Nucor Company History Timeline

(831 Jobs)
1950

Olds died in 1950 and his namesake company, which had survived one bankruptcy, was now headed toward another.

Olds died in 1950, and his namesake company, which had survived one bankruptcy, was now headed toward another.

1954

In December 1954, REO sold its entire manufacturing operations to Bohn Aluminum and Brass Corporation.

1955

Public Company Incorporated: 1955 as Nuclear Corporation of AmericaEmployees: 5,600Sales: $1.46 billionStock Exchanges: New YorkSICs: 3312 Blast Furnaces & Steel Mills; 3441 Fabricated Structural Metal; 3316 Cold-Finishing of Steel Shapes

1962

In 1962 Iverson, then a young mechanical engineer, became general manager of Nuclear’s Vulcraft division in Florence, South Carolina.

In 1962 F. Kenneth Iverson, then a young mechanical engineer, became general manager of Nuclear’s Vulcraft division in Florence, South Carolina.

In 1962 F. Kenneth Iverson, then a young mechanical engineer, became general manager of Nuclear's Vulcraft division in Florence, South Carolina.

That's because steel wasn't even on the businesses' radar until 1962, when the Nuclear Corporation acquired Vulcraft, a producer of steel joists and girders.

Nuclear purchased Vulcraft from Chase's widow in 1962 and hired F. Kenneth Iverson as general manager.

1965

In March 1965, the company filed for bankruptcy.

Nucor was formed from the struggling business of the Nuclear Corporation of America, a conglomerate that appointed Ken Iverson in 1965 to bring about corporate recovery.

1965: Ken Iverson takes over after company files for bankruptcy.

A string of money-losing years led the Nuclear Corporation to the verge of bankruptcy in 1965.

The company had a brush with bankruptcy in 1965, then appointed Iverson to be its new president.

1966

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.

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.

He sold off assets and, in 1966, pushed the company into the steelmaking business.

In 1966, the company moved its headquarters to Charlotte, North Carolina to be closer to its main Vulcraft plant.

1967

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.

1968

In 1968 Iverson, in the first of several momentous decisions for the company, prepared Nuclear to become a minimill steel producer.

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

1969: Nuclear Corporation opens 1st mini-mill in S. Carolina.

1972

1972: Change of company name to Nucor Corporation.

In 1972, the company, recognizing that it was misnamed, adopted its current name.

1974

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.

The one blemish on these years of fast-paced growth was a mill fire accident in 1974 that killed four Nucor employees.

The employees have also benefitted 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.

The employees 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.

1975

And in 1975, Nucor begins the tradition of listing teammate names on the cover of the annual report.

1977

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.

1981

Kirkland, Richard I., Jr., “Pilgrims’ Profits at Nucor,” Fortune, April 6, 1981.

Kirkland, Richard I., Jr., "Pilgrims' Profits at Nucor," Fortune, April 6, 1981.

1983

Beirne, Mike, “Nucor Sets Iron Carbide Plant,” American Metal Market, January 8, 1983.

“Minimills, Maxiprofits,” Time, January 24, 1983.

―――――――, "Nucor Sets Iron Carbide Plant," American Metal Market, January 8, 1983.

"Minimills, Maxiprofits," Time, January 24, 1983.

1984

Metzger, Mark K., “F. Kenneth Iverson of Nucor: Man of Steel,” Inc., April 1984.

Metzger, Mark K., "F. Kenneth Iverson of Nucor: Man of Steel," Inc., April 1984.

1985

Scredon, Scott, “Iverson: Smashing the Corporate Pyramid,” Business Week, January 21, 1985.

Scredon, Scott, "Iverson: Smashing the Corporate Pyramid," Business Week, January 21, 1985.

Clifford, Mark, “Like Big Steel, Like Little Steel,” Forbes, May 20, 1985.

Clifford, Mark, "Like Big Steel, Like Little Steel," Forbes, May 20, 1985.

1986

Gendron, George, “Steel Man Ken Iverson,” Inc., April 1986.

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.

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

1987: Construction of first flat product mini-mill in Crawfordsville.

1988

1988: JV with Yamato Kogyo in wide flange beams, Blytheville.

In 1988, Nucor became the first minimill to manufacture wide flange beams with a depth of 40". The company opened its building products division that same year.

1989

In 1989, Nucor opened a facility in Crawfordsville, Indiana, which was the first mini mill to produce flat rolled steel using thin-slab technology.

1991

Armel, Anne Lobel, “Competition Thins out as Iverson Casts Nucor’s Lot,” Iron Age, August 1991.

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.

1992

“Nucor Advantage: A New Way of Thinking,” The Inland Steelmaker, January 31, 1992.

"Nucor Advantage: A New Way of Thinking," Inland Steelmaker, January 31, 1992.

“Meet the New Revolutionaries,” Fortune, February 24, 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.

Milbank, Dana, "Minimill Inroads in Sheet Market Rouse Big Steel," Wall Street Journal, March 9, 1992.

Among Nucor’s most recent developments are the September 1992 opening of its second thin-slab sheet mill in Hickman, Arkansas, and its proposal to open an iron-carbide plant in Trinidad.

The company remained committed to aggressive growth, opening a second thin-slab sheet mill in Hickman, Arkansas, in September 1992.

Oliver, Regina, “F. Kenneth Iverson of Nucor Corp.: Forging a New Steel Age,” North Carolina, November 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.

1993

——, “Nucor to Build Iron-Carbide Plant to Aid Minimills,” Wall Street Journal, January 7, 1993.

―――――――, "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.

Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.

1994

Wells, Edward O., “Bootstrapping for Billions,” Inc., September 1994.

Wells, Edward O., "Bootstrapping for Billions," Inc., September 1994.

1995

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

In January 1996, COO John D. Correnti succeeded Iverson as CEO, with Iverson remaining on as chairman of the board.

1996: Iverson steps down as CEO; succeeded by John Correnti.

1997

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.

1998

Nucor produced 9.6 million tons of steel in 1998, shipping 9.4 million tons.

1999

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.

2000

In September 2000, Dan DiMicco, formerly the general manager of the company's highly profitable Nucor-Yamato Steel joint venture, was appointed CEO.

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.

Nucor has maintained profitability and a furious growth rate in a difficult economy and in a virtually non-growth industry, and is striving aggressively to supplant United States Steel as the nation’s number one steelmaker by the year 2000.

Undaunted, Nucor set its sights on being the largest steelmaker in the industry by the year 2000, in part by diversifying into new products and heavily targeting international markets.

Maintaining profitability and a furious growth rate through difficult economic times, when the industry was virtually at a stand still, Nucor set its sights on becoming the nation's number one steelmaker by the year 2000.

Nucor joined with BHP in 2000 to form Castrip, a venture to license the technology.

2001

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.

2001: Acquisition of ITEC Steel (light-gauge steel framing systems).

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 2001, the company acquired Auburn Steel, its first acquisition in 36 years.

2002

In February 2002, Nucor offered to buy Birmingham Steel Corporation for $500 million in cash.

Stock Advisor launched in February of 2002.

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

2003: Acquisition of Kingman, Arizona steel facility of North Star.

2004

"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.

2005

Nucor, already seeking scrap alternatives, moved forward with development of iron substitute projects in Australia, Brazil, and Trinidad during 2005.

2006

2006: Acquisition of Harris Steel Group [rebar, wire, wire mesh].

In 2006, Nucor acquired Connecticut Steel, Verco Decking, and Harris Steel.

2007

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.

2008

In March 2008, in order to take more control of its raw material supply and prices, Nucor purchased the David J. Joseph Company, one of the largest scrap brokers and recycling companies in the United States.

2009

Nucor Steel Kingman, LLC begins operating in 2009, focusing production on rebar and wire rod.

2011

2011 investment in Louisiana iron-making has long-term goal of increasing Nucor's control over its raw materials supply.

2011: Investment in 3m ton iron-making facility in Louisiana.

2012

2012: Acquisition of Skyline Steel LLC. 2012: Acquisition of Sparrows Point cold rolling mill plant.

2012: Plan announced for closure of Nuconsteel.

In 2012, many of its assets were sold on to other steelmakers.

2012: Skyline Steel LLC is one of the leading piling distribution and production companies in North America.

2012: Acquisition of Sparrows Point cold rolling mill plant.

In 2012, Nucor purchased Skyline Steel.

2013

Effective January 1, 2013, John J. Ferriola was named as Chief Executive Officer of Nucor and Daniel R. DiMicco was named Executive Chairman.

2013: John J. Ferriola appointed as CEO, DiMicco becomes Chairman.

2014

DiMicco retired effective January 1, 2014.

2014: Nucor Corporation announced on 8th October its purchase of all the equity of Gallatin Steel Company for approximately $770 million.

In 2014, the company purchased Gallatin Steel Company.

2015

2015: Invests $75m in QST Process at Nucor-Yamato Steel.

2015: Nucor invested ~$750 million in the St James mill, a direct reduced iron plant that uses natural gas to make high-purity steel pellets (DRI) from iron ore.

2015: Acquisition of Gerdau's bright bar plant in Orrville, OH.

In 2015, the company acquired additional cold finish bar facilities in Ohio and Georgia.

2016

2016: Announces $135m acquisition of Southland Tube.

2016: Acquires Republic Conduit from Tenaris for ~$335m.

2016: Completes $435m acquisition of Independence Tube Corp.

2016: Writes off $84m investment for proposed BF at St James.

2016: The acquisition by Nucor of Republic Conduit in Q4 2016 marks the company's third tube and pipe acquisition this year.

In 2016, Nucor announced the acquisition of a steel plate mill in Longview, Texas, and structural tube mills in Mississippi, Alabama, and Illinois.

2017

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.

2017: Nucor acquires assets of Omega Joist.

2017: Omega Joist produces open web steel joists at its manufacturing facility located in Nisku, Alberta.

2018

2018: Announces construction of rebar micro mill in Florida.

2018: New $240 million rebar micro mill will be located in Frostproof, Florida.

2019

On September 6, 2019 Nucor announced that John Ferriola would retire at the end of the year to be replaced by Leon J. Topalian.

2019: Announces investment in new plate mill in Kentucky.

2019: New state-of-the-art steel plate mill will be located in Brandenburg, Kentucky; along the Ohio River.

2020

2020: Buys Precoat Metals Corp's paint line facility in Armorel, Arkansas.

2020: Nucor-JFE Steel Mexico sheet steel plant starts production.

2020: Precoat Metals Corporation's paint line facility, located near the Nucor Steel Arkansas sheet mill, has a capacity of approximately 250 kt per year.

2020: The Nucor-JFE Steel Mexico plant in Silao Guanajuato (in central Mexico) produces hot-dip galvanized sheet steel for the automotive market.

2021

"Nucor Corporation ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/nucor-corporation-1

"Nucor Corporation ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/nucor-corporation-1

"Nucor Corporation ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/nucor-corporation-0

"Nucor Corporation ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/nucor-corporation-0

Pederson, Jay; Kepos, Paula; Peippo, Kathleen "Nucor Corporation ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/nucor-corporation

Pederson, Jay; Kepos, Paula; Peippo, Kathleen "Nucor Corporation ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/nucor-corporation

2021: Signs second power purchase agreement for renewable energy in Texas.

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.

Founded
1940
Company Founded
Headquarters
Charlotte, NC
Company Headquarter

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