ANALYSIS OF
OPERATIONS
AND FINANCES
OPERATIONS
The increases in 1994, 1993 and 1992 sales resulted primarily from increased
volume. The major component of cost of products sold is raw material costs. The
average price of raw materials increased by about 15% in 1994, increased by 15%
in 1993, and decreased by less than 5% in 1992. The major components of
marketing, administrative and other expenses are freight and profit sharing
costs. Unit freight costs decreased by about 10% in 1994, decreased by about 5%
in 1993, and decreased by less than 5% in 1992. Profit sharing costs increased
by about 90% in 1994, increased by about 70% in 1993, and increased by about 60%
in 1992. Profit sharing costs are based upon and fluctuate with pre-tax
earnings.
Interest expense is reduced by interest income from short-term investments.
The 1994, 1993 and 1992 increases resulted from increased borrowings.
The increase in 1994 and 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.
LIQUIDITY AND CAPITAL RESOURCES
In 1994, working capital increased about 118% to $256 million due primarily to
increased earnings and a decrease in capital expenditures. The current ratio was
1.7 in 1994, 1.3 in 1993, and 1.4 in 1992.
The increase in 1994 inventories was due primarily to increased prices and
increased production levels. The increase in 1993 inventories was due primarily
to increased prices. The increase in 1992 inventories was due primarily to new
facilities.
Capital expenditures were $185 million in 1994, $364 million in 1993, and $379
million in 1992. Capital expenditures are currently projected to be more than
$200 million in 1995. 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 repayments were $179 million in 1994. Net long-term debt
borrowings were $106 million in 1993, and $172 million in 1992. Unused long-term
credit facilities total $245 million at the end of 1994. The percentage of
long-term debt to total capital was 12% in 1994, 25% in 1993, and 21% in 1992.
12
SIX-YEAR 1994 1993 1992 1991 1990
FINANCIAL REVIEW
FOR THE YEAR
Net sales............................ $ 2,975,596,456 $ 2,253,738,311 $ 1,619,234,876 $ 1,465,456,566 $ 1,481,630,011
Costs and expenses:
Cost of products sold.............. 2,491,759,846 1,965,847,476 1,417,376,345 1,302,744,052 1,293,082,950
Marketing, administrative
and other expenses............... 113,388,724 87,582,891 76,796,340 66,986,699 70,461,830
Interest expense (income).......... 13,515,042 13,198,337 7,736,488 (90,684) 6,869,970
2,618,663,612 2,066,628,704 1,501,909,173 1,369,640,067 1,370,414,750
Earnings before
federal income taxes............... 356,932,844 187,109,607 117,325,703 95,816,499 111,215,261
Federal income taxes................. 130,300,000 63,600,000 38,100,000 31,100,000 36,150,000
Net earnings......................... 226,632,844 123,509,607 79,225,703 64,716,499 75,065,261
Net earnings per share............... 2.60 1.42 .92 .75 .88
Dividends declared per share......... .18 .16 .14 .13 .12
Percentage of earnings to sales...... 7.6% 5.5% 4.9% 4.4% 5.1%
Return on average equity............. 22.4% 14.6% 10.6% 9.5% 12.1%
Capital expenditures................. 185,324,442 364,160,462 379,124,386 217,721,085 56,753,994
Depreciation......................... 157,652,083 122,265,448 97,779,468 93,577,626 84,960,263
Sales per employee................... 502,507 384,105 283,455 264,046 271,859
AT YEAR END
Current assets....................... $638,701,397 $468,231,882 $381,616,740 $334,293,244 $312,637,486
Current liabilities.................. 382,465,202 350,490,781 271,971,686 229,166,248 202,789,294
Working capital...................... 256,236,195 117,741,101 109,645,054 105,126,996 109,848,192
Current ratio...................... 1.7 1.3 1.4 1.5 1.5
Property, plant and equipment........ 1,363,218,768 1,361,036,440 1,125,765,515 847,283,554 723,248,574
Total assets......................... 2,001,920,165 1,829,268,322 1,507,382,255 1,181,576,798 1,035,886,060
Long-term debt....................... 173,000,000 352,250,000 246,750,000 72,778,000 28,777,000
Percentage of debt to capital...... 11.8% 25.2% 21.1% 8.0% 3.7%
Stockholders' equity................. 1,122,610,257 902,166,939 784,230,713 711,608,991 652,757,216
Per share.......................... 12.85 10.36 9.04 8.23 7.59
Shares outstanding................... 87,333,313 87,073,478 86,736,700 86,417,804 85,950,696
Stockholders......................... 38,000 33,000 29,000 27,000 27,000
Employees............................ 5,900 5,900 5,800 5,600 5,500
SIX-YEAR 1989
FINANCIAL REVIEW
FOR THE YEAR
Net sales............................ $ 1,269,007,472
Costs and expenses:
Cost of products sold.............. 1,105,248,906
Marketing, administrative
and other expenses............... 66,990,065
Interest expense (income).......... 11,132,657
1,183,371,628
Earnings before
federal income taxes............... 85,635,844
Federal income taxes................. 27,800,000
Net earnings......................... 57,835,844
Net earnings per share............... .68
Dividends declared per share......... .11
Percentage of earnings to sales...... 4.6%
Return on average equity............. 10.4%
Capital expenditures................. 130,200,982
Depreciation......................... 76,571,240
Sales per employee................... 241,716
AT YEAR END
Current assets....................... $280,033,934
Current liabilities.................. 193,560,545
Working capital...................... 86,473,389
Current ratio...................... 1.4
Property, plant and equipment........ 753,797,578
Total assets......................... 1,033,831,512
Long-term debt....................... 155,981,500
Percentage of debt to capital...... 19.0%
Stockholders' equity................. 584,445,479
Per share.......................... 6.83
Shares outstanding................... 85,598,480
Stockholders......................... 25,000
Employees............................ 5,400
13
Year Ended
December 31,
CONSOLIDATED STATEMENTS OF EARNINGS 1994 1993 1992
Net sales................................................. $2,975,596,456 $2,253,738,311 $1,619,234,876
Costs and expenses:
Cost of products sold................................... 2,491,759,846 1,965,847,476 1,417,376,345
Marketing, administrative and other expenses............ 113,388,724 87,582,891 76,796,340
Interest expense (Note 7)................... ........... 13,515,042 13,198,337 7,736,488
2,618,663,612 2,066,628,704 1,501,909,173
Earnings before federal income taxes...................... 356,932,844 187,109,607 117,325,703
Federal income taxes (Note 8)........................... 130,300,000 63,600,000 38,100,000
Net earnings.............................................. $ 226,632,844 $ 123,509,607 $ 79,225,703
Net earnings per share (Note 6)......................... $ 2.60 $ 1.42 $ .92
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Treasury
Additional Stock
Common Stock Paid-in Retained (AT COST)
Capital Earnings
Shares Amount Shares
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
Net earnings in 1994................... 226,632,844
Employee stock options................. 152,777 61,111 2,660,641
Employee stock compensation
and service awards................... 101,848 40,739 6,698,113 (5,210)
Cash dividends ($.18 per share)........ (15,693,894)
BALANCE, DECEMBER 31, 1994............. 89,507,681 $ 35,803,072 $ 39,272,431 $1,065,796,421 2,174,368
Amount
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
Net earnings in 1994...................
Employee stock options.................
Employee stock compensation
and service awards................... (43,764)
Cash dividends ($.18 per share)........
BALANCE, DECEMBER 31, 1994............. $ 18,261,667
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
14
CONSOLIDATED BALANCE SHEETS December 31, 1994
ASSETS
Current assets:
Cash and short-term investments...................................... $ 101,930,479
Accounts receivable (Note 2)......................................... 258,131,947
Inventories (Note 3)................................................. 243,026,854
Other current assets................................................. 35,612,117
Total current assets............................................... 638,701,397
Property, plant and equipment (Note 4)................................. 1,363,218,768
$2,001,920,165
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Long-term debt due within one year................................... $ 250,000
Accounts payable..................................................... 182,846,410
Federal income taxes................................................. 15,507,659
Salaries, wages and related accruals................................. 88,706,273
Accrued expenses and other current liabilities....................... 95,154,860
Total current liabilities.......................................... 382,465,202
Long-term debt due after one year (Note 5)............................. 173,000,000
Deferred credits and other liabilities (Note 8)........................ 147,859,517
Minority interests..................................................... 175,985,189
Stockholders' equity (Note 6):
Common stock......................................................... 35,803,072
Additional paid-in capital........................................... 39,272,431
Retained earnings.................................................... 1,065,796,421
1,140,871,924
Treasury stock....................................................... (18,261,667)
1,122,610,257
$2,001,920,165
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 interests..................................................... 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
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
15
Year Ended
CONSOLIDATED STATEMENTS December 31, 1994 1993
OF CASH FLOWS
OPERATING ACTIVITIES:
Net earnings.......................................................... $226,632,844 $123,509,607
Adjustments:
Depreciation of plant and equipment................................. 157,652,083 122,265,448
Deferred federal income taxes....................................... (2,000,000) 1,000,000
Minority interests.................................................. 17,673,235 9,746,423
Changes in:
Accounts receivable............................................... (55,955,706) (70,032,895)
Inventories....................................................... (28,012,284) (8,609,788)
Accounts payable.................................................. 17,111,882 46,438,863
Federal income taxes.............................................. 1,240,507 3,808,491
Other............................................................. 90,603,897 43,666,916
Cash provided by operating activities................................. 424,946,458 271,793,065
INVESTING ACTIVITIES:
Capital expenditures.................................................. (185,324,442) (364,160,462)
Disposition of plant and equipment.................................... 5,218,722 1,303,291
Cash (used in) investing activities................................... (180,105,720) (362,857,171)
FINANCING ACTIVITIES:
New long-term debt.................................................... -- 105,700,000
Reduction in long-term debt........................................... (179,200,000) (200,000)
Issuance of common stock.............................................. 9,504,368 8,504,357
Contributions for (distributions to) minority interests............... 15,224,450 (7,154,980)
Cash dividends........................................................ (15,693,894) (13,911,932)
Acquisition of treasury stock......................................... -- (165,806)
Cash provided by (used in) financing activities....................... (170,165,076) 92,771,639
INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS.................. 74,675,662 1,707,533
CASH AND SHORT-TERM INVESTMENTS -- BEGINNING OF YEAR.................... 27,254,817 25,547,284
CASH AND SHORT-TERM INVESTMENTS -- END OF YEAR.......................... $101,930,479 $ 27,254,817
OPERATING ACTIVITIES:
1992
Net earnings.......................................................... $ 79,225,703
Adjustments:
Depreciation of plant and equipment................................. 97,779,468
Deferred federal income taxes....................................... (3,000,000)
Minority interests.................................................. 23,173,403
Changes in:
Accounts receivable............................................... (22,684,906)
Inventories....................................................... (20,329,998)
Accounts payable.................................................. 25,534,006
Federal income taxes.............................................. (610,828)
Other............................................................. 26,322,635
Cash provided by operating activities................................. 205,409,483
INVESTING ACTIVITIES:
Capital expenditures.................................................. (379,124,386)
Disposition of plant and equipment.................................... 2,124,131
Cash (used in) investing activities................................... (377,000,255)
FINANCING ACTIVITIES:
New long-term debt.................................................... 183,900,000
Reduction in long-term debt........................................... (11,727,000)
Issuance of common stock.............................................. 5,599,080
Contributions for (distributions to) minority interests............... (6,725,740)
Cash dividends........................................................ (12,126,849)
Acquisition of treasury stock......................................... (76,212)
Cash provided by (used in) financing activities....................... 158,843,279
INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS.................. (12,747,493)
CASH AND SHORT-TERM INVESTMENTS -- BEGINNING OF YEAR.................... 38,294,777
CASH AND SHORT-TERM INVESTMENTS -- END OF YEAR.......................... $ 25,547,284
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
16
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 1994, 1993, and 1992
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 interests in operations of less than 100%-owned
subsidiaries are 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.
2. ACCOUNTS RECEIVABLE:
Accounts receivable are stated net of the allowance for doubtful accounts of
$14,944,181 in 1994 ($10,384,904 in 1993 and $6,769,608 in 1992).
3. INVENTORIES:
Inventories consist of approximately 55% raw materials and supplies, and 45%
finished and semi-finished products in 1994 (50% and 50% in 1993). Inventories
valued on the last-in, first-out (LIFO) method of accounting represent
approximately 85% of total inventories in 1994 and 1993. 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 $81,662,518 higher in 1994
($67,127,821 higher in 1993).
4. PROPERTY, PLANT AND EQUIPMENT:
December 31, 1994 1993
Land and improvements............. $ 45,283,790 $ 41,284,126
Buildings and improvements........ 201,010,408 180,981,457
Plant machinery and equipment..... 1,689,953,310 1,470,395,388
Office and
transportation equipment......... 13,956,102 15,769,859
Construction in process
and equipment deposits........... 27,376,486 112,557,891
1,977,580,096 1,820,988,721
Less accumulated depreciation..... 614,361,328 459,952,281
$1,363,218,768 $1,361,036,440
The average annual depreciation rate was 8.7% in 1994 (8.2% in 1993 and 8.1%
in 1992).
5. LONG-TERM DEBT AND FINANCING ARRANGEMENTS:
December 31, 1994 1993
Short-term notes.................. $ -- $169,000,000
Industrial revenue bonds,
4.2% to 8%,
due from 1996 to 2023............ 83,000,000 83,250,000
Notes of 51%-owned subsidiary..... 90,000,000 100,000,000
$173,000,000 $352,250,000
Nine banks are committed to lend Nucor a total of $245,000,000 (nothing has
been borrowed), with borrowings repayable in 2000. Six banks are committed to
lend Nucor's 51%-owned subsidiary a total of $90,000,000 due in 2000, at
variable short-term interest rates ($90,000,000 has been borrowed at a current
average interest rate of 6.6%). 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 and, accordingly, they are classified
as long-term debt.
Annual aggregate long-term debt maturities are: $150,000 in 1996; $750,000 in
1997; $1,250,000 in 1998; and $1,000,000 in 1999.
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 1994, options were granted for 98,223 shares
(138,381 in 1993 and 190,804 in 1992); and options for 4,183 shares (3,445 in
1993 and 9,164 in 1992) expired or were canceled. At December 31, 1994, options
for 577,637 shares (636,374 in 1993 and 790,232 in 1992) were outstanding at an
aggregate price of $18,758,676 ($15,560,596 in 1993 and $14,010,507 in 1992);
options for 533,770 shares (569,718 in 1993 and 698,176 in 1992) were
exercisable; and 1,855,432 shares (1,949,472 in 1993 and 2,084,408 in 1992) 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 87,166,164 average
shares outstanding in 1994 (86,909,345 in 1993 and 86,584,130 in 1992), and
would not be materially affected if all employee stock options were exercised.
17
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(CONTINUED)
7. INTEREST EXPENSE (INCOME):
Interest expense is stated net of interest income of $1,077,060 in 1994
($1,118,252 in 1993 and $1,297,373 in 1992). Interest paid was $16,060,715 in
1994 ($10,739,394 in 1993 and $9,142,647 in 1992).
8. FEDERAL INCOME TAXES:
1994 1993 1992
Currently payable... $132,300,000 $62,600,000 $41,100,000
Deferred............ (2,000,000) 1,000,000 (3,000,000)
$130,300,000 $63,600,000 $38,100,000
Current deferred federal income tax assets of approximately $35,000,000 in
1994 ($23,000,000 in 1993) relate primarily to differences between financial and
tax reporting of inventories and accrued expenses. Non-current deferred federal
income tax liabilities of approximately $63,000,000 in 1994 ($53,000,000 in
1993) relate primarily to differences between financial and tax reporting of
depreciation. Federal income taxes paid were $124,371,222 in 1994 ($57,519,048
in 1993 and $40,823,089 in 1992).
9. QUARTERLY INFORMATION (UNAUDITED):
First Second Third Fourth
Quarter Quarter Quarter Quarter
1994
Net sales........ $649,701,248 $740,101,570 $786,424,788 $799,368,850
Gross margin..... 82,391,935 111,073,091 138,630,185 151,741,399
Net earnings..... 34,879,954 49,680,131 64,523,822 77,548,937
Net earnings
per share....... .40 .57 .74 .89
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
INDEPENDENT
ACCOUNTANTS
REPORT
COOPERS & LYBRAND L.L.P.
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, 1994 and 1993, and the related
consolidated statements of earnings, stockholders' equity and cash flows for
each of the three years in the period ended December 31, 1994. 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, 1994 and 1993, and the consolidated results
of their operations and their cash flows for each of the three years in the
period ended December 31, 1994, in conformity with generally accepted accounting
principles.
(COOPERS & LYBRAND LLP Signature)
Charlotte, North Carolina
February 21, 1995
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
F. Kenneth Iverson
CHAIRMAN AND CHIEF EXECUTIVE OFFICER,
NUCOR CORPORATION
Samuel Siegel
VICE CHAIRMAN,
CHIEF FINANCIAL OFFICER,
TREASURER AND SECRETARY,
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
LeRoy C. Prichard
VICE PRESIDENT, STEEL TECHNOLOGIES
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 DIVISION,
BRIGHAM CITY, UTAH
Donald N. Holloway
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
NORFOLK, NEBRASKA
Kenneth H. Huff
VICE PRESIDENT, GENERAL MANAGER OF
VULCRAFT DIVISION,
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
55 Water Street
(between Old Slip and
Coenties Slip Streets)
13th Floor Auditorium
New York City
TIME AND DATE --
2:00 P.M., Thursday,
May 11, 1995
STOCK PRICE AND DIVIDENDS PAID:
First Second Third Fourth
Quarter Quarter Quarter Quarter
1994
Stock Price:
High................ $66.00 $72.00 $71.88 $70.50
Low................. 48.75 57.63 63.25 51.63
Dividends Paid........ .04 .045 .045 .045
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
10-K AND 11-YEAR DATA
Copies of (1) Form 10-K for 1994 filed with the Securities and Exchange
Commission, and (2) various financial and statistical data for the years 1984 to
1994, are available on request.
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
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