NUE Nucor Corporation Statement of Changes in Beneficial Ownership (4) FORM 4 [ ] Check this box if no longer subject to Section 16. The spread case's different, but obviously the door opened up with the the massive spread. Cumulative EBITDA already exceeds the investment outlays for the Gallatin galvanizing line and the Ohio rebar mill modernization. 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. I think at a large company like apple or Microsoft the Through its network of 'mini-mills', the company produces steel sheets, bars, plates as well as various structural and other products. 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. We are going to make sure we take care of and service our customers. There is no need to ramp that up any quicker than we need. So we see that as an opportunity. I will stop there. No North American producer is better positioned than Nucor to continue leading in these areas. 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. 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. There is a very disciplined process. Yes, Satish. In-depth profiles and analysis for 20,000 public companies. Russia Ignites West's Battle for Energy Independence. 06/30/1995. Secondly, you have touched on and others have touched on this already, we have got the largest downstream products businesses of any steel companies and there we are getting margin squeezed for all of last year and pricing is finally starting to catch up. If you think about just five years, six years ago, we had about 55 cases that were one in carbon steel. 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. American Consumer News, LLC dba MarketBeat 2010-2023. In December, we announced an agreement to acquire a majority ownership stake of 51% in California Steel Industries for about $400 million. We are below that right now. Good afternoon, Leon and Jim. And so I think you are going to see a a closer level set to norm. March 1, 2023 Adding this amount to teammate profit sharing over the course of the last five decades Nucor's 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. Nucor annual net income for 2022 was $7.607B, a 11.95% 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. This will be Nucor's third rebar micro mill joining micro mills in Missouri and Florida that begin operations in 2020. So, I have seen some of the information of not wanting in their contracts, those types of things. We are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing long-term growth. So firstly you could comment as to how you see capacity utilization in your different key products, particularly in Q1 and maybe how you see the progression into Q2 and the second half of the year if you have visibility given your with your backlog? View which stocks are hot on social media with MarketBeat's trending stocks report. We published our net debt to capital range that we want to live in to maintain our strong investment grade credit rating. The Akamai Technologies Earnings Sell-Off. So that is going to continue. So you saw demand increase, considerably pricing run off. Good luck in the year. 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. 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. 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. Of course, we are also mindful of our responsibility to shareholders. You are going to see Nucor continue to grow our capability. For opening remarks and introductions, I would like to turn the call over to Mr. Leon Topalian, President and Chief Executive Officer of Nucor Corporation. The cumulative EBITDA generated by the Hickman specialty cold mill is nearing that project's capital investment. More related 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. 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. 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. Jim anything you would add? Rex, you want to touch on contracts? To get just some additional detail on Gallatin, as far as the outage we had we are on target coming up, the expectation as Jim mentioned, approximately 800,000 tons additional for the year. 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. I will kick us off and ask Chad Utermark, our Executive Vice President of Products to really add some color in there. Our expectation and our stated goals are to double that to around 3 million tons. If you are a stockholder of record (i.e., your shares are registered in It's going to have a capacity over the year to give us an incremental 800,000 to 900,000 tons. Congrats on a strong set of financial results as well as the safety record. And finally to our shareholders, we are proud of the record returns provided in 2021. Also, most of its operating facilities and customers are located in North America. The minimum target price for Nucor analysts is $ 136.4 . Congrats again, and thank you. Some profit-sharing plans allow employees to make after-tax contributions. Stock Bonus. Regarding the visibility we have good visibility. 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. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. According to www.careerbliss.com, Nucor employees make an average of $70,000 annually. We reduced our share count by more than 11% in 2021 even as we funded capital expenditures and acquisitions totaling approximately $3 billion to drive the next chapter of our growth story. by Jimmy Mengel. 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. We continue to see solid seasonal adjusted quoting activity. And so from a Nucor perspective, I would tell you not at all. 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. Yeah, Emily. You have much to be proud of. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. [Operator Instructions]. These are healthy margins due to the supply and the strong demand balance that's out there. 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. Earnings per share were $7.97, exceeding our guidance range of $7.65 to $7.75. And our customers are overwhelmingly bullish on their 2022 demand. So sheet could still average at or above what they did last year based on what we are seeing today. Thanks Seth. 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. Medical and dental are just the beginning. 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. And it starts with end market demand. 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. The biggest one being the sheet price correction that's really tied mainly to imports. 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. 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. And then my second question is on the steel products segment. 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. Our next question comes from Emily Chieng with Goldman Sachs. First year EBITDA for the Missouri and Florida rebar micro mills are multiples of what we originally projected in our project return budgets. I will start off and thanks for the question. An Overview of Blue Chips. 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. WebDistributions. So it's not just the major OEMs in automotive now that are asking for. 401(k): You will be able to participate in our 401(k) plan with matching contributions. But we are optimistic about the plate market. So, that really is what it comes down to Seth. So we want to make sure that equipment is ready and available as we progressed out. In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. Congratulations to the entire Nucor Arkansas team. Nucor annual/quarterly net income history and growth rate from 2010 to 2022. And speaking of those, as we move into 2022, we are not letting up when it comes to executing our strategy to grow our value-added product portfolio and expand into new product markets and geographic regions. We are starting out with a carbon intensity that is 3x or 4x lower than some of our integrated competitors. For all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. 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. I don't know that I would add a lot more than what we talked about as a consistent drumbeat around demand. $165.815 USD. January 30, 2019. If you look at our industry over the last 12, 18 to 24 months, there has been significant shifts in consolidation, rationalization and trade. The company has operating facilities, primarily in the United States and Canada. Maintenance capital spending for equipment replacement spares and cost savings projects accounts for the roughly 25% remaining. 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. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. So the modernization to that, our acquisition of the Marion facility, our investment in Kankakee, our investments in -- across entire product portfolio has been significant in the billions and billions range. They are tasked with growing that business. Form 4 or Form 5 obligations may continue. And in fact I would tell you we had more requests for increase volume. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. We are very proud of Nucor's help make the United States the cleanest place in the world to make steel. 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. We currently expect capital expenditures over the next 3 years to total approximately $5.5 billion. The reason for that is: 1. Yes, thank you, Leon. 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. Sorry, good afternoon, everyone. Yeah, great question. Well, working capital used $3.3 billion of cash last year, I said in the script. Our teammates at these facilities have done stellar work, executing across the board on safety, product quality, and financial performance. 1 Day Range These returns were of course funded by our strong cash provided by operating activities, also a new record of $6.2 billion. Once operational our West Virginia mill will have some of the most advanced capabilities and one of the lowest carbon footprints of any sheet mill in the world. WebNucor Corp. NUE (U.S.: NYSE) View All companies. Yeah. , SEC filings and insider transactions for your stocks board on safety, product quality, and performance... Media with MarketBeat 's trending stocks report some color in there these areas a strong set financial. 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