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Nucor Corporation in 2001 Essay

Assignment id 1006326
Discipline Arts Entertainment
Assignment type Essay
Words 2996
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Nucor Corporation in 2001 Nucor's History Nucor Corporation is the second-largest steel manufacturer in the United States and has had net earnings of $4.6 billion in 2000. Nucor recycles approximately 10 million tons of scrap steel. It operates in 9 states and produces steel and carbon steel in bars, beams, sheet, and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal construction systems; and light gauge steel framing. The business emerged from close Bankruptcy in 1966 to become one of the fastest-growing steel. Despite the recession in 1991, Nucor grew into one of the most significant and best-known worldwide manufacturers of steel. Nucor's origins are with automobile producer Ransom E. Olds, who based Oldsmobile and then Reo Motor Cars. Through a set of transactions, the firm Olds founded eventually became the Nuclear Corporation of America. Atomic Corporation was included in the nuclear tool and electronics business from the 1950's and early 1960's. The company endured through several money-losing years, and when facing bankruptcy in 1964, installed F. Kenneth Iverson as President and Samuel Siegel as Vice President of Finance. This change in management resulted in a restructuring and a choice to rebuild the company around the significant profitable operations; the steel joist businesses in Florence, South Carolina and Norfolk, Nebraska known as Vulcraft. The company moved its headquarters in Phoenix, Arizona to Charlotte, North Carolina in 1966, and enlarged the joist firm with new operations in Texas and Alabama. Management then decided to integrate backwards into steel making by constructing its first steel bar mill in Darlington, South Carolina in 1968. In 1972 the company adopted the title Nucor Corporation. Since that time, Nucor has assembled three additional Vulcraft facilities, eight steel mills, and expanded into other steel goods. Present Strategy and Future Expectation Nucor is pursuing long-term growth and would like to increase its standing from the second-largest U.S. steelmaker by overtaking U.S. steel, who's the industry leader. Its current strategy is to be the lowest cost supplier of steel by discovering opportunities to decrease price. It emphasizes on technological leadership by competitive pursuit of innovation and technical excellence. It places strong emphasis on employee relations and provides fair compensation also.

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