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27 Jan 2012 Last updated at 02:54:28 GMT
Nucor net earnings surge five fold in 2011
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CHARLOTTE, N.C (Scrap Monster): Nucor Corporation - the largest U.S. steelmaker by market value - had a consolidated net earnings of $778.2 million, or $2.45 per diluted share, for the full year 2011, an increase of more than fivefold over net earnings of $134.1 million, or $0.42 per diluted share for the full year 2010.
Nucor reported consolidated net earnings of $137.1 million, or $0.43 per diluted share, for the fourth quarter of 2011, compared with a net loss of $11.4 million, or $0.04 per diluted share, in the fourth quarter of 2010 and net earnings of $181.5 million, or $0.57 per diluted share, in the third quarter of 2011.
For the full year 2011, Nucor's consolidated net sales increased 26% to $20.02 billion, compared with $15.84 billion for 2010. Average sales price per ton increased 21% from full year 2010. Total tons shipped to outside customers were 23,044,000 tons, an increase of 5% over 2010 levels.
Nucor's consolidated net sales decreased 8% to $4.83 billion in the fourth quarter of 2011 compared with$5.25 billion in the third quarter of 2011 and increased 25% compared with $3.85 billion in the fourth quarter of 2010. Average sales price per ton decreased 6% from the third quarter of 2011 and increased 18% from the fourth quarter of 2010.
Total tons shipped to outside customers were 5,683,000 tons in the fourth quarter of 2011, a decrease of 2% from the third quarter of 2011 and an increase of 7% over last year's fourth quarter.
The average scrap and scrap substitute cost per ton used for the full year 2011 was $439, an increase of 25% over $351 in 2010. The average scrap and scrap substitute cost per ton used in the fourth quarter of 2011 was $441, a decrease of 2% from $449 in the third quarter and an increase of 23% over $359 in the fourth quarter of 2010.
Overall operating rates at steel mills were 74% for the full year 2011, increasing from 70% in 2010 and 54% in 2009. Steel mill utilization rates for the fourth quarter of 2011 (71%) decreased from the third quarter (74%) and increased from last year's fourth quarter (68%).
In December, Nucor's board of directors increased the quarterly cash dividend to $0.365 per share. The dividend is payable on February 10, 2012 to stockholders of record on December 30, 2011 and is Nucor's 155th consecutive quarterly cash dividend. Nucor continues a record of 39 consecutive years of increases to its regular dividend.
Nucor reported consolidated net earnings of $137.1 million, or $0.43 per diluted share, for the fourth quarter of 2011, compared with a net loss of $11.4 million, or $0.04 per diluted share, in the fourth quarter of 2010 and net earnings of $181.5 million, or $0.57 per diluted share, in the third quarter of 2011.
For the full year 2011, Nucor's consolidated net sales increased 26% to $20.02 billion, compared with $15.84 billion for 2010. Average sales price per ton increased 21% from full year 2010. Total tons shipped to outside customers were 23,044,000 tons, an increase of 5% over 2010 levels.
Nucor's consolidated net sales decreased 8% to $4.83 billion in the fourth quarter of 2011 compared with$5.25 billion in the third quarter of 2011 and increased 25% compared with $3.85 billion in the fourth quarter of 2010. Average sales price per ton decreased 6% from the third quarter of 2011 and increased 18% from the fourth quarter of 2010.
Total tons shipped to outside customers were 5,683,000 tons in the fourth quarter of 2011, a decrease of 2% from the third quarter of 2011 and an increase of 7% over last year's fourth quarter.
The average scrap and scrap substitute cost per ton used for the full year 2011 was $439, an increase of 25% over $351 in 2010. The average scrap and scrap substitute cost per ton used in the fourth quarter of 2011 was $441, a decrease of 2% from $449 in the third quarter and an increase of 23% over $359 in the fourth quarter of 2010.
Overall operating rates at steel mills were 74% for the full year 2011, increasing from 70% in 2010 and 54% in 2009. Steel mill utilization rates for the fourth quarter of 2011 (71%) decreased from the third quarter (74%) and increased from last year's fourth quarter (68%).
In December, Nucor's board of directors increased the quarterly cash dividend to $0.365 per share. The dividend is payable on February 10, 2012 to stockholders of record on December 30, 2011 and is Nucor's 155th consecutive quarterly cash dividend. Nucor continues a record of 39 consecutive years of increases to its regular dividend.
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