Our next question comes from Carlos De Alba with Morgan Stanley. Do you expect that spread to contract back to where it has been historically or do you think there is something special going on to keep those spreads wider than we have seen historically? And in fact I would tell you we had more requests for increase volume. I will kick us off and ask Chad Utermark, our Executive Vice President of Products to really add some color in there. The benefits are terrible, that's why it always amazes me when people say great benefits. And I look forward to continuing the exceptional performance across all of our businesses in 2022. Thank you and have a great day. Match could be better than it is. So we see that as an opportunity. Putin's invasion of Ukraine has revealed the West's dependence on Russia for their energy needs. Net income can be defined as company's net profit or loss after all revenues, income items, and expenses have been accounted for. Better than expected results for the month of December were achieved across a broad group of businesses. So we begin from a platform of great strength and again a commitment to be even stronger and even cleaner. At the same time, our goals are not to get overly weighted. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. But the way the market is right now, we are going to start out at a much slower pace in the first quarter and it's going to depend on market demand. The share repurchases totaled more than 33.8 million shares at an average cost of about $97 per share. And our next question comes from Michael Glick with JPMorgan. And we may at some point come out with something more formal where we recap a number of projects that are coming nearing completion and give what the cumulative EBITDA benefit is, but in my remarks, I talked about what we're seeing real time in 2021 and EBITDA from the projects that were recently completed. If you, the employer, make contributions to a profit sharing plan, you can deduct up to 25 percent of For discussion purposes, let us assume that A has received $1,000 in employer profit sharing contributions. See what's happening in the market right now with MarketBeat's real-time news feed. 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. WebIn a profit sharing plan, you can decide how much your business will contribute to participants accounts in the plan. In 1972 the company adopted the name Nucor Corporation, which would soon become a well steel company within the U. S. Most profit sharing payments are contributed directly to teammates' retirement savings accounts, and as a result, we believe that Nucor teammates are far more prepared for retirement than the average American. Two weeks ago, we announced that Mason County West Virginia will be the location of our new state-of-the-art 3 million ton sheet mill. Well, working capital used $3.3 billion of cash last year, I said in the script. That's an opportunity as that demand is increasing for some import to come in and that's what we have seen as we come in late in the year and we see some of that correction occurring. Zoetis, Pet-Med Specialist, Double-Digit Earnings Growth Ahead, 3 Mid-Cap Earnings Plays to Watch This Week. So firstly you could comment as to how you see capacity utilization in your different key products, particularly in Q1 and maybe how you see the progression into Q2 and the second half of the year if you have visibility given your with your backlog? 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. Do you want to talk about that at all? contact@marketbeat.com 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, I have seen some of the information of not wanting in their contracts, those types of things. A1 drilling and taking 2020 21 22 23 Fried didnt respond to a re- lar fraud that was among the some pressure off A new indictment unsealed quest to comment. It's not a price standpoint, it's the demand. Yeah. Over the years, the company has grown through acquisitions as well as by tapping new markets and expanding geographically. We are also expanding our presence in the Western U.S. (2020) 'Nucor Corporation Against Low-Cost Steel Imports'. 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. Growth projects for improved product capabilities and expansion represent about 75% of our expected capital spending for this year. World leaders must find new sources of minerals, such as copper, essential to their transition to energy independence. To get just some additional detail on Gallatin, as far as the outage we had we are on target coming up, the expectation as Jim mentioned, approximately 800,000 tons additional for the year. So, first, relative to the year, as part of your question gets into what you expect for the year. We are also capitalizing on the opportunities to supply the sustainable steel that is building our 21st century economy. Does that makes sense? The company's earnings came in at $2.25 billion, or $7.97 per share. Thank you, Chad. So we are in the 80% range in overall target for us, so fairly typical from a volume standpoint as we finish up contract season for heading into 2022. 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 Yeah. by Jimmy Mengel. 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, Want Monthly Income? Our talented, dedicated team members are Nucor's greatest value creators. My first question is just around the capital allocation and I think last year churn that you have been able to execute both growth and a significant amount of capital returns. Net income for 2021 was $6.8 billion and full year earnings per share was $23.16, which were both notable increases over the prior records we'd set in 2018 with $2.4 billion of net income and an EPS of $7.42. STOCK TRANSFERS, DIVIDEND DISBURSING & DIVIDEND REINVESTMENT. View Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? 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. Full -- there is additional work to be done, which is part of the plan. My other question was just on contracts into 2022. (RTTNews) - Nucor Corp. (NUE) reported earnings for its fourth quarter that increased from last year and beat the Street estimates. Through its network of 'mini-mills', the company produces steel sheets, bars, plates as well as various structural and other products. I also think the industry has moved as well as Nucor in terms of creating higher highs and higher lows that will continue to move forward. So I expect that we are going to scale up. Yeah, Timna, thanks for the question. For our team, the most important value is safety and so I'm incredibly pleased to report that 2021 was the safest year in our history. Congrats again, and thank you. In the process, we can offer Nucor teammates secure employment and competitive compensation and benefits as well as the opportunities to further their professional growth and development. Our quarterly dividend is now about 30% higher than it was in 2018. So we are able to ramp that up as we see fit. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's Rex? With approximately half of Nucor's products going into the construction market, we stand ready to help our country meet its infrastructure needs. Is Stellantis Stock a Value Investors Dream? 3.285 2.02%. Congratulations to the entire Nucor Arkansas team. The insulated metal panel space has been attractive to Nucor for a long time and we were excited back in 2019 to purchase a start-up company called TrueCore and we are equally excited to welcome the Cornerstone IMP team into Nucor. And so that's what we found at Hannibal. Thank you for the color. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Got it. Copy to Clipboard Copied! So integration to us, we look at that leadership and entered an existing company and we evaluate that fit as well. Akamai Technologies Earnings Sell-Off. Hope all of you are doing well. For example, five major greenfield projects completed commissioning and startup over the 2019 through 2020 time period. Compare NUE With Other Stocks From: To: Zoom: 10 20 30 40 TTM Revenue -5 0 5 TTM Net Income $0.07. There is no need to ramp that up any quicker than we need. 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. Back to NUE Overview. These capabilities represent important competitive advantages for our company exemplifying Nucor's ability to meet the needs of our customers for high strength steels. The 92% I believe management would lay people off only as a last resort. Yeah, good morning, everyone. 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. 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. Our crystal ball gets pretty fuzzy when we look out very much past the next month or so. And before I turn the call over to Jim, I would like to congratulate the entire Nucor team on reaching new heights to achieve our safest and most profitable year in company's history. Thanks, Leon. Profitability records were set by numerous businesses including Nucor sheet mills, rebar and merchant bar mills, engineered bar mills, plate mills, structural mills, joist and deck, tubular products, cold finished bars, and fasteners. In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. The maximum contribution for a profit-sharing plan is the lesser of 25% of compensation or $61,000 in 2022, up from $58,000 in 2021. Is There a Silver Lining to Capri Holdings Earnings Sell-Off? And it starts with end market demand. I will stop there. It's just a very solid demand picture. 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. For a long time, we have been in that 1.5 million, 1.6 million ton a year range in the automotive side. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. 326 E 8th St #105, Sioux Falls, SD 57103 401(k): You will be able to participate in our 401(k) plan with matching contributions. 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. We made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. A Buying Opportunity? There are some headwinds for next year. Today that's over a 110. Hey, a couple of questions on the market. We remain well capitalized with excellent liquidity. Real-time analyst ratings, insider transactions, earnings data, and more. And in particular, if we think about our sheet group and their performance, the sheet group set a record in terms of shipments at over 11 million tons, generated over $6 billion in EBITDA performance. So, I'll go back and read our earnings releases that we published about each of the major projects and see that data. WebNucor net income for the twelve months ending December 31, 2022 was $7.581B, a 11.56% increase year-over-year. You have much to be proud of. Defined Contribution Pension Plan. But we are optimistic about the plate market. First, converting capacity utilizations, we don't break those out typically in detail by business. Earnings per share were $7.97, exceeding our guidance range of $7.65 to $7.75. Looking at 2021 as a whole we said several other financial records. We have capacity to do more. For all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. So that team is working feverishly to bring its capability to where we need. 2021 capital returns consisted of dividends of $483 million and share repurchases of just under $3.3 billion. $165.815 USD. Get short term trading ideas from the MarketBeat Idea Engine. 21 June. Okay. When we think about our free cash flow next year, we reduced our share count by 11% last year through significant capital or returns of capital to investors through share repurchases. 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. The cumulative EBITDA generated by the Hickman specialty cold mill is nearing that project's capital investment. What benefits are offered to employees? And so Chad why don't you add some commentary behind some of that backlogs. If you think about just five years, six years ago, we had about 55 cases that were one in carbon steel. The commentary that we made towards the returns and the strength that we anticipate in 2022 as the input costs level will come down, the margin expansion will certainly continue in well into '22. Net profit margin can be defined as net Income as a portion of total sales revenue. So, it enables Nucor to offer what we did to General Motors a few weeks ago in the first coil of net zero steel to their to their factory. And we are excited about Econiq. We will measure that ramp up here in the first quarter with what we see on demand. And then my second question is on the steel products segment. Nucor's product breadth continues to be a powerful driver of value creation through the cycle for both our customers and shareholders. Along the way, we are delivering a differentiated value proposition to our customers and expanding our relationships with them. And we will see how that moves there over the next 8, 10, 12 and in 24 months in terms of the amount of steel that Nucor participates in and how fast we escalate that, but we kind of control that. 1 There are also limits on the amount of your pay that goes into figuring out contributions. WebDistributions. Nucor net profit margin for the three months ending December 31, 2022 was . Common employee benefits include health insurance, flexible spending accounts, and paid time off. When we look at inventory receivables and payables net, they are not going to use that much cash to share that could be small benefit. Competitive base pay and Nucor Profit Sharing Plan, with opportunities for merit increases based on performance A chance to grow your career with a stable company owned by Nucor, North Americas largest steel producer A full benefits package, including Medical/Dental/Vision insurances; Short-Term and Long-Term Disability; Life Insurance Before getting too deep into this, Nucor deserves some credit for its recent financial results. Coming off a historic year like we had in '21. I will start off and thanks for the question. Yeah. We are committed to keeping that is a relevant price that's transactionally based. I hope you will agree that this is an impressive track record. I will also comment on Hannibal and the racking that leadership team and that includes the existing there and the ones we have added from Nucor. Again this -- again more recent transformation over the last two, three, four years and moving into a much more sustainable place, Nucor is, again, I think been ahead of the curve. My first question is on the steel mills segment. These returns were of course funded by our strong cash provided by operating activities, also a new record of $6.2 billion. You mentioned that you expect earnings to decline due to the lower flat roll margins, but was just wondering if you could talk about the order entry rate in January and how you see the volumes for the first quarter. According to www.careerbliss.com, Nucor employees make an average of $70,000 annually. Mike, I would tell you, I think the overall trend is you are going to see that gap shrink. We are seeing many of our construction, many of our OEM partners outside of automotive that are beginning to ask for this. 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. And finally to our shareholders, we are proud of the record returns provided in 2021. We are below that right now. Every single day our nearly 29,000 team members remain focused on our company's mission to grow our core steel making capabilities, while expanding our presence into related businesses that fit with our culture and leverage our strengths. WebNucor Corporation Profit Sharing and Retirement Savings Plan is a multi-employer defined contribution corporate pension fund based in Charlotte, North Carolina. Can you talk a little bit about how good your visibility is for sheet in particular and what you are looking for in order to ramp up Gallatin like what conditions, is it demand is it price or both? And as Leon just stated about Gallatin, it's really an opportunity is we are getting some work done there. March 1, 2023 Becoming the world's safest steel company is a lofty goal and our team is now achieved back to back record years in safety. That's Incremental free cash flow. It's going to be an automotive capable and focused galv line with the additional or the extra high strength. Record full year net income of $6.8 billion was driven by Nucor's diverse portfolio of products and capabilities. We will take our next question from Seth Rosenfeld with BNP Paribas Exane. So that's going to be significant benefit to our earnings results for the year. We did not experience that as as a company. Our daily ratings and market update email newsletter. Web16 Nucor reviews. We reduced our share count by more than 11% in 2021 even as we funded capital expenditures and acquisitions totaling approximately $3 billion to drive the next chapter of our growth story. At what point does a company become too large for profit sharing to make a difference in employee motivation? But Rex, any other color would like to share in terms of that ramp up? Thank you. Our team delivered incredible financial and operating results over the course of the year, while working safely and responsibly. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. This project gives Gallatin's new mill thicker slab casting and wider coil capabilities, expanding our product portfolio into markets currently served by higher cost competitors. We have done things that many in our industry have not. Another key market would be heavy equipment, industrial equipment that market is very strong right now. And it's -- the heart of it is non-res construction biggest user steel, but we are still not benefiting yet. Reflecting this for 2021, our profit sharing totaled about $850 million. Yeah, great question. 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. 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. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. Our cash, short-term investments and restricted cash holdings totaled about $2.8 billion at year-end. Yes, Satish. Utilizations, we have noted in my comments that we are able to that! A profit sharing to make a difference in employee motivation and responsibly century economy America the highest quality cleanest possible... 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