Nucor Reports Results for First Quarter Of 2001

Apr 19, 2001, 01:00 ET from Nucor Corporation

    CHARLOTTE, N.C., April 19 /PRNewswire/ -- Nucor Corporation (NYSE:   NUE)
 today issued the following:
 
     Consolidated sales for the first quarter of 2001 decreased 14% to
 $1,028,000,000, compared with $1,200,000,000 in last year's first quarter.
 Nucor's consolidated net earnings for the current year's first quarter were
 $32,700,000 ($.42 per share), compared with $81,500,000 ($.94 per share) in
 the first quarter of 2000.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000317/NUELOGO )
     Pre-operating and start-up costs of new facilities increased to
 $20,000,000 in the first quarter of 2001, compared with $6,600,000 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
 3,003,000 tons in the first quarter, compared with 2,999,000 tons produced in
 the first quarter of 2000. Total steel shipments were 2,980,000 tons, compared
 with 2,876,000 tons in last year's first quarter.  Steel sales to outside
 customers were 2,678,000 tons, compared with 2,530,000 tons in the year-
 earlier quarter.  Steel joist production during the first quarter was
 127,000 tons, compared with 150,000 tons in the first quarter of 2000.  Steel
 deck sales were 76,000 tons, compared with 79,000 tons in last year's first
 quarter.  Cold finished steel sales were 58,000 tons, compared with
 69,000 tons in the first quarter of 2000.
     Our successful start-up is continuing at Nucor's new 1,000,000 tons-per-
 year steel plate mill in Hertford County, North Carolina.  Construction is
 continuing satisfactorily at the Vulcraft facility in Chemung, New York.  This
 facility will produce steel joists, joist girders and steel deck and should
 cost about $50,000,000.  Construction has begun on Nucor's new Castrip
 facility in Crawfordsville, Indiana.  Start-up of this facility to cast strip
 will be in late 2001 or early 2002.
     On March 31, 2001, Nucor purchased substantially all of the assets of
 Auburn Steel Company, Inc.'s merchant steel bar facility in Auburn, New York
 for approximately $115,000,000.  This facility has the capacity to produce up
 to 430,000 tons of merchant bar quality steel shapes, SBQ and rebar.
     Starting with the May 11 dividend payment, Nucor's regular quarterly cash
 dividend rate is being increased from $.15 to $.17 per share.  Nucor has
 increased its dividend every year since Nucor began paying dividends 28 years
 ago.
     Nucor is the largest recycler in the United States.  Nucor and affiliates
 are manufacturers of steel products, with operating facilities in nine states.
 Products produced are: carbon and alloy steel - in bars, beams, sheet and
 plate; steel joists and joist girders; steel deck; cold finished steel; steel
 fasteners; and  metal building systems.
 
     Unaudited figures are as follows:
 
                                              Three Months (13 Weeks) Ended
                                            March 31, 2001     April 1, 2000
 
     NET SALES                                $1,028,017,720    $1,199,634,778
 
     COSTS AND EXPENSES:
     Cost of products sold                       943,772,386     1,031,750,001
     Marketing, administrative and other
      expenses                                    34,679,902        44,315,406
     Interest expense (income)                      (773,544)       (2,720,474)
                                                 977,678,744     1,073,344,933
 
     EARNINGS BEFORE FEDERAL INCOME TAXES         50,338,976       126,289,845
     Federal income taxes                         17,600,000        44,800,000
     NET EARNINGS                                $32,738,976       $81,489,845
 
     NET EARNINGS PER SHARE                            $0.42             $0.94
 
     Average shares outstanding                   77,586,843        86,571,585
 
 

SOURCE Nucor Corporation
    CHARLOTTE, N.C., April 19 /PRNewswire/ -- Nucor Corporation (NYSE:   NUE)
 today issued the following:
 
     Consolidated sales for the first quarter of 2001 decreased 14% to
 $1,028,000,000, compared with $1,200,000,000 in last year's first quarter.
 Nucor's consolidated net earnings for the current year's first quarter were
 $32,700,000 ($.42 per share), compared with $81,500,000 ($.94 per share) in
 the first quarter of 2000.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000317/NUELOGO )
     Pre-operating and start-up costs of new facilities increased to
 $20,000,000 in the first quarter of 2001, compared with $6,600,000 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
 3,003,000 tons in the first quarter, compared with 2,999,000 tons produced in
 the first quarter of 2000. Total steel shipments were 2,980,000 tons, compared
 with 2,876,000 tons in last year's first quarter.  Steel sales to outside
 customers were 2,678,000 tons, compared with 2,530,000 tons in the year-
 earlier quarter.  Steel joist production during the first quarter was
 127,000 tons, compared with 150,000 tons in the first quarter of 2000.  Steel
 deck sales were 76,000 tons, compared with 79,000 tons in last year's first
 quarter.  Cold finished steel sales were 58,000 tons, compared with
 69,000 tons in the first quarter of 2000.
     Our successful start-up is continuing at Nucor's new 1,000,000 tons-per-
 year steel plate mill in Hertford County, North Carolina.  Construction is
 continuing satisfactorily at the Vulcraft facility in Chemung, New York.  This
 facility will produce steel joists, joist girders and steel deck and should
 cost about $50,000,000.  Construction has begun on Nucor's new Castrip
 facility in Crawfordsville, Indiana.  Start-up of this facility to cast strip
 will be in late 2001 or early 2002.
     On March 31, 2001, Nucor purchased substantially all of the assets of
 Auburn Steel Company, Inc.'s merchant steel bar facility in Auburn, New York
 for approximately $115,000,000.  This facility has the capacity to produce up
 to 430,000 tons of merchant bar quality steel shapes, SBQ and rebar.
     Starting with the May 11 dividend payment, Nucor's regular quarterly cash
 dividend rate is being increased from $.15 to $.17 per share.  Nucor has
 increased its dividend every year since Nucor began paying dividends 28 years
 ago.
     Nucor is the largest recycler in the United States.  Nucor and affiliates
 are manufacturers of steel products, with operating facilities in nine states.
 Products produced are: carbon and alloy steel - in bars, beams, sheet and
 plate; steel joists and joist girders; steel deck; cold finished steel; steel
 fasteners; and  metal building systems.
 
     Unaudited figures are as follows:
 
                                              Three Months (13 Weeks) Ended
                                            March 31, 2001     April 1, 2000
 
     NET SALES                                $1,028,017,720    $1,199,634,778
 
     COSTS AND EXPENSES:
     Cost of products sold                       943,772,386     1,031,750,001
     Marketing, administrative and other
      expenses                                    34,679,902        44,315,406
     Interest expense (income)                      (773,544)       (2,720,474)
                                                 977,678,744     1,073,344,933
 
     EARNINGS BEFORE FEDERAL INCOME TAXES         50,338,976       126,289,845
     Federal income taxes                         17,600,000        44,800,000
     NET EARNINGS                                $32,738,976       $81,489,845
 
     NET EARNINGS PER SHARE                            $0.42             $0.94
 
     Average shares outstanding                   77,586,843        86,571,585
 
 SOURCE  Nucor Corporation