Nucor Reports Results for First Quarter of 2002

Nucor reported consolidated sales for the first quarter remained unchanged at $1 billion, compared with the first quarter of 2001. Composite sales price per ton decreased 8 percent while total sales tons increased 9 percent from the first quarter of 2001. Nucor's consolidated net earnings for the current year's first quarter were $20 million, compared with $32,700,000 in the first quarter of 2001.

"The first quarter results were still heavily impacted by the low selling prices present at the end of last year. However, we are pleased that we continue to grow our market share in spite of the difficult market conditions," said Dan DiMicco, Nucor's vice chairman, president and CEO.

Pre-operating, start-up and other costs associated with new facilities increased to $23.5 million in the first quarter of 2002, compared with $20 million in the first quarter of the prior year.

The first quarter established new records for steel production, total steel shipments and steel sales to outside customers.  Steel production was 3.237 million tons in the first quarter, compared with slightly more than 3 million tons produced in the first quarter of 2001. Total steel shipments were 3.272 million tons, compared with 2.98 million tons in last year's first quarter.