OREANDA-NEWS. February 05, 2014. Nucor Corporation (NYSE: NUE) announced consolidated net earnings of USD 488.0 million, or USD 1.52 per diluted share, for the full year 2013, compared with consolidated net earnings of USD 504.6 million, or USD 1.58 per diluted share, for the full year 2012. 

Nucor reported consolidated net earnings of USD 170.5 million, or USD 0.53 per diluted share, for the fourth quarter of 2013. By comparison, Nucor reported net earnings of USD 147.6 million, or USD 0.46 per diluted share, in the third quarter of 2013 and net earnings of USD 136.9 million, or USD 0.43 per diluted share, in the fourth quarter of 2012. 

Nucor incurred a charge to value inventories using the last-in, first-out (LIFO) method of accounting of USD 17.4 million (USD 0.04 per diluted share) for both the full year of 2013 and the fourth quarter of 2013.  These charges are compared with a credit of USD 155.9 million (USD 0.31 per diluted share) for the full year 2012, a credit of USD 18.0 million (USD 0.03 per diluted share) in the third quarter of 2013 and a credit of USD 71.9 million (USD 0.14 per diluted share) recorded in the fourth quarter of 2012. 

The fourth quarter and full year 2013 results were impacted by an out-of-period non-cash gain of USD 21.3 million (USD 0.07 per diluted share) related to a correction to deferred tax balances. 

Third quarter of 2013 results included a net USD 14.0 million (USD 0.03 per diluted share) partial write down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish.  Fourth quarter of 2012 earnings were affected by non-cash inventory purchase accounting adjustments following the acquisition of Skyline Steel LLC in June of 2012 of USD 12.0 million (USD 0.02 per diluted share).  The full year 2012 Skyline purchase accounting charges were approximately USD 48.8 million (USD 0.10 per diluted share).  USD 17.6 million (USD 0.04 per diluted share) loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc. was also incurred in 2012.

For the full year 2013, Nucor's consolidated net sales decreased 2% to USD 19.05 billion, compared with \\$ USD 19.43 billion for 2012.  Average sales price per ton decreased 5% from full year 2012.  Total tons shipped to outside customers were 23,730,000 tons, an increase of 3% from 2012 levels.

Nucor's consolidated net sales decreased 1% to USD 4.89 billion in the fourth quarter of 2013 compared with USD 4.94 billion in the third quarter of 2013 and increased 10% compared with USD 4.45 billion in the fourth quarter of 2012. Average sales price per ton increased 1% over the third quarter of 2013 and remained flat when compared with the fourth quarter of 2012. Total tons shipped to outside customers were 6,019,000 tons in the fourth quarter of 2013, a 2% decrease from the third quarter of 2013 and a 10% increase over the fourth quarter of 2012.  Total fourth quarter steel mill shipments decreased 3%  from  the  third  quarter  of  2013 and  increased  9%  over  the fourth quarter of  2012.  Fourth quarter downstream steel products shipments to outside customers decreased 6% from the third quarter of 2013 and increased 3% over the fourth quarter of 2012.

The average scrap and scrap substitute cost per ton used for the full year 2013 was USD 376, a decrease of 8% from USD 407 in 2012.  The average scrap and scrap substitute cost per ton used in the fourth quarter of 2013 was USD 377, an increase of 1% over USD 372 in both the third quarter of 2013 and the fourth quarter of 2012.

Overall operating rates at our steel mills were 74% for the full year 2013, which is consistent with 2012 and 2011.  Steel mill utilization rates in the fourth quarter (75%) were down from the third quarter (78%), but up from last year's fourth quarter (71%).