not benefiting from that we will benefit from next year, so another positive for the years outlook. The following Management's Discussion and Analysis of Financial Condition and Results of Operations of Nucor Corporation should be read in conjunction with the consolidated financial statements of | March 1, 2023 But that's the reasons why we are being impacted where we are is our reliance on the hot band market. So our contract season for us, we finished very typical with what we target for contract CIS, both on the service center side as well as overall. Our talented, dedicated team members are Nucor's greatest value creators. So, I have seen some of the information of not wanting in their contracts, those types of things. Regarding the visibility we have good visibility. Defined Contribution Pension Plan. And I just in close in saying, hey, we welcome the Hannibal team and Insulated Metal Panel team to the Nucor family and again excited about the opportunities of those businesses will bring in the years to come. Our teammates at these facilities have done stellar work, executing across the board on safety, product quality, and financial performance. We will take our next question from Seth Rosenfeld with BNP Paribas Exane. And as Jim will share, we remain very well capitalized enable to pursue our objectives. [Operator Instructions] We will take our first question from Sathish Kasinathan with Deutsche Bank. Along the way, we are delivering a differentiated value proposition to our customers and expanding our relationships with them. Certain statements made during this conference call will be forward-looking statements that involve risks and uncertainties. Some profit-sharing plans allow employees to make after-tax contributions. The words we expect, believe, anticipate, and variations of such words and similar expressions are intended to identify those forward-looking statements which are based on management's current expectations and information that is currently available. View Russia Ignites West's Battle for Energy Independence, View 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, View Want Monthly Income? Our analysis suggests that Nucor shares are significantly undervalued relative to our risk profile, earnings and cash flow generation capacity. 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Most profit sharing payments are contributed directly to teammates' retirement savings accounts, and as a result, we believe that Nucor teammates are far more prepared for retirement than the average American. For the full year of 2021, they generated EBITDA totaling $674 million. The green economy is being built on steel and the steel is built on matters. Is Does Magna International Earnings Warning Bad for EV Sales? As we mentioned and have talked previously, our mission is very simple. So we will be able to feed into that. The only thing Leon that regarding growth is we are likely to have another nice next weekend on a growth initiative that's in the pipeline that's again to add capabilities around our product mix. The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. 1 There are also limits on the amount of your pay that goes into figuring out contributions. The Nucor stock prediction results are shown below and presented as a graph, table and text information. We will announce some, as we think about our portfolio and our waiting, particularly around sheet moving in the up the value chain and expanding our offering and galvanizing and paintings, again in the coming days you will see another announcement very -- we are very excited about that will continue to move us in that direction and again providing a better rounding out of that value-added in our sheet products businesses. But again the outlook and the demand picture across every end market the Nucor serves remains very robust, and again, we think this is going to work through the inventory rebalancing and position us well as we move forward. The steel product segment is expected to achieve further margin expansion and profitability in the first quarter of 2022 as backlog pricing continues to improve. Although Nucor believes they are based on reasonable assumptions, there can be no assurance that future events will not affect their accuracy. For a long time, we have been in that 1.5 million, 1.6 million ton a year range in the automotive side. The automotive sector that Jim Frias mentioned as well. That's 18% to 22%. Okay, thank you. So we are already evaluating acquisition potential, greenfield potential in the racking business so we stepped into that business for the purposes of growing and growing further geographically and expanding our capabilities there. The limit on employee elective deferrals (for traditional and safe harbor plans) is: $22,500 in 2023 ($20,500 in 2022, $19,500 in 2021 and 2020; and $19,000 in 2019), subject to cost-of-living adjustments. We have already touched on this. These include the Kentucky plate mill, the West Virginia sheet mill, the South Atlantic rebar micro mill, and Gallatin's tubular products facility. They are, the expansion and modernization of the Gallatin sheet mill and the Generation 3 flexible galvanizing line at the Hickman sheet mill. Record full year net income of $6.8 billion was driven by Nucor's diverse portfolio of products and capabilities. And that concludes today's question-and-answer session. Yeah, thanks. And if you combine that with our backlogs that are very robust and in some cases they are all time record backlogs, so that's one dataset that we look at. Yeah, maybe I will start with the automotive and Rex, you can update on the contracts. In November, we increased the capacity by $250 million and extended the maturity date to November of 2026. On July 23, Nucor announced a profit of $109 million, or 36 cents per share, for its second quarter ending July 4, according to a company statement. By so many measures 2021 was an extraordinary year for Nucor. Disciplined execution of our growth strategy over the years is a significant factor underlying our success. That being said, what I would tell you again in two, just over two years I have been CEO that demand picture is changing markedly literally day-to-day. And of course, we had a fairly robust M&A pipeline. Maintenance capital spending for equipment replacement spares and cost savings projects accounts for the roughly 25% remaining. We started went up at Gallatin the year before that. You mentioned you are hot band exposure in right now, we are looking at historically wide spreads between hot rolled and value-added products. At the same time, our goals are not to get overly weighted. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. Yeah. Deferral limits for 401 (k) plans. This investment, which is expected to close shortly, expands our geographic reach in the sheet market, grows our portfolio of value-added sheet products, and enables us to supply Nucor's downstream businesses in the region, including Verco and the recently acquired Hannibal Industries. Nucor net profit margin for the three months ending December 31, 2022 was . Team let's keep up our focus in 2022 and of course for Nucor that begins with a value of safety. We are working diligently through the integration and on-boarding process. We are seeing many of our construction, many of our OEM partners outside of automotive that are beginning to ask for this. So, that really is what it comes down to Seth. Our talented, dedicated team members are Nucor's greatest value creators. Nucor Corporation is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the United States. We have finished the year close to $800. WebInsane money for profit sharing in excellent years. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Part of Iversons vision was to capitalize on newly emerging technologies to produce steel at a lower cost, and in 1968 management decided to integrate back into the steelmaking business (Nucor Corporation, 2010). Jim? We had a -- the industry really catch up in terms of order entry rates and deliveries. But what's norm, right? In December, we announced an agreement to acquire a majority ownership stake of 51% in California Steel Industries for about $400 million. In 2005, the average Nucor employee earned $79,000, followed by a $2,000 bonus decided by the companys annual earnings and $18,000 in the form of profit sharing. We also continue to work with the administration and members of Congress to enforce our trade laws so that our market is free from the distortions caused by unfairly traded imports. Second question, if I may, is you -- given the $5.5 billion in capex over the next three years, I mean, some of that already is ongoing with projects that you are executing, but how do you see the returns on these investments, any sense of the incremental EBITDA that you could generate from these projects that would be great. Does that makes sense? We are going to make sure we take care of and service our customers. January 30, 2019. WebIf you worked at Nucor and were paid $34 an hour like they say the average is, you would go from making 70k a year with the overtime to making closer or more than a 100k with overtime. Jim anything you would add? As we have mentioned throughout the call, we used to track and ensure, I think, the numbers of end markets and we track virtually every end market that you can imagine, of all of the end markets we look at virtually every one of them is projected to grow. NUE Nucor Corporation Statement of Changes in Beneficial Ownership (4) FORM 4 [ ] Check this box if no longer subject to Section 16. Our next question comes from Carlos De Alba with Morgan Stanley. We are committed to keeping that is a relevant price that's transactionally based. Full -- there is additional work to be done, which is part of the plan. WebDistributions. We hired a -- our shift to the general manager, existing general manager Nucor over that business, but we are really pulling that group in to get them to understand Nucor integrate and look at our production bonus system and how we incorporate that, but it's very much step in learn as much about their business as well. The cumulative EBITDA generated by the Hickman specialty cold mill is nearing that project's capital investment. So, well, I think there is some correction. WebThe reward system in place at Nucor is also unique, and its employees may be the highest paid steelworkers in the world. I would tell you that that value increases as we move forward, because many of our end customers cannot achieve their end stated goals of their carbon footprint reduction targets without an incoming steel that is significantly lower than most of the world average is. contact@marketbeat.com We are also capitalizing on the opportunities to supply the sustainable steel that is building our 21st century economy. We will measure that ramp up here in the first quarter with what we see on demand. Yeah, maybe I will start and Rex maybe if you want to add some color. Thank you for the color. The second piece of that is the expanding beyond the traditional balance of our steel making range and those projects like Hannibal Industries in racking like CENTRIA and Metl-Span to give us a market leadership position today in the insulated metal panels that is all about the digital economy as. Nucor's product breadth continues to be a powerful driver of value creation through the cycle for both our customers and shareholders. I wanted to ask a bit about your visibility into the first quarter. Focusing on the quarter, we expect consolidated net earnings attributable to Nucor shareholders will be slightly reduced from the fourth quarter of 2021's record results. Timna, one thing I would add to that is, to keep in mind, we are a bit more hot band centric than some of our competitors and that's where most the imports have come in. That team has been in construction mode for quite some time now. Earlier this month, we shipped our very first coil of Econiq to General Motors after having just launched this new line of steels this past October. We are very excited to begin work with the local community in Mason County on this transformational project that will create substantial long-term value for all Nucor shareholders. 06/28/1995. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's allocated a total of about $3.8 billion in profit sharing to our team members. Diluted earnings per share for the first quarter of 2022 will benefit from lower weighted average shares outstanding. March 1, 2023 Chips and auto won't ramp up till later this year. Do you expect that spread to contract back to where it has been historically or do you think there is something special going on to keep those spreads wider than we have seen historically? We currently expect capital expenditures over the next 3 years to total approximately $5.5 billion. We are pleased that our leaders came together in the fourth quarter to pass historic bipartisan infrastructure legislation that will help advance and modernize U.S. infrastructure and strengthen the health of our economy by creating opportunities for American workers. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. How should we think about that balance going forward in 2022 and perhaps what does the next chapter of your growth strategy look like? So that team is working feverishly to bring its capability to where we need. REAL TIME 2:15 PM EST 02/27/23. (844) 978-6257. Charlotte, North Carolina-based Nucor Corp. has reported net earnings of $2.36 billion for its fiscal year 2018, which coincides with the calendar year. But it's important to remember as well that's coming off a historic year. Congrats again, and thank you. 401 (k) Plan. Net income for 2021 was $6.8 billion and full year earnings per share was $23.16, which were both notable increases over the prior records we'd set in 2018 with $2.4 billion of net income and an EPS of $7.42. With our team's disciplined focus on execution and Nucor's financial and operational strengths, we expect to realize very attractive returns on our investments. So that will be a small headwind. Here's 3 Dividend Stocks That Pay Monthly, 3 Lithium Stocks Powering Up For Big 2023 Gains, 3 Large Caps With Good Upside AND Big Dividend Yields, Get 30 Days of MarketBeat All Access Free, Sign in to your free account to enjoy these benefits. Real-time analyst ratings, insider transactions, earnings data, and more. Our next question comes from Emily Chieng with Goldman Sachs. These returns were of course funded by our strong cash provided by operating activities, also a new record of $6.2 billion. WebRockledge Yard Laborer - FL, 32955. To our customers, thank you for the trust and the partnership as we continue to build the capabilities required to differentiate Nucor as the supplier of choice. 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