Nucor Announces One-Hundred Forty-Third (143rd) Consecutive Cash Dividend
The Board of Directors of Nucor Corporation increased the regular quarterly cash dividend on Nucor’s common stock by 9.4% to thirty-five cents ($0.35) per share from thirty-two cents ($0.32) per share. This cash dividend is payable on February 11, 2009 to stockholders of record on December 31, 2008, and is Nucor’s one-hundred forty-third consecutive quarterly cash dividend.
Nucor has increased its regular, or base, dividend every year since it first began paying dividends in 1973. Reflecting the Nucor team’s success in building Nucor’s long-term earnings power, the base quarterly dividend has more than tripled since the end of 2007. In addition, over the period from 2000 to 2008, Nucor’s base dividend has increased approximately ten-fold.
Nucor’s board of directors also decided to suspend the payment of a supplemental bonus dividend. As previously stated by the board, the payment of a supplemental bonus dividend depends upon many factors, including Nucor’s earnings, cash flows and financial position, as well as current market conditions and future prospects for the economy and Nucor’s earnings. With today’s unsettled economic conditions, the board believes it is important to maintain Nucor’s extremely strong financial position and strategic flexibility. The Nucor team is focused on continuing our company’s long history of taking advantage of economic downturns to expand Nucor’s long-term earnings power.
Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and non ferrous scrap. Nucor is North America’s largest recycler.
