Nucor reported consolidated net earnings of US$170.5 million, or US$0.53 per diluted share, for the fourth quarter of 2013. By comparison, Nucor reported net earnings of US$147.6 million, or US$0.46per diluted share, in the third quarter of 2013 and net earnings of US$136.9 million, or US$0.43 per diluted share, in the fourth quarter of 2012. 
 
Nucor incurred a charge to value inventories using the last-in, first-out (LIFO) method of accounting ofUS$17.4 million (US$0.04 per diluted share) for both the full year of 2013 and the fourth quarter of 2013.  These charges are compared with a credit of US$155.9 million (US$0.31 per diluted share) for the full year 2012, a credit of US$18.0 million (US$0.03 per diluted share) in the third quarter of 2013 and a credit ofUS$71.9 million (US$0.14 per diluted share) recorded in the fourth quarter of 2012.  
 
The fourth quarter and full year 2013 results were impacted by an out-of-period non-cash gain ofUS$21.3 million (US$0.07 per diluted share) related to a correction to deferred tax balances.  Third quarter of 2013 results included a net US$14.0 million (US$0.03 per diluted share) partial write down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish.  Fourth quarter of 2012 earnings were affected by non-cash inventory purchase accounting adjustments following the acquisition of Skyline Steel LLC in June of 2012 of US$12.0 million (US$0.02 per diluted share).  The full year 2012 Skyline purchase accounting charges were approximately US$48.8 million (US$0.10 per diluted share).  A US$17.6 million (US$0.04 per diluted share) loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc. was also incurred in 2012.
 
For the full year 2013, Nucor's consolidated net sales decreased 2% to US$19.05 billion, compared withUS$19.43 billion for 2012.  Average sales price per ton decreased 5% from full year 2012.  Total tons shipped to outside customers were 23,730,000 tons, an increase of 3% from 2012 levels.
 
Nucor's consolidated net sales decreased 1% to US$4.89 billion in the fourth quarter of 2013 compared with US$4.94 billion in the third quarter of 2013 and increased 10% compared with US$4.45 billion in the fourth quarter of 2012. Average sales price per ton increased 1% over the third quarter of 2013 and remained flat when compared with the fourth quarter of 2012. Total tons shipped to outside customers were 6,019,000 tons in the fourth quarter of 2013, a 2% decrease from the third quarter of 2013 and a 10% increase over the fourth quarter of 2012.  Total fourth quarter steel mill shipments decreased 3%  from  the  third  quarter  of  2013 and  increased  9%  over  the fourth quarter of  2012.  Fourth quarter downstream steel products shipments to outside customers decreased 6% from the third quarter of 2013 and increased 3% over the fourth quarter of 2012.
 
The average scrap and scrap substitute cost per ton used for the full year 2013 was US$376, a decrease of 8% from US$407 in 2012.  The average scrap and scrap substitute cost per ton used in the fourth quarter of 2013 was US$377, an increase of 1% over US$372 in both the third quarter of 2013 and the fourth quarter of 2012.
 
Overall operating rates at our steel mills were 74% for the full year 2013, which is consistent with 2012 and 2011.  Steel mill utilization rates in the fourth quarter (75%) were down from the third quarter (78%), but up from last year's fourth quarter (71%).
 
For the full year 2013, total energy costs decreased approximately US$1 per ton from the prior year primarily due to the negative impact of natural gas hedge settlements on our overall natural gas costs in 2012.  In the fourth quarter of 2013, total energy costs decreased approximately US$2 per ton from the third quarter of 2013 due primarily to lower electricity unit costs, and decreased approximately US$3 per ton from the fourth quarter of 2012 primarily due to natural gas hedge settlement costs in the fourth quarter of last year.
 
Our liquidity position remains solid with US$1.51 billion in cash and cash equivalents and short-term investments and an untapped US$1.5 billion revolving credit facility that does not expire until August 2018.  In addition, cash flow from operations continues to be strong and was US$1.1 billion for the year.
 
In December, Nucor's board of directors declared a cash dividend of US$0.37 per share payable on 11 February 2014 to stockholders of record on 31 December 2013.  This dividend is Nucor's 163^rdconsecutive quarterly cash dividend, and it marks 41 consecutive years of an increased base dividend.
 
As expected, our fourth quarter 2013 operating performance in the steel mills segment was similar to the third quarter of 2013.  Sheet steel profitability has continued to improve despite a four week planned outage at our sheet steel mill in Berkeley County, S.C., to accommodate major equipment upgrades related to our wide and light product expansion.  Those upgrades were completed in the fourth quarter.  The increased sheet steel performance in the second half of 2013 is due to a series of pricing increases that began late in the second quarter that were supported by competitor supply disruptions and slightly improved demand.  Improvements in sheet steel, however, were offset by decreased performance at our bar and structural steel mills.  Lower operating performance at the bar and structural mills is mainly due to extended planned outages during the fourth quarter while key components of some of our major capital projects were installed at our SBQ mill in Norfolk, Neb., and our structural mill in Blytheville, Ark.  Profitability in the raw materials segment in the fourth quarter was negatively impacted by increased start-up costs at our new direct reduced iron (DRI) plant in Louisiana and additional costs incurred as a result of the storage dome collapse in September.  The Louisiana DRI facility began production late in December.
 
We currently expect that first quarter of 2014 earnings, excluding the impact of the fourth quarter out of period tax adjustment, will be similar to the fourth quarter of 2013 levels.  We anticipate that our operating performance will benefit from having no major extended planned outages at our steel mills during the first quarter and from having decreased start-up costs at our Louisiana DRI facility.  These improvements will be largely offset by seasonally weaker performance in our fabricated construction products businesses, which we believe will be even further exacerbated by unusually poor weather.  
 

TONNAGE DATA
(in thousands)
			Quarter Ended 31 December						Year Ended 31 December
			2013		2012		Percentage  Change		2013		2012		Percentage  Change
Steel mills production			4,988		4,726		6%		19,900		19,865		-
Steel mills total shipments			5,191		4,762		9%		20,650		20,242		2%
Sales tons to outside customers:
	Steel mills		4,485		4,121		9%		17,733		17,473		1%
	Joist		94		74		27%		342		291		18%
	Deck		92		87		6%		334		308		8%
	Cold finished		115		104		11%		474		492		-4%
	Fabricated concrete
	reinforcing steel		252		265		-5%		1,065		1,180		-10%
	Other		981		827		19%		3,782		3,348		13%
			6,019		5,478		10%		23,730		23,092		3%

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Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferroalloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.