Our visibility into that market is extremely good and the demand picture is very strong. Look, I can only speak to Nucor and I would just tell you Nucor has had a long history of what five and a half decades worth of reinvesting back into our mills. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. We are not seeing the benefits from the infrastructure believe that's still coming. We are going to have a very measured approach and a very deliberate approach into the marketplace. More related Put the employee bonus plan in writing. Base the bonus on results that are measurable or quantifiable. Give incentives to employees to meet goals. Be clear on the WHAT, the WHY, and the HOW. Make sure everybody gets something. Make the financial reward a strong enough incentive. With our team's disciplined focus on execution and Nucor's financial and operational strengths, we expect to realize very attractive returns on our investments. Nucor's product breadth continues to be a powerful driver of value creation through the cycle for both our customers and shareholders. Yeah, Emily. Cumulative EBITDA already exceeds the investment outlays for the Gallatin galvanizing line and the Ohio rebar mill modernization. So, first, relative to the year, as part of your question gets into what you expect for the year. WebNucor Corp. NUE (U.S.: NYSE) View All companies. On December 16th, our Nucor Steel Arkansas Sheet Mill produced its first prime coil from its new generation 3 flexible galvanizing line. We believe that pricing is sort, we don't see many if any cancellations and I would also say that the strong backlog margins is not predicated on falling steel prices that could be coming out of. In fact, it was the other way around. There is no need to ramp that up any quicker than we need. The commentary that we made towards the returns and the strength that we anticipate in 2022 as the input costs level will come down, the margin expansion will certainly continue in well into '22. Nucor stock forecasts are adjusted once a day based on the closing price of the previous trading day. The second and very important data set we look at is our customers per say. Yes, thank you, Leon. Very good, thank you. What benefits are offered to employees? Real-time analyst ratings, insider transactions, earnings data, and more. The limit on employee elective deferrals (for traditional and safe harbor plans) is: $22,500 in 2023 ($20,500 in 2022, $19,500 in 2021 and 2020; and $19,000 in 2019), subject to cost-of-living adjustments. 87% 57% Source: Great Place To Work 2021 Global Employee Engagement Study. This will be Nucor's third rebar micro mill joining micro mills in Missouri and Florida that begin operations in 2020. That's very helpful. Nucor annual net income for 2022 was $7.607B, a 11.95% Does that makes sense? The biggest one being the sheet price correction that's really tied mainly to imports. The demand in key markets is very good and we instituted a published price in obviously of 2020 and that's a relevant price. These returns were of course funded by our strong cash provided by operating activities, also a new record of $6.2 billion. But end market demand remains strong. It's going to have a capacity over the year to give us an incremental 800,000 to 900,000 tons. These investments meaningfully enhance Nucor sheet product capabilities. Behr? Here's 3 Dividend Stocks That Pay Monthly, 3 Lithium Stocks Powering Up For Big 2023 Gains, 3 Large Caps With Good Upside AND Big Dividend Yields, Get 30 Days of MarketBeat All Access Free, Sign in to your free account to enjoy these benefits. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. They are tasked with growing that business. Thank you for the color. 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. 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. I will start off and thanks for the question. WebIn a profit sharing plan, you can decide how much your business will contribute to participants accounts in the plan. Our team has great determination to continue our record of delivering increased long-term value for our shareholders. Once operational our West Virginia mill will have some of the most advanced capabilities and one of the lowest carbon footprints of any sheet mill in the world. The The maximum contribution for a profit-sharing plan is the lesser of 25% of compensation or $61,000 in 2022, up from $58,000 in 2021. While our 2021 performance unquestionably benefited from an exceptionally strong steel industry up cycle, Nucor's results were also fueled by our team's focus and commitment to safely meeting our customers' needs. Distributions are taxed at a taxpayer's ordinary income rate. Just like Rex said about Hannibal, but especially in the IMP space and Leon mentioned about that space and I want to actually to talk a little bit more about it, but we are excited about the Cornerstone IMP acquisition, the team that we now have. 1 Day Range It also produces direct reduced iron ('DRI') that is used in its steel mills. How much money do Nucor employees make? Good afternoon, Leon and Jim. There is a very disciplined process. by Jimmy Mengel. WebInsane money for profit sharing in excellent years. Full -- there is additional work to be done, which is part of the plan. WebDistributions. Nucor Corp.s record 2022 earnings means the Charlotte-based steel company will hit another record almost $1 billion in profit sharing for the nearly 31,000 Better than expected results for the month of December were achieved across a broad group of businesses. For opening remarks and introductions, I would like to turn the call over to Mr. Leon Topalian, President and Chief Executive Officer of Nucor Corporation. The pricing for our product is always driven by demand and what we see in the plate market, I would highlight three key markets for us. And as Jim will share, we remain very well capitalized enable to pursue our objectives. It'll be much closer to zero. To see all exchange delays and terms of use please see Barchart's disclaimer. Our next question comes from Emily Chieng with Goldman Sachs. Can you give us a bit more color on the scale of volume growth you think could be achievable say in the next one to two years. And if you look at what we have done over the past few years, we have been adding galvanizing lines, we're ramping it up at Arkansas right now. Nucor had 16 divisions that went zero recordable injuries in 2021 and I look forward to the day when our entire company achieves that same goal. And if you think about to move in the time over the last 24 to 36 months and what's going on in the world of ESG, the sustainability side of our industry is paramount and again Nucor is incredibly well positioned as one of the cleanest steel makers in the world to offer steel like we just did to General Motors. Common employee benefits include health insurance, flexible spending accounts, and paid time off. We also continue to work with the administration and members of Congress to enforce our trade laws so that our market is free from the distortions caused by unfairly traded imports. That easily beat 2020s $721.5 million in net You can change the amount of contributions each year, according to business n $57,000 for 2020 and $58,000 for 2021. Hey, great. It's not a price standpoint, it's the demand. Yeah, thanks. Two more major capital projects totaling just over $1 billion have entered start up in late 2021 and early 2022. So we begin from a platform of great strength and again a commitment to be even stronger and even cleaner. I know that there was a lot of chatter about moving to shrink the discounts against CRU. And so we would expect that we need to keep investing and returning capital to investors both and we have the capacity to both as we go forward. These include the Kentucky plate mill, the West Virginia sheet mill, the South Atlantic rebar micro mill, and Gallatin's tubular products facility. We should see some strong tailwind from lower input cost, so just any color you can provide. And at the end of the day, supply and demand will always be the drivers to how we price our products. In fact, our estimated growth for full year 2022 is about 6% in terms of overall shipment increase. So I expect that we are going to scale up. For our team, the most important value is safety and so I'm incredibly pleased to report that 2021 was the safest year in our history. First, converting capacity utilizations, we don't break those out typically in detail by business. (2020) 'Nucor Corporation Against Low-Cost Steel Imports'. And so what we would be looking for, we are going to look at for that demand. At year-end gross debt as a percentage of total capital was approximately 28%, while net debt was about 14% of total capital. The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. View which stocks are hot on social media with MarketBeat's trending stocks report. So the raw material segments will be a small tailwind, a strong headwind, excuse me, and depreciation and amortization is going to be higher. And so that's what we found at Hannibal. Yes, Satish. Rex, you want to touch on contracts? Our expectation and our stated goals are to double that to around 3 million tons. And then on the pricing side, obviously, demand perhaps growing very rapidly right now, supply is very tight, what's the degree of pricing power are you able to achieve compared to any cost escalation perhaps as you just raw materials mix for power supply? At what point does a company become too large for profit sharing to make a difference in employee motivation? Yeah, hi, good afternoon. Our teammates at these facilities have done stellar work, executing across the board on safety, product quality, and financial performance. By executing operationally across our business lines and in parallel, investing in Nucor's future, we are generating attractive returns for our shareholders and positively impacting our local communities. Net profit margin can be defined as net Income as a portion of total sales revenue. Thank you for taking our questions today. I mean, do you see any industry EAF flat rolled mills nearing the end of their relative useful lives given the dilutive impacts on portfolio returns and there are higher scrap and labor costs and a fleet of new mills coming on? We are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing long-term growth. 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. So in March we will commission the EAF, LMF and the caster and by the end of March we will be capable of full production at that point with a wider strip and a thicker slab, but we are going to keep an eye on the market and will really measure that ramp up as we see what market conditions are doing at Gallatin. Yeah. Got it. Copy to Clipboard Copied! We had going into it, some strength in the marketplace from a demand standpoint. There are still businesses that have more room to go in terms of expanding their margins and getting prices cut because of the size of what their backlogs are good. As we mentioned and have talked previously, our mission is very simple. The limit is $305,000 for the 2022 tax year, up from $290,000 in 2021. Yeah, thanks, Emily. And as Leon just stated about Gallatin, it's really an opportunity is we are getting some work done there. I will also comment on Hannibal and the racking that leadership team and that includes the existing there and the ones we have added from Nucor. Yeah, great question. Focusing on the quarter, we expect consolidated net earnings attributable to Nucor shareholders will be slightly reduced from the fourth quarter of 2021's record results. WebProfit Sharing Retirement Savings Medical Tuition Scholarships Growth Potential Balance Paid Parental Leave EMPLOYER RECOGNITION 1915 Rexford Road Charlotte, North These projects represent an aggregate capital investment of just over $1 billion. Our talented, dedicated team members are Nucor's greatest value creators. Rex? Thanks, Leon. And finally to our shareholders, we are proud of the record returns provided in 2021. Yeah, Timna, thanks for the question. The valuation is attractive and the dividend yield is interesting. Thank you. For the full year of 2021, they generated EBITDA totaling $674 million. You are going to see Nucor continue to grow our capability. Adding this amount However, we are not resting on our past 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. And it's -- the heart of it is non-res construction biggest user steel, but we are still not benefiting yet. You have much to be proud of. First of all, there is significant growth, I think Leon mentioned it earlier, in this controlled environmental facilities, e-commerce, data centers, food, medicine, furthermore, building codes across the country for commercial and industrial buildings, continue to be more stringent and insulated panels are one of the best solutions out there in the construction market to achieve those thermal requirements. So you saw demand increase, considerably pricing run off. Billions could be poured into exploration companies searching for new U.S. deposits. Another sheet mill project Nucor Steel Gallatin top end modernization and expansion is beginning to start up in the current quarter. I want to thank each of my Nucor team members for your daily commitment to safety, looking out for one another and I look forward to an even safer year in 2022. We started went up at Gallatin the year before that. Thank you and have a great day. Yeah, Emily. The cumulative EBITDA generated by the Hickman specialty cold mill is nearing that project's capital investment. So we are in the 80% range in overall target for us, so fairly typical from a volume standpoint as we finish up contract season for heading into 2022. I don't know that I would add a lot more than what we talked about as a consistent drumbeat around demand. And we had very few customers that chose not to renew, isn't that correct. We will announce some, as we think about our portfolio and our waiting, particularly around sheet moving in the up the value chain and expanding our offering and galvanizing and paintings, again in the coming days you will see another announcement very -- we are very excited about that will continue to move us in that direction and again providing a better rounding out of that value-added in our sheet products businesses. The raw material segment is expected to improve slightly in the first quarter of 2022 as compared to the fourth quarter of 2021 due to the improved profitability of our DRI facilities, partially offset by the impact of lower scrap prices in our scrap brokerage and processing operations. Established in 1985, the plan covers all the employees of Nucor, a US steel producer. 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. 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. For the full year 2021, Nucor reported consolidated net earnings of $6.83 billion, or $23.16 per diluted share, compared with consolidated net earnings of $721.5 The automotive sector that Jim Frias mentioned as well. WebProfit Sharing. WebNucor net income for the twelve months ending December 31, 2022 was $7.581B, a 11.56% increase year-over-year. 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. Team let's keep up our focus in 2022 and of course for Nucor that begins with a value of safety. 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. We think about what's happening, and warehousing, data storage cold storage. We are seeing many of our construction, many of our OEM partners outside of automotive that are beginning to ask for this. 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. We are pleased that our leaders came together in the fourth quarter to pass historic bipartisan infrastructure legislation that will help advance and modernize U.S. infrastructure and strengthen the health of our economy by creating opportunities for American workers. By so many measures 2021 was an extraordinary year for Nucor. CSI is a flat rolled converter with annual capacity to produce more than 2 million tons of finished steel and steel products. Okay, thank you. We are working diligently through the integration and on-boarding process. 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