Nucor Reports 2002 Results
Feb 4, 2003
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Steel supplier and recycler Nucor Corporation reported that consolidated net sales for 2002 increased 10 percent to $4,568,300,000, compared with U.S. $4,139,200,000 in 2001.

Average sales price per ton increased less than 1 percent while total tons shipped to outside customers increased 10 percent. Nucor's consolidated net earnings for the current year increased 43 percent to $162,100,000 ($2.07 per share), compared with $113,000,000 ($1.45 per share) in 2001.

Nucor established new quarterly and annual tonnage records for steel production, total steel shipments and steel shipments to outside customers in 2002. In 2002, steel production was 13,622,000 tons, compared with 12,316,000 tons produced in 2001. Total steel shipments were 13,438,000 tons in 2002, compared with 12,141,000 tons a year earlier. Steel sales to outside customers were 12,314,000 tons in 2002, compared with 11,032,000 tons in 2001. Cold finished steel sales were 226,000 tons in 2002, compared with 203,000 tons in the year earlier period.

During December of 2002, Nucor completed the purchase of substantially all of the assets of Birmingham Steel Corporation for a cash purchase price of approximately $615,000,000, including $116,900,000 in inventory and receivables. Primary assets included in the purchase were four U.S. operating mills with an estimated combined annual capacity of approximately 2,000,000 tons.

Start-up continues at Nucor Steel Decatur, LLC (formerly Trico Steel Company, LLC), a new flat-rolled steel mill located in Decatur, AL, U.S. The facility produced its first heat and cast its first slabs in mid-September, 2002, and is now consistently producing hot-rolled coils and pickled and oiled product for outside customers.

Start-up also continues at Nucor's new facility that uses the Castrip(R) technology in Crawfordsville, IN, U.S. The company said it has produced prime, salable coils and has shipped approximately 6,000 tons.

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