NUCOR CORP 10-K Summary: Fiscal Year Ended December 31, 1994
Business Context and Reporting Period
This Form 10-K covers Nucor Corporation for the fiscal year ended December 31, 1994. Nucor is a Delaware corporation incorporated in 1958, engaged exclusively in the manufacture and sale of steel products. The company operates large-scale facilities across the United States, utilizing electric furnaces and continuous casting to produce hot rolled, cold rolled, and cold finished steel, as well as steel joists, deck, and grinding balls. All 5,900 employees are dedicated to the steel products business.
Key Financial Metrics
The filing incorporates detailed financial statements by reference to the 1994 Annual Report (pages 14-18) and does not explicitly list revenue, profit, cash flow, or margin figures within the provided text. However, the following operational and balance sheet metrics are disclosed:
- Order Backlog: Approximately $715,000,000 at December 31, 1994.
- Facility Utilization: Average utilization rate of approximately 90% of production capacity during 1994.
- Market Capitalization: Aggregate market value of common stock held by non-affiliates was $4,721,767,177 as of February 28, 1995.
- Shares Outstanding: 87,355,904 shares as of February 28, 1995.
- Debt and Liquidity: Specific debt levels and liquidity ratios are not provided in the text; they are contained in the incorporated financial statements.
Material Changes Versus Prior Period
The most significant reported change is the growth in the order backlog, which increased from approximately $445,000,000 at December 31, 1993, to $715,000,000 at December 31, 1994. The filing notes that steel products accounted for all sales and earnings in 1994, consistent with 1993 and 1992. No specific year-over-year revenue or earnings growth percentages are provided in the text.
Guidance, Outlook, and Risks
Outlook and Commentary: Management identifies low cost and production efficiency as the primary competitive advantages. The markets served are tied to capital and durable goods spending, making them sensitive to general economic conditions. Raw materials (ferrous scrap) and energy supplies are expected to be adequate.
Risks and Contingencies: The company faces considerable competition from domestic manufacturers and foreign imports. Sales contracts are firm-fixed-price and competitively bid. Legal proceedings regarding contracts, torts, environment, taxes, and insurance are ongoing but considered immaterial.
Investor Verification Checklist
- Verify specific revenue, net income, and cash flow figures in the 1994 Annual Report (pages 14-18) as they are not listed in this 10-K text.
- Confirm the details of the $715 million order backlog and its expected conversion timeline.
- Review the "Selected Financial Data" in the 1994 Annual Report (page 19) for historical trend analysis.
- Assess the impact of raw material (scrap) price volatility on margins, given the firm-fixed-price nature of sales contracts.
- Examine the proxy statement for 1995 for details on executive compensation and security ownership.