Nucor Posts Record Numbers for Year

Nucor Corp. announced record earnings and sales for last year. The company reported earnings of $1.12 billion, compared with $62.8 million in 2003. Consolidated net earnings for the fourth quarter were $341.4 million, compared with $20.6 million the same time last year. The increase is primarily attributable to higher selling prices and increased margins, as well as the successful integration of the coiled plate mill in Tuscaloosa, Ala., and the cold rolling mill in Decatur, Ala.

Nucor's consolidated net sales for the year increased 82 percent to $11.38 billion, compared with $6.27 billion in 2003. Average sales price per ton increased 66 percent, while total tons shipped to outside customers increased 9 percent from 2003. In the fourth quarter, Nucor's net sales increased 86 percent to $3.09 billion, compared with $1.66 billion the same time last year. From the fourth quarter of 2003 to the fourth quarter of 2004, average sales price per ton increased 85 percent and total tons shipped to outside customers increased 1 percent.

The average scrap and scrap substitute cost per ton used increased 74 percent from $137 in 2003 to $238 in 2004, and increased 79 percent from $155 in the fourth quarter of 2003 to $278 in the fourth quarter of 2004.

Pre-operating and start-up costs of new facilities decreased to $28.8 million in 2004, compared with $117.5 million in 2003. For the fourth quarter, pre-operating and start-up costs were $7.5 million compared with $26 million the same time last year. In 2004, these costs primarily related to the continuing start-up of the Castrip facility at its sheet mill in Crawfordsville, Ind. In 2003, these costs primarily related to the start-up of the sheet mill in Decatur, Ala. and the Castrip plant.