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):  July 23, 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 July 23, 2009, Nucor Corporation issued a news release reporting its financial results for the fiscal quarter ended July 4, 2009.  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 July 23, 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:  July 23, 2009

2

INDEX TO EXHIBITS

Exhibit No. Description

99.1 News Release of Nucor Corporation, issued July 23, 2009

3

EX-99.1

News Release      

NUCOR REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009

CHARLOTTE, NORTH CAROLINA, July 23, 2009 – Nucor Corporation (NYSE: NUE) announced today a consolidated net loss of $133.3 million, or $0.43 per diluted share, for the second quarter of 2009, compared to a net loss of $189.6 million, or $0.60 per diluted share, in the first quarter of 2009, an improvement of 30%.  The results compare to net income of $580.8 million, or $1.94 per diluted share, in the second quarter of 2008.

In the first half of 2009, Nucor reported a consolidated net loss of $323.0 million, or $1.03 per diluted share, compared with net earnings of $990.5 million, or $3.36 per diluted share, in the first half of last year.

In the second quarter of 2009, Nucor’s consolidated net sales decreased 7% to $2.48 billion compared with $2.65 billion in the first quarter of 2009 and decreased 65% compared with $7.09 billion in the second quarter of 2008.  Average sales price per ton decreased 16% from the first quarter of 2009 and decreased 34% from the second quarter of 2008.  Total tons shipped to outside customers were 4,116,000 tons in the second quarter of 2009, an increase of 11% over the first quarter of 2009 and a decrease of 47% from the second quarter of 2008.

In the first half of 2009, Nucor’s consolidated net sales decreased 57% to $5.13 billion, compared with $12.06 billion in last year’s first half.  Average sales price per ton decreased 23% while total tons shipped to outside customers decreased 45% from the first half of 2008.

The average scrap and scrap substitute cost per ton used in the second quarter of 2009 was $312, a decrease of 6% compared with $333 in the first quarter of 2009 and a decrease of 32% from $456 in the second quarter of 2008.  The average scrap and scrap substitute cost per ton used in the first half of 2009 was $322, a decrease of 19% from $396 in the first half of 2008.

  Nucor recorded a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $125.0 million in the second quarter of 2009, compared with a credit of $105.0 million in the first quarter of 2009 and a charge of $214.0 million in the second quarter of 2008.  The LIFO credit in the first half of 2009 was $230.0 million, compared with a charge of $283.0 million in the first half of 2008.

Overall steel mill utilization increased slightly from 45% in the first quarter of 2009 to 46% in the second quarter of 2009, and decreased from 95% in last year’s second quarter.  Utilization rates decreased from 94% in the first half of 2008 to 46% in the first half of 2009.  Monthly steel mill utilization rates increased each month during the second quarter, improving from 38% in April to 54% in June.  This improvement reversed the first quarter trend in which utilization rates decreased each month.

Total energy costs decreased approximately $4 per ton from the first quarter of 2009 due to decreased energy costs driven by lower natural gas prices combined with the slight increase in overall utilization.  Total energy costs increased approximately $5 per ton from the second quarter of 2008 to the second quarter of 2009 and increased $8 per ton from the first half of 2008 to the first half of 2009 as a result of decreased utilization during the period.

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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)

As expected and as discussed in our guidance, second quarter results include a substantially greater burden than the first quarter from the accelerated consumption of high-cost pig iron inventories at our sheet mills.  This impact was partially offset by the strong focus on overall cost reductions by all members of the Nucor team.  We expect the overhang from the high-cost pig iron will continue to impact our results through the third quarter.  If we continue to see improvement in order entry and operating rates, our raw material destocking process would be accelerated with a corresponding improvement in earnings.

At The David J. Joseph Company (“DJJ”), total volumes in the second quarter (both scrap processing and brokerage) were approximately 50% of the prior year; however, in both cases, the volumes improved each month of the quarter and show a strong start to the third quarter.  In our downstream businesses, conditions continue to be challenging and recovery is expected to lag Nucor’s other businesses.  All of Nucor’s team members continue to capitalize on Nucor’s position of strength arising from our balance sheet, low-cost and highly flexible production capabilities, unrivaled product diversification and, most importantly, Nucor’s extremely productive and innovative work force.

Our liquidity position remains strong with $2.20 billion in cash and cash equivalents and short-term investments and an untapped $1.3 billion revolving credit facility that matures in November 2012. 

In June, Nucor’s board of directors declared a cash dividend of $0.35 per share payable on August 11, 2009 to stockholders of record on June 30, 2009.  This dividend is Nucor’s one-hundred forty-fifth consecutive quarterly cash dividend, a record we expect to continue.

The third quarter outlook suggests that, in spite of the continued strong negative impact of finishing up our high-cost pig iron inventories, we should see further earnings improvement in the quarter; however, the uncertainty in our economy is still very high.  Currently we are concerned that the marginal uptick in orders is not representative of an increase in “real” demand but more a result of both inventory adjustments and concern over rising prices.  We will again provide quantitative guidance after the midpoint between our quarterly earnings releases.

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 the largest recycler in North America.

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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)

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, 2008 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 second quarter results on July 23, 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)

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	July 4, 2009		June 28, 2008		Percentage Change		July 4, 2009		June 28, 2008		Percentage Change
Steel Mills:
Production		2,964		6,043		-51%		5,843		11,874		-51%
Total shipments		2,999		6,117		-51%		5,807		12,068		-52%
Outside shipments		2,569		5,394		-52%		5,002		10,597		-53%
Steel Products:
Joist production		65		140		-54%		125		272		-54%
Deck sales		73		139		-47%		148		255		-42%
Cold finished sales		76		143		-47%		156		279		-44%
Fabricated concrete
reinforcing steel sales		255		232		10%		463		411		13%

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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)

Unaudited figures are as follows:

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(In thousands, except per share data)

	Three Months (13 Weeks) Ended					Six Months (26 Weeks) Ended
	July 4, 2009			June 28, 2008		July 4, 2009			June 28, 2008
NET SALES	$	2,478,028		$	7,090,599	$	5,132,347		$	12,064,868
Costs, expenses and other:
Cost of products sold		2,539,904			5,879,655		5,318,228			9,951,247
Marketing, administrative and
other expenses		106,925			220,172		232,301			389,886
Interest expense, net		31,957			26,734		64,322			45,079
		2,678,786			6,126,561		5,614,851			10,386,212
Earnings (loss) before income taxes
and noncontrolling interests		(200,758	)		964,038		(482,504	)		1,678,656
Provision for (benefit from) income taxes		(72,989	)		295,348		(164,210	)		508,441
Net earnings (loss)		(127,769	)		668,690		(318,294	)		1,170,215
Earnings attributable to
noncontrolling interests		5,568			87,936		4,688			179,707
Net earnings (loss) attributable to
Nucor stockholders	$	(133,337	)	$	580,754	$	(322,982	)	$	990,508
NET EARNINGS PER SHARE:
Basic	$	(0.43	)	$	1.94	$	(1.03	)	$	3.37
Diluted	$	(0.43	)	$	1.94	$	(1.03	)	$	3.36
AVERAGE SHARES OUTSTANDING:
Basic		314,752			298,262		314,532			293,291
Diluted		314,752			298,668		314,532			294,051

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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)

 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 (In thousands)

	July 4, 2009			December 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	2,060,203		$	2,355,130
Short-term investments		136,389			-
Accounts receivable, net		960,226			1,228,807
Inventories		1,268,200			2,408,157
Other current assets		502,810			405,392
Total current assets		4,927,828			6,397,486
Property, plant and equipment, net		4,117,542			4,131,861
Goodwill		1,776,207			1,732,045
Other intangible assets, net		922,340			946,545
Other assets		667,130			666,506
Total assets	$	12,411,047		$	13,874,443
LIABILITIES
Current liabilities:
Short-term debt	$	5,942		$	8,622
Long-term debt due within one year		5,400			180,400
Accounts payable		413,347			534,161
Federal income taxes payable		-			199,044
Salaries, wages and related accruals		181,006			580,090
Accrued expenses and other current liabilities		343,492			351,875
Total current liabilities		949,187			1,854,192
Long-term debt due after one year		3,086,200			3,086,200
Deferred credits and other liabilities		671,416			677,370
Total liabilities		4,706,803			5,617,762
EQUITY
Nucor stockholders' equity:
Common stock		149,810			149,628
Additional paid-in capital		1,655,252			1,629,981
Retained earnings		7,316,054			7,860,629
Accumulated other comprehensive loss,
net of income taxes		(151,203	)		(190,262	)
Treasury stock		(1,514,695	)		(1,520,772	)
		7,455,218			7,929,204
Noncontrolling interests		249,026			327,477
Total equity		7,704,244			8,256,681
Total liabilities and equity	$	12,411,047		$	13,874,443

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 RESULTS FOR SECOND QUARTER AND FIRST HALF OF 2009 (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 (In thousands)

	Six Months (26 Weeks) Ended
	July 4, 2009			June 28, 2008
Operating activities:
Net earnings (loss)	$	(318,294	)	$	1,170,215
Adjustments:
Depreciation		242,475			231,232
Amortization		36,001			32,066
Stock-based compensation		31,660			31,148
Deferred income taxes		(31,659	)		(66,881	)
Changes in assets and liabilities (exclusive of acquisitions):
Accounts receivable		278,055			(591,318	)
Inventories		1,147,421			(570,570	)
Accounts payable		(121,847	)		494,549
Federal income taxes		(285,735	)		123,517
Salaries, wages and related expenses		(392,276	)		(14,505	)
Other		51,323			(11,214	)
Cash provided by operating activities		637,124			828,239
Investing activities:
Capital expenditures		(240,428	)		(501,669	)
Investment in and advances to affiliates		(57,904	)		(27,903	)
Disposition of plant and equipment		8,610			6,551
Acquisitions (net of cash acquired)		(24,714	)		(1,591,817	)
Purchases of investments		(136,389	)		(209,605	)
Proceeds from the sale of investments		-			392,055
Proceeds from currency derivative contracts		-			1,441,862
Settlement of currency derivative contracts		-			(1,424,292	)
Cash used in investing activities		(450,825	)		(1,914,818	)
Financing activities:
Net change in short-term debt		(2,694	)		(21,429	)
Proceeds from the issuance of long-term debt		-			989,715
Repayment of long-term debt		(175,000	)		-
Issuance of common stock		1,518			1,994,565
Bond issuance costs		-			(6,937	)
Excess tax benefits from stock-based compensation		(700	)		9,200
Distributions to noncontrolling interests		(83,223	)		(153,218	)
Cash dividends		(221,127	)		(327,380	)
Cash provided by (used in) financing activities		(481,226	)		2,484,516
Increase (decrease) in cash and cash equivalents		(294,927	)		1,397,937
Cash and cash equivalents - beginning of year		2,355,130			1,393,943
Cash and cash equivalents - end of six months	$	2,060,203		$	2,791,880

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