Nucor Corporation announced consolidated net earnings of $2.25 billion, or $7.97 per diluted share, for the fourth quarter of 2021. By comparison, Nucor reported consolidated net earnings of $2.13 billion, or $7.28 per diluted share, for the third quarter of 2021 and $398.8 million, or $1.30 per diluted share, for the fourth quarter of 2020.
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 million, or $2.36 per diluted share, in 2020.
“By so many measures, 2021 was an extraordinary year for Nucor. Our team delivered incredible financial and operational results in 2021. However, I am even prouder of the fact that our team had a record year in safety performance for the second straight year,” said Leon Topalian, Nucor’s president and chief executive officer.
Nucor’s consolidated net sales increased slightly to $10.36 billion in the fourth quarter of 2021 compared with $10.31 billion in the third quarter of 2021 and increased 97 percent compared with $5.26 billion in the fourth quarter of 2020. Average sales price per ton in the fourth quarter of 2021 increased 12 percent compared with the third quarter of 2021 and increased 99 percent compared with the fourth quarter of 2020. A total of 6,417,000 tons were shipped to outside customers in the fourth quarter of 2021, an 11 percent decrease from the third quarter of 2021 and a 1 percent decrease compared to the fourth quarter of 2020. Total steel mill shipments in the fourth quarter of 2021 decreased 10 percent as compared to the third quarter of 2021 and increased 1 percent compared to shipments in the fourth quarter of 2020. Steel mill shipments to internal customers represented 22 percent of total steel mill shipments in the fourth quarter of 2021, a slight increase compared to 21 percent in the third quarter of 2021 and 19 percent in the fourth quarter of 2020. Downstream steel product shipments to outside customers in the fourth quarter of 2021 decreased 12 percent from the third quarter of 2021 and decreased 1 percent compared to the fourth quarter of 2020.
For 2021, Nucor’s consolidated net sales of $36.48 billion increased 81 percent compared with consolidated net sales of $20.14 billion reported in 2020. Total tons shipped to outside customers in 2021 were 28,247,000, an increase of 11 percent from 2020, while the average sales price per ton in 2021 increased 64 percent from 2020.
The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2021 was $508, a 1 percent decrease compared to $511 in the third quarter of 2021 and a 67 percent increase compared to $305 in the fourth quarter of 2020. The average scrap and scrap substitute cost per gross ton used in the full year 2021 was $469, a 62 percent increase compared to $290 in the full year 2020.
Pre-operating and start-up costs related to the company’s growth projects were approximately $54 million, or $0.15 per diluted share, in the fourth quarter of 2021, compared with approximately $36 million, or $0.09 per diluted share, in the third quarter of 2021 and approximately $28 million, or $0.07 per diluted share, in the fourth quarter of 2020.
In the full year 2021, pre-operating and start-up costs related to the Company’s growth projects were approximately $130 million, or $0.34 per diluted share, compared with approximately $101 million, or $0.25 per diluted share, in 2020.
During the fourth quarter of 2021, Nucor repurchased approximately 13.5 million shares of its common stock at an average price of $111.63 per share (33.8 million shares in the full year 2021 at an average price of $96.92 per share). On December 2, 2021, Nucor’s board of directors approved a new share repurchase program under which Nucor is authorized to repurchase up to $4.00 billion of Nucor’s common stock and terminated any previously authorized share repurchase programs. As of December 31, 2021, Nucor had approximately 272,000,000 shares outstanding and approximately $3.8 billion remaining available for repurchases under its share repurchase program.
On December 2, 2021, Nucor’s board of directors declared a cash dividend of $0.50 per share. This cash dividend is payable on February 11, 2022 to stockholders of record as of December 31, 2021 and is Nucor’s 195th consecutive quarterly cash dividend.
Published in the March 2022 Edition