Nucor Corporation IssuesJoin now to read essay Nucor Corporation IssuesNucor Corporation is made up of 11,500 teammates whose goal is to “Take Care of Our Customers.” We are accomplishing this by being the safest, highest quality, lowest cost, most productive and most profitable steel and steel products company in the world. We are committed to doing this while being cultural and environmental stewards in our communities where we live and work. We are succeeding by working together.
Nucors HistoryNucor Corporation is the largest steel producer in the United States and had net sales of $12.7 billion in 2005. Nucor is the nations largest recycler. In 2004, Nucor recycled approximately 17 million tons of scrap steel, with 5 million of those tons being automobiles. Nucors origins are with auto manufacturer Ransom E. Olds, who founded Oldsmobile and then Reo Motor Cars. Through a series of transactions, the company Olds founded eventually became the Nuclear Corporation of America. Nuclear Corporation was involved in the nuclear instrument and electronics business in the 1950s and early 1960s.
The company suffered 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 led to a restructuring and a decision to rebuild the company around the major profitable operations; the steel joist businesses in Florence, South Carolina and Norfolk, Nebraska called Vulcraft.
The company moved its headquarters from Phoenix, Arizona to Charlotte, North Carolina in 1966, and expanded the joist business with new operations in Texas and Alabama. Management then decided to integrate backwards into steel making by building its first steel bar mill in Darlington, South Carolina in 1968. In 1972 the company adopted the name Nucor Corporation. Throughout the remainder of the 1970s Nucor built two more joist plants and two more bar mills to supply its existing Vulcraft facilities.
In the 1980s Nucor began the decade by building its sixth Vulcraft facility and fourth bar mill which are located in the State of Utah. Later in the 1980s, Nucor revolutionized the sheet steel industry by pioneering thin slab casting technology in Crawfordsville, Indiana. Thin slab casting was a revolutionary process that substantially reduced the capital investment and costs to produce sheet steel. Forbes magazine described this accomplishment as the most substantial, technological, industrial innovation in the past 50 years. Nucor continued to enter into new markets and products by building and commissioning its first structural beam facility in Blytheville, Arkansas, through a joint venture with Yamato Kogyo in Japan.
In the 1990s, Nucor expanded its Nucor-Yamato facility by adding a second mill on its site which made Nucor-Yamato the largest structural beam facility in the Western Hemisphere. Nucor continued to grow its core businesses by building sheet mills in Hickman, Arkansas and Berkeley County, South Carolina. Nucor continued to grow by building an additional beam mill on its Berkeley County site which led to the Berkeley County facility becoming the largest mini-mill in the world producing over 3 million tons annually.
Since 2000, Nucor has continued its growth by entering the plate market by building its first plate mill in Hertford County, North Carolina. Nucor also expanded its Vulcraft product group by building its seventh plant in Chemung, New York. Nucor has also embarked on a four part growth strategy which has led to an unprecedented level of growth and profitability. The first part of the strategy is to optimize existing operations. Nucor has executed on this strategy by completing a three year bar mill modernization program adding vacuum degassers to our sheet mills and additional capital expenditures at each of our other divisions.
The second of the four part strategy is to pursue strategic acquisitions. In 2001, Nucor purchased substantially all of the assets of Auburn Steel Company, Inc.s steel bar facility in Auburn, New York. In November 2001, Nucor announced the acquisition of ITEC Steel Inc. and its wholly owned subsidiary, Steel Truss and Frame Corp. The name change of Nucon Steel Commercial Corporation happened in 2002. Also in 2002, Nucor completed the purchase of substantially all of the assets of Birmingham Steel Corporation, which includes four operating bar mills in Alabama, Illinois, Washington, and Mississippi. Also in 2002, Nucors wholly owned subsidiary Nucor Steel Decatur, LLC purchased substantially all the assets of Trico Steel Company. This sheet mill is located in Decatur, Alabama. In 2004, Nucors wholly owned subsidiary, Nucor Steel Tuscaloosa, Inc., purchased substantially all the assets of Corus Tuscaloosa, which is a plate mill located in Tuscaloosa, Alabama.
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The third part of the strategy is to pursue strategic acquisitions, primarily to acquire financials of financial institutions of large companies, as listed below. In 2005, Nucor purchased nearly all of the assets of the largest financial institution in the United States which include United Kingdom Bank, Bank of England, Citigroup Inc. and JP Morgan Chase, Chase Western & Main, Bank of America Corp., and Wells Fargo & Co., the latter of which have branches in the United States. In 2004, Nucor purchased at least 30.3% of its assets as an advisor and principal of a company with a stake of $832,000. In 2007 (referred to in this release as a “lease”) U.S. Securities and Exchange Commission (SEC) required Nucor to divest approximately 1.3 million shares of their wholly owned and operated trust. This number had fallen to 2,000 from 3,000 and at least 30% of their shareholders were at stake after the closing of the “sale.”
The fourth part of the strategy is to purchase financial advisors which include UBS Bank, Barclays, Barclays & Johnson Bank, Merrill Lynch & Co., Inc., Credit Suisse, American Express & UBS, Barclays & Barclays, International Bank of North America, Barclays Holdings Inc. and HSBC Holdings Inc.
Nuvatimai’s Strategy
The fifth part of the strategy is to purchase financial advisors which include the American Express Company, American Airlines, Bank of Canada, American Life International Inc., Citibank Corp., Credit Suisse Group, Credit Suisse Group, Barclays Global Inc., American Express and American Life International. The total amount purchased by Nuvatimai for these financial advisors includes those of the U.S. Department of Justice and the Internal Revenue Service.
The eighth part of the strategy is to purchase strategic advisors to provide direct financial support for the U.S. Department of Treasury and to fund other United States Government functions. In addition, the other members of our board of directors are named as members of this committee. In April 1997 our Board adopted a resolution providing the same financial
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