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Segments
 12 Months Ended
Dec. 31, 2012
Segments

22. Segments

Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate, and Nucor’s equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes DJJ, a scrap broker and processor; Nu-Iron Unlimited, a facility that produces DRI used by the steel mills; a DRI facility under construction in Louisiana; our natural gas working interests; and certain equity method investments. The “All other” category primarily includes Nucor’s steel trading businesses. The segments are consistent with the way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each segment.

Net interest expense, other income, profit sharing expense, stock-based compensation and changes in the LIFO reserve are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal income taxes receivable, the LIFO reserve and investments in and advances to affiliates. Certain amounts for prior years have been reclassified to conform to the 2012 presentation.

 

Nucor’s results by segment are as follows (in thousands):

 

     Year Ended December 31,
     2012      2011      2010

Net sales to external customers:

                   

Steel mills

      $ 13,317,980          $ 13,960,245          $ 10,860,760  

Steel products

        3,738,381            3,431,490            2,831,209  

Raw materials

        1,909,095            2,128,391            1,814,329  

All other

        463,817            503,438            338,329  
    

 

 

         

 

 

         

 

 

  
     $ 19,429,273          $ 20,023,564          $   15,844,627  
    

 

 

         

 

 

         

 

 

  

Intercompany sales:

                   

Steel mills

      $ 2,595,767          $ 2,405,590          $ 1,719,937  

Steel products

        71,277            55,646            43,565  

Raw materials

        9,514,163            10,436,379            8,052,986  

All other

        13,644            24,869            8,616  

Corporate/eliminations

        (12,194,851 )          (12,922,484 )          (9,825,104 )
    

 

 

         

 

 

         

 

 

  
     $ -              $ -              $ -      
    

 

 

         

 

 

         

 

 

  

Depreciation expense:

                   

Steel mills

      $ 366,117          $ 371,984          $ 370,458  

Steel products

        47,948            53,272            58,429  

Raw materials

        112,939            92,250            78,308  

All other

        65            56            90  

Corporate

        6,941            5,009            4,862  
    

 

 

         

 

 

         

 

 

  
     $ 534,010          $ 522,571          $ 512,147  
    

 

 

         

 

 

         

 

 

  

Amortization expense:

                   

Steel mills

      $ 7,879          $ -              $ 262  

Steel products

        35,152            38,743            40,745  

Raw materials

        29,109            28,215            28,577  

All other

        871            871            871  

Corporate

        -                -                -      
    

 

 

         

 

 

         

 

 

  
     $ 73,011          $ 67,829          $ 70,455  
    

 

 

         

 

 

         

 

 

  

Earnings (loss) before income taxes and noncontrolling interests:

                   

Steel mills

      $ 1,161,449          $ 1,808,859          $ 872,566  

Steel products

        (17,140 )          (60,282 )          (173,433 )

Raw materials

        55,264            156,180            112,306  

All other

        821            4,296            4,344  

Corporate/eliminations

        (347,454 )          (657,241 )          (548,668 )
    

 

 

         

 

 

         

 

 

  
     $ 852,940          $ 1,251,812          $ 267,115  
    

 

 

         

 

 

         

 

 

  

Segment assets:

  

Steel mills

      $ 7,669,917          $ 6,440,868          $ 6,061,823  

Steel products

        2,870,810            2,903,281            2,835,812  

Raw materials

        3,379,742            2,925,651            2,713,819  

All other

        200,775            152,107            170,174  

Corporate/eliminations

        30,815            2,148,443            2,140,282  
    

 

 

         

 

 

         

 

 

  
     $ 14,152,059          $ 14,570,350          $ 13,921,910  
    

 

 

         

 

 

         

 

 

  

Capital expenditures:

                   

Steel mills

      $ 369,314          $ 181,178          $ 186,236  

Steel products

        31,698            20,918            21,321  

Raw materials

        604,312            245,337            125,536  

All other

        149            15            24  

Corporate

        13,861            3,179            12,177  
    

 

 

         

 

 

         

 

 

  
     $ 1,019,334          $ 450,627          $ 345,294  
    

 

 

         

 

 

         

 

 

  

 

Net sales by product were as follows (in thousands). Further product group breakdown is impracticable.

 

     Year Ended December 31,
     2012    2011    2010

Net sales to external customers:

               

Sheet

      $ 5,540,868        $ 5,967,756        $ 4,952,236  

Bar

        3,536,094          3,733,716          2,668,706  

Structural

        2,301,778          2,049,907          1,633,203  

Plate

        1,939,240          2,208,866          1,606,615  

Steel products

        3,738,381          3,431,490          2,831,209  

Raw materials

        1,909,095          2,128,391          1,814,329  

All other

        463,817          503,438          338,329  
    

 

 

       

 

 

       

 

 

  
     $       19,429,273        $       20,023,564        $       15,844,627