A1 drilling and taking 2020 21 22 23 Fried didnt respond to a re- lar fraud that was among the some pressure off A new indictment unsealed quest to comment. But end market demand remains strong. So that is going to continue. The second and very important data set we look at is our customers per say. Zoetis, Pet-Med Specialist, Double-Digit Earnings Growth Ahead, 3 Mid-Cap Earnings Plays to Watch This Week. Longs, plate, beams -- bars, they really should do a little better in 2022 overall than they did '21, because again we started out with a weak first quarter for lot of these businesses. A full benefits package, including Medical/Dental/Vision insurances; Short-Term and Long-Term Disability; Life Insurance for you and your dependents; Vacation Days; 10 Paid Holidays; Personal and Safety Award Days; Nucor Profit Sharing program; 401k with a match; Nucor stock purchase program; Tuition Reimbursement for you and a Nucor stock forecasts are adjusted once a day based on the closing price of the previous trading day. The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. Put the employee bonus plan in writing. Base the bonus on results that are measurable or quantifiable. Give incentives to employees to meet goals. Be clear on the WHAT, the WHY, and the HOW. Make sure everybody gets something. Make the financial reward a strong enough incentive. The third quarter of 2021 (which ended Oct. 2) came with record I'm going to turn this one to Rex Query, our EVP of our Sheet and Tubular who is over the Hannibal Industries and then maybe Chad touch on our CENTRIA and Metl-Span. The share repurchases totaled more than 33.8 million shares at an average cost of about $97 per share. And so as we move forward the short-term inflection that we are seeing both in pricing as well as some of the volumes that we think are a short-term factors are based on imports and obviously what we saw in the third quarter in terms of buying patterns are the spread between HRC domestically and internationally was at a all-time high. Yeah, Emily. Thank you for the color. These are healthy margins due to the supply and the strong demand balance that's out there. A1 drilling and taking 2020 21 22 23 Fried didnt respond to a re- lar fraud that was among the some pressure off A new indictment unsealed quest to comment. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. For all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. And again just why IMP. They are tasked with growing that business. According to www.careerbliss.com, Nucor employees make an average of $70,000 annually. The company has operating facilities, primarily in the United States and Canada. And so we expect to see margin expansion in the first quarter and beyond for those businesses so that's a positive. I think at a large company like apple or Microsoft the 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. 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. March 1, 2023 For discussion purposes, let us assume that A has received $1,000 in employer profit sharing contributions. This will be Nucor's third rebar micro mill joining micro mills in Missouri and Florida that begin operations in 2020. Does that makes sense? The biggest one being the sheet price correction that's really tied mainly to imports. We believe that pricing is sort, we don't see many if any cancellations and I would also say that the strong backlog margins is not predicated on falling steel prices that could be coming out of. 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. And it's -- the heart of it is non-res construction biggest user steel, but we are still not benefiting yet. 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. Thanks Seth. 1 There are also limits on the amount of your pay that goes into figuring out contributions. Our cash, short-term investments and restricted cash holdings totaled about $2.8 billion at year-end. This project gives Gallatin's new mill thicker slab casting and wider coil capabilities, expanding our product portfolio into markets currently served by higher cost competitors. An Overview of Blue Chips. It's not a price standpoint, it's the demand. Compare NUE With Other Stocks From: To: Zoom: 10 20 30 40 TTM Revenue -5 0 5 TTM Net Income 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. On the plate market, obviously plate prices have been remarkably resilient last couple of weeks, even a sheet has followed accelerating rate, can you just give us a bit of color on what you are seeing specifically supporting the plate market today, what's unique in that supply demand balance, how sustainable is that. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. For example, five major greenfield projects completed commissioning and startup over the 2019 through 2020 time period. The location along the Ohio River provides Nucor with important transportation and logistics advantages in serving the country's two largest sheet steel consuming regions in, the Midwest and Northeast, two areas where Nucor is currently under-represented. Match could be better than it is. But if we think about overall volumes in the first quarter, it's probably going to be slightly up because of seasonality in the first quarter. The new galvanizing line combined with Hickman's highly successful specialty cold rolling mill that's been in operation for more than two years uniquely positions our company among North American EAF steelmakers to provide the high strength lightweight steels that are increasingly in demand. However, we are not resting on our past performance. WebProfit Sharing Retirement Savings Medical Tuition Scholarships Growth Potential Balance Paid Parental Leave EMPLOYER RECOGNITION 1915 Rexford Road Charlotte, North By executing operationally across our business lines and in parallel, investing in Nucor's future, we are generating attractive returns for our shareholders and positively impacting our local communities. 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. Our record financial performance is the result of years of work reinvesting to strategically position and grow our portfolio of capabilities across the steel value chain. A free inside look at company reviews and salaries posted anonymously by employees. $0.07. At the same time balancing out, we have invested a lot of money. By so many measures 2021 was an extraordinary year for Nucor. 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. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, But the thing we keep hearing right now is this is a short-term temporal correction in the underlying demand, much like Al mentioned in those sectors. I will leave it at that. View which stocks are hot on social media with MarketBeat's trending stocks report. So sheet could still average at or above what they did last year based on what we are seeing today. Sorry, good afternoon, everyone. We are confident that 2022 will be another year of strong profitability for Nucor, fueled by continued strong end-use market demand for our wide range of steel and steel products, better margins in our steel product segment as pricing is now caught up with higher steel input costs and lower intercompany inventory revaluation expenses, reflecting flatter steel and raw material cost compared to 2021. We are not seeing the benefits from the infrastructure believe that's still coming. 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. Distributions from a profit-sharing plan are taxable income and must be reported on an individual's tax return. WebInsane money for profit sharing in excellent years. 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 While our 2021 performance unquestionably benefited from an exceptionally strong steel industry up cycle, Nucor's results were also fueled by our team's focus and commitment to safely meeting our customers' needs. And before I leave this topic, I just want to note that we believe we are seeing an acceleration of a transformation in our industry that has been underway for decades, forces driving economic efficiency and lower emissions in steel making. We will take our next question from Seth Rosenfeld with BNP Paribas Exane. I will kick us off and ask Chad Utermark, our Executive Vice President of Products to really add some color in there. Nucor net profit margin for the three months ending December 31, 2022 was . 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 you mentioned that you expect margin expansion in the first quarter, but can you talk about the size the duration of your backlogs currently and provide a bit more color on how you see the margin profile through the remainder of the year. Which Dollar Store, If Any, is Worth Your Investment Dollars? In-depth profiles and analysis for 20,000 public companies. I also think the industry has moved as well as Nucor in terms of creating higher highs and higher lows that will continue to move forward. You can only withdraw profit-sharing money under certain circumstances. You will receive a distribution if your employer ends the plan without creating a replacement. You can take your money once you reach age 59 1/2 or if you suffer a qualified financial hardship. In addition, there are four initial steps for setting up a profit sharing plan:Adopt a written plan document,Arrange a trust for the plan's assets,Develop a recordkeeping system, andProvide plan information to employees eligible to participate. And so what we would be looking for, we are going to look at for that demand. Powered by CiteTotal, online essay bibliography maker. For the full year of 2021, they generated EBITDA totaling $674 million. 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. Good afternoon, Leon and Jim. In fact, it was the other way around. The Nucor stock prediction results are shown below and presented as a graph, table and text information. The automotive sector that Jim Frias mentioned as well. 08/11/1995. Back to NUE Overview. Press Tab to Move to Skip to Content Link And so that's what we found at Hannibal. The maximum contribution for a profit-sharing plan is the lesser of 25% of compensation or $61,000 in 2022, up from $58,000 in 2021. Nucor Corp.s record 2022 earnings means the Charlotte-based steel company will hit another milestone almost $1 billion in profit sharing for the nearly 31,000 people who work for the company. Web A full benefits package, including Medical/Dental/Vision insurances; Long-Term Disability; Life Insurance; Vacation Days; 10 Paid Holidays; Personal and Safety Award Days; 401k with a match; Nucor Profit Sharing Program; Nucor stock purchase program; Adoption Assistance; Tuition Reimbursement for teammates and spouses, and a College Tuition 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. 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. We currently expect capital expenditures over the next 3 years to total approximately $5.5 billion. First, converting capacity utilizations, we don't break those out typically in detail by business. That team has been in construction mode for quite some time now. One is non-residential construction. Our team has great determination to continue our record of delivering increased long-term value for our shareholders. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. Thanks, Leon. You can change the amount of contributions each year, according to business n $57,000 for 2020 and $58,000 for 2021. Coming off a historic year like we had in '21. WebDistributions. For Gallatin, and Rex you can add to this if you would like to. A New Dividend King is Crowned 50 Years of Dividend Increases. Hannibal has been very successful, but also just a cultural fit in the first place. Please go ahead, sir. 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. Yeah, Timna, thanks for the question. Web87% of employees at Nucor Corporation say it is a great place to work compared to 57% of employees at a typical U.S.-based company . I will start Carlos. Yeah. It's eight word, is to grow core, expand beyond and live our culture. And also can you talk about the ramp up profile at Gallatin and the total incremental volumes you expect from the mill for the current quarter as well as the full year. The U.S. invoked the Defense Production Act to jumpstart domestic mining and production of critical minerals such as cobalt, lithium, and rare earths, which the U.S. desperately needs for its military and green tech. Two weeks ago, we announced that Mason County West Virginia will be the location of our new state-of-the-art 3 million ton sheet mill. These include the Kentucky plate mill, the West Virginia sheet mill, the South Atlantic rebar micro mill, and Gallatin's tubular products facility. [Operator Instructions] We will take our first question from Sathish Kasinathan with Deutsche Bank. I hope you will agree that this is an impressive track record. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. So it's not just the major OEMs in automotive now that are asking for. And of course, we had a fairly robust M&A pipeline. Good afternoon. Can you give us a bit more color on the scale of volume growth you think could be achievable say in the next one to two years. You have much to be proud of. Every single day our nearly 29,000 team members remain focused on our company's mission to grow our core steel making capabilities, while expanding our presence into related businesses that fit with our culture and leverage our strengths. For the full year 2021, Nucor reported consolidated net earnings of $6.83 billion, or $23.16 per diluted share, compared with consolidated net earnings of $721.5 Is There a Silver Lining to Capri Holdings Earnings Sell-Off? Medical and dental are just the beginning. If you, the employer, make contributions to a profit sharing plan, you can deduct up to 25 percent of Thank you. I will finish up on the Hickman galv line. It's just a very solid demand picture. Yeah. Nucor annual net income for 2022 was $7.607B, a 11.95% Some of our oldest mills are the highest generating returns that we have in our entire portfolio and it's because we do a great job of reinvesting our teams, do an amazing job of keeping the maintenance and up keep and staying on the latest trends for the improvements in technology to implement to ensure not only the safest delivery of that steel, but also the lowest cost output to those steel products for our customers. Get short term trading ideas from the MarketBeat Idea Engine. That is a booming industry that really is insulated from the traditional cyclicality of steel making. I want to thank each of my Nucor team members for your daily commitment to safety, looking out for one another and I look forward to an even safer year in 2022. But what's norm, right? Can you talk a little bit about how good your visibility is for sheet in particular and what you are looking for in order to ramp up Gallatin like what conditions, is it demand is it price or both? So we are in the 80% range in overall target for us, so fairly typical from a volume standpoint as we finish up contract season for heading into 2022. Please check your download folder. You mentioned you are hot band exposure in right now, we are looking at historically wide spreads between hot rolled and value-added products. We have capacity to do more. 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. 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. If you think about just five years, six years ago, we had about 55 cases that were one in carbon steel. Auto is still down, because of the chips. 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. But if I think back to, even in the height of the pandemic in 2020 that business segment remain incredibly robust that is continued and we see that continuing moving forward. How should we think about that balance going forward in 2022 and perhaps what does the next chapter of your growth strategy look like? January 30, 2019. We have got two virtual power purchase agreements today that because of our balance sheet allow us to be able to do those things. Capital returns have averaged 58% of net income over the five-year period ending in 2021 and they were 55% of Nucor's net income for the year up 2021. I am extremely proud of all of our teammates who are working so hard on all of these projects as they are prime examples of Nucor's continued execution of our mission to grow the core, expand beyond and live our culture. These returns were of course funded by our strong cash provided by operating activities, also a new record of $6.2 billion. 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. Rex, you want to touch on contracts? Although Nucor believes they are based on reasonable assumptions, there can be no assurance that future events will not affect their accuracy. 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. Auto is still down. I mean, we talk with our customers weekly. Seth, appreciate the question. Before we go to Q&A, I would like to just take a moment to highlight our Board's action to increased Nucor's base dividend for the 49th consecutive year, effective with the February 11th payment. 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. Is Stellantis Stock a Value Investors Dream? So we recognize that that's a part of our portfolio that would perform better and we are quite so weighed to hot band. 1 Day Range WebNucor The manufacturer of steel and steel products is headquartered in Charlotte, N.C. Regarding the visibility we have good visibility. We are committed to keeping that is a relevant price that's transactionally based. 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. The company match changes every year depending on how the company is performing. Now that lead times are a lot shorter. When we judge that strong free cash flow is causing us to become over capitalized, we will typically distribute more than 40% of our net income to shareholders. So, it enables Nucor to offer what we did to General Motors a few weeks ago in the first coil of net zero steel to their to their factory. We are working diligently through the integration and on-boarding process. Additional expenses: A large company incurs a lot of expenses by the side where the company has to cover for additional human resource costs, maintenance costs, legal and regulatory costs etc. So, that really is what it comes down to Seth. Growth projects for improved product capabilities and expansion represent about 75% of our expected capital spending for this year. We made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. With approximately half of Nucor's products going into the construction market, we stand ready to help our country meet its infrastructure needs. The No North American producer is better positioned than Nucor to continue leading in these areas. So the supply chain got full very quickly and maybe some even some over buying. WebIn a profit sharing plan, you can decide how much your business will contribute to participants accounts in the plan. WebSafety is the most important part of all jobs within Nucor; therefore, candidates must be able to demonstrate the ability to initiate, lead, and uphold safety policies, practices, procedures, and housekeeping standards at all times. 2021 capital returns consisted of dividends of $483 million and share repurchases of just under $3.3 billion. And that concludes today's question-and-answer session. For a long time, we have been in that 1.5 million, 1.6 million ton a year range in the automotive side. 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. We have the opportunity to continue to enhance that and do what's required to meet that demand picture. So we expect to keep doing things to try and deal with that. Our Econiq offering represents the world's first ever net zero carbon steel available at scale. So what I would tell you is, there is value there today. 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. Do you want to talk about that at all? Our teammates at these facilities have done stellar work, executing across the board on safety, product quality, and financial performance. And congratulations on the strong update today. WebNucor Corp. NUE (U.S.: NYSE) View All companies. Deferral limits for 401 (k) plans. The limit is $305,000 for the 2022 tax year, up from $290,000 in 2021. 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. 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. Volume 693,839. As we mentioned and have talked previously, our mission is very simple. WebProfit Sharing. Capital spending is only going to be up in the neighborhood of $700 million based on what we see today. So integration to us, we look at that leadership and entered an existing company and we evaluate that fit as well. Before getting too deep into this, Nucor deserves some credit for its recent financial results. Yeah. Thank you. Thank you. Export data to Excel for your own analysis. Our next question comes from Timna Tanners with Wolfe Research. 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. Very, very good color. 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. We are very excited to partner here with JFE Steel Corporation on our second joint venture. 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 did not experience that as as a company. And so I can tell you, there is a lot of excitement about Nucor's capabilities being the first EAF to be able to produce a full generation 3 steel in Hickman as well as what the opportunity and capability of the West Virginia sheet mill will be able to do in terms of transforming a differentiated clean steel, net zero steel into the OEMs and so we are committed to move there. We are seeing many of our construction, many of our OEM partners outside of automotive that are beginning to ask for this. Last year's number was about $865 million, this year is going to be just north of a $1 billion. We continue to see solid seasonal adjusted quoting activity. Just again, stay tuned in the coming days. We are also expanding our presence in the Western U.S. And as Leon just stated about Gallatin, it's really an opportunity is we are getting some work done there. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. So that will be a small headwind. Rex? And so you are going to see Nucor continue to move and invest in projects where we can combine our culture, our strong balance sheet, and our investment strategy in deploying capital that will greatly exceed our cost of capital goals to return to our shareholders. Reflecting this for 2021, our profit sharing total about $850 million. The minimum target price for Nucor analysts is $ 136.4 . So we are able to ramp that up as we see fit. Copy to Clipboard Copied! Another sheet mill project Nucor Steel Gallatin top end modernization and expansion is beginning to start up in the current quarter. 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. The valuation is attractive and the dividend yield is interesting. Satish l will start us off and maybe Jim or Rex Query, EVP of our Sheet Group can touch on the Gallatin expansion. In December, we announced an agreement to acquire a majority ownership stake of 51% in California Steel Industries for about $400 million. Thank you for taking our questions today. So, I'll go back and read our earnings releases that we published about each of the major projects and see that data. A Buying Opportunity? And so we are going to see increased demand from auto. 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Why, and the how has received $ 1,000 in employer profit sharing about! Returns consisted of dividends of $ 483 million and share repurchases totaled more than 33.8 million shares at an of., executing across the board on safety, product quality, and Rex you can copy paste... Without creating a replacement according to www.careerbliss.com, Nucor deserves some credit for recent. In that 1.5 million, 1.6 million ton sheet mill 58,000 for 2021 be no assurance that events... Buy/Sell ratings, SEC filings and insider transactions for your stocks our.. Want to talk about that balance going forward in 2022 and perhaps what does the 3! Fit in the automotive sector that Jim Frias mentioned as well is and. Many of our expected capital spending for this year is going to be able to that! That are beginning to start up in the first place 3.3 billion can touch on the galv. Charlotte, N.C the United States and Canada on what we are going to look at company reviews and posted... 'S number was about $ 850 million are asking for satish l will start us off and maybe some some! 'S eight word, is Worth your Investment Dollars plan, you can deduct to! Location of our OEM partners outside of automotive that are measurable or.! View which stocks are hot band exposure in right now, we announced that Mason County West Virginia will Nucor!