OREANDA-NEWS. July 26, 2013. Nucor Corporation (NYSE: NUE) announced consolidated net earnings of USD85.1 million, or USD 0.27 per diluted share, for the second quarter of 2013. By comparison, Nucor reported net earnings of USD 84.8 million, or USD 0.26 per diluted share, in the first quarter of 2013 and net earnings of USD 112.3 million, or USD 0.35 per diluted share, in the second quarter of 2012.  

In the first half of 2013, Nucor reported consolidated net earnings of USD 169.9 million, or USD 0.53 per diluted share, compared with consolidated net earnings of USD 257.4 million, or USD 0.81 per diluted share, in the first half of last year.  

Nucor's results include no charge to value inventories using the last-in, first-out (LIFO) method of accounting in the second quarter of 2013, compared with a charge of USD 18.0 million (USD 0.03 per diluted share) recorded in the first quarter of 2013 and a credit of USD 14.5 million (USD 0.03 per diluted share) recorded in the second quarter of 2012.  As a result, the LIFO charge in the first half of 2013 was USD 18.0 million (USD 0.03 per diluted share), compared with no LIFO charge in the first half of 2012.  Second quarter of 2012 earnings were also affected by non-cash purchase accounting adjustments related to the Skyline acquisition and the elimination of profit associated with our steel mills' sales to Skyline post-acquisition of USD 8.5 million (USD 0.02 per diluted share) and a non-cash impairment charge related to our Duferdofin Nucor S.r.l. joint venture of USD 30.0 million (USD 0.09 per diluted share).

Nucor's consolidated net sales increased 3% to USD 4.67 billion in the second quarter of 2013 compared with USD 4.55 billion in the first quarter of 2013 and decreased 8% compared with \\$5.10 billion in the second quarter of 2012. Average sales price per ton increased slightly from the first quarter of 2013 and decreased 7% from the second quarter of 2012. Total tons shipped to outside customers were 5,839,000 tons in the second quarter of 2013, a 2% increase over the first quarter of 2013 and a decrease of 1% from the second quarter of 2012.  Total second quarter steel mill shipments decreased 3%  from  the  second  quarter  of  2012 and  were  down  1%  from  the  first  quarter of  2013.  Second quarter downstream steel products shipments to outside customers decreased 4% from the second quarter of 2012 and increased 19% over the first quarter of 2013.

In the first half of 2013, Nucor's consolidated net sales decreased 9% to USD 9.22 billion, compared with USD 10.18 billion in last year's first half. Total tons shipped to outside customers decreased 3% from the first half of 2012, while average sales price per ton decreased 7%.

The average scrap and scrap substitute cost per ton used in the second quarter of 2013 was USD 377, a slight decrease from USD 379 in the first quarter of 2013 and a decrease of 12% from USD 427 in the second quarter of 2012. The average scrap and scrap substitute cost per ton used in the first half of 2013 was USD 378, a decrease of 13% from USD 436 in the first half of 2012.

Overall operating rates at our steel mills in the second quarter (73%) were up slightly from the first quarter (72%) and decreased from last year's second quarter (76%).  Steel mill utilization decreased from 77% in the first half of 2012 to 73% in the first half of 2013.  

Construction is nearing completion on our 2,500,000-ton DRI facility in Louisiana. We are on schedule for completion of construction and beginning of start-up late in the third quarter of 2013.   

Our liquidity position remains solid with USD 749.2 million in cash and cash equivalents, short-term investments, and restricted cash and an untapped USD 1.5 billion revolving credit facility that does not expire until December 2016.  In addition, cash flow from operations continues to be strong and was \\$485.0 million through the second quarter of 2013.

In June, Nucor's board of directors declared a cash dividend of USD 0.3675 per share payable on August 9, 2013 to stockholders of record on June 28, 2013.  This dividend is Nucor's 161st consecutive quarterly cash dividend, a record we expect to continue.