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Makeup of Nucor Company

Nucor is a successful company in the highly competitive steel industry, with a reputation for quality, fair pricing and strong relationships with its workers. Its current CEO, Chuck Iverson, has put his stamp on the company, encouraging entrepreneurial ways among managers and workers, and seeking technological innovations to provide opportunity to the company.

The steel industry, however, is a mature industry with limited opportunity for success, and a great potential for failure. Nucor can move out of the steel industry into other fabricating materials, but to do so, it must refashion the company and bring about change to the corporate culture. The company has the requisite characteristics for long-term success through this change process, but it must be willing to take the risks associated with this change to succeed.

Nucor's core business is in the mini-mill industry, a niche which Nucor itself helped to form and in which it is a dominant participant. Nucor strives to provide high quality products at competitive prices, and prides itself on maintaining a close relationship with its workers that has resulted in the company successfully resisting unionization efforts in an industry that is highly unionized. Although the company has had a troubled history, with several reorganizations and a severe departure from its original beginnings as an automobile manufacturer (its name even derives from the Nuclear Corporation of America, although it no longer has an interest in nuclear activities), it has successfully reinvented itself on several occasions in order to rise to a position of strength in a highly competitive field. Its achievements have been based on technological innovations, the ability to spot opportunities far enough in the future to justify investment, and on a management style that encourages creativity among employees.

Nucor operates seven divisions: minimill, Vulcraft, steel bars, steel grinding balls, bolts...

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Makeup of Nucor Company. (1969, December 31). In LotsofEssays.com. Retrieved 19:52, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1694245.html