AUGUST 2009

Nucor reports second quarter and first half results

Nucor Corporation announced a consolidated net loss of $133.3 million, or $0.43 per diluted share, for the second quarter of 2009, compared to a net loss of $189.6 million, or $0.60 per diluted share, in the first quarter of 2009, an improvement of 30 percent. The results compare to net income of $580.8 million, or $1.94 per diluted share, in the second quarter of 2008.

In the first half of 2009, Nucor reported a consolidated net loss of $323.0 million, or $1.03 per diluted share, compared with net earnings of $990.5 million, or $3.36 per diluted share, in the first half of last year.

In the second quarter of 2009, Nucor’s consolidated net sales decreased 7 percent to $2.48 billion compared with $2.65 billion in the first quarter of 2009 and decreased 65 percent compared with $7.09 billion in the second quarter of 2008. Average sales price per ton decreased 16 percent from the first quarter of 2009 and decreased 34 percent from the second quarter of 2008. Total tons shipped to outside customers were 4,116,000 tons in the second quarter of 2009, an increase of 11 percent over the first quarter of 2009 and a decrease of 47 percent from the second quarter of 2008.

In the first half of 2009, Nucor’s consolidated net sales decreased 57 percent to $5.13 billion, compared with $12.06 billion in last year’s first half. Average sales price per ton decreased 23 percent while total tons shipped to outside customers decreased 45 percent from the first half of 2008.

The average scrap and scrap substitute cost per ton used in the second quarter of 2009 was $312, a decrease of 6 percent compared with $333 in the first quarter of 2009 and a decrease of 32 percent from $456 in the second quarter of 2008. The average scrap and scrap substitute cost per ton used in the first half of 2009 was $322, a decrease of 19 percent from $396 in the first half of 2008.

At The David J. Joseph Company, total volumes in the second quarter (both scrap processing and brokerage) were approximately 50 percent of the prior year; however, in both cases, the volumes improved each month of the quarter and show a strong start to the third quarter.

In June, Nucor’s board of directors declared a cash dividend of $0.35 per share payable on August 11, 2009 to stockholders of record on June 30, 2009. This dividend is Nucor’s one-hundred forty-fifth consecutive quarterly cash dividend.