Nucor 2013 Annual Report Download - page 9

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8
Fellow Stockholders:
On behalf of the board of directors, we would like to
thank the entire Nucor team for their hard work this
year in positioning the company to grow profitably in the
future. Despite economic conditions that challenged the
steel industry, Nucor’s performance continued to shine
compared to its peers in the industry.
The board approved a record level of capital investment
for 2013, consistent with Nucor’s strategy of investing
during economic downturns. By the end of the year,
several major capital projects were at or near completion.
The company made significant progress under its
agreement with Encana, our partner in our natural
gas working interest drilling program, to drill natural
gas wells. The working interest drilling program is a
flexible, innovative way to change our cost structure
for energy consumption. The startup of the direct
reduced iron plant in Louisiana will also help the
company gain more control over raw materials costs. Many of these projects are transformative for the company, helping us
reduce costs while expanding into new markets. John has provided more details on each of these projects in his letter. They
are part of the board and executive team’s strategy to position the company for future growth.
Over the past few years, the board devoted significant time to developing a thoughtful, planned transition of leadership at
Nucor. This year it was evident that we have achieved our goals. The company had an excellent first year under CEO John
Ferriola, and we are extremely pleased with the seamless leadership transition executed by John and Dan DiMicco. The
lead director of the board also changed this year with the appointment of Ray Milchovich in September, which was another
successful outcome of the board’s succession planning.
The board would like to extend its thanks and congratulations to Dan DiMicco, who stepped down as Executive Chairman at
the end of the year. We have had the privilege of working with Dan for many years in his roles as CEO and Executive Chairman.
We cannot overstate the remarkable accomplishments Dan has achieved during his career with Nucor. He took over as CEO
during a difficult time for the company and in a challenging economic environment for the steel industry. Through it all, Dan
provided steady leadership, taking Nucor to the next level. He rapidly grew the company through acquisition and greenfield
development, while managing to preserve and strengthen the Nucor culture. Under his leadership, Nucor generated strong
returns for our investors. We wish Dan well in retirement.
Finally, in December the board of directors increased the base dividend for the 41st consecutive year, reflecting the confidence
the board has in the company’s direction and earnings power.
Thank you to all of our investors for the trust you have placed in Nucor’s management team.
Raymond J. Milchovich Peter C. Browning
Lead Director Director
Raymond J. Milchovich
Lead Director
Peter C. Browning
Director