Nucor Corporation (NYSE: NUE) is one of the largest steel producers in the United States, and the largest of the "mini-mill" operators (those using electric arc furnaces to melt scrap steel, as opposed to companies operating integrated steel works with blast furnaces). Nucor claims to be North America's largest recycler of any material, recycling one ton of steel every two seconds.
1954年，纽柯钢铁公司的前身是一个叫做Reo Mtors的毫不起眼的小钢厂，不久又改名为“美国核子公司”（Nuclear Corp of America），接着定名为“纽柯（Nucor Steel）”。纽柯公司从1972年开始经营钢铁制造业。钢铁行业本来是一个高度资金密集型、技术密集型的行业，进入门槛很高，一般企业很难闯入，但小公司美国纽柯钢铁公司改写了历史，它成为打破美国钢铁行业竞争规则的一匹黑马。纽柯公司没有建立一体化的炼铁厂、轧钢厂，它采用回收废钢铁的方式，专注于炼钢，仅十几年的时间，纽柯公司赢得了巨大成功。在2003年度它在500强中排名第297，自上榜25 年以来，它一直盈利丰厚。33 年来，年产钢规模从13 8 万吨达到1900 万吨，规模扩大了138 倍；年销售收入从8358 万美元上升到2004年的113 8亿美元，是1972年的136 倍；年净利润从467万美元上升到2004年的11 22亿美元，是1972年的240倍。目前，纽柯钢铁公司是美国最大的钢铁企业，2004年年产钢超1900万吨，已进入世界500强，利润跃居全美钢铁业第一，在技术上还领导了世界钢铁生产的新潮流，获得了美国总统授予的美国最高技术成就荣誉奖章——国家技术勋章。
Nucor's history consists of three distinct eras: the Reo Motor Car era, the Nuclear Corporation of America era, and the current Nucor era.
The REO 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). Having left his company years before it was acquired by GM, in 1905 Olds established a new company, REO Motor Car Company, the predecessor to Nucor, in Lansing, Michigan. Though Olds' cars, including the luxurious REO Flying Cloud, were popular, they were not profitable, and the company's more successful truck business (featuring the famous REO Speed Wagon) was still not sufficiently profitable to avoid a bankruptcy filing in 1938.
As part of the bankruptcy reorganization, REO exited the car business to concentrate on trucks, and after World War II, attempted to diversify into lawn mowers. The reorganized company continued to underperform, and finally in December 1954, REO sold off its entire manufacturing operations to Bohn Aluminum and Brass Company (suffering a $3 million loss on the sale).
The Nuclear Corporation Era
After the sale, REO was left with $16 million in cash on hand and no trading businesses. The company initiated liquidation proceedings, with the goal of selling its few remaining assets and distributing the cash to creditors and shareholders.
However, a group of dissident shareholders noticed the tax loss and successfully challenged the liquidation in a proxy fight in September 1955. In what amounted to a "reverse hostile takeover", activist shareholders forced REO to take over a tiny nuclear services company called Nuclear Consultants, Inc.
Following the purchase, REO Motor Company emerged as "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 ultimately no more successful than REO had been.
Nuclear then followed the example of other companies in the 1950s and 60s and attempted to become a conglomerate, once again moving its headquarters, this time to Phoenix, Arizona. During this time it would purchase, among others, Vulcraft Corporation, a steel joist manufacturer located in Florence, South Carolina. Vulcraft had been founded by Sanborn Chase (no relation to the coffee company), who died at an early age, leaving the company to his widow. Nuclear purchased Vulcraft from Chase's widow in 1962 and, in a sign of things yet to come, hired F. Kenneth Iverson as general manager.
But Nuclear the conglomerate fared no better than Nuclear the nuclear services company or REO the car/truck/lawn mower manufacturer, and in March 1965 filed for bankruptcy for the second time in 27 years. The Board of Directors fired Nuclear's President (and, in the process, had to return his private jet to him), but for two months could not find a replacement, as nobody wanted to head a corporation that was most likely going to go out of business. Finally, Samuel Siegel, an accountant with Nuclear (and friend of Iverson) who had actively been looking to leave the company, informed the Board of Directors he would remain with the company under two conditions: Iverson would become President and he (Siegel) would become Chief Financial Officer, conditions the Board quickly accepted.
The Nucor Era
Iverson and Siegel quickly reorganized Nuclear around its only profitable business, Vulcraft. All other Nuclear businesses were either sold or liquidated. The company moved its headquarters yet again, this time to Charlotte, North Carolina in 1966, to be closer to its main Vulcraft plant.
Unable to get favorable prices from American steel manufacturers, and unhappy with the imported steel available at the time, Iverson (a metallurgist by training) decided to integrate Nuclear backwards into steel making by building its first steel bar mill in Darlington, South Carolina in 1968. The company chose to purchase an electric arc furnace, which was far cheaper than the traditional steel blast furnace, courtesy of a US $6,000,000 bank loan from Wachovia. Although the early days were tough (once the American steel manufacturers learned Nuclear was operating its own mill, they cancelled their contracts), Nuclear was finally able to obtain the financial success that had eluded the company from its beginning.
In 1972 the company (recognizing that there was nothing "nuclear" about making steel or steel products) adopted its current name. Since that time, Nucor has expanded into other steel products, gained some control of its raw material supply and greatly expanded its market presence. In the 1990s, Nucor absorbed Birmingham Steel, including the successful Mississippi Steel plant and its own Birmingham, Alabama operations.
In September 2000, Dan DiMicco was appointed as the Chief Executive Officer by Nucor's Board of Directors. Under his leadership, Nucor has acquired compatible existing steel manufacturing facilities with similar operating philosophies.
In 2008, Nucor operates 53 facilities throughout the United States and one plant in Point Lisas, Trinidad. The company also has other operations through wholly owned subsidiaries, Harris Steel and the David J. Joseph Company (DJJ).
Recent Nucor Acquisitions
Since 2007, Nucor has made the two biggest acquisitions in its history, one to help control its raw material supply and the other to expand its product line.
In January 2007, Nucor agreed to pay $1.07 billion dollars for Canada’s Harris Steel Co. The deal allowed Nucor to expand its presence in the type of steel used to build bridges, highways and other infrastructure projects, according to media reports.
And in February 2008, Nucor agreed to pay $1.4 billion for DJJ, one of the largest scrap brokerages. Analysts said the deal would help Nucor pocket more of its sales.
Prior to 2007, Nucor had a single brand, Nucor Building Systems which consists of four facilities in Indiana, South Carolina, Texas, and Utah.In August 2007, Nucor acquired the four brands of Magnatrax (American Buildings Company, Gulf States Manufacturers, Kirby Building Systems and CBC Steel Buildings) for $280 million to bolster it share in the pre-engineered metal building systems market. As a result Nucor Buildings Group was created.
In May 2008, Nucor also announced two joint ventures overseas to capitalize on thriving construction markets outside the U.S.
Nucor had sales of $23.66 billion in 2008 and employed 21,700 workers. Nucor forecasts that it will lose money in the first quarter of 2009 - its first quarterly loss since 1966.
Steel products produced include:
* Bars (carbon and alloy steel) * Beams * Sheet/Flat Rolled * 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 * Wire and wire mesh * In addition, through DJJ, Nucor also brokers ferrous and nonferrous metals, pig iron and HRI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.