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 a

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they are able to use competitive pricing in the market to ensure market share. Besides selling to the external market, these divisions provide an internal market for Nucor steel products, thus contributing to the success of the Nucor minimills. SWOT Analysis The strengths that Nucor possesses are its position in the industry, its financial health, and a strong management team. These are the factors that have made it possible for the company not merely to survive, but to thrive in its highly competitive market, and they are factors which form a strong foundation for facing the future. To this point, Nucor has operated with very little formal structure, which has been a successful strategy during the years where the mini-mill market itself was growing. There is no formal business plan agenda in place, nor does the company have an overriding business plan that is public knowledge. Information about the company's performance is shared openly with employees, and employees are encouraged to provide solutions to problems they face, but the strategic direction of the company is largely left to Iverson and, more recently, to his assistant, Aycock. While this strategy has served the company well to this point, it poses a possible we

Category: Business - M