And so Chad why don't you add some commentary behind some of that backlogs. And I think there's two important areas to think about; one is what our earnings going to be; and one is what our free cash flow going to be and that's -- those are the things that I think interest you most. They are the rolling mill modernization at our Ohio rebar mill, the hot band galvanizing line at our Kentucky sheet mill, the specialty cold rolling mill at our Arkansas sheet mill, the rebar micro mill in Missouri, and the rebar micro mill in Florida. And we had very few customers that chose not to renew, isn't that correct. 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. Our quarterly dividend is now about 30% higher than it was in 2018. Operator, we are now ready to take questions. That easily beat 2020s $721.5 million in net We have talked about that quite a bit. Thank you for your interest in Nucor. 1 There are also limits on the amount of your pay that goes into figuring out contributions. We're proud to have been able to provide cash returns via dividends and share repurchases totaling about $3.8 billion in 2021 and in December to increase our regular quarterly dividend for the 49th year in a row this year by 23% to a rate of $0.50 per quarter. Today 200 Day Moving Average is the support level ( 133.28 $). We have done things that many in our industry have not. WebNucor Corporation Profit Sharing and Retirement Savings Plan is a multi-employer defined contribution corporate pension fund based in Charlotte, North Carolina. And so we would expect that we need to keep investing and returning capital to investors both and we have the capacity to both as we go forward. 1 Day Range 87% 57% Source: Great Place To Work 2021 Global Employee Engagement Study. With approximately half of Nucor's products going into the construction market, we stand ready to help our country meet its infrastructure needs. 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. 5 If you think about just five years, six years ago, we had about 55 cases that were one in carbon steel. 65 Day Avg Vol 1,846,352. The Yeah, Timna, thanks for the question. And so we are going to see increased demand from auto. But if I think back to, even in the height of the pandemic in 2020 that business segment remain incredibly robust that is continued and we see that continuing moving forward. Our Gallatin team members continue to impress with their ability to safely construct the expansion project within the environment of an operating mill and we look forward to its continued ramp up. But that's the reasons why we are being impacted where we are is our reliance on the hot band market. The third quarter of 2021 (which ended Oct. 2) came with record Timna, one thing I would add to that is, to keep in mind, we are a bit more hot band centric than some of our competitors and that's where most the imports have come in. 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. Although Nucor believes they are based on reasonable assumptions, there can be no assurance that future events will not affect their accuracy. 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. These projects represent an aggregate capital investment of just over $1 billion. The U.S. invoked the Defense Production Act to jumpstart domestic mining and production of critical minerals such as cobalt, lithium, and rare earths, which the U.S. desperately needs for its military and green tech. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. 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 in March we will commission the EAF, LMF and the caster and by the end of March we will be capable of full production at that point with a wider strip and a thicker slab, but we are going to keep an eye on the market and will really measure that ramp up as we see what market conditions are doing at Gallatin. And we look forward to update. How much money do Nucor employees make? So that will be a small headwind. At Nucor Corporation, workers receive some pension and welfare benefits. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. 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 Those were key sectors. I have a few questions first from plate and then I will follow up later on green steel please. So I expect that we are going to scale up. The second piece of that is the expanding beyond the traditional balance of our steel making range and those projects like Hannibal Industries in racking like CENTRIA and Metl-Span to give us a market leadership position today in the insulated metal panels that is all about the digital economy as. We are not seeing the benefits from the infrastructure believe that's still coming. So the raw material segments will be a small tailwind, a strong headwind, excuse me, and depreciation and amortization is going to be higher. The forward-looking statements made in this conference call speak only as of this date and Nucor does not assume any obligation to update them either as a result of new information, future events or otherwise. These returns were of course funded by our strong cash provided by operating activities, also a new record of $6.2 billion. The profit-sharing strategy is also a major motivating factor for employees. There is a very disciplined process. 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. At the same time, our goals are not to get overly weighted. More and more companies as you guys know developers and owners, see the value and are focusing on the E in ESG and we have also watch the growth of IMP in Europe and we believe the U.S. market while currently about a $1 billion market for IMP, we believe that could grow in excess of $2 billion, so still on-boarding, still integrating, there are a few challenges to work through, but excited about the future. We have much to look forward to as we progressed throughout this new year. The company has operating facilities, primarily in the United States and Canada. Diluted earnings per share for the first quarter of 2022 will benefit from lower weighted average shares outstanding. Nucor Corporation is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the United States. We made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. Yeah. 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. Answer: -Nucors employee profit sharing system wouldnt work at a much larger company. Turning to the outlook. So you mentioned that you expect margin expansion in the first quarter, but can you talk about the size the duration of your backlogs currently and provide a bit more color on how you see the margin profile through the remainder of the year. Retirement Savings Plan Invest today for what you plan to accomplish tomorrow, with matching contributions and In fact, our estimated growth for full year 2022 is about 6% in terms of overall shipment increase. Okay, thank you. Thank you. Just again, stay tuned in the coming days. 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. The final market I would highlight would be energy, broadly energy, which includes renewables as well as oil and gas. Earnings per share were $7.97, exceeding our guidance range of $7.65 to $7.75. January 30, 2019. Satish l will start us off and maybe Jim or Rex Query, EVP of our Sheet Group can touch on the Gallatin expansion. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, Nucor net profit margin for the three months ending December 31, 2022 was . In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. Copy to Clipboard Copied! A Buying Opportunity? 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. And also can you talk about the ramp up profile at Gallatin and the total incremental volumes you expect from the mill for the current quarter as well as the full year. 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. Good luck in the year. Okay. We published our net debt to capital range that we want to live in to maintain our strong investment grade credit rating. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's Thanks for taking the question. Export data to Excel for your own analysis. I will start Carlos. Form 4 or Form 5 obligations may continue. These investments meaningfully enhance Nucor sheet product capabilities. Thanks Seth. Two more major capital projects totaling just over $1 billion have entered start up in late 2021 and early 2022. 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. And at the end of the day, supply and demand will always be the drivers to how we price our products. 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. 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. Better than expected results for the month of December were achieved across a broad group of businesses. 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. World leaders must find new sources of minerals, such as copper, essential to their transition to energy independence. Types of Profit-Sharing PlansCash Plan. The employees covered under this plan are given with cash or stock of the organization or company at the end of every year or quarter as Deferred Plans. The profit-sharing is directed into a specific fund know as the trust fund, which provides the rewards to the employees on a later date, often on Combination Plan. They are tasked with growing that business. We had a -- the industry really catch up in terms of order entry rates and deliveries. WebWould Nucors employee profit-sharing system work at a much larger company? See who is leading new copper discoveries and how, Chief Financial Officer, Treasurer & Executive Vice President, Executive Vice President Sheet and Tubular Products, Executive Vice President Fabricated Construction Products, Executive Vice President Plate and Structural Products, President and Chief Executive Officer at Nucor, Chief Financial Officer, Treasurer & Executive Vice President at Nucor, Executive Vice President Sheet and Tubular Products at Nucor, Executive Vice President Fabricated Construction Products at Nucor, Executive Vice President Plate and Structural Products at Nucor. Of course, we are also mindful of our responsibility to shareholders. 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. 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. The limit on employee elective deferrals (for traditional and safe harbor plans) is: $22,500 in 2023 ($20,500 in 2022, $19,500 in 2021 and 2020; and $19,000 in 2019), subject to cost-of-living adjustments. 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. I would tell you that that value increases as we move forward, because many of our end customers cannot achieve their end stated goals of their carbon footprint reduction targets without an incoming steel that is significantly lower than most of the world average is. Currently, Nucor is trading at 12.4x next year's earnings and a dividend yield of 3.4%. 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 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. The location along the Ohio River provides Nucor with important transportation and logistics advantages in serving the country's two largest sheet steel consuming regions in, the Midwest and Northeast, two areas where Nucor is currently under-represented. If you look at our industry over the last 12, 18 to 24 months, there has been significant shifts in consolidation, rationalization and trade. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Nucor annual net income for 2022 was $7.607B, a 11.95% For a long time, we have been in that 1.5 million, 1.6 million ton a year range in the automotive side. 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. We have got one project that we are going to be closing out soon and that's on the CSI project, but it's not as big as the combined things we did last year by large amount and there could be other things coming. Good afternoon, Leon and Jim. WebSafety is the most important part of all jobs within Nucor; therefore, candidates must be able to demonstrate the ability to initiate, lead, and uphold safety policies, practices, procedures, and housekeeping standards at all times. It's not a price standpoint, it's the demand. I mean, we talk with our customers weekly. WebInsane money for profit sharing in excellent years. That makes sense. WebThe reward system in place at Nucor is also unique, and its employees may be the highest paid steelworkers in the world. 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. Another key market would be heavy equipment, industrial equipment that market is very strong right now. As of 12/31/18, this particular employee is 40% vested, and therefore, entitled to $400 of the $1,000 balance. I will start off and thanks for the question. Before getting too deep into this, Nucor deserves some credit for its recent financial results. We remain well capitalized with excellent liquidity. We don't know what the rest of the year will bring. Yeah, maybe I will start with the automotive and Rex, you can update on the contracts. How should we think about that balance going forward in 2022 and perhaps what does the next chapter of your growth strategy look like? There is no need to ramp that up any quicker than we need. 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. Good afternoon. So we see that as an opportunity. We started went up at Gallatin the year before that. So that's going to be significant benefit to our earnings results for the year. Thank you very much. And as Jim will share, we remain very well capitalized enable to pursue our objectives. Okay. So we want to make sure that equipment is ready and available as we progressed out. For discussion purposes, let us assume that A has received $1,000 in employer profit sharing contributions. Web87% of employees at Nucor Corporation say it is a great place to work compared to 57% of employees at a typical U.S.-based company . Hannibal has been very successful, but also just a cultural fit in the first place. Turning to our fourth quarter results. So the supply chain got full very quickly and maybe some even some over buying. 326 E 8th St #105, Sioux Falls, SD 57103 Our teammates at these facilities have done stellar work, executing across the board on safety, product quality, and financial performance. 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 And then my second question will also be just kind of bigger picture, the focus on potential capacity curtailments has been on the blast furnace side, but I presume technology today on the flat [Technical Issues] side has improved pretty considerably since the late 1980s. 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. Nucor will continue to be a key part of our modern economy by supplying the most advance and sustainable steel products needed to rebuild Americas infrastructure. 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