Nucor’s Mission
“Nucor Corporation is made up of 11,600 teammates whose goal is to “Take Care of Our Customers.” We are accomplishing this by being the safest, highest quality, lowest cost, most productive and most profitable steel and steel products company in the world. We are committed to doing this while being cultural and environmental stewards in our communities where we live and work. We are succeeding by working together.” (Nucor, 2006)
History of Nucor
The early 1960s was the only time that Nuclear Corporation would face the possibility of bankruptcy. The unstable company knew changes had to be made. Ken Iverson was hired as the CEO in 1964 with hopes of revolutionizing this now desperate corporation. In 1972, Nuclear Corporation became Nucor Corporation. Nucor’s main source of income was the automobile industry. Ken knew by experience with Vulcraft, a small joist manufacturer acquired by Nuclear Corp. in 1962, that diversification of product was a way to build sales and profits. Until 1993, Nucor was on a well planned path and was competing as one of the top steel corporations. Within the next few years Nucor was screeching towards the bankruptcy situation once again. In order for Nucor to gain the strength it once had, the review of the environment and a new strategic plan must be formed. This company would need to review the macro-environment, an industry competitive analysis, corporate structure, strengths and weaknesses, and opportunities and threats. Through analyzing these particular areas of the overall competitive environment Nucor will be able to define a new strategy.
The Essay on Nucor Corporation Case
Summary: For more than 20 years the Nucor Corporation has been one of the leading manufacturers of steel and steel related products in the world. With their technology advancement, low debt ratio, decentralized type of organization and many more, this company still thrives to achieve better goals in their company. Aside from the positive views of the company, it also faced problems like ...
Macro-environment
The economy is the largest Macro-environment force that can affect an industry. There are four important factors that contribute to the change of an industry due to the economy. Economic growth is the first; it is the increase in the value of goods and services produced by an economy. It is generally a factor in an increase in income, of a nation. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP.
http://research.stlouisfed.org/fred2/series/GDP/Custom
Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the effect of inflation on the price of the goods and services produced. When there is economic growth in the economy consumers tend to have more to spend, therefore competitive pressure within an industry tend to decrease, causing most of the companies to share in profits, and not rely on fierce competition. “The industry was hovering around 75 percent capacity, a level too low to be profitable for many companies.” (Hill & Jones, 2004, pg C243) In the years leading up to the end of the first quarter in 2000, the steel industry had internal competition. The slowed growth in overall economy accounted for excess capacity and heightened competition.
Interest rates have two main positions in an industry. The level of interest rates can determine the demand for a company’s product and control the expansion of an industry. Customers that borrow large sums of money to finance products that they purchase will stop purchasing, due to high rates. The high rates decrease purchasing power, and also reduce profit yield. Low interest rates give companies in an industry the ability to finance expansion, and in turn gain a competitive advantage and market share. During the years prior to 2000 interest rates were lower than normal and this intrigued
(Figures retrieved at moneycafe.com at
business owners to invest. By the end of 2000, interest rates were at a new high and accounted for the troubles of many companies. These higher interest rates accounted for a threat in this industry due to the amount of monies production required.
The Business plan on Financial Analysis of Steel Industry – Arcelormittal and Us Steel
... carbon steel and stainless steel products worldwide. The company serves automotive, appliance, engineering, construction, energy, and machinery industries. The company, formerly known as Mittal Steel Company N.V., ... – Steel Industry Industry Analysis Steel is a part of metals and mining industry which is highly cyclical in nature, and when the economy at large ...
The value of the currency has a direct influence of a company’s product on the global market. The exchange rate affects the competitiveness of the company’s product. When the value of foreign currency is greater than the expected value of the U.S. dollar, goods and services in the United States are relatively inexpensive. When the value of the dollar gets to high, buyers begin to look globally for input/raw materials. In 1999, the Euro was established for international trade which decreased the value of the U.S. dollar. Continuing in 2000 the value of a dollar was much less than the Euro. This gave foreign competitors an advantage and represented a threat for U.S. companies.
http://research.stlouisfed.org/fred2/series/EXUSEU/Max?&cid
Inflation has the effect of not only changing the economy, but also changing the last three factors. An increase in inflation causes interest rates to increase which slows down purchasing causing slow economic growth, and currency exchange rates to fluctuate. The key to inflation is that it makes the future less predictable, and not having an accurate forecast in an industry could be detrimental.
In the last fifteen years technology has become an enormous factor for industries trying to gain a competitive edge. Despite the capital intensity and longevity of its assets, the steel industry has witnessed an increasing amount of technology innovation. There are continuous and significant incremental improvements in the steelmaking process such as the mini mill. There have also been revolutionary developments such as thin slab casting and alternative iron production technologies. Technology has the impact to sling shot one company ahead of the rest.
More than 30 steel makers declared bankruptcy in recent years. In reaction the government gave some steel companies over one billion dollars to dig them out of the bankruptcy trenches. Other political issues occurred when international import of steel products at low prices added to the decline in value of steel. A bill to restrict imports of steel was denied. The bill was restricted due to fear of retaliation measures that may occur.
The Essay on Abc Steel Company 2
VIEWPOINT:a) Mr. Robert Cruz, newly appointed Shop Manager of ABC Steel Company. The company had placed Mr. Robert in charge of all shop operations; OR b) Top Management TIME CONTEXT:At present I.PROBLEM STATEMENT: How can ABC Steel Company avoid delays in the production and delivery of the products to the customer? II.STATEMENT OF THE OBJECTIVE To strictly comply with the stated delivery schedule ...
With a society that is made up of many different cultures, morals, and values, industries must stay ahead and change with time. The steel industry is a large part of the United States, and in 1960 one of the largest issues that America faced was racism and integration in the work place. In the push for civil rights, Alabama and North Carolina was a hotspot for civil rights leaders. This area of the country was known for sound investment in the steel industry. There was a large amount of segregation in the steel industry. President Kennedy formed a human relations committee that researched the matter and in 1961 he issued an executive order 10925. This order is what we know today as prohibiting decimation in the work place.
Industry environment
Analyzing competitive forces in an industry can be accomplished through Michael E. Porter’s five forces model that breaks down five important factors which are: (1) the risk of entry by potential competitors, (2) the intensity of rivalry among established companies within an industry, (3) the bargaining power of buyers, (4) the bargaining power of suppliers, and (5) the closeness to substitutes to an industry’s products.
The risk of entry by potential competitors must be inexpensive. The greater the cost of entry, the less profitable the company will be and in turn the less of a threat to existing companies already established. Barriers to entry in an industry consist of three factors, (1) brand loyalty, (2) absolute cost advantage, and (3) economies of scale. The steel industry produces many different strengths of steel and the buyers of this steel are looking for the best quality, so the company which produces this may perhaps establish brand loyalty and gain a competitive edge. Brand loyalty represents an opportunity for all corporations in this industry. Obtaining brand loyalty with customers will allow for stable sales. Having absolute cost advantage in the steel industry is a significant factor. There are not many varieties of steel so the company that has been producing longer and formulates a process that leads cost control will gain competitive advantage. The cost reductions gained are high, due to a standard output (steel), a standard input (iron ore), and being able to spread all fixed cost over the large amount of steel produced each day and the size of the corporation within this industry. Therefore economies of scale threaten the entry of new companies, by being able to reduce prices and the large amount of investment it takes to enter this industry.
The Business plan on Steel Industry Nucor Cost Producers
... the Steel Industry Environment 4 Competition analysis in the Steel Industry 5 SWOT Analysis 6 Recommendations 9 Introduction Nucor's History Nucor Corporation is the second-largest steel producer ... and egalitarian benefits. Nucor has a simple, streamlined organizational structure to allow employees to innovate and make quick decisions. The company is highly ...
The bargaining power of buyers has a greater influence than the power of suppliers. Steel is usually purchased in large quantities; buyers can use this purchasing power to leverage prices. The steel industry depends on other industries such as auto and commercial building. This gives consumers purchasing power by buying in bulk. Purchasing power of the buyers threatens this industry and the levels of market share. The suppliers of steel have some bargaining power also, but not to the extent of the buyers. The threat of buyers to produce its own steel is relativity low due to the cost of huge factories and the lack of substitutes. Within this industry suppliers have to be aware of the fact that buyers out number them. High prices may cause loss of market share.
Substitutes for steel are wood and aluminum, but the draw back of these products are their ability to compare with the strength and versatility of steel. The auto industry tried to use these substitutes on cars and found it would jeopardize safety. There has been an increase in residential home building where steel is replacing wood studs, due to environmental laws. The steel industry has few close substitutes, therefore companies in the industry have the opportunity to raise prices and earn additional profits.
Internal competition among companies within the same industry plays a large role in the price of the output that is produced. Large companies try to gain market share without dropping prices. This threat reduces prices and overall reduces net profit for all companies. The steel industry stays competitive among each other by staying ahead of technology. With the advancement of mini-mills, and the twin shell electric furnace, many believed that it would reduce cost, increase production and help gain market share. Due to large amounts of imports, prices dropped and competition within the industry rose. “The world steel industry found itself in the middle of one of its most unprofitable and volatile periods, in part because of a glut of steel that has sent prices to a twenty-year low.” (Hill & Jones, 2004, p.C243)
History of the CEO
The history of the CEO position defines the internal environment. Ken Iverson has plenty of experience in the steel industry within smaller companies. Nucor hired him to head the Vulcraft Division which he soon turned into a profitable division. In 1993, Ken suffered a heart illness and was pushed out of the CEO position. Shortly after Ken was removed completely from the company which would weaken the overall focus. John Correnti had been working his way up through the company since 1984. He was named CEO shortly after Ken. In 1999, the board members and Correnti disagreed on the future of the company. Dave Aycock who had previously been president while Ken Iverson was CEO, replaced John. In 2000, Dan DiMicco took the position as CEO. The company had a functional structure. The structure was based on only two tiers executive presidents and the CEO, each factory operated individually. In 1999, the company had grown to a level that was no longer controllable by the basic functional structure and turned towards a product structure. This new product structure broke up the supervision of certain products into four new executive vice president positions. “The addition of four executive vice presidents last year has worked well, DiMicco says. He insists this is a “broadening” of the president’s layer instead of an additional management layer.” (New Steel, 2000, p. 6)
The Business plan on Nucor Steel Case Study
... affecting the steel industry pertains to the US market and foreign competition Nucor and many other American steel companies have ... from Substitutes Weak Companies in industries that require steel and steel products, can only use steel and steel products, as other metals ... structure relying heavily on these scrap steel prices, their ability to achieve greater profitability is reduced. Nucor ...
Current CEO of NUCOR
Dan DiMicco grew up in New York City. His first job was sweeping floors at Kisco Beverages where his father and grandfather worked. Dan received a bachelor’s in metallurgy and engineering from Brown in 1972. He also received his master’s degree in metallurgy from the University of Pennsylvania. Dan’s first job with a steel company was at Republic Steel. Nucor’s policies on rewarding employees and the simplistic organizational structure attracted Dan. “DiMicco has been with Nucor for 18 years. He had increasing responsibilities at Nucor’s mill in Plymouth, Utah, from 1982 to 1991. In 1991 -99 he was vice president and general manager of Nucor-Yamato steel.” (New Steel, 2000, p. 6) Dan DiMicco leads by example much more than previous CEOs at Nucor and his determination is overwhelming. “DiMicco’s drive for continuous improvement is compared to rolling a snowball that gets bigger and bigger.” (New Steel, 1999, p. 28) Dan is representative of strength for Nucor due to the overwhelming experience he has within the company and his drive to improve the processes of the company. The decision for the new organizational structure was a decision made by many managers, which Dan was a part. The organizational structure was now based on three tiers. The lowest divisions of management were divided by differing steel departments or differing products within the company. Directly above the lower level were the following: Treasury, Human Resources, Strategic Planning Business Development, and Steel Technology.
The Essay on Ford Motor Company Steel Global Program
FORD and e-STEEL Enter Into Multi-Year e-Commerce Agreement Automotive Leader to Use Leading Online Steel Exchange to e-Enable Major Web-based, Global Value Chain Purchasing Initiative Dearborn, Mich. , and New York, NY - Business Wire - May 17, 2000 - Ford Motor Company (NYSE: F), and e-STEEL Corporation, the leading negotiation-based e-Commerce exchange for the global steel industry, today ...
Treasury
The treasury department was overseen by Terry Lisenby. Terry had been with the company since 1985, he began as a manager of financial accounting. After six years he became the corporate controller and then nine years later became the CFO. Mr. Lisenby is responsible for the financials. Over the past five years net sales have been relatively level. The problem is that there is no sign of increasing sales to compensate for the decline in the overall steel industry. Although sales remained semi-stable in 2001 the net earnings declined by over 200 million. This was a bleak outlook for Nucor, but most
(Figures retrieved from www.mergentonline.com)
other steel companies were well into bankruptcy. The below chart shows how Nucor’s financial position was one of its greatest strengths.
(Figures retrieved from http://www.mergentonline.com)
As displayed in the chart Nucor’s ability to satisfy current liabilities with the current assets shows strength within this industry. The amount of assets Nucor had made it one of the leaders within this industry.
As well as the financial portion of Nucor, Terry Lisenby was in charge of information technology. Before this time of restructuring that occurred shortly before 2000, Nucor was repeatedly developing similar computer systems within individually run factories. The decline in net income could be directly related to the duplicate production of information systems. The new structure would provide Terry Lisenby with an individual to focus just on the consolidation of information systems. Nucor developed many computer programs to aid customers in design and pricing strategies. Nucor had connections to customer computer systems to allow better communication and just in time inventory. Nucor was a leader not only in net income, revenue, and liquidity, but also its unique employee relations.
Human Resource
The human resource department of Nucor was headed by Jim Coblin. Jim had worked for Nucor for several years as a manager of personnel services until he was promoted to Vice President of Human Resources. There are many practices that make Nucor stand out to employees.
The pay rates at Nucor are much higher than the industry standard. Pay rates are actually based upon a standard rate plus a bonus structure that based on performance/production. “The Texas plant was typical, with the bonus running at 225%, giving a wage of $27 an hour in 1999.” (Hill & Jones, 2004, p. C228) This progressive strength of rewarding and motivating staff allowed Nucor to recruit the better half of the employment environment. Although Nucor was segregated, the idea of basing portions of pay rates on performance went horizontally and vertically throughout the corporation. The accounting department received bonuses based on net earnings for the company. Through this strength in pay structure at Nucor allows establishment of many behavioral controls.
Absences are not tolerated and employees are only given four absences per year after that some of the bonus percentage is deducted from their pay check. Nucor had established employee benefits such as tuition reimbursement for dependents of employees, group insurance plans, and standardized holiday and vacation pay; such benefits did not bring structure to the human resource department.
Coblin did not believe in performance appraisals and job descriptions. He thought both were problematic. Of course this would generate a lot more work, which is why Coblin was a promoter for the addition of vice presidents. Generally large companies such as Nucor would not be able to promote within without some type of documentation of performance, but once again the small organizational structure allowed for this deficiency. The distribution of information on profits, return on assets, and bonus payments allowed the employees to make up for the weakness within the human resource department. All employees were knowledgeable on profits at the particular part of the company for which they worked. Employees accounted for the strength within the human resources realm.
Strategic Planning
The strategic planning business development was headed up by Jeff Kemp. Nucor Operations had not changed much except, “In 1987 Nucor was the first steel company in the world to begin to build a mini-mill to manufacture steel sheet, the raw material for the auto industry and other major manufacturers.” (Hill & Jones, 2004, p. C229) This new innovative mill would pave the way for Nucor to obtain a lead in the industry.
Nucor’s focus was to manufacture steel products with competitive pricing that would compete with the overseas production. Nucor also developed a twin shell electric furnace which would only improve the production levels of the mini-mills. As far as research and development Nucor was not focused on finding the newest most innovative ways of producing steel products. The focus was geared towards lower costs and more efficient productivity. Nucor was also well known for entering markets of the steel industry that were already established. Nucor wanted to provide every possible diversified product within the industry; which enabled them to stay profitable while other companies were filing bankruptcy.
Marketing within Nucor was not structured, based upon the salesman approach, and was one of the weaknesses in the Nucor structure. Sales personnel would call vendors and attempt to sell products. Many times several different entities of Nucor would call the same customer. Marketing of this product was based upon the ease of transportation.
Steel Technology
Materials management and information systems were a large part of steel technology. The steel technology department of Nucor is supervised by Leroy Prichard. Leroy started with Nucor in 1987 where he was responsible for mini mill construction. Since Leroy had acquired the position within the steel technology department the only new process developed was the twin shell electric arc furnace. Although innovation and development were some of the key factors to the beginning of success with Nucor, the focus had shifted to lower costs. This represented one of the weaknesses within the company.
Materials management by Nucor was unique in that construction of new facilities was generally built in an area convenient to business partners. Nucor encouraged partners to relocate near the facilities for easier product transfer. “Nucor maintained its own fleet of almost 150 trucks to ensure on-time delivery to all of the states, although most business was regional because of transportation costs” (Hill & Jones, 2004, p. C227) Nucor’s leadership within this industry is due to the diversified products provided. Nucor has integrated the business into nearly every market within the steel industry. The computer systems that allowed for integrated communication with customers allowed for just-in-time inventory which led to cost benefits. The materials management function of Nucor was one of the strengths.
Strategic Alternatives
Stability
Sales between 1997 and 2000 were semi-stable, but by 2001 net earnings were showing signs of decline. It is possible that Nucor may be able to keep its position in the U.S. market even if the company did not adapt any kind of strategic changes. They could maintain their business through the gain in market share they have acquired through past diversification. Unfortunately Nucor doesn’t have enough power or profit to defeat growing companies within this industry. Therefore, Nucor needs to adapt certain strategic changes to strengthen the organizational power and size.
Retrenchment
The benefit from the retrenchment strategy is that the company can concentrate in businesses that are expected to be more profitable. The company can increase their profitability to some extent by adapting this strategy, but this tactic cannot be expected to bring significant increase of revenue or profit to the company. There would be a vast difference in size and market share compared to the recently merged companies. Since Nucor aims to become a market leader, downsizing would give the opposite affect to accomplish their goal.
Growth
In a decade, the steal industry is going to be very competitive. This assumption is due to many steal companies around the world merging. Foreign steel companies merge in order to make more profits. When we compare the foreign steel companies to the U.S., the U.S. industry is more inefficient, small, and financially weaker. “In addition to cheap imports, U.S. steel producers were facing higher energy prices, weakening demand by customer industries, increasingly tough environmental rules, and a changing cost structure among producers.” (Hill & Jones, 2004, p. C244) Under this severe situation, how can Nucor maintain its market leader position? Nucor should adapt horizontal integration to boost its sales, improve its cost structure, increase its profitability, and obtain new innovative technologies.
Nucor can capture the cost advantages by adopting horizontal integration. Due to the steel industry’s high fixed costs, it is more efficient to merge or acquire in order to cut extra expenses. Nucor has a good financial balance between both revenue and profit. Therefore, additional cost advantage will help the company produce higher profits.
The company has an opportunity to increase its product value through product bundling. According to Nucor’s website, the company’s products include the following: Bar Mill, Beam Mill, Building System, Cold Finish, Fastener, Light Gauge Framing, Plate Mill, Signposts and Barrier System, Sheet Mill, and Vulcraft. The company can bundle a wider range of products together. Product bundling increases the value of the company’s products and brings differential advantages to the company. By adopting horizontal integration, the company would be more competitive. Nucor would have an advantage and potential room to grow. Horizontal integration can control excess capacity by acquiring competitors. Eliminating excess capacity enables higher revenues. Through acquisitions and mergers, Nucor may be able to obtain new innovative technologies. This would increase sales, improve productivity, and obtain a larger portion of market share.
Conflicts related to cultural differences arise between companies which present difficulties when merging. Cultural differences are a serious factor when the company tries to force a hostile-merger. In fact, most of the time, the company tends to fail hostile-merger due to cultural differences. There are many disadvantages to growth through mergers such as cost, differing management strategies, and differing cultures. As the focus is on company integration through mergers, Nucor could lose the attention given to its greatest strength, the employees.
Nucor needs growth through horizontal integration to improve performance and market share. They can get additional strength in its cost structure, increase the value of products the company produced, improve productivity, and obtain innovative new technologies. The company has to evaluate and examine the target companies to merge or acquire carefully. The evaluation and examination should include the cost, the size of the company, the business model, organization’s structure, management style, and culture. If horizontal integration ends in success, the company will be able to compete with strong rivals and obtain additional market share.
Implementation
Through implementation of a growth strategy it will be imperative for Nucor to adjust the structure of the company. The product structure currently used by Nucor would need to be upgraded to the global product which will allow better control of the larger corporation. The long term vision of converting to global product structure will allow division of entities by location allowing more effective use of controls. The culture throughout Nucor is based upon the employee and the search for higher profits. Although the human resource department is not well defined currently, the strength of employees has compensated for this weakness. The human resource department must immediately become more standardized to meet the challenges in the future or integrating with established companies. Compensation of salaries based upon profits of individual locations will still allow for growth throughout the company. The main areas that this new growth strategy would affect would be technology, marketing, research and development, and structure.
Nucor has not focused on technology since the late 1980s. Advances in technology can dramatically alter an industry’s landscape, making it possible to produce products at lower costs. However, all of the significant developments in new technologies especially in strip casting were taking place in Europe, Australia, and Asia. A long term goal in collaborating with these companies might allow Nucor to acquire the newest technologies effectively.
In addition to acquiring technologies through acquisitions and mergers, Nucor should also develop better processes of research and development in the long run. Modernization of steel production and selling processes are the main means to competitive advantages. Leroy Prichard is responsible for the technological advances within this corporation. Expansion of this department might give Nucor a competitive advantage. “According to Michael Shot, vice president for manufacturing at Carpenter Technology, said that you don’t survive in this industry unless you have the technology to make the best products in the world in the most efficient manner.” (Hill & Jones, 2004, p. C240).
A marketing department could solve problems occurring with promotion and corporate brand. Building common promotion strategies would only make the company more recognizable to the customer. Distribution of Nucor products can be directed and controlled by the marketing department, analyzing its efficiency. The short term development of the marketing department will allow segregated managers to focus more on cost economies and produce higher profit yields.
Evaluation and Control
Implementing a growth strategy will be challenging for Nucor, due to the lack of controls within the system. There are certain areas where controls should be put into place such as: behavioral systems, innovation and R&D, and marketing. The functional structure or product structure that Nucor has been working with will not allow for the extreme growth through acquisitions and mergers. Certain behavioral controls such as job descriptions will allow for better human resource functions such as accuracy in hiring qualified personnel. Setting standards of certain job functions will allow for segregation of applicants. The lack of innovation has been an issue with Nucor since the 90s. In order to control inertia throughout company certain control systems must be in place. Employee incentives based on new innovative procedures or products and rotation of employees throughout different stations, would allow freedom of thought. The non-existent status of a marketing department has held Nucor back from accomplishing the goal of being market leader. By establishing a well defined marketing department, Nucor could gain a competitive advantage. New marketing staff members’ salaries would need to be based on a projection of sales. Establishing a minimum marketing budget would force the management to integrate the new marketing strategy throughout the company. Although Nucor has gained market share through differentiation in the past, the competitive environment of the steel industry has changed. Surplus of steel has driven sales prices to new lows. International competition has only risen. And the decline in the overall economy has affected many business environments. This changing environment requires Nucor’s focus to lower cost economies through horizontal integration, adjust structure of the company, continue the strength in employee relations, and look for innovative ways of producing products.
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