ANALYSIS OF
OPERATIONS
AND FINANCES
OPERATIONS
The increases in 1993 and 1992 sales resulted primarily from increased volume.
Substantially all of the decrease in 1991 sales resulted from decreased sales
prices. The major component of cost of products sold is raw material costs. The
average price of raw materials increased by 15% in 1993, decreased by less than
5% in 1992, and decreased about 10% in 1991. The major components of marketing,
administrative and other expenses are freight and profit sharing costs. Unit
freight costs decreased by about 5% in 1993, decreased by less than 5% in 1992,
and increased by about 5% in 1991. Profit sharing costs increased by about 70%
in 1993, increased by about 60% in 1992, and decreased about 40% in 1991. Profit
sharing costs are based upon and fluctuate with pre-tax earnings.
Interest expense is reduced by interest income from short-term investments.
The 1993 and 1992 increases resulted from increased borrowings. The 1991
decrease resulted primarily from decreased borrowings.
The statutory rate for federal income taxes was 35% in 1993 and 34% in 1992
and 1991.
The increase in 1993 net earnings resulted primarily from increased sales and
margins, due to increased sales volume and increased average prices. The
increase in 1992 earnings resulted primarily from increased sales and margins,
due largely to increased sales volume. The decrease in 1991 net earnings
resulted from decreased sales and margins, due largely to decreased average
sales prices.
LIQUIDITY AND
CAPITAL RESOURCES
In 1993, working capital increased about 7% to $118 million due primarily to
increased earnings and a decrease in capital expenditures. The current ratio was
1.3 in 1993, 1.4 in 1992, and 1.5 in 1991.
The increase in 1993 inventories was due primarily to increased prices. The
increase in 1992 inventories was due primarily to new facilities. The increase
in 1991 inventories was due to large planned increases in the quantity of raw
materials, and quantity increases in finished products due to increased steel
production levels and customers requirements for just-in-time deliveries.
Capital expenditures were $364 million in 1993, $379 million in 1992, and $218
million in 1991. Capital expenditures are currently projected to be more than
$200 million in 1994. Funds provided from operations, existing credit facilities
and new borrowings are expected to be adequate to meet future capital
expenditure and working capital requirements.
Net long-term debt borrowings were $106 million in 1993, compared with $172
million in 1992, and $44 in 1991. Unused long-term credit facilities total $270
million at the end of 1993 ($169 million of which support outstanding short-term
notes). The percentage of long-term debt to total capital was 25% in 1993, 21%
in 1992, and 8% in 1991.
12

SIX-YEAR 1993 1992 1991 1990 1989
FINANCIAL REVIEW
FOR THE YEAR
Net sales............................ $ 2,253,738,311 $ 1,619,234,876 $ 1,465,456,566 $ 1,481,630,011 $ 1,269,007,472
Costs and expenses:
Cost of products sold.............. 1,965,847,476 1,417,376,345 1,302,744,052 1,293,082,950 1,105,248,906
Marketing, administrative
and other expenses............... 87,582,891 76,796,340 66,986,699 70,461,830 66,990,065
Interest expense (income).......... 13,198,337 7,736,488 (90,684) 6,869,970 11,132,657
2,066,628,704 1,501,909,173 1,369,640,067 1,370,414,750 1,183,371,628
Earnings from operations
before federal income taxes........ 187,109,607 117,325,703 95,816,499 111,215,261 85,635,844
Federal income taxes................. 63,600,000 38,100,000 31,100,000 36,150,000 27,800,000
Earnings from operations............. 123,509,607 79,225,703 64,716,499 75,065,261 57,835,844
Gain on sale of subsidiary........... -- -- -- -- --
Net earnings......................... 123,509,607 79,225,703 64,716,499 75,065,261 57,835,844
Earnings per share:
Earnings per share
from operations.................. 1.42 .92 .75 .88 .68
Gain per share
on sale of subsidiary............ -- -- -- -- --
Net earnings per share............. 1.42 .92 .75 .88 .68
Dividends declared per share......... .16 .14 .13 .12 .11
Percentage of earnings
from operations to sales........... 5.5% 4.9% 4.4% 5.1% 4.6%
Percentage of earnings from
operations to average equity....... 14.6% 10.6% 9.5% 12.1% 10.4%
Capital expenditures................. 364,160,462 379,124,386 217,721,085 56,753,994 130,200,982
Depreciation......................... 122,265,448 97,779,468 93,577,626 84,960,263 76,571,240
Sales per employee................... 384,105 283,455 264,046 271,859 241,716
AT YEAR END
Current assets....................... $468,231,882 $381,616,740 $334,293,244 $312,637,486 $280,033,934
Current liabilities.................. 350,490,781 271,971,686 229,166,248 202,789,294 193,560,545
Working capital...................... 117,741,101 109,645,054 105,126,996 109,848,192 86,473,389
Current ratio...................... 1.3 1.4 1.5 1.5 1.4
Property, plant and equipment........ 1,361,036,440 1,125,765,515 847,283,554 723,248,574 753,797,578
Total assets......................... 1,829,268,322 1,507,382,255 1,181,576,798 1,035,886,060 1,033,831,512
Long-term debt....................... 352,250,000 246,750,000 72,778,000 28,777,000 155,981,500
Percentage of debt to capital...... 25.2% 21.1% 8.0% 3.7% 19.0%
Stockholders' equity................. 902,166,939 784,230,713 711,608,991 652,757,216 584,445,479
Per share.......................... 10.36 9.04 8.23 7.59 6.83
Shares outstanding................... 87,073,478 86,736,700 86,417,804 85,950,696 85,598,480
Stockholders......................... 33,000 29,000 27,000 27,000 25,000
Employees............................ 5,900 5,800 5,600 5,500 5,400

SIX-YEAR 1988

FINANCIAL REVIEW
FOR THE YEAR
Net sales............................ $ 1,061,364,009
Costs and expenses:
Cost of products sold.............. 889,140,323
Marketing, administrative
and other expenses............... 62,083,752
Interest expense (income).......... 2,558,914
953,782,989
Earnings from operations
before federal income taxes........ 107,581,020
Federal income taxes................. 36,700,000
Earnings from operations............. 70,881,020
Gain on sale of subsidiary........... 38,558,822
Net earnings......................... 109,439,842
Earnings per share:
Earnings per share
from operations.................. .84
Gain per share
on sale of subsidiary............ .45
Net earnings per share............. 1.29
Dividends declared per share......... .10
Percentage of earnings
from operations to sales........... 6.7%
Percentage of earnings from
operations to average equity....... 15.4%
Capital expenditures................. 345,632,411
Depreciation......................... 56,264,631
Sales per employee................... 218,838
AT YEAR END
Current assets....................... $247,758,616
Current liabilities.................. 216,107,302
Working capital...................... 31,651,314
Current ratio...................... 1.1
Property, plant and equipment........ 701,903,094
Total assets......................... 949,661,710
Long-term debt....................... 113,248,500
Percentage of debt to capital...... 15.8%
Stockholders' equity................. 532,281,449
Per share.......................... 6.25
Shares outstanding................... 85,150,764
Stockholders......................... 28,000
Employees............................ 5,100

Year Ended
CONSOLIDATED STATEMENTS OF EARNINGS December 31, 1993 1992

Net sales....................................................................... $2,253,738,311 $1,619,234,876
Costs and expenses:
Cost of products sold......................................................... 1,965,847,476 1,417,376,345
Marketing, administrative and other expenses.................................. 87,582,891 76,796,340
Interest expense (income) (Note 7)............................................ 13,198,337 7,736,488
2,066,628,704 1,501,909,173
Earnings before federal income taxes............................................ 187,109,607 117,325,703
Federal income taxes (Note 8)................................................. 63,600,000 38,100,000
Net earnings.................................................................... $ 123,509,607 $ 79,225,703
Net earnings per share (Note 6)............................................... $ 1.42 $ .92

CONSOLIDATED STATEMENTS OF EARNINGS 1991

Net sales....................................................................... $1,465,456,566
Costs and expenses:
Cost of products sold......................................................... 1,302,744,052
Marketing, administrative and other expenses.................................. 66,986,699
Interest expense (income) (Note 7)............................................ (90,684)
1,369,640,067
Earnings before federal income taxes............................................ 95,816,499
Federal income taxes (Note 8)................................................. 31,100,000
Net earnings.................................................................... $ 64,716,499
Net earnings per share (Note 6)............................................... $ .75

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Treasury
Stock
Additional (AT
Common Stock Paid-in Retained COST)
Capital Earnings
Shares Amount
Shares

Balance, December 31, 1990............ 22,039,436 $ 8,815,775 $37,669,232 $624,662,995 551,762
Net earnings in 1991.................. 64,716,499
Employee stock options................ 107,716 43,086 4,563,294
Employee stock compensation
and service awards.................. 4,141 1,656 581,816 (4,920)
Cash dividends ($.13 per share)....... (11,218,552)
Balance, December 31, 1991............ 22,151,293 8,860,517 42,814,342 678,160,942 546,842
Net earnings in 1992.................. 79,225,703
2-for-1 stock split................... 22,186,131 8,874,452 (8,874,452) 545,532
Employee stock options................ 111,726 44,691 4,476,934
Employee stock compensation
and service awards.................. 10,787 4,315 997,390 (3,235)
Treasury stock acquired............... 2,448
Cash dividends ($.14 per share)....... (12,126,849)
Balance, December 31, 1992............ 44,459,937 17,783,975 39,414,214 745,259,796 1,091,587
Net earnings in 1993.................. 123,509,607
2-for-1 stock split................... 44,576,836 17,830,734 (17,830,734) 1,088,717
Employee stock options................ 171,895 68,758 5,615,506
Employee stock compensation
and service awards.................. 44,388 17,755 2,714,691 (6,090)
Treasury stock acquired............... 5,364
Cash dividends ($.16 per share)....... (13,911,932)
BALANCE, DECEMBER 31, 1993............ 89,253,056 $35,701,222 $29,913,677 $854,857,471 2,179,578

Amount

Balance, December 31, 1990............ $18,390,786
Net earnings in 1991..................
Employee stock options................
Employee stock compensation
and service awards.................. (163,976)
Cash dividends ($.13 per share).......
Balance, December 31, 1991............ 18,226,810
Net earnings in 1992..................
2-for-1 stock split...................
Employee stock options................
Employee stock compensation
and service awards.................. (75,750)
Treasury stock acquired............... 76,212
Cash dividends ($.14 per share).......
Balance, December 31, 1992............ 18,227,272
Net earnings in 1993..................
2-for-1 stock split...................
Employee stock options................
Employee stock compensation
and service awards.................. (87,647)
Treasury stock acquired............... 165,806
Cash dividends ($.16 per share).......
BALANCE, DECEMBER 31, 1993............ $18,305,431

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
14

CONSOLIDATED BALANCE SHEETS December 31, 1993

ASSETS
Current assets:
Cash and short-term investments...................................... $ 27,254,817
Accounts receivable (Note 2)......................................... 202,176,241
Inventories (Note 3)................................................. 215,014,570
Other current assets................................................. 23,786,254
Total current assets............................................... 468,231,882
Property, plant and equipment (Note 4)................................. 1,361,036,440
$1,829,268,322
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Long-term debt due within one year................................... $ 200,000
Accounts payable..................................................... 165,734,528
Federal income taxes................................................. 14,267,152
Salaries, wages and related accruals................................. 60,892,849
Accrued expenses and other current liabilities....................... 109,396,252
Total current liabilities.......................................... 350,490,781
Long-term debt due after one year (Note 5)............................. 352,250,000
Deferred credits and other liabilities (Note 8)........................ 81,273,098
Minority interest...................................................... 143,087,504
Stockholders' equity (Note 6):
Common stock......................................................... 35,701,222
Additional paid-in capital........................................... 29,913,677
Retained earnings.................................................... 854,857,471
920,472,370
Treasury stock....................................................... (18,305,431)
902,166,939
$1,829,268,322
CONSOLIDATED BALANCE SHEETS December 31, 1992

ASSETS
Current assets:
Cash and short-term investments...................................... $ 25,547,284
Accounts receivable (Note 2)......................................... 132,143,346
Inventories (Note 3)................................................. 206,404,782
Other current assets................................................. 17,521,328
Total current assets............................................... 381,616,740
Property, plant and equipment (Note 4)................................. 1,125,765,515
$1,507,382,255
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Long-term debt due within one year................................... $ 200,000
Accounts payable..................................................... 119,295,665
Federal income taxes................................................. 10,458,661
Salaries, wages and related accruals................................. 48,673,221
Accrued expenses and other current liabilities....................... 93,344,139
Total current liabilities.......................................... 271,971,686
Long-term debt due after one year (Note 5)............................. 246,750,000
Deferred credits and other liabilities (Note 8)........................ 63,933,795
Minority interest...................................................... 140,496,061
Stockholders' equity (Note 6):
Common stock......................................................... 17,783,975
Additional paid-in capital........................................... 39,414,214
Retained earnings.................................................... 745,259,796
802,457,985
Treasury stock....................................................... (18,227,272)
784,230,713
$1,507,382,255

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
15

Year Ended
CONSOLIDATED STATEMENTS December 31, 1993 1992
OF CASH FLOWS

OPERATING ACTIVITIES:
Net earnings.......................................................... $123,509,607 $ 79,225,703
Adjustments:
Depreciation of plant and equipment................................. 122,265,448 97,779,468
Deferred federal income taxes....................................... 1,000,000 (3,000,000)
Minority interest................................................... 9,746,423 23,173,403
Changes in:
Accounts receivable............................................... (70,032,895) (22,684,906)
Inventories....................................................... (8,609,788) (20,329,998)
Accounts payable.................................................. 46,438,863 25,534,006
Federal income taxes.............................................. 3,808,491 (610,828)
Other............................................................. 43,666,916 26,322,635
Cash provided by operating activities................................. 271,793,065 205,409,483
INVESTING ACTIVITIES:
Capital expenditures.................................................. (364,160,462) (379,124,386)
Disposition of plant and equipment.................................... 1,303,291 2,124,131
Cash (used in) investing activities................................... (362,857,171) (377,000,255)
FINANCING ACTIVITIES:
New long-term debt.................................................... 105,700,000 183,900,000
Reduction in long-term debt........................................... (200,000) (11,727,000)
Issuance of common stock.............................................. 8,504,357 5,599,080
Distributions to minority interest.................................... (7,154,980) (6,725,740)
Cash dividends........................................................ (13,911,932) (12,126,849)
Acquisition of treasury stock......................................... (165,806) (76,212)
Cash provided by financing activities................................. 92,771,639 158,843,279
INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS.................. 1,707,533 (12,747,493)
CASH AND SHORT-TERM INVESTMENTS -- BEGINNING OF YEAR.................... 25,547,284 38,294,777
CASH AND SHORT-TERM INVESTMENTS -- END OF YEAR.......................... $ 27,254,817 $ 25,547,284

CONSOLIDATED STATEMENTS 1991
OF CASH FLOWS

OPERATING ACTIVITIES:
Net earnings.......................................................... $ 64,716,499
Adjustments:
Depreciation of plant and equipment................................. 93,577,626
Deferred federal income taxes....................................... (4,000,000)
Minority interest................................................... 26,114,147
Changes in:
Accounts receivable............................................... 14,797,558
Inventories....................................................... (49,431,039)
Accounts payable.................................................. 11,540,063
Federal income taxes.............................................. 418,594
Other............................................................. 15,662,629
Cash provided by operating activities................................. 173,396,077
INVESTING ACTIVITIES:
Capital expenditures.................................................. (217,721,085)
Disposition of plant and equipment.................................... 547,182
Cash (used in) investing activities................................... (217,173,903)
FINANCING ACTIVITIES:
New long-term debt.................................................... 46,000,000
Reduction in long-term debt........................................... (2,204,500)
Issuance of common stock.............................................. 5,353,828
Distributions to minority interest.................................... (7,506,800)
Cash dividends........................................................ (11,218,552)
Acquisition of treasury stock......................................... --
Cash provided by financing activities................................. 30,423,976
INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS.................. (13,353,850)
CASH AND SHORT-TERM INVESTMENTS -- BEGINNING OF YEAR.................... 51,648,627
CASH AND SHORT-TERM INVESTMENTS -- END OF YEAR.......................... $ 38,294,777

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 1993, 1992, and 1991
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Nucor is a manufacturer of steel products.
The consolidated financial statements include Nucor and all of its
subsidiaries. The minority interest in operations of the 51%-owned subsidiary is
included in cost of products sold. All significant intercompany transactions are
eliminated.
Short-term investments are recorded at cost plus accrued interest, which
approximates market, and generally will be converted into cash within three
months.
Inventories are stated at the lower of cost or market. Cost is determined
principally using the last-in, first-out (LIFO) method of accounting.
Property, plant and equipment are stated at cost. Depreciation is provided on
a straight-line basis over the estimated useful lives of the assets.
Federal income taxes are provided using the liability method.
The 1992 financial statements have been reclassified to conform with the 1993
presentation.
2. ACCOUNTS RECEIVABLE:
Accounts receivable are stated net of the allowance for doubtful accounts of
$10,384,904 in 1993 ($6,769,608 in 1992).
3. INVENTORIES:
Inventories consist of approximately 50% raw materials and supplies, and 50%
finished and semi-finished products in 1993 (40% and 60% in 1992). Inventories
valued on the last-in, first-out (LIFO) method of accounting represent
approximately 85% of total inventories in 1993 (75% in 1992). If the first-in,
first-out (FIFO) method of accounting had been used instead of the last-in,
first-out (LIFO) method, inventories would have been $67,127,821 higher in 1993
($29,631,284 higher in 1992).
4. PROPERTY, PLANT AND EQUIPMENT:

December 31, 1993 1992
Land and improvements............. $ 41,284,126 $ 32,819,257
Buildings and improvements........ 180,981,457 154,901,145
Plant machinery and equipment..... 1,470,395,388 1,254,990,986
Office and
transportation equipment......... 15,769,859 18,737,828
Construction in process
and equipment deposits........... 112,557,891 112,651,423
1,820,988,721 1,574,100,639
Less accumulated depreciation..... 459,952,281 448,335,124
$1,361,036,440 $1,125,765,515

The average annual depreciation rate was 8.2% in 1993 (8.1% in 1992 and 8.7%
in 1991).
Nucor is constructing major expansions to its two sheet steel mills, and is
constructing a new facility to produce iron carbide. These projects are expected
to cost approximately an additional $75,000,000 to complete and to be
operational in 1994.
5. LONG-TERM DEBT AND FINANCING ARRANGEMENTS:

December 31, 1993 1992
Short-term notes.................. $169,000,000 $191,000,000
Industrial revenue bonds,
3.1% to 8%,
due from 1995 to 2023............ 83,250,000 51,250,000
Notes of 51%-owned subsidiary..... 100,000,000 4,500,000
$352,250,000 $246,750,000

Ten banks are committed to lend Nucor a total of $270,000,000 (nothing has
been borrowed), with borrowings repayable in 1999. Seven banks are committed to
lend Nucor's 51%-owned subsidiary a total of $100,000,000 due in 1999, at
variable short-term interest rates ($100,000,000 has been borrowed at a current
average interest rate of 3.7%). These commitments cannot be withdrawn unless
there is non-compliance under the loan agreements.
Nucor's financing arrangements are long-term commitments which provide the
ability to refinance the short-term notes. Since Nucor intends to refinance
these notes, they are classified as long-term debt. The current average interest
rate on Nucor's short-term notes is 3.3%.
Annual aggregate long-term debt maturities are: $250,000 in 1995; $150,000 in
1996; $750,000 in 1997; and $1,250,000 in 1998.
6. CAPITAL STOCK:
The par value of Nucor's common stock is $.40 per share and there are
100,000,000 shares authorized.
Nucor's Key Employees' Incentive Stock Option Plans provide that common stock
options may be granted to key employees and officers at 100% of the market value
on the date of the grant. During 1993, options were granted for 138,381 shares
(190,804 in 1992 and 213,968 in 1991); and options for 3,445 shares (9,164 in
1992 and 12,460 in 1991) expired or were canceled. At December 31, 1993, options
for 636,374 shares (790,232 in 1992 and 901,720 in 1991) were outstanding at an
aggregate price of $15,560,596 ($14,010,507 in 1992 and $13,127,463 in 1991);
options for 569,718 shares (698,176 in 1992 and 792,120 in 1991) were
exercisable; and 1,949,472 shares (2,084,408 in 1992 and 2,272,708 in 1991) were
reserved for future grants.
250,000 shares of preferred stock, par value of $4.00 per share, are
authorized, with preferences, rights and restrictions as may be fixed by Nucor's
Board of Directors. No shares of preferred stock have been issued since their
authorization in 1964.
Nucor's earnings per share of common stock are based on 86,909,345 average
shares outstanding in 1993 (86,584,130 in 1992 and 86,239,732 in 1991), and
would not be materially affected if all employee stock options were exercised.
Net earnings per share, average shares outstanding, dividends declared per
share and option shares have been restated to reflect the 2-for-1 stock split in
September, 1993.
17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
7. INTEREST EXPENSE (INCOME):
Interest expense is stated net of interest income of $1,118,252 in 1993
($1,297,373 in 1992 and $2,690,192 in 1991). Interest paid was $10,739,394 in
1993 ($9,142,647 in 1992 and $3,422,549 in 1991).
8. FEDERAL INCOME TAXES:

1993 1992 1991
Currently payable.... $62,600,000 $41,100,000 $35,100,000
Deferred............. 1,000,000 (3,000,000) (4,000,000)
$63,600,000 $38,100,000 $31,100,000

Deferred federal income tax assets of approximately $77,000,000 in 1993
($61,000,000 in 1992) relate primarily to differences between financial and tax
reporting of inventories and accrued expenses. Deferred federal income tax
liabilities of approximately $107,000,000 in 1993 ($90,000,000 in 1992) relate
primarily to differences between financial and tax reporting of depreciation.
Federal income taxes paid were $57,519,048 in 1993 ($40,823,089 in 1992 and
$34,681,406 in 1991).
9. QUARTERLY INFORMATION (UNAUDITED):

First Second Third Fourth
Quarter Quarter Quarter Quarter
1993
Net sales........ $489,779,167 $564,932,555 $587,280,572 $611,746,017
Gross margin..... 56,071,455 73,213,345 81,083,279 77,522,756
Net earnings..... 21,744,595 30,417,452 34,807,128 36,540,432
Net earnings
per share....... .25 .35 .40 .42
1992
Net sales........ $388,416,357 $389,143,772 $423,583,993 $418,090,754
Gross margin..... 42,813,920 46,853,222 53,557,975 58,633,414
Net earnings..... 16,219,704 17,431,112 20,427,088 25,147,799
Net earnings
per share....... .19 .20 .24 .29

INDEPENDENT
ACCOUNTANTS
REPORT
COOPERS & LYBRAND
Stockholders and
Board of Directors
Nucor Corporation
Charlotte, North Carolina
We have audited the accompanying consolidated balance sheets of Nucor
Corporation and subsidiaries as of December 31, 1993 and 1992, and the related
consolidated statements of earnings, stockholders' equity and cash flows for
each of the three years in the period ended December 31, 1993. These financial
statements are the responsibility of Nucor's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Nucor Corporation
and subsidiaries as of December 31, 1993 and 1992, and the consolidated results
of their operations and their cash flows for each of the three years in the
period ended December 31, 1993, in conformity with generally accepted accounting
principles.
(Signature of Coopers & Lybrand)
Charlotte, North Carolina
February 21, 1994
18

BOARD OF DIRECTORS
AND EXECUTIVE MANAGEMENT
BOARD OF DIRECTORS
H. David Aycock
FORMER PRESIDENT,
NUCOR CORPORATION
John D. Correnti
PRESIDENT AND CHIEF OPERATING OFFICER,
NUCOR CORPORATION
James W. Cunningham
FORMER VICE PRESIDENT,
NUCOR CORPORATION

EXECUTIVE MANAGEMENT
EXECUTIVE OFFICES
F. Kenneth Iverson
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Samuel Siegel
VICE CHAIRMAN, CHIEF FINANCIAL OFFICER,
TREASURER AND SECRETARY
John D. Correnti
PRESIDENT AND CHIEF OPERATING OFFICER
Terry S. Lisenby
VICE PRESIDENT, CORPORATE CONTROLLER

OPERATIONS
A. Jay Bowcutt
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
PLYMOUTH, UTAH
James E. Campbell
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
FORT PAYNE, ALABAMA
Jerry V. DeMars
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR FASTENER DIVISION,
SAINT JOE, INDIANA
Daniel R. DiMicco
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR-YAMATO STEEL COMPANY,
BLYTHEVILLE, ARKANSAS
John A. Doherty
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
NORFOLK, NEBRASKA
Jeffrey P. Downing
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR BEARING PRODUCTS, INC.,
WILSON, NORTH CAROLINA
Ladd R. Hall
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISON,
BRIGHAM CITY, UTAH

F. Kenneth Iverson
CHAIRMAN AND CHIEF EXECUTIVE OFFICER,
NUCOR CORPORATION
Samuel Siegel
VICE CHAIRMAN,
CHIEF FINANCIAL OFFICER,
TREASURER AND SECRETARY,
NUCOR CORPORATION
Richard N. Vandekieft
FORMER VICE PRESIDENT,
NUCOR CORPORATION

Donald N. Holloway
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
NORFOLK, NEBRASKA
Kenneth H. Huff
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISON,
GRAPELAND, TEXAS
Hamilton Lott, Jr.
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
FLORENCE, SOUTH CAROLINA
Harry R. Lowe
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR BUILDING SYSTEMS DIVISION, WATERLOO, INDIANA
Rodney B. Mott
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
HICKMAN, ARKANSAS
D. Michael Parrish
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
JEWETT, TEXAS
James W. Ronner
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
SAINT JOE, INDIANA
Larry A. Roos
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
CRAWFORDSVILLE, INDIANA
Joseph A. Rutkowski
VICE PRESIDENT, GENERAL MANAGER OF
NUCOR STEEL DIVISION,
DARLINGTON, SOUTH CAROLINA
Douglas R. Schad
GENERAL MANAGER OF
NUCOR IRON CARBIDE, INC.
TRINIDAD AND TOBAGO, WEST INDIES

CORPORATE AND STOCK DATA

EXECUTIVE OFFICES
2100 Rexford Road
Charlotte, North Carolina 28211
Telephone 704/366-7000
Facsimile 704/362-4208
ANNUAL MEETING
PLACE --
Chemical Banking Corporation
270 Park Avenue
between 47th and 48th Streets
Room 2 - 11th Floor
New York City
TIME AND DATE --
2:00 P.M., Thursday,
May 12, 1994

STOCK TRANSFERS
DIVIDEND DISBURSING
DIVIDEND REINVESTMENT
First Union National Bank
Shareholders Services Group
230 South Tryon Street
11th Floor
Charlotte, North Carolina 28288
Telephone 704/374-6531
Facsimile 704/374-6987
STOCK LISTING
New York Stock Exchange
Trading Symbol - NUE

STOCK PRICE AND DIVIDENDS PAID:

First Second Third Fourth
Quarter Quarter Quarter Quarter
1993
Stock Price:
High................ $47.50 $46.62 $54.12 $57.25
Low................. 38.00 40.50 39.50 47.38
Dividends Paid........ .035 .04 .04 .04
1992
Stock Price:
High................ $25.25 $27.69 $27.88 $39.94
Low................. 20.94 21.25 24.19 24.25
Dividends Paid........ .03 .035 .035 .035

10-K AND 11-YEAR DATA
Copies of (1) Form 10-K for 1993 filed with the Securities and Exchange
Commission, and (2) various financial and statistical data for the years 1983 to
1993, are available on request.
19