Nucor (NUE) 10-Q 2012 Q1 Quarterly report

Exhibit 12

Nucor Corporation

2012 Form 10-Q

Computation of Ratio of Earnings to Fixed Charges

	Year-ended December 31,															Three Months Ended March  31, 2012			Three Months Ended April  2, 2011
	2007			2008			2009			2010			2011
	(In thousands, except ratios)
Earnings
Earnings/(loss) before income taxes and noncontrolling interests	$	2,546,816		$	3,104,391		$	(413,978	)	$	267,115		$	1,251,812		$	225,062		$	266,255
Plus/(Less): losses/(earnings) from equity investments		24,618			36,920			82,341			32,082			10,043			6,674			4,210
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)		55,381			146,360			168,317			163,626			183,541			47,208			46,972
Plus: amortization of capitalized interest		216			300			962			2,332			2,724			872			589
Plus: distributed income of equity investees		8,072			20,117			7,373			4,923			3,883			3,884			—
Less: interest capitalized		(3,700	)		(10,020	)		(16,390	)		(940	)		(3,509	)		(1,982	)		(1,032	)
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges		(293,604	)		(314,277	)		(57,865	)		(73,110	)		(83,591	)		(18,308	)		(22,231	)
Total earnings/(loss) before fixed charges	$	2,337,799		$	2,983,791		$	(229,240	)	$	396,028		$	1,364,903		$	263,410		$	294,763
Fixed charges
Interest cost and amortization of bond issuance and settled swaps	$	55,052		$	144,845		$	166,313		$	162,213		$	182,321		$	46,963		$	46,665
Estimated interest on rent expense		329			1,515			2,004			1,413			1,220			245			307
Total fixed charges	$	55,381		$	146,360		$	168,317		$	163,626		$	183,541		$	47,208		$	46,972
Ratio of earnings to fixed charges		42.21			20.39			*			2.42			7.44			5.58			6.28

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