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Nucor Corp NUE
Q4 2011 Earnings Call Transcript

Transcript Call Date 01/26/2012

Operator: Good day, everyone, and welcome to the Nucor Corporation Fourth Quarter and Year End 2011 Earnings Conference Call. As a reminder, today's conference is being recorded. Later, we will conduct a question-and-answer session and instructions will come at that time.

Certain statements made during this conference call will be forward-looking statements that involve risks and uncertainties. Although Nucor believes they are based on reasonable assumptions, there can be no assurance that future events will not affect their accuracy.

More information about the risks and uncertainties relating to these forward-looking statements may be found in Nucor's latest 10-K and subsequently filed 10-Qs, which are available on the SEC's and Nucor's website. The forward-looking statements made in this conference call speak only as of this date, and Nucor does not assume any obligation to update them either as a result of new information, future events or otherwise.

Now for opening remarks and introductions, I would like to turn the call over to Mr. Dan DiMicco, Chairman and Chief Executive Officer of Nucor Corporation. Please go ahead, sir.

Daniel R. DiMicco - Chairman and CEO: Thank you, Morrissey. Good afternoon. This is Dan DiMicco, Nucor's Chairman and Chief Executive Officer. Thank you for joining us for our conference call today, and as always we appreciate your interest in Nucor. With me for today's call are the other members of Nucor's senior management team, our President and Chief Operating Officer, John Ferriola; Chief Financial Officer, Jim Frias; and our other Executive Vice Presidents, Jim Darsey, of our Long Products Group; Keith Grass, of our Scrap and Raw Materials Group; Ladd Hall, of our Flat-Rolled and DRI Group; Ham Lott, of our Downstream Fabricated Products and Joe Stratman, heading our Business Development in our Plate and Beam business.

First and most importantly, I want to thank everyone on our Nucor and, Harris Steel, David J. Joseph, Duferdofin and Steel Technologies teams for their excellent work in an economic environment that remained extremely challenging in 2011. Together we are continuing to deliver on our goal of taking care of our customers. We define our customers as our fellow team mates, the people who buy and use our products and our shareholders who trust us to provide attractive returns on their capital invested in Nucor. Thank you all.

Earning increased almost six fold in 2011 to $778 million from 2010's net income of $134 million. This improvement was achieved despite severely depressed non-residential construction markets, which in 2011 remained more than 60% below the peak level reached in 2007. How did our team accomplish this performance, Nucor's, superior competitive position, with our unrivaled financial strength, product diversification, and operational flexibility, which allows us to grow during the periods to grow stronger during the periods of economic distress.

In 2011, we were able to expand our participation in markets enjoying more robust demand which you will hear more about later. Throughout our company more than 20,000 man and woman of Nucor are enjoying outstanding success developing new products, reducing cost and improving quality across Nucor's entire product portfolio.

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