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{{Short description|American steel corporation}}
{{Infobox company
{{Infobox company
| name = Nucor Corporation
| name = Nucor Corporation
| logo = Nucor logo.svg
| logo = Nucor logo.svg
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{NYSE|NUE}}<br />[[S&P 500 Index]] component
| traded_as = {{Unbulleted list|{{NYSE|NUE}}|[[S&P 500]] component}}
| foundation = {{Start date and age|1940}}{{citation needed|date=June 2019}}
| foundation = {{Start date and age|1955}}
| predecessor = [[REO Motor Car Company]]
| hq_location = [[Charlotte, North Carolina]], [[United States]]
| hq_location = [[Charlotte, North Carolina]], United States
| key_people = [[John J. Ferriola]]<br />{{small|([[Chairman#Executive chairman|Executive Chairman]], [[President (corporate title)|President]], & [[CEO]])}}<ref name=10K>{{Cite web|url=https://www.sec.gov/Archives/edgar/data/73309/000119312517062124/d298801dex13.htm|title=EX-13|website=www.sec.gov}}</ref>
| key_people = {{ubl|[[Leon Topalian]] ([[chairman]], [[President (corporate title)|president]], & [[CEO]])|Steve Laxton ([[CFO]])}}
| industry = [[Steel]]
| products = [[Steel]]<BR>[[Rebar]]
| industry = [[Steel]]
| products = [[Steel]]<br/>[[Rebar]]
| revenue = {{increase}} {{US$|20.252 billion|link=yes}} {{small|(2017)}}<ref name="10-K">{{cite web|url=https://www.sec.gov/Archives/edgar/data/73309/000119312518064018/d441208d10k.htm |title=Nucor Corporation 2017 Annual Report (Form 10-K) |date=January 2018 |publisher=[[U.S. Securities and Exchange Commission]] |website=sec.gov}}</ref>
| operating_income = {{increase}} {{US$|1.882 billion}} {{small|(2017)}}<ref name="10-K" />
| revenue = {{nowrap|{{decrease}} {{US$|34.71 billion|link=yes}} (2023)}}
| net_income = {{increase}} {{US$|1.319 billion}} {{small|(2017)}}<ref name="10-K" />
| net_income = {{decrease}} {{US$|4.525 billion}} (2023)
| assets = {{increase}} {{US$|15.841 billion}} {{small|(2017)}}<ref name="10-K" />
| assets = {{increase}} {{US$|35.34 billion}} (2023)
| equity = {{increase}} {{US$|8.739 billion}} {{small|(2017)}}<ref name="10-K" />
| equity = {{increase}} {{US$|22.12 billion}} (2023)
| num_employees = ~25,100 {{small|(2017)}}<ref name="10-K" />
| num_employees = {{circa|32,000}} (2023)
| homepage = {{url|http://www.nucor.com/}}
| homepage = {{URL|https://nucor.com/}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/73309/000095017024021195/nue-20231231.htm | title=Nucor Corporation 2023 Form 10-K Annual Report |date=February 28, 2024 | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
}}
[[File:Transferring molten metal from the furnace to the ladle.jpg|thumb|Molten steel transferred from furnace to ladle]]

'''Nucor Corporation''' is an American producer of steel and related products headquartered in [[Charlotte, North Carolina]]. It is the largest [[List of steel producers|steel producer]] in the United States of America and is the largest "mini-mill" steelmaker (i.e. it uses [[electric arc furnace]]s to melt scrap steel as opposed to [[blast furnace]]s to melt [[iron]]). Nucor is North America's largest recycler of any material and recycled 16.9 million tons of scrap in 2015.<ref name=10K/> The "vast majority" of Nucor employees are not union members.<ref name="10-K" />
'''Nucor Corporation''' is an American company based in [[Charlotte, North Carolina]], that produces [[steel]] and related products. It is the largest [[List of steel producers|steel producer]] in the [[United States]] and the largest [[Recycling|recycler]] of [[scrap]] in [[North America]].<ref name=10K/> Nucor is the 16th-largest steel producer in the world.<ref>{{Cite web | title=Top steel-producing companies | url=https://worldsteel.org/steel-topics/statistics/top-producers/ | publisher=[[World Steel Association]]}}</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 operations==
==Current operations==
In 2016, the company produced and sold approximately 22 million tons of steel. Nucor operates 23 scrap-based steel production mills.<ref name=10K/>
To supply its mills, Nucor uses [[electric arc furnace]]s and [[continuous casting]] to melt scrap steel as opposed to [[blast furnace]]s to melt [[iron]]. In 2023, the company produced and sold approximately 18.5 million [[ton]]s of steel and recycled 18.4 million tons of scrap.<ref name=10K/>

Nucor produces steel bars (carbon and alloy steel), [[beams]], sheet / flat rolled steel, plate, steel joists, joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, light gauge steel framing, steel grating, expanded metal, and wire and wire mesh. In addition, through its David J. Joseph Company subsidiary, Nucor also brokers [[ferrous]] and [[nonferrous]] metals, pig iron and HRI/[[Direct reduced iron|DRI]]; supplies ferro-alloys; and processes ferrous and nonferrous scrap.


None of Nucor's mills are unionized and the [[Organizational culture|corporate culture]] is opposed to [[trade union]]s.<ref name=history>{{cite web |url=https://www.steelonthenet.com/kb/history-nucor.html | title=History of Nucor | publisher=Steelonthenet.com}}</ref>{{better source|date=July 2024}}
===Nucor's divisions===
Nucor operates many subsidiaries that operate independently, including:
* '''Nucor Steel''' operations are located in Alabama, Arkansas, Illinois, Indiana, Kentucky, Mississippi, Nebraska, North Carolina, Ohio, South Carolina, Tennessee, Texas, Utah and Washington. Nucor's steelmaking operations are based on the mini-mill concept, using [[electric arc furnace]]s and [[continuous casting]] technologies to recycle steel. The Nucor Steel plant in Louisiana and Nu-Iron in Trinidad, produce direct reduced iron, which is used in electric arc furnaces to supplement iron units in Nucor’s steel recycling operations. Duferdofin is a joint venture between Nucor and Duferco in Italy producing merchant bar.
* '''Nucor Cold Finish''' facilities use [[hot rolled]] steel bar to produce cold drawn bar using a process known as [[drawing (manufacturing)]]. These divisions are located in Canada (Laurel), Georgia, Missouri, Nebraska, Ohio, South Carolina, Utah and Wisconsin.
* '''Steel joist''' and '''engineered building''' divisions, include Vulcraft (AL, IN, NE, NY, SC, TX, UT, Ontario, Alberta), Nucor Building Systems (IN, SC, TX, UT), American Buildings Company (AL, IL, CA, VA), CBC Steel Buildings (CA), and Kirby Building Systems (TN).
* '''Nucor Fastener''', based in Indiana, produces carbon and alloy steel standard and special screws, bolts and nuts.
* '''Harris Rebar''' is a leading fabricator, installer and distributor of concrete [[reinforcing steel]] and related products. '''Harris Supply Solutions''' is a distributor of steel and concrete products including [[rebar]], Black Rebar, Epoxy Coated Rebar, Fabricated Rebar and Steel Remesh.
* '''Skyline Steel''' is a steel foundation supplier serving the U.S., Canada, Mexico, the Caribbean, Central America, and Colombia markets.
* The '''David J. Joseph Company''' is a scrap metal brokerage firm, [[ferrous metals|ferrous]] and [[nonferrous metal]] recycling and transportation provider.
* '''Nucor Sales''' has offices in the United States, Colombia, Mexico, Switzerland, and the United Arab Emirates.
* '''Nucor Grating''' is a manufacturer of bar grating products.


==History==
==History==
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]].
Nucor's history consists of distinct eras: the [[Reo Motor Car]] era, the Nuclear Corporation of America era, the Iverson years (1967–98), the DiMicco era (2000-2012), and the Ferriola era (2013–present).<ref>{{cite book | first=Richard | last=Preston | year=1992 | title=American Steel | publisher=Quill | isbn=0-380-71822-7 }} Construction and startup story of Nucor's first big mill, discusses the history of Nucor.</ref><ref>{{cite web|url=http://www.steelonthenet.com/kb/history-nucor.html | title=History of Nucor | publisher=Steelonthenet.com}}</ref>


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 (company)|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/>
===The [[Reo Motor Car]] era===
Nucor's origins are with auto manufacturer [[Ransom E. Olds]], who founded Olds Motor Vehicle Company in 1897 (later, as [[Oldsmobile]], to become a part of [[General Motors Corporation]]). In 1905, Olds left Oldsmobile and established a new company, [[REO Motor Car Company]], in [[Lansing, Michigan]]. Though Olds' products, including the luxurious REO Flying Cloud car and [[REO Speed Wagon]] truck, were popular, they were not profitable, and the company filed for [[bankruptcy protection]] in 1938.<ref name="REO Motor Company Records">{{cite web | url=http://archives.msu.edu/findaid/036.html | title=REO Motor Company Records | publisher=Michigan State University Archives and Historical Collections |date=}}</ref>


Iverson reorganized Nucor around its only profitable business, the steel fabricator Vulcraft. All other businesses were either sold or liquidated.<ref name=built/>
After the bankruptcy reorganization, REO exited the car business to concentrate on trucks but continued to suffer losses. In December 1954, REO sold its entire [[manufacturing operations]] to [[Bohn Aluminum and Brass Corporation]].<ref name="REO Motor Company Records"/>


In 1966, the company moved its headquarters to [[Charlotte, North Carolina]] to be closer to its main Vulcraft plant in South Carolina.<ref>{{Cite news | url=https://www.bizjournals.com/charlotte/news/2019/09/26/nucor-has-a-culture-that-s-survived-every-ceo.html | title=Nucor has a culture that's survived every CEO shift | first=John | last=Downey | work=[[American City Business Journals]] | date=September 26, 2019 | url-access=subscription}}</ref>
===The Nuclear Corporation era===
The company initiated liquidation proceedings after the sale of its operations, but 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]]. Nuclear'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 and attempted to become a [[Conglomerate (company)|conglomerate]], moving its headquarters to [[Phoenix, Arizona]]. It made several acquisitions, including Vulcraft Corporation, a steel joist manufacturer located in [[Florence, South Carolina]]. Vulcraft had been founded by Sanborn Chase (no relation to [[Chase & Sanborn Coffee]]), 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 filed for bankruptcy. The Board of Directors fired Nuclear's President (and had to return his [[business jet]] to him), but could not find a replacement. Eventually Samuel Siegel, an accountant with Nuclear and friend of Iverson, who had been looking to leave the company, informed the Board that he would remain with the company under two conditions: Iverson would become President and he (Siegel) would become [[Chief Financial Officer|CFO]], conditions the Board accepted.<ref name=companyhistory>{{cite web | url=http://www.company-histories.com/Nucor-Corporation-Company-History.html | title=Nucor Corporation | publisher=Company-Histories.com }}</ref>


In 1968, unable to get favorable steel prices from American manufacturers and unhappy with the imported steel available at the time, Iverson, a [[Metallurgy|metallurgist]] by training, extended Nucor vertically into [[steelmaking]] by building its first steel bar mill in [[Darlington, South Carolina]].<ref>{{Cite web |last=Metzger |first=Mark K. | title=F. Kenneth Iverson of Nucor: Man of Steel | url=https://www.inc.com/magazine/19840401/6059.html | work=[[Inc. (magazine)|Inc.]] |date=April 1, 1984 | url-access=subscription}}</ref><ref>{{Cite web | url=https://charlottemuseum.org/learn/articles/ken-iverson-and-nucor-corporation/ | title=Ken Iverson and Nucor Corporation | first=Kay | last=Peninger | work=[[Charlotte Museum of History]]}}</ref>
===The Nucor (Iverson) era===
Iverson and Siegel reorganized Nucor around its only profitable business, the steel fabricator Vulcraft. All other businesses were either sold or liquidated. In 1966, the company moved its headquarters to [[Charlotte, North Carolina]] to be closer to its main Vulcraft plant.<ref name=companyhistory/>


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, decided to extend Nucor vertically into [[steelmaking]] by building its first steel bar mill in [[Darlington, South Carolina]]. The company chose to purchase 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 caused the stock to drop to pennies but earnings soared in 1971 and 1972.<ref name=companyhistory/>
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>{{Cite news | url=https://www.latimes.com/archives/la-xpm-2002-apr-20-me-ken20-story.html | title=F. Kenneth Iverson, 76; Built Nucor Into No. 2 Steelmaker | work=[[Los Angeles Times]] | date=April 20, 2002 | url-access=limited}}</ref> That year, it became a [[public company]] via an [[initial public offering]].<ref>{{Cite news | url=https://www.bizjournals.com/charlotte/news/2022/07/22/nucor-50-years-stock-market-nyse-revenue-growth.html | title=Nucor marks 50 years on the stock market — and 43,796% revenue growth | first=John | last=Downey | work=[[American City Business Journals]] | date=September 26, 2019 | url-access=subscription}}</ref>
In 1972, the company, recognizing that it was misnamed, adopted its current name. Since that time, Nucor has expanded into other steel products, gained some control of its raw material supply, became a leader in recycling technology, and expanded its market presence. Decrease in cost of production by EAFs and market demand for low price raw material especially rebars, attracted Nucor not only to produce steel for itself but also selling it to companies in vicinity that otherwise were importing steel.


In 1988, Nucor became the first minimill to manufacture wide flange beams with a depth of 40". The company opened its building products division that same year.
In 1988, the company opened its building products division.


In 1989, Nucor opened a facility in [[Crawfordsville, Indiana]], which was the first mini mill to produce flat rolled steel using thin-slab technology.<ref>{{cite news | url=https://www.nytimes.com/1989/12/02/business/innovative-steel-mill-is-off-to-a-slow-start.html | title=Thomas Cousins set to retire | first=JONATHAN P. | last=HICKS | publisher=[[The New York Times]] | date=December 2, 1989}}</ref><ref>{{cite news | url=http://articles.chicagotribune.com/1991-04-28/business/9102070519_1_steel-mill-nucor-steel-joists | title=High-tech Steel Mill Doing More With Less | first=Stephen | last=Franklin | publisher=[[Chicago Tribune]] | date=April 28, 1991}}</ref>
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>{{cite news | url=https://www.nytimes.com/1989/12/02/business/innovative-steel-mill-is-off-to-a-slow-start.html | title=Thomas Cousins set to retire | first=JONATHAN P. | last=HICKS | work=[[The New York Times]] | date=December 2, 1989 | url-access=limited}}</ref><ref>{{cite news | url=https://www.chicagotribune.com/news/ct-xpm-1991-04-28-9102070519-story.html | title=High-tech Steel Mill Doing More With Less | first=Stephen | last=Franklin | work=[[Chicago Tribune]] | date=April 28, 1991 | url-access=limited}}</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. This technology allows for [[continuous casting]] of sheet steel directly from molten steel without the need for heavy, expensive, and energy-consuming rollers. As a result, mills built with this technology are significantly cheaper and take up significantly less space than other mills.
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>{{Cite journal |last=Trade Commission |first=U.S. International |date=October 2015 |title=Certain Hot-Rolled Steel Flat Products from Australia, Brazil, Japan, Korea, the Netherlands, Turkey, and the United Kingdom |url=https://www.usitc.gov/publications/701_731/pub4570.pdf |journal=U.S. International Trade Commission |volume=4570 |pages=21}}</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 divestitures===
===DiMicco era===
{| class="wikitable sortable"
In September 2000, [[Dan DiMicco]], formerly the general manager of the company's highly profitable Nucor-Yamato Steel joint venture, was appointed CEO.<ref name=retire>{{cite press release | url=http://www.prnewswire.com/news-releases/daniel-r-dimicco-to-retire-as-executive-chairman-of-nucor-john-j-ferriola-named-chairman-effective-january-1-2014-230648151.html | title=Daniel R. DiMicco To Retire As Executive Chairman Of Nucor; John J. Ferriola Named Chairman Effective January 1, 2014 | publisher=[[PRNewswire]] | date=November 5, 2013}}</ref>
|-
! scope="col" | Date
! scope="col" | Acquisition / Divestiture
! scope="col" | Company
! scope="col" style="width:80px;"| Price
! scope="col" class="unsortable" | Ref(s).


|-
In the years that followed, the company made several acquisitions.
| {{dts|2001|09}}
| Acquisition
| Auburn Steel
| $115 million
| <ref>{{cite news | url=https://www.nytimes.com/2001/03/20/business/company-news-nucor-buys-steel-bar-mill-assets-for-115-million.html | title=NUCOR BUYS STEEL-BAR MILL ASSETS FOR $115 MILLION | agency=[[Bloomberg News]] | work=[[The New York Times]] | date=March 20, 2001 | url-access=limited}}</ref>
|-
| {{dts|2002|05}}
| Acquisition
| [[Birmingham Steel]]
| $615 million
| <ref>{{cite news | url=https://www.bizjournals.com/birmingham/stories/2002/05/27/daily24.html | title=Birmingham Steel selling to Nucor for $615M | work=[[American City Business Journals]] | date=May 30, 2002}}</ref><ref>{{cite news | url=https://www.nytimes.com/2002/05/22/business/company-news-nucor-in-615-million-deal-for-birmingham-steel.html | title=NUCOR IN $615 MILLION DEAL FOR BIRMINGHAM STEEL | agency=[[Associated Press]] | work=[[The New York Times]] | date=May 22, 2002 | url-access=subscription}}</ref>
|-
| {{dts|2004|06}}
| Acquisition
| Corus Tuscaloosa
| $90 million
| <ref>{{cite news | url=https://www.upi.com/Nucor-buys-Corus-Tuscaloosa/87351086713980/ | title=Nucor buys Corus Tuscaloosa | work=[[United Press International]] | date=June 8, 2004}}</ref>
|-
| {{dts|2005|01}}
| Acquisition
| Fort Howard Steel
| Undisclosed
| <ref>{{cite news | url=https://www.bizjournals.com/charlotte/stories/2005/01/10/daily4.html | title=Nucor to buy Wisconsin plant | work=[[American City Business Journals]] | date=January 10, 2005 | url-access=subscription}}</ref>
|-
| {{dts|2005|04}}
| Acquisition
| Marion Steel
| $113 million
| <ref>{{cite news | url=https://www.nytimes.com/2005/04/19/business/company-news-nucor-to-buy-marion-steel-for-113-million.html | title=NUCOR TO BUY MARION STEEL FOR $113 MILLION | work=[[The New York Times]] | date=April 19, 2005 | url-access=limited}}</ref>
|-
| {{dts|2005|06}}
| Acquisition
| Connecticut Steel
| $43 million
| <ref>{{cite news | url=https://www.bizjournals.com/charlotte/stories/2006/05/01/daily8.html | title=Nucor unit buys Connecticut mill | work=[[American City Business Journals]] | date=May 1, 2006 | url-access=subscription}}</ref>


|-
In 2001, the company acquired Auburn Steel, its first acquisition in 36 years.<ref>{{cite news | url=https://www.nytimes.com/2001/03/20/business/company-news-nucor-buys-steel-bar-mill-assets-for-115-million.html | title=NUCOR BUYS STEEL-BAR MILL ASSETS FOR $115 MILLION | work=[[Bloomberg News]] | publisher=[[The New York Times]] | date=March 20, 2001}}</ref> In 2002, Nucor bought [[Birmingham Steel]], including the [[Mississippi Steel]] plant and [[Birmingham, Alabama]], operations.<ref>{{cite news | url=https://www.bizjournals.com/birmingham/stories/2002/05/27/daily24.html | title=Birmingham Steel selling to Nucor for $615M | publisher=[[American City Business Journals]] | date=May 30, 2002}}</ref><ref>{{cite news | url=https://www.nytimes.com/2002/05/22/business/company-news-nucor-in-615-million-deal-for-birmingham-steel.html | title=NUCOR IN $615 MILLION DEAL FOR BIRMINGHAM STEEL | work=[[Associated Press]] | publisher=[[The New York Times]] | date=May 22, 2002}}</ref>
| {{dts|2006|09}}
| Acquisition
| Verco Decking
| $113 million
| <ref>{{cite news | url=https://www.bizjournals.com/charlotte/stories/2006/09/11/daily17.html | title=Nucor to buy Phoenix company for $180M | work=[[American City Business Journals]] | date=September 12, 2006 | url-access=subscription}}</ref>
|-
| {{dts|2005|04}}
| Acquisition
| Harris Steel
| $1.07 billion
| <ref>{{cite news | url=https://www.reuters.com/article/us-harris-nucor/nucor-to-buy-harris-steel-in-1-billion-deal-idUSWEN166320070102 | title=Nucor to buy Harris Steel in $1 billion deal | work=[[Reuters]] | date=January 21, 2007}}</ref>
|-
| {{dts|2008|03}}
| Acquisition
| David J. Joseph Company
| $1.44 billion
| <ref>{{cite press release | url=https://news.thomasnet.com/companystory/nucor-acquires-the-david-j-joseph-company-814521 | title=Nucor Acquires The David J. Joseph Company | work=[[Thomas Register]] | date=March 3, 2008}}</ref>
|-
| {{dts|2012|06}}
| Acquisition
| Skyline Steel
| $605 million
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-acquires-skyline-steel-llc-159855475.html | title=Nucor Acquires Skyline Steel LLC | publisher=[[PR Newswire]] | date=June 21, 2012}}</ref>
|-
| {{dts|2014|10}}
| Acquisition
| Gallatin Steel
| $770 million
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-completes-acquisition-of-gallatin-steel-company-278533451.html | title=Nucor Completes Acquisition Of Gallatin Steel Company | publisher=[[PR Newswire]] | date=October 8, 2014}}</ref>
|-
| {{dts|2015|11}}
| Acquisition
| [[Gerdau]] Bright Bar assets
| Undisclosed
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-to-acquire-cold-finish-bar-assets-in-ohio-and-georgia-300174664.html | title=Nucor to Acquire Cold Finish Bar Assets in Ohio and Georgia | publisher=[[PR Newswire]] | date=November 9, 2015}}</ref>
|-
| {{dts|2016|07}}
| Acquisition
| Steel plate mill from [[Joy Global]]
| $29 million
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-to-acquire-plate-mill-in-texas-300301677.html | title=Nucor to Acquire Plate Mill in Texas | publisher=[[PR Newswire]] | date=July 20, 2016}}</ref>
|-
| {{dts|2016|09}}
| Acquisition
| Independence Tube
| $435 million
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-to-acquire-independence-tube-corporation-300330014.html | title=Nucor to Acquire Independence Tube Corporation | publisher=[[PR Newswire]] | date=September 19, 2016}}</ref>
|-
| {{dts|2016|12}}
| Acquisition
| Southland Tube
| $130 million
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-to-acquire-southland-tube-300373561.html | title=Nucor to Acquire Southland Tube | publisher=[[PR Newswire]] | date=December 6, 2016}}</ref>
|-
| {{dts|2017|08}}
| Acquisition
| St. Louis Cold Drawn
| Undisclosed
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-to-acquire-cold-finish-facilities-in-missouri-and-mexico-300502198.html | title=Nucor to Acquire Cold Finish Facilities in Missouri and Mexico | publisher=[[PR Newswire]] | date=August 10, 2017}}</ref>
|-
| {{dts|2019|12}}
| Acquisition
| TrueCore Insulated Panels
| Undisclosed
| <ref>{{Cite press release | url=https://www.prnewswire.com/news-releases/nucor-acquires-truecore-insulated-panels-300973201.html | title=Nucor Acquires TrueCore Insulated Panels | publisher=[[PR Newswire]] | date=December 11, 2019}}</ref><ref>{{Cite news | url=https://www.bizjournals.com/charlotte/news/2021/06/07/nucor-plans-1b-panel-manufacturing-acquisition.html | title=Nucor to acquire insulated metal panel business from Cary-based company for $1B | first=John | last=Downey | work=[[American City Business Journals]] | date=June 7, 2021 | url-access=subscription}}</ref>
|-
| {{dts|2021|07}}
| Acquisition
| Insulated Metal Panels Business from Cornerstone Building Brands
| $1 billion
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-to-acquire-insulated-metal-panels-business-from-cornerstone-building-brands-301306749.html | title=Nucor to Acquire Insulated Metal Panels Business from Cornerstone Building Brands | publisher=[[PR Newswire]] | date=June 7, 2021}}</ref>
|-
| {{dts|2021|08}}
| Acquisition
| Hannibal Industries
| $370 million
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-completes-acquisition-of-hannibal-industries-inc-301360520.html | title=Nucor Completes Acquisition of Hannibal Industries, Inc. | publisher=[[PR Newswire]] | date=August 23, 2021}}</ref>
|-
| {{dts|2021|10}}
| Acquisition
| Grossman Iron and Steel & Garden Street Iron & Metal
| Undisclosed
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-affiliates-announce-two-acquisitions-301390102.html | title=Nucor Affiliates Announce Two Acquisitions | publisher=[[PR Newswire]] | date=October 1, 2021}}</ref>
|-
| {{dts|2021|12}}
| Acquisition
| Majority ownership of [[California Steel Industries]]
| $130 million
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-acquires-majority-ownership-of-california-steel-industries-301442787.html | title=Nucor Acquires Majority Ownership of California Steel Industries | publisher=[[PR Newswire]] | date=December 13, 2021}}</ref>
|-
| {{dts|2022|04}}
| Acquisition
| Elite Storage Solutions
| $75 million
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-acquires-steel-racking-manufacturer-elite-storage-solutions-301517784.html | title=Nucor Acquires Steel Racking Manufacturer Elite Storage Solutions | publisher=[[PR Newswire]] | date=April 5, 2022}}</ref><ref>{{Cite news | url=https://www.bizjournals.com/charlotte/news/2022/04/05/nucor-makes-first-2022-acquisition.html | title=Nucor expands steel racking business with $75M acquisition | first=John | last=Downey | work=[[American City Business Journals]] | date=April 5, 2022 | url-access=subscription}}</ref>
|-
| {{dts|2022|06}}
| Acquisition
| Summit Utility Structures
| Undisclosed
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-to-acquire-manufacturer-of-steel-utility-structures-301562816.html | title=Nucor to Acquire Manufacturer of Steel Utility Structures | publisher=[[PR Newswire]] | date=June 7, 2022}}</ref>
|-
| {{dts|2022|06}}
| Acquisition
| CHI Overhead Doors
| $3.0 billion
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-completes-acquisition-of-chi-overhead-doors-301574951.html | title=Nucor Completes Acquisition of C.H.I. Overhead Doors | publisher=[[PR Newswire]] | date=June 24, 2022}}</ref><ref>{{Cite news | url=https://www.bizjournals.com/charlotte/news/2022/05/16/nucor-chi-overhead-doors-kkr-steel-residential.html |title=Nucor's $3B deal for C.H.I. Overhead Doors marks its priciest acquisition ever | last=Downey | first=John | work=[[American City Business Journals]] | date=May 16, 2022 | url-access=subscription}}</ref>
|-
| {{dts|2022|08}}
| Divestiture
| David J. Joseph Company’s U-Pull-&-Pay Division
| Undisclosed
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/pull-a-part-acquires-the-david-j-joseph-companys-u-pull--pay-division-301613750.html | title=PULL-A-PART ACQUIRES THE DAVID J. JOSEPH COMPANY'S U-PULL-&-PAY DIVISION | publisher=[[PR Newswire]] | date=August 29, 2022}}</ref>
|-
|April 2024
|Acquisition
|Southwest Data Products
|$115 million
|<ref>{{Cite web |last=FinSMEs |date=2024-04-01 |title=Nucor to Acquire Southwest Data Products, for $115M |url=https://www.finsmes.com/2024/04/nucor-to-acquire-southwest-data-products-for-115m.html |access-date=2024-04-02 |website=FinSMEs |language=en-US}}</ref>
|}


===Closures and new investments===
In 2004, Nucor acquired Corus Tuscaloosa.<ref>{{cite news | url=https://www.upi.com/Nucor-buys-Corus-Tuscaloosa/87351086713980/ | title=Nucor buys Corus Tuscaloosa | publisher=[[United Press International]] | date=June 8, 2004}}</ref> and in 2005, Nucor purchased Fort Howard Steel<ref>{{cite news | url=https://www.bizjournals.com/charlotte/stories/2005/01/10/daily4.html | title=Nucor to buy Wisconsin plant | publisher=[[American City Business Journals]] | date=January 10, 2005}}</ref> and Marion Steel.<ref>{{cite news | url=https://query.nytimes.com/gst/fullpage.html?res=9A07E1D81F3EF93AA25757C0A9639C8B63 | title=NUCOR TO BUY MARION STEEL FOR $113 MILLION | publisher=[[The New York Times]] | date=April 19, 2005}}</ref>
{| class="wikitable sortable"
|-
! scope="col" | Date
! scope="col" | Type
! scope="col" | Description
! scope="col" class="unsortable" | Ref(s).


|-
In 2006, Nucor acquired Connecticut Steel,<ref>{{cite news | url=https://www.bizjournals.com/charlotte/stories/2006/05/01/daily8.html | title=Nucor unit buys Connecticut mill | publisher=[[American City Business Journals]] | date=May 1, 2006}}</ref> Verco Decking,<ref>{{cite news | url=https://www.bizjournals.com/charlotte/stories/2006/09/11/daily17.html | title=Nucor to buy Phoenix company for $180M | publisher=[[American City Business Journals]] | date=September 12, 2006}}</ref> and Harris Steel.<ref>{{cite web | url=https://www.reuters.com/article/us-harris-nucor/nucor-to-buy-harris-steel-in-1-billion-deal-idUSWEN166320070102 | title=Nucor to buy Harris Steel in $1 billion deal | publisher=[[Reuters]] | date=January 21, 2007}}</ref> The $1.07 billion acquisition of Harris Steel expanded Nucor into production of fabricated [[rebar]], a strong market due to increased spending on infrastructure.
| {{dts|2017|04}}
| Investment
| $85 million upgrade of the rolling mill at its [[Marion, Ohio]] rebar and [[signpost]] operation
| <ref>{{cite news | url=https://www.usatoday.com/story/news/local/2017/04/03/nucor-invest-85-million-marion-upgrade/99976014/ | title=Nucor to invest $85 million in Marion upgrade | work=[[USA Today]] | date=April 3, 2017}}</ref>
|-
| {{dts|2020|03}}
| Production start
| Joint venture with [[JFE Steel]] in Mexico
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-jfe-steel-mexico-hot-dip-galvanized-sheet-steel-facility-begins-production-301017270.html | title=Nucor-JFE Steel Mexico Hot-dip Galvanized Sheet Steel Facility Begins Production | publisher=[[PR Newswire]] | date=March 5, 2020}}</ref>
|-
| {{dts|2023|05}}
| Closure
| Longview plate mill
| <ref>{{cite press release | url=https://www.prnewswire.com/news-releases/nucor-announces-plate-mill-group-reorganization-301833340.html | title=Nucor Announces Plate Mill Group Reorganization | publisher=[[PR Newswire]] | date=May 24, 2023}}</ref>
|-
| {{dts|2023|08}}
| Construction start
| Steel mill in [[Lexington, North Carolina]]
| <ref>{{Cite news |first=Jill | last=Doss-Raines | url=https://www.the-dispatch.com/news/business/nucor-breaks-ground-on-its-350-million-lexington-rebar-plant/article_87ea99ce-4e39-5f78-a644-e6e76629ce15.html| title=Nucor breaks ground on its $350 million Lexington rebar plant | work=[[The Dispatch (Lexington)|The Dispatch]] | date=August 25, 2023}}</ref>
|}


===List of CEOs===
In 2007, the company's Nucor Building Systems division acquired Magnatrax, which bolstered its share of the pre-engineered metal building systems market.<ref>{{cite news | url=https://www.bizjournals.com/charlotte/stories/2007/06/25/daily4.html | title=Nucor to buy Magnatrax for $280M | publisher=[[American City Business Journals]] | date=June 25, 2007}}</ref>
* [[F. Kenneth Iverson]] (1965–1996)


* John Correnti (1996–1999)<ref>{{Cite news | url=https://www.wsj.com/articles/SB928424859498536719 | title=Nucor CEO Steps Down Suddenly, Sending Steel Firm's Stock Sliding | first=Chris | last=Adams | work=[[The Wall Street Journal]] | date=June 4, 1999 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.charlotteobserver.com/news/business/article31549901.html | title=John Correnti, Ex-Nucor CEO who led Big River Steel, dies | work=[[Charlotte Observer]] | date=August 19, 2015 | url-access=subscription}}</ref>
In March 2008, in order to take more control of its raw material supply and prices, Nucor purchased the David J. Joseph Company, one of the largest scrap brokers and recycling companies in the United States.<ref>{{cite press release | url=https://news.thomasnet.com/companystory/nucor-acquires-the-david-j-joseph-company-814521 | title=Nucor Acquires The David J. Joseph Company | publisher=[[Thomas Register]] | date=March 3, 2008}}</ref>


* H. David Aycock (1999–2000)
In 2012, Nucor purchased Skyline Steel.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/nucor-acquires-skyline-steel-llc-159855475.html | title=Nucor Acquires Skyline Steel LLC | publisher=[[PRNewswire]] | date=June 21, 2012}}</ref>


* [[Dan DiMicco]] (2000–2012)<ref name=retire>{{cite press release | url=https://www.prnewswire.com/news-releases/daniel-r-dimicco-to-retire-as-executive-chairman-of-nucor-john-j-ferriola-named-chairman-effective-january-1-2014-230648151.html | title=Daniel R. DiMicco To Retire As Executive Chairman Of Nucor; John J. Ferriola Named Chairman Effective January 1, 2014 | publisher=[[PR Newswire]] | date=November 5, 2013}}</ref>
===Ferriola era===


Effective January 1, 2013, [[John J. Ferriola]] was named as Chief Executive Officer of Nucor and Daniel R. DiMicco was named Executive Chairman.<ref>{{cite web | url=http://www.prnewswire.com/news-releases/john-j-ferriola-to-be-named-nucor-ceo-effective-january-1-2013-daniel-r-dimicco-continues-as-executive-chairman-179652501.html | title=John J. Ferriola To Be Named Nucor CEO Effective January 1, 2013, Daniel R. DiMicco Continues As Executive Chairman | date=November 16, 2012}}</ref> DiMicco retired effective January 1, 2014.<ref name=retire/>
* [[John J. Ferriola]] (2013–2019).<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/john-j-ferriola-to-be-named-nucor-ceo-effective-january-1-2013-daniel-r-dimicco-continues-as-executive-chairman-179652501.html | title=John J. Ferriola To Be Named Nucor CEO Effective January 1, 2013, Daniel R. DiMicco Continues As Executive Chairman | date=November 16, 2012}}</ref>


In 2014, the company purchased Gallatin Steel Company.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/nucor-completes-acquisition-of-gallatin-steel-company-278533451.html | title=Nucor Completes Acquisition Of Gallatin Steel Company | publisher=[[PRNewswire]] | date=October 8, 2014}}</ref>
* Leon J. Topalian (2019–present)<ref>{{Cite news | url=https://www.wsj.com/articles/nucor-to-replace-ceo-at-year-end-11567788699 |title=Nucor to Replace CEO at Year-End | last=Tita | first=Bob | work=[[The Wall Street Journal]] | date=September 6, 2019 | url-access=subscription}}</ref>


===Environmental issues===
In 2015, the company acquired additional cold finish bar facilities in Ohio and Georgia.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/nucor-to-acquire-cold-finish-bar-assets-in-ohio-and-georgia-300174664.html | title=Nucor to Acquire Cold Finish Bar Assets in Ohio and Georgia | publisher=[[PR Newswire]] | date=November 9, 2015}}</ref>
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]] 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>{{cite press release | url=https://www.justice.gov/archive/opa/pr/2000/December/703enrd.htm | title=U.S. REACHES ENVIRONMENTAL SETTLEMENT WITH STEEL MANUFACTURER NUCOR | publisher=[[United States Department of Justice]] | date=December 19, 2000}}</ref><ref>{{cite news | url=https://www.deseret.com/2000/12/21/19545526/nucor-agrees-to-pay-98-million-for-pollution-control-penalties | title=Nucor agrees to pay $98 million for pollution control, penalties | agency=[[Associated Press]] | publisher=[[Deseret News]] | date=December 21, 2000}}</ref>


In 2016, the company unsuccessfully filed a lawsuit to block the Environmental Protection Agency from adopting a plan to control visible pollution in [[Arkansas]].<ref>{{cite news | url=https://www.reuters.com/article/environment-nucor/federal-judge-dismisses-pollution-suit-by-nucor-steel-arkansas-idUSL2N17I23M | title=Federal judge dismisses pollution suit by Nucor Steel Arkansas | first=David | last=Bailey | work=[[Reuters]] | date=April 16, 2016}}</ref>
In 2016, Nucor announced the acquisition of a steel plate mill in [[Longview, Texas]],<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/nucor-to-acquire-plate-mill-in-texas-300301677.html | title=Nucor to Acquire Plate Mill in Texas | publisher=[[PR Newswire]] | date=July 20, 2016}}</ref> and structural tube mills in [[Mississippi]], [[Alabama]], and [[Illinois]].<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/nucor-to-acquire-independence-tube-corporation-300330014.html | title=Nucor to Acquire Independence Tube Corporation | publisher=[[PR Newswire]] | date=September 19, 2016}}</ref><ref>{{cite press release | url=http://www.prnewswire.com/news-releases/nucor-to-acquire-southland-tube-300373561.html | title=Nucor to Acquire Southland Tube | publisher=[[PR Newswire]] | date=December 6, 2016}}</ref> The acquisition of these facilities expanded Nucor's capabilities in the plate market and added structural tube to the company's product mix.


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>{{Cite press release | url=https://corporate.exxonmobil.com/news/news-releases/2023/0601_lcs-nucor-agreement | title=ExxonMobil signs carbon capture agreement with Nucor Corporation, reaching 5 MTA milestone | publisher=[[ExxonMobil]] | date=June 1, 2023}}</ref> The plant had been criticized for its emissions.<ref>{{Cite news | url=https://www.theadvocate.com/baton_rouge/news/article_42b1ff7c-3da0-11ec-a504-8394e218748a.html | title=Nucor hit with EPA air pollution violations at St. James plant as DEQ mulls big permit increases | first=DAVID J. | last=MITCHELL | work=[[The Advocate (Louisiana)|The Advocate]] | date=November 13, 2022}}</ref>
In April 2017, the company announced an $85 million upgrade of the rolling mill at its [[Marion, Ohio]] rebar and signpost operation.<ref>{{cite news | url=https://www.usatoday.com/story/news/local/2017/04/03/nucor-invest-85-million-marion-upgrade/99976014/ | title=Nucor to invest $85 million in Marion upgrade | publisher=[[USA Today]] | date=April 3, 2017}}</ref>


==Further reading==
In August 2017, the company acquired St. Louis Cold Drawn, Inc.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/nucor-to-acquire-cold-finish-facilities-in-missouri-and-mexico-300502198.html | title=Nucor to Acquire Cold Finish Facilities in Missouri and Mexico | publisher=[[PR Newswire]] | date=August 10, 2017}}</ref>
* {{cite book | first=Richard | last=Preston | year=1992 | title=American Steel | publisher=Quill | isbn=0-380-71822-7}} Story of Nucor's first big mill, discusses the history of Nucor.

On September 6, 2019 Nucor announced that John Ferriola would retire at the end of the year to be replaced by [[Leon J. Topalian]].<ref>{{Cite web|url=https://www.wsj.com/articles/nucor-to-replace-ceo-at-year-end-11567788699|title=Nucor to Replace CEO at Year-End|last=Tita|first=Bob|website=WSJ|language=en-US|access-date=2019-09-17}}</ref>

==Controversies==

===Environmental record===
In 2000, Nucor paid $98 million to settle with the [[U.S. Justice Department]] and the [[United States Environmental Protection Agency]] to resolve allegations that it had not adequately controlled the emission of toxic chemicals into the air, water, and soil of 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>{{cite web | url=https://yosemite.epa.gov/opa/admpress.nsf/016bcfb1deb9fecd85256aca005d74df/9eb593c7e2c54803852569ba006165a8 | title=U.S. REACHES ENVIRONMENTAL SETTLEMENT WITH STEEL MANUFACTURER NUCOR | publisher=[[Environmental Protection Agency]] | date=December 19, 2000}}</ref><ref>{{cite news | url=https://www.deseretnews.com/article/799898/Nucor-agrees-to-pay-98-million-for-pollution-control-penalties.html | title=Nucor agrees to pay $98 million for pollution control, penalties | work=[[Associated Press]] | publisher=[[Deseret News]] | date=December 21, 2000 }}</ref>

In 2012, as part of a settlement with the [[United States Environmental Protection Agency]], the company agreed to reduce air pollution at its plant in Marion, Ohio.<ref>{{cite press release | url=https://epa.ohio.gov/News/Online-News-Room/News-Releases/nucor-steel-agrees-to-improvements-that-will-reduce-air-pollution-emissions-in-marion | title=Nucor Steel Agrees to Improvements That Will Reduce Air Pollution Emissions in Marion | publisher=[[United States Environmental Protection Agency]] | date=April 6, 2012}}</ref>

In 2016, the company unsuccessfully filed a lawsuit to block the Environmental Protection Agency from adopting a plan to control visible pollution in Arkansas.<ref>{{cite news | url=https://www.reuters.com/article/environment-nucor/federal-judge-dismisses-pollution-suit-by-nucor-steel-arkansas-idUSL2N17I23M | title=Federal judge dismisses pollution suit by Nucor Steel Arkansas | first=David | last=Bailey | publisher=[[Reuters]] | date=April 16, 2016}}</ref>


==See also==
==See also==
Line 107: Line 273:


==References==
==References==
{{Reflist|1}}
{{Reflist}}


==External links==
==External links==
{{Finance links
{{Finance links
| name = Nucor
| name = Nucor
| symbol = NUE
| google = NUE
| sec_cik = NUE
| yahoo = NUE
| yahoo = NUE
| bloomberg = NUE:US
| google = NUE
| reuters = NUE.N
| sec_cik = NUE
| nasdaq = NUE
}}
}}


{{Authority control}}

[[Category:1955 establishments in New York City]]
[[Category:1970s initial public offerings]]
[[Category:American companies established in 1955]]
[[Category:Companies based in Charlotte, North Carolina]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies in the S&P 500 Dividend Aristocrats]]
[[Category:Manufacturing companies based in North Carolina]]
[[Category:Manufacturing companies based in North Carolina]]
[[Category:Companies based in Charlotte, North Carolina]]
[[Category:Steel companies of the United States]]
[[Category:Manufacturing companies established in 1955]]
[[Category:Manufacturing companies established in 1955]]
[[Category:1955 establishments in New York (state)]]
[[Category:Steel companies of the United States]]

Latest revision as of 12:35, 5 November 2024

Nucor Corporation
Company typePublic
IndustrySteel
PredecessorREO Motor Car Company
Founded1955; 70 years ago (1955)
HeadquartersCharlotte, North Carolina, United States
Key people
ProductsSteel
Rebar
RevenueDecrease US$34.71 billion (2023)
Decrease US$4.525 billion (2023)
Total assetsIncrease US$35.34 billion (2023)
Total equityIncrease US$22.12 billion (2023)
Number of employees
c. 32,000 (2023)
Websitenucor.com
Footnotes / references
[1]
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.[1] Nucor is the 16th-largest steel producer in the world.[2] 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 operations

[edit]

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 2023, the company produced and sold approximately 18.5 million tons of steel and recycled 18.4 million tons of scrap.[1]

None of Nucor's mills are unionized and the corporate culture is opposed to trade unions.[3][better source needed]

History

[edit]

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.[4]

Iverson reorganized Nucor around its only profitable business, the steel fabricator Vulcraft. All other businesses were either sold or liquidated.[4]

In 1966, the company moved its headquarters to Charlotte, North Carolina to be closer to its main Vulcraft plant in South Carolina.[5]

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.[6][7]

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.[4] That year, it became a public company via an initial public offering.[8]

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.[9][10]

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.[11] 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 divestitures

[edit]
Date Acquisition / Divestiture Company Price Ref(s).
September 2001 Acquisition Auburn Steel $115 million [12]
May 2002 Acquisition Birmingham Steel $615 million [13][14]
June 2004 Acquisition Corus Tuscaloosa $90 million [15]
January 2005 Acquisition Fort Howard Steel Undisclosed [16]
April 2005 Acquisition Marion Steel $113 million [17]
June 2005 Acquisition Connecticut Steel $43 million [18]
September 2006 Acquisition Verco Decking $113 million [19]
April 2005 Acquisition Harris Steel $1.07 billion [20]
March 2008 Acquisition David J. Joseph Company $1.44 billion [21]
June 2012 Acquisition Skyline Steel $605 million [22]
October 2014 Acquisition Gallatin Steel $770 million [23]
November 2015 Acquisition Gerdau Bright Bar assets Undisclosed [24]
July 2016 Acquisition Steel plate mill from Joy Global $29 million [25]
September 2016 Acquisition Independence Tube $435 million [26]
December 2016 Acquisition Southland Tube $130 million [27]
August 2017 Acquisition St. Louis Cold Drawn Undisclosed [28]
December 2019 Acquisition TrueCore Insulated Panels Undisclosed [29][30]
July 2021 Acquisition Insulated Metal Panels Business from Cornerstone Building Brands $1 billion [31]
August 2021 Acquisition Hannibal Industries $370 million [32]
October 2021 Acquisition Grossman Iron and Steel & Garden Street Iron & Metal Undisclosed [33]
December 2021 Acquisition Majority ownership of California Steel Industries $130 million [34]
April 2022 Acquisition Elite Storage Solutions $75 million [35][36]
June 2022 Acquisition Summit Utility Structures Undisclosed [37]
June 2022 Acquisition CHI Overhead Doors $3.0 billion [38][39]
August 2022 Divestiture David J. Joseph Company’s U-Pull-&-Pay Division Undisclosed [40]
April 2024 Acquisition Southwest Data Products $115 million [41]

Closures and new investments

[edit]
Date Type Description Ref(s).
April 2017 Investment $85 million upgrade of the rolling mill at its Marion, Ohio rebar and signpost operation [42]
March 2020 Production start Joint venture with JFE Steel in Mexico [43]
May 2023 Closure Longview plate mill [44]
August 2023 Construction start Steel mill in Lexington, North Carolina [45]

List of CEOs

[edit]
  • H. David Aycock (1999–2000)
  • Leon J. Topalian (2019–present)[50]

Environmental issues

[edit]

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 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."[51][52]

In 2016, the company unsuccessfully filed a lawsuit to block the Environmental Protection Agency from adopting a plan to control visible pollution in Arkansas.[53]

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.[54] The plant had been criticized for its emissions.[55]

Further reading

[edit]
  • Preston, Richard (1992). American Steel. Quill. ISBN 0-380-71822-7. Story of Nucor's first big mill, discusses the history of Nucor.

See also

[edit]

References

[edit]
  1. ^ a b c "Nucor Corporation 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 28, 2024.
  2. ^ "Top steel-producing companies". World Steel Association.
  3. ^ "History of Nucor". Steelonthenet.com.
  4. ^ a b c "F. Kenneth Iverson, 76; Built Nucor Into No. 2 Steelmaker". Los Angeles Times. April 20, 2002.
  5. ^ Downey, John (September 26, 2019). "Nucor has a culture that's survived every CEO shift". American City Business Journals.
  6. ^ Metzger, Mark K. (April 1, 1984). "F. Kenneth Iverson of Nucor: Man of Steel". Inc.
  7. ^ Peninger, Kay. "Ken Iverson and Nucor Corporation". Charlotte Museum of History.
  8. ^ Downey, John (September 26, 2019). "Nucor marks 50 years on the stock market — and 43,796% revenue growth". American City Business Journals.
  9. ^ HICKS, JONATHAN P. (December 2, 1989). "Thomas Cousins set to retire". The New York Times.
  10. ^ Franklin, Stephen (April 28, 1991). "High-tech Steel Mill Doing More With Less". Chicago Tribune.
  11. ^ Trade Commission, U.S. International (October 2015). "Certain Hot-Rolled Steel Flat Products from Australia, Brazil, Japan, Korea, the Netherlands, Turkey, and the United Kingdom" (PDF). U.S. International Trade Commission. 4570: 21.
  12. ^ "NUCOR BUYS STEEL-BAR MILL ASSETS FOR $115 MILLION". The New York Times. Bloomberg News. March 20, 2001.
  13. ^ "Birmingham Steel selling to Nucor for $615M". American City Business Journals. May 30, 2002.
  14. ^ "NUCOR IN $615 MILLION DEAL FOR BIRMINGHAM STEEL". The New York Times. Associated Press. May 22, 2002.
  15. ^ "Nucor buys Corus Tuscaloosa". United Press International. June 8, 2004.
  16. ^ "Nucor to buy Wisconsin plant". American City Business Journals. January 10, 2005.
  17. ^ "NUCOR TO BUY MARION STEEL FOR $113 MILLION". The New York Times. April 19, 2005.
  18. ^ "Nucor unit buys Connecticut mill". American City Business Journals. May 1, 2006.
  19. ^ "Nucor to buy Phoenix company for $180M". American City Business Journals. September 12, 2006.
  20. ^ "Nucor to buy Harris Steel in $1 billion deal". Reuters. January 21, 2007.
  21. ^ "Nucor Acquires The David J. Joseph Company". Thomas Register (Press release). March 3, 2008.
  22. ^ "Nucor Acquires Skyline Steel LLC" (Press release). PR Newswire. June 21, 2012.
  23. ^ "Nucor Completes Acquisition Of Gallatin Steel Company" (Press release). PR Newswire. October 8, 2014.
  24. ^ "Nucor to Acquire Cold Finish Bar Assets in Ohio and Georgia" (Press release). PR Newswire. November 9, 2015.
  25. ^ "Nucor to Acquire Plate Mill in Texas" (Press release). PR Newswire. July 20, 2016.
  26. ^ "Nucor to Acquire Independence Tube Corporation" (Press release). PR Newswire. September 19, 2016.
  27. ^ "Nucor to Acquire Southland Tube" (Press release). PR Newswire. December 6, 2016.
  28. ^ "Nucor to Acquire Cold Finish Facilities in Missouri and Mexico" (Press release). PR Newswire. August 10, 2017.
  29. ^ "Nucor Acquires TrueCore Insulated Panels" (Press release). PR Newswire. December 11, 2019.
  30. ^ Downey, John (June 7, 2021). "Nucor to acquire insulated metal panel business from Cary-based company for $1B". American City Business Journals.
  31. ^ "Nucor to Acquire Insulated Metal Panels Business from Cornerstone Building Brands" (Press release). PR Newswire. June 7, 2021.
  32. ^ "Nucor Completes Acquisition of Hannibal Industries, Inc" (Press release). PR Newswire. August 23, 2021.
  33. ^ "Nucor Affiliates Announce Two Acquisitions" (Press release). PR Newswire. October 1, 2021.
  34. ^ "Nucor Acquires Majority Ownership of California Steel Industries" (Press release). PR Newswire. December 13, 2021.
  35. ^ "Nucor Acquires Steel Racking Manufacturer Elite Storage Solutions" (Press release). PR Newswire. April 5, 2022.
  36. ^ Downey, John (April 5, 2022). "Nucor expands steel racking business with $75M acquisition". American City Business Journals.
  37. ^ "Nucor to Acquire Manufacturer of Steel Utility Structures" (Press release). PR Newswire. June 7, 2022.
  38. ^ "Nucor Completes Acquisition of C.H.I. Overhead Doors" (Press release). PR Newswire. June 24, 2022.
  39. ^ Downey, John (May 16, 2022). "Nucor's $3B deal for C.H.I. Overhead Doors marks its priciest acquisition ever". American City Business Journals.
  40. ^ "PULL-A-PART ACQUIRES THE DAVID J. JOSEPH COMPANY'S U-PULL-&-PAY DIVISION" (Press release). PR Newswire. August 29, 2022.
  41. ^ FinSMEs (2024-04-01). "Nucor to Acquire Southwest Data Products, for $115M". FinSMEs. Retrieved 2024-04-02.
  42. ^ "Nucor to invest $85 million in Marion upgrade". USA Today. April 3, 2017.
  43. ^ "Nucor-JFE Steel Mexico Hot-dip Galvanized Sheet Steel Facility Begins Production" (Press release). PR Newswire. March 5, 2020.
  44. ^ "Nucor Announces Plate Mill Group Reorganization" (Press release). PR Newswire. May 24, 2023.
  45. ^ Doss-Raines, Jill (August 25, 2023). "Nucor breaks ground on its $350 million Lexington rebar plant". The Dispatch.
  46. ^ Adams, Chris (June 4, 1999). "Nucor CEO Steps Down Suddenly, Sending Steel Firm's Stock Sliding". The Wall Street Journal.
  47. ^ "John Correnti, Ex-Nucor CEO who led Big River Steel, dies". Charlotte Observer. August 19, 2015.
  48. ^ "Daniel R. DiMicco To Retire As Executive Chairman Of Nucor; John J. Ferriola Named Chairman Effective January 1, 2014" (Press release). PR Newswire. November 5, 2013.
  49. ^ "John J. Ferriola To Be Named Nucor CEO Effective January 1, 2013, Daniel R. DiMicco Continues As Executive Chairman" (Press release). November 16, 2012.
  50. ^ Tita, Bob (September 6, 2019). "Nucor to Replace CEO at Year-End". The Wall Street Journal.
  51. ^ "U.S. REACHES ENVIRONMENTAL SETTLEMENT WITH STEEL MANUFACTURER NUCOR" (Press release). United States Department of Justice. December 19, 2000.
  52. ^ "Nucor agrees to pay $98 million for pollution control, penalties". Deseret News. Associated Press. December 21, 2000.
  53. ^ Bailey, David (April 16, 2016). "Federal judge dismisses pollution suit by Nucor Steel Arkansas". Reuters.
  54. ^ "ExxonMobil signs carbon capture agreement with Nucor Corporation, reaching 5 MTA milestone" (Press release). ExxonMobil. June 1, 2023.
  55. ^ MITCHELL, DAVID J. (November 13, 2022). "Nucor hit with EPA air pollution violations at St. James plant as DEQ mulls big permit increases". The Advocate.
[edit]
  • Business data for Nucor:
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