Exhibit 99.1

 

News Release                                          

 

Nucor Reports Results for Fourth Quarter and Year Ended 2020

 

CHARLOTTE, N.C. – January 28, 2021 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings of $398.8 million, or $1.30 per diluted share, for the fourth quarter of 2020. By comparison, Nucor reported consolidated net earnings of $193.4 million, or $0.63 per diluted share, for the third quarter of 2020 and $107.8 million, or $0.35 per diluted share, for the fourth quarter of 2019. Included in the fourth quarter of 2020 results were the following non-operational items (in millions):

 

Non-Operational Item

 

Segment

 

Gross Amount of Expense1

 

Expense/(Benefit) Net of Tax

 

Non-cash impairment charge

 

Steel mills

 

$

103.2

 

$

78.7

 

Non-cash impairment charge

 

Raw materials

 

 

27.0

 

 

21.0

 

Loss on assets - Duferdofin Nucor

 

Steel mills

 

 

184.0

 

 

(17.9

)

State tax credits

 

N/A

 

 

-

 

 

(39.7

)

CARES Act tax carryback provision

 

N/A

 

 

-

 

 

(48.2

)

 

 

 

 

$

314.2

 

$

(6.1

)

1Gross amounts are included in segment reporting. Segment reporting does not include any tax effects.


With the exception of the state tax credits, the non-operational items presented in the above table were not quantifiable at the time of our guidance that was released on December 17, 2020. Refer to the “Review of Non-Operational Items” section for more information related to these items.

For the full year 2020, Nucor reported consolidated net earnings of $721.5 million, or $2.36 per diluted share, compared with consolidated net earnings of $1.27 billion, or $4.14 per diluted share, in 2019.

“Over the last 12 months, the Nucor team has demonstrated incredible resilience as we navigated macroeconomic headwinds and the challenging operating environment created by the COVID-19 pandemic,” said Leon Topalian, Nucor’s President and Chief Executive Officer. “At the onset of the pandemic, we capitalized on the flexibility of our business model and strong demand for our products to gain market share across nearly our entire portfolio. Even as we worked hard to drive growth and value creation, the safety of our teammates and our commitment to customer relationships remained our top priorities. I am proud to report that 2020 was the safest year in Nucor’s history.”

Mr. Topalian continued, “We are extremely grateful to our more than 26,000 teammates whose hard work and dedication enabled us to achieve strong financial and operational results throughout the year. Looking ahead, we are confident that Nucor is poised for continued growth, and we anticipate earnings in the first quarter of 2021 to significantly increase from the fourth quarter of 2020. All of us at Nucor remain committed to delivering strong results for our stockholders and strengthening our position as the most profitable steel and steel products company in the world.”

 

 

Page 1 of 10

 

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


The following information was filed by Nucor Corp (NUE) on Thursday, January 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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