History of Nucor
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.
The timeline below covers the history of the firm.
- 1965: Ken Iverson takes over after company files for bankruptcy.
- 1969: Nuclear Corporation opens 1st mini-mill in S. Carolina.
- 1972: Change of company name to Nucor Corporation.
- 1986: Entry into fasteners - new plant at St Joe, Indiana.
- 1987: Construction of first flat product mini-mill in Crawfordsville.
- 1988: JV with Yamato Kogyo in wide flange beams, Blytheville.
- 1996: Iverson steps down as CEO; succeeded by John Correnti.
- 2001: Acquisition of ITEC Steel (light-gauge steel framing systems).
- 2002: Purchased of assets of the Birmingham Steel Corporation.
- 2002: First 'micro-mill' comes on-stream in Crawfordsville, Indiana.
- 2003: Acquisition of Kingman, Arizona steel facility of North Star.
- 2003: JV agreed with CVRD (now Vale) - pig iron production in Brazil.
- 2004: Purchase of Decatur Alabama steel-processing facility.
- 2006: Acquisition of Harris Steel Group [rebar, wire, wire mesh].
- 2007: $1.44 billion purchase of David J Joseph [scrap collection].
- 2011: Investment in 3m ton iron-making facility in Louisiana.
- 2012: Plan announced for closure of Nuconsteel.
- 2012: Acquisition of Skyline Steel LLC.
- 2012: Acquisition of Sparrows Point cold rolling mill plant.
- 2013: John J. Ferriola appointed as CEO, DiMicco becomes Chairman.
- 2014: Discussions about construction of 2nd DRI unit in Louisiana.
- 2014: Completes Acquisition Of Gallatin Steel Company.
- 2015: Invests $75m in QST Process at Nucor-Yamato Steel.
- 2015: Acquisition of Gerdau's bright bar plant in Orrville, OH.
- 2015: Announces temporary closure of St James Parish DRI plant.
- 2016: Writes off $84m investment for proposed BF at St James.
- 2016: Completes $435m acquisition of Independence Tube Corp.
- 2016: Announces $135m acquisition of Southland Tube.
- 2016: Acquires Republic Conduit from Tenaris for ~$335m.
- From its outset, none of Nucor's plants has been unionized. The Nucor culture is very much opposed to trade unions.
- A further Nucor policy is to locate all manufacturing plant in non-urban locations - in order to develop close relations with local communities.
- Nucor is also well-know in the industry for its very lean and flat management structure, which comprises only four levels from CEO to shop floor operator.
- 2002: Micro mill is another world first - with Castrip® producing sheet steel from liquid steel in just a single step.
- Harris Steel Group comprised several business units: Harris Rebar, involved in the fabrication and placing of concrete reinforcing steel and the design and installation of concrete post-tensioning systems; Laurel Steel, a manufacturer and distributor of wire and wire products including welded wire mesh and cold finished bar; and Fisher & Ludlow, a manufacturer and distributor of industrial steel grating.
- 2011 investment in Louisiana iron-making has long-term goal of increasing Nucor's control over its raw materials supply. Construction program includes a new high-capacity river port capable of handling ocean vessels as well as barges of pig iron and coal.
- 2012: Nuconsteel was a fabricator of light gauge steel framing with operations in Denton, Texas and Dallas, Georgia.
- 2012: Skyline Steel LLC is one of the leading piling distribution and production companies in North America.
- 2012: RG Steel - one of the biggest U.S. producers of flat-rolled steel - went into Chapter 11 proceedings in 2011 because of mounting debts. In 2012, many of its assets were sold on to other steelmakers. These assets sales included the transfer of ownership of the Sparrows Point, Maryland cold rolling facility to Nucor.
- 2014: Nucor Corporation announced on 8th October its purchase of all the equity of Gallatin Steel Company for approximately $770 million.
- 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. Nucor mixes the pellets with scrap metal to make steel.
- 2016: Independence Tube is a leading manufacturer of hollow structural section steel tubing, which is used in a wide range of structural and mechanical applications including non-residential construction, infrastructure, and agricultural and construction equipment.
- 2016: Southland Tube is an independent manufacturer of hollow structural section steel tubing with annual shipments of about 240,000 tons.
- 2016: The acquisition by Nucor of Republic Conduit in Q4 2016 marks the company's third tube and pipe acquisition this year. Republic Conduit produces electrogalvanized electrical metallic tubing and intermediate metal conduit, as well as hot-dip galvanized electrical rigid metal conduit. The $335m purchase price amounts to approximately 6 times the average of Republic Conduit's 2015 and projected 2016 EBITDA.
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