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Nucor history
Nucor company history timeline
Olds died in 1950 and his namesake company, which had survived one bankruptcy, was now headed toward another.
In December 1954, REO sold its entire manufacturing operations to Bohn Aluminum and Brass Corporation.
Incorporated: 1955 as Nuclear Corporation of America
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.
In 1966 Iverson committed himself to Vulcraft's steel joist industry, relocating to Charlotte and establishing corporate headquarters in a modest 2,000 square foot office.
The company opens a second Vulcraft plant in Nebraska to meet increasing demand for steel joists. Based on the success of its first two plants, Vulcraft purchases M&S Steel Company of Fort Payne, Alabama in 1967, which becomes Vulcraft – Alabama, and builds its fourth steel joist plant in Grapeland, Texas the following year.
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.
1969: Nuclear Corporation opens 1st mini-mill in S. Carolina.
1972: Change of company name to Nucor Corporation.
In 1972, the company, recognizing that it was now misnamed, adopted its current title, Nucor Corporation.
Since 1974, Nucor has contributed over $97 million to scholarships and educational disbursements.
The one blemish on these years of fast-paced growth was a mill fire accident in 1974 which killed four Nucor employees.
The employees have also benefited from such unusual policies as guaranteed college scholarships for their children, a policy first established when Iverson wanted to help the families affected by the 1974 accident.
And in 1975, Nucor begins the tradition of listing teammate names on the cover of the annual report.
In 1977 Nucor launched its second assault on Big Steel by branching out into steel decking, for use in floors and roofs supported by its Vulcraft joists.
Kirkland, Richard I., Jr., “Pilgrims’ Profits at Nucor,” Fortune, April 6, 1981.
Beirne, Mike, “Nucor Sets Iron Carbide Plant,” American Metal Market, January 8, 1983.
“Minimills, Maxiprofits,” Time, January 24, 1983.
Metzger, Mark K., "F. Kenneth Iverson of Nucor: Man of Steel," Inc., April 1984.
Scredon, Scott, “Iverson: Smashing the Corporate Pyramid,” Business Week, January 21, 1985.
Clifford, Mark, “Like Big Steel, Like Little Steel,” Forbes, May 20, 1985.
Gendron, George, “Steel Man Ken Iverson,” Inc., April 1986.
In 1986 the CEO decided to tackle the last frontier, sheet steel--an expensive and prized market that no minimill had dared to consider.
1987: Construction of first flat product mini-mill in Crawfordsville.
1988: JV with Yamato Kogyo in wide flange beams, Blytheville.
In 1988, Nucor became the first steel recycler to manufacture wide flange beams with a depth of 40". The company opened its building products division that same year.
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.
Armel, Anne Lobel, “Competition Thins out as Iverson Casts Nucor’s Lot,” Iron Age, August 1991.
In 1991, flat-rolled steel accounted for approximately 47 million of the 90 million tons produced nationwide.
“Nucor Advantage: A New Way of Thinking,” The Inland Steelmaker, January 31, 1992.
“Meet the New Revolutionaries,” Fortune, February 24, 1992.
Milbank, Dana, “Minimill Inroads in Sheet Market Rouse Big Steel,” Wall Street Journal, March 9, 1992.
Oliver, Regina, “F. Kenneth Iverson of Nucor Corp.: Forging a New Steel Age,” North Carolina, November 1992.
In 1992, after three years of successfully producing sheet using thin-slab technology, Nucor opens a second sheet mill in Hickman, Arkansas, not far from Nucor-Yamato Steel Company.
——, “Nucor to Build Iron-Carbide Plant to Aid Minimills,” Wall Street Journal, January 7, 1993.
In 1993 the company opened a second mill in Blytheville, Arkansas, at a cost of $200 million, and spent $65 million to upgrade its plant in Darlington, South Carolina.
Wells, Edward O., “Bootstrapping for Billions,” Inc., September 1994.
Nevertheless, as the economy slowed and orders for sheet steel dropped off in mid-1995, Nucor was forced to cut prices, and its stock continued to take a beating.
1996: Iverson steps down as CEO; succeeded by John Correnti.
The industry, set back on its heels by a one-two punch of cheap imports and rising energy costs, had experienced a rash of bankruptcies since 1997.
Nucor produced 9.6 million tons of steel in 1998, shipping 9.4 million tons.
Former Nucor CEO Correnti had been at the helm of the struggling steel maker since December 1999.
But following a boardroom coup in 1999, Nucor headed into the 21st century full steam ahead.
According to Forbes, it is considered one of the top 2000 largest public companies in the world.
Nucor currently has two flat-rolled steel mills and has plans to build two additional plants, raising its capacity in this area to some eight million tons by the year 2000.
Strip casting was just one part of Daniel R. DiMicco's master plan for the company, according to a September 2001 Business North Carolina article.
In 2001, Nucor broke ground for a new plant boasting technology that might afford a boon for the $45 billion United States steel industry.
In the years that followed, the company made several acquisitions; in 2001, the company acquired Auburn Steel, its first acquisition in 36 years.
In February 2002, Nucor offered to buy Birmingham Steel Corporation for $500 million in cash.
The irony of his former company taking over, however, mattered little to Correnti in the final analysis. 'Nucor had the biggest checkbook,'" Correnti told American Metal Market in June 2002. "At the end of the day, you have to look out for everyone.
2002: First 'micro-mill' comes on-stream in Crawfordsville, Indiana.
2002: Micro mill is another world first - with Castrip® producing sheet steel from liquid steel in just a single step.
2002: Purchased of assets of the Birmingham Steel Corporation.
In 2002, Nucor bought Birmingham Steel, including the Mississippi Steel plant and Birmingham, Alabama operations.
2003: Acquisition of Kingman, Arizona steel facility of North Star.
"But even those minimills that have not seen profits dampened from increased scrap prices are uncertain that will continue to be the case. 'Up to this point input costs haven't dampened our profits but it is a concern,'" DiMicco said in a November 2004 Steel Times International article.
In 2004, Nucor acquires Corus Tuscaloosa, which becomes Nucor Steel Tuscaloosa, Inc.
2004: Purchase of Decatur Alabama steel-processing facility.
Nucor, already seeking scrap alternatives, moved forward with development of iron substitute projects in Australia, Brazil, and Trinidad during 2005.
2006: Acquisition of Harris Steel Group [rebar, wire, wire mesh].
After three greenfield startups, the Buildings Group grows in 2007 to include American Building Company, Kirby Building Systems, Gulf States Manufacturers and CBC Steel Buildings.
2007: $1.44 billion purchase of David J Joseph [scrap collection].
In 2007, the company's Nucor Building Systems division acquired Magnatrax, which bolstered its share of the pre-engineered metal building systems market.
In March 2008, Nucor purchased the David J. Joseph Company, one of the largest scrap brokers and recycling companies in the United States, in order to take more control of its raw material supply and prices.
Nucor Steel Kingman, LLC begins operating in 2009, focusing production on rebar and wire rod.
2011: Investment in 3m ton iron-making facility in Louisiana.
2012: Plan announced for closure of Nuconsteel.
In 2012, many of its assets were sold on to other steelmakers.
2012: Acquisition of Sparrows Point cold rolling mill plant.
In 2012, Nucor purchased Skyline Steel.
John J. Ferriola was named as Chief Executive Officer of Nucor, and Daniel R. DiMicco was named Executive Chairman, effective from January 1, 2013.
DiMicco retired on January 1, 2014.
In 2014, the company purchased Gallatin Steel Company.
2015: Invests $75m in QST Process at Nucor-Yamato Steel.
2015: Acquisition of Gerdau's bright bar plant in Orrville, OH.
2016: Writes off $84m investment for proposed BF at St James.
In April 2017, the company announced an $85 million upgrade of the rolling mill at its Marion, Ohio rebar and signpost operation.
In August 2017, the company acquired St Louis Cold Drawn, Inc.
2018: New $240 million rebar micro mill will be located in Frostproof, Florida.
On September 6, 2019, Nucor announced that John Ferriola (CEO) would retire at the end of the year and would be replaced by Leon J. Topalian.
In December 2019, the company announced the acquisition of TrueCore Insulated Panels.
2019: Announces investment in new plate mill in Kentucky.
In March 2020, the company's joint venture with JFE Steel in Mexico began production.
2020: Nucor-JFE Steel Mexico sheet steel plant starts production.
In June 2021, the company announced the acquisition of the insulated metal panel business from Cornerstone Building Products.
The company produced over 25 million tonnes of crude steel in 2021, making it the 15th largest steelmaker in the world.
2021: Power purchase deal was a 10-year agreement with Ørsted Onshore North America for 100 megawatts from Ørsted's Western Trail wind farm in North Texas.
"Nucor Corporation ." International Directory of Company Histories. . Encyclopedia.com. (June 22, 2022). https://www.encyclopedia.com/books/politics-and-business-magazines/nucor-corporation-1
2022: Elite Storage Solutions has a manufacturing presence in Monroe (Georgia) and Chandler (Arizona). Acquisition cost was US $75 million.
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| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Steel Dynamics | 1993 | $17.5B | 9,625 | 322 |
| Alcoa | 1888 | $11.9B | 14,600 | 26 |
| Reliance Steel & Aluminum Co | 1939 | $13.8B | 12,800 | - |
| Nkl | 1891 | $140.8M | 466 | - |
| Leggett & Platt | 1883 | $4.4B | 20,000 | 110 |
| Valmont Industries | 1946 | $4.1B | 9,800 | 255 |
| ATI - Allegheny Technologies Incorporated | 1996 | $4.4B | 8,100 | 98 |
| Dover | 1955 | $7.7B | 23,000 | 387 |
| Whirlpool | 1911 | $16.6B | 78,000 | 141 |
| Flowserve | 1997 | $4.6B | 17,000 | 231 |
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