We are going to have a very measured approach and a very deliberate approach into the marketplace. 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. WebWould Nucors employee profit-sharing system work at a much larger company? Our team delivered incredible financial and operating results over the course of the year, while working safely and responsibly. All rights reserved. We are going to make sure we take care of and service our customers. The reason for that is: 1. Retirement Savings Plan Invest today for what you plan to accomplish tomorrow, with matching contributions and I guess there are no other employers in their areas. 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. For all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. 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. The share repurchases totaled more than 33.8 million shares at an average cost of about $97 per share. For example, five major greenfield projects completed commissioning and startup over the 2019 through 2020 time period. See who is leading new copper discoveries and how, Chief Financial Officer, Treasurer & Executive Vice President, Executive Vice President Sheet and Tubular Products, Executive Vice President Fabricated Construction Products, Executive Vice President Plate and Structural Products, President and Chief Executive Officer at Nucor, Chief Financial Officer, Treasurer & Executive Vice President at Nucor, Executive Vice President Sheet and Tubular Products at Nucor, Executive Vice President Fabricated Construction Products at Nucor, Executive Vice President Plate and Structural Products at Nucor. 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. The spread case's different, but obviously the door opened up with the the massive spread. Get daily stock ideas from top-performing Wall Street analysts. While 2021 clearly revealed the earnings and cash generation power of Nucor's businesses, it also provided an opportunity for us to fully demonstrate Nucor's balanced capital allocation framework. My second question, just very quickly, is around the integration progress you have made at some of your recently acquired businesses including Hannibal and IMP, perhaps give a sense of how they are trending relative to expectations today. 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. Yeah, maybe I will start and Rex maybe if you want to add some color. Good luck in the year. 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. These projects represent an aggregate capital investment of just over $1 billion. Russia Ignites West's Battle for Energy Independence. And we had very few customers that chose not to renew, isn't that correct. I have a few questions first from plate and then I will follow up later on green steel please. These investments meaningfully enhance Nucor sheet product capabilities. But end market demand remains strong. Full -- there is additional work to be done, which is part of the plan. 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. Our quarterly dividend is now about 30% higher than it was in 2018. Diluted earnings per share for the first quarter of 2022 will benefit from lower weighted average shares outstanding. We will measure that ramp up here in the first quarter with what we see on demand. Rex? Our Econiq offering represents the world's first ever net zero carbon steel available at scale. Got it. Certain statements made during this conference call will be forward-looking statements that involve risks and uncertainties. So those would be our thoughts about how to think about the whole year from a big picture perspective. STOCK TRANSFERS, DIVIDEND DISBURSING & DIVIDEND REINVESTMENT. Billions could be poured into exploration companies searching for new U.S. deposits. The statutory federal tax rate for corporate profits is 21 percent. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. 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? One is non-residential construction. 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. WebSo far Nucor has paid out over $2 billion to Nucor teammates. 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. Nucor's liquidity also includes our undrawn $1.75 billion unsecured revolving credit facility. Thanks Seth. The commentary that we made towards the returns and the strength that we anticipate in 2022 as the input costs level will come down, the margin expansion will certainly continue in well into '22. 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. 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. As we mentioned and have talked previously, our mission is very simple. I know that there was a lot of chatter about moving to shrink the discounts against CRU. Our daily ratings and market update email newsletter. In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. We're proud to have been able to provide cash returns via dividends and share repurchases totaling about $3.8 billion in 2021 and in December to increase our regular quarterly dividend for the 49th year in a row this year by 23% to a rate of $0.50 per quarter. Better than expected results for the month of December were achieved across a broad group of businesses. So, the acquisition of CSI for us and having JFE as a second partnership in California and again majority shareholder in that operation, it's really exciting for us. No North American producer is better positioned than Nucor to continue leading in these areas. That value will continue to increase. 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. Putin's invasion of Ukraine has revealed the West's dependence on Russia for their energy needs. We averaged $560 per ton in sheet last year. 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. 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. That's an opportunity as that demand is increasing for some import to come in and that's what we have seen as we come in late in the year and we see some of that correction occurring. 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. Here's 3 Dividend Stocks That Pay Monthly, View Joby Aviation Stock Preps For Takeoff, View 3 Lithium Stocks Powering Up For Big 2023 Gains, View 3 Large Caps With Good Upside AND Big Dividend Yields. Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? Jim anything you would add? NUE Nucor Corporation Statement of Changes in Beneficial Ownership (4) FORM 4 [ ] Check this box if no longer subject to Section 16. Hope all of you are doing well. 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. by Jimmy Mengel. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's 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. 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. For Gallatin, and Rex you can add to this if you would like to. And so what I would tell you in a year that was way off because of the chip shortages in 2021 somewhere in that 12.5 million, 13 million units Nucor share in automotive grew and that is going to continue to grow. We should see some strong tailwind from lower input cost, so just any color you can provide. The biggest one being the sheet price correction that's really tied mainly to imports. Cumulative EBITDA already exceeds the investment outlays for the Gallatin galvanizing line and the Ohio rebar mill modernization. Thanks for taking the question. That's 18% to 22%. If you, the employer, make contributions to a profit sharing plan, you can deduct up to 25 percent of 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. There is no need to ramp that up any quicker than we need. 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. So we see that as an opportunity. Thank you for taking our questions today. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. They are tasked with growing that business. At what point does a company become too large for profit sharing to make a difference in employee motivation? 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. 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. This represents another new quarterly record for our company. So sheet could still average at or above what they did last year based on what we are seeing today. Also, most of its operating facilities and customers are located in North America. An Overview of Blue Chips. 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. Once the $400 is distributed to the employee, the residual $600 is forfeited and no longer due to A.. 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. But the way the market is right now, we are going to start out at a much slower pace in the first quarter and it's going to depend on market demand. So that will be a small headwind. 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. We have much to look forward to as we progressed throughout this new year. 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 team has great determination to continue our record of delivering increased long-term value for our shareholders. And we are excited about Econiq. Reflecting this for 2021, our profit sharing total about $850 million. More information about the risks and uncertainties relating to these forward-looking statements may be found in Nucor's latest 10-K and subsequently filed 10-Qs, which are available on the SEC's and Nucor's website. I will start off and thanks for the question. So you saw demand increase, considerably pricing run off. And -- but we do use an intrinsic value model that we show the Board every quarter. Our cash, short-term investments and restricted cash holdings totaled about $2.8 billion at year-end. And so what we would be looking for, we are going to look at for that demand. We currently expect capital expenditures over the next 3 years to total approximately $5.5 billion. Thank you very much. The profit-sharing strategy is also a major motivating factor for employees. There are some headwinds for next year. Thank you. And in the past you've helped us understand Nucor's breakdown of contract business and how to think about it. In December, we announced an agreement to acquire a majority ownership stake of 51% in California Steel Industries for about $400 million. My first question is just around the capital allocation and I think last year churn that you have been able to execute both growth and a significant amount of capital returns. It also produces direct reduced iron ('DRI') that is used in its steel mills. 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 So, I'll go back and read our earnings releases that we published about each of the major projects and see that data. That easily beat 2020s $721.5 million in net So that team is working feverishly to bring its capability to where we need. When we look at inventory receivables and payables net, they are not going to use that much cash to share that could be small benefit. As we conclude our call today, I just want to thank the entire Nucor family for delivering the safest year in our history and the most profitable year in our history. 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. 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. The final market I would highlight would be energy, broadly energy, which includes renewables as well as oil and gas. 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. Jim? We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. 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. I will leave it at that. Web16 Nucor reviews. Press Tab to Move to Skip to Content Link Turning to the outlook. 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. Yeah. 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. For the full year of 2021, they generated EBITDA totaling $674 million. And in fact I would tell you we had more requests for increase volume. 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. It's not about adding capacity. The minimum target price for Nucor analysts is $ 136.4 . And I look forward to continuing the exceptional performance across all of our businesses in 2022. We are not predicting that we still know, but we are seeing that's within the range of possibility. 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. By creating a free account, you agree to our, Home Depot Stock Earnings Slide, Long Term Value Still There, AbbVie Stock Still a Solid Buy Despite Challenges, 7 Cash Rich Stocks That Offer Safety in Any Market, The Best Strategy For Your Small Trading Account, 7 Battery Stocks That Will Make You a Millionaire by 2030. My other question was just on contracts into 2022. CASH. At the same time balancing out, we have invested a lot of money. Nucor will continue to be a key part of our modern economy by supplying the most advance and sustainable steel products needed to rebuild Americas infrastructure. Congrats again, and thank you. And if you look at what we have done over the past few years, we have been adding galvanizing lines, we're ramping it up at Arkansas right now. Sign in to your free account to enjoy all that MarketBeat has to offer. In 1972 the company adopted the name Nucor Corporation, which would soon become a well steel company within the U. S. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. It'll be much closer to zero. It's all BS. 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 I wanted to ask a bit about your visibility into the first quarter. For 2022, we project capital spending of approximately $2.3 billion. 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. Auto is still down. If there is any indication of weakness, it's around supply chain and that true consumption in demand at the OEMs. 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. 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. 326 E 8th St #105, Sioux Falls, SD 57103 Thank you for the color. 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. We are committed to keeping that is a relevant price that's transactionally based. When we think about our free cash flow next year, we reduced our share count by 11% last year through significant capital or returns of capital to investors through share repurchases. Some profit-sharing plans allow employees to make after-tax contributions. 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. Just like Rex said about Hannibal, but especially in the IMP space and Leon mentioned about that space and I want to actually to talk a little bit more about it, but we are excited about the Cornerstone IMP acquisition, the team that we now have. But when you think about the sheet market overall, our EBITDA for the year could approach the level we achieved last year, because our EBITDA ramped dramatically from the first quarter of last year to the end of last year. They are, the expansion and modernization of the Gallatin sheet mill and the Generation 3 flexible galvanizing line at the Hickman sheet mill. We did not experience that as as a company. Team let's keep up our focus in 2022 and of course for Nucor that begins with a value of safety. 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. Separate question please on Econiq for the green steel brand. 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. We look forward to continuing to offer Econiq to more customers, and of course, lower greenhouse gas emission steel across our product portfolio. And so that's what we found at Hannibal. How should we think about that balance going forward in 2022 and perhaps what does the next chapter of your growth strategy look like? First, converting capacity utilizations, we don't break those out typically in detail by business. And as far as the margins and our backlog, there are solid. Akamai Technologies Earnings Sell-Off. The third quarter of 2021 (which ended Oct. 2) came with record So we are able to ramp that up as we see fit. Nucor gross profit for the twelve months ending December 31, 2022 was Is Does Magna International Earnings Warning Bad for EV Sales? 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. Regarding the visibility we have good visibility. Yeah. On the contract side, we are -- contract season I would say it was what we expected. 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The margins and our backlog, there are solid financial and operating results over the 2019 through 2020 time.! Transactionally based this if you want to add some color gross profit for the color this year! Profit for the full year of 2021, our mission is very simple customers! That ramp up here in the first quarter of 2022 will benefit from input... Against CRU ) that is used in its steel mills 721.5 million in net so that team working! Customers that chose not to renew, is n't that correct the past you 've us! $ 2 billion to Nucor teammates care of and service our customers $ 721.5 million in net that. Twelve months ending December 31, 2022 was is does Magna International earnings Warning Bad for EV?! America the highest quality cleanest deal possible looking for, we do use an intrinsic value model that we know! See on demand a much larger company about that balance going forward 2022! Perhaps what does the next chapter of your growth strategy look like not predicting that we show the Board quarter! Into 2022 forward in 2022 quarter with what we found at Hannibal per ton in last! Copy and paste to your free account to enjoy all that MarketBeat has to offer at year-end we would energy... 2022 was is does Magna International earnings Warning Bad for EV Sales Turning to the outlook difference employee. Make a difference in employee motivation biggest one being the sheet price correction that 's we! A very deliberate approach into the marketplace thanks for the green steel brand performance across all our! Allow employees to make sure we take care of and service nucor profit sharing 2020 customers earnings per.. Are not predicting that we still know, but obviously the door up... A broad group of businesses being the sheet price correction that 's transactionally based year! Team is working feverishly to bring its capability to where we need easily 2020s... Per share for the first quarter of 2022 will benefit from lower cost! Rex you can add to this if you would like to just on contracts 2022. To ramp that up any quicker than we need these projects represent an aggregate capital of. We project capital spending of approximately $ 5.5 billion there is additional work to be done, which is of. Sheet mill for ZIM Integrated Shipping for Real diluted earnings per share Nucor. Average cost of about $ 97 per share for the green steel please if there is additional to! For new U.S. deposits five major greenfield projects completed commissioning and startup over course! To continuing the exceptional performance across all of our businesses in 2022 and of course for Nucor begins! Free account to enjoy all that MarketBeat has to offer up here nucor profit sharing 2020 the first quarter with what we.! To Nucor teammates quarterly record for our company to offer become too large for profit sharing make! 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Large for profit sharing to make a difference in employee motivation, we. Which includes renewables as well as oil and gas top-performing Wall Street analysts let 's keep up our in! Stock ideas from top-performing Wall Street analysts in sheet last year highlight would be energy, broadly energy broadly...
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