Nucor Corp. announced consolidated net earnings of $291.9 million on consolidated net sales of $3.03 billion for the third quarter, and record consolidated net earnings of $969.3 million on consolidated net sales of $9.49 billion for the first nine months of 2005.

Third Quarter Results — Consolidated net earnings of $291.9 million ($1.86 per diluted share) reflect a 30% decreased compared with $415.4 million ($2.59 per diluted share) earned in the third quarter of 2004, and a 10% decrease compared to the $322.7 million ($2.03 per diluted share) earned in the second quarter of 2005.

Consolidated net sales of $3.03 billion reflect a 7% decrease compared with $3.24 billion in the third quarter of 2004, and a 4% decrease compared with $3.15 billion in the second quarter of 2005. Average sales price per ton decreased 15% from the third quarter of 2004 and decreased 8% from the second quarter of 2005. Total tons shipped to outside customers were a record 5,298,000 tons, an increase of 9% over the third quarter of 2004 and an increase of 5% over the second quarter of 2005.

The average scrap and scrap substitute cost per ton used — $217 — reflects a 13% decrease compared to $248 in the third quarter of 2004, and a 12% decrease compared to $246 in the second quarter of 2005. Total energy costs were approximately $12 per ton higher than in the third quarter of 2004, and approximately $6 per ton higher than in the second quarter of 2005.

Nucor incurred a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $52.0 million, which compares with a charge of $124.1 million in the third quarter of 2004 and a credit of $69.9 million in the second quarter of 2005.

In the steel mills segment, steel production increased 3% from 4,943,000 tons in the second quarter of 2005 to 5,085,000 tons in the third quarter of 2005. Steel shipments to outside customers increased 5% to 4,914,000 tons, compared with 4,693,000 tons in the second quarter of the year. The increase in production and shipments reflects stronger business conditions in long products and plate products, as well as acquisitions made in 2004 and 2005.

Nine Month Results — Record consolidated net earnings of $969.3 million ($6.08 per diluted share) reflect a 24% increase over net earnings of $780.1 million ($4.90 per diluted share) in last year's first nine months.

Consolidated net sales increased 15% to $9.49 billion, compared with $8.29 billion in last year's first nine months. Average sales price per ton increased 9% while total tons shipped to outside customers increased 5% from the first nine months of 2004.

The average scrap and scrap substitute cost per ton used — $245 — reflects a 9% increase compared to $225 in the first nine months of 2004. Total energy costs increased approximately $6 per ton from the first nine months of 2004 to the first nine months of 2005.

Nucor incurred a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $148.0 million in the first nine months of 2005, compared with a charge of $223.4 million in the first nine months of 2004.

In the steel mills segment, steel production remained flat at 15,136,000 tons, compared with 15,153,000 tons produced in the first nine months of 2004. Total steel shipments increased 3% to 15,504,000 tons, compared with 15,018,000 tons in last year's first nine months. Steel shipments to outside customers increased 5% to 14,295,000 tons, compared with 13,674,000 tons in last year's first nine months. In the steel products segment, steel joist production increased to 413,000 tons, compared with 396,000 tons in the first nine months of 2004. Steel deck sales increased to 285,000 tons, compared with 271,000 tons in last year's first nine months. Cold finished steel sales increased to 261,000 tons, compared with 211,000 tons in the first nine months of 2004. The increase in production and shipments reflects stronger business conditions in long products and plate products, as well as acquisitions made in 2004 and 2005.

Financial—Nucor repurchased approximately 722,000 shares of Nucor's common stock at a cost of approximately $39.3 million under a publicly announced stock repurchase program during the third quarter of 2005, and repurchased approximately 4.7 million shares at a cost of about $245.2 million during the first nine months of 2005. Approximately 3.8 million shares remain authorized for repurchase under the current program.

Nucor’s earnings guidance for the fourth quarter of $1.70 to $1.90 per diluted share is consistent with the company’s view that business conditions will remain strong through the fourth quarter of 2005 and into the first quarter of 2006. The biggest threats to this guidance are related to three important issues: import levels, energy costs and availability, and a significant slowdown in the domestic economy.

Nucor and affiliates manufacture steel products, with operating facilities in sixteen states. Products include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing. Nucor is the nation's largest recycler.