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Press Releases

1/28/2021 - Nucor Reports Results for Fourth Quarter and Year Ended 2020
X
Nucor Reports Results for Fourth Quarter and Year Ended 2020
Source: PR Newswire
Orignial Article: https://contentapi.cision...
CHARLOTTE, N.C., Jan. 28, 2021 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings of $398.8 million, or $1.30 per diluted share, for the fourth quarter of 2020. By comparison, Nucor reported consolidated net earnings of $193.4 million, or $0.63 per diluted share, for the third quarter of 2020 and $107.8 million, or $0.35 per diluted share, for the fourth quarter of 2019. Included in the fourth quarter of 2020 results were the following non-operational items (in millions):
Non-Operational Item		Segment		Gross Amount of Expense1			Expense/(Benefit) Net of Tax
Non-cash impairment charge		Steel mills		$	103.2		$	78.7
Non-cash impairment charge		Raw materials			27.0			21.0
Loss on assets - Duferdofin Nucor		Steel mills			184.0			(17.9)
State tax credits		N/A			-			(39.7)
CARES Act tax carryback provision		N/A			-			(48.2)
				$	314.2		$	(6.1)



1Gross amounts are included in segment reporting. Segment reporting does not include any tax effects.
With the exception of the state tax credits, the non-operational items presented in the above table were not quantifiable at the time of our guidance that was released on December 17, 2020. Refer to the "Review of Non-Operational Items" section for more information related to these items.
For the full year 2020, Nucor reported consolidated net earnings of $721.5 million, or $2.36 per diluted share, compared with consolidated net earnings of $1.27 billion, or $4.14 per diluted share, in 2019.
"Over the last 12 months, the Nucor team has demonstrated incredible resilience as we navigated macroeconomic headwinds and the challenging operating environment created by the COVID-19 pandemic," said Leon Topalian, Nucor's President and Chief Executive Officer. "At the onset of the pandemic, we capitalized on the flexibility of our business model and strong demand for our products to gain market share across nearly our entire portfolio. Even as we worked hard to drive growth and value creation, the safety of our teammates and our commitment to customer relationships remained our top priorities. I am proud to report that 2020 was the safest year in Nucor's history."
Mr. Topalian continued, "We are extremely grateful to our more than 26,000 teammates whose hard work and dedication enabled us to achieve strong financial and operational results throughout the year. Looking ahead, we are confident that Nucor is poised for continued growth, and we anticipate earnings in the first quarter of 2021 to significantly increase from the fourth quarter of 2020. All of us at Nucor remain committed to delivering strong results for our stockholders and strengthening our position as the most profitable steel and steel products company in the world."
Review of Non-Operational Items
Duferdofin Nucor Related Items
In the fourth quarter of 2020 Nucor finalized an agreement (the "Duferdofin Agreement") to transfer its 50% economic and voting interest in Duferdofin Nucor to the owner of the remaining 50% interest. Losses on assets related to the Duferdofin Agreement were $184.0 million, or $0.61 per diluted share, in the fourth quarter of 2020.
We were able to claim certain tax deductions related to our investment in Duferdofin Nucor that resulted in a benefit to the provision for income taxes of $201.9 million, or $0.66 per diluted share, in the fourth quarter of 2020.
Other Fourth Quarter of 2020 Non-Operational Items
Also, included in the fourth quarter of 2020 earnings are non-cash impairment charges of $130.2 million, or $0.33 per diluted share. Of that amount, $103.2 million, or $0.26 per diluted share, relates to impairment of certain inventory and long-lived assets in the steel mills segment. Also included in that amount is a $27.0 million, or $0.07 per diluted share, impairment charge that relates to a write-down of our unproved natural gas well assets that is included in the raw materials segment.
Tax related items included in the fourth quarter of 2020 earnings were a net benefit totaling $39.7 million, or $0.13 per diluted share, related to state tax credits and a net benefit of $48.2 million, or $0.16 per diluted share, for the anticipated carryback of a 2020 tax net operating loss under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act").
Comparative Period Non-Operational Items
Included in earnings for the third quarter of 2020 was a restructuring charge of $16.4 million, or $0.04 per diluted share, related to the realignment of Nucor's metal buildings business. Included in the fourth quarter of 2019 earnings were non-cash impairment charges of $66.9 million, or $0.17 per diluted share.
Financial Strength
At the end of the fourth quarter of 2020, Nucor had $3.16 billion in cash and cash equivalents, short-term investments and restricted cash and cash equivalents on hand. The Company's $1.50 billion revolving credit facility remains undrawn and does not expire until April 2023.  Nucor continues to have the strongest credit rating in the North American steel sector (Baa1/A-) with stable outlooks at both Moody's and Standard & Poor's.
Selected Segment Data
Earnings (loss) before income taxes and noncontrolling interests by segment for the fourth quarter and full year 2020 and 2019 were as follows (in thousands):
		Three Months (13 Weeks) Ended								Twelve Months (52 Weeks) Ended
		Dec. 31, 2020				Dec. 31, 2019				Dec. 31, 2020				Dec. 31, 2019
Steel mills		$	208,069			$	212,437			$	720,151			$	1,790,694
Steel products			188,138				147,414				690,547				511,145
Raw materials			26,689				(92,577)				23,621				(28,244)
Corporate/eliminations			(205,130)				(89,044)				(598,781)				(490,788)
		$	217,766			$	178,230			$	835,538			$	1,782,807
Financial Review
Nucor's consolidated net sales increased 7% to $5.26 billion in the fourth quarter of 2020 compared with $4.93 billion in the third quarter of 2020 and increased 3% compared with $5.13 billion in the fourth quarter of 2019. Average sales price per ton in the fourth quarter of 2020 increased 5% compared with the third quarter of 2020 and increased 3% compared with the fourth quarter of 2019. A total of 6,486,000 tons was shipped to outside customers in the fourth quarter of 2020, a 2% increase from the third quarter of 2020 and flat compared to the fourth quarter of 2019. Total steel mill shipments in the fourth quarter of 2020 increased 3% as compared to the third quarter of 2020 and were similar to shipments in the fourth quarter of 2019. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the fourth quarter of 2020, a decrease compared to 21% in both the third quarter of 2020 and the fourth quarter of 2019. Downstream steel product shipments to outside customers in the fourth quarter of 2020 decreased 9% from the third quarter of 2020 and decreased 6% compared to the fourth quarter of 2019.
For 2020, Nucor's consolidated net sales of $20.14 billion decreased 11% compared with consolidated net sales of $22.59 billion reported in 2019. Total tons shipped to outside customers in 2020 were 25,519,000, a decrease of 4% from 2019, while the average sales price per ton in 2020 decreased 7% from 2019.
The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2020 was $305, a 10% increase compared to $277 in the third quarter of 2020 and an 11% increase compared to $275 in the fourth quarter of 2019. The average scrap and scrap substitute cost per gross ton used for the full year 2020 was $290, an 8% decrease compared to $314 for the full year 2019.
Pre-operating and start-up costs related to the Company's growth projects were approximately $28 million, or $0.07 per diluted share, in the fourth quarter of 2020, compared with approximately $22 million, or $0.06 per diluted share, in the third quarter of 2020 and approximately $35 million, or $0.09 per diluted share, in the fourth quarter of 2019.
For 2020, pre-operating and start-up costs related to the Company's growth projects were approximately $101 million, or $0.25 per diluted share, compared with approximately $103 million, or $0.26 per diluted share, for 2019.
Overall operating rates at the Company's steel mills increased to 87% in the fourth quarter of 2020 as compared to 83% in both the third quarter of 2020 and the fourth quarter of 2019. Operating rates for the full year 2020 decreased to 82% as compared to 84% for the full year 2019.
Fourth Quarter of 2020 Analysis
Earnings in the fourth quarter of 2020 improved compared to the third quarter of 2020 primarily due to higher pricing at our sheet and plate mills. Reflecting our product diversity, our steel mills segment also continued to benefit from strong results at our bar and structural mills. The fourth quarter of 2020 was another strong quarter for the steel products segment due to the continued resiliency of nonresidential construction markets. The profitability of the raw materials segment increased in the fourth quarter of 2020 as compared to the third quarter of 2020 due to the improved financial performance of our direct reduced iron facilities that are benefitting from higher average selling prices for raw materials.
First Quarter of 2021 Outlook
As we enter 2021 we are encouraged by several positive factors impacting our markets. Nonresidential construction and automotive markets are strong, and we see generally improving conditions in heavy equipment, agriculture, renewable energy and on-highway truck and trailer. We expect earnings in the first quarter of 2021 to significantly increase from the fourth quarter of 2020. The expected performance of the steel mills segment in the first quarter of 2021 is the primary driver for this increase as our sheet, plate, bar and structural mills are forecasting increased profitability in the first quarter of 2021 as compared to the fourth quarter of 2020. The profitability of our downstream steel products segment is expected to decrease in the first quarter of 2021 compared to the fourth quarter of 2020 due to typical seasonal patterns and some margin compression related to the delay between rising steel input costs and increases in selling prices. The raw materials segment's performance in the first quarter of 2021 is expected to be significantly improved compared to the fourth quarter of 2020 due to higher raw materials selling prices.
Cash Dividend
On December 3, 2020, Nucor's board of directors declared a cash dividend of $0.405 per share. This cash dividend is payable on February 11, 2021 to stockholders of record as of December 31, 2020 and is Nucor's 191^st consecutive quarterly cash dividend. Nucor has increased its regular, or base, dividend for 48 consecutive years – every year since it first began paying dividends in 1973. Over the past 10 years, Nucor has returned approximately $6 billion in capital to its stockholders in the form of dividends and share repurchases.
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, 2021 at 2:00 p.m. Eastern Time. The conference call will be available over the Internet at www.nucor.com, under the Investors tab.
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 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 America's largest recycler.
Forward-Looking Statements
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. The words "anticipate," "believe," "expect," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment 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, as well as prevailing domestic prices for oil and gas; (5) energy costs and availability; and (6) the impact of the COVID-19 pandemic. 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, 2019 and in "Item 1A. Risk Factors" of Nucor's Quarterly Report on Form 10-Q for the quarter ended October 3, 2020. 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.
 
Tonnage Data
(In thousands)
		Three Months (13 Weeks) Ended						Twelve Months (52 Weeks) Ended
		Dec. 31, 2020		Dec. 31, 2019		Percent Change		Dec. 31, 2020		Dec. 31, 2019		Percent Change
Steel mills total shipments:
Sheet		2,660		2,662		-		10,005		10,577		-5%
Bars		2,072		1,969		5%		8,164		8,019		2%
Structural		511		555		-8%		2,265		2,237		1%
Plate		485		519		-7%		1,957		2,124		-8%
Other		65		74		-12%		295		399		-26%
		5,793		5,779		-		22,686		23,356		-3%
Sales tons to outside customers:
Steel mills		4,667		4,572		2%		18,049		18,585		-3%
Joist		151		140		8%		557		499		12%
Deck		131		141		-7%		496		495		-
Cold finished		106		108		-2%		406		498		-18%
Rebar Fabrication		284		294		-3%		1,232		1,223		1%
Piling		127		176		-28%		649		638		2%
Tubular products		264		273		-3%		1,080		1,053		3%
Other steel products		96		105		-9%		374		408		-8%
Raw materials		660		677		-3%		2,676		3,133		-15%
		6,486		6,486		-		25,519		26,532		-4%
 



Condensed Consolidated Statements of Earnings (Unaudited)
(In thousands, except per share data)
		Three Months (13 Weeks) Ended								Twelve Months (52 Weeks) Ended
		Dec. 31, 2020				Dec. 31, 2019				Dec. 31, 2020				Dec. 31, 2019
Net sales		$	5,260,055			$	5,131,746			$	20,139,658			$	22,588,858
Costs, expenses and other:
Cost of products sold			4,541,527				4,696,558				17,911,708				19,909,773
Marketing, administrative and other expenses			154,119				162,228				615,041				711,248
Equity in losses (earnings) of unconsolidated affiliates			(3,889)				(852)				10,533				(3,311)
Losses and impairments of assets			314,190				66,916				613,640				66,916
Interest expense, net			36,342				28,666				153,198				121,425
			5,042,289				4,953,516				19,304,120				20,806,051
Earnings before income taxes and noncontrolling interests			217,766				178,230				835,538				1,782,807
Provision for income taxes			(208,100)				43,977				(490)				411,897
Net earnings			425,866				134,253				836,028				1,370,910
Earnings attributable to noncontrolling interests			27,023				26,430				114,558				99,767
Net earnings attributable to Nucor stockholders		$	398,843			$	107,823			$	721,470			$	1,271,143
Net earnings per share:
Basic		$	1.31			$	0.35			$	2.37			$	4.14
Diluted		$	1.30			$	0.35			$	2.36			$	4.14
Average shares outstanding:
Basic			303,467				303,560				303,168				305,040
Diluted			303,806				303,987				303,271				305,503
 
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
		Dec. 31, 2020				Dec. 31, 2019
ASSETS
Current assets:
Cash and cash equivalents		$	2,639,671			$	1,534,605
Short-term investments			408,004				300,040
Accounts receivable, net			2,298,850				2,160,102
Inventories, net			3,569,089				3,842,095
Other current assets			573,048				389,528
Total current assets			9,488,662				8,226,370
Property, plant and equipment, net			6,899,110				6,178,555
Restricted cash and cash equivalents			115,258				-
Goodwill			2,229,672				2,201,063
Other intangible assets, net			668,021				742,186
Other assets			724,671				996,492
Total assets		$	20,125,394			$	18,344,666
LIABILITIES
Current liabilities:
Short-term debt		$	57,906			$	62,444
Current portion of long-term debt and finance lease obligations			10,885				29,264
Accounts payable			1,432,159				1,201,698
Salaries, wages and related accruals			462,727				510,844
Accrued expenses and other current liabilities			664,183				659,524
Total current liabilities			2,627,860				2,463,774
Long-term debt and finance lease obligations due after one year			5,271,789				4,291,301
Deferred credits and other liabilities			993,884				798,415
Total liabilities			8,893,533				7,553,490
EQUITY
Nucor stockholders' equity:
Common stock			152,061				152,061
Additional paid-in capital			2,121,288				2,107,646
Retained earnings			11,343,852				11,115,056
Accumulated other comprehensive loss,     net of income taxes			(118,861)				(302,966)
Treasury stock			(2,709,675)				(2,713,931)
Total Nucor stockholders' equity			10,788,665				10,357,866
Noncontrolling interests			443,196				433,310
Total equity			11,231,861				10,791,176
Total liabilities and equity		$	20,125,394			$	18,344,666
 
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
		Twelve Months (52 Weeks) Ended
		Dec. 31, 2020				Dec. 31, 2019
Operating activities:
Net earnings		$	836,028			$	1,370,910
Adjustments:
Depreciation			702,110				648,911
Amortization			83,356				85,742
Stock-based compensation			73,853				90,359
Deferred income taxes			162,836				99,157
Distributions from affiliates			10,521				37,459
Equity in losses (earnings) of unconsolidated affiliates			10,533				(3,311)
Losses and impairment of assets			613,640				66,916
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable			(129,290)				361,340
Inventories			284,081				712,645
Accounts payable			250,561				(253,457)
Federal income taxes			(197,275)				(180,325)
Salaries, wages and related accruals			(41,169)				(186,755)
Other operating activities			37,092				(40,178)
Cash provided by operating activities			2,696,877				2,809,413
Investing activities:
Capital expenditures			(1,543,219)				(1,477,293)
Investment in and advances to affiliates			(44,427)				(45,834)
Divestiture of affiliates			-				67,591
Disposition of plant and equipment			40,933				41,618
Acquisitions (net of cash acquired)			(88,071)				(83,106)
Purchase of investments			(488,517)				(367,741)
Proceeds from the sale of investments			392,178				67,701
Other investing activities			(33,171)				2,873
Cash used in investing activities			(1,764,294)				(1,794,191)
Financing activities:
Net change in short-term debt			(4,538)				4,574
Proceeds from long-term debt, net of discount			1,237,635				-
Repayment of long-term debt			(97,150)				-
Premium on debt exchange			(180,383)				-
Bond issuance related costs			(6,250)				-
Issuance of common stock			11,846				16,145
Payment of tax withholdings on certain stock-based compensation			(19,102)				(25,047)
Distributions to noncontrolling interests			(115,508)				(76,347)
Cash dividends			(491,655)				(492,062)
Acquisition of treasury stock			(39,499)				(298,541)
Other financing activities			(9,542)				(9,132)
Cash provided by (used in) financing activities			285,854				(880,410)
Effect of exchange rate changes on cash			1,887				907
Increase in cash and cash equivalents			1,220,324				135,719
Cash and cash equivalents - beginning of year			1,534,605				1,398,886
Cash and cash equivalents and restricted cash and cash equivalents - end of twelve months		$	2,754,929			$	1,534,605
Non-cash investing activity:
Change in accrued plant and equipment purchases		$	(16,103)			$	34,777
 
 
View original content:http://www.prnewswire.com/news-releases/nucor-reports-results-for-fourth-quarter-and-year-ended-2020-301217086.html
SOURCE Nucor Corporation

Article Date
1/28/2021
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1/27/2021 - Nucor Invites You to Join Its Fourth Quarter of 2020 Conference Call on the Web
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Nucor Invites You to Join Its Fourth Quarter of 2020 Conference Call on the Web
Source: PR Newswire
Orignial Article: https://contentapi.cision...
CHARLOTTE, N.C., Jan. 27, 2021 /PRNewswire/ -- In conjunction with Nucor's (NYSE: NUE) fourth quarter earnings release, you are invited to listen to its live conference call with host Leon Topalian, Nucor's President and Chief Executive Officer. This conference call will include a review of Nucor's results for the fourth quarter ended December 31, 2020, followed by a question and answer session.  The event will be available on the Internet on January 28, 2021 at 2 p.m. Eastern Time.
What:	Nucor's Fourth Quarter of 2020 Conference Call
When:	2:00 p.m. Eastern Time on Thursday, January 28, 2021
Where:	https://www.webcaster4.com/Webcast/Page/913/39474 or at http://www.nucor.com
How:	Simply log on to the web at either of the addresses above
Archive:	If you are unable to participate during the live Webcast, the archived call will be available at http://www.nucor.com.
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 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 America's largest recycler.
View original content:http://www.prnewswire.com/news-releases/nucor-invites-you-to-join-its-fourth-quarter-of-2020-conference-call-on-the-web-301203035.html
SOURCE Nucor Corporation

Article Date
1/27/2021
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1/14/2021 - Nucor Executive Vice President Craig A. Feldman to Retire; Daniel R. Needham to be Promoted
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Nucor Executive Vice President Craig A. Feldman to Retire; Daniel R. Needham to be Promoted
Source: PR Newswire
Orignial Article: https://contentapi.cision...
CHARLOTTE, N.C., Jan. 14, 2021 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that Executive Vice President of Raw Materials, Craig A. Feldman, plans to retire in June of this year after 35 years of service with Nucor and The David J. Joseph Company (DJJ). 
Mr. Feldman began his career as a Brokerage Representative for DJJ in 1986, subsequently serving as District Manager of DJJ's Salt Lake City brokerage office, Commercial Vice President at DJJ's subsidiary, Western Metals Recycling LLC (WMR), and President of WMR.  Mr. Feldman served on the operational staff of DJJ's then-owner in the Netherlands from 2005 until his 2007 appointment as DJJ's Executive Vice President, Recycling Operations.  Mr. Feldman was promoted to President of DJJ in 2013 and became a Vice President and General Manager of Nucor when DJJ was acquired by Nucor in 2008.  He was promoted to Executive Vice President of Nucor in 2018 and continued to serve as President of DJJ until the end of last year.  Nucor previously announced the appointment of Mark D. Schaefer, another 35-year veteran of DJJ, as President of DJJ, effective January 1, 2021.
Leon Topalian, Nucor's President and CEO, commented, "With a career that spans three and a half decades, Craig's leadership has contributed significantly to the success of DJJ and Nucor.  His guidance and expertise have been invaluable to our raw materials strategy.  On behalf of all Nucor teammates, I want to thank Craig for his leadership and wish him a long and happy retirement."
Effective February 1, 2021, Daniel R. Needham will be promoted to Executive Vice President of Bar and Rebar Fabrication Products.  Mr. Needham began his career with Nucor in 2000 as Controller at Nucor Steel Hertford County.  He subsequently served as Controller of Nucor Steel Decatur, LLC and Nucor Steel Utah.  In 2011, Mr. Needham became General Manager of Nucor Steel Connecticut, Inc.  He later served as General Manager of Nucor Steel Utah and was elected Vice President in 2016.  In 2019, Mr. Needham was promoted to Vice President and General Manager of Nucor Steel Indiana.
"Dan is a talented leader with a demonstrated track record of delivering results throughout his career.  He will be a great addition to our executive management team," said Mr. Topalian. "Craig's retirement and Dan's promotion are the product of the robust and thoughtful succession planning process that has been a top strategic initiative throughout the Nucor organization in recent years." 
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 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 America's largest recycler.
 
View original content:http://www.prnewswire.com/news-releases/nucor-executive-vice-president-craig-a-feldman-to-retire-daniel-r-needham-to-be-promoted-301208534.html
SOURCE Nucor Corporation

Article Date
1/14/2021
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11/13/2020 - Nucor Signs Virtual Power Purchase Agreement in Texas
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Nucor Signs Virtual Power Purchase Agreement in Texas
Source: PR Newswire
CHARLOTTE, N.C., Nov. 13, 2020 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it has signed a 15-year Virtual Power Purchase Agreement (VPPA) with EDF Renewables North America (EDFR) for 250 megawatts (MWac) of new solar energy in Texas.  The agreement, which will enable EDFR to add more clean energy to the region's power grid, is Nucor's first VPPA and the largest of its kind for the steel industry.
"Nucor is one of the most efficient and cleanest steel producers in the world, and we are always looking for ways to reduce our carbon footprint. That is why we are proud to make our production process even cleaner by supporting the development of this solar energy project," said Leon Topalian, President & Chief Executive Officer of Nucor Corporation. "We are already North America's largest recycler, and supporting the addition of more clean power to the regional grid via this agreement further demonstrates Nucor's commitment to sustainable steelmaking."
Construction on EDFR's solar project is expected to begin in the summer of 2022 with production of electricity estimated to begin in 2023. Once completed, the expected annual output of the solar facility will be the equivalent of the electricity consumed by nearly 50,000 average Texas homes.  
"EDF Renewables is pleased to partner with Nucor and help them with their sustainability initiatives in a cost-effective manner," said Ryan Pfaff, Executive Vice President, Grid-Scale Power at EDF Renewables.  "Nucor's decision to procure solar energy allows this project to move forward into construction, which will provide an economic boost to the local economy through new construction jobs and expanded tax base."
GreenFront Energy Partners, an alternative energy advisory firm based in Richmond, Virginia, acted as Nucor's financial adviser on this transaction.  WattTime, a clean energy-focused subsidiary of the Rocky Mountain Institute, assisted Nucor with evaluating the avoided emissions impact of the agreement.
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 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 America's largest recycler
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. The words "anticipate," "believe," "expect," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment 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, as well as prevailing domestic prices for oil and gas; (5) energy costs and availability; and (6) the impact of the COVID-19 pandemic. 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, 2019 and in "Item 1A. Risk Factors" of Nucor's Quarterly Report on Form 10-Q for the quarter ended October 3, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/nucor-signs-virtual-power-purchase-agreement-in-texas-301172780.html
SOURCE Nucor Corporation

Article Date
11/13/2020
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10/4/2016 - Nucor Restructures Natural Gas Supply Agreements
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Nucor Restructures Natural Gas Supply Agreements
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTE, N.C., Oct. 4, 2016 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it has concluded several transactions to improve its access to a long-term supply of natural gas.
Nucor has purchased 49% of Encana's leasehold interest covering approximately 54,000 acres in the South Piceance Basin. Further, Nucor and Encana also terminated the two Carry and Earning ("C&E") drilling agreements entered into in 2010 and 2012, and Nucor sold its 50% equity interest in Hunter Ridge Energy Services LLC to Encana. Hunter Ridge is a gas gathering and water service provider formed by Nucor and Encana in 2012 to support the joint well development in the North Piceance Basin.  
Under the new structure, Nucor has acquired 49% of Encana's leasehold interest in certain mineral leases to all depths, compared to the limited contractual commitments to participate in drilled wells that the company had under the original C&E agreements. This ownership structure provides Nucor full discretion on its participation in all future drilling capital investment. By canceling the C&E drilling agreements, Nucor has eliminated all future carry capital and all contingent liabilities associated with those contracts, which should result in lower unit cost for any future drilling. Nucor retains all existing producing wells it currently owns.
To support Nucor's operating wells and potential future well developments on the 54,000 acres, Nucor has entered into long-term agreements directly with existing third party gathering and processing service providers.
"These transactions give both companies capital flexibility. In addition, they preserve Nucor's long-term access to low cost gas resources in support of Nucor's raw material strategy. We think this transaction is a win-win for both companies," said John Ferriola, Chairman, CEO and President of Nucor.              
Nucor and its 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 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) competitive pressure on sales and pricing, including competition from imports and substitute materials; (2) 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; (3) market demand for steel products; and (4) energy costs and availability.  These and other factors are discussed in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's fiscal 2015 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.
SOURCE Nucor Corporation

Article Date
10/4/2016
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