Earnings (loss) before income taxes and noncontrolling interests by segment were as follows for the first quarter of 2015 and 2014 (in thousands):

Nucor's results include a credit of $16.5 million ($0.03 per diluted share) to value inventories using the last-in, first-out (LIFO) method of accounting. The credit is compared with a charge of $14.5 million ($0.03 per diluted share) in the first quarter of 2014 and a credit of $57.3 million ($0.11 per diluted share) in the fourth quarter of 2014. Included in the fourth quarter of 2014 results were $8.9 million ($0.02 per diluted share) of non-cash inventory related purchase accounting charges associated with the acquisition of Nucor Steel Gallatin and a $13.2 million ($0.04 per diluted share) out-of-period non-cash gain related to a correction to tax balances. Included in the first quarter of 2014 earnings was a $12.8 million ($0.04 per diluted share) charge primarily related to tax legislation changes in the state of New York. Also included in first quarter of 2014 results was a $9.0 million charge ($0.02 per diluted share) related to the disposal of assets within the steel mills segment.

Nucor's consolidated net sales decreased 14% to $4.40 billion in the first quarter of 2015 from $5.11 billion in the first quarter of 2014 and decreased 12% compared with $5.00 billion in the fourth quarter of 2014. Average sales price per ton in the first quarter of 2015 decreased 5% from both the first quarter of 2014 and the fourth quarter of 2014. Total tons shipped to outside customers were 5,635,000 tons in the first quarter of 2015, a 9% decrease from the first quarter of 2014 and a 7% decrease from the fourth quarter of 2014. Total first quarter steel mill shipments decreased 10% from the first quarter of 2014 and decreased 8% from the fourth quarter of 2014. First quarter downstream steel products shipments to outside customers increased 1% over the first quarter of 2014 and decreased 4% from the fourth quarter of 2014.

The average scrap and scrap substitute cost per ton used during the first quarter of 2015 was $324, a decrease of 19% from $398 in the first quarter of 2014 and a decrease of 11% compared to $363 in the fourth quarter of 2014. We expect to further benefit from the large decrease in scrap prices that occurred in February during the second quarter of 2015, as we finish consuming scrap and pig iron purchased before the February price correction.

Overall operating rates at our steel mills decreased to 65% in the first quarter of 2015 as compared to 75% in the first quarter of 2014 and 76% in the fourth quarter of 2014.

Total steel mill energy costs in the first quarter of 2015 decreased approximately $3 per ton compared to the first quarter of 2014 and increased approximately $2 per ton compared to the fourth quarter of 2014. The decrease from the first quarter of 2014 was primarily due to lower natural gas unit costs. The increase from the fourth quarter of 2014 was due to reduced electricity productivity caused by lower steel mill utilization rates and slightly higher electricity unit costs.

Our liquidity position remains strong with $1.27 billion in cash and cash equivalents and short-term investments and an untapped $1.5 billion revolving credit facility that does not expire until August 2018. Nucor had no commercial paper outstanding at the end of the first quarter of 2015.

In February, Nucor's board of directors declared a cash dividend of $0.3725 per share payable on May 11, 2015 to stockholders of record on March 31, 2015. This dividend is Nucor's 168th consecutive quarterly cash dividend, a record we expect to continue.

Nucor Steel Louisiana successfully resumed operations late in the first quarter following completion of repairs related to the failure of the process gas heater that occurred on November 2, 2014. The restart of the direct reduced iron (DRI) facility has progressed as planned. The facility is once again producing DRI at the world class level of quality we expect and is regularly operating at 85% of capacity.

For the complete report, visit www.nucor.com.