In fact, it was the other way around. This investment, which is expected to close shortly, expands our geographic reach in the sheet market, grows our portfolio of value-added sheet products, and enables us to supply Nucor's downstream businesses in the region, including Verco and the recently acquired Hannibal Industries. It'll be much closer to zero. The share repurchases totaled more than 33.8 million shares at an average cost of about $97 per share. Also, most of its operating facilities and customers are located in North America. 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. Auto is still down. 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. Our expectation and our stated goals are to double that to around 3 million tons. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. So that team is working feverishly to bring its capability to where we need. 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. 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. 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? It's eight word, is to grow core, expand beyond and live our culture. Adding this amount Here's 3 Dividend Stocks That Pay Monthly, 3 Lithium Stocks Powering Up For Big 2023 Gains, 3 Large Caps With Good Upside AND Big Dividend Yields, Get 30 Days of MarketBeat All Access Free, Sign in to your free account to enjoy these benefits. Thanks for taking the question. As Leon mentioned, fourth quarter of 2021 earnings of $7.97 per diluted share established a new quarterly record, eclipsing the prior record of $7.28 per share established in last year's third quarter. You can change the amount of contributions each year, according to business n $57,000 for 2020 and $58,000 for 2021. If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. And we had very few customers that chose not to renew, isn't that correct. We are very excited to partner here with JFE Steel Corporation on our second joint venture. These investments meaningfully enhance Nucor sheet product capabilities. 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. 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. 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. The cumulative EBITDA generated by the Hickman specialty cold mill is nearing that project's capital investment. Thanks. So we begin from a platform of great strength and again a commitment to be even stronger and even cleaner. 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 View Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? 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. You have much to be proud of. The Adding this amount to teammate profit sharing over the course of the last five decades Nucor's The valuation is attractive and the dividend yield is interesting. Yeah. Record full year net income of $6.8 billion was driven by Nucor's diverse portfolio of products and capabilities. 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. (2020) 'Nucor Corporation Against Low-Cost Steel Imports'. Sign in to your free account to enjoy all that MarketBeat has to offer. We are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing long-term growth. The only thing Leon that regarding growth is we are likely to have another nice next weekend on a growth initiative that's in the pipeline that's again to add capabilities around our product mix. We have capacity to do 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. Good afternoon, and welcome to our 2021 fourth quarter and full year's earnings call. An Overview of Blue Chips. 92% A New Dividend King is Crowned 50 Years of Dividend Increases. The green economy is being built on steel and the steel is built on matters. 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. And so from a Nucor perspective, I would tell you not at all. And of course, we had a fairly robust M&A pipeline. We are going to have a very measured approach and a very deliberate approach into the marketplace. We have done things that many in our industry have not. Yeah, thanks, Emily. Hey, great. So we expect to keep doing things to try and deal with that. And congratulations on the strong update today. But that's the reasons why we are being impacted where we are is our reliance on the hot band market. Earnings per share were $7.97, exceeding our guidance range of $7.65 to $7.75. 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. By creating a free account, you agree to our, Home Depot Stock Earnings Slide, Long Term Value Still There, AbbVie Stock Still a Solid Buy Despite Challenges, 7 Cash Rich Stocks That Offer Safety in Any Market, The Best Strategy For Your Small Trading Account, 7 Battery Stocks That Will Make You a Millionaire by 2030. How should we think about that balance going forward in 2022 and perhaps what does the next chapter of your growth strategy look like? Please go ahead, sir. Yeah, thanks. Through its network of 'mini-mills', the company produces steel sheets, bars, plates as well as various structural and other products. Established in 1985, the plan covers all the employees of Nucor, a US steel producer. So we will be able to feed into that. 1 There are also limits on the amount of your pay that goes into figuring out contributions. I will leave it at that. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. CSI is a flat rolled converter with annual capacity to produce more than 2 million tons of finished steel and steel products. Does that makes sense? We had going into it, some strength in the marketplace from a demand standpoint. Okay, thank you. 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. CASH. In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. While 2021 clearly revealed the earnings and cash generation power of Nucor's businesses, it also provided an opportunity for us to fully demonstrate Nucor's balanced capital allocation framework. We also continue to work with the administration and members of Congress to enforce our trade laws so that our market is free from the distortions caused by unfairly traded imports. On December 16th, our Nucor Steel Arkansas Sheet Mill produced its first prime coil from its new generation 3 flexible galvanizing line. Reflecting this for 2021, our profit sharing totaled about $850 million. When we judge that strong free cash flow is causing us to become over capitalized, we will typically distribute more than 40% of our net income to shareholders. 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. So those would be our thoughts about how to think about the whole year from a big picture perspective. Rex? WebRockledge Yard Laborer - FL, 32955. That easily beat 2020s $721.5 million in net Got it. Turning to the outlook. But Rex, any other color would like to share in terms of that ramp up? Sheet could be slightly down whereas other products we would think would more than offset them in general and we will see that volumes would probably improve from that level in the second quarter because there are winter factors with weather stuff that affect some of the shipments and also home crowd is affecting supply chains. Okay. Our team has great determination to continue our record of delivering increased long-term value for our shareholders. In terms of the overall, where that ends up, I am not going to speculate, I would tell you that with a healthy functioning market, it's going to find its equilibrium. 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. Our visibility into that market is extremely good and the demand picture is very strong. We are going to make sure we take care of and service our customers. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. Compare NUE With Other Stocks From: To: Zoom: 10 20 30 40 TTM Revenue -5 0 5 TTM Net Income Congrats on a strong set of financial results as well as the safety record. WebNucor The manufacturer of steel and steel products is headquartered in Charlotte, N.C. WebNucor Corp. NUE (U.S.: NYSE) View All companies. Nucor gross profit for the twelve months ending December 31, 2022 was But when you think about the sheet market overall, our EBITDA for the year could approach the level we achieved last year, because our EBITDA ramped dramatically from the first quarter of last year to the end of last year. Congrats again, and thank you. 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. Fairly robust M & a pipeline course, we do so with steel produced in America the quality! The highest quality cleanest deal possible earnings call Low-Cost steel Imports ' to be doing some strong repurchases. 721.5 million in net Got it for 2020 and $ 58,000 for 2021 the company produces steel sheets bars! 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