CNBC Press Releases

WHEN: TODAY, THURSDAY, OCTOBER 8TH

WHERE: CNBC'S "MAD MONEY W/ JIM CRAMER"

Following is the unofficial transcript of a CNBC interview with Nucor Corporation CEO Dan DiMicco

All references must be sourced to CNBC.

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CRAMER: OK LOOK I KNOW WE GOT A BETTER THAN EXPECTED JOBLESS CLAIMS NUMBER TODAY AND I SAID WE HAD SOME TERRIFIC RETAIL SALES BUT LATELY IT FEELS LIKE WE HAVE BEEN HIT MORE AND MORE WITH SPEED BUMPS ON THE ROAD TO RECOVERY I HAVE GOT TO GET A HAND ON THIS AND SO DO YOU AND THAT'S WHY I WANT TO TALK TO SOMEONE WITH A TERRIFIC PERSPECTIVE ON EMPLOYMENT IN THE STATE OF THE INDUSTRIAL ECONOMY I AM TALKING ABOUT DAN DIMICCO THE FABULOUS CEO OF CRAMER FAVE STEEL MAKER NUCOR WHICH I WILL ALWAYS TELL YOU IS THE BEST STEEL COMPANY IN THE WORLD DIMICCO HAS DONE A LOT OF WORK LATELY NOT JUST AT THE FACTORY BUT ALSO LOOKING AT PREVIOUS RECOVERIES AND HE'S POINTED OUT OVER AND OVER AGAIN AT THIS POINT IN THE CYCLE AT JUST ABOUT ANY PREVIOUS ECONOMIC REBOUND WE WOULD HAVE ALREADY STARTED CREATING JOBS ALREADY THE FACT THAT WE AREN'T IS SOMETHING WE NEED TO BE CONCERNED ABOUT EVERYONE NEEDS TO BE CONCERNED ABOUT IT ESPECIALLY THE PRESIDENT OF THE UNITED STATES WE CAN NOT HAVE A LONG TERM RECOVERY WITHOUT JOBS WITHOUT JOB CREATION AND THEN THERE IS THE DOMESTIC STEEL INDUSTRY WE'RE GETTING HIT WITH A SURGE IN IMPORTS RIGHT NOW IMPORT LICENSES INCREASED BY 40% THE HIGHEST LEVEL SINCE MARCH ACCORDING TO AN ISM SURVEY 20% OF THE STEEL BUYERS NOW EXPECT TO INCREASE THEIR FOREIGN STEEL PURCHASES NOT SO HOT FOR THE DOMESTIC INDUSTRY NOT SO HOT FOR JOBS A LACK OF INVENTORY HAS ALLOWED FOR FOREIGN COMPANIES TO COME IN INCLUDING PIPE STEEL FROM CHINA AT WHAT I THINK LOOKS LIKE OUTRAGEOUSLY LOW PRICES SO IF YOU REALLY WANT TO FEEL FOR THE REAL STATE OF THE ECONOMY IF YOU REALLY WANT TO KNOW IS HOW CHALLENGED THIS NATION MAY BE DAN DIMICCO NUCORS FABULOUS CEO HAS A BETTER HANDLE ON THESE ISSUES THAN JUST ABOUT ANYONE ELSE WHICH IS WHY I AM THRILLED TO HAVE HIM ON THE SHOW TONIGHT MR DIMICCO WELCOME BACK TO MAD MONEY

DIMICCO: GLAD TO BE HERE JIM AND THANK YOU VERY MUCH

CRAMER: OF COURSE DAN I KNOW YOU HAVE THE EAR OF A LOT OF IMPORTANT PEOPLE INCLUDING THE PEOPLE IN WASHINGTON WHEN YOU GET TOGETHER WITH THEM HOW DO YOU EXPLAIN WHERE WE ARE IN THE ECONOMY VERSUS WHERE WE HAVE BEEN IN PREVIOUS MOMENTS WHEN WE ARE COMING OUT OF A RECESSION

DIMICCO: WELL, FOR THE MOST PART RIGHT NOW ALL THE POSITIVE NEWS IN THE ECONOMY IS INVENTORY RELATED NOT DEMAND RELATED AND UNFORTUNATELY FOR US WE'RE NOT FOCUSING ON THE REAL CRISIS IN FRONT OF US, AS A COUNTRY AND AS A NATION, AND THAT IS JOBS. THE JOBS ISSUE HERE IN THE UNITED STATES IS MUCH MORE SEVERE THAN PEOPLE HAVE INDICATED AND WE NEED TO GET PEOPLE'S ATTENTION ON IT AND I'M THROUGH YOUR SHOW TONIGHT WE'LL BE ABLE TO GET A GRASS ROOTS MOVEMENT GOING THAT WILL TRAVEL UP THROUGH THE STATE HOUSES TO THE CONGRESS AND TO THE ADMINISTRATION. I PERSONALLY HAVE SAT DOWN WITH THE PRESIDENT, I'VE HAD LUNCH WITH HIM, AND GONE OVER THE THINGS I'M GOING TO TALK ABOUT TONIGHT. WE'VE BEEN BACK SEVERAL TIMES AT HIS STAFF'S REQUEST TO CONTINUE THOSE DISCUSSIONS, SO I'M HOPEFUL THIS MESSAGE IS GETTING THROUGH, BUT I AM VERY CONCERNED.

CRAMER: WE SEE BIG JOBLESS CLAIMS, WE SAW A TERRIBLE NUMBER ON FRIDAY, WHICH PEOPLE SEEM TO HAVE VERY QUICKLY FORGOTTEN WITH BOTHERS ME TREMENDOUSLY CAUSE YOU CAN'T MAKE PROGRESS. CAN YOU SHOW US WHERE WE WOULD BE IN PREVIOUS RECOVERIES VERSUS WHERE WE ARE NOW?

DIMICCO: WELL THE FIRST SLIDE THAT I SENT YOU I'D LIKE YOU TO SHOW RIGHT NOW SHOWS A COUPLE OF VERY INTERESTING AND CONCERNING TRENDS. NUMBER ONE WE'RE PLOTTING THE DATA ON JOB LOSSES SINCE THE PEAK FOR ALL THE RECESSIONS SINCE 1974. YOUR VIEWERS CAN CLEARLY SEE THAT THERE'S A CHANGE IN THE SLOPES OF THE LINES WITH EVERY SUCCESSIVE RECESSION WE'VE HAD AND THEY CAN ALSO SEE THE SEVERITY OF JOB LOSSES IN THIS RECESSION VERSUS ALL THE PREVIOUS ONES AT THE OUTSET. THE NUMBERS ARE HUGE NUMBER ONE. NUMBER TWO, THE RECOVERY PERIODS THE SLIDE SHOWS UP TO FORTY MONTHS FROM THE PEAK AND THE AMOUNT OF JOB RECOVERY THAT WE'VE SEEN. YOU CAN SEE FROM THOSE SLIDES THAT AS WE GO FROM 74 TO 2001 WE MOVED TO JOBLESS RECOVERIES, WELL THIS TIME IT'S GOING TO A LOT WORSE. AND ON TOP OF THAT THEY JUST CAME OUT WITH SOME REVISIONS TO THE PRELIMINARY NUMBERS PRIOR TO MARCH OF THIS YEAR THAT PUSHES JOBS DOWN ANOTHER EIGHT HUNDRED AND TWENTY THOUSAND, SO THAT INSTEAD OF AN EMPLOYMENT RATE OF 9.8% AS THEY'VE JUST QUOTED, IT'S GOING TO BE MORE LIKE 10.3% AT TODAY'S TIME PERIOD.

CRAMER: BUT DAN, EVEN THAT NUMBER YOU HAVE TOLD ME MANY TIMES UNDERSTATES THE TRUE UNEMPLOYMENT IN THIS COUNTRY.

DIMICCO: ABSOLUTELY, AND THE GOVERNMENT KEEPS TRACK OF TWO DIFFERENT UNEMPLOYMENT NUMBERS. ONE THEY USE WHAT THEY CALL THE U3 DATA, WHICH IS THE NUMBERS THAT THEY REPORT ON THOSE WHO ARE CURRENTLY LISTED AS UNEMPLOYED AND THEN THERE'S A U6 SET OF DATA THAT THE GOVERNMENT ALSO REPORTS THAT VERY SELDOM DO YOU SEE TALKED ABOUT AT LENGTH ANYWHERE IN THE PRESS OR IN A NEWS PROGRAM.

CRAMER: WE'LL LET'S SHOW THEM RIGHT WE HAVE A CHART OF THE REEL?

DIMICCO: WE HAVE A CHART AND IT'S PRETTY DARN FRIGHTENING AND IT SHOWS US THE MAGNITUDE OF THE PROBLEM.

CRAMER: THAT'S A LEVEL THAT IS NOT THAT HAS PROBABLY ONLY BEEN BESTED BY THE GREAT DEPRESSION

DIMICCO: ABSOLUTELY, ABSOLUTELY. IF YOU TAKE A LOOK AT THE TREND OVER TIME HERE THIS IS THE UNEMPLOYMENT RATE. THERE'S TWO OF THEM POSTED, THE U3 NUMBER AND THE U6 AND U6, THE DIFFERENCE BETWEEN THE TWO IS U6 INCLUDES ALL THOSE WORKING PART TIME, ALL THOSE WHO'VE GIVEN UP LOOKING FOR WORK, WHICH IS SIGNIFICANT. AND THE DIFFERENCE BETWEEN THE UNEMPLOYMENT RATES AT TODAY'S NUMBERS WITH THE ADJUSTMENTS THAT WE TALKED ABOUT A MINUTE AGO, THE DIFFERENCE IS 10.3 TO 17.5%. SO WHAT WE CALL THE REAL UNEMPLOYMENT NUMBER, THE ONE THAT'S GOING TO INDICATE THE SEVERITY OF THE RECESSION FOR AMERICAN WORKERS AND AMERICAN FAMILIES AND REALLY GOING TO INDICATE HOW QUICKLY THE CONSUMER COMES BACK AND STARTS DRIVING THE ECONOMY AGAIN, WE'RE LOOKING AT A NUMBER THAT CLOSER TO 17 AND A HALF PERCENT. WE'RE TALKING ABOUT HAVING TO GENERATE TEN TO FIFTEEN MILLION JOBS OVER THE NEXT FIVE YEARS AND RIGHT NOW WE ARE FOCUSING ON THE WRONG PRIORITIES.

CRAMER: ALRIGHT, WELL TELL US, TELL US. THE PRESIDENT CALLS YOU IN AND SAYS YOU KNOW WHAT YOU ARE THE CZAR OF JOBS, WE'VE GOT A LOT OF OTHER CZARS IT'S KIND OF FEELING LIKE THE NINETEENTH CENTURY RUSSIA, GIVE US WHAT YOU WOULD DO AS THE JOB CZAR.

DIMICCO: WELL, FIRST THING YOU HAVE TO DO AS A GOOD ENGINEER IS YOU HAVE TO IDENTIFY THE EXTENT OF THE PROBLEM WHICH IS WHAT WE ARE DOING WITH THIS DATA THAT I JUST PUT IN FRONT OF YOU. HAVING RECOGNIZED THAT'S WHAT WE ARE REALLY DEALING WITH, THE NUMBER ONE, NUMBER TWO AND NUMBER THREE PRIORITIES IN WASHINGTON AND THE ADMINISTRATION AND IN THE CONGRESS AND AT THE STATE HOUSES IS JOBS, JOBS, JOBS. HEALTH CARE CRISIS IS MINISCULE COMPARED TO THIS. THE GLOBAL WARMING CLIMATE ISSUE IS MINISCULE COMPARED TO THIS. THIS IS THE NUMBER ONE ISSUE THAT AMERICANS SHOULD BE CONCERNED ABOUT, GETTING PEOPLE BACK TO WORK AGAIN IN THIS COUNTRY. GETTING THEIR TAXES REVENUES INCREASING BECAUSE WE'VE GOT GROWING ECONOMIC CONDITIONS IN THIS COUNTRY, SO WE CAN DO ALL THESE OTHER THINGS THAT ARE NECESSARY TO DO. BUT NUMBER ONE, TWO AND THREE PRIORITIES ARE GETTING AMERICANS BACK TO WORK AND THE WAY YOU FIND OUT WHERE YOU HAVE TO PUT THE EMPHASIS IS WHERE HAVE THE JOBS BEEN LOST. THEY'VE BEEN LOST IN MANUFACTURING, THEY'VE BEEN LOST IN CONSTRUCTION AND ALL THE SERVICES THAT GO ALONG WITH SUPPORTING THOSE TWO MAJOR SECTORS OF OUR ECONOMY AND WERE NOT DOING A THING TO DO IT, PEOPLE ARE TOO CONCERNED ON THE SHORT TERM. THEY'RE WORRIED ABOUT, WELL THERE'S NO STIMULUS SHOWING UP TODAY SO DON'T PUT A SECOND STIMULUS PACKAGE OUT, WRONG. WE NEED TO BE SPENDING A LOT OF MONEY AND ALL THE MONEY THAT WE ARE SPENDING NEEDS TO BE FOCUSED ON THE JOBS ISSUE. WE NEED TO BE SPENDING MONEY ON WHAT'S GOING TO CREATE JOBS IN THE MANUFACTURING AND THE CONSTRUCTION SECTOR. THAT'S WERE WE'VE LOST THE JOBS, THAT'S WERE WE'VE GOTTA SPEND THE MONEY TO DO IT. IF WE ARE SPENDING MONEY ANYWHERE OVER THE NEXT FIVE YEARS, THOSE ARE THE TWO PLACES, NO PLACE ELSE.

CRAMER: ALRIGHT STEEL INDUSTRY. YOU'RE THE BEST IN THE WORLD AND YOU'RE COMPANY IS THE BEST IN THE WORLD AT MAKING STEEL. WHAT SHOULD BE HAPPENING IN THE STEEL INDUSTRY THAT WOULD BE REPRESENTATIVE OF WHAT YOU'D LIKE?

DIMICCO: WELL FIRST OFF, I HAVE TO COMMEND THIS ADMINISTRATION FOR THE WAY THEY HAVE BEEN HANDLING SOME OF THE TRADE DISTORTING ISSUES THAT HAVE BEEN AFFECTING MANUFACTURERS IN THIS COUNTRY FOR TWO DECADES, AND THE STEEL INDUSTRY IN PARTICULAR. WE ALWAYS SEE IT FIRST. AND THEY HAVE COME OUT AND BASICALLY SAID WE ARE GOING TO HOLD OUR TRADING PARTNERS ACCOUNTABLE, TO PLAY BY THE RULES THAT THEY AGREED TO, TO HAVE ACCESS TO OUR MARKET, THAT'S ALL WE'VE EVER ASKED FOR, AND IT APPEARS WE ARE FINALLY GOING TO GET IT. THANK YOU PRESIDENT OBAMA, AMBASSADOR KIRK, SECRETARY LOCKE, THANK YOU ALL VERY MUCH. KEEP THAT GOING BECAUSE WITHOUT ACCOUNTABILITY, PEOPLE LOSE THE CONFIDENCE IN OUR TRADING SYSTEM, WE NEED FREE TRADE TO WORK BOTH WAYS, TO BRING BARRIERS DOWN AND TO MAKE SURE PEOPLE ARE TRADING ACCORDING TO THE RULES THEY AGREED TO.THAT'S NUMBER ONE, AND THEY'RE DOING IT, AND WE APPRECIATE IT. AS FAR AS THE STEEL INDUSTRY GOES, LISTEN, WHAT'S GOOD FOR AMERICA IS GOOD FOR NUCOR, WHATS GOOD FOR AMERICA, IS GOOD FOR THE STEEL INDUSTRY. NOT THE OTHER WAY AROUND. GETTING PEOPLE BACK TO WORK IS WHAT'S GOING TO BE CRITICAL TO GETTING OUR ECONOMY GOING AGAIN. REAL DEMAND INCREASING AS OPPOSED TO INVENTORY JUST A DEMAND. AND UNTIL THAT HAPPENS, THE STEEL INDUSTRY AND EVERYBODY ELSE IS GOING TO BE LOOKING AT A VERY SLOW WEAK RECOVERY THAT'S GOING TO LAST FIVE YEARS OR MORE.

CRAMER: OK DAN, YOU AND I HAVE TALKED BACK AND FORTH. WHAT WOULD BE A GIGANTIC KIND OF EMPHASIS PROJECT THAT WOULD PUT A LOT OF PEOPLE TO WORK, THAT WOULD MAKE IT SO THAT WE HAVE A BETTER TRADE DEFICIT, AND MAKE US MORE INDEPENDENT.

DIMICCO: WELL THE FIRST THING WE HAVE TO DO IS LOOK WHAT'S CAUSING OUR TRADE DEFICIT, WHICH EVERYONE HAS SAID VOLKER, GREENSPAN, BERNANKE, EVA DETMER, A LOT OF FOLKS HAVE SAID THIS IS ONE OF OUR FUNDAMENTAL ISSUES THAT IS WRONG WITH US IN THIS COUNTRY. YOU GOTTA LOOK AT THE TWO MAJOR COMPONENTS. ONE IS ENERGY, AND WE NEED TO BECOME ENERGY INDEPENDENT, AND THE SECOND IS TRADE. WE'RE WORKING ON THE TRADE ISSUE, WE'RE WORKING ON HAVING A MANUFACTURING AGENDA, FINALLY IN THIS COUNTRY, BUT WE NEED ENERGY INDEPENDENCE. AND LISTEN, THE REALITY OF THIS THING IS, WE CAN DO ALL THE TALKING AND HANDLING OF IT THE WAY THAT WE WANT, ABOUT ALTERNATIVE FORMS OF ENERGY. WE NEED TO MAKE THOSE HAPPEN, BUT THEY ARE DECADES AWAY FROM HAVING ANY SIGNIFICANT IMPACT. WHAT WE NEED TO DO TODAY TO WEAN OURSELVES FROM FOREIGN OIL, GET OUR TRADE DEFICIT DOWN BY FIFTY PERCENT, IS DRILL IN THIS COUNTRY, DRILL RESPONSIBLY, HOLD PEOPLE ACCOUNTABLE, BUT GET IT DONE. GET OFF OF FOREIGN OIL, GET ON OUR OWN GAS, GET ON OUR OWN OIL, AND BUILD NUCLEAR POWER PLANTS UNTIL THE COWS COME HOME.

CRAMER: DAN, YOU TELL IT STRAIGHT AND I JUST WANT OUR VIEWERS TO KNOW, THIS IS NOT A REPUBLICAN SHOW OR A DEMOCRAT SHOW, IT IS NONE OF THAT, AND WHAT YOU SAID HAS NOTHING TO DO WITH POLITICS. IT HAS EVERYTHING TO DO WITH WHY THIS STOCK MARKET CAN NOT GO AS HIGH AS YOU AND I WOULD LIKE TO, BECAUSE THE STOCK MARKET IN THE END GOING TO COME BACK TO JOBS. IT'S NOT JUST GOING TO BE SHORT SQUEEZES AND THE CHARTS LOOKING GOOD, AND SOME COMPANIES FIRING PEOPLE AND MAKING NUMBERS BETTER. IT'S ABOUT JOBS. DAN DIMICCO, CEO OF NUCOR, THANK YOU SO MUCH FOR COMING ON THE SHOW.

DIMICCO: THANK YOU, JIM.

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