Good afternoon and welcome to our second quarter earnings call. And assuming demand allows, should we be seeing that 1.4, half of that flow through fully in the second half of the year? The estimated net worth of Leon J Topalian is at least $22 Million dollars as of 2023-03-02. Our utilization remains right where wed expect it. One was to kind of probe what was discussed earlier on Gallatin a little bit more. So the pipeline is rich. In May, we felt it was prudent to enhance liquidity and raised $500 million of senior notes with a three-year maturity and a coupon of 3.95% and $500 million of senior notes with five-year maturity and a coupon of 4.3%. Absolutely. [Operator Instructions] And well first hear from Curt Woodworth of Credit Suisse. And youd asked about working capital. Nucor is, https://www.prnewswire.com/news-releases/nucor-announces-leon-j-topalian-as-chair-of-the-board-of-directors-names-christopher-j-kearney-lead-independent-director-301625534.html, UPDATE 1-London Stock Exchange Group posts steady 2022 earnings, eyes buyback on Blackstone/TR stake, S.Africa's MultiChoice and Comcast to create Africa-wide streaming service, UPDATE 1-Metro Bank flags limited growth in 2023 net interest margin, Metro Bank flags limited growth in 2023 net interest margin, London Stock Exchange Group posts steady 2022 earnings, eyes buyback on Blackstone/TR stake. Prices in the steel segment have softened due to import pressures coupled with overall commodity pricing declines globally. The estimated Net Worth of Leon J Topalian is at least $36.3 Million dollars as of 20 December 2022. Thanks. Nucor has grown revenues by more than 13% per year from $83 million when we were first listed on the exchange in 1972 to last years record of $36.5 billion, even as the total size of the domestic industry has shrunk. 200 units of NUE stock worth $26,947 on 20 Dec 2022. He also serves as a director of Otis Worldwide Corporation (having previously served as Executive Chairman of the Otis board of directors from 2020 to 2022) and served as a director of UTC from 2018 to 2020, prior to the spin-off of Otis from UTC. We look forward to working with them to make sure this venture is successful, said Long. No stops in production. I want to mention that we support swift passage of legislation to address semiconductor manufacturing and beneficial updates to our trade laws through legislation known as Leveling the Playing Field Act 2.0. Is there any sort of renewed or early signs of renewed appetite to reengage here? We had some outages with Gallatin as we were installing this equipment. Hey Chad, one thing Ill add and just maybe a further point, Carlos, to share some of this. With the outages, we were a little bit under that at Gallatin, but we augmented that with other sheet mills in our group. The companys capital investment in Decatur includes land improvements, construction of a new building and manufacturing equipment. Now, Steve Laxton will share additional details on our first half performance and our outlook as we move forward into the second half of the year. Nucor Corporation was incorporated in 1958 and is based in Charlotte, North Carolina. We achieved record second quarter earnings per share of $9.67 and record first half earnings of $17.30. So, in terms of the volumes, yes, its coming off 19%. There are 1 executives at Nucor getting paid more, with James Frias having the highest compensation of $6,145,810. He appears on "Balance of Power." Watch or read the transcript below. The total. We expect these businesses, along with other new capabilities weve acquired, such as insulated metal panels and warehouse solutions, contribute as much as $600 million of incremental EBITDA annually in future years. We expect these investments to generate at least $370 million of combined annual EBITDA, once fully ramped up at mid-cycle performance and considerably more in robust market conditions, like the ones were seeing now. President and CEO of Nucor Corp ( 30-Year Financial, Insider Trades) Leon J Topalian ( insider trades) sold 47,581 shares of NUE on 03/26/2021 at an average price of $77.18 a share. The further out towards the coast you get, the market share has dropped off a little bit. Leon Topalian presided over a record-shattering year at Nucor Corp. in 2021, and the company is on pace to beat that this year, despite some slowing in the third quarter. About NucorNucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Nucor Corp manufactures steel and steel products. Executive Vice President John J Hollatz Nucor facilities in Alabama produce steel, tubular products, joists and decking and metal buildings, with locations in Birmingham, Tuscaloosa, Fort Payne, Eufaula and Decatur. sale Before we get to our second quarter results, I want to highlight some changes we've made to our executive. Since entering the steel business, we have focused on growing long-term earnings power and shareholder value. But why dont you just touch on that a little bit and share where were at with Brandenburg as well. Speakers include: Reliance's Karla Lewis and Nucor's Leon Topalian on diversity, equity, and inclusion The Honorable Paul Ryan former speaker of the U.S. House of Representatives, That segment produced $1.1 billion in operating profits for the quarter. Yes, Timna. revision of the 2016 edition. Nucor, which already has a significant presence in Alabama, has committed to creating 200 full-time jobs at the facility in Decatur. today. Certain statements made during the conference will be forward-looking statements that involve risks and uncertainties. , You noticed somewhat soft utilization rates for those verticals this year, yet pricing is holding up extremely well and basically close to record metal spread today. Over his 23-year Nucor career, he has served in our Joist and Deck, Building Systems and Flat-rolled businesses. But as Chad mentioned, and I think its an incredibly important part, our industry is shifted and it shifted substantially through reconciliations, through consolidation and through trade. While we recognize there is considerable economic uncertainty right now, demand appears stable and resilient across our key end-use markets. The positions, which have an average annual compensation of $75,000, will be filled over a four-year period. It also engages in the steel trading and rebar distribution businesses. The corporate mailing address for Mr. Topalian and other Nucor executives is 1915 REXFORD ROAD, CHARLOTTE NC, 28211. Earlier, I mentioned the 50th anniversary of our New York Stock Exchange listing. So, its 60% higher than what we did in 2018. Mr. Topalian owns 126,809 shares of Nucor stock worth more than $21,651,369 as of March 1st. Were proud to call them Nucor team members, and the growth that theyre going to bring in the coming years is something incredibly exciting for us. As youre also aware, we closed on C.H.I. Seth, thanks for the question. Let me start with the back half and then, Rex, Ill turn it over to you. ICYMI: Leon Topalian, Nucor Corporation CEO and Chairman of AISI discussed WTO's ruling against U.S. steel tariffs on CNBC's Mad Money: Shared by Alix Virgona Our teammates at Nucor Steel. Mr. Topalian has been President and Chief Executive Officer of Nucor and a member of its Board of Directors since 2020. We appreciate the support we have received from the state and local officials in Alabama, including Governor Kay Ivey, Alabama Department of Commerce, State of Alabama State Industrial Development Authority, Morgan County Economic Development Association, Morgan County Economic Development Cooperative District, Morgan County, Decatur Industrial Development Board, City of Decatur, Decatur-Morgan County Chamber of Commerce, Hartselle Chamber of Commerce, and the Tennessee Valley Authority, said Laurent De Mey, General Manager of Nucor Towers & Structures. Nucor Corporation (NYSE:NUE) Q2 2022 Results Conference Call July 21, 2022 2:00 PM ET, Al Behr - EVP, Plate and Structural Products, Doug Jellison - EVP, Raw Materials and Logistics, Rex Query - EVP, Sheet and Tubular Products, Chad Utermark - EVP, New Markets and Innovation, Michael Leshock - KeyBanc Capital Markets. During the past 18 months, 171,494 shares of Nucor Corp (NUE) were sold and 0 shares were bought by its insiders, resulting in a net Is it possible to get an update on how you see CapEx for the remainder of the year, maybe first look at 2023? You asked about capital for the remainder of the year. The Nucor team wishes the very best for you, MaryEmily and your family, and you will always be a tremendously valued member of the Nucor family. Overall, our steel products segment continues to benefit from strong nonresidential construction demand. And then, my follow-up is just on the steel mill side. Oh, Im sorry. Youre asking about pig iron. Topalian will take over as CEO on Jan. 1. Its just a tremendous outcome, and again, something that we and the entire executive team could not be more proud of the 30,000 men and women who make up the Nucor family. Cash provided by operating activities during the quarter was $2.3 billion, enabling both continued investment to grow Nucors future earnings power and the return of approximately $900 million of our shareholders valuable capital via dividends and share repurchases. But yes, we are seeing, again, stable demand and growing in some cases. Both Ray Long, chairman of the Morgan County Commission, and Decatur Mayor Tab Bowling said they are excited by the job opportunities being created by Nucors investment project. Great. 11 transactions in Nucor Corp (NUE) over the past 5 years, including 0 buys and 11 sells. sale Yes. Leon J. Topalian Chair, President, and Chief Executive Officer Stephen D. Laxton Chief Financial Officer, Treasurer, and Executive Vice President David A. Sumoski Chief Operating Officer Gregory J. Murphy General Counsel and Executive Vice President - Business Services John Hollatz Nucor is North America's largest recycler. My No. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. We spent about $1 billion so far. Leon Topalian is CEO of Nucor Corp. Our July 12, 1972, news release announcing the listing gave our firms business description as "The nations largest producer of steel joists." View original content:https://www.prnewswire.com/news-releases/nucor-announces-leon-j-topalian-as-chair-of-the-board-of-directors-names-christopher-j-kearney-lead-independent-director-301625534.html, Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in, . We are excited to launch our expansion of this new Nucor business in the State of Alabama.. Please. And congrats on the exceptional quarter. The quarters earnings of $9.67 per diluted share exceeded our prior quarterly record of $7.97 per share by more than 20%. The largest trade he's ever made was selling 48,768 units of Nucor stock on 17 June 2022 worth over $5,491,764. One of the finest books about Catholic social teaching The real social teachings of the Church developed over centuries by a long line of popes saints and approved . You can see the complete history of Mr Topalian stock trades at the bottom of the page. Leon J. Topalian Chair, President and Chief Executive Officer + Stephen D. Laxton Chief Financial Officer, Treasurer and Executive Vice President + David A. Sumoski Chief Operating Officer + Al Behr Executive Vice President Plate and Structural Products + Noah Hanners Executive Vice President Raw Materials + John Hollatz Executive Vice President Details can be seen in Leon J Topalian's Latest Holdings Summary section. And for every downturn, Nucor has gotten stronger and continue to invest that our cash flow position, the profits were generating today put Nucor in an ideal position to continue to be very deliberate and very strategic with long-term goals to enhance our shareholder value. Over the years, weve developed a strong partnership with Nucor, and I look forward to seeing our relationship expand with this new venture.. These state-of-the-art features will increase Nucor Towers & Structures capabilities to provide engineered solutions for utility infrastructure and construction projects. Next, well hear from Carlos De Alba of Morgan Stanley. Mr. Kearney founded Eagle Marsh Holdings, LLC in 2016 and has served as its managing partner since inception. The forward-looking statements made in this conference call speak only as of this date, and Nucor does not assume any obligation to update them, either as a result of new information, future events or otherwise. Nucor Corp. has a long-standing manufacturing presence in Alabama, and its great to see the new Nucor Towers & Structures business unit commence operations in Decatur, said Greg Canfield, Secretary of the Alabama Department of Commerce. 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