8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):             January 27, 2009

NUCOR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

 (State or other jurisdiction of incorporation)

1-4119	13-1860817
(Commission File Number)	(IRS Employer Identification No.)

1915 Rexford Road, Charlotte, North Carolina	28211
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:  (704) 366-7000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02                      Results of Operations and Financial Condition

On January 27, 2009, Nucor Corporation issued a news release reporting its financial results for the year ended December 31, 2008.  A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.

The information contained in this Current Report on Form 8-K, including the exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 9.01                      Financial Statements and Exhibits

(c)   Exhibits

99.1           News Release of Nucor Corporation, issued January 27, 2009

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NUCOR CORPORATION
By:	/s/ Terry S. Lisenby
	Terry S. Lisenby
	Chief Financial Officer, Treasurer and Executive Vice President

Dated:  January 27, 2009

2

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	News Release of Nucor Corporation, issued January 27, 2009

3

EX-99.1

News Release      

NUCOR REPORTS RECORD RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2008

CHARLOTTE, NORTH CAROLINA, January 27, 2009 – Nucor Corporation (NYSE: NUE) announced today full year 2008 consolidated net earnings of a record $1.83 billion ($5.98 per diluted share), compared with net earnings of $1.47 billion ($4.94 per diluted share) in 2007.  Nucor’s consolidated net sales for 2008 increased 43% to a record $23.66 billion, compared with $16.59 billion in 2007.  Average sales price per ton increased 30% while total tons shipped to outside customers increased 10% from 2007.

Consolidated net earnings of $105.9 million ($0.34 per diluted share) for the fourth quarter of 2008 decreased 71% compared with $364.8 million ($1.26 per diluted share) earned in the fourth quarter of 2007 and decreased 86% from the $734.6 million ($2.31 per diluted share) earned in the third quarter of 2008.  Fourth quarter results were unfavorably impacted by the decrease in end-use demand for steel and the consumption of higher cost raw materials purchased earlier in the year.  Earnings were also decreased by $105.2 million in charges for impairment of non-current assets and an expense of $42.4 million for writing down inventory to the lower of cost or market.

In the fourth quarter of 2008, Nucor’s consolidated net sales decreased 6% to $4.15 billion, compared with $4.40 billion in the fourth quarter of 2007 and decreased 44% compared with $7.45 billion in the third quarter of 2008.  Average sales price per ton increased 30% from the fourth quarter of 2007 and decreased 13% from the third quarter of 2008.  Total tons shipped to outside customers were 4,294,000 tons in the fourth quarter of 2008, a decrease of 27% from the fourth quarter of 2007 and a decrease of 36% from the third quarter of 2008.

For the full year 2008, the increases in sales and net earnings are attributable in part to the significant acquisitions made by Nucor in the last two years, including Harris Steel Group, Inc. (“Harris”) in March 2007 and The David J. Joseph Company (“DJJ”) in February 2008.  Nucor has also used these two companies as platforms for additional acquisitions to grow the steel rebar fabrication and scrap businesses.

The average scrap and scrap substitute cost per ton used increased 53% from $285 in the fourth quarter of 2007 to $435 in the fourth quarter of 2008, and decreased 18% from $533 in the third quarter of 2008.  For the full year 2008, the average scrap and scrap substitute cost per ton used was $438, an increase of 58% over $278 in 2007.

In the fourth quarter of 2008, Nucor incurred a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $81.2 million, compared with a charge of $92.3 million in the fourth quarter of 2007, and a charge of $140.0 million in the third quarter of 2008.  For the full year 2008, the LIFO charge was $341.8 million, compared with a charge of $194.3 million in 2007.

Total energy costs in the fourth quarter of 2008 increased $10 per ton from the fourth quarter of 2007 and increased $1 per ton from the third quarter of 2008.  For the full year of 2008, total energy costs increased $6 per ton from 2007.

Page 1 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release      

NUCOR REPORTS RECORD RESULTS FOR 2008 (Continued)

Approximately $85 million of the impairment charge in the fourth quarter is for the impairment of our investment in the HIsmelt joint venture in Australia.  The HIsmelt process is a blast furnace replacement technology that has the potential to be a hot metal source for electric arc furnaces.  In December 2008, production at the HIsmelt plant was suspended due to market conditions.  Given the uncertain outlook for the pig iron market and the fact that the technology is not yet fully commercialized, management decided it was appropriate to recognize an impairment of this investment.

The team at the HIsmelt facility has made considerable progress since they began their work in 2005.   For that reason, we remain optimistic about the long-term potential for commercializing the HIsmelt technology.  The joint venture expects to resume operations when pig iron market conditions improve.

In December, Nucor’s board of directors declared a cash dividend of $0.35 per share payable on February 11, 2009 to stockholders of record on December 31, 2008.

“The record sales and earnings achieved by Nucor in 2008 were accomplished in spite of the unprecedented economic and steel market conditions that we experienced in the fourth quarter,” said Dan DiMicco, Nucor’s Chairman, President and Chief Executive Officer.  “Our strong balance sheet and cash flow, our highly variable cost structure, our product diversification and, most importantly, our employees and the Nucor culture are all factors that make Nucor well positioned to survive this crisis.  Our team is focused on continuing Nucor’s long tradition of taking advantage of economic downturns to grow even stronger.”

Entering the first quarter of 2009, conditions remain as challenging as they were in the fourth quarter.  The global economy is still paralyzed by the ongoing credit crunch.  In addition to weakened end-use demand, many customers also continue to reduce their inventories due to liquidity concerns. 

With dramatically lower production rates for the fourth quarter continuing into the first quarter of 2009, our larger mills have higher cost scrap and scrap substitute inventories yet to be consumed.  These iron units – predominantly pig iron at our sheet mills – were purchased prior to last fall’s collapse in the economy and scrap pricing.

As in the prior quarter, there is little forward visibility on either the economy or our industry; therefore, we will not provide first quarter numerical guidance at this time.  We see the first quarter as again being very challenging, with only marginally better earnings than the fourth quarter of 2008.  We will give an update of our business during March.

Page 2 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release      

NUCOR REPORTS RECORD RESULTS FOR 2008 (Continued)

Headquartered in Charlotte, N.C., Nucor makes more steel in America than any other company. Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel - in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through DJJ, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties.  Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) the sensitivity of the results of our operations to prevailing steel prices and the changes in the supply and cost of raw materials, including scrap steel; (2) market demand for steel products; (3) energy costs and availability; (4) competitive pressure on sales and pricing, including pressure from imports and substitute materials; and (5) capital investments and their impact on our performance.  These and other factors are outlined in Nucor’s regulatory filings with the Securities and Exchange Commission, including those in Nucor’s December 31, 2007 Annual Report on Form 10-K.  The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.

You are invited to listen to the live broadcast of Nucor’s conference call in which management will discuss Nucor’s fourth quarter results on January 27, 2009 at 2:00 p.m. eastern time.  The conference call will be available over the Internet at www.nucor.com, under Investor Relations.

TONNAGE DATA
(in thousands)
		Quarter Ended December 31,		Year Ended December 31,
		2008	2007	2008	2007
Steel Mills:
	Production	3,062	5,586	20,446	22,089
	Total shipments	3,426	5,684	20,932	22,347
	Outside shipments	2,900	5,078	18,185	20,235
Steel Products:
	Joist production	94	133	485	542
	Deck sales	110	123	498	478
	Cold finish sales	91	127	485	449
	Fabricated concrete
	reinforcing steel sales	286	198	955	583

Page 3 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release      

NUCOR REPORTS RECORD RESULTS FOR 2008 (Continued)

Unaudited figures are as follows:

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands, except per share data)
	Quarter Ended December 31,				Year Ended December 31,
	2008		2007		2008		2007
NET SALES	$	4,150,936	$	4,396,760	$	23,663,324	$	16,592,976
COSTS, EXPENSES AND OTHER:
Cost of products sold		3,670,629		3,618,164		19,612,283		13,462,927
Marketing, administrative and
other expenses		145,343		147,159		750,984		577,764
Impairment of non-current assets		105,183		-		105,183		-
Interest expense, net		22,374		6,076		90,483		5,469
Minority interests		58,001		78,848		313,921		293,501
		4,001,530		3,850,247		20,872,854		14,339,661
EARNINGS BEFORE
INCOME TAXES		149,406		546,513		2,790,470		2,253,315
Provision for income taxes		43,514		181,667		959,480		781,368
NET EARNINGS	$	105,892	$	364,846	$	1,830,990	$	1,471,947
NET EARNINGS PER SHARE:
Basic	$	0.34	$	1.27	$	6.01	$	4.98
Diluted	$	0.34	$	1.26	$	5.98	$	4.94
AVERAGE SHARES OUTSTANDING:
Basic		314,135		287,916		304,525		295,779
Diluted		315,399		289,918		306,092		297,878

Page 4 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release      

NUCOR REPORTS RECORD RESULTS FOR 2008 (Continued)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
	Dec. 31, 2008			Dec. 31, 2007
Assets
CURRENT ASSETS:
Cash and cash equivalents	$	2,355,130		$	1,393,943
Short-term investments		-			182,450
Accounts receivable, net		1,228,807			1,611,844
Inventories		2,408,157			1,601,600
Other current assets		405,392			283,412
Total current assets		6,397,486			5,073,249
PROPERTY, PLANT AND EQUIPMENT, NET		4,131,861			3,232,998
GOODWILL		1,732,045			847,887
OTHER INTANGIBLE ASSETS, NET		946,545			469,936
OTHER ASSETS		666,506			202,052
TOTAL ASSETS	$	13,874,443		$	9,826,122
Liabilities and stockholders' equity
CURRENT LIABILITIES:
Short-term debt	$	8,622		$	22,868
Long-term debt due within one year		180,400			-
Accounts payable		534,161			691,668
Federal income taxes payable		199,044			-
Salaries, wages and related accruals		580,090			436,352
Accrued expenses and other current liabilities		351,875			431,148
Total current liabilities		1,854,192			1,582,036
LONG-TERM DEBT DUE AFTER ONE YEAR		3,086,200			2,250,300
DEFERRED CREDITS AND OTHER LIABILITIES		677,370			593,423
MINORITY INTERESTS		327,477			287,446
STOCKHOLDERS' EQUITY:
Common stock		149,628			149,302
Additional paid-in capital		1,629,981			256,406
Retained earnings		7,860,629			6,621,646
Accumulated other comprehensive (loss) income,
net of income taxes		(190,262	)		163,362
		9,449,976			7,190,716
Treasury stock		(1,520,772	)		(2,077,799	)
Total stockholders' equity		7,929,204			5,112,917
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	13,874,443		$	9,826,122

Page 5 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

News Release      

NUCOR REPORTS RECORD RESULTS FOR 2008 (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
	Year Ended December 31,
	2008			2007
Operating activities:
Net earnings	$	1,830,990		$	1,471,947
Adjustments:
Depreciation		479,484			403,172
Amortization		69,423			24,384
Stock-based compensation		49,873			44,001
Deferred income taxes		(293,476	)		(81,206	)
Impairment of non-current assets		105,183			-
Minority interests		313,915			293,498
Settlement of derivative hedges		14,733			(18,019	)
Changes in assets and liabilities
(exclusive of acquisitions):
Accounts receivable		855,572			(174,326	)
Inventories		(364,280	)		(102,490	)
Accounts payable		(861,334	)		57,259
Federal income taxes		278,663			13,332
Salaries, wages and related accruals		129,927			(42,931	)
Other		(109,945	)		46,685
Cash provided by operating activities		2,498,728			1,935,306
Investing activities:
Capital expenditures		(1,018,980	)		(520,353	)
Sale of interest in affiliate		-			29,500
Investment in affiliates		(720,713	)		(31,435	)
Disposition of plant and equipment		17,180			2,787
Acquisitions (net of cash acquired)		(1,826,030	)		(1,542,666	)
Purchases of investments		(289,423	)		(487,395	)
Proceeds from the sale of investments		499,709			1,687,578
Proceeds from currency derivative contracts		1,441,862			517,241
Settlement of currency derivative contracts		(1,424,291	)		(511,394	)
Cash used in investing activities		(3,320,686	)		(856,137	)
Financing activities:
Net change in short-term debt (exclusive of acquisitions)		(149,837	)		(65,871	)
Proceeds from issuance of long-term debt		989,715			1,322,445
Debt issuance costs		(6,937	)		(9,200	)
Issuance of common stock		1,996,690			12,003
Excess tax benefits from stock-based compensation		10,600			13,000
Distributions to minority interests		(275,075	)		(263,086	)
Cash dividends		(658,051	)		(726,139	)
Acquisition of treasury stock		(123,960	)		(754,029	)
Cash provided by (used in) financing activities		1,783,145			(470,877	)
Increase in cash and cash equivalents		961,187			608,292
Cash and cash equivalents - beginning of year		1,393,943			785,651
Cash and cash equivalents - end of year	$	2,355,130		$	1,393,943

Page 6 of 6

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com