Nucor (NUE) 10-Q 2010 Q2 Quarterly report

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

	Year-ended December 31,															Six Months  Ended July 3, 2010
	2005			2006			2007			2008			2009
	(In thousands, except ratios)
Earnings
Earnings/(loss) before income taxes and noncontrolling interests	$	2,137,733		$	2,911,556		$	2,546,816		$	3,104,391		$	(413,978	)	$	219,609
Plus/(Less): losses/(earnings) from equity investments		(476	)		17,690			24,618			36,920			82,341			25,749
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)		36,571			40,351			55,381			146,360			168,317			79,053
Plus: amortization of capitalized interest		216			216			216			300			962			1,116
Plus: distributed income of equity investees		—			3,172			8,072			20,117			7,373			4,923
Less: interest capitalized		—			—			(3,700	)		(10,020	)		(16,390	)		(100	)
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges		(110,650	)		(219,121	)		(293,604	)		(314,277	)		(57,865	)		(25,856	)
Total earnings/(loss) before fixed charges	$	2,063,394		$	2,753,864		$	2,337,799		$	2,983,791		$	(229,240	)	$	304,494
Fixed charges
Interest cost and amortization of bond issuance and settled swaps		36,571			40,351			55,052			144,845			166,313			78,205
Estimated interest on rent expense		—			—			329			1,515			2,004			848
Total Fixed Charges		36,571			40,351			55,381			146,360			168,317			79,053
Ratio of earnings to fixed charges		56.42			68.25			42.21			20.39			*			3.85

* Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557.