Nucor
{{Short description|American steel corporation}}
{{Infobox company
| name = Nucor Corporation
| logo = Nucor logo.svg
| type = Public
| traded_as = {{Unbulleted list|{{NYSE|NUE}}|S&P 500 component}}
| foundation = {{Start date and age|1955}}
| predecessor = REO Motor Car Company
| hq_location = Charlotte, North Carolina, United States
| key_people = {{ubl|Leon Topalian (chairman, president, & CEO)|Steve Laxton (CFO)}}
| industry = Steel
| revenue = {{nowrap|{{decrease}} {{US$|30.7 billion|link=yes}} (2024)}}
| net_income = {{decrease}} {{US$|2.03 billion}} (2024)
| assets = {{decrease}} {{US$|33.9 billion}} (2024)
| equity = {{decrease}} {{US$|21.4 billion}} (2024)
| num_employees = 32,700 (2024)
| homepage = {{URL|https://nucor.com/}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/73309/000095017025028427/nue-20241231.htm | title=Nucor Corporation 2024 Form 10-K Annual Report |date=February 27, 2025 | publisher=U.S. Securities and Exchange Commission}}
}}
File:Transferring molten metal from the furnace to the ladle.jpg
Nucor Corporation is an American company based in Charlotte, North Carolina, that produces steel and related products. It is the largest steel producer in the United States and the largest recycler of scrap in North America. Nucor is the 16th-largest steel producer in the world.{{Cite web | title=Top steel-producing companies | url=https://worldsteel.org/steel-topics/statistics/top-producers/ | publisher=World Steel Association}} Along with Commercial Metals Company, it is one of two primary suppliers of rebar used to reinforce concrete in buildings, bridges, roads, and infrastructure in the U.S.
Current operations
To supply its mills, Nucor uses electric arc furnaces and continuous casting to melt scrap steel as opposed to blast furnaces to melt iron. In 2024, the company produced and sold approximately 18.5 million tons of steel and recycled 18 million tons of scrap.
None of Nucor's mills is unionized and the corporate culture is opposed to trade unions.{{Cite web |title=AFL-CIO says Nucor should make commitments |url=https://nwlaborpress.org/1997/nucor.html |access-date=2025-05-05 |website=nwlaborpress.org}}
History
After REO Motor Car Company, founded by Ransom E. Olds, sold its operations and initiated liquidation proceedings, a group of dissident activist shareholders, noticing the existence of a usable tax loss, successfully challenged the liquidation in a proxy fight in September 1955 and forced REO to take over a tiny nuclear services company called Nuclear Consultants, Inc. in a reverse takeover.
The company was renamed "Nuclear Corporation of America Inc." and relocated to offices in the Empire State Building in New York City. The organization's attempt to recast itself as a nuclear industry services company was unsuccessful, and it followed the example of other companies in the 1950s and 60s by attempting to become a conglomerate, moving its headquarters to Phoenix, Arizona. It made several acquisitions, including the Vulcraft Corporation, a steel joist manufacturer located in Florence, South Carolina. Vulcraft was founded by Sanborn Chase, who died at an early age, leaving the company to his widow. Nuclear purchased Vulcraft from Chase's widow in 1962 and hired F. Kenneth Iverson as general manager. In March 1965, the company again filed for bankruptcy. Iverson, head of the only profitable division, took over as head of the company due to lack of interest in the job from others.
Iverson reorganized Nucor around its only profitable business, the steel fabricator Vulcraft. All other businesses were either sold or liquidated.
In 1966, the company moved its headquarters to Charlotte, North Carolina to be closer to its main Vulcraft plant in South Carolina.{{Cite news | url=https://www.bizjournals.com/charlotte/news/2019/09/26/nucor-has-a-culture-that-s-survived-every-ceo.html | title=Nucor has a culture that's survived every CEO shift | first=John | last=Downey | work=American City Business Journals | date=September 26, 2019 | url-access=subscription}}
In 1968, unable to get favorable steel prices from American manufacturers and unhappy with the imported steel available at the time, Iverson, a metallurgist by training, extended Nucor vertically into steelmaking by building its first steel bar mill in Darlington, South Carolina.{{Cite web |last=Metzger |first=Mark K. | title=F. Kenneth Iverson of Nucor: Man of Steel | url=https://www.inc.com/magazine/19840401/6059.html | work=Inc. |date=April 1, 1984 | url-access=subscription}}{{Cite web | url=https://charlottemuseum.org/learn/articles/ken-iverson-and-nucor-corporation/ | title=Ken Iverson and Nucor Corporation | first=Kay | last=Peninger | work=Charlotte Museum of History}}
The company purchased an electric arc furnace, which was far cheaper than the traditional steel blast furnace, with a $6 million loan secured by all of the company's assets. Production delays and staffing problems resulted in losses, but earnings soared in 1971 and 1972.
In 1972, the company, recognizing that it was now misnamed, adopted its current title, Nucor Corporation.{{Cite news | url=https://www.latimes.com/archives/la-xpm-2002-apr-20-me-ken20-story.html | title=F. Kenneth Iverson, 76; Built Nucor Into No. 2 Steelmaker | work=Los Angeles Times | date=April 20, 2002 | url-access=limited}} That year, it became a public company via an initial public offering.{{Cite news | url=https://www.bizjournals.com/charlotte/news/2022/07/22/nucor-50-years-stock-market-nyse-revenue-growth.html | title=Nucor marks 50 years on the stock market — and 43,796% revenue growth | first=John | last=Downey | work=American City Business Journals | date=September 26, 2019 | url-access=subscription}}
In 1988, the company opened its building products division.
In 1989, Nucor opened a facility in Crawfordsville, Indiana, the first mini mill in the world to produce flat rolled steel using thin-slab technology.{{cite news | url=https://www.nytimes.com/1989/12/02/business/innovative-steel-mill-is-off-to-a-slow-start.html | title=Thomas Cousins set to retire | first=JONATHAN P. | last=HICKS | work=The New York Times | date=December 2, 1989 | url-access=limited}}{{cite news | url=https://www.chicagotribune.com/news/ct-xpm-1991-04-28-9102070519-story.html | title=High-tech Steel Mill Doing More With Less | first=Stephen | last=Franklin | work=Chicago Tribune | date=April 28, 1991 | url-access=limited}}
In March 2000, a joint venture, owned 47.5% by Nucor, 47.5% by BlueScope, and 5% by IHI Corporation was formed to license Castrip technology.{{Cite journal |last=Trade Commission |first=U.S. International |date=October 2015 |title=Certain Hot-Rolled Steel Flat Products from Australia, Brazil, Japan, Korea, the Netherlands, Turkey, and the United Kingdom |url=https://www.usitc.gov/publications/701_731/pub4570.pdf |journal=U.S. International Trade Commission |volume=4570 |pages=21}} This technology allowed for continuous casting of sheet steel directly from molten steel without the need for heavy, expensive, and energy-consuming rollers.
=Acquisitions and divestitures=
=Closures and new investments=
=List of CEOs=
- F. Kenneth Iverson (1965–1996)
- John Correnti (1996–1999){{Cite news | url=https://www.wsj.com/articles/SB928424859498536719 | title=Nucor CEO Steps Down Suddenly, Sending Steel Firm's Stock Sliding | first=Chris | last=Adams | work=The Wall Street Journal | date=June 4, 1999 | url-access=subscription}}{{Cite news | url=https://www.charlotteobserver.com/news/business/article31549901.html | title=John Correnti, Ex-Nucor CEO who led Big River Steel, dies | work=Charlotte Observer | date=August 19, 2015 | url-access=subscription}}
- H. David Aycock (1999–2000)
- Dan DiMicco (2000–2012){{cite press release | url=https://www.prnewswire.com/news-releases/daniel-r-dimicco-to-retire-as-executive-chairman-of-nucor-john-j-ferriola-named-chairman-effective-january-1-2014-230648151.html | title=Daniel R. DiMicco To Retire As Executive Chairman Of Nucor; John J. Ferriola Named Chairman Effective January 1, 2014 | publisher=PR Newswire | date=November 5, 2013}}
- John J. Ferriola (2013–2019).{{cite press release | url=https://www.prnewswire.com/news-releases/john-j-ferriola-to-be-named-nucor-ceo-effective-january-1-2013-daniel-r-dimicco-continues-as-executive-chairman-179652501.html | title=John J. Ferriola To Be Named Nucor CEO Effective January 1, 2013, Daniel R. DiMicco Continues As Executive Chairman | date=November 16, 2012}}
=Environmental issues=
In 2000, Nucor agreed to spend $98 million, including $85 million for new air pollution control equipment, $4 million to monitor and reduce pollution in communities near its plants, and a $9 million civil fine to resolve allegations by the United States Department of Justice and the United States Environmental Protection Agency (EPA) that it had not adequately controlled the emission of toxic chemicals into the air, water, and soil in Alabama, Arkansas, Indiana, Nebraska, South Carolina, Texas, and Utah. The settlement was "the largest and most comprehensive environmental settlement ever with a steel manufacturer."{{cite press release | url=https://www.justice.gov/archive/opa/pr/2000/December/703enrd.htm | title=U.S. REACHES ENVIRONMENTAL SETTLEMENT WITH STEEL MANUFACTURER NUCOR | publisher=United States Department of Justice | date=December 19, 2000}}{{cite news | url=https://www.deseret.com/2000/12/21/19545526/nucor-agrees-to-pay-98-million-for-pollution-control-penalties | title=Nucor agrees to pay $98 million for pollution control, penalties | agency=Associated Press | publisher=Deseret News | date=December 21, 2000}}
In 2016, the company unsuccessfully filed a lawsuit to block the EPA from adopting a plan to control visible pollution in Arkansas.{{cite news | url=https://www.reuters.com/article/environment-nucor/federal-judge-dismisses-pollution-suit-by-nucor-steel-arkansas-idUSL2N17I23M | title=Federal judge dismisses pollution suit by Nucor Steel Arkansas | first=David | last=Bailey | work=Reuters | date=April 16, 2016}}
In 2023, the company signed an agreement with ExxonMobil for carbon capture and storage of up to 800,000 metric tons from its direct reduced iron plant in Convent, Louisiana.{{Cite press release | url=https://corporate.exxonmobil.com/news/news-releases/2023/0601_lcs-nucor-agreement | title=ExxonMobil signs carbon capture agreement with Nucor Corporation, reaching 5 MTA milestone | publisher=ExxonMobil | date=June 1, 2023}} The plant had been criticized for its emissions.{{Cite news | url=https://www.theadvocate.com/baton_rouge/news/article_42b1ff7c-3da0-11ec-a504-8394e218748a.html | title=Nucor hit with EPA air pollution violations at St. James plant as DEQ mulls big permit increases | first=DAVID J. | last=MITCHELL | work=The Advocate | date=November 13, 2022}}
Further reading
- {{cite book | first=Richard | last=Preston | year=1992 | title=American Steel | publisher=Quill | isbn=0-380-71822-7}} Story of Nucor's first big mill, discusses the history of Nucor.
See also
References
{{Reflist}}
External links
{{Finance links
| name = Nucor
| google = NUE
| yahoo = NUE
| bloomberg = NUE:US
| reuters = NUE.N
| sec_cik = NUE
| nasdaq = NUE
}}
{{Authority control}}
Category:1955 establishments in New York City
Category:1970s initial public offerings
Category:American companies established in 1955
Category:Companies based in Charlotte, North Carolina
Category:Companies listed on the New York Stock Exchange
Category:Companies in the S&P 500 Dividend Aristocrats
Category:Manufacturing companies based in North Carolina