Nucor Corp. announced consolidated net earnings of $354.7 million on consolidated net sales of $3.32 billion for the first quarter of 2005.

The $354.7 million ($2.20 per diluted share) consolidated net earnings are more than triple the first quarter of 2004 net earnings of $113.2 million ($0.72 per diluted share), and 4% over the fourth quarter of 2004 net earnings of $341.4 million ($2.12 per diluted share).

The $3.32 billion consolidated net sales represent a 45% increase over the $2.29 billion reported in the first quarter of 2004, and an 8% increase compared with $3.09 billion in the fourth quarter of 2004. Average sales price per ton increased 46% from the first quarter of 2004 and decreased 5% from the fourth quarter of 2004. Total tons shipped to outside customers remained flat from the first quarter of 2004, and increased 13% from the fourth quarter of 2004.

The average scrap and scrap substitute cost per ton used increased 36% from $200 in the first quarter of 2004 to $272 in the first quarter of 2005. Nucor incurred a $26.1 million credit to value inventories using the last-in, first-out (LIFO) method of accounting in the first quarter of 2005 (including a LIFO credit of $8.1 million for Nucor-Yamato Steel Co., of which Nucor owns 51%). The $26.1 million inventory valuation credit compares with a charge of $32.2 million in the first quarter of 2004 (which included a LIFO charge of $7.2 million for Nucor-Yamato Steel Co.).

In the steel mills segment, steel production was 5,108,000 tons in the first quarter of 2005, compared with 4,960,000 tons produced in the first quarter of 2004 and 4,584,000 tons produced in the fourth quarter of 2004. Total steel shipments were 5,043,000 tons, compared with 5,145,000 tons in last year's first quarter and 4,446,000 tons in last year's fourth quarter. Steel sales to outside customers were 4,688,000 tons, compared with 4,726,000 tons in the first quarter of 2004 and 4,113,000 tons in the fourth quarter of 2004.

In the steel products segment, steel joist production during the first quarter was 123,000 tons, compared with 116,000 tons in the first quarter of 2004 and 126,000 in the fourth quarter of 2004. Steel deck sales were 80,000 tons, compared with 74,000 tons in last year's first quarter and 93,000 tons in last year's fourth quarter. Cold finished steel sales were 89,000 tons, compared with 74,000 tons in the first quarter of 2004 and 60,000 tons in the fourth quarter of 2004.

Starting with the May 11, 2005 dividend payment, Nucor is increasing the regular quarterly cash dividend rate from $0.13 to $0.15 per share. In addition to the $0.15 per share base dividend amount, the Board of Directors approved the payment of a supplemental dividend of $0.25 per share, for a total dividend of $0.40 per share. Nucor has increased its dividend every year since Nucor began paying dividends 32 years ago.

In February 2005, Nucor purchased the assets of Fort Howard Steel, Inc.'s operations in Oak Creek, Wis. This facility produces cold finish bar product and has approximately 140,000 tons of annual capacity. Earlier this week, Nucor announced that it had entered into an agreement to purchase substantially all of the assets of Marion Steel Co. for a cash purchase price of approximately $113.0 million. Located in Marion, Ohio, this bar products mill has an annual capacity of approximately 400,000 tons. Its principal products are angles, flats, rebar, rounds and signposts. The acquisition is scheduled to close in mid-June after satisfactory resolution of regulatory approvals, transfer of appropriate permits and other contracts, and other closing conditions. The acquisition is expected to be immediately accretive to earnings.

Outlook—Nucor expects to earn between $1.95 and $2.15 per diluted share in the second quarter of 2005, compared with $1.58 per diluted share in the second quarter of 2004.

Nucor and affiliates manufacture steel products, with operating facilities in fifteen 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.