EX-99.1 2 nue-ex991_6.htm EX-99.1 nue-ex991_6.htm

Exhibit 99.1

 

News Release                                          

 

Nucor Reports Results for Fourth Quarter of 2019

 

CHARLOTTE, N.C. – January 28, 2020 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings of $107.8 million, or $0.35 per diluted share, for the fourth quarter of 2019. Included in the fourth quarter of 2019 earnings are non-cash impairment charges of $66.9 million, or $0.17 per diluted share. By comparison, Nucor reported consolidated net earnings of $275.0 million, or $0.90 per diluted share, for the third quarter of 2019 and consolidated net earnings of $646.8 million, or $2.07 per diluted share, for the fourth quarter of 2018.

 

For the full year 2019, Nucor reported consolidated net earnings of $1.27 billion, or $4.14 per diluted share, compared to $2.36 billion, or $7.42 per diluted share, in 2018.

 

Stronger than expected steel mill segment performance in December was the primary driver for higher actual fourth quarter earnings than we indicated in our mid-December quantitative guidance,” said Leon Topalian, Nucor’s President and Chief Executive Officer. “We believe that the inventory destocking that occurred throughout most of 2019 concluded in the fourth quarter, when customers resumed more normal buying patterns. Additionally, general business conditions improved in the fourth quarter due to a number of factors, including a rate cut by the Federal Reserve, the new labor agreement between the United Automobile Workers and GM, and definitive progress on the trade front.”

 

“For the full year, strong performance in many of our steel products businesses partially offset the impact of destocking on our steelmaking operations. In particular, our Vulcraft/Verco and Building Systems groups both achieved record profitability in 2019, reflecting both strong execution by our teammates and favorable nonresidential construction market conditions.”

 

Mr. Topalian added, “We are encouraged by recent economic trends and confident that our positive momentum will continue in 2020. I would like to thank Nucor’s dedicated teammates across the company for their continued focus on safety, serving our customers and creating value for shareholders.”

 

Selected Segment Data

Earnings (loss) before income taxes and noncontrolling interests by segment for the fourth quarter and full year 2019 and 2018 were as follows (in thousands):

 

 

 

Three Months (13 Weeks) Ended

 

 

Twelve Months (52 Weeks) Ended

 

 

 

Dec. 31, 2019

 

 

Dec. 31, 2018

 

 

Dec. 31, 2019

 

 

Dec. 31, 2018

 

Steel mills

 

$

212,437

 

 

$

882,438

 

 

$

1,790,694

 

 

$

3,500,085

 

Steel products

 

 

147,414

 

 

 

86,837

 

 

 

511,145

 

 

 

467,105

 

Raw materials

 

 

(92,577

)

 

 

55,773

 

 

 

(28,244

)

 

 

236,241

 

Corporate/eliminations

 

 

(89,044

)

 

 

(147,772

)

 

 

(490,788

)

 

 

(974,040

)

 

 

$

178,230

 

 

$

877,276

 

 

$

1,782,807

 

 

$

3,229,391

 

 

 

Page 1 of 9

 

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 Fourth Quarter of 2019 (Continued)

 

 

Financial Review

As previously mentioned, included in the fourth quarter of 2019 results are non-cash impairment charges of $66.9 million, or $0.17 per diluted share. Of that amount, $35.0 million, or $0.09 per diluted share, relates to an impairment of our proved producing natural gas well assets that is included in the raw materials segment. Also included in that amount is a $20.0 million, or $0.05 per diluted share, impairment charge that relates to a long-lived asset in the steel mills segment, and an $11.9 million, or $0.03 per diluted share, charge that relates to the write-down of certain intangible assets in the steel products segment. These non-cash impairment charges were not known at the time of our quantitative guidance release on December 12, 2019.

 

Nucor’s consolidated net sales decreased 6% to $5.13 billion in the fourth quarter of 2019 compared with $5.46 billion in the third quarter of 2019 and decreased 18% compared with $6.30 billion in the fourth quarter of 2018. Average sales price per ton in the fourth quarter of 2019 decreased 5% compared with the third quarter of 2019 and decreased 16% compared with the fourth quarter of 2018. A total of 6,486,000 tons were shipped to outside customers in the fourth quarter of 2019, a 1% decrease from the third quarter of 2019 and a 3% decrease from the fourth quarter of 2018. Total steel mill shipments in the fourth quarter of 2019 remained flat as compared to the third quarter of 2019 and decreased 2% as compared to the fourth quarter of 2018. Steel mill shipments to internal customers represented 21% of total steel mill shipments in the fourth quarter of 2019, compared with 21% in the third quarter of 2019 and 19% in the fourth quarter of 2018. Downstream steel product shipments to outside customers in the fourth quarter of 2019 decreased 2% from the third quarter of 2019 and increased 8% from the fourth quarter of 2018.

 

For 2019, Nucor’s consolidated net sales decreased 10% to $22.59 billion, compared with $25.07 billion for 2018. Total tons shipped to outside customers in 2019 were 26,532,000, a decrease of 5% from 2018, while the average sales price per ton decreased 5% from 2018.

 

The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2019 was $275, an 8% decrease compared to $299 in the third quarter of 2019 and a decrease of 23% compared to $359 in the fourth quarter of 2018. The average scrap and scrap substitute cost per gross ton used for the full year 2019 was $314, a decrease of 13% from $361 for the full year 2018.

 

Pre-operating and start-up costs related to the Company’s growth projects were approximately $35 million, or $0.09 per diluted share, in the fourth quarter of 2019, compared with approximately $28 million, or $0.07 per diluted share, in the third quarter of 2019 and approximately $17 million, or $0.04 per diluted share, in the fourth quarter of 2018.

 

 

Page 2 of 9

 

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 Fourth Quarter of 2019 (Continued)

 

For 2019, pre-operating and start-up costs related to the Company’s growth projects were approximately $103 million, or $0.26 per diluted share, compared with approximately $36 million, or $0.09 per diluted share, for 2018.

 

Overall operating rates at the Company’s steel mills remained flat at 83% in the fourth quarter of 2019 as compared to the third quarter of 2019 and decreased compared to 88% in the fourth quarter of 2018. Operating rates for the full year 2019 decreased to 84% as compared to 91% for the full year 2018.

 

Nucor’s liquidity position remains strong with $1.83 billion in cash and cash equivalents and short-term investments as of December 31, 2019 and an untapped $1.50 billion revolving credit facility that does not expire until April 2023.

 

Fourth Quarter of 2019 Analysis

As expected, the performance of the steel mills segment in the fourth quarter of 2019 decreased compared to the third quarter of 2019 as lower steel prices at the end of the third quarter impacted our fourth quarter results. During the fourth quarter, domestic scrap metal prices rose markedly and our sheet, plate, structural and bar mills all implemented price increases.

The profitability of the steel products segment in the fourth quarter of 2019 decreased slightly as compared to the third quarter of 2019 due to normal year-end seasonality. However, the fourth quarter of 2019 was the best fourth quarter in that segment’s history and significantly higher than the fourth quarter of 2018.

Losses in the raw materials segment significantly increased in the fourth quarter of 2019 as compared to the third quarter of 2019 due to the impact of our Louisiana DRI plant’s planned outage which was completed in mid-November, the previously discussed impairment charge related to one of our fields of proved producing natural gas well assets and further margin compression throughout our raw materials businesses.

 

Business and Operational Enhancements

On December 11, 2019, Nucor acquired TrueCore, LLC (TrueCore), an insulated metal panel manufacturing company with a facility in Laurens, South Carolina. TrueCore produces insulated metal panels that service the cold storage market, with future plans for additional commercial and industrial applications.

 

On December 18, 2019, Nucor announced that its board of directors approved an expansion project which will add a coil paint line at the company’s sheet mill in Mississippi County, Arkansas. The new coil paint line will have a capacity of approximately 250,000 tons per year and is expected to start up in the first half of 2022, pending permit and regulatory approval.

 

 

 

 

Page 3 of 9

 

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 Fourth Quarter of 2019 (Continued)

 

Commitment to Returning Capital to Shareholders

During the fourth quarter of 2019, Nucor repurchased approximately 1.9 million shares of its common stock at an average price of $54.61 per share. Nucor repurchased approximately 5.3 million shares of its common stock at an average price of $56.33 per share during 2019. As of December 31, 2019, Nucor had approximately 301,812,000 shares outstanding and approximately $1.20 billion remaining for repurchases under its authorized share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.

 

On December 13, 2019, Nucor’s board of directors declared a cash dividend of $0.4025 per share. This cash dividend is payable on February 11, 2020 to stockholders of record as of December 31, 2019 and is Nucor’s 187th consecutive quarterly cash dividend. Nucor has increased its regular, or base, dividend for 47 consecutive years – every year since it first began paying dividends in 1973. Over the past ten years, Nucor has returned approximately $6 billion in capital to its stockholders in the form of base dividends and share repurchases.

 

First Quarter of 2020 Outlook
We expect Nucor’s earnings in the first quarter of 2020 to increase as compared to the fourth quarter of 2019. We expect earnings in the steel mills segment to increase in the first quarter of 2020 as compared to the fourth quarter of 2019 (excluding the fourth quarter of 2019 impairment charge), due to the previously mentioned price increases and expected higher volumes. We expect a more stable pricing environment in 2020 after the severe inventory destocking that occurred in 2019. We expect the profitability of the steel products segment in the first quarter of 2020 to decrease as compared to the fourth quarter of 2019 (excluding the fourth quarter of 2019 impairment charges) due to normal seasonality. We expect the performance of the raw materials segment to increase in the first quarter of 2020 as compared to the fourth quarter of 2019, due to an improvement in pricing for raw materials, the absence of the impairment charge related to our proved producing natural gas well assets and no planned nonroutine outages at our Louisiana DRI plant.

Earnings Conference Call

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 28, 2020 at 2:00 p.m. eastern time. The conference call will be available over the Internet at www.nucor.com, under Investors.

 

About Nucor

Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers

 

Page 4 of 9

 

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 Fourth Quarter of 2019 (Continued)

 

ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North Americas largest recycler.

 

 

 

Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties. The words “believe,” “expect,” “project,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgement based on current information, and although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. 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) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; and (5) energy costs and availability. These and other factors are discussed in Nucor’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2018. 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, except as may be required by applicable law.

 

Contact Information

For Investor/Analyst Inquiries - Paul Donnelly, 704-264-8807, or Gregg Lucas, 704-972-1841

For Media Inquiries - Katherine Miller, 704-353-9015

 

 


 

Page 5 of 9

 

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 Fourth Quarter of 2019 (Continued)

 

Tonnage Data

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended

 

Twelve Months (52 Weeks) Ended

 

 

Dec. 31, 2019

 

Dec. 31, 2018

 

Percent Change

 

Dec. 31, 2019

 

Dec. 31, 2018

 

Percent Change

Steel mills total shipments:

 

 

 

 

 

 

 

 

 

 

 

 

Sheet

 

2,662

 

2,573

 

3%

 

10,577

 

10,789

 

-2%

Bars

 

1,969

 

2,014

 

-2%

 

8,019

 

8,895

 

-10%

Structural

 

555

 

615

 

-10%

 

2,237

 

2,437

 

-8%

Plate

 

519

 

630

 

-18%

 

2,124

 

2,418

 

-12%

Other

 

74

 

56

 

32%

 

399

 

350

 

14%

 

 

5,779

 

5,888

 

-2%

 

23,356

 

24,889

 

-6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales tons to outside customers:

 

 

 

 

 

 

 

 

 

 

 

 

Steel mills

 

4,572

 

4,765

 

-4%

 

18,585

 

19,890

 

-7%

Joist

 

140

 

135

 

4%

 

499

 

490

 

2%

Deck

 

141

 

127

 

11%

 

495

 

479

 

3%

Cold finished

 

108

 

132

 

-18%

 

498

 

569

 

-12%

Fabricated concrete reinforcing steel

 

294

 

274

 

7%

 

1,223

 

1,225

 

-

Piling

 

176

 

127

 

39%

 

638

 

565

 

13%

Tubular products

 

273

 

229

 

19%

 

1,053

 

1,058

 

-

Other steel products

 

105

 

117

 

-10%

 

408

 

460

 

-11%

Raw materials

 

677

 

781

 

-13%

 

3,133

 

3,163

 

-1%

 

 

6,486

 

6,687

 

-3%

 

26,532

 

27,899

 

-5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 6 of 9

 

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 Fourth Quarter of 2019 (Continued)

 

Condensed Consolidated Statements of Earnings (Unaudited)

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months (13 Weeks) Ended

 

 

Twelve Months (52 Weeks) Ended

 

 

 

Dec. 31, 2019

 

 

Dec. 31, 2018

 

 

Dec. 31, 2019

 

 

Dec. 31, 2018

 

Net sales

 

$

5,131,746

 

 

$

6,295,884

 

 

$

22,588,858

 

 

$

25,067,279

 

Costs, expenses and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

4,696,558

 

 

 

5,183,622

 

 

 

19,909,773

 

 

 

20,771,871

 

Marketing, administrative and other expenses

 

 

162,228

 

 

 

209,300

 

 

 

711,248

 

 

 

860,722

 

Equity in earnings of unconsolidated affiliates

 

 

(852

)

 

 

(6,083

)

 

 

(3,311

)

 

 

(40,240

)

Impairment of assets

 

 

66,916

 

 

 

-

 

 

 

66,916

 

 

 

110,000

 

Interest expense, net

 

 

28,666

 

 

 

31,769

 

 

 

121,425

 

 

 

135,535

 

 

 

 

4,953,516

 

 

 

5,418,608

 

 

 

20,806,051

 

 

 

21,837,888

 

Earnings before income taxes and noncontrolling interests

 

 

178,230

 

 

 

877,276

 

 

 

1,782,807

 

 

 

3,229,391

 

Provision for income taxes

 

 

43,977

 

 

 

196,206

 

 

 

411,897

 

 

 

748,307

 

Net earnings

 

 

134,253

 

 

 

681,070

 

 

 

1,370,910

 

 

 

2,481,084

 

Earnings attributable to noncontrolling interests

 

 

26,430

 

 

 

34,291

 

 

 

99,767

 

 

 

120,317

 

Net earnings attributable to Nucor stockholders

 

$

107,823

 

 

$

646,779

 

 

$

1,271,143

 

 

$

2,360,767

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

2.08

 

 

$

4.14

 

 

$

7.44

 

Diluted

 

$

0.35

 

 

$

2.07

 

 

$

4.14

 

 

$

7.42

 

Average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

303,560

 

 

 

309,804

 

 

 

305,040

 

 

 

315,858

 

Diluted

 

 

303,987

 

 

 

310,447

 

 

 

305,503

 

 

 

316,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 7 of 9

 

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 Fourth Quarter of 2019 (Continued)

 

Condensed Consolidated Balance Sheets (Unaudited)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31, 2019

 

 

Dec. 31, 2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,534,605

 

 

$

1,398,886

 

Short-term investments

 

 

300,040

 

 

 

-

 

Accounts receivable, net

 

 

2,160,102

 

 

 

2,505,568

 

Inventories, net

 

 

3,842,095

 

 

 

4,553,500

 

Other current assets

 

 

389,528

 

 

 

178,311

 

Total current assets

 

 

8,226,370

 

 

 

8,636,265

 

Property, plant and equipment, net

 

 

6,178,555

 

 

 

5,334,748

 

Goodwill

 

 

2,201,063

 

 

 

2,184,336

 

Other intangible assets, net

 

 

742,186

 

 

 

828,504

 

Other assets

 

 

996,492

 

 

 

936,735

 

Total assets

 

$

18,344,666

 

 

$

17,920,588

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term debt

 

$

62,444

 

 

$

57,870

 

Current portion of long-term debt and finance lease obligations

 

 

29,264

 

 

 

-

 

Accounts payable

 

 

1,201,698

 

 

 

1,428,191

 

Salaries, wages and related accruals

 

 

510,844

 

 

 

709,397

 

Accrued expenses and other current liabilities

 

 

659,524

 

 

 

610,842

 

Total current liabilities

 

 

2,463,774

 

 

 

2,806,300

 

Long-term debt and finance lease obligations due after one year

 

 

4,291,301

 

 

 

4,233,276

 

Deferred credits and other liabilities

 

 

798,415

 

 

 

679,044

 

Total liabilities

 

 

7,553,490

 

 

 

7,718,620

 

EQUITY

 

 

 

 

 

 

 

 

Nucor stockholders' equity:

 

 

 

 

 

 

 

 

Common stock

 

 

152,061

 

 

 

152,061

 

Additional paid-in capital

 

 

2,107,646

 

 

 

2,073,715

 

Retained earnings

 

 

11,115,056

 

 

 

10,337,445

 

Accumulated other comprehensive loss,

    net of income taxes

 

 

(302,966

)

 

 

(304,133

)

Treasury stock

 

 

(2,713,931

)

 

 

(2,467,010

)

Total Nucor stockholders' equity

 

 

10,357,866

 

 

 

9,792,078

 

Noncontrolling interests

 

 

433,310

 

 

 

409,890

 

Total equity

 

 

10,791,176

 

 

 

10,201,968

 

Total liabilities and equity

 

$

18,344,666

 

 

$

17,920,588

 

 

 

 

 

 

Page 8 of 9

 

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 Fourth Quarter of 2019 (Continued)

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months (52 Weeks) Ended

 

 

 

Dec. 31, 2019

 

 

Dec. 31, 2018

 

Operating activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

1,370,910

 

 

$

2,481,084

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation

 

 

648,911

 

 

 

630,879

 

Amortization

 

 

85,742

 

 

 

88,758

 

Stock-based compensation

 

 

90,359

 

 

 

73,422

 

Deferred income taxes

 

 

99,157

 

 

 

3,017

 

Distributions from affiliates

 

 

37,459

 

 

 

30,196

 

Equity in earnings of unconsolidated affiliates

 

 

(3,311

)

 

 

(40,240

)

Impairment of assets

 

 

66,916

 

 

 

110,000

 

Changes in assets and liabilities (exclusive of acquisitions and dispositions):

 

 

 

 

 

 

 

 

Accounts receivable

 

 

361,340

 

 

 

(485,433

)

Inventories

 

 

712,645

 

 

 

(1,092,101

)

Accounts payable

 

 

(253,457

)

 

 

235,572

 

Federal income taxes

 

 

(180,325

)

 

 

163,743

 

Salaries, wages and related accruals

 

 

(186,755

)

 

 

204,796

 

Other operating activities

 

 

(40,178

)

 

 

(9,741

)

Cash provided by operating activities

 

 

2,809,413

 

 

 

2,393,952

 

Investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,477,293

)

 

 

(982,531

)

Investment in and advances to affiliates

 

 

(45,834

)

 

 

(121,412

)

Divestiture of affiliates

 

 

67,591

 

 

 

-

 

Disposition of plant and equipment

 

 

41,618

 

 

 

31,589

 

Acquisitions (net of cash acquired)

 

 

(83,106

)

 

 

(33,063

)

Purchase of investments

 

 

(367,741

)

 

 

-

 

Proceeds from the sale of investments

 

 

67,701

 

 

 

50,000

 

Other investing activities

 

 

2,873

 

 

 

25,348

 

Cash used in investing activities

 

 

(1,794,191

)

 

 

(1,030,069

)

Financing activities:

 

 

 

 

 

 

 

 

Net change in short-term debt

 

 

4,574

 

 

 

5,037

 

Proceeds from long-term debt, net of discount

 

 

-

 

 

 

995,710

 

Repayment of long-term debt

 

 

-

 

 

 

(500,000

)

Bond issuance related costs

 

 

-

 

 

 

(7,625

)

Issuance of common stock

 

 

16,145

 

 

 

24,101

 

Payment of tax withholdings on certain stock-based compensation

 

 

(25,047

)

 

 

(22,123

)

Distributions to noncontrolling interests

 

 

(76,347

)

 

 

(56,179

)

Cash dividends

 

 

(492,062

)

 

 

(485,376

)

Acquisition of treasury stock

 

 

(298,541

)

 

 

(853,997

)

Other financing activities

 

 

(9,132

)

 

 

(7,725

)

Cash used in financing activities

 

 

(880,410

)

 

 

(908,177

)

Effect of exchange rate changes on cash

 

 

907

 

 

 

(5,924

)

Increase in cash and cash equivalents

 

 

135,719

 

 

 

449,782

 

Cash and cash equivalents - beginning of year

 

 

1,398,886

 

 

 

949,104

 

Cash and cash equivalents - end of year

 

$

1,534,605

 

 

$

1,398,886

 

Non-cash investing activity:

 

 

 

 

 

 

 

 

Change in accrued plant and equipment purchases

 

$

34,777

 

 

$

14,725

 

 

 

 

Page 9 of 9

 

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

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