Nucor

Nucor Corporation is engaged in the manufacture and sale of steel and steel products. The Company operates in two business segments: Steel mills and steel products. Principal products from the steel mills segment include hot-rolled steel and cold-rolled steel. Steel mills segment’s hot-rolled steel products include angles, rounds, flats, channels, sheets, wide-flange beams, pilings, billets, blooms, beam blanks and plates. Principal products from the steel products segment include steel joists and joist girders, steel decks, cold-finished steel, steel fasteners, metal building systems and light gauge steel framing. 

In June 2021, the company announced the acquisition of the insulated metal panel business from Cornerstone Building Products. The company produced over 25 million tonnes of crude steel this year, making it the 15th largest steelmaker in the world.

1905: Nucor's origins are through auto manufacturer Ransom E. Olds, who founded Olds Motor Vehicle Company in 1897 (the company later became Oldsmobile, part of General Motors Corporation). In 1905, Olds left Oldsmobile and established a new company, REO Motor Car Company, in Lansing, Michigan. Although REO's products were popular, they were not profitable, and the company filed for bankruptcy in 1938. 

1950: Olds died and his namesake company, which had survived one bankruptcy, was now headed toward another.

1954: In December, REO sold its entire manufacturing operations to Bohn Aluminum and Brass Corporation.

1955: The company was renamed “Nuclear Corporation of America Inc.”

1962: Nuclear purchased Vulcraft from Chase's widow and hired F. Kenneth Iverson as general manager.

1965: In March, the company again filed for bankruptcy.

1966: Iverson committed himself to Vulcraft's steel joist industry, relocating to Charlotte and establishing corporate headquarters in a modest 2,000-square-foot office.

1967: The company opens a second Vulcraft plant in Nebraska to meet the increasing demand for steel joists. Based on the success of its first two plants, Vulcraft purchases M&S Steel Company of Fort Payne, Alabama, which becomes Vulcraft – Alabama, and builds its fourth steel joist plant in Grapeland, Texas the following year.

1968: Unable to get favourable steel prices from American manufacturers and unhappy with the imported steel available at the time. Iverson, a metallurgist by training, decided to extend Nucor vertically into steelmaking by building its first steel bar mill in Darlington, South Carolina.

1969: Nuclear Corporation opens 1st mini-mill in S. Carolina.

1972: The company, recognizing that it was now misnamed, adopted its current title, “Nucor Corporation.”

1974: Since this year, Nucor has contributed over $97 million to scholarships and educational disbursements. The one blemish on these years of fast-paced growth was a mill fire accident which killed four Nucor employees. The employees have also benefited from such unusual policies as guaranteed college scholarships for their children, a policy first established when Iverson wanted to help the families affected by the accident.

1975: Nucor begins the tradition of listing teammate names on the cover of the annual report.

1977: Nucor launched its second assault on Big Steel by branching out into steel decking, for use in floors and roofs supported by its Vulcraft joists.

1985: Scredon, Scott, “Iverson: Smashing the Corporate Pyramid,” Business Week, January 21, 1985. Clifford, Mark, “Like Big Steel, Like Little Steel,” Forbes, May 20, 1985. Articles which admired the company's operation in the steel market. 

1986: Gendron, George, “Steel Man Ken Iverson,” Inc., Apri. The CEO decided to tackle the last frontier, sheet steel--an expensive and prized market that no minimill had dared to consider.

1987: Construction of first flat product mini-mill in Crawfordsville.

1988: JV with Yamato Kogyo in wide flange beams, Blytheville. Nucor became the first steel recycler to manufacture wide flange beams with a depth of 40". The company opened its building products division that same year.

1989: Nucor opened a facility in Crawfordsville, Indiana, the first mini mill in the world to produce flat rolled steel using thin-slab technology.

1991: Flat-rolled steel accounted for approximately 47 million of the 90 million tons produced nationwide.

1992: After three years of successfully producing sheets using thin-slab technology, Nucor opens a second sheet mill in Hickman, Arkansas, not far from Nucor-Yamato Steel Company.

1993: The company opened a second mill in Blytheville, Arkansas, at a cost of $200 million, and spent $65 million to upgrade its plant in Darlington, South Carolina.

1994: Wells, Edward O., “Bootstrapping for Billions,” Inc., September.

1995: Nevertheless, as the economy slowed and orders for sheet steel dropped off in mid-year, Nucor was forced to cut prices, and its stock continued to take a beating.

1996: Iverson steps down as CEO; succeeded by John Correnti.

1997: The industry, set back on its heels by a one-two punch of cheap imports and rising energy costs, had experienced a rash of bankruptcies since this year.

1998: Nucor produced 9.6 million tons of steel, shipping 9.4 million tons.

1999: Former Nucor CEO Correnti had been at the helm of the struggling steel maker since December. But following a boardroom coup, Nucor headed into the 21st century full steam ahead.

2000: According to Forbes, it is considered one of the top 2000 largest public companies in the world. Nucor currently has two flat-rolled steel mills and plans to build two additional plants, raising its capacity in this area to some eight million tons by the end of the year.

2001: Strip casting was just one part of Daniel R. DiMicco's master plan for the company, according to a September 2001 Business North Carolina article. Nucor broke ground for a new plant boasting technology that might afford a boon for the $45 billion United States steel industry. In the years that followed, the company made several acquisitions; the company acquired Auburn Steel, its first acquisition in 36 years.

2002: In February, Nucor offered to buy Birmingham Steel Corporation for $500 million in cash. The irony of his former company taking over, however, mattered little to Correnti in the final analysis. ‘Nucor had the biggest chequebook,’ Correnti told American Metal Market in June 2002. The micro mill is another world first - with Castrip® producing sheet steel from liquid steel in just a single step. The company purchased assets of the Birmingham Steel Corporation. Nucor bought Birmingham Steel, including the Mississippi Steel plant and Birmingham, Alabama operations.

2003: Acquisition of Kingman, Arizona steel facility of North Star.

2004: Nucor acquires Corus Tuscaloosa, which becomes Nucor Steel Tuscaloosa, Inc. The company as well, purchased of Decatur Alabama steel-processing facility.

2005: Nucor, already seeking scrap alternatives, moved forward with the development of iron substitute projects in Australia, Brazil, and Trinidad.

2006: Acquisition of Harris Steel Group [rebar, wire, wire mesh].

2007: After three greenfield startups, the Buildings Group grows to include American Building Company, Kirby Building Systems, Gulf States Manufacturers and CBC Steel Buildings. $1.44 billion purchase of David J Joseph [scrap collection]. The company's Nucor Building Systems division acquired Magnatrax, which bolstered its share of the pre-engineered metal building systems market.

2008: In March, Nucor purchased the David J. Joseph Company, one of the largest scrap brokers and recycling companies in the United States, in order to take more control of its raw material supply and prices.

2009: Nucor Steel Kingman, LLC begins operating, focusing production on rebar and wire rod.

2011: Investment in 3m ton iron-making facility in Louisiana.

2012: Plan announced for the closure of Nuconsteel. Many of its assets were sold to other steelmakers. As well, the acquisition of the Sparrows Point cold rolling mill plant and the purchase of Skyline Steel.

2013: John J. Ferriola was named as Chief Executive Officer of Nucor, and Daniel R. DiMicco was named Executive Chairman, effective from January 1.

2014: DiMicco retired on January 1. The company purchased Gallatin Steel Company.

2015: Invests $75m in QST Process at Nucor-Yamato Steel. Acquisition of Gerdau's bright bar plant in Orrville, OH.

2016: Writes off $84m investment for proposed BF at St James.

2017: In April, the company announced an $85 million upgrade of the rolling mill at its Marion, Ohio rebar and signpost operation. Also, the company acquired St Louis Cold Drawn, Inc.

2018: New $240 million rebar micro mill will be located in Frostproof, Florida.

2019: On September 6, Nucor announced that John Ferriola (CEO) would retire at the end of the year and would be replaced by Leon J. Topalian. In December, the company announced the acquisition of TrueCore Insulated Panels. Also this year, the company announces an investment in a new plate mill in Kentucky.

2020: In March, the company's joint venture with JFE Steel in Mexico began production. 

2021: In June, the company announced the acquisition of the insulated metal panel business from Cornerstone Building Products. The company produced over 25 million tonnes of crude steel this year, making it the 15th largest steelmaker in the world. The power purchase deal was a 10-year agreement with Ørsted Onshore North America for 100 megawatts from Ørsted's Western Trail wind farm in North Texas.

2022: Elite Storage Solutions has a manufacturing presence in Monroe (Georgia) and Chandler (Arizona). The acquisition cost by Nucor was US $75 million.

“To become the world leader in the steel industry, while providing care to our teammates, our customers, the environment and the communities in which we live and work.”

“Our steel experts work alongside you from the earliest stages of design to completion. Nucor´s construction solutions team is dedicated to making your vision a reality.”