Nucor Reports 11% Shrinkage in 2020 Revenue

Nucor Corporation has announced consolidated net earnings of USD 721.5 million for 2020 as compared with consolidated net earnings of USD 1.27
Nucor Reports 11% Shrinkage in 2020 Revenue
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Nucor Corporation has announced consolidated net earnings of USD 721.5 million for 2020 as compared with consolidated net earnings of USD 1.27 billion in 2019. Nucor's President and Chief Executive Officer Mr Leon Topalian said "Over the last 12 months, the Nucor team has demonstrated incredible resilience as we navigated macroeconomic headwinds and the challenging operating environment created by the COVID-19 pandemic. At the onset of the pandemic, we capitalized on the flexibility of our business model and strong demand for our products to gain market share across nearly our entire portfolio. Even as we worked hard to drive growth and value creation, the safety of our teammates and our commitment to customer relationships remained our top priorities. I am proud to report that 2020 was the safest year in Nucor's history."

For 2020, Nucor's consolidated net sales of USD 20.14 billion decreased 11% compared with consolidated net sales of USD 22.59 billion reported in 2019. Total tons shipped to outside customers in 2020 were 25,519,000 net tons, a decrease of 4% from 2019, while the average sales price per ton in 2020 decreased 7% from 2019.

Mr Topalian continued "We are extremely grateful to our more than 26,000 teammates whose hard work and dedication enabled us to achieve strong financial and operational results throughout the year. Looking ahead, we are confident that Nucor is poised for continued growth, and we anticipate earnings in the first quarter of 2021 to significantly increase from the fourth quarter of 2020. All of us at Nucor remain committed to delivering strong results for our stockholders and strengthening our position as the most profitable steel and steel products company in the world."

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