| Nucor |
2100 Rexford Road,
Charlotte,
NC
28211 |
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www.nucor.com
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(704) 366-7000
Fax: (704) 362-4208
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Minimills mean mega-profits
Nucor pioneered the development of the minimill, a manufacturing facility that produces steel by using furnaces to melt scrap metal. The company currently produces nearly 8 million tons of steel a year through its seven minimills, a number that the company hopes will increase as it strives to become the nation's largest steel producer by the year 2000. Nucor sells the majority of its steel to wholesalers and manufacturers. The rest is used by the company's own manufacturing divisions, which include the largest maker of steel joist and joist girders, a building systems unit, and manufacturers of other related industry products.
A new outlook
Throughout its history as a steel manufacturer, Nucor has boasted that its success has come from its unique employee structure, which has only four levels. The company has a commitment to remain union-free, and in an industry often beset by labor strife, Nucor has not had a company layoff in 20 years. In 1999, however, CEO John Correnti resigned because of internal disagreements regarding the future management and direction of the company. David Aycock, who was previously the chairman of Nucor, assumed Correnti's position. The company hopes to remain competitive within the increasingly changing steel market by raising the prices of its steel sheets by $20 per ton and by opening its first steel plate mill in North Carolina by the year 2000 for the estimated cost of $360 million. Nucor is also looking to expand its market through the possible purchase of Hanbo Steel Co., a South Korean steelmaker.
Nucor's moves have been working. First quarter 2000 results show record sales, production, and shipment levels. Nucor has also joined the American Iron and Steel Institute for the first time, as it continues to shift its focus back to steel production exclusively.
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Nucor is well-known for its decentralized management; the corporate headquarters employs only 22 people. There is no national job listing for the vast majority of Nucor positions, which are usually advertised locally. Nucor prefers to promote from within but does conduct limited campus recruiting for engineering and professional positions. Applicants should inquire at the local plant and be prepared for a rigorous application and interviewing process. Because the company emphasizes close labor-management relations, it values communication skills in all its employees.
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Nucor employees like the company's decentralized, non-union management style, which they say results in a "family atmosphere." Nucor's streamlined structure means that "an answer to a problem is never more than two people away." Longtime employees also feel that this corporate culture encourages them to take on a "high level of individual responsibility." Some employees observe that Nucor is no longer as committed to its employees as it once was and that the benefits are less impressive these days. Nonetheless, everyone who works for Nucor feels that "the pay is still the best in the steel industry." Nucor's compensation structure is unique. The base salary is "below the normal pay scale," but employees receive a "hefty" bonus that increases pay to "about one and one-half times the industry average - sometimes more."
Human Resources
Steel;Joists and beams;Steel decks;Iron carbide
ALFA;Carso;Chaparral Steel;Co-Steel;Hyundai;NCI Building Systems;Steel Dynamics
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