Nucor Earnings Call Nuggets: Promotions and Steel Investments
Michelle Applebaum – Steel Market Intelligence: First I want to congratulate you on your promotion, it was very well deserved and also say I guess – I don’t want to say goodbye to Dan, but I guess new mode of – all congratulations I guess to Dan on this new job, maybe that’s a way to do it as well on his promotion.
John J. Ferriola – CEO: That’s the way to say it and I certainly don’t want you saying goodbye to Dan.
Michelle Applebaum – Steel Market Intelligence: Is this the quietest you’ve ever been at one time, I’m just curious. My question for you is, can you give me your thoughts about what will be different and what will be the same in your tenure?
John J. Ferriola – CEO: But let me start with what will be a little different. As I mentioned in the script, we’ve invested – by the end of 2013 we will have invested $8 billion in our strategic plan. So over the next several years our focus will be on executing that plan, converting those investments to higher highs during the next up-cycle. That will be our focus. Let me talk a little bit about some of the things that will be the same. First of all most importantly our absolute commitment to safety will remain unchanged. I believe that there is nothing more important than safety, will remain the same. And our relentless drive to achieve beyond zero will not change. We believe strongly that maximizing safety maximizes our team’s communication and productivity. Shareholders benefit from our safety focus in many ways. We’ll stay committed to our mission statement to take care of our customers, all of our customers, the way we have defined them in the past. But we remain committed to a strong balance sheet. We’re in a highly cyclical business and remaining committed to a strong balance sheet in a cyclical business allows us to weather those economic cycles without having to divest those valuable people or assets. And as we’ve shown during this recent downcycle that discipline has allowed us to take advantage of some strategic assets at attractive pricing. We remain committed to growing our business through the long-term perspective that we’ve always had, our goal being long-term, sustainable, profitable growth. We remain committed to previous capital deployment priorities that we had, investing in long-term profitable growth, return capital to our investors with a strong base dividend, provide a supplemental dividend when economic conditions allow, and opportunistically buyback stock only when other capital deployment commitments are fully satisfied. We believe that these stock is an excellent value. So, that’s a little bit about what will be different and what will be the same. Let me add one more point. I should have mentioned this. Of course, we remain as a team committed to our strategic growth plan of five pronged growth strategy that we’ve had over the last 10 years.