That's the biggest question mark in your forecast for the year is what sheet does. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. Billions could be poured into exploration companies searching for new U.S. deposits. We have performed in a really tight market for our customers and we have the interest in renewing contracts, that's what we saw for this season. However, we are not resting on our past performance. We have the opportunity to continue to enhance that and do what's required to meet that demand picture. I will finish up on the Hickman galv line. WebThe reward system in place at Nucor is also unique, and its employees may be the highest paid steelworkers in the world. Back to NUE Overview. While we faced some short-term challenges with chemical supply and a portion of inadequately priced backlog at the time of acquisition, we are still very excited about our future in IMP. Yeah, maybe I will start with the automotive and Rex, you can update on the contracts. Answer: -Nucors employee profit sharing system wouldnt work at a much larger company. 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. That makes sense. No North American producer is better positioned than Nucor to continue leading in these areas. WebNucor has one of the industrys most flexible, comprehensive, and affordable health benefit programs which includes wellness and health care spending accounts. We have talked about that quite a bit. Given the state of our balance sheet, near-term investment plans and our expectations for earnings, we anticipate that we will continue returning excess capital to our shareholders during the first quarter of 2022, very likely via continued share repurchases. Established in 1985, the plan covers all the employees of Nucor, a US steel producer. Distributions from a profit-sharing plan are taxable income and must be reported on an individual's tax return. 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. Regarding the visibility we have good visibility. And in the past you've helped us understand Nucor's breakdown of contract business and how to think about it. The benefits are terrible, that's why it always amazes me when people say great benefits. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. Thanks Seth. We are very, very excited. So as those mill to generate the returns and the EBITDA and the margins, we make sure we reinvest for the long term and all of those assets. I will leave it at that. Thank you very much. There is a very disciplined process. 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). And in particular, if we think about our sheet group and their performance, the sheet group set a record in terms of shipments at over 11 million tons, generated over $6 billion in EBITDA performance. The share repurchases totaled more than 33.8 million shares at an average cost of about $97 per share. Yeah, Emily. So, as Jim mentioned a few minutes ago, we are not going follow the market just because we want to produce the steel out of Gallatin. That is a booming industry that really is insulated from the traditional cyclicality of steel making. Of course, we are also mindful of our responsibility to shareholders. REAL TIME 2:15 PM EST 02/27/23. Is There a Silver Lining to Capri Holdings Earnings Sell-Off? The company has operating facilities, primarily in the United States and Canada. Auto is still down. 87% 57% Source: Great Place To Work 2021 Global Employee Engagement Study. Seth, I want to turn that to Al Behr, our EVP of Plate and Structural Group. Our crystal ball gets pretty fuzzy when we look out very much past the next month or so. Cumulative EBITDA already exceeds the investment outlays for the Gallatin galvanizing line and the Ohio rebar mill modernization. So we will be able to feed into that. That's Incremental free cash flow. In December, we announced our plan to build a new rebar micro mill with annual capacity of 430,000 tons in the South Atlantic region. According to www.careerbliss.com, Nucor employees make an average of $70,000 annually. And we had very few customers that chose not to renew, isn't that correct. At Nucor Corporation, workers receive some pension and welfare benefits. Our analysis suggests that Nucor shares are significantly undervalued relative to our risk profile, earnings and cash flow generation capacity. So we recognize that that's a part of our portfolio that would perform better and we are quite so weighed to hot band. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. Western countries are now scrambling for stable, renewable energy. Raw materials will be down year-over-year and that's because in 2021 when raw material prices were rising, we had inventory in the supply chain when we captured value hence we made money in DRI, because of low iron ore prices that we had on the ground and in our contracts, we made money in scrap, because we had scrap in our scrap yards that was being priced higher every month and every quarter prices were rising. Our next question comes from Timna Tanners with Wolfe Research. And our customers are overwhelmingly bullish on their 2022 demand. But what's norm, right? 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. Yeah, hi, good afternoon. And maybe at the end I will make some comments about the year that are more global about what we are thinking about regarding the economic impacts of Nucor. And before I turn the call over to Jim, I would like to congratulate the entire Nucor team on reaching new heights to achieve our safest and most profitable year in company's history. A New Dividend King is Crowned 50 Years of Dividend Increases. In the process, we can offer Nucor teammates secure employment and competitive compensation and benefits as well as the opportunities to further their professional growth and development. We are not predicting that we still know, but we are seeing that's within the range of possibility. Nucor gross profit for the twelve months ending December 31, 2022 was I hope you will agree that this is an impressive track record. Real-time analyst ratings, insider transactions, earnings data, and more. And so I think you are going to see a a closer level set to norm. And then couple that with the supply chain constraints, labor constraints and the omicron variant raging, all created for a little bit of a perfect storm here in the fourth quarter heading into early part of 2022. We are very proud of Nucor's help make the United States the cleanest place in the world to make steel. View Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. Rex? Team let's keep up our focus in 2022 and of course for Nucor that begins with a value of safety. That's 18% to 22%. The One is non-residential construction. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. Ten cents of every dollar earned prior to payment of tax is secured for this purpose. Satish l will start us off and maybe Jim or Rex Query, EVP of our Sheet Group can touch on the Gallatin expansion. 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. Do you want to talk about that at all? Hannibal has been very successful, but also just a cultural fit in the first place. So sheet could still average at or above what they did last year based on what we are seeing today. For all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. So, that really is what it comes down to Seth. In 1972 the company adopted the name Nucor Corporation, which would soon become a well steel company within the U. S. Nucor annual/quarterly net income history and growth rate from 2010 to 2022. I wanted to ask a bit about your visibility into the first quarter. Hey, great. Oil and gas has been a bit weaker in the last couple of years and that with oil prices today is growing by the day. Our team delivered incredible financial and operating results over the course of the year, while working safely and responsibly. Export data to Excel for your own analysis. 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 So the things from great extra some of those things, but we are -- discussed with our customers, but at the same time, you got to look at the total package, if you will of what they see is value. So we are able to ramp that up as we see fit. We have capacity to do more. Along the way, we are delivering a differentiated value proposition to our customers and expanding our relationships with them. It's going to have a capacity over the year to give us an incremental 800,000 to 900,000 tons. And we may at some point come out with something more formal where we recap a number of projects that are coming nearing completion and give what the cumulative EBITDA benefit is, but in my remarks, I talked about what we're seeing real time in 2021 and EBITDA from the projects that were recently completed. 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. 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. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Operator, we are now ready to take questions. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, And that concludes today's question-and-answer session. View Russia Ignites West's Battle for Energy Independence, View 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, View Want Monthly Income? Coming off a historic year like we had in '21. 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. And so we would expect that we need to keep investing and returning capital to investors both and we have the capacity to both as we go forward. And -- but we do use an intrinsic value model that we show the Board every quarter. Retirement Savings Plan Invest today for what you plan to accomplish tomorrow, with matching contributions and We are going to have a very measured approach and a very deliberate approach into the marketplace. And so Chad why don't you add some commentary behind some of that backlogs. Thanks for the question. We made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. These capabilities represent important competitive advantages for our company exemplifying Nucor's ability to meet the needs of our customers for high strength steels. Those were key sectors. Other significant uses of cash during the year were capital spending of $1.6 billion, expansion of working capital mainly receivables and inventory net of payables totaling approximately $3.3 billion and acquisitions of about $1.4 billion. Thank you for the color. The tax-avoiding companies represent various industries and collectively enjoyed almost $40.5 billion in U.S. pretax income in 2020, according to their annual financial reports. The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. And as Leon mentioned, as we talked about in the script, we believe non-res construction will remain very strong as we enter 2022 and even beyond. And in fact I would tell you we had more requests for increase volume. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's The reason for that is: 1. Nucor net income for the quarter ending December 31, 2022 was, Nucor net income for the twelve months ending December 31, 2022 was. We look forward to continuing to offer Econiq to more customers, and of course, lower greenhouse gas emission steel across our product portfolio. 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. Well, working capital used $3.3 billion of cash last year, I said in the script. Good afternoon, and welcome to our 2021 fourth quarter and full year's earnings call. It's eight word, is to grow core, expand beyond and live our culture. But we are optimistic about the plate market. I think at a large company like apple or Microsoft the 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 WebDistributions. And then on the pricing side, obviously, demand perhaps growing very rapidly right now, supply is very tight, what's the degree of pricing power are you able to achieve compared to any cost escalation perhaps as you just raw materials mix for power supply? The profit-sharing strategy is also a major motivating factor for employees. So those would be our thoughts about how to think about the whole year from a big picture perspective. There are some headwinds for next year. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Good day, everyone, and welcome to the Nucor Corporation Fourth Quarter of 2021 Earnings Call. So the raw material segments will be a small tailwind, a strong headwind, excuse me, and depreciation and amortization is going to be higher. They are the rolling mill modernization at our Ohio rebar mill, the hot band galvanizing line at our Kentucky sheet mill, the specialty cold rolling mill at our Arkansas sheet mill, the rebar micro mill in Missouri, and the rebar micro mill in Florida. Rex? So the supply chain got full very quickly and maybe some even some over buying. So that's going to be significant benefit to our earnings results for the year. And again we expect Gallatin to continue to ramp up and made its objectives and hit the nameplate investment, which is about 1.4 million tons of additional capacity. 3.285 2.02%. These projects represent an aggregate capital investment of just over $1 billion. If you, the employer, make contributions to a profit sharing plan, you can deduct up to 25 percent of Common employee benefits include health insurance, flexible spending accounts, and paid time off. And we will see how that moves there over the next 8, 10, 12 and in 24 months in terms of the amount of steel that Nucor participates in and how fast we escalate that, but we kind of control that. Hope all of you are doing well. Growth projects for improved product capabilities and expansion represent about 75% of our expected capital spending for this year. Yeah. These are healthy margins due to the supply and the strong demand balance that's out there. For Gallatin, and Rex you can add to this if you would like to. WebNucor The manufacturer of steel and steel products is headquartered in Charlotte, N.C. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Chips and auto won't ramp up till later this year. And so what we would be looking for, we are going to look at for that demand. And if you think about to move in the time over the last 24 to 36 months and what's going on in the world of ESG, the sustainability side of our industry is paramount and again Nucor is incredibly well positioned as one of the cleanest steel makers in the world to offer steel like we just did to General Motors. If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Yeah, thanks, Emily. For the full year 2021, Nucor reported consolidated net earnings of $6.83 billion, compared with consolidated net earnings of $721.5 million in 2020. American Consumer News, LLC dba MarketBeat 2010-2023. And congratulations on the strong update today. Now that lead times are a lot shorter. How much money do Nucor employees make? Thank you, Chad. As Leon mentioned, fourth quarter of 2021 earnings of $7.97 per diluted share established a new quarterly record, eclipsing the prior record of $7.28 per share established in last year's third quarter. Yeah. Got it. March 1, 2023 The insulated metal panel space has been attractive to Nucor for a long time and we were excited back in 2019 to purchase a start-up company called TrueCore and we are equally excited to welcome the Cornerstone IMP team into Nucor. This will be Nucor's third rebar micro mill joining micro mills in Missouri and Florida that begin operations in 2020. Yeah. And I look forward to continuing the exceptional performance across all of our businesses in 2022. Zoetis, Pet-Med Specialist, Double-Digit Earnings Growth Ahead, 3 Mid-Cap Earnings Plays to Watch This Week. Thank you for your interest in Nucor. Web16 Nucor reviews. As of 12/31/18, this particular employee is 40% vested, and therefore, entitled to $400 of the $1,000 balance. 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. 06/30/1995. If we think about the core of our steel making capabilities is the expansions up regional and capabilities. Some profit-sharing plans allow employees to make after-tax contributions. And so I am not going to detail out what the value is. 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. Our teammates at these facilities have done stellar work, executing across the board on safety, product quality, and financial performance. 92% I'm proud to tell others I work here. Good luck in the year. I don't know that I would add a lot more than what we talked about as a consistent drumbeat around demand. Seth, appreciate the question. My first question is on the steel mills segment. by Jimmy Mengel. 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. Thank you. CSI is a flat rolled converter with annual capacity to produce more than 2 million tons of finished steel and steel products. Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? 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. Thank you and have a great day. And as far as the margins and our backlog, there are solid. So, I'll go back and read our earnings releases that we published about each of the major projects and see that data. Our Gallatin team members continue to impress with their ability to safely construct the expansion project within the environment of an operating mill and we look forward to its continued ramp up. Steel mills segment earnings are expected to decline in the first quarter of 2022 due to decreased profitability of our sheet mills offsetting increased profitability at our long products mills. At the same time balancing out, we have invested a lot of money. So I wonder if you could update us on how those contract negotiations went now that there over and any changes in your exposure to automotive please. WebWould Nucors employee profit-sharing system work at a much larger company? We are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing long-term growth. $165.815 USD. 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