Nucor Reports Results for Second Quarter of 2019

Published

CHARLOTTE, N.C., July 18, 2019 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings of $386.5 million, or $1.26 per diluted share, for the second quarter of 2019. By comparison, Nucor reported consolidated net earnings of $501.8 million, or $1.63 per diluted share, for the first quarter of 2019 and $683.2 million, or $2.13 per diluted share, for the second quarter of 2018.

Included in the first quarter of 2019 results was a benefit of $33.7 million, or $0.08 per diluted share, related to the gain on the sale of an equity method investment in the raw materials segment. Included in the second quarter of 2018 results was a benefit of $23.3 million, or $0.06 per diluted share, related to insurance recoveries.

In the first half of 2019, Nucor reported consolidated net earnings of $888.3 million, or $2.88 per diluted share, compared with consolidated net earnings of $1.04 billion, or $3.23 per diluted share, in the first half of last year.

"Unusually wet weather and aggressive supply chain destocking impacted mill order rates in the first half of 2019. We have seen lower volumes during the first half of this year resulting in a more challenging price environment," said John Ferriola, Nucor's Chairman, Chief Executive Officer and President. 

Mr. Ferriola continued, "However, real demand for our products remains strong in key end-use markets.  We see healthy conditions in end-use markets that typically account for more than two thirds of our steel shipments.  For this reason, we are cautiously optimistic that pricing has bottomed for most products and that volumes should be more closely aligned with real end-use demand in the second half of the year."

Selected Segment DataEarnings (loss) before income taxes and noncontrolling interests by segment for the second quarter and first six months of 2019 and 2018 were as follows (in thousands):

Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended
June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018
Steel mills $              578,920 $                    961,784 $   1,268,318 $   1,522,287
Steel products 116,084 155,766 193,517 241,580
Raw materials 21,709 134,995 74,932 209,542
Corporate/eliminations (182,091) (338,844) (312,529) (543,796)
$              534,622 $                    913,701 $   1,224,238 $   1,429,613

Financial ReviewNucor's consolidated net sales decreased 3% to $5.90 billion in the second quarter of 2019 compared with $6.10 billion in the first quarter of 2019 and decreased 9% compared with $6.46 billion in the second quarter of 2018. Average sales price per ton in the second quarter of 2019 decreased 3% compared with the first quarter of 2019 and decreased 2% compared with the second quarter of 2018. A total of 6,724,000 tons were shipped to outside customers in the second quarter of 2019, a 1% decrease from first quarter of 2019 and a 7% decrease from the second quarter of 2018. Total steel mill shipments in the second quarter of 2019 decreased 3% from the first quarter of 2019 and decreased 10% from the second quarter of 2018. Downstream steel products shipments to outside customers in the second quarter of 2019 increased 2% from the first quarter of 2019 and decreased 4% from the second quarter of 2018.

In the first half of 2019, Nucor's consolidated net sales of $11.99 billion was similar to consolidated net sales of $12.03 billion reported in the first half of 2018. Total tons shipped to outside customers in the first half of 2019 were 13,491,000, a decrease of 5% from the first half of 2018, while the average sales price per ton increased 5%.

The average scrap and scrap substitute cost per ton used during the second quarter of 2019 was $330, a 6% decrease compared to $352 in the first quarter of 2019 and a decrease of 12% compared to $373 in the second quarter of 2018. The average scrap and scrap substitute cost per ton used in the first half of 2019 was $341, a decrease of 4% from $355 in the first half of 2018.

Pre-operating and start-up costs related to the Company's growth projects were $20.5 million, or $0.05 per diluted share, in the second quarter of 2019, compared with $19.6 million, or $0.05 per diluted share, in the first quarter of 2019 and $5.8 million, or $0.01 per diluted share, in the second quarter of 2018.

In the first half of 2019, pre-operating and start-up costs related to the Company's growth projects were $40.1 million, or $0.10 per diluted share, compared with $8.1 million, or $0.02 per diluted share, in the first half of 2018.

Overall operating rates at the Company's steel mills decreased to 84% in the second quarter of 2019 as compared to 87% in the first quarter of 2019 and 95% in the second quarter of 2018. Operating rates for the first half of 2019 decreased to 85% as compared to 93% for the first half of 2018.

Nucor's liquidity position remains very strong with $1.48 billion in cash and cash equivalents and short-term investments as of June 29, 2019.

During the second quarter of 2019, Nucor repurchased approximately 2.3 million shares of its common stock for an average price of $55.41 per share. Nucor has repurchased approximately 3.5 million shares of its common stock for an average price of $57.25 per share through the first half of 2019. At June 29, 2019, Nucor had approximately 303,157,000 shares outstanding and approximately $1.3 billion available under its share repurchase program.

Second Quarter HighlightsIn June 2019, Nucor's board of directors declared a cash dividend of $0.40 per share payable on August 9, 2019 to stockholders of record on June 28, 2019. This dividend is Nucor's 185th consecutive quarterly cash dividend, a record the Company expects to continue.

Second Quarter of 2019 AnalysisAs expected, earnings from the Company's steel mills segment in the second quarter of 2019 decreased from the first quarter of 2019 primarily due to the impact that service center destocking has had on order rates. Additionally, increased domestic supply and a declining scrap price environment led to aggressive inventory management by our customers.

The profitability of the steel products segment improved in the second quarter of 2019 as compared to the first quarter of 2019, primarily due to typical seasonal patterns and improved weather conditions benefiting nonresidential construction markets.

The operating performance of the raw materials segment in the second quarter of 2019 was similar to the first quarter of 2019. Our DRI facility in Trinidad had a planned outage that started on June 19 and ended on July 13.

Third Quarter of 2019 OutlookThe performance of the raw materials segment is expected to decrease in the third quarter of 2019 as compared to the second quarter of 2019 due to further margin compression in the Company's DRI businesses.

The profitability of Nucor's steel products segment is expected to continue to improve during the third quarter of 2019 as compared to the second quarter of 2019.  Nonresidential construction market conditions remain strong.  In addition, recently implemented efficiency initiatives in rebar fabrication and metal buildings are enhancing performance from those businesses.

We expect the performance of the steel mills segment in the third quarter of 2019 to be lower than this year's second quarter, due primarily to lower prices for flat rolled and plate steel.  Prices for several key product lines have only recently reversed the downward trajectory that prevailed during the first half of the year due to weather conditions and service center destocking. We expect service center customers will resume more normal market demand-driven buying patterns during the third quarter of 2019.

About Nucor Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.

Forward-Looking StatementsCertain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. The words "believe," "expect," "project," "optimistic," "pessimistic," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including competition from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing steel prices and changes in the supply and cost of raw materials, including scrap steel; (4) market demand for steel products; and (5) energy costs and availability. These and other factors are discussed in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's 2018 Annual Report on Form 10-K, Item 1A. Risk Factors. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.

Broadcast of Conference CallYou are invited to listen to the live broadcast of Nucor's conference call in which management will discuss Nucor's first quarter results on July 18, 2019 at 2:00 p.m. eastern time. The conference call will be available over the Internet at www.nucor.com, under Investor Relations.

 

Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended  TONNAGE DATA 
June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018  (In thousands) 
Steel mills $              578,920 $                    961,784 $   1,268,318 $   1,522,287  Three Months (13 Weeks) Ended   Six Months (26 Weeks) Ended 
Steel products 116,084 155,766 193,517 241,580 June 29, 2019 June 30, 2018 Percentage Change June 29, 2019 June 30, 2018 Percentage Change
Raw materials 21,709 134,995 74,932 209,542 Steel mills total shipments
Corporate/eliminations (182,091) (338,844) (312,529) (543,796) Sheet  2,612 2,784 -6% 5,256 5,482 -4%
$              534,622 $                    913,701 $   1,224,238 $   1,429,613 Bars 2,020 2,374 -15% 4,021 4,616 -13%
Structural 556 626 -11% 1,120 1,227 -9%
Plate 529 560 -6% 1,135 1,156 -2%
Other 83 96 -14% 257 227 13%
5,800 6,440 -10% 11,789 12,708 -7%
Sales tons to outside customers:
Steel mills 4,682 5,078 -8% 9,454 10,094 -6%
Joist 116 114 2% 226 219 3%
Deck 116 116 - 222 222 -
Cold finished 131 149 -12% 274 296 -7%
Fabricated concrete
reinforcing steel 328 337 -3% 587 627 -6%
Piling 164 160 3% 302 286 6%
Tubular products 245 286 -14% 508 570 -11%
Other 942 957 -2% 1,918 1,850 4%
6,724 7,197 -7% 13,491 14,164 -5%

 

 

Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended  TONNAGE DATA  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018  (In thousands)  (In thousands, except per share data)
Steel mills $              578,920 $                    961,784 $   1,268,318 $   1,522,287  Three Months (13 Weeks) Ended   Six Months (26 Weeks) Ended    Three Months (13 Weeks) Ended   Six Months (26 Weeks) Ended
Steel products 116,084 155,766 193,517 241,580 June 29, 2019 June 30, 2018 Percentage Change June 29, 2019 June 30, 2018 Percentage Change
Raw materials 21,709 134,995 74,932 209,542 Steel mills total shipments June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018
Corporate/eliminations (182,091) (338,844) (312,529) (543,796) Sheet  2,612 2,784 -6% 5,256 5,482 -4%
$              534,622 $                    913,701 $   1,224,238 $   1,429,613 Bars 2,020 2,374 -15% 4,021 4,616 -13% Net sales $    5,895,986 $    6,460,774 $ 11,992,610 $ 12,029,193
Structural 556 626 -11% 1,120 1,227 -9%
Plate 529 560 -6% 1,135 1,156 -2% Costs, expenses and other:
Other 83 96 -14% 257 227 13%   Cost of products sold 5,120,492 5,294,184 10,321,224 10,136,197
5,800 6,440 -10% 11,789 12,708 -7%   Marketing, administrative and other expenses 208,980 234,381 389,719 417,341
  Equity in earnings of unconsolidated affiliates (1,138) (10,943) (4,044) (20,523)
Sales tons to outside customers:   Interest expense, net 33,030 29,451 61,473 66,565
Steel mills 4,682 5,078 -8% 9,454 10,094 -6% 5,361,364 5,547,073 10,768,372 10,599,580
Joist 116 114 2% 226 219 3% Earnings before income taxes and
Deck 116 116 - 222 222 - noncontrolling interests 534,622 913,701 1,224,238 1,429,613
Cold finished 131 149 -12% 274 296 -7% Provision for income taxes 122,345 200,086 281,168 335,886
Fabricated concrete Net earnings 412,277 713,615 943,070 1,093,727
reinforcing steel 328 337 -3% 587 627 -6% Earnings attributable to
Piling 164 160 3% 302 286 6% noncontrolling interests 25,794 30,462 54,781 56,395
Tubular products 245 286 -14% 508 570 -11% Net earnings attributable to 
Other 942 957 -2% 1,918 1,850 4% Nucor stockholders $       386,483 $       683,153 $      888,289 $   1,037,332
6,724 7,197 -7% 13,491 14,164 -5%
Net earnings per share:
  Basic $              1.26 $              2.14 $             2.89 $              3.24
  Diluted $              1.26 $              2.13 $             2.88 $              3.23
Average shares outstanding:
  Basic 305,461 318,467 306,017 318,941
  Diluted 305,952 319,391 306,559 319,930

 

 

Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended  TONNAGE DATA  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)  CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 
June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018  (In thousands)  (In thousands, except per share data)  (In thousands) 
Steel mills $              578,920 $                    961,784 $   1,268,318 $   1,522,287  Three Months (13 Weeks) Ended   Six Months (26 Weeks) Ended    Three Months (13 Weeks) Ended   Six Months (26 Weeks) Ended June 29, 2019 Dec. 31, 2018
Steel products 116,084 155,766 193,517 241,580 June 29, 2019 June 30, 2018 Percentage Change June 29, 2019 June 30, 2018 Percentage Change  ASSETS 
Raw materials 21,709 134,995 74,932 209,542 Steel mills total shipments June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018  Current assets: 
Corporate/eliminations (182,091) (338,844) (312,529) (543,796) Sheet  2,612 2,784 -6% 5,256 5,482 -4%  Cash and cash equivalents  $      1,431,792 $     1,398,886
$              534,622 $                    913,701 $   1,224,238 $   1,429,613 Bars 2,020 2,374 -15% 4,021 4,616 -13% Net sales $    5,895,986 $    6,460,774 $ 11,992,610 $ 12,029,193  Short-term investments  50,000 -
Structural 556 626 -11% 1,120 1,227 -9%  Accounts receivable, net  2,399,239 2,505,568
Plate 529 560 -6% 1,135 1,156 -2% Costs, expenses and other:  Inventories, net  4,268,799 4,553,500
Other 83 96 -14% 257 227 13%   Cost of products sold 5,120,492 5,294,184 10,321,224 10,136,197  Other current assets  317,369 178,311
5,800 6,440 -10% 11,789 12,708 -7%   Marketing, administrative and other expenses 208,980 234,381 389,719 417,341
  Equity in earnings of unconsolidated affiliates (1,138) (10,943) (4,044) (20,523)      Total current assets  8,467,199 8,636,265
Sales tons to outside customers:   Interest expense, net 33,030 29,451 61,473 66,565
Steel mills 4,682 5,078 -8% 9,454 10,094 -6% 5,361,364 5,547,073 10,768,372 10,599,580  Property, plant and equipment, net  5,797,513 5,334,748
Joist 116 114 2% 226 219 3% Earnings before income taxes and
Deck 116 116 - 222 222 - noncontrolling interests 534,622 913,701 1,224,238 1,429,613  Goodwill  2,187,825 2,184,336
Cold finished 131 149 -12% 274 296 -7% Provision for income taxes 122,345 200,086 281,168 335,886
Fabricated concrete Net earnings 412,277 713,615 943,070 1,093,727  Other intangible assets, net  786,406 828,504
reinforcing steel 328 337 -3% 587 627 -6% Earnings attributable to
Piling 164 160 3% 302 286 6% noncontrolling interests 25,794 30,462 54,781 56,395  Other assets  887,537 936,735
Tubular products 245 286 -14% 508 570 -11% Net earnings attributable to 
Other 942 957 -2% 1,918 1,850 4% Nucor stockholders $       386,483 $       683,153 $      888,289 $   1,037,332       Total assets  $    18,126,480 $   17,920,588
6,724 7,197 -7% 13,491 14,164 -5%
Net earnings per share:  LIABILITIES 
  Basic $              1.26 $              2.14 $             2.89 $              3.24  Current liabilities: 
  Diluted $              1.26 $              2.13 $             2.88 $              3.23  Short-term debt  $            60,087 $           57,870
 Accounts payable  1,219,792 1,428,191
Average shares outstanding:  Salaries, wages and related accruals  476,255 709,397
  Basic 305,461 318,467 306,017 318,941  Accrued expenses and other current liabilities  624,280 610,842
  Diluted 305,952 319,391 306,559 319,930
      Total current liabilities  2,380,414 2,806,300
 Long-term debt due after one year  4,234,308 4,233,276
 Deferred credits and other liabilities  813,750 679,044
      Total liabilities  7,428,472 7,718,620
 EQUITY 
 Nucor stockholders' equity: 
 Common stock  152,061 152,061
 Additional paid-in capital  2,098,809 2,073,715
 Retained earnings  10,977,950 10,337,445
 Accumulated other comprehensive loss, 
      net of income taxes  (297,760) (304,133)
 Treasury stock  (2,630,343) (2,467,010)
      Total Nucor stockholders' equity  10,300,717 9,792,078
 Noncontrolling interests  397,291 409,890
      Total equity  10,698,008 10,201,968
      Total liabilities and equity  $    18,126,480 $   17,920,588

 

 

Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended  TONNAGE DATA  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)  CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 
June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018  (In thousands)  (In thousands, except per share data)  (In thousands)   (In thousands) 
Steel mills $              578,920 $                    961,784 $   1,268,318 $   1,522,287  Three Months (13 Weeks) Ended   Six Months (26 Weeks) Ended    Three Months (13 Weeks) Ended   Six Months (26 Weeks) Ended June 29, 2019 Dec. 31, 2018 Six Months (26 Weeks) Ended
Steel products 116,084 155,766 193,517 241,580 June 29, 2019 June 30, 2018 Percentage Change June 29, 2019 June 30, 2018 Percentage Change  ASSETS 
Raw materials 21,709 134,995 74,932 209,542 Steel mills total shipments June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018  Current assets:  June 29, 2019 June 30, 2018
Corporate/eliminations (182,091) (338,844) (312,529) (543,796) Sheet  2,612 2,784 -6% 5,256 5,482 -4%  Cash and cash equivalents  $      1,431,792 $     1,398,886
$              534,622 $                    913,701 $   1,224,238 $   1,429,613 Bars 2,020 2,374 -15% 4,021 4,616 -13% Net sales $    5,895,986 $    6,460,774 $ 11,992,610 $ 12,029,193  Short-term investments  50,000 - Operating activities:
Structural 556 626 -11% 1,120 1,227 -9%  Accounts receivable, net  2,399,239 2,505,568 Net earnings  $                       943,070 $                   1,093,727
Plate 529 560 -6% 1,135 1,156 -2% Costs, expenses and other:  Inventories, net  4,268,799 4,553,500 Adjustments:
Other 83 96 -14% 257 227 13%   Cost of products sold 5,120,492 5,294,184 10,321,224 10,136,197  Other current assets  317,369 178,311 Depreciation 321,979 316,402
5,800 6,440 -10% 11,789 12,708 -7%   Marketing, administrative and other expenses 208,980 234,381 389,719 417,341 Amortization 42,748 44,573
  Equity in earnings of unconsolidated affiliates (1,138) (10,943) (4,044) (20,523)      Total current assets  8,467,199 8,636,265 Stock-based compensation 61,260 51,905
Sales tons to outside customers:   Interest expense, net 33,030 29,451 61,473 66,565 Deferred income taxes 57,052 48,181
Steel mills 4,682 5,078 -8% 9,454 10,094 -6% 5,361,364 5,547,073 10,768,372 10,599,580  Property, plant and equipment, net  5,797,513 5,334,748 Distributions from affiliates 27,405 27,453
Joist 116 114 2% 226 219 3% Earnings before income taxes and Equity in earnings of unconsolidated affiliates (4,044) (20,523)
Deck 116 116 - 222 222 - noncontrolling interests 534,622 913,701 1,224,238 1,429,613  Goodwill  2,187,825 2,184,336 Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Cold finished 131 149 -12% 274 296 -7% Provision for income taxes 122,345 200,086 281,168 335,886 Accounts receivable 112,015 (602,414)
Fabricated concrete Net earnings 412,277 713,615 943,070 1,093,727  Other intangible assets, net  786,406 828,504 Inventories 281,119 (676,266)
reinforcing steel 328 337 -3% 587 627 -6% Earnings attributable to Accounts payable (248,671) 367,950
Piling 164 160 3% 302 286 6% noncontrolling interests 25,794 30,462 54,781 56,395  Other assets  887,537 936,735 Federal income taxes (122,358) 208,996
Tubular products 245 286 -14% 508 570 -11% Net earnings attributable to  Salaries, wages and related accruals (220,946) 1,631
Other 942 957 -2% 1,918 1,850 4% Nucor stockholders $       386,483 $       683,153 $      888,289 $   1,037,332       Total assets  $    18,126,480 $   17,920,588 Other operating activities (62,774) 8,977
6,724 7,197 -7% 13,491 14,164 -5%
Net earnings per share:  LIABILITIES  Cash provided by operating activities 1,187,855 870,592
  Basic $              1.26 $              2.14 $             2.89 $              3.24  Current liabilities: 
  Diluted $              1.26 $              2.13 $             2.88 $              3.23  Short-term debt  $            60,087 $           57,870 Investing activities:
 Accounts payable  1,219,792 1,428,191 Capital expenditures (649,947) (361,486)
Average shares outstanding:  Salaries, wages and related accruals  476,255 709,397 Investment in and advances to affiliates (11,170) (73,427)
  Basic 305,461 318,467 306,017 318,941  Accrued expenses and other current liabilities  624,280 610,842 Divestiture of affiliates 67,591 -
  Diluted 305,952 319,391 306,559 319,930 Disposition of plant and equipment 18,396 17,297
      Total current liabilities  2,380,414 2,806,300 Acquisitions (net of cash acquired) (9,495) -
Purchases of investments (50,000) -
 Long-term debt due after one year  4,234,308 4,233,276 Proceeds from the sale of investments - 50,000
Other investing activities 2,176 1,378
 Deferred credits and other liabilities  813,750 679,044
Cash used in investing activities (632,449) (366,238)
      Total liabilities  7,428,472 7,718,620
Financing activities:
 EQUITY  Net change in short-term debt 2,217 6,334
 Nucor stockholders' equity:  Proceeds from long-term debt, net of discount - 995,710
 Common stock  152,061 152,061 Repayments of long-term debt - (500,000)
 Additional paid-in capital  2,098,809 2,073,715 Bond issuance related costs - (7,625)
 Retained earnings  10,977,950 10,337,445 Issuance of common stock 5,892 12,280
 Accumulated other comprehensive loss,  Payment of tax withholdings on certain stock-based compensation (15,446) (19,508)
      net of income taxes  (297,760) (304,133) Distributions to noncontrolling interests (67,380) (40,130)
 Treasury stock  (2,630,343) (2,467,010) Cash dividends (246,474) (243,649)
      Total Nucor stockholders' equity  10,300,717 9,792,078 Acquisition of treasury stock (197,511) (170,315)
Other financing activities (4,346) (3,879)
 Noncontrolling interests  397,291 409,890
Cash (used in) provided by financing activities  (523,048) 29,218
      Total equity  10,698,008 10,201,968
Effect of exchange rate changes on cash 548 3,777
      Total liabilities and equity  $    18,126,480 $   17,920,588
Increase in cash and cash equivalents 32,906 537,349
Cash and cash equivalents - beginning of year 1,398,886 949,104
Cash and cash equivalents - end of three months $                   1,431,792 $                   1,486,453
Non-cash investing activity:
Change in accrued plant and equipment purchases and assets recorded
under capital lease arrangements $                          39,862 $                             1,776

 

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SOURCE Nucor Corporation

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