Jan. 30, 2006 — Nucor Corp. announced consolidated net earnings of $341.0 million on consolidated net sales of $3.21 billion for the fourth quarter, and record consolidated net earnings of $1.31 billion on record consolidated net sales of $12.70 billion for 2005.

Fourth Quarter Results—Consolidated net earnings of $341.0 million ($2.18 per diluted share) were flat compared with $341.4 million ($2.12 per diluted share) earned in the fourth quarter of 2004. Earnings reflected a 17% increase compared to $291.9 million ($1.86 per diluted share) earned in the third quarter of 2005. Earnings per share improved 3% over the fourth quarter of 2004 primarily due to a smaller number of shares outstanding during the quarter. The $3.21 billion consolidated net sales reflect a 4% increase compared with $3.09 billion in the fourth quarter of 2004, and a 6% increase compared with $3.03 billion in the third quarter of 2005.

Average sales price per ton decreased 10% from the fourth quarter of 2004 and increased 10% from the third quarter of 2005. Total tons shipped to outside customers were 5,089,000 tons in the fourth quarter of 2005, an increase of 15% over the fourth quarter of 2004 and a decrease of 4% from the third quarter of 2005. The average scrap and scrap substitute cost per ton used decreased 14% from $278 in the fourth quarter of 2004 to $240 in the fourth quarter of 2005, and increased 11% from $217 in the third quarter of 2005.

Total energy costs increased approximately $10 per ton from the fourth quarter of 2004 to the fourth quarter of 2005, and increased approximately $3 per ton from the third quarter of 2005 to the fourth quarter of 2005. Nucor is partially hedged against exposure to increases in energy costs.

Nucor incurred a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $3.6 million, compared with a charge of $152.5 million in the fourth quarter of 2004, and a credit of $52.0 million in the third quarter of 2005. The fourth quarter LIFO credit was well below the company’s forecast of $50.0 million.

Full Year Results—The $1.31 billion consolidated net earnings ($8.26 per diluted share) reflected a 17% increase over net earnings of $1.12 billion ($7.02 per diluted share) in 2004. The $12.70 billion consolidated net sales reflect a 12% increase compared with $11.38 billion in 2004. Average sales price per ton increased 4% while total tons shipped to outside customers increased 7% from 2004.

The average scrap and scrap substitute cost per ton used increased 3% from $238 in 2004 to $244 in 2005. Total energy costs increased approximately $7 per ton from 2004 to 2005. Nucor is partially hedged against exposure to increases in energy costs. Nucor incurred a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $151.6 million in 2005, compared with a charge of $375.9 million in 2004.

In 2005, Nucor established company records in its steel mills segment for steel production, total steel shipments and steel sales to outside customers.

In 2005, Nucor increased its base dividend and paid a quarterly supplemental dividend, resulting in a tripling of dividend payments from $69.7 million in 2004 to $209.8 million in 2005. The company recently announced an additional increase in the supplemental dividend to $0.50 per share for a total dividend of $0.65 per share to be paid in the first quarter of 2006, compared with the total dividend of $0.40 per share paid in the fourth quarter of 2005.

Nucor repurchased approximately 845,000 shares of Nucor's common stock at a cost of approximately $46.1 million under a publicly announced stock repurchase program during the fourth quarter of 2005, and repurchased approximately 5.6 million shares at a cost of about $291.2 million during 2005. Approximately 12.9 million shares remain authorized for repurchase.

Outlook—Nucor expects that the first quarter of 2006 will be another strong quarter, as we continue to benefit from product line diversification. We expect that overall demand and margins for our products will remain strong and that earnings will be in the range of $1.90 to $2.10 per diluted share.

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.