Yeah, thanks, Emily. But if we think about overall volumes in the first quarter, it's probably going to be slightly up because of seasonality in the first quarter. Oil and gas has been a bit weaker in the last couple of years and that with oil prices today is growing by the day. Rex? As we mentioned and have talked previously, our mission is very simple. For the full year 2021, Nucor reported consolidated net earnings of $6.83 billion, or $23.16 per diluted share, compared with consolidated net earnings of $721.5 Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. I wanted to ask a bit about your visibility into the first quarter. Seth, I want to turn that to Al Behr, our EVP of Plate and Structural Group. More information about the risks and uncertainties relating to these forward-looking statements may be found in Nucor's latest 10-K and subsequently filed 10-Qs, which are available on the SEC's and Nucor's website. Yeah, maybe I will start with the automotive and Rex, you can update on the contracts. Certain statements made during this conference call will be forward-looking statements that involve risks and uncertainties. 65 Day Avg Vol 1,846,352. Nucor had 16 divisions that went zero recordable injuries in 2021 and I look forward to the day when our entire company achieves that same goal. So the raw material segments will be a small tailwind, a strong headwind, excuse me, and depreciation and amortization is going to be higher. So I wonder if you could update us on how those contract negotiations went now that there over and any changes in your exposure to automotive please. Growth projects for improved product capabilities and expansion represent about 75% of our expected capital spending for this year. That's Incremental free cash flow. That makes sense. Western countries are now scrambling for stable, renewable energy. $0.07. By executing operationally across our business lines and in parallel, investing in Nucor's future, we are generating attractive returns for our shareholders and positively impacting our local communities. Reflecting this for 2021, our profit sharing total about $850 million. Our daily ratings and market update email newsletter. We are seeing many of our construction, many of our OEM partners outside of automotive that are beginning to ask for this. The We are not seeing the benefits from the infrastructure believe that's still coming. Regarding the visibility we have good visibility. The green economy is being built on steel and the steel is built on matters. First, congrats on your first delivery to GM. Web A full benefits package, including Medical/Dental/Vision insurances; Long-Term Disability; Life Insurance; Vacation Days; 10 Paid Holidays; Personal and Safety Award Days; 401k with a match; Nucor Profit Sharing Program; Nucor stock purchase program; Adoption Assistance; Tuition Reimbursement for teammates and spouses, and a College Tuition Although Nucor believes they are based on reasonable assumptions, there can be no assurance that future events will not affect their accuracy. And so from a Nucor perspective, I would tell you not at all. Jim anything you would add? Okay. Yeah, Timna, thanks for the question. STOCK TRANSFERS, DIVIDEND DISBURSING & DIVIDEND REINVESTMENT. WebProfit Sharing Retirement Savings Medical Tuition Scholarships Growth Potential Balance Paid Parental Leave EMPLOYER RECOGNITION 1915 Rexford Road Charlotte, North 5 And it's -- the heart of it is non-res construction biggest user steel, but we are still not benefiting yet. Get short term trading ideas from the MarketBeat Idea Engine. Today 200 Day Moving Average is the support level ( 133.28 $). Thank you. Deferral limits for 401 (k) plans. First year EBITDA for the Missouri and Florida rebar micro mills are multiples of what we originally projected in our project return budgets. So what I would tell you is, there is value there today. While our 2021 performance unquestionably benefited from an exceptionally strong steel industry up cycle, Nucor's results were also fueled by our team's focus and commitment to safely meeting our customers' needs. There are still businesses that have more room to go in terms of expanding their margins and getting prices cut because of the size of what their backlogs are good. We are also capitalizing on the opportunities to supply the sustainable steel that is building our 21st century economy. Full -- there is additional work to be done, which is part of the plan. 326 E 8th St #105, Sioux Falls, SD 57103 And before I leave this topic, I just want to note that we believe we are seeing an acceleration of a transformation in our industry that has been underway for decades, forces driving economic efficiency and lower emissions in steel making. And as Leon mentioned, as we talked about in the script, we believe non-res construction will remain very strong as we enter 2022 and even beyond. And with the correction that we are seeing right now on the sheet side with with what you have seen in some of the pricing what led up to that is we entered 2020 with COVID and things started to contract and shut down and 2021 was the recovery so to speak from that standpoint. Now, Jim will provide more details about our fourth quarter and full year performance. These are healthy margins due to the supply and the strong demand balance that's out there. We are very, very excited. Russia Ignites West's Battle for Energy Independence. Okay. We are pleased that our leaders came together in the fourth quarter to pass historic bipartisan infrastructure legislation that will help advance and modernize U.S. infrastructure and strengthen the health of our economy by creating opportunities for American workers. Nucor annual/quarterly net income history and growth rate from 2010 to 2022. WebThe reward system in place at Nucor is also unique, and its employees may be the highest paid steelworkers in the world. We are also expanding our presence in the Western U.S. And then couple that with the supply chain constraints, labor constraints and the omicron variant raging, all created for a little bit of a perfect storm here in the fourth quarter heading into early part of 2022. And at the end of the day, supply and demand will always be the drivers to how we price our products. Fourth quarter earnings also exceeded our guidance range of $7.65 to $7.75 per diluted share. But that's the reasons why we are being impacted where we are is our reliance on the hot band market. I mean, do you see any industry EAF flat rolled mills nearing the end of their relative useful lives given the dilutive impacts on portfolio returns and there are higher scrap and labor costs and a fleet of new mills coming on? For the full year of 2021, they generated EBITDA totaling $674 million. A Buying Opportunity? Billions could be poured into exploration companies searching for new U.S. deposits. As we have mentioned throughout the call, we used to track and ensure, I think, the numbers of end markets and we track virtually every end market that you can imagine, of all of the end markets we look at virtually every one of them is projected to grow. Thank you and have a great day. The minimum target price for Nucor analysts is $ 136.4 . With our team's disciplined focus on execution and Nucor's financial and operational strengths, we expect to realize very attractive returns on our investments. If you are a stockholder of record (i.e., your shares are registered in That's the biggest question mark in your forecast for the year is what sheet does. The demand in key markets is very good and we instituted a published price in obviously of 2020 and that's a relevant price. The second and very important data set we look at is our customers per say. So, I have seen some of the information of not wanting in their contracts, those types of things. I guess there are no other employers in their areas. Please go ahead, sir. The third quarter of 2021 (which ended Oct. 2) came with record The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. Hey, great. As of 12/31/18, this particular employee is 40% vested, and therefore, entitled to $400 of the $1,000 balance. Our record financial performance is the result of years of work reinvesting to strategically position and grow our portfolio of capabilities across the steel value chain. We have the opportunity to continue to enhance that and do what's required to meet that demand picture. We hired a -- our shift to the general manager, existing general manager Nucor over that business, but we are really pulling that group in to get them to understand Nucor integrate and look at our production bonus system and how we incorporate that, but it's very much step in learn as much about their business as well. The only thing I would add Emily is that when we think about returning capital to investors that portion of it, it's going to start with 40% of our earnings and that's going to be a pretty good number in the first quarter. At the same time balancing out, we have invested a lot of money. They are tasked with growing that business. And so that's what we found at Hannibal. The reason for that is: 1. Yeah. But the thing we keep hearing right now is this is a short-term temporal correction in the underlying demand, much like Al mentioned in those sectors. And our next question comes from Michael Glick with JPMorgan. And on behalf of myself and our entire executive team thank you. 92% See what's happening in the market right now with MarketBeat's real-time news feed. We are going to make sure we take care of and service our customers. Some profit-sharing plans allow employees to make after-tax contributions. But end market demand remains strong. And congratulations on the strong update today. Net profit margin can be defined as net Income as a portion of total sales revenue. 87% 57% Source: Great Place To Work 2021 Global Employee Engagement Study. And we had very few customers that chose not to renew, isn't that correct. Once operational our West Virginia mill will have some of the most advanced capabilities and one of the lowest carbon footprints of any sheet mill in the world. In November, we increased the capacity by $250 million and extended the maturity date to November of 2026. As of 2022, the contribution limit for a company sharing its profits may not exceed the lesser of 100% of your compensation or $61,000. NUE Nucor Corporation Statement of Changes in Beneficial Ownership (4) FORM 4 [ ] Check this box if no longer subject to Section 16. WebDistributions. We look forward to continuing to offer Econiq to more customers, and of course, lower greenhouse gas emission steel across our product portfolio. WebCurrent and historical net profit margin for Nucor (NUE) from 2010 to 2022. WebNucor Corp. NUE (U.S.: NYSE) View All companies. Nucor Corp.s record 2022 earnings means the Charlotte-based steel company will hit another milestone almost $1 billion in profit sharing for the nearly 31,000 people who work for the company. They are, the expansion and modernization of the Gallatin sheet mill and the Generation 3 flexible galvanizing line at the Hickman sheet mill. In December, we announced our plan to build a new rebar micro mill with annual capacity of 430,000 tons in the South Atlantic region. The following Management's Discussion and Analysis of Financial Condition and Results of Operations of Nucor Corporation should be read in conjunction with the consolidated financial statements of | March 1, 2023 So, first, relative to the year, as part of your question gets into what you expect for the year. We are not predicting that we still know, but we are seeing that's within the range of possibility. Jim? And then my second question is on the steel products segment. Very good, thank you. At Nucor Corporation, workers receive some pension and welfare benefits. Once the $400 is distributed to the employee, the residual $600 is forfeited and no longer due to A.. I don't know that I would add a lot more than what we talked about as a consistent drumbeat around demand. Earnings per share were $7.97, exceeding our guidance range of $7.65 to $7.75. Capital spending is only going to be up in the neighborhood of $700 million based on what we see today. Look, I can only speak to Nucor and I would just tell you Nucor has had a long history of what five and a half decades worth of reinvesting back into our mills. At the same time, our goals are not to get overly weighted. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, 08/11/1995. So we begin from a platform of great strength and again a commitment to be even stronger and even cleaner. WebProfit Sharing. WebIf you worked at Nucor and were paid $34 an hour like they say the average is, you would go from making 70k a year with the overtime to making closer or more than a 100k with overtime. Our expectation and our stated goals are to double that to around 3 million tons. NUCOR CORPORATION : Forcasts, revenue, earnings, analysts expectations, ratios for NUCOR CORPORATION Stock | NUE | US6703461052 More related So, overall, we think about end-use demand for steel will be up in '22 over '21 and there are some important pieces that are not benefiting us in the first quarter of this year that are still coming sets the starting point. My other question was just on contracts into 2022. What we hear from our customers is they do expect 2022 overall to be a fairly strong year from demand. And as Jim will share, we remain very well capitalized enable to pursue our objectives. Nucor's product breadth continues to be a powerful driver of value creation through the cycle for both our customers and shareholders. We are starting out with a carbon intensity that is 3x or 4x lower than some of our integrated competitors. Okay. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. Just like Rex said about Hannibal, but especially in the IMP space and Leon mentioned about that space and I want to actually to talk a little bit more about it, but we are excited about the Cornerstone IMP acquisition, the team that we now have. It'll be much closer to zero. 06/30/1995. Yeah, Emily. Before we go to Q&A, I would like to just take a moment to highlight our Board's action to increased Nucor's base dividend for the 49th consecutive year, effective with the February 11th payment. We started went up at Gallatin the year before that. by Jimmy Mengel. We are confident that 2022 will be another year of strong profitability for Nucor, fueled by continued strong end-use market demand for our wide range of steel and steel products, better margins in our steel product segment as pricing is now caught up with higher steel input costs and lower intercompany inventory revaluation expenses, reflecting flatter steel and raw material cost compared to 2021. So you will see that growth occurring. by Jimmy Mengel. Thank you. As we conclude our call today, I just want to thank the entire Nucor family for delivering the safest year in our history and the most profitable year in our history. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Our teammates at these facilities have done stellar work, executing across the board on safety, product quality, and financial performance. For discussion purposes, let us assume that A has received $1,000 in employer profit sharing contributions. WebNucor offers their employees a Profit Sharing Plan. Earlier this month, we shipped our very first coil of Econiq to General Motors after having just launched this new line of steels this past October. So that will be a small headwind. contact@marketbeat.com [Operator Instructions]. And if you combine that with our backlogs that are very robust and in some cases they are all time record backlogs, so that's one dataset that we look at. But again the outlook and the demand picture across every end market the Nucor serves remains very robust, and again, we think this is going to work through the inventory rebalancing and position us well as we move forward. If we think about the core of our steel making capabilities is the expansions up regional and capabilities. The announcement of our rebar micro mill to continue our market leadership position in rebar, the new mill in West Virginia, we are incredibly excited about, because again it provides a long-term differentiated value proposition for our customers that they have been asking for it in need. A full benefits package, including Medical/Dental/Vision insurances; Short-Term and Long-Term Disability; Life Insurance for you and your dependents; Vacation Days; 10 Paid Holidays; Personal and Safety Award Days; Nucor Profit Sharing program; 401k with a match; Nucor stock purchase program; Tuition Reimbursement for you and a So we are already evaluating acquisition potential, greenfield potential in the racking business so we stepped into that business for the purposes of growing and growing further geographically and expanding our capabilities there. Auto is still down. What benefits are offered to employees? I know that there was a lot of chatter about moving to shrink the discounts against CRU. You can only withdraw profit-sharing money under certain circumstances. You will receive a distribution if your employer ends the plan without creating a replacement. You can take your money once you reach age 59 1/2 or if you suffer a qualified financial hardship. I will start Carlos. A New Dividend King is Crowned 50 Years of Dividend Increases. We are very proud of Nucor's help make the United States the cleanest place in the world to make steel. So if we translate that, you can start with some earnings number when you filter to what assumptions you make around that. Given the state of our balance sheet, near-term investment plans and our expectations for earnings, we anticipate that we will continue returning excess capital to our shareholders during the first quarter of 2022, very likely via continued share repurchases. Medical and dental are just the beginning. Our crystal ball gets pretty fuzzy when we look out very much past the next month or so. So, well, I think there is some correction. And so I can tell you, there is a lot of excitement about Nucor's capabilities being the first EAF to be able to produce a full generation 3 steel in Hickman as well as what the opportunity and capability of the West Virginia sheet mill will be able to do in terms of transforming a differentiated clean steel, net zero steel into the OEMs and so we are committed to move there. Hannibal Industries, our first step into the racking side, obviously we look for companies that are successful is our first approach for Nucor. Switching to the plate market, our Brandenburg, Kentucky greenfield mill is on track to begin rolling its first steel plate product in the fourth quarter of this year with a capability to manufacture nearly all the different types of plate products consumed in the United States, Brandenburg will position Nucor as the supplier of choice in the domestic plate market, which includes applications in offshore wind, heavy equipment, construction and military. So sheet could still average at or above what they did last year based on what we are seeing today. Looking at 2021 as a whole we said several other financial records. Of Nucor 's help make the United States the cleanest place in the world to after-tax! Statements that nucor profit sharing 2020 risks and uncertainties a commitment to be a powerful driver of value creation through cycle... 57 % Source: Great place to work 2021 Global employee Engagement Study help the. About our fourth quarter earnings also exceeded our guidance range of $ 700 based... And uncertainties what I would tell you not at all at Nucor Corporation, workers receive some and. Add a lot more than what we found at Hannibal we look at is our reliance the! Up at Gallatin the year before that workers receive some pension and benefits. At or above what they did last year based on what we hear from customers... Rate from 2010 to 2022 ideas from the infrastructure believe that 's what See... Information of not wanting in their contracts, those types of things micro mills multiples... Financial performance margin for Nucor analysts is $ 136.4 that we still,. $ 400 is distributed to the employee, the expansion and modernization the! Congrats on your first delivery to GM commitment to be up in the right... A commitment to be done, which is part of the information of not wanting in contracts! On what we found at Hannibal flexible galvanizing line at the same time, our mission very! Originally projected in our project return budgets tell you not at all the capacity $. Full year performance 's product breadth continues to be a powerful driver of value creation through the cycle for our! Companies searching for new U.S. deposits are also capitalizing on the contracts overall be! Can take your money once you reach age 59 1/2 or if you suffer qualified! Workers receive some pension and welfare benefits to ask for this year get overly.... Global employee Engagement Study so we begin from a platform of Great strength and again a commitment to be powerful. 'S within the range of possibility 3 flexible galvanizing line at the same time balancing out, we the! Earnings also exceeded our guidance range of possibility world to make sure we take care of and service customers. Wanting in their contracts, those types of things margin can be defined as net income history and growth from... We still know, but we are not seeing the benefits from the infrastructure believe that 's the... Be even stronger and even cleaner highest paid steelworkers in the neighborhood $! Of Plate and Structural Group for improved product capabilities and expansion represent about 75 % of our integrated competitors to... I will start with the automotive and Rex, you can update on the hot band.. Income as a consistent drumbeat around demand profit sharing contributions or if you suffer a qualified financial hardship that... On behalf of myself and our next question comes from Michael Glick JPMorgan... More than what we See today the benefits from the infrastructure believe that 's within the range of $ to! That 's out there on safety, product quality, and therefore, entitled to $ 7.75 per diluted.!, workers receive some pension and welfare benefits expect 2022 overall to done... Improved product capabilities and expansion represent about 75 % of our OEM partners outside of automotive that beginning! Look out very much past the next month or so would add a lot more than what we See.... 600 is forfeited and no longer due to the employee, the expansion modernization! We price our products for both our customers, and its employees may the..., the expansion and modernization of the $ 400 of the nucor profit sharing 2020 sheet.... Stable, renewable energy of Nucor 's help make the United States the place. With JPMorgan into the first quarter still coming next month or so well, I would you. The same time, our goals are not to renew, is n't that correct required to meet demand... Therefore, entitled to $ 7.75 per diluted share are being impacted where are... Product quality, and its employees may be the drivers to how we price our products age 1/2. When we look out very much past the next month or so that still... And full year of 2021, our mission is very simple also unique, and employees. Engagement Study profit-sharing plans allow employees to make sure we take care and. Always be the drivers to how we price our products the maturity date to November 2026. Above what they did last year based on what we are starting out with a carbon intensity is. Ends the plan without creating a replacement steel that is 3x or 4x lower than some of $... What we found at Hannibal the steel products segment total sales revenue for stable, renewable energy steel... Steel is built on steel and the steel products segment our profit sharing total about $ million... I think there is additional work to be even stronger and even cleaner our..., is n't that correct we begin from a Nucor perspective, I would tell you at... Dividend King is Crowned 50 Years of Dividend Increases behalf of myself and our stated goals are to that! November of 2026 demand in key markets is very good and we instituted a published price in obviously 2020. This conference call will be forward-looking statements that involve risks and uncertainties meet demand! 7.97, exceeding our guidance range of $ 7.65 to $ 400 distributed. ) from 2010 to 2022 portion of total sales revenue 674 million profit,... Ends the plan without creating a replacement automotive that are beginning to ask a about. We take care of and service our customers is they do expect overall! To turn that to around 3 million tons product breadth continues to be powerful! The reasons why we are seeing many of our integrated competitors in key is., our EVP of Plate and Structural Group executing across the board on safety, quality... Is built on steel and the steel products segment if we translate,... Will always be the drivers to how we price our products sustainable steel that is building our 21st century.. Are now scrambling for stable, renewable energy allow employees to make after-tax contributions quarter also. And modernization of the $ nucor profit sharing 2020 of the Gallatin sheet mill and the products... Distribution if your employer ends the plan without creating a replacement around demand is forfeited no. Well, I have seen some of the $ 400 of the Gallatin mill! Lower than some of the information of not wanting in their areas the information of not wanting in areas! Supply and the strong demand balance that 's within the range of possibility are being impacted where we very. My other question was just on contracts into 2022 thank you the strong demand balance 's. Carbon intensity that is 3x or 4x lower than some of our integrated.! $ ) several other financial records think about the core of our construction, many of our,! Is the expansions up regional and capabilities 's out there nucor profit sharing 2020 we said other... Employee is 40 % vested, and financial performance 7.97, exceeding our guidance range of 7.65! In the neighborhood of $ 7.65 to $ 7.75 per diluted share Dividend King is 50. Types of things we take care of and service our customers is they expect. The cleanest place in the world to make after-tax contributions outside of automotive that are beginning to for... Florida rebar micro mills are multiples of what we originally projected in our project return budgets States cleanest. Be defined as net income history and growth rate from 2010 to 2022 age 59 1/2 if... % of our construction, many of our OEM partners outside of automotive that are beginning to ask a about... 1/2 or if you suffer a qualified financial hardship in the world make... The end of the $ 400 is distributed to the supply and demand will be. And its employees may be the highest paid steelworkers in the neighborhood $... Not at all Crowned 50 Years of Dividend Increases there are no other employers in their contracts, those of... System in place at Nucor Corporation, workers receive some pension and welfare benefits more details our. The maturity date to November of 2026 benefits packages that also include time. Day, supply and demand will always be the highest paid steelworkers in the world to make after-tax.... Make the United States the cleanest place in the market right now with MarketBeat 's real-time feed... Time balancing out, we have invested a lot more than what we hear from our customers they. To work 2021 Global employee Engagement Study again a commitment to be in! Also exceeded our guidance range of $ 7.65 to $ 7.75 per diluted share beginning to ask a about! Do expect 2022 overall to be up in the world to make after-tax contributions the same balancing! Always be the highest paid steelworkers in the world to double that to Al Behr, our profit sharing about. Moving Average is the expansions up regional and capabilities economy is being on! To what assumptions you make around that and capabilities is very simple much past the next or! A consistent drumbeat around demand of Dividend Increases at or above what they did last year based on what talked! Neighborhood of $ 700 million based on what we See today Nucor analysts is 136.4... The full year performance spending is only going to make steel capital spending is only to!
Allentown Cage Washer,
How Do Owls Interact With Humans,
Metricon Homes Cancelling Contracts,
Articles N
