Nucor Corp. announced net sales for last year increased by 10 percent to $4.568 billion, compared with $4.139 billion in 2001. Average sales price per ton increased less than 1 percent while total tons shipped to outside customers increased 10 percent. Nucor's consolidated net earnings for the current year increased 43 percent to $162,100,000, compared with $113,000,000 in 2001.
In the fourth quarter of 2002, Nucor's consolidated net sales increased 26 percent to $1.233 billion, compared with $979.6 million in last year's fourth quarter, due to a 7 percent increase in average sales price per ton and an 18 percent increase in total tons shipped to outside customers.
Net earnings for this year's fourth quarter increased 62 percent to $42.9 million, compared with $26.5 million in the fourth quarter of 2001.
The company announced that it established new quarterly and annual tonnage records for steel production, total steel shipments and steel shipments to outside customers in 2002. Last year steel production was 13.622 million tons, compared with 12.316 million tons produced in 2001. Total steel shipments were 13.438 million tons in 2002, compared with 12.141 million tons a year earlier.
Steel sales to outside customers were 12.314 million tons in 2002, compared with 11.032 million tons in 2001.
The company also announced that this past December the company completed the purchase of substantially all of the assets of Birmingham Steel Corp. for approximately $615 million, including $116,900,000 in inventory and receivables. Primary assets included in the purchase were Birmingham Steel's four operating mills in Birmingham, Ala.; Kankakee, Ill.; Seattle,; and Jackson, Miss., with an estimated combined annual capacity of approximately 2 million tons.
The company also announced the successful start-up at Nucor Steel Decatur, LLC (formerly Trico Steel Company, LLC), in Decatur, Alabama.