Nucor
| Nucor Corporation
|
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|---|---|
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| legal form | Corporation |
| ISIN | US6703461052 |
| Seat | Charlotte , United States |
| management | John J. Ferriola |
| Number of employees | 25,100 |
| sales | 20,252,000,000 US dollars |
| Branch | steel |
| Website | www.nucor.com |
| As of December 31, 2017 | |
The Nucor Corporation is one of the largest steel producers in the United States and the largest operator of mini-mills (in electric arc furnaces scrap melting into new steel, as opposed to other companies that conventional blast furnace technology using). Nucor produced over 21 million tons of steel in 2014. The company is the largest scrap recycler in North America.
history
Nucor's story consists of three distinctly different periods: the “Reo Motor Car” era, the “Nuclear Corporation of America” era, and the current Nucor era.
The Reo era
Nucor's origins go back to the auto pioneer Ransom Eli Olds , the founder of Oldsmobile (later a General Motors brand ) and the Reo Motor Car Company , the precursor to Nucor in Lansing , Michigan . Although Olds' cars were popular, the company was not profitable. The truck division of the company, the famous Reo Speedwagon brought out, was due to their low profitability in 1938 its bankruptcy does not prevent.
Reo gave up car production, focused on truck production with little success, tried lawnmower production with little success, and finally sold all of its production in December 1954 , making $ 3 million in losses.
The Nuclear Corporation Era
After the sale, Reo had $ 16 million in out-of- business cash . So it tried to liquidate itself .
Nonetheless, a group of shareholder dissidents noticed the tax loss and fought the management's liquidation intentions in a proxy war in September 1955 . In some kind of reverse hostile takeover , Reo was obliged to take over a tiny company called Nuclear Consultants Inc.
Reo eventually became the Nuclear Corporation of America and relocated to the Empire State Building in New York City . Still, Nuclear's attempts to get a foothold as a nuclear power company were no more successful than Olds' efforts to make vehicles. Efforts followed to develop into a conglomerate. The headquarters were relocated again, this time to Phoenix , Arizona .
Among the many acquisitions Nuclear made in its attempts to become profitable was Vulcraft , a section steel producer based in Florence, South Carolina . Vulcraft was founded by Sanborn Chase , who died at a young age and bequeathed company to his widow. Nuclear acquired Vulcraft from widow Chase in 1962 and hired F. Kenneth Iverson as CEO .
However, the conglomerate Nuclear was not more successful than the nuclear Company or the automaker Reo, and so was in March 1965 again for insolvency made. The board fired the chief executive officer of Nuclear (and had to give him back his private jet), but couldn't find a replacement for two months because nobody wanted to head a company that was likely to close down soon. Ultimately, an accountant from Nuclear, Samuel Siegel , who wanted to leave the company, told the board of directors that he was willing to stay with the company under two conditions: if Iverson remained CEO and Siegel became CFO. The two conditions were immediately accepted by the Supervisory Board.
The Nucor era
Iverson and Siegel quickly reorganized Nuclear around its only profitable business: Vulcraft. All other Nuclear businesses were either sold or liquidated. The company relocated its headquarters again in 1966 , this time to Charlotte , North Carolina to be closer to its Vulcraft factory.
Unable to obtain favorable prices from American steelmakers and unsatisfied with the imported steel available at the time, Iverson (a skilled metallurgist ) decided to go into steel production with Nuclear by building the first steelworks in Darlington, South Carolina in 1968 . The company decided to use a $ 5 million loan from Bank Wachovia to purchase an electric arc furnace that was far cheaper than a conventional furnace. Although the early days were tough (when American steelmakers realized that Nuclear had its own smelter, they canceled all contracts), Nuclear was ultimately able to achieve the financial success the company had initially lacked.
In recognition of the fact that steel production has nothing nuclear, the company adopted its current name in 1972 . Since then, Nucor has built three more Vulcraft factories and eight steel mills, expanded into other steel products, and kept its headquarters in the South Park area of Charlotte (although moving within the area).
Dan DiMicco was appointed CEO of Nucor in September 2000 . Under his leadership, Nucor restricted the long-established practice of setting up new production facilities "on the greenfield ", for which the main reason given was overcapacity in the domestic market. Instead, existing steel production facilities were taken over. Nucor has made approximately 6 to 7 company or company purchases since DiMicco became CEO.
With the acquisition of Gallatin Steel in 2014, Nucor became the largest steel manufacturer in the USA by production capacity.
Products
- Cold rolled products
- Hot rolled products, also pickled
- Stainless steels
- Steel alloys
- Coils
- Flat steels
- Section steels
- Fastening products
- Construction elements
Corporate culture
Nucor's business is highly decentralized. There are only four levels within the employee hierarchy: Hourly Employees, Supervisors / Professionals, Department Heads and Business Unit Managers. Most business decisions are made at the business unit level. In addition, there are only 66 employees who work in administration.
Nucor is an avowed union opponent who blames the unions for the decline of the US steel industry. There are no unions in any of Nucor's factories. Until April 2006, no successful primary election was carried out in a Nucor company.
Technological leadership
Nucor was among the first steel companies in the United States to use electric arc furnaces. Nucor has currently operated a facility in Crawfordsville, Indiana , together with BlueScope Steel and the Japanese IHI since May 2002 , which can cast steel sheets between 0.7 mm and 2.0 mm directly. You save yourself the rolling mill. If this process, called Castrip, proves successful, it would allow a smelter to be built in one-sixth the size of a mini-smelter and at one-tenth the cost of a conventional integrated steel mill. However, it turns out that the small sheet metal thicknesses below 1.4 mm in particular cause problems. Although the foundry is designed for 500,000 tonnes a year (with 55 employees), only a fraction of this has actually been used up to now (4/2006).
Nucor also operates two other pilot projects, one in Western Australia and one in Brazil , which deal with the low-cost procurement of iron for use in its own steelworks.
See also
swell
- ↑ a b c Nucor 2017 Form 10-K Report , accessed May 5, 2018
- ↑ Archived copy ( memento of the original from July 19, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Annual report 2014
- ^ John W. Miller, Paul Kiernan: Nucor to Buy Gallatin Steel for $ 770 million. In: Wall Street Journal . September 15, 2014, accessed August 4, 2015 .
