On Tuesday, Nucor Corporation announced net earnings of $504.6 million for the full year 2012, down from $778.2 million in 2011. Meanwhile, Q4 2012 income totaled $136.9 million, down slightly from net earnings of $137.1 million in Q4 2011 but up from $110.3 million in Q3 2012.
For the full year 2012, Nucor's consolidated net sales decreased 3 percent to $19.43 billion, compared with $20.02 billion for 2011. The average sales price per ton decreased 3 percent from full year 2011. Total tons shipped to outside customers were 23,092,000 tons, a slight increase from 2011 levels.
Nucor said the average scrap and scrap substitute cost per ton used for the full year 2012 was $407, down 7 percent from $439 per ton in 2011. Additionally, overall operating rates were 74 percent at Nucor steelmaking facilities, little changed from 2011 but an increase from 70 percent in 2010. Steel mill utilization rates in Q4 2012 (71 percent) were flat compared with Q3 and Q4 2011.
Nucor's President and CEO John Ferriola commented that there have yet to be signs of a meaningful economic recovery and the company expects to see Q1 2013 earnings below Q4 2012 results. "Construction markets are showing some small improvement but remain at historically anemic levels. The strongest end markets continue to be manufactured goods including automotive, energy and heavy equipment. High import levels, volatility in raw material costs and general economic uncertainty are all factors that could undermine our expectations."
