Scott Schrum joins outside sales team at New Age Industrial
New Age Industrial has announced the appointment of Scott Schrum for outside sales in the Material Handling Division. Scott is a passionate and dedicated business professional with over 30 years of experience in sales and management. After graduating from the University of Kansas in 1992 with a Bachelor of Business Administration and a Minor in Economics, he began his career in the grocery industry. For 10 years, he worked at New Age Industrial in the Supermarket Sales Division. Since then, Scott has held a variety of sales and management positions with Walmart and is an entrepreneur with a portfolio of successful businesses. Scott is a strong team player with a proven track record of success in building relationships and motivating others. He has a deep understanding of e-commerce and is a safety and efficiency expert. His hands-on experience in the supply chain and warehouse side of the business has given him a keen eye for identifying opportunities for improvement through thoughtful solutions. In his new position in Outside Sales, Scott will work directly with the National Sales Manager, Bob Brackle, and the manufacturer’s representatives to maintain existing business and create new opportunities. He will also attend a variety of national trade shows with the Material Handling Sales Team. According to Scott, one of his primary goals at New Age Industrial is to educate others about the company’s unique ability to design and manufacture custom aluminum solutions. Another of his top priorities is to help customers identify areas for improvement within their warehouses and distribution centers. Scott shared, “We have a chance to show people a better way to be more efficient and safer while improving their overall businesses and processes.” When asked what made him want to come back to work for New Age Industrial, he said, “New Age is a great company with great people and great work ethic, and they produce great products. Material handling has evolved so much, so it’s an exciting area of the business to be involved in. I’m glad to be a part of this growing division!” He also shared, “It was nice to come back after so many years and see some of the same faces that were here when I left New Age in 2002. That level of loyalty from the employees says a lot about this company!” We congratulate Scott Schrum on his new role and look forward to working with him. We are excited to have him on the team. Scott said, “I am excited to rejoin the team at New Age Industrial. I am impressed with the company’s commitment to quality, and I am confident that I can make a positive contribution to the team.”
November 2023 Manufacturing Technology Orders fall despite economy’s soft landing
The soft landing the U.S. economy generally experienced through 2023 did not affect all sectors of the economy evenly. Even in the face of improving economic health, orders of manufacturing technology, measured by the U.S. Manufacturing Technology Orders Report published by AMT – The Association For Manufacturing Technology, consistently fell short of orders placed in 2022. November 2023 was no different, with orders falling to $399.8 million, 10.3% lower than those placed in November 2022 and 2% behind orders placed in October 2023. Year-to-date orders reached $4.45 billion in 2023, 13.3% below the same period in 2022. Contract machine shops, the largest consumer of manufacturing technology, decreased their November 2023 orders by nearly 16% from October 2023. The decline was nearly balanced by increases from other manufacturing sectors. Of those sectors that increased orders in November, aerospace manufacturers peaked at 60% above the monthly average compared to the rest of 2023. Electrical equipment manufacturers also increased orders. Tight conditions in the labor market persisting through the holiday travel and shopping seasons necessitated additional investment in automation to help manufacturers meet consumer demand. While overall orders for the year were down compared to their near-record levels in 2022, several regions and industries saw a late-year rally, showing strong order activity through November 2023. The Northeast and South-Central regions only declined by around 2% from their 2022 totals – virtually flat compared to the steeper declines seen in other regions. The minimal comparative losses in these regions were driven by significant year-over-year growth in orders from aerospace manufacturers. The South-Central region also benefited from significant growth in orders from the automotive sector. The release of December 2023 USMTO data will determine if the November bright spots were outliers or the beginning of a rebound that could drive manufacturing technology investment into 2024.
Plastics Industry Association (PLASTICS) opens nominations for William R. Carteaux Leadership Award
The Plastics Industry Association (PLASTICS) has opened nominations for the William R. Carteaux Leadership Award, presented to an industry professional who has achieved distinction in working for the betterment of the plastics industry. Any employee of a PLASTICS member company who personifies the values of Bill Carteaux—unity, dedication, perseverance and selflessness—is eligible for the award, named in honor of the former President and CEO of PLASTICS. “Bill Carteaux’s passion and dedication to our industry were remarkable,” said Matt Seaholm, President and CEO of PLASTICS. “Even through tough times, Bill was committed to PLASTICS and advocated for our entire industry including the millions of workers it employs. He was relentlessly optimistic about the future of the plastics industry, bringing together leaders and innovators to address our sustainability goals.” “It’s our great honor to provide an award that reflects Bill’s professional and personal values. I look forward to participating in our award ceremony this Spring in Orlando, Florida,” concluded Seaholm. “It was an honor to be the first recipient of the William R. Carteaux Leadership Award,” stated Brad Crocker, CEO of Epsilyte and recipient of the Carteaux Leadership Award. “Bill Carteaux was a selfless leader who was passionate about our industry and its future. This award exemplifies what it means to lead with the values Bill personified: dedication, unity, perseverance, and selflessness.” Prospective candidates can be nominated by their peers, friends, or family. To submit nominations, please click here. Nominations will be accepted through Friday, February 2, 2024. The award will be presented as part of the Plastics Hall of Fame Ceremony in Orlando, Florida on Sunday, May 5, 2024.
Nucor to build new mill stand at Tuscaloosa plate mill
Nucor Corporation announced that the company’s Board of Directors approved $280 million to modernize its steel plate mill in Tuscaloosa, Alabama. The investment will enable Nucor Steel Tuscaloosa to strengthen its ability to serve key market segments that are part of the overall Plate Mill Group strategy. “We continuously invest in our teammates and facilities where we see opportunities to create value for our customers. This modernization project will bolster the plate group’s position as the most diverse and comprehensive product mix in the industry,” said Al Behr, Executive Vice President for Plate and Structural Products. “Our Plate Mill Group team has done a phenomenal job executing our strategic shift and greatly improving the profitability of our plate mills. The modernization and upgrade of the rolling mill at Tuscaloosa is an important investment that will keep our mill competitive in the global steel industry and open up new market opportunities for our team. We appreciate the support we have received from the Tuscaloosa County Economic Development Authority for this project,” said Brian Phillippi, Vice President and General Manager of Nucor Steel Tuscaloosa. Comprised of three production facilities located in Hertford County, North Carolina, Brandenburg, Kentucky and Tuscaloosa, Alabama, Nucor’s Plate Mill Group has an annual capacity of approximately 3 million tons of cut-to-length and discrete plate. Nucor produces plate for military applications and for manufacturers of barges, bridges, heavy equipment, rail cars, refinery tanks, ships, wind towers and other items that are primarily used in the pipe and tube, pressure vessel, transportation and construction industries.
Kinetic Technologies unveils HT Headstock-Tailstock Positioners to Revolutionize Cobot Welding Automation
Kinetic Technologies, an innovator of positioners, fixtures, and tooling for industrial automation cells, has announced the launch of their newest positioning system for cobot welding, the HTheadstock-tailstock positioner family, a transformational addition to their product portfolio. The positioners will disrupt the world of cobot welding and offer performance, quality, and efficiency improvements for welding operators and production managers. The HT product family delivers a remarkable level of versatility to welding automation. Unlike traditional flat tables, the servo-driven headstock rotating positioners with a fixed tailstock allow for part positioning accuracy down to 0.01 degrees, offering nearly infinite jog table locations and the ability to rotate during welding. This flexibility maximizes arc-on time and ensures superior part quality at the same time. The industry needs for the HT Positioners are clear. Mark Barglof, Owner of Kinetic Technologies, said, “Industrial robot cells have employed positioning systems for decades, and very few industrial welding cells out on manufacturing floors today do not include a positioner, however, very few cobot welding cells utilize positioning systems today.” With the HT1, manufacturing leaders can realize the full potential of cobot welding, providing more consistent, higher-quality welds. This approach provides a distinct competitive advantage over companies using industrial automation, but not positioning. Mr. Barglof said, “We are excited to release the HT product family to our customers. We have heard from many customers that their parts would be best handled using a headstock-tailstock configuration. We have found that our ability to provide customers with turn-key welding automation cells has increased tenfold by adopting the HT configuration.” Moreover, Kinetic Technologies is launching its new RT Lite rotary welding table in addition to the HT positioners. The RT Lite is a modified version of their RT1 turntable, which was launched back in November 2022 at FABTECH. The RT Lite features the same load capacity as the RT1 at a lower price point for those who don’t need the cobot fixed to the table. Kinetic’s RT rotary positioners are specially designed cobot-controlled rotary tables that help to optimize welding capacity for cobots. With a range of advanced features and the ability to optimize part positioning, Kinetic Technologies’ positioners ensure high weld quality, consistency, and production efficiency, making them an invaluable addition to their cobot welding operation.
PLASTICS: Break free act lacks collaboration needed to achieve real sustainability goals
The Plastics Industry Association (PLASTICS) announced its strong opposition and disappointment in the Break Free from Plastic Pollution Act of 2023, as reintroduced in the U.S. Congress. “Instead of working towards compromise and common-sense policies, this new iteration of the Break Free from Plastic Pollution Act is even worse and less collaborative than previously, moving further from a realistic proposal,” said Matt Seaholm, President and CEO of PLASTICS. “The plastics industry stands ready to work with both sides of the aisle to develop real solutions to the environmental concerns this measure supposedly addresses. We believe there are answers to the environmental challenges we face, such as investments in recycling infrastructure and greater demand for recycled content through minimum requirements and stronger end-markets. “Plastics is the preferred material in many applications because it uses less energy and fewer resources to manufacture and transport, in addition to its ability to be reused and recycled—but this misguided legislation overlooks scientific facts and would likely unintentionally lead to an increase in greenhouse gas emissions. “The Break Free from Plastic Pollution Act would negatively impact the American economy, harm the over one million men and woman who are employed by the plastics industry and hurt other industries reliant upon them as an essential part of the supply chain. “Instead of one-sided proposals that don’t move us forward, we need to work together to craft sound policy that will actually help our environment,” concluded Seaholm. Facts about plastic: Of the materials used for consumer products, plastic has the lowest GHG impact; An independent study from McKinsey & Co. found plastics help reduce greenhouse gas emissions by 10-90%. The overwhelming majority of plastic waste will not be addressed by this legislation; more than 90% of plastic in the oceans comes from 10 river systems in Southeast Asia and Africa—not from the U.S and not subject to this legislation. Plastics only make up 12% of municipal solid waste, and packaging only makes up 5%. Thousands of facilities across the United States are involved in the manufacturing of plastics; this legislation could prompt many to shutter and move offshore to countries with less environmental safeguards.
Nucor launches campaign highlighting commitment to sustainable steelmaking
Nucor Corporation launched “Made for Good,” a campaign highlighting the company’s more than five decades of producing steel using the cleanest methods commercially available, while also showcasing its work with customers in a broad range of industries to help them achieve their sustainability goals and, at the same time, our nation’s sustainability goals. “Sustainability is being driven by our customers’ values and focus on reducing emissions in their supply chains. As a steel industry leader, Nucor recognizes the importance of environmental stewardship and continuously challenges ourselves to reduce our emissions even more. Through purposeful innovation, Nucor is providing not just steel but solutions that empower our customers to meet their business and environmental goals successfully,” said Dan Needham, Executive Vice President of Commercial at Nucor. Nucor is among the world’s most sustainable steel producers, annually making more than one-quarter of the steel produced in the United States. The company is a leading pioneer in using a circular, recycling-based manufacturing process with an emissions intensity that is more than three times lower than the average of extractive steelmaking methods using blast furnaces. Nucor is dedicated to further reducing its carbon footprint through innovation and was the first industrial company to join the UN 24/7 Carbon-Free Energy Compact, which is aimed at accelerating the decarbonization of the world’s electricity systems and ensuring access to clean and affordable electricity. “Made for Good” features the company’s recent achievements in sustainable innovations and invites customers, investors, and policymakers to partner with Nucor in tackling the challenge of decarbonization. The campaign’s highlighted case studies include Nucor’s investments in next generation technologies, such as small modular reactor (SMR) nuclear systems, fusion, Nucor’s involvement in reducing embodied carbon emissions in mass-market consumer vehicles, and Nucor’s own innovations, such as Elcyon, the first domestically produced sustainable steel product for offshore wind energy applications. “For more than 50 years, Nucor has been pioneering circular steelmaking and building a resilient and environmentally sustainable future. This campaign focuses on our dedication to building processes and investing in efficient systems that positively impact the world. The goal of Made for Good is to shape that sustainability narrative and uniquely capture Nucor’s position as an essential partner in constructing a greener tomorrow,” said Peter Campbell, Director of Marketing at Nucor. In addition to its sustainable steelmaking leadership, Nucor has engaged in policy conversations to accelerate greenhouse gas emission reductions within the industry. Nucor is a founding member of the Global Steel Climate Council (GSCC), which has developed the Steel Climate Standard – a single global standard to measure and report carbon emissions for steel companies in order to increase transparency and drive international investment in lower emission technology. Nucor partnered with Lippincott, a global creative consultancy, to generate the campaign and Luquire, a marketing and PR agency, to place the media. To explore the campaign, visit Nucor.com/madeforgood. Learn more about Nucor’s commitment to sustainability there and follow the conversation on LinkedIn and Instagram.
US Cutting Tool Orders totaled $217.3 million in June 2023, bringing Year-to-Year total pp 23.5% from 2022
June 2023 U.S. cutting tool consumption totaled $217.3 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 3.2% from May’s $210.6 million and up 23.5% when compared with the $175.9 million reported for June 2022. With a year-to-date total of $1.24 billion, 2023 is up 17.4% when compared to the same time period in 2022. These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools. “U.S. cutting tool orders continue to rise after rebounding from a soft April. Second quarter sales were strong versus 2022 sales for the same time period,” commented Jeff Major, president of USCTI. He added, “Hiring pressures appear to have eased, which aids in the reduction in backlogs and drives business. There is optimism that the remainder of the year will remain positive.” “The cutting tool industry continues to record strong sales growth compared to 2022,” stated Bret Tayne, president of Everede Tool Co. “Much of this may be attributable to certain durable goods sectors, such as transportation and defense, that are core drivers of cutting tool consumption. If some of the critical customer categories are outperforming the overall economy, the cutting tool industry may enjoy better-than-anticipated growth.” The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production, and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process – the cutting tool. Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels. Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology. The graph below includes the 12-month moving average for the durable goods shipments and cutting tool orders. These values are calculated by taking the average of the most recent 12 months and plotting them over time.
AR Iron’s Powder Coating Division achieves AAMA 2604 and AAMA 2605 Certification
AR Iron has become one of the only companies in the western US to pass the rigorous testing set forth by the American Architectural Manufacturers Association (AAMA) to offer AAMA 2604 and AAMA 2605-compliant powder coatings to architects, constructors and building owners. AR Iron has been named to Tiger Drylac’s, a prestigious manufacturer of AAMA powder coatings, list of approved AAMA 2604 and AAMA 2605 coating applicators, demonstrating its reliability and excellence in the industry. The AAMA 2604 coating offers AR Iron’s clients a five-year warranty, and the AAMA 2605 coating provides a substantial 10-year warranty. “After undergoing stringent quality assurance testing, we are now one of the few companies on the west coast to achieve this certification. This further solidifies our commitment to provide the highest quality of products and services to our clientele,” said Tony Sclafani, General Manager at AR Iron. “Achieving the AAMA certification is another step in the right direction to continue developing our business and becoming a leading applicator in the Southern Nevada industry.” The AAMA certification ensures AR Iron applies the utmost quality coatings, as it requires the powder-coated samples to undergo extensive testing, including salt spray and humidity chamber tests. These evaluations assess adhesion, gloss and overall powder coating performance, guaranteeing resilience, and longevity. Powder coating is a surface finishing process that involves electrostatically charging surfaces, which is suitable for both metallic and non-metallic surfaces. The object is then placed in an oven to melt and harden the powder, resulting in a durable and attractive finish. AR Iron also offers unlimited color options including topcoats, RALs, textures, and veins that are perfect for the Las Vegas environment. Powder coatings are composed of dry mixtures with four primary components: binders, pigments and dyes, fillers and additives, which collectively contribute to the coating’s performance and appearance.
Nucor announces the addition of Nicholas C. Gangestad to the Nucor Board of Directors
Nucor Corporation announced its Board of Directors elected Nicholas C. Gangestad as a director effective September 1, 2023. Mr. Gangestad, 58, currently serves as Senior Vice President and Chief Financial Officer of Rockwell Automation, Inc., the world’s largest company dedicated to industrial automation and digital transformation. Prior to joining Rockwell in 2021, he had a long career with 3M Company, a diversified technology company with a global presence in the fields of manufacturing, worker safety, healthcare and consumer goods. Mr. Gangestad served in various roles with 3M, including Senior Vice President and Chief Financial Officer from 2014 to 2020; Vice President, Controller and Chief Accounting Officer from 2011 to 2014; Director of Corporate Accounting from 2007 to 2011; and Vice President, Finance and Information Technology of 3M Canada from 2003 to 2007. “Nick is an accomplished executive who brings to the Board over three decades of financial expertise and significant leadership experience with global companies,” said Leon J. Topalian, Nucor’s Chair, President and Chief Executive Officer. “We look forward to benefiting from his service and insight.”
Platinum Tooling Technologies, Inc.
Platinum Tooling names new Regional Sales Manager
Platinum Tooling, the exclusive importer of Heimatec live tools and angle heads plus other global brands of precision machine tool accessories, has announced the appointment of Frank Twomey as the company’s Regional Sales Manager. In his new role, he will oversee all activities in eighteen states located in the Northeast, Mid-Atlantic and Southeast Regions of the United States. Company President, Preben Hansen, made the announcement at the company’s headquarters in Prospect Heights, Illinois. Twomey graduated from Piedmont Technical Institute in 1991. His first job was as a machinist at Ross Industries. He then took on the role of Applications/Service/Quality Engineer at Walter Grinders and SCM Group as an Applications and Service Engineer. Between working as an Applications and Service Engineer, he became the CNC Manager of Euro-Composites Corporation and later Plant Manager at MTEQ. In 2015, Twomey took on the role of District Sales Manager for OSG USA. Frank brings a vast amount of experience in aerospace, medical, machine tool, cutting tool, metal and composite industries. His technical expertise includes programming CNC machines using Mastercam and Alphacam CAD/CAM software and is well versed in PLC programming. During his career, Frank studied and trained in lean manufacturing, value stream mapping, ISO processes/audits, OSHA compliance, cost reduction, facility/line set-up and operator training. Continuing his education in 2020, Twomey obtained his CPSP (Certified Professional Salesperson) certification and in 2021 obtained his CPSL (Certified Professional Sales Leader) certification through NASP (National Association of Sales Professionals). Commenting on this new hire Hansen said, “It is great to have Frank on the team as his expertise will benefit clients across industries. I am excited to see all that he will achieve.”
Miller Fabrication Solutions
US Cutting Tool Orders totaled $190.0 Million in April 2023 which brings Year-to-Date total up 15.2% from 2022
April 2023 U.S. cutting tool consumption totaled $190.0 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was down 15.8% from March’s $225.6 million and up 7.5% when compared with the $176.7 million reported for April 2022. With a year-to-date total of $809.0 million, 2023 is up 15.2% when compared to the same time period in 2022. These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools. “While several industry market segments have contracted recently, cutting tool market indicators remain positive with anticipated mid-single digit growth for 2023,” commented Jeff Major, president of USCTI. “There is a consensus that cutting tool inventories are higher within the distribution segment, which may indicate a short-term inventory burn followed by a possible uptick in renewed buying.” “After a spike in the first quarter of 2023, April shipments of cutting tools fell back to the levels seen at the start of this year, still remaining 7.5% above the April 2022 performance,” said Mark Killion, director of U.S. industries at Oxford Economics. He expanded on this, saying, “Demand from durable goods manufacturers has supported shipments over the past year but is now expected to turn weaker in coming months, in line with expectations for a shallow recession.” The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production, and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process – the cutting tool. Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels. Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology. The graph below includes the 12-month moving average for the durable goods shipments and cutting tool orders. These values are calculated by taking the average of the most recent 12 months and plotting them over time.
Nucor announces Guidance for the Second Quarter of 2023 earnings
Nucor Corporation today announced guidance for its second quarter ending July 1, 2023. Nucor expects second quarter earnings to be in the range of $5.45 to $5.55 per diluted share. Nucor reported net earnings of $4.45 per diluted share in the first quarter of 2023 and $9.67 per diluted share in the second quarter of 2022. We expect earnings for the steel mills segment to improve in the second quarter of 2023 as compared to the first quarter of 2023 primarily due to margin expansion at our sheet mills. The steel products segment is expected to deliver strong results in the second quarter of 2023 that will be comparable to the first quarter of 2023. The raw materials segment is expected to improve in the second quarter of 2023 as compared to the first quarter of 2023 due to the improved profitability of our DRI facilities. During the second quarter, Nucor has repurchased approximately 3.1 million shares at an average price of $147.03 per share (approximately 5.8 million shares year-to-date at an average price of $151.41 per share). Nucor has returned more than $1.13 billion to stockholders in the form of share repurchases and dividend payments year-to-date.
Nucor announces Plate Mill Group reorganization
Nucor Corporation announced today that it will reorganize the Company’s plate group, including ceasing production at Nucor Steel Longview, LLC. All Nucor Steel Longview teammates will be offered employment opportunities at other Nucor divisions. Purchased by Nucor in 2016 for approximately $29 million, the mill produces heavy steel plates and has a rated annual capacity of 100,000 tons. The assets at Longview will be evaluated and deployed across Nucor’s mills where appropriate. “I’d like to thank our teammates at Nucor Steel Longview for their outstanding performance and achievements during the past several years. My hope is that all our teammates will choose to remain a part of our Nucor family and accept positions at other Nucor divisions,” said Al Behr, Executive Vice President for Plate and Structural Products. Nucor expects the phase-out of production to occur in the third quarter of this year. Production will be transferred to Nucor’s remaining plate mills, including its new state-of-the-art plate mill in Brandenburg, Kentucky, which began operating earlier this year. The Brandenburg mill will produce discrete, coiled, and heat-treated plates ranging from 60 to 168 inches wide, and in gauges from 3/16 of an inch to 14 inches. With its discrete plate mill in Hertford County, North Carolina, cut-to-length and discrete mill in Tuscaloosa, Alabama, and the recent addition of the Brandenburg mill, Nucor’s plate group is well-positioned to serve the market with reliable, high-quality, sustainable steel plate products.
Nucor reports results for the First Quarter of 2023
Net earnings attributable to Nucor stockholders of $1.14 billion, or $4.45 per diluted share Net sales of $8.71 billion Net earnings before noncontrolling interests of $1.23 billion; EBITDA of $1.89 billion Earnings are expected to increase in the second quarter of 2023 on stronger steel mills segment earnings Nucor Corporation has announced net earnings attributable to Nucor stockholders of $1.14 billion, or $4.45 per diluted share, for the first quarter of 2023. By comparison, Nucor reported net earnings attributable to Nucor stockholders of $1.26 billion, or $4.89 per diluted share, for the fourth quarter of 2022 and $2.10 billion, or $7.67 per diluted share, for the first quarter of 2022. Included in the results for the fourth quarter of 2022 was an after-tax net benefit of $60.4 million, or $0.24 per diluted share, related to state tax credits and an after-tax net benefit of $88.0 million, or $0.34 per diluted share, related to a change in the valuation allowance of a state deferred tax asset. Also included in the fourth quarter of 2022 results was a pre-tax $96.0 million, or $0.29 per diluted share, write-off of the remaining carrying value of the Company’s leasehold interest in unproved oil and gas properties that are included in the raw materials segment. “We had a very strong quarter, driven by solid performance in our steel products segment and increased demand for steel at our mills,” said Leon Topalian, Nucor’s Chair, President, and Chief Executive Officer. “Demand from nonresidential construction, our largest end market, continues to be robust driven by strength in infrastructure and manufacturing investment. Average steel mill utilization rates and profit margins were both up in the first quarter compared to the fourth quarter, with sheet and plate mills seeing some of the largest gains. This, coupled with year-over-year gains in automotive and stability in energy, gives us confidence that 2023 will be another very profitable year for Nucor. My thanks to our 31,000 teammates for their dedication to safely meeting our customers’ needs while executing our strategic growth agenda.” Selected Segment Data Earnings (loss) before income taxes and noncontrolling interests by segment for the first quarter of 2023 and 2022 were as follows (in thousands): Three Months (13 Weeks) Ended April 1, 2023 April 2, 2022 Steel mills $ 838,388 $ 2,578,854 Steel products 970,802 684,867 Raw materials 58,140 95,853 Corporate/eliminations (270,546) (461,459) $ 1,596,784 $ 2,898,115 Financial Review Nucor’s consolidated net sales were $8.71 billion in the first quarter of 2023, similar to $8.72 billion in the fourth quarter of 2022 and 17% lower than the $10.49 billion recorded in the first quarter of 2022. Average sales price per ton in the first quarter of 2023 decreased by 11% compared with the fourth quarter of 2022 and decreased by 18% compared with the first quarter of 2022. A total of 6,443,000 tons were shipped to outside customers in the first quarter of 2023, an increase of 12% compared to the fourth quarter of 2022 and an increase of 1% compared to the first quarter of 2022. Total steel mill shipments in the first quarter of 2023 increased by 18% compared to the fourth quarter of 2022 and increased by 4% compared to the first quarter of 2022. Steel mill shipments to internal customers represented 20% of total steel mill shipments in the first quarter of 2023, compared with 20% in the fourth quarter of 2022 and 22% in the first quarter of 2022. Downstream steel product shipments to outside customers in the first quarter of 2023 decreased by 3% from the fourth quarter of 2022 and decreased by 8% from the first quarter of 2022. The average scrap and scrap substitute cost per gross ton used in the first quarter of 2023 was $414, a 3% decrease compared to $427 in the fourth quarter of 2022 and a 16% decrease compared to $495 in the first quarter of 2022. Pre-operating and start-up costs related to the Company’s growth projects were approximately $82 million, or $0.24 per diluted share, in the first quarter of 2023, compared with approximately $73 million, or $0.22 per diluted share, in the fourth quarter of 2022 and approximately $62 million, or $0.17 per diluted share, in the first quarter of 2022. Overall operating rates at the Company’s steel mills increased to 79% in the first quarter of 2023 as compared to 70% in the fourth quarter of 2022 and 77% in the first quarter of 2022. Financial Strength At the end of the first quarter of 2023, we had $4.70 billion in cash and cash equivalents, short-term investments, and restricted cash and cash equivalents on hand. The Company’s $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026. Nucor continues to have the strongest credit rating in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor’s, Fitch Ratings, and Moody’s. Commitment to Returning Capital to Stockholders During the first quarter of 2023, Nucor repurchased approximately 2.7 million shares of its common stock at an average price of $156.35 per share. As of April 1, 2023, Nucor had approximately 251 million shares outstanding and approximately $656.9 million remaining for repurchases under its existing authorized share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date. On February 21, 2023, Nucor’s board of directors declared a cash dividend of $0.51 per share. This cash dividend is payable on May 11, 2023, to stockholders of record as of March 31, 2023, and is Nucor’s 200th consecutive quarterly cash dividend. First Quarter of 2023 Analysis Steel mill segment earnings in the first quarter of 2023 increased from the fourth quarter of 2022, primarily due to higher margins and volumes. The steel products segment earnings in the first quarter of 2023 decreased relative to the fourth quarter of 2022 due primarily to reductions in realized pricing. Earnings for the raw materials segment increased in the first quarter of 2023 as compared to the fourth quarter of 2022 due to higher volumes at our direct reduced iron (“DRI”) facilities and scrap recycling and brokerage operations. Second Quarter of 2023 Outlook We expect earnings in the second quarter of 2023 to increase compared to the first quarter
Wildeck unveils new modern logo as part of company rebrand
One of the largest U.S. manufacturers of industrial steel work platforms (mezzanines), material lifts, safety guarding, and access products has updated its logo to reflect its path to the future Wildeck has announced the launch of its new Wildeck logo as part of the ongoing revolution of its company brand. With many creative sessions, Wildeck has selected a logo that is modern, with key elements that look toward the future. “The new look is more aligned with the transformation Wildeck has made as a company. The traditional, block font type found in the previous logo has been replaced by a much more modern style that recognizes Wildeck as a forward-thinking and innovative solutions provider,” said Michael Troka, Wildeck’s Vice President of Marketing. “The name will no longer be split in two, avoiding confusion with partners and potential customers identifying us as ‘Wil Deck,’ among other variations.” The mark in the new logo, while resembling a sideways “W,” includes several key abstract elements. The formation of the abstracted shapes points toward progress (Wildeck’s future) while paying homage to the threaded bolt found in its previous logo design. The abstracted shapes are broken down into three layers, symbolizing vertical growth – a common reason why customers seek Wildeck products. You may even see some of Wildeck’s products represented in this new mark (e.g. a two-level mezzanine, a stair system). Wildeck’s new logo will begin being phased into new and existing company assets and materials this month and will be fully integrated into the company by the end of 2024.
Metal Fabricator eliminates pallet wrapping bottleneck with automated Orbital Wrapper
TAB Wrapper Tornado allows Penn sheet metal to wrap long pallet loads fast Metal fabrication company Penn Sheet Metal, Allentown, Pennsylvania, has cut the time required to stretch-wrap its pallet loads of architectural and roofing components and custom decorative building products from an average of 15 minutes per load to 60 seconds or less by replacing manual stretch-wrapping with the automated TAB Wrapper Tornado orbital wrapping machine. Releasing a bottleneck in the packaging department that threatened the company’s stellar lead times, the TAB Wrapper Tornado automatically wraps stretch wrap 360 degrees around and under the pallet and load while it is raised on a forklift to create a secure, unitized load without banding or boxes. The orbital wrapper safely encases the full length of the fabricator’s custom 10- and 16-foot-long pallets required for many of the elongated metal parts. Speeding production while reducing the number of workers involved in the wrapping process from two or three to just one worker, the orbital wrapper saves an average of 2-1/2 hours per day or more than 78 full, eight-hour workdays per year, according to Mike Roeder, president of Penn Sheet Metal. “We were wasting so much time wrapping pallets by hand until I’d finally had enough,” says Roeder. “Now we’re getting a much better, more secure wrap every time, even on our longest skids and it wouldn’t even be possible to wrap them by hand – I just love this machine!” The orbital wrapping machine is designed and manufactured by TAB Industries, Reading, Pennsylvania. TAB offers a range of automated and semi-automated orbital wrappers in several sizes to suit nearly any pallet wrapping requirements.
Nucor reports record annual earnings for 2022
Nucor reports the safest and most profitable year in Company history, eclipsing prior records set in 2021 Fourth quarter and full year 2022 earnings per diluted share of $4.89 and $28.79, respectively Returned $3.3 billion of capital to stockholders through dividends and share repurchases Announced increased dividend for 5oth consecutive year since initial NYSE listing in 1972 Nucor Corporation has announced consolidated net earnings of $1.26 billion, or $4.89 per diluted share, for the fourth quarter of 2022. By comparison, Nucor reported consolidated net earnings of $1.69 billion, or $6.50 per diluted share, for the third quarter of 2022 and $2.25 billion, or $7.97 per diluted share, for the fourth quarter of 2021. For the full year 2022, Nucor reported record consolidated net earnings of $7.61 billion, or $28.79 per diluted share, surpassing the previous record of consolidated net earnings of $6.83 billion, or $23.16 per diluted share, in 2021. Included in the fourth quarter of 2022 results was an after-tax net benefit of $60.4 million, or $0.24 per diluted share, related to state tax credits and an after-tax net benefit of $88.0 million, or $0.34 per diluted share, related to a change in the valuation allowance of a state deferred tax asset. Also included in the fourth quarter of 2022 results was a pre-tax $96.0 million, or $0.29 per diluted share, write-off of the remaining carrying value of the Company’s leasehold interest in unproved oil and gas properties that is included in the raw materials segment. Of these three items, only the state tax credits were known at the time and considered as part of our quantitative guidance in mid-December 2022. “I am proud to report that 2022 was both the safest and most profitable year in Nucor’s history. This is the fourth consecutive year the Nucor team has exhibited record-breaking safety performance, as we strive to become the world’s safest steel company,” said Leon Topalian, Nucor’s Chair, President, and Chief Executive Officer. “In terms of profitability for the year, Nucor generated consolidated net earnings of $7.61 billion, or $28.79 per diluted share, which exceeds our previous record of $23.16 per diluted share, set in 2021, by 24%. These records are a testament to the world-class performance of the 31,000 Nucor teammates that live our culture every single day. Looking ahead to 2023, while we recognize there is uncertainty about the near-term U.S. economic outlook, we’re starting to see a number of demand drivers gathering momentum, including the reshoring of manufacturing, large infrastructure investments, and grid modernization. We believe Nucor’s steel and steel products with lower greenhouse gas intensity will be essential building blocks to our nation’s clean energy future, security, and productivity for years to come.” Selected Segment Data Earnings (loss) before income taxes and noncontrolling interests by segment for the fourth quarter and full year 2022 and 2021 were as follows (in thousands): Three Months (13 Weeks) Ended Twelve Months (52 Weeks) Ended Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2021 Steel mills $ 516,655 $ 3,128,700 $ 7,199,087 $ 9,735,020 Steel products 1,081,461 451,713 4,093,105 1,291,450 Raw materials (141,817) 44,708 496,823 549,956 Corporate/eliminations 77,106 (617,364) (1,544,171) (2,375,568) $ 1,533,405 $ 3,007,757 $ 10,244,844 $ 9,200,858 Financial Review Nucor’s consolidated net sales decreased 17% to $8.72 billion in the fourth quarter of 2022 compared with $10.50 billion in the third quarter of 2022 and decreased 16% compared with $10.36 billion in the fourth quarter of 2021. Average sales price per ton in the fourth quarter of 2022 decreased by 7% compared with the third quarter of 2022 and decreased by 6% compared with the fourth quarter of 2021. Approximately 5,738,000 tons were shipped to outside customers in the fourth quarter of 2022, an 11% decrease from both the third quarter of 2022 and the fourth quarter of 2021. Total steel mill shipments in the fourth quarter of 2022 decreased 13% as compared to both the third quarter of 2022 and the fourth quarter of 2021. Steel mill shipments to internal customers represented 20% of total steel mill shipments in the fourth quarter of 2022, a decrease compared to 22% in both the third quarter of 2022 and the fourth quarter of 2021. Downstream steel product shipments to outside customers in the fourth quarter of 2022 decreased by 9% from the third quarter of 2022 and increased by 2% compared to the fourth quarter of 2021. For the full year 2022, Nucor’s consolidated net sales of $41.51 billion increased by 14% compared with consolidated net sales of $36.48 billion reported in the full year 2021. Total tons shipped to outside customers in 2022 were approximately 25,524,000 tons, a decrease of 10% from 2021, while the average sales price per ton in 2022 increased by 26% from 2021. The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2022 was $427, a 15% decrease compared to $502 in the third quarter of 2022 and a 16% decrease compared to $508 in the fourth quarter of 2021. The average scrap and scrap substitute cost per gross ton used in the full year 2022 was $492, a 5% increase compared to $469 in the full year 2021. Pre-tax pre-operating and start-up costs related to the Company’s growth projects were approximately $73 million, or $0.22 per diluted share, in the fourth quarter of 2022, compared with approximately $52 million, or $0.15 per diluted share, in the third quarter of 2022 and approximately $54 million, or $0.15 per diluted share, in the fourth quarter of 2021. In the full year 2022, pre-tax pre-operating and start-up costs related to the Company’s growth projects were approximately $247 million, or $0.71 per diluted share, compared with approximately $130 million, or $0.34 per diluted share, in the full year 2021. Overall operating rates at the Company’s steel mills decreased to 70% in the fourth quarter of 2022 as compared to 77% in the third quarter of 2022 and 89% in the fourth quarter of 2021. Operating rates for the full year 2022 decreased to 77% as compared to 94% for the full year 2021. Financial Strength At the end of the fourth quarter of 2022, Nucor had $4.94 billion in cash and cash equivalents, short-term investments, and restricted cash and cash equivalents