Nucor Reports Results For First Quarter Of 2013

               Nucor Reports Results For First Quarter Of 2013

PR Newswire

CHARLOTTE, N.C., April 18, 2013

CHARLOTTE, N.C., April 18, 2013 /PRNewswire/ --Nucor Corporation (NYSE: NUE)
announced today consolidated net earnings of $84.8 million, or $0.26 per
diluted share, for the first quarter of 2013. By comparison, Nucor reported
net earnings of $145.1 million, or $0.46 per diluted share, for the first
quarter of 2012 and net earnings of $136.9 million, or $0.43 per diluted
share, in the fourth quarter of 2012.

Nucor incurred a charge to value inventories using the last-in, first-out
(LIFO) method of accounting of $18.0 million ($0.03 per diluted share) in the
first quarter of 2013, compared with a charge of $14.5 million ($0.03 per
diluted share) in the first quarter of 2012 and a credit of $71.9 million
($0.14 per diluted share) in the fourth quarter of 2012. Also affecting
earnings in the first quarter 2012 was a non-cash gain of $12.6 million ($0.04
per diluted share) related to the recognition of state tax credits and the
adjustment of tax expense to previously filed returns.

Nucor's consolidated net sales decreased 10% to $4.55 billion in the first
quarter of 2013 from $5.07 billion in the first quarter of 2012 and increased
2% compared with $4.45 billion in the fourth quarter of 2012. Average sales
price per ton decreased 7% from the first quarter of 2012 and decreased 2%
from the fourth quarter of 2012. Total tons shipped to outside customers were
5,706,000 tons in the first quarter of 2013, a 4% decrease from the first
quarter of 2012 and a 4% increase over the fourth quarter of 2012.

The average scrap and scrap substitute cost per ton used during the first
quarter of 2013 was $379, a decrease of 15% from $445 in the first quarter of
2012 and an increase of 2% compared to $372 in the fourth quarter of 2012. 

Overall operating rates at our steel mills decreased to 72% in the first
quarter of 2013 as compared to 79% in the first quarter of 2012, but increased
from 71% in the fourth quarter of 2012.

Total energy costs in the first quarter of 2013 increased approximately $1 per
ton compared to the first quarter of 2012 attributable mainly to the increased
cost of electricity due to lower production volumes and increased unit costs.
Energy costs decreased approximately $1 per ton from the fourth quarter of
2012 due mainly to decreased natural gas costs.

Construction is progressing on our 2,500,000-ton DRI facility in Louisiana.
Due to extreme weather conditions in the first quarter, we now expect to start
up late in the third quarter of 2013.

Our liquidity position remains strong with $1.08 billion in cash and cash
equivalents, short-term investments, and restricted cash and investments, and
an untapped $1.5 billion revolving credit facility that matures in December
2016.

In February, Nucor's board declared a cash dividend of $0.3675 per share
payable on May 10, 2013 to stockholders of record on March 28, 2013. This
dividend is Nucor's 160^th consecutive quarterly cash dividend, a record we
expect to continue.

Metal margins at our steel mills for the first quarter remained flat compared
with the fourth quarter of 2012. Overall, our steel mills have not
experienced the seasonal improvement in volume and pricing that is typical in
the first quarter of the year. As expected, our downstream steel products
segment experienced a seasonal slowdown in the first quarter, and that segment
reported a modest loss following three straight quarters of profitable
operating performance. Our raw materials segment also reported weaker results
due to an unplanned 18 day outage at our Trinidad DRI facility and
weather-related effects negatively impacting the flow of scrap in our scrap
processing business.

For the second quarter of 2013, we currently expect to see some improvement in
earnings driven by better performance at our fabricated construction products
businesses (rebar fabrication, joist and decking and pre-engineered metal
buildings), raw materials businesses and most steel mill product groups,
partially offset by weaker performance in sheet steel. Import levels and
general economic and political uncertainty continue to negatively affect our
business. We continue to be cautiously optimistic about non-residential
construction markets in 2013 as they continue to improve slowly from
historically low levels. The strongest end markets continue to be in
manufactured goods including energy and automotive.

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 piling; 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. Nucor, through The David J. Joseph
Company, 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. The words "believe,"
"expect," "project," "will," "should," "could" and similar expressions are
intended to identify those forward-looking statements. 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; and
(4) competitive pressure on sales and pricing, including competition from
imports and substitute materials. These and other factors are discussed in
Nucor's regulatory filings with the Securities and Exchange Commission,
including those in Nucor's December 31, 2012 Annual Report on Form 10-K, Item
1A. Risk Factors. 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 first quarter results on April 18, 2013
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
                                 March 30, 2013  March 31, 2012  Percentage
                                                                 Change
Steel mills production           4,818           5,259           -8%
Steel mills total shipments      5,075           5,235           -3%
Sales tons to outside customers:
        Steel mills              4,277           4,424           -3%
        Joist                    71              64              11%
        Deck                     69              65              6%
        Cold finished            122             138             -12%
        Fabricated concrete
        reinforcing steel        228             250             -9%
        Other                    939             980             -4%
                                 5,706           5,921           -4%

Unaudited figures are as follows:

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands, except per share data)
                                            Three Months (13 Weeks) Ended
                                           March 30, 2013     March 31, 2012
Net sales                                  $   4,550,772    $   5,072,594
Costs, expenses and other:
 Cost of products sold                    4,247,556          4,692,067
 Marketing, administrative and other      116,225            107,119
expenses
 Equity in losses of unconsolidated       1,172              6,674
affiliates
 Interest expense, net                    32,491             41,672
                                           4,397,444          4,847,532
Earnings before income taxes and
noncontrolling interests                   153,328            225,062
Provision for income taxes                 42,600             61,650
Net earnings                               110,728            163,412
Earnings attributable to
noncontrolling interests                   25,939             18,308
Net earnings attributable to
Nucor stockholders                         $     84,789  $    145,104
Net earnings per share:
 Basic                                    $0.26              $0.46
 Diluted                                  $0.26              $0.46
Average shares outstanding:
 Basic                                    318,686            317,689
 Diluted                                  318,842            317,779



CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
                                             March 30, 2013     Dec. 31, 2012
ASSETS
Current assets:
 Cash and cash equivalents                 $    902,700   $  1,052,862
 Short-term investments                    29,503             104,167
 Accounts receivable, net                  1,791,321          1,707,317
 Inventories, net                          2,381,648          2,323,641
 Other current assets                      441,569            473,377
     Total current assets                  5,546,741          5,661,364
Property, plant and equipment, net         4,450,945          4,283,056
Restricted cash and investments            146,573            275,163
Goodwill                                   1,990,903          2,004,538
Other intangible assets, net               934,395            959,240
Other assets                               969,453            968,698
     Total assets                          $  14,039,010    $ 14,152,059
LIABILITIES
Current liabilities:
 Short-term debt                           $     42,384  $    29,912
 Long-term debt due within one year        250,000            250,000
 Accounts payable                          1,021,076          1,046,713
 Salaries, wages and related accruals      202,041            279,898
 Accrued expenses and other current         471,486            423,045
 liabilities
     Total current liabilities             1,986,987          2,029,568
Long-term debt due after one year          3,380,200          3,380,200
Deferred credits and other liabilities     869,580            856,917
     Total liabilities                     6,236,767          6,266,685
EQUITY
Nucor stockholders' equity:
 Common stock                              150,807            150,805
 Additional paid-in capital                1,817,429          1,811,459
 Retained earnings                         7,091,645          7,124,523
 Accumulated other comprehensive income,
     net of income taxes                   6,248              56,761
 Treasury stock                            (1,499,033)        (1,501,977)
     Total Nucor stockholders' equity      7,567,096          7,641,571
Noncontrolling interests                   235,147            243,803
     Total equity                          7,802,243          7,885,374
     Total liabilities and equity          $  14,039,010    $ 14,152,059



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
                                          Three Months (13 Weeks) Ended
                                          March 30, 2013     March 31, 2012
Operating activities:
  Net earnings                           $     110,728  $     163,412
  Adjustments:
    Depreciation                          130,425            131,338
    Amortization                          19,048             16,584
    Stock-based compensation              6,035              6,835
    Deferred income taxes                 11,183             (21,897)
    Distribution from affiliates          6,708              -
    Equity in losses of unconsolidated    1,172              6,674
    affiliates
    Changes in assets and liabilities
    (exclusive of acquisitions):
          Accounts receivable             (90,688)           (74,627)
          Inventories                     (63,222)           (263,153)
          Accounts payable                (175)              222,847
          Federal income taxes            11,654             73,281
          Salaries, wages and related     (74,206)           (119,116)
          accruals
          Other                           60,149             59,641
Cash provided by operating activities     128,811            201,819
Investing activities:
  Capital expenditures                    (330,585)          (161,497)
  Investment in and advances to           (20,678)           (38,441)
  affiliates
  Repayment of advances to affiliates     7,500              -
  Disposition of plant and equipment      2,958              7,953
  Acquisitions (net of cash acquired)     -                  (58,848)
  Purchases of investments                -                  (185,073)
  Proceeds from the sale of investments   73,428             349,729
  Proceeds from the sale of restricted    148,725            38,350
  investments
  Changes in restricted cash              (20,135)           (38,707)
Cash used in investing activities         (138,787)          (86,534)
Financing activities:
  Net change in short-term debt           12,512             6,158
  Issuance of common stock                -                  5,876
  Excess tax benefits from stock-based    500                5,200
  compensation
  Distributions to noncontrolling         (34,594)           (39,857)
  interests
  Cash dividends                          (117,618)          (116,325)
  Other financing activities              109                357
Cash used in financing activities        (139,091)          (138,591)
Effect of exchange rate changes on cash   (1,095)            2,475
Decrease in cash and cash equivalents     (150,162)          (20,831)
Cash and cash equivalents - beginning of  1,052,862          1,200,645
year
Cash and cash equivalents - end of three  $     902,700  $    1,179,814
months
Non-cash investing activity:
  Change in accrued plant and equipment   $              $      
  purchases                               (24,590)          5,832



SOURCE Nucor Corporation

Website: http://www.nucor.com
Contact: Nucor Executive Offices, Phone 704-366-7000, Fax 704-362-4208