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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
- F. Kenneth Iverson (1965–1996)
- John Correnti (1996–1999)<ref>Template:Cite news</ref><ref>Template:Cite news</ref>
- H. David Aycock (1999–2000)
- Dan DiMicco (2000–2012)<ref name=retire>Template:Cite press release</ref>
- John J. Ferriola (2013–2019).<ref>Template:Cite press release</ref>
- Leon J. Topalian (2019–present)<ref>Template:Cite news</ref>
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
- Template:Cite book Story of Nucor's first big mill, discusses the history of Nucor.