Nucor reports results for second quarter and first half of 2012

Nucor announced consolidated net earnings of $112.3 million, or $0.35 per diluted share, for the second quarter of 2012. By comparison, Nucor reported net earnings of $145.1 million, or $0.46 per diluted share, in the first quarter of 2012 and net earnings of $299.8 million, or $0.94 per diluted share, in the second quarter of 2011.

In the first half of 2012, Nucor reported consolidated net earnings of $257.4 million, or $0.81 per diluted share, compared with consolidated net earnings of $459.6 million, or $1.44 per diluted share, in the first half of last year.

In late June 2012, Nucor completed the acquisition of the entire equity interest in Skyline Steel LLC ("Skyline") and its subsidiaries for the purchase price of approximately $684 million including our most current working capital adjustment estimates.  The second quarter results were negatively impacted by non-cash charges of $8.5 million, or $.02 per diluted share, which were not factored into the second quarter earnings guidance that was announced prior to the acquisition.  These charges include the impact of purchase accounting adjustments and the elimination of profit associated with our steel mills' sales to Skyline post-acquisition.  Based on the current projections, the costs associated with inventory-related purchase accounting adjustments will conclude in November 2012. Skyline is now a wholly owned subsidiary of Nucor Corporation and will maintain its main office in Parsippany, New Jersey.  It is a premier steel foundation distributor serving the U.S., Canada, Mexico and the Caribbean.  Skyline distributes products to service challenging applications including marine construction, bridge and highway construction, heavy civil construction, storm protection, underground commercial parking, and environment containment projects in the infrastructure and construction industries.

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