Nucor (NUE) 10-Q 2011 Q2 Quarterly report

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

	Year-ended December 31,															Six  Months Ended July 2, 2011			Six  Months Ended July 3, 2010
	2006			2007			2008			2009			2010
	(In thousands, except ratios)
Earnings
Earnings/(loss) before income taxes and noncontrolling interests	$	2,911,556		$	2,546,816		$	3,104,391		$	(413,978	)	$	267,115		$	743,542		$	219,609
Plus/(Less): losses/(earnings) from equity investments		17,690			24,618			36,920			82,341			32,082			2,943			25,749
Plus:  fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)		40,351			55,381			146,360			168,317			163,626			93,959			79,053
Plus:  amortization of capitalized interest		216			216			300			962			2,332			1,181			1,116
Plus:  distributed income of equity investees		3,172			8,072			20,117			7,373			4,923			1,147			4,923
Less:  interest capitalized		—			(3,700	)		(10,020	)		(16,390	)		(940	)		(1,555	)		(100	)
Less:  pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges		(219,121	)		(293,604	)		(314,277	)		(57,865	)		(73,110	)		(43,382	)		(25,856	)
Total earnings/(loss) before fixed charges	$	2,753,864		$	2,337,799		$	2,983,791		$	(229,240	)	$	396,028		$	797,835		$	304,494
Fixed charges
Interest cost and amortization of bond issuance and settled swaps	$	40,351		$	55,052		$	144,845		$	166,313		$	162,213		$	93,347		$	78,205
Estimated interest on rent expense		—			329			1,515			2,004			1,413			612			848
Total fixed charges	$	40,351		$	55,381		$	146,360		$	168,317		$	163,626		$	93,959		$	79,053
Ratio of earnings to fixed charges		68.25			42.21			20.39			*			2.42			8.49			3.85

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