Final - Nucor Corporation in 2001

Strategic Management

A case Study on “Nucor Corporation in 2001: Pursuing growth in a troubled steel

industry”

EMBA Term PaperEMBA Term Paper

Submitted toRiad Mahmud

EMB-630 – Strategic ManagementEMBA Program, NSU

Name NSU ID

Syed Mohammed Tariqul Islam

Mustafizur Rahman

082499090081625090

March 11, 2010

March 25, 2010

Riad MahmudFacultyStrategic ManagementSchool of BusinessEMBA ProgrammeNorth South University

Subject: Submission of Case Study report on “Nucor Corporation in 2001: Pursuing growth in a troubled steel industry”

Dear Sir,

We are hereby pleased to submit you the above case study report for your consideration. We try to furnish the case according to your requirement and the way you teach us to do so.

We would like to say that this assignment was helpful to know the practical implication of Strategic Management in the modern business and corporate arena. We are very much thankful to you for giving us this opportunity.

Sincerely Yours

Syed Mohammed Tariqul IslamNSU ID: 082 499 0 90

Mustafizur RahmanNSU ID: 081 625 0 90

Riaz NSU ID:

EMBA Program, School of Business, North South University

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Q-1: What are the primary challenge impacting steel producers in general

Answer to Question No. 1

In order to answer the question, we need to know the industry as a whole. We take the opportunity to analyze the industry based on Porters five force Analysis: finding the factors effecting steel production in U.S market and other major global market.

Michel Porter’s five competitive forces model, which is a powerful tool for systematically

diagnosing the principal competitive pressures in a market / industry and assessing how

strong and important each one is, we will analyze the effects of each of the forces as to

determine the challenges the steel industry in global perspective.

01. First Force: Intensity of Rivalry among Competitors

Existing numbers of competitors

Global competition in the steel industry faces Nucor and the vast array of competitors that fill

the industry. Even in the domestic market there are more than 20 competitors ranging from

large scale operations to the small and regional. Intense competition amongst these

competitors causes a cyclical effect within the industry. As each competitor strive to out bid

the others for a contract, a stiff price war ensues in the market. The industry is not based on

differentiated products, but rather price competition.

Rivalry among the existing competitors both worldwide and U.S. market in the Steel industry

was fierce resulting steel industry attractiveness low.

Demand for Steel or Slow growth rate of Steel Demand

The steel industry worldwide had far more production capacity than was needed to meet

market demand in the year 2001 forcing too many companies to operate in the red. As a

result, an unprecedented number of steel producers were flirting with bankruptcy.

The economic recession that hit Asia and Europe in the late 1990s reached the U.S. in 2000-

2001 and then orders for steel eroded further after the September 11, 2001 terrorist attacks.

The slowing economy affected such major steel consuming industries as construction,

automobiles and farm equipment.


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The American Iron and Steel Institute reported that US Steel mills shipped 6.7% lower steel in

1998 and also stated that shipments for the first five months of 1999 downed by 10%

compare to same period last year.

According to the Organization for Economic Co operation and Development, total global steel

capacity was 1 billion tons annually. The OECD expected 2001 production to reach 835

million tons, but consumption was seen at 721 million tons. Estimated overcapacity worldwide

was 200 million tons.

The rivalry in the steel industry was strong as demand for the product was growing slowly.

Industry attractiveness was low.

Price Cut or Other Competitive Weapons to Boost Unit Volume or increase

economies of scale

When growth slows or when market demand drops unexpectedly, expansion minded firms

with excess capacity often cut prices and deploy other sales increasing tactics thereby ignite

a battle for market share that can result in a shake out of the weak and less efficient firms.

In late 1997 and in 1998, declining demand for steel prompted many U.S. companies to

reduce fixed prices to better compete against unprecedented surge of imported steel. As a

result fixed cost / unit become lower. Commerce Department concluded in 1999 that steel

companies in six countries had illegally dumped stainless steel in the United States at prices

below production costs or home market prices.

Rivalry was more intense as Steel industry condition tempts competitors to use price cuts.

Attractiveness was low.

Getting out of business is expensive (Exit barriers)

The higher the exit barriers, the stronger the incentives for existing rival to remain and

compete as best they can, even though they may incur losses or earning lower profits.

Liabilities associated with a planned shutdown of an industry are so large that they can

quickly devastate a company’s Balance Sheet. Shutting down a big plant could require a firm

to establish a cash reserve of $ 100 million to fund health, pension and insurance liabilities for

former plant employees. Extremely high exit barriers are a major risk to competitive

competition.


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Rivalry tends to be more vigorous when it costs more to get rid of a business. Attractiveness

of the industry was low.

Competitor launch moves to bolster their standing at the expense of rivals

U.S . Steel , North America ’s largest integrated steel producer , began a major reengineering

project in 1994 which was successfully installed integrated planning /production/order

fulfillment software and results were very positive. It favorably positioned the company for a

future of increased competition, tighter markets and raised customer’s expectations. Hence

attractiveness of the industry was low.

Strong companies acquire weak companies

Nucor , the second largest steel producers in the U.S. , made its first acquisition of 400,000

ton steel bar minimal from Japanese based Sumitomo Metal Industries. Also it acquired Trico

Steel which complemented to Nucor’s flat rolled sheet strategy. The strong companies like

Nucor acquires weaken companies of the industry in a rivalry competitive market. Therefore

rivalry in the industry was high and industry was less attractive.

02. Second Force: Potential Entry Threats of New Competitors

Just how serious the competitive threat of new entry is in a particular market depends on two

classes of factors , entry barriers and the expected reaction of incumbent firms to new entry.

Entry into any industry depends directly on the associated costs. With globalization rapidly

growing and the merging of many competitors to form major conglomerates, the barriers to

entry have increased. There are several types of entry barriers put a new entrant at a

disadvantage relative to its competitors.

Economies of Scale

Scale of economies deters entry because they force potential entrants either to enter on a

large scale (a costly and risky) or accept a cost disadvantage and consequently lower

profitability. A Potential entrant is discouraged by the prospect of lower profit margin. In the

fierce competition among the existing competitors both form local and international arena in

the Steel Industry discourages the new entrants to enter on a large scale as it is costly and

very risky. The newly added capacity of U.S. Steel producers in 1997 intensified competition

as domestic companies rushed to find export opportunities to keep the new plants operating

as close to capacity as possible. Going into 2000, Nucor was the second largest steel

producer in the U.S. trailing only U.S. Steel. The company’s market capitalization was about


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two times that of the next smaller competitor. However, few foreign companies dumped their

low cost steel in U.S. Markets as to grab the market share but which did not sustained for long

term for Government’s protection policies.

Cost and Resource Disadvantage

Product differentiation is also a major barrier to entry. Steel is not sold on its overall

difference, but more commonly on price. Many manufacturers utilize the same technologies

and process. Price wars are seen in minimization of fixed costs as stated earlier. Directly with

this, there are few switching costs from one manufacturer to another. Little brand loyalty is

recognized in an industry that does not appeal to consumer loyalty or brand image. Entrants

must find a way to compete based on lower costs. Nucor’s lower production cost and

resource advantages (such as computer inventory management systems and

design/engineering program, sophisticated purchasing, sales and managing ) often beat rivals

because of their speedy design capabilities. This is an entry barrier for m any new entrants.

In-ability to match the technology

Nucor spent moneys frequently to research new ways to improve the efficiency of its

production processes but the main thrust of the company ‘s R & D strategy was to be very

diligent in monitoring R & D activities in steel production processes worldwide. It quickly

reviewed newly emerging technical applications foe possible adoption. Nucor adopted the

latest and best minimal technology that use d electric arc furnaces to recycle scraps steel into

new steel products. The market share gains of minimal reflected growing technological

capabilities that allowed minimal to expand into a growing range of steel products that

previously could be manufactured only at the integrated mills.

Brand Preference & Brand Loyalty

Customers liked Nucor’s expanding product line and low prices of steel and they were brand

loyal. This is an entry barrier for any new entrants over existing competitor.

Access to raw Materials

Access to raw materials is additionally a barrier. Many times raw materials must be bought in

large quantities (economies of scale). The cost disadvantages associated with small material

purchases can be huge and directly increase overall manufacturing costs; this make

competition challenging in a market where margins are already slim.


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Capital Requirements

The steel fasteners manufacturing plant of Nucor in Indiana cost $ 25 million in 1986.

Whereas the first minimal plant at Crawfordville , Indiana cost $ 250 million. The capital

requirement for steel manufacturing is quite hefty for new entrants.

Regulatory Policies

Government policy is not a major threat to entry on the domestic level, but at the international

level the barriers are enormous. Well established relationships by large steel manufactures

with governments allow for easy creation of contracts in a foreign territory. The creation of

these contacts takes time, executive work hours, and vast amounts of money. As most steel

manufacturers must be globally competitive to maintain profits, government policy is

threatening entry barrier. Nucor had the licensing rights to the world’s first two plants built with

the technology of producing the flat rolled sheet steel. Stringent environmental safety

regulations are entry barriers because they raise entry costs.

Tariffs and Trade Restrictions

Govt. commonly uses tariffs and trade restrictions to raise entry barriers for foreign firms and

protect domestic producers from competition. The Bus h administration was under pressure to

impose 40% import tariffs and quotas that would provide relief for the integrated mills in the

U.S. Tariff and trade restrictions are entry barrier for new player. Expected reaction of

incumbent firms to new entry : The best test of whether the potential entry is strong or weak

competitive force in the market place is to ask if the industry’s growth and profit prospects are

attractive enough to induce additional entry.

The steel industry growth and profit prospects were growing slowly as we can see in the case

study. High entry barriers disallow new entrants and hence indicate the attractiveness of the

industry.

03. Third Force: Competitive Pressures from the Substitutes Products

Just how strong the competitive pressures are from substitute products depends on the

followings:

- Whether attractively priced substitutes are available

- Whether buyers view the substitutes as being satisfactory- Whether buyer can switch to substitute products easily.


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The solution to understand latent substitutes to steel is to find alternatives. Due to product

variation of steel products this threat will be higher for some than others. In reality, there are

few substitutes for the use of steel. From auto manufacturing, to structural supports, to

fasteners, there are relatively few products availably with the strength, durability, and cost

efficiencies of steel. The largest alternative to steel would be use of another material. Plastics

are gaining ground, but have not found the same durability as steel. Wood may have

aesthetic appeal but cannot combat with steels’ robustness. Alternatives increase market

presence at times of economic downturn and times of increase in steel material cost. To

hedge this threat many manufacturers maintain inventories of steel reserves. Large

companies also trade steel futures to ensure stability of price and guaranteed supply for a

future specified time. The goal is to maintain low costs and market share during times of

economic fluctuation.

Competitive pressure from the substitute products was low hence attractiveness of the

industry was high.

Fourth Force: Competitive pressures from Supplier Bargaining Power and Supplier

Seller Collaboration

Supply of raw materials: steel shreds, iron ore, or recycled steel, can make or break a cost

strategy. Most of the steel used in domestic manufacturing in the United States is imported.

On a large scale there are relatively few suppliers that can meet the constant demands of

companies such as Nucor. For this reason, it is common for joint ventures to be established

between suppliers and manufacturers. The over all goal is to ensure decreased costs of

supplies. In some cases the manufacturer even may acquire the supplier. The greatest threat

is when large suppliers want into the market through elimination of a third party manufacturer.

The current trend is for consolidation of the steel industry; therefore, whatever the direction is,

supplier purchase manufacturer or manufacturer purchase supplier, there is a major threat of

take over. The goal is to incorporate more stages in their value chain and bring those stages

closer to raw materials production. In order to gain the advantage a low shipping costs, two

tube manufacturers, two steel service centers, and a cold rolling facility had located adjacent

to Nucor’s mill. Nucor plants were linked electronically to each other’s production schedules

and thus could function just in time inventory mode. All new mills were built on large enough

tracts of land to accommodate expansion and collaborating businesses.

Supplier had higher bargaining power in the steel industry which indicates low attractiveness.

Fifth Force : Competitive pressures from Buyer Bargaining Power and Seller Buyer

Collaboration


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Buyers pose arguably the greatest threat. Price competition stems from buyers having low

switching costs and low product differentiation. Buyers have the power to negotiate down a

deal to their terms due to these factors. Many buyers purchase in large quantities, thus

creating economies of scale. To ensure these types of actions are still profitable it is important

many contract are set in place many month if not years in advance of delivery. The ultimate

goal of the buyer is to get the best product at the most efficient cost. The goal of the seller,

Nucor for example, is to gain the most financial return for the least cost. Because the market

is filled with numerous suppliers and taking into account the two different goals of suppliers

and buyers, the steel industry is commonly a buyers market. Nucor broke the industry pattern

of basing the price of an order of steel on the quantity ordered and abandoned offering

quantity discounts. Its strategy was to quote the same price and sales terms to all customers,

with the customer paying all shipping costs. Its prices were customarily the lowest or close to

lowest in the industry. Since it was the lowest cost steel producer in the industry Nucor had

strong bargaining power over buyers. Since buyers have strong bargaining power, hence the

attractiveness of the industry is low. Let us summarize the five forces effect on market

attractiveness as follows:

Market Attractiveness

CONCLUSION:

Considering the Porter’s five forces we got the global steel industry would not be very

attractive. This may be true to a new entry on a small scale, but with the advance of


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globalization the steel industry is again becoming very attractive. The steel industry does not

compete on quality, service, or location of manufacturing in an international industry. Simply

put, price is everything in the steel industry, especially in a time of mass globalization. The

overall attractiveness of the Steel industry in global perspective found moderate despite

intense competition among rivals and slower growth

Q-2: What type of strategy has Nucor followed?


Nucor Corporation is following the “Low cost provider Strategy” aims to give it a cost

pricing advantages in the commodity like steel industry and leaves no part of the company ’s

value chain neglected. The key elements of the strategy include:

01. HR Strategy:

Nucor’s management’s outstanding execution of its low cost strategy and its commitment drive out non value adding costs throughout its value chain has allowed it to grow considerably faster rate than its integrated steel mill rivals and maintain high industry relative profit margins while aggressively competing price.

Nucor minimizes general administrative expenses by maintaining a lean staff at its corporate

headquarters and allowing only four levels of management between the CEO and production

workers. HQ offices are moderately furnished and located in inexpensive building. The

company minimizes reports, paper works and meetings to keep managers focused on value

adding activities. Nucor is noted not only for its streamlined organizational structure but also

its frugality in travel and entertainment expenses.

The prime considerations are as follows:

• Four tier management structure • Managers have dinner with all employees with open forum for discussion on how to

improve and increase innovation, allows employees to ask questions and managers to provide feedback

• All managers, including CEO, wear same color hard hat at work• Policies promote teamwork and allow the company to grow from within because of

open communication and experience from their employees.


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02. Production Strategy:

Production Incentive Plan Nucor prefers a non union work force because it uses team based incentive compensation systems (often opposed by Unions). Operating and maintenance of employees and supervisors are paid weekly bonuses based on the productivity of their work group. The size of the bonus is based on the capabilities of the equipment employed and range s from 80 to 150 % of an employee’s base pay; no bonus is paid if the equipment is not operating. Its compensation program has boosted the company ’s labor productivity to levels nearly double the industry average while re warding productive employees with annual compensation packages that exceed what their union counterparts earn by as much as 20% . Nucor has been able to keep the highly talented, productive and dedicated employees.

• Paid weekly bonuses based on production

– Based on actual output in relation compared to expected tonnages produced– Based on group not individual performance– If tardiness or attendance kept team from meeting goals, then no one

received a bonus in the group• If you are 5 minutes late, you lose your bonus for the day• If you are 30 minutes late or absent, you lose your bonus for the

week– 4 forgiveness days– Maintenance personnel were assigned to each team

• No bonus paid if equipment is not operating– Supervisors were apart of bonus teams

• Received same bonus as employeesOutput and bonus info for each team was posted at the entrance

Department Manager Incentive Plan • Annual bonus received based on performance of the entire plant

– Based on return on assets– A return of 25% or better was expected by the plant

Non-production and Non-department Manager Incentive Plan • Bonus based on each plant’s return on assets

– Includes everyone not in previous 2 plans– Every month each plant received a chart showing its return on assets on

year-to-date basis• Posted in employee cafeteria

Senior Officers Incentive Plan • Based on return on stockholder’s equity above certain minimum earnings

– If Nucor did poorly, then Senior Officers would only receive their base pay• Senior Officers earned less than other industry executives

Benefits

• No company cars, corporate jets, executive dining rooms or exec. parking spaces– All employees traveled in economy class

• Not available to Officers– Profit-sharing

• Nucor contributed 10% of pretax earnings per year


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• 15 to 20% was paid out to employees in March– Scholarship program– Employee stock purchase plan

• Monthly purchase plan• Nucor contributed a 10% matching contribution

– Service awards• Holidays, vacation schedules and insurance programs were the same• All employees wore the same green hard hats• Company report contained the name of every employee• 401K

– Matching contribution of 5 to 25% of employee contribution based on return on shareholder’s equity

• Each employee received 5 shares of stock for each 5 years they worked continuously

Others Strategies:

The company selects its plants sites carefully to minimize inbound and out bound shipping costs and to take advantage of low rates of electricity. It also avoids geographic areas where labor unions are a strong influence.

Nucor puts heavy emphasis on consistent product quality and has rigorous quality

systems.

Using electric arc furnaces where scrap steel and directly reduced iron ore are

melted and then sent to a continuous caster and rolling mill to be shaped into steel

products, thereby eliminating an assortment of processes from the value chain used

by traditional integrated steel mills. Nucor’s minimill value chain makes the use of

coal, coke and iron ore unnecessary: cuts investment in facilities and equipment

band requires fewer employees than integrated mills.

Nucor strives hard for continuous improvement in the efficiency of its plants,

investing in state of art equipments to reduce unit costs. It is known to its

technological leadership and its aggressive pursuit of innovation.

CONCLUSION:

Evaluation the above, we found that in all the area Nucor Corporation is trying to reduce their

cost. So, we can say that Nucor is using “Low cost provider Strategy”


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Q-2: What recommendation would you like to make for Nucor and why?


Before giving any recommendation let us first find out Nucor corporations cooperative advantages as follows:

Competitive Advantage• Building steel manufacturing facilities economically and operating them competitively.

With lower production costs, Nucor Corp. will combine that with their already infamous hierarchy, positive work force, and already solid brand in the industry to compete at the top level.

• Nucor posted sales last year of 16.5 billion dollars, with expected sales to be right around 18 billion this year. With an entrance into a new market it would be possible to Nucor to develop their brand in a new nation and increase their sales. Continuous innovation, modern equipment, individualized customer service and producing at competitive prices.

• Mini-Mills• Large applicant pool to hire from because they are seen as an attractive place to

work, allows them to be very selective for who they hire • Have a willingness to take risks.•

Managerial Implications

It was interesting to see the impact that a highly profitable industry can have on new entrants. Nucor Corp. which has been at the forefront of the steel industry since 1966 when Iverson turned the company from nearly bankrupt into a perennial powerhouse, has had numerous innovative tactics which have kept them strong. Since the revolutionizing of the steel industry in the late 1980’s there has been extremely rigid competition in the steel industry. A company such as Nucor shows how with innovation, creativity, and a strong autonomy it’s not hard to survive. Survival, however, is not guaranteed and without continuously reshaping one’s position it is easy to see how a giant can quickly become obsolete.

Till 2001, the Nucor strategy with low cost provider strategy was correct. But as Nucor opened

new plants, each was made a division and given a general manager with complete

responsibility for all aspects of business, there fore Nucor rebuilt its organizational structure at

2001. The major changes was perceived on Nucor’s strategic vision and operating scheme

such as

i) Plant Economics

ii) Production incentives at it’s steel mills

iii) Management philosophy

iv) Human resource practice and incentive compensation system

v) Other compensation

vi) Organizational restructure


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Nucor Corporation has many different competencies that allow them to hold a strong position

in the steel industry. The company has marvelous industry position and positive financial

results for the past 40 years, but as with any company in a mature industry, times are always

changing. Globalization is a major threat to the steady profits and financial returns from an

acquisition policy. This policy will allow increased capacity and will also enhance efficiencies.

Additional efficiencies will be felt through a strong centralized push towards technological

integration and advances.

Technology will be extremely important; as, a major weakness for Nucor is its geographic

concentration in the United States. The United States steel industry is very mature and has to

look internationally for profits and growth. Nucor boasts one plant in Trinidad, but will need to

think about further international operations for the future. Joint ventures are one route Nucor

has established to accomplish international growth. There are numerous more opportunities

in this area especially as government protectionism surges.

The dramatic growth that will overtake the steel industry in the coming years is just one phase

of the cyclical nature of the industry. This is always a major threat and should be accounted

for with cash reserves and other financial measures. Other threats are the rush to economies

of scale through industry consolidation. Huge conglomerates are buying out the small

competitors due to overcapacity caused bankruptcies. Not only does this limit the extent to

which competition will drive costs down, but also it increases the cost of raw materials. The

threat of diseconomies of scale for small firms not tied to the major conglomerates could bring

about major bottom line hits.

JUSTIFYING OUR RECOMMANADATIONS

During the emerging stage of business cycle , Nucor followed low cost pricing strategy and

they became successful and during the mature stage they conceived differentiation strategy

and Nucor’s sales revenues and earning were at record level due to the differentiation

approach (Ref: Exhibits 1 and 2) . Nucor tried to adopt the following differential strategy

(A) Value Chain Analysis of Nucor

(i) Inbound Logistics

In such a tangible intensive market, with large quantities of raw materials coming in to

be used in production, it is essential that steps are taken to ensure the flow of materials is

responsive and consistent.


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(ii) Operations

Technological advances have played a key role in the superiority of Nucor’s

production processes. As outlined previously, strip casting technology and continuous casting

within the mini-mill framework have unequivocally been a key to the success of their

operations. Nucor also has been an industry leader in reducing its work-in-progress

inventories and reducing the storage and warehousing needs by utilizing a demand-pull

approach to their production material needs rather than a supply-push strategy . Thorough

performance evaluation and productivity metrics have also enabled Nucor to fine tune its

performance standards, and ensure that high levels of productivity and throughput are

maintained. Management is trained to search out and eliminate bottle-necks. Nucor is

also able to capitalize on its high quality labor force. With their expertise, most employees are

able to perform all different tasks in the production process. This enables Nucor to increase

its product line profitability. This is particularly important in the steel products segments, as

often times the products produces have a great deal of variation, and the flexibility of the labor

force enables them to maintain the high levels of productivity from job to job.

(iii) Outbound Logistics

Nucor’s mini-mills reduce the need for sophisticated outbound logistics systems

because of their very nature. Mini-mills were originally designed in part to bring the steel

closer to the customer, reducing the need for cumbersome distribution systems and

decreasing the turnaround time from purchase to delivery. The mini-mill framework has taken

away market share from businesses that specialize in distributing steel products from

integrated steel manufacturers and reduced the dependency on third party steel brokers.

Needless to say, there still is reliance upon third-party railcar and semi-freight transportation

systems to deliver steel to customers.

(iv) Marketing and Sales

Products from all segments of Nucor’s business are marketing mainly through in-

house sales forces with the main competitive factors being price and service . Customers are

primarily manufactures, fabricators, and contractors. Marketing objectives aim to create long

term relationships with these customers in an effort to continue supplying them with value-

added products . Supply contracts range from six to twelve months and have various renewal

dates. These contracts uphold supply and price agreements, and are non-cancelable. Unlike

many other large firms, Nucor does not rely heavily on marketing promotions to sell its

products. In such an undifferentiated market, price and service are the main drivers in

sustainable sales growth.


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(v) Service

Nucor also offers customers outbound logistics support, material handling, quality

certifications and schedule management . This is an excellent service platform for Nucor to

leverage off of in an attempt to maximize the value-added from service that customers

receive. Nucor’s steel product divisions also work closely with customers before and after the

production of steel used in prefabricated buildings, custom girders and joists, and other

custom steel products. It is imperative that service is a point of focus throughout this process,

as the relationship between buyer and seller is often as important as price, and could result in

future sales.

(B) Support Activities

(i) Procurement

Nucor has implemented Datastream technology to track and maintain capital assets

by managing maintenance schedules and processing work orders, purchases and labor data

through software systems. Nucor has also used these software systems to store production

data in databases to more accurately monitor performance. With this technology, Nucor is

able to integrate with existing enterprise systems and make critical business decisions

through advanced modules. Nucor adds value by increasing accuracy and efficiency in their

procurement processes.

(ii) Human Resource Management

Nucor is a non-union employer, and empowers workers to be innovative and

productive. Jobs at Nucor are extremely competitive, as wage potential is extremely

competitive because of a strong incentive program. The incentive program is entirely based

off performance, with no discretionary bonuses to speak of. Employees can make anywhere

from 0-75% bonuses as a percentage of their wages. This program compensates the workers

for the work they do, and not the work they should be doing. Nucor considers its human

capital as its strongest asset, with a tremendous focus on employee’s job security .

(iii) Technology Development

Nucor has proven to be leader in technological innovation. Throughout the company’s

existence it has developed new technologies in steel making that have reduced costs and

emissions, and increased productivity.


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Documents

Final - Nucor Corporation in 2001