NUCOR CORP 1995 10-K Filing Summary
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 1995. Nucor Corporation is a Delaware-incorporated manufacturer of steel products, which accounted for 100% of sales and earnings in 1995. The company operates a decentralized structure with 6,200 employees, primarily utilizing electric furnaces and continuous casting to produce hot rolled steel from ferrous scrap. Principal products include steel shapes, flat-rolled steel, joists, deck, fasteners, and grinding balls.
Key Financial Metrics
The provided text incorporates financial statements by reference to the 1995 Annual Report and does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The following operational metrics are available:
- Order Backlog: Approximately $610 million as of December 31, 1995.
- Facility Utilization: Average utilization rate of approximately 90% of production capacity during 1995.
- Market Capitalization: Aggregate market value of common stock held by non-affiliates was $4,567,433,099 as of February 29, 1996.
- Shares Outstanding: 87,640,573 shares as of February 29, 1996.
Material Changes vs. Prior Period
Order Backlog: The backlog of orders decreased from approximately $715 million at December 31, 1994, to $610 million at December 31, 1995. The filing text does not provide comparative financial performance data (revenue or earnings) for 1994 versus 1995.
Outlook, Risks, and Management Commentary
Competitive Position: Management identifies low cost and production efficiency as the most significant factors in its competitive position against domestic manufacturers and foreign imports.
Risks and Contingencies:
- Market Sensitivity: Markets are tied to capital and durable goods spending and are affected by economic conditions.
- Input Costs: Facilities are large consumers of electricity and gas; raw materials (ferrous scrap) are acquired from numerous sources.
- Legal Proceedings: The company is involved in various judicial and administrative proceedings (contracts, torts, environment, taxes, insurance), which management considers immaterial.
Guidance: The filing text does not contain specific forward-looking financial guidance or earnings projections.
Investor Verification Checklist
- Verify specific revenue, net income, and cash flow figures in the 1995 Annual Report (pages 14-18), as these are not included in the 10-K text provided.
- Review the 1995 Annual Report (pages 19, 13, 12) for Management's Discussion and Analysis (MD&A) regarding the reasons for the backlog decline.
- Confirm the status of environmental and legal proceedings referenced as "immaterial" in the full annual report.
- Assess the impact of energy costs (electricity and gas) on margins, given the company's reliance on electric furnaces.