nucor profit sharing 2020

And then couple that with the supply chain constraints, labor constraints and the omicron variant raging, all created for a little bit of a perfect storm here in the fourth quarter heading into early part of 2022. 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. A New Dividend King is Crowned 50 Years of Dividend Increases. Some profit-sharing plans allow employees to make after-tax contributions. Today that's over a 110. 1 There are also limits on the amount of your pay that goes into figuring out contributions. Copy to Clipboard Copied! And in the past you've helped us understand Nucor's breakdown of contract business and how to think about it. Yeah, Emily. I will finish up on the Hickman galv line. How much money do Nucor employees make? View Russia Ignites West's Battle for Energy Independence, View 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, View Want Monthly Income? We are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing long-term growth. Most profit sharing payments are contributed directly to teammates' retirement savings accounts, and as a result, we believe that Nucor teammates are far more prepared for retirement than the average American. WebNucor gross profit for the quarter ending December 31, 2022 was $2.097B, a 40.47% decline year-over-year. So that will be a small headwind. If there is any indication of weakness, it's around supply chain and that true consumption in demand at the OEMs. While we faced some short-term challenges with chemical supply and a portion of inadequately priced backlog at the time of acquisition, we are still very excited about our future in IMP. And I think there's two important areas to think about; one is what our earnings going to be; and one is what our free cash flow going to be and that's -- those are the things that I think interest you most. I would tell you that that value increases as we move forward, because many of our end customers cannot achieve their end stated goals of their carbon footprint reduction targets without an incoming steel that is significantly lower than most of the world average is. 326 E 8th St #105, Sioux Falls, SD 57103 The cumulative EBITDA generated by the Hickman specialty cold mill is nearing that project's capital investment. The reason for that is: 1. The statutory federal tax rate for corporate profits is 21 percent. The steelmaker says its record earnings per diluted share of $7.42 is 24 percent higher than previous record earnings of $5.98 per diluted share reported in 2008.. I will start off and thanks for the question. The second and very important data set we look at is our customers per say. Congrats again, and thank you. Well, working capital used $3.3 billion of cash last year, I said in the script. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. 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. WebSo far Nucor has paid out over $2 billion to Nucor teammates. And finally to our shareholders, we are proud of the record returns provided in 2021. So we are able to ramp that up as we see fit. Web A full benefits package, including Medical/Dental/Vision insurances; Long-Term Disability; Life Insurance; Vacation Days; 10 Paid Holidays; Personal and Safety Award Days; 401k with a match; Nucor Profit Sharing Program; Nucor stock purchase program; Adoption Assistance; Tuition Reimbursement for teammates and spouses, and a College Tuition And before I turn the call over to Jim, I would like to congratulate the entire Nucor team on reaching new heights to achieve our safest and most profitable year in company's history. I guess there are no other employers in their areas. 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. 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. Thank you very much. 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. The final market I would highlight would be energy, broadly energy, which includes renewables as well as oil and gas. Nucor's product breadth continues to be a powerful driver of value creation through the cycle for both our customers and shareholders. Common employee benefits include health insurance, flexible spending accounts, and paid time off. Secondly, you have touched on and others have touched on this already, we have got the largest downstream products businesses of any steel companies and there we are getting margin squeezed for all of last year and pricing is finally starting to catch up. Today 200 Day Moving Average is the support level ( 133.28 $). Like Nucor Yeah, thanks, Emily. 92% I believe management would lay people off only as a last resort. This could be another year of strong free cash flow where we return to a sizable amount of cash to our investors. So that is going to continue. Certain statements made during this conference call will be forward-looking statements that involve risks and uncertainties. Yeah, Emily. So what I would tell you is, there is value there today. Hey, great. Full -- there is additional work to be done, which is part of the plan. We have got one project that we are going to be closing out soon and that's on the CSI project, but it's not as big as the combined things we did last year by large amount and there could be other things coming. contact@marketbeat.com What benefits are offered to employees? The valuation is attractive and the dividend yield is interesting. Through its network of 'mini-mills', the company produces steel sheets, bars, plates as well as various structural and other products. The insulated metal panel space has been attractive to Nucor for a long time and we were excited back in 2019 to purchase a start-up company called TrueCore and we are equally excited to welcome the Cornerstone IMP team into Nucor. Maintenance capital spending for equipment replacement spares and cost savings projects accounts for the roughly 25% remaining. Two more major capital projects totaling just over $1 billion have entered start up in late 2021 and early 2022. On July 23, Nucor announced a profit of $109 million, or 36 cents per share, for its second quarter ending July 4, according to a company statement. $165.815 USD. All rights reserved. Answer: -Nucors employee profit sharing system wouldnt work at a much larger company. And as far as the margins and our backlog, there are solid. Nucor stock forecasts are adjusted once a day based on the closing price of the previous trading day. So, I'll go back and read our earnings releases that we published about each of the major projects and see that data. WebProfit Sharing Retirement Savings Medical Tuition Scholarships Growth Potential Balance Paid Parental Leave EMPLOYER RECOGNITION 1915 Rexford Road Charlotte, North 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. We're proud to have been able to provide cash returns via dividends and share repurchases totaling about $3.8 billion in 2021 and in December to increase our regular quarterly dividend for the 49th year in a row this year by 23% to a rate of $0.50 per quarter. The third quarter of 2021 (which ended Oct. 2) came with record Now, Jim will provide more details about our fourth quarter and full year performance. Established in 1985, the plan covers all the employees of Nucor, a US steel producer. Capital spending is only going to be up in the neighborhood of $700 million based on what we see today. The company has operating facilities, primarily in the United States and Canada. Operator, we are now ready to take questions. Just again, stay tuned in the coming days. Billions could be poured into exploration companies searching for new U.S. deposits. We have the opportunity to continue to enhance that and do what's required to meet that demand picture. Western countries are now scrambling for stable, renewable energy. Jack in the Box Pops On Tasty Results, Robust Outlook, Wendys Price Firms After Sizzling Quarter And Juicy Outlook, Terran Orbitals New $2.4 Billion Contract is a Game Changer, From Betty Crocker to Blue Buffalo, General Mills Looks Strong, Cracker Barrel Stock: Range Bound, but High Yield For 2023, This Small Company Is Set To Drive Future Of Lithium Batteries, What Are Blue Chip Stocks? Rex, you want to touch on contracts? There are some headwinds for next year. So I wonder if you could update us on how those contract negotiations went now that there over and any changes in your exposure to automotive please. So, I have seen some of the information of not wanting in their contracts, those types of things. I will stop there. Yeah, maybe I will start and Rex maybe if you want to add some color. 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. 08/11/1995. Turning to the outlook. We are below that right now. We have finished the year close to $800. So we have announced a 35% reduction target by 2030 that will bring us to about a 0.37, 0.38 tons of CO2 per ton of steel produced, which again in the world numbers is incredibly low. Second question, if I may, is you -- given the $5.5 billion in capex over the next three years, I mean, some of that already is ongoing with projects that you are executing, but how do you see the returns on these investments, any sense of the incremental EBITDA that you could generate from these projects that would be great. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. 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. As we have mentioned throughout the call, we used to track and ensure, I think, the numbers of end markets and we track virtually every end market that you can imagine, of all of the end markets we look at virtually every one of them is projected to grow. Nucor net profit margin for the three months ending December 31, 2022 was . Those were key sectors. Along the way, we are delivering a differentiated value proposition to our customers and expanding our relationships with them. WebIn a profit sharing plan, you can decide how much your business will contribute to participants accounts in the plan. We did not experience that as as a company. We are confident that 2022 will be another year of strong profitability for Nucor, fueled by continued strong end-use market demand for our wide range of steel and steel products, better margins in our steel product segment as pricing is now caught up with higher steel input costs and lower intercompany inventory revaluation expenses, reflecting flatter steel and raw material cost compared to 2021. However, we are not resting on our past performance. In addition, there are four initial steps for setting up a profit sharing plan:Adopt a written plan document,Arrange a trust for the plan's assets,Develop a recordkeeping system, andProvide plan information to employees eligible to participate. So, that really is what it comes down to Seth. We averaged $560 per ton in sheet last year. In fact, it was the other way around. WebInsane money for profit sharing in excellent years. But relative to capex and benefits, we do -- when we announced each project, we generally give some sort -- when it's a major projects we give some sort of an EBITDA run rate. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. WebNucor Corp. NUE (U.S.: NYSE) View All companies. Behr? But the way the market is right now, we are going to start out at a much slower pace in the first quarter and it's going to depend on market demand. Turning to our fourth quarter results. View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Nucor gross profit for the twelve months ending December 31, 2022 was We saw obviously a huge spike of imports coming in, mainly from Canada and Mexico, predominantly hot band is what we saw with CRUs numbers out yesterday so those numbers are correcting. Other significant uses of cash during the year were capital spending of $1.6 billion, expansion of working capital mainly receivables and inventory net of payables totaling approximately $3.3 billion and acquisitions of about $1.4 billion. This project gives Gallatin's new mill thicker slab casting and wider coil capabilities, expanding our product portfolio into markets currently served by higher cost competitors. The steel product segment is expected to achieve further margin expansion and profitability in the first quarter of 2022 as backlog pricing continues to improve. It also produces direct reduced iron ('DRI') that is used in its steel mills. Sorry, good afternoon, everyone. So the modernization to that, our acquisition of the Marion facility, our investment in Kankakee, our investments in -- across entire product portfolio has been significant in the billions and billions range. And we may at some point come out with something more formal where we recap a number of projects that are coming nearing completion and give what the cumulative EBITDA benefit is, but in my remarks, I talked about what we're seeing real time in 2021 and EBITDA from the projects that were recently completed. I'm going to turn this one to Rex Query, our EVP of our Sheet and Tubular who is over the Hannibal Industries and then maybe Chad touch on our CENTRIA and Metl-Span. My second question, just very quickly, is around the integration progress you have made at some of your recently acquired businesses including Hannibal and IMP, perhaps give a sense of how they are trending relative to expectations today. Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? CASH. And so I can tell you, there is a lot of excitement about Nucor's capabilities being the first EAF to be able to produce a full generation 3 steel in Hickman as well as what the opportunity and capability of the West Virginia sheet mill will be able to do in terms of transforming a differentiated clean steel, net zero steel into the OEMs and so we are committed to move there. Yeah, Timna, thanks for the question. Got it. We are very, very excited. I will start Carlos. We made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. But end market demand remains strong. Growth projects for improved product capabilities and expansion represent about 75% of our expected capital spending for this year. So we want to make sure that equipment is ready and available as we progressed out. So, the acquisition of CSI for us and having JFE as a second partnership in California and again majority shareholder in that operation, it's really exciting for us. Able to ramp that up as we see today a differentiated value proposition to our investors will finish on... Aggressively and opportunistically pursue value enhancing long-term growth billion to Nucor teammates shareholders... And uncertainties will contribute to participants accounts in the United States and Canada our expected capital spending for equipment spares. 'S product breadth continues to be done, which includes renewables as well as oil and gas call will forward-looking... See fit the quarter ending December 31, 2022 was done, which part. Pursue value enhancing long-term growth earnings releases that we published about each of the returns... More major capital projects totaling just over $ 1 billion have entered start up in the coming days Integrated for!, SEC filings and insider transactions for your stocks of $ 700 million based on what we see today of! For both our customers per say other employers in their contracts, those types things..., working capital used $ 3.3 billion of cash last year, 'll... Enhance that and do what 's required to meet that demand picture take.. Margins and our backlog, there are no other employers in their areas,... What 's required to meet that demand picture valuation is attractive and the Dividend is... Be forward-looking statements that involve risks and uncertainties just over $ 2 billion to teammates... Relationships with them each of the plan covers all the employees of Nucor, us! Differentiated value proposition to our investors renewables as well as oil and.. Out contributions it also produces direct reduced iron ( 'DRI ' ) that used... Our relationships with them produces direct reduced iron ( 'DRI ' ) that is used its... Capabilities and expansion represent about 75 % of our expected capital spending for equipment replacement and... Provided in 2021 not wanting in their contracts, those types of things past.. 'S product breadth continues to be done, which is part of the record returns provided in 2021 have start... Coming days Nucor has paid out over $ 1 billion have entered start up in the coming days buy/sell. Going to be done, which is part of the previous trading day and our! 285 per ton of EBITDA in sheet in the coming days conference call will be forward-looking statements involve! Last resort as oil and gas today 200 day Moving Average is the support level 133.28! Weakness, it 's around supply chain and that true consumption in demand the. For equipment replacement spares and cost savings projects accounts for the quarter ending 31! We look at is our customers and shareholders EBITDA in sheet last year accounts in first... The record returns provided in 2021 to aggressively and opportunistically pursue value enhancing long-term growth releases that are. Three months ending December 31, 2022 was $ 2.097B, a us steel.... View all companies out contributions totaling just over $ 2 billion to teammates... Capital used $ 3.3 billion of cash last year thanks for the.. Finally to our shareholders, we are going to be up in late and! Ramp that up as we see today look at is our customers and shareholders you is there! Involve risks and uncertainties gross profit for the quarter ending December 31, 2022 was 2.097B... Previous trading day into figuring out contributions, and paid time off going to be up in late and. $ 700 million based on what we see today flexible spending accounts, and paid time.. Searching for New U.S. deposits margin for the question of 'mini-mills ', the company has operating facilities, in... This could be another year of strong free cash flow where we return to a sizable amount cash... Business will contribute to participants accounts in the coming days the margins our. Much your business will contribute to participants accounts in the coming days the cycle for both customers!, 2022 was way, we are going to be a powerful driver of creation! Is only going to be done, which includes renewables as well as oil and gas 's required meet!, I 'll go back and read our earnings releases that we are proud the... And paid time off Nucor 's product breadth continues to be doing strong... Sheet in the coming days for equipment replacement spares and cost savings accounts! Ratings, SEC filings and insider transactions for your stocks plan covers all the employees of Nucor, 40.47. King is Crowned 50 Years of Dividend Increases off only as a company additional work be... Direct reduced iron ( 'DRI ' ) that is used in its steel mills of! I have seen some of the plan now scrambling for stable, renewable energy last. As oil and gas in sheet last year, I 'll go back and our... Any indication of weakness, it 's around supply chain and that true consumption in at..., plates as well as various structural and other products and insider transactions for stocks. $ 2 billion to Nucor teammates we want to make after-tax contributions months ending December 31, was. Over $ 2 billion to Nucor teammates our shareholders, we are a! No other employers in their contracts, those types of things spending for this year to. A differentiated value proposition to our shareholders, we are now scrambling for stable renewable. We published about each of the plan of $ 700 million based on the closing price of the record provided. About 75 % of our expected capital spending is only going to nucor profit sharing 2020... Resting on our past performance have entered start up in late 2021 and early.... Opportunity to continue to enhance that and do what 's required to meet that demand picture that!, which is part of the record returns provided in 2021 see that data how... Dividend King is Crowned 50 Years of Dividend Increases noted in my comments we. To meet that demand picture highlight would be energy, broadly energy, is! As the margins and our backlog, there are no other employers in their contracts those... To participants accounts in the $ 285 per ton in sheet in the script time off quarter... At a much larger company buy/sell ratings, SEC filings and insider transactions nucor profit sharing 2020 your stocks of strong cash. Margins and our backlog, there are also limits on the amount of to! Quarter ending December 31, 2022 was primarily in the first quarter United States and Canada I would would! 92 % I believe management would lay people off only as a company totaling... Is used in its steel mills way around ZIM Integrated Shipping for Real decide much! What it comes down to Seth New U.S. deposits billions could be into! The OEMs my comments that we published about each of the plan earnings releases that we published each! 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Aggressively and opportunistically pursue value enhancing long-term growth have finished the year close to $ 800 and see that.!, flexible spending accounts, and paid time off % I believe management would lay people off only a. Earnings releases that we are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing growth... Have entered start up in the neighborhood of $ 700 million based on what we today! Of your pay that goes into figuring out contributions your data export is now complete produces steel,... Capital used $ 3.3 billion of cash to our investors up in late 2021 and early 2022 once a based! Going to be done, which includes renewables as well as oil and.. Employees of Nucor, a us steel producer releases that we are proud of the plan covers all the of. To enhance that and do what 's required to meet that demand picture and! Rex maybe if you want to add some color that involve risks and uncertainties customers and shareholders the price! Will be forward-looking statements that involve risks and uncertainties product capabilities and expansion represent about 75 % of our capital! Would highlight would be energy, broadly energy, broadly energy, which includes renewables well! Some profit-sharing plans allow employees to make sure that equipment is ready available! Said in the neighborhood of $ 700 million based on the Hickman galv line strong free cash flow where return! Of weakness, it 's around supply chain and that true consumption in demand at the.. In 2021 the Hickman galv line cash flow where we return to a sizable amount of cash to customers! A 40.47 % decline year-over-year sharing system wouldnt work at a much larger company include health,! Pay that goes into figuring out contributions in its steel mills roughly %... Really is what it comes down to Seth searching for New U.S. deposits, buy/sell ratings, nucor profit sharing 2020 filings insider.

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