Nucor Reports Strong Earnings for Quarter, First Nine Months

Nucor Corp. announced record earnings and sales for the first nine months and the third quarter of 2004. Nucor's earnings for the third quarter of 2004 exceeded the previous record annual earnings.

Nucor's consolidated net earnings for the first nine months of 2004 were $780.1 million, compared with $42.2 million in the first nine months of 2003. Consolidated net earnings for this year's third quarter were $415.4 million, compared with $16.0 million in the third quarter of 2003 and $251.4 million in the second quarter of 2004. The record quarterly results are primarily attributable to higher average selling prices and increased margins, accompanied by the successful integration of the coiled plate mill in Tuscaloosa, Alabama and the cold rolling mill in Decatur, Alabama.

Over the first nine months of the year, Nucor’s consolidated net sales increased 80 percent to $8.288 billion, compared with $4.605 billion in last year's first nine months. Average sales price per ton increased 61 percent, while total tons shipped to outside customers increased 12 percent from the same time last year.

In the third quarter, Nucor's consolidated net sales increased 102 percent to $3.239 billion, compared with $1.604 billion in the third quarter of 2003 and increased 17 percent, compared with $2.762 billion in the second quarter of 2004. Average sales price per ton increased 87 percent from the third quarter of 2003 and increased 16 percent from the second quarter of 2004.

Total tons shipped to outside customers increased 8% from the third quarter of 2003 and increased 1 percent from the second quarter of 2004.

The average scrap and scrap substitute cost per ton used increased 73 percent from $130 in the first nine months of 2003 to $225 in the first nine months of 2004, and increased 81 percent from $137 in the third quarter of 2003 to $248 in the third quarter of 2004.

In the first nine months of 2004, Nucor established records in the steel mills segment for steel production, total steel shipments and steel sales to outside customers. Steel production was 15,153,000 tons, compared with 13,015,000 tons produced in the first nine months of 2003, an increase of 16 percent. Total steel shipments increased 14 percent to 15,018,000 tons in the first nine months of 2004, compared with 13,189,000 tons in last year's first nine months. Steel shipments to outside customers increased 12 percent to 13,674,000 tons in the first nine months of 2004, compared with 12,155,000 tons in last year's first nine months. In the steel products segment, steel joist production during the first nine months of 2004 increased to 396,000 tons, compared with 378,000 tons in the first nine months of 2003. Steel deck sales increased to 271,000 tons in the first nine months of 2004, compared with 266,000 tons in last year's first nine months. Cold finished steel sales increased to 211,000 tons, compared with 182,000 tons in the first nine months of 2003.