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File:Transferring molten metal from the furnace to the ladle.jpg
Molten steel transferred from furnace to ladle

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.<ref name=10K/> Nucor is the 16th-largest steel producer in the world.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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 operationsEdit

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.<ref name=10K/>

None of Nucor's mills is unionized and the corporate culture is opposed to trade unions.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

HistoryEdit

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.<ref name=built/>

Iverson reorganized Nucor around its only profitable business, the steel fabricator Vulcraft. All other businesses were either sold or liquidated.<ref name=built/>

In 1966, the company moved its headquarters to Charlotte, North Carolina to be closer to its main Vulcraft plant in South Carolina.<ref>Template:Cite news</ref>

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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref name=built>Template:Cite news</ref> That year, it became a public company via an initial public offering.<ref>Template:Cite news</ref>

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.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>

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.<ref>Template:Cite journal</ref> 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 divestituresEdit

Date Acquisition / Divestiture Company Price Ref(s).
Template:Dts Acquisition Auburn Steel $115 million <ref>Template:Cite news</ref>
Template:Dts Acquisition Birmingham Steel $615 million <ref>Template:Cite news</ref><ref>Template:Cite news</ref>
Template:Dts Acquisition Corus Tuscaloosa $90 million <ref>Template:Cite news</ref>
Template:Dts Acquisition Fort Howard Steel Undisclosed <ref>Template:Cite news</ref>
Template:Dts Acquisition Marion Steel $113 million <ref>Template:Cite news</ref>
Template:Dts Acquisition Connecticut Steel $43 million <ref>Template:Cite news</ref>
Template:Dts Acquisition Verco Decking $113 million <ref>Template:Cite news</ref>
Template:Dts Acquisition Harris Steel $1.07 billion <ref>Template:Cite news</ref>
Template:Dts Acquisition David J. Joseph Company $1.44 billion <ref>Template:Cite press release</ref>
Template:Dts Acquisition Skyline Steel $605 million <ref>Template:Cite press release</ref>
Template:Dts Acquisition Gallatin Steel $770 million <ref>Template:Cite press release</ref>
Template:Dts Acquisition Gerdau Bright Bar assets Undisclosed <ref>Template:Cite press release</ref>
Template:Dts Acquisition Steel plate mill from Joy Global $29 million <ref>Template:Cite press release</ref>
Template:Dts Acquisition Independence Tube $435 million <ref>Template:Cite press release</ref>
Template:Dts Acquisition Southland Tube $130 million <ref>Template:Cite press release</ref>
Template:Dts Acquisition St. Louis Cold Drawn Undisclosed <ref>Template:Cite press release</ref>
Template:Dts Acquisition TrueCore Insulated Panels Undisclosed <ref>Template:Cite press release</ref><ref>Template:Cite news</ref>
Template:Dts Acquisition Insulated Metal Panels Business from Cornerstone Building Brands $1 billion <ref>Template:Cite press release</ref>
Template:Dts Acquisition Hannibal Industries $370 million <ref>Template:Cite press release</ref>
Template:Dts Acquisition Grossman Iron and Steel & Garden Street Iron & Metal Undisclosed <ref>Template:Cite press release</ref>
Template:Dts Acquisition Majority ownership of California Steel Industries $130 million <ref>Template:Cite press release</ref>
Template:Dts Acquisition Elite Storage Solutions $75 million <ref>Template:Cite press release</ref><ref>Template:Cite news</ref>
Template:Dts Acquisition Summit Utility Structures Undisclosed <ref>Template:Cite press release</ref>
Template:Dts Acquisition CHI Overhead Doors $3.0 billion <ref>Template:Cite press release</ref><ref>Template:Cite news</ref>
Template:Dts Divestiture David J. Joseph Company’s U-Pull-&-Pay Division Undisclosed <ref>Template:Cite press release</ref>
April 2024 Acquisition Southwest Data Products $115 million citation CitationClass=web

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July 2024 Acquisition Rytec Corporation $565 million <ref>Template:Cite news</ref>

Closures and new investmentsEdit

Date Type Description Ref(s).
Template:Dts Investment $85 million upgrade of the rolling mill at its Marion, Ohio rebar and signpost operation <ref>Template:Cite news</ref>
Template:Dts Production start Joint venture with JFE Steel in Mexico <ref>Template:Cite press release</ref>
Template:Dts Closure Longview plate mill <ref>Template:Cite press release</ref>
Template:Dts Construction start Steel mill in Lexington, North Carolina <ref>Template:Cite news</ref>

List of CEOsEdit

  • H. David Aycock (1999–2000)

Environmental issuesEdit

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."<ref>Template:Cite press release</ref><ref>Template:Cite news</ref>

In 2016, the company unsuccessfully filed a lawsuit to block the EPA from adopting a plan to control visible pollution in Arkansas.<ref>Template:Cite news</ref>

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.<ref>Template:Cite press release</ref> The plant had been criticized for its emissions.<ref>Template:Cite news</ref>

Further readingEdit

See alsoEdit

ReferencesEdit

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External linksEdit

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